Moody's: Principal Financial Services A3

Moody's Investors Service said it affirmed the Aa3 insurance financial strength rating of Principal Life Insurance Co. and the provisional Baa1 senior debt rating of Principal Financial Group Inc., Principal Life's ultimate holding company.

Separately, Moody's assigned an A3 issuer rating to Principal Financial Services, Inc., an intermediate holding company that owns Principal Life Insurance.

The outlook for all of Principal Financial Group's ratings is stable.

Moody's said the affirmation of Principal Financial Group's ratings is based on the strong, broad-based position of Principal Life in the U.S. market for group pensions, with some revenue and earnings diversification from its domestic individual life and annuity and specialty benefits businesses, and growing international pension and third party asset management businesses, which are an increasingly important source of fees.

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