Principal Financial Group plans to end most of its business selling life insurance and annuities to American consumers and become the latest and most prestigious life insurance company to get out of these products.
Iowa-based Principal Financial discontinued all US retail “fixed annuities” and many of its consumer life insurance businesses on Monday, pursuing strategic alternatives to booked policies and contracts Said.
We are considering the possibility of selling approximately $ 25 billion in reserves related to the entire pension and life insurance business.
The company said the initiative will reorganize its principals around US and international retirement services, life insurance, and other financial products sold as part of employer benefits programs and wealth management. .. This move is the result of a strategic review launched in February.
The principal follows Numerous rivals abandoning life insurance And pension business. US life insurers are suffering from ultra-low interest rates and a slump in the sales environment in the large middle-income market.
Key Treasury to Sell Businesses Selling Life Insurance to US Consumers
Source link Key Treasury to Sell Businesses Selling Life Insurance to US Consumers