Investment Firm Presses Principal to Shed Life and Annuity Arm

February 24, 2021 by Allison Bell

Activist fund Elliott Investment Management L.P. — the parent of Prosperity Life Group — is pushing Principal Financial Group Inc. to do something with its life and annuity operations, according to reports filed with the U.S. Securities and Exchange Commission. Elliot owns stock in Principal.

Principal is a Des Moines, Iowa-based financial services company that has been selling life insurance since 1879. It was the 23rd largest U.S. life insurance issuer in 2019 and the 15th biggest annuity issuer, according to the most recent market share data available from the National Association of Insurance Commissioners.

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Originally Posted at ThinkAdvisor on February 23, 2021 by Allison Bell.