Prudential Passes On TARP Funding; To Issue Stock

STEPHEN BERNARD

NEW YORK (AP) — Prudential Financial Inc. said Monday it will not take funds from the government's financial rescue program, but it is planning to raise $1.25 billion on its own through a common stock offering.

The Newark, N.J.-based life insurance and financial services firm said it will not participate in the Treasury Department's Troubled Asset Relief Program. Last month, the government said it would allow Prudential and five other major insurers to tap the program for additional capital. The other insurers included Hartford Financial Services Group Inc., Allstate Corp., Lincoln National Corp., Ameriprise Financial Inc. and Principal Financial Group Inc.

Both Allstate and Ameriprise have already declined to accept the funds. ...