Deals
Principal May Sell Assets Backed by $25 Billion in Reserves
- Insurance firm will stop selling U.S. retail fixed annuities
- Step follows strategic review launched in accord with Elliott
Dan Houston
Source: Principal Financial Group/Business Wire
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Principal Financial Group Inc. said it will stop selling U.S. retail fixed annuities and consumer life-insurance products and pursue sales of blocks of those assets already in force.
The operations tagged for divestiture and other alternatives have policy reserves of about $25 billion, the company said Monday in a statement. Principal will continue selling variable annuities.