Posted by (American Life Insurance Guide 2021/07/02 News) The Iowa-based life insurance giant Principal Financial Group announced on Monday that it plans to stop sales of fixed-income annuities and life insurance in the personal market.
Principal has been selling life insurance since 1879.The continued low interest rates and new accounting rules this year have allowed more and more large-scaleLife Insurance GroupStart to re-adjust their business goals.
Principal Insurance is another giant that joins the cohort of such life insurance companies. Through business adjustments, such companies try to minimize their exposure to life insurance and annuity interest rate risks.
According to the announcement, Principal will continue to sell group life insurance to companies and will continue to sell individual and group life products for corporate executives.
For existing life insurance policies and annuity contracts involving the suspension of business types, Principal will continue to manage and pay, and pointed out that there is a reserve of 180 billion US dollars to support.
Principal said that it will strengthen retirement plans in the US market and the sales of US employee benefit products, such as dental insurance, and will also strengthen global asset management services.
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About Principal
Principal Financial Group is one of the largest pension service providers in the United States. The company provides diversified financial products and services, including pension and investment services, life insurance, annuities and medical insurance services. (End of full text)
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