Announcing this MORNGNI at DES MOINES-Based PRINCIPAL GROUP, the company says it will not offer personal life insurance for the retail market. But selling individual plans for the main market in the business will leave a fully resolved company year in my account. Nationwide position Some will be laid off, but
Principal Financial Group’s expected layoff announces changes
Updated: 1
2:55 p.m. CDT Jun 28, 2021.
Big changes are coming to Des Moines-based Principal Financial Group. The company said on Monday it would no longer offer individual life insurance for the retail market. Instead, it will continue to sell individual plans for the business market. Principal will leave U.S. retail permanently, the company told KCCI that these changes will affect up to 5% of its jobs nationwide. strategy customer demand financial impact The result will result in a more focused portfolio and stronger capital management strategy. We believe Principal’s position for being a stronger leader in high-growth markets and greater capital efficiency. Leading to higher return on equity,” said Dan Houston, Principal President and CEO. “We identified opportunities to reduce complexity and risk. Improve your reward profile. and increasing our cash flow conversions so that we can better execute our strategy. reinvest in growth and support our financial strength We also announced a $1.2 billion new share buyback authorization. This reinforces our commitment to return excess capital to shareholders. I’m sure that as we move forward We will be in a position to win and grow meaningfully for our shareholders, customers and employees. both today and in the future.” Some people will be laid off. But company officials said the plan has not yet been finalized The company employs 18,000 people worldwide.
Big changes are coming for Des Moines-based Principal Financial Group.
The company said on Monday it would no longer offer individual life insurance for the retail market. But it will continue to sell individual plans for the business market.
Principal is leaving the fixed annuity for U.S. retail sales completely. The company told KCCI that these changes will affect up to 5% of its jobs nationwide.
“This thorough and intense review considers strategic suitability. customer demand financial impact and risk profiles of our line of business The result will result in a more focused portfolio and stronger capital management strategy. We believe Principal’s position for being a stronger leader in high-growth markets and greater capital efficiency. Leading to higher return on equity,” said Dan Houston, Principal President and CEO. “We identified opportunities to reduce complexity and risk. Improve your reward profile. and increasing our cash flow conversions so that we can better execute our strategy. reinvest in growth and support our financial strength We also announced a $1.2 billion new share buyback authorization. This reinforces our commitment to return excess capital to shareholders. I am sure that as we move forward We will be in a position to win and grow meaningfully for our shareholders, customers and employees. both today and in the future.”
Some will be laid off. But company officials said the plan was not yet finalized. The company employs 18,000 people worldwide.
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