Principal to Exit Retail Sales
Principal announced they will exit U.S. individual life insurance and retail fixed annuities sales by the end of the third quarter 2021.
The life product portfolio will remain largely the same. What’s different is the shift in focus to the business market—particularly small to medium-sized businesses.
New sales of its deferred annuities, individual payout annuities, and indexed annuities will discontinue. However, the variable annuities, Pension Risk Transfer, and Principal Pension Builder, solutions will continue.