Principal Financial shrinks its exposure to retail annuities
July 6, 2021 by Editorial Staff
The company said it ‘will fully exit US retail fixed annuities— discontinuing new sales of its deferred annuities, payout annuities, indexed annuities—and will pursue strategic alternatives, including divestiture, of the related in-force blocks.’
Under pressure from a large shareholder to change its “business mix and capital management options” to become more profitable, Principal Financial Group this week announced that it would stop selling individual annuities, except for variable annuities, and focus on its institutional retirement plan business.
Originally Posted at Retirement Income Journal on July 1, 2021 by Editorial Staff.
Categories: Industry Articles
