Financial Winners and Losers: Lincoln

Updated from 2:47 p.m. EDT

Lincoln National (LNC Quote) was among the worst decliners in the financial sector Monday after the insurer announced plans to raise capital, including taking bailout money from the government.

Lincoln National shares fell 10.8% after the life insurer and financial planner said it intends to raise more than $2 billion in fresh capital, in part through a $600 million stock offering and a $500 million senior debt offering.

Lincoln National will also accept as much as $950 million in capital by selling preferred shares under the U.S. Treasury's Capital Purchase Program. The company also said it will sell its U.K. operations to Sun Life Financial (SLF Quote) for about $320.8 million. The stock dropped $1.92 to $15.83. ...