EXCLUSIVE-Principal Financial nears insurance units sale to Talcott Resolution -sources [Reuters]
Principal Financial Group Inc (PFG)
Last principal financial group inc earnings: 4/27 04:15 pm
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Source: Reuters
EXCLUSIVE-Principal Financial nears insurance units sale to Talcott Resolution -sources By David French 3 Min Read Jan 18 (Reuters) - Insurer Principal Financial Group Inc is in advanced talks to sell two of its units, with capital reserves totaling $25 billion, to peer Talcott Resolution Life Insurance Co, according to people familiar with the matter. The deal would be the culmination of a strategic review that Principal launched last year after coming under pressure from activist investment firm Elliott Management Corp to shed its low-growth and capital-intensive businesses. Principal has said it will use part of the proceeds to fund an increase in its share buyback program. An agreement for Talcott to acquire Principal’s U.S. retail fixed annuity business and its unit for universal life insurance with secondary guarantees (ULSG), could be announced as early as this week, the sources said. It is possible that negotiations will fail at the last minute, added the sources, requesting
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PFG
Earnings
- 2/12/24 - Beat
PFG
Sec Filings
- 4/17/24 - Form 8-K
- 4/8/24 - Form DEFA14A
- 4/8/24 - Form DEF
- PFG's page on the SEC website