Moody's cuts Principal's ratings
Moody's has downgraded by one notch several of the ratings of US insurer Principal Financial (NYSE: PFG) and its main life insurance operating company Principal Life driven by the combined impact of the growth of the company's weaker non-insurance operations and by profitability pressures on Principal Life.
"We believe the credit profile of Principal's asset management business and its international insurance operations (including Cuprum) are somewhat weaker than the credit profile of Principal's US pension business," Moody's analyst Robert Riegel told BNamericas.
Principal closed the purchase of Chilean pension fund manager AFP Cuprum earlier this year.
"That, in combination with the company's strategy of continuing to grow its international and asset management businesses relative to its US pension business, led to the recent downgrade," Riegel said.
Principal's international divisions - which include its units in Brazil, Chile and Mexico - posted third quarter operating earnings of US$50.7mn.
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