Summary Box: Principal Financial to exit health insurance business, phase out 1,500 jobs

Summary Box: Principal exits health insurance

CHANGING COVERAGE: Principal Financial Group Inc. will stop selling health insurance. Customers, as policies come up for renewal, will transfer to UnitedHealthcare. The phase-out of all policies is expected to take about three years.

WHY LEAVE BUSINESS: Principal has seen its asset management and 401(k) retirement businesses grow and become more profitable while its health insurance segment has shrunk, requiring more investment to remain competitive.

JOB CUTS: Over the three-year transition 1,500 jobs will be phased out. Workers can apply for other open positions in the company. Principal currently has 100 job listings.