(Nasdaq: PFG) today announced changes to its portfolio and capital management strategy to drive profitable growth, reduce capital intensity, sharpen its strategic focus, and generate long-term value for shareholders. These changes were approved by the Principal Board of Directors following a comprehensive review of the company’s business mix and capital management options that was undertaken as a part of a cooperation agreement with one of Principal’s largest investors, Elliott Investment Management, L.P. “This thorough and intensive review considered strategic fit, client needs, financial impact, and the risk profile of our business lines. The outcome will result in a more focused...
Continue reading...
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. Spokesperson Teresa Thoensen said in an email that Monday's announcement will affect "less than 5%" of all roles at Principal's U.S. offices. She added...
Continue reading...
Opinion MICHAEL SONNICHSEN, Plaintiff, v. PRINCIPAL LIFE INSURANCE COMPANY, Defendant. DECISION AND ORDER Michael Sonnichsen, a self-employed stock broker and financial advisor, seeks the recovery of benefits under a disability income policy issued by Principal Life Insurance Company. Since Sonnichsen is self-employed, this is not an ERISA action. See, e.g., Patil v. Prudential Ins. Co., 197 F. Supp. 2d 716, 719 (E.D. Tex. 2002) ("An employer cannot form an [Employee Welfare Benefit Plan] for himself as the sole employee of the plan"); Smith v. Equitable Life Assur. Co. of United States, 148 F. Supp. 2d 1247, 1253 (N.D. Ala. 2001) (no ERISA plan because the insurance policy "covered...
Continue reading...
By Dan Houston, Chairman, President and CEO, Principal® As CEO of Principal, I routinely explain how our retirement business has grown both in size and scope. But retirement itself is undergoing a massive and unprecedented expansion—if not exponential transformation—both here in the United States and around the globe. Americans born in 1900 faced an average life expectancy of only 47 years. [i] This historic statistic will reshape our lives. It challenges us to reimagine what concepts such as “lifelong learning, a “second career,” or “senior health” really mean today. Governments and the financial services industry will have to collaborate closely on new innovations to support those who...
Continue reading...
Principal Financial Group has launched a new digital experience, Principal Life Online, in an effort to increase insurance coverage in the U.S. and simplify the term insurance purchase process. Describing it as an innovative, digital solution, the insurer says Principal Life Online streamlines the term life insurance buying experience from application submission to policy delivery. Principal Life Online can save an average of 30 days from the traditional paper term purchase experience and is up to three times quicker than the previous experience, according to Principal. “Customers expect a seamless online experience in most places they shop, but insurance hasn’t historically been easy to...
Continue reading...
Simply Retirement by Principal® Offers New 401(k) Solution for Start-up Retirement Plans Despite recent market volatility, 85% of small businesses with one to 100 employees say they're stable or growing , according to new research from Principal Financial Group announced a new digital offering to help small business clients and their financial professionals build retirement benefits programs that can attract and retain top talent and support continued growth. With more than 5 million businesses without retirement plans , Simply Retirement by Principal , is designed to make 401(k) plans more accessible to businesses with fewer than 100 employees. "Millions of small businesses do not offer a...
Continue reading...
Principal Annuity Review Established in 1879, the Des Moines, Iowa-based Principal is a Fortune 500 company and one of the largest providers of insurance and retirement plans in the U.S. Principal has a wide range of products and financial services that it offers to individuals, including annuities, individual retirement accounts (IRAs), investments, life insurance and more. Annuities are complex financial instruments, and there are a variety of contract types, each with their own fees, rules and optional riders. If you have questions regarding which type of annuity best fits your financial and retirement planning needs, consider working with a financial advisor in your area. As of 2019,...
Continue reading...
The COVID-19 pandemic has had a wildly varying impact on different sectors worldwide, but, according to experts, insurance has actually been fairly resilient in the face of earnings losses and economic shocks, and has managed to emerge from the ‘first wave’ in reasonably good shape. Michael Vine, director of services ratings Asia-Pacific at S&P Global Ratings, says that insurance had several advantages going into this crisis. It had learned lessons from the Global Financial Crisis and made certain provisions around risk management, while tougher regulatory requirements also put it in good stead to manage its risks. He says that for insurers, this event is unlikely to...
Continue reading...
Founded in 2019, EMERALD’S mission is to empower emerging market individuals and entrepreneurs with financial access. As a start up it has been an exciting and challenging journey developing the business case in an unstable environment that the whole world is fighting. As our first of many achievements in the horizon, we believe that we have the opportunity of a lifetime to connect every entrepreneur to financial products they need to grow and prosper. We need exceptional people in key roles to make that happen. Joining Emerald requires boldness, resilience, and innovation. You will need to embrace change and operate comfortably in uncharted territory. As Principal Portfolio Manager you...
Continue reading...
At Integra Insurance, your choices will be clear. We are not just agents but also insurance advisers, and our passion lies in serving and protecting our clients life from many obstacles. Insurance policies all over differ from one another. We will walk with you in finding the best auto insurance, renters insurance, home insurance, or commercial insurance for be it any circumstance. Today, Integra Insurance serves over 8,000 individuals and 1,000 organizations throughout Texas, Louisiana, Oklahoma, Missouri, Arkansas, and more. Integra Insurance is based near Lufkin, TX with several branches throughout the region. Compare Auto Insurance Quotes There are different forms and many coverages at...
Continue reading...
