Principal to cease offering fixed annuity retirement products

June 29, 2021 by Tyler Jett

Principal is ending some of its retail business after an activist investor called for a review of all of the company’s operations.

The Des Moines-based financial services company announced Monday that it will stop selling fixed annuities, term life and universal life insurance products to retail customers. The company will continue to sell those life insurance products to businesses that are looking to provide benefits to employees.

The company has not said how the moves will affect its workforce, including the 6,300 workers in Des Moines.

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Originally Posted at Des Moines Register on June 28, 2021 by Tyler Jett.