Lincoln Financial Group today announced a plan to raise more than $2 billion through stock and debt offerings and with an assist from a federal bailout program.

Under the capital plan, the Radnor-based insurance company will offer $600 million of its common shares, with underwriters having a 30-day option to purchase up to an additional 15 percent, or $90 million, in stock.

Lincoln also aims to raise up to $500 million through a senior debt offering and as much as $950 million from the government's $700 billion Troubled Asset Relief Program. That program was originally intended for banks, but was recently extended to include insurance companies, whose investments had sustained hard hits in the tanking stock market. Lincoln said it would pay back the government "as soon as practicable."

About one-half of the raised cash will go to the principal insurance subsidiary, The Lincoln National Life Insurance Co. The other $1 million will be used for general corporate purposes, the company said, including repayment of short-term debt and investment in core businesses.

In related news, Lincoln also announced it was selling its United Kingdom subsidiary to Sun Life Financial Inc. of Toronto for $319 million at an estimated loss of $250 million to $275 million.

Contact staff writer Diane Mastrull at 215-854-2466 or dmastrull@phillynews.com.