Principal financial insurance executive to retire

AP News
Posted: Nov 17, 2009 6:02 PM

The Principal Financial Group Inc. said Tuesday its president of insurance and financial services will retire at the end of this year.

John Aschenbrenner, 60, has spent 37 years with the Des Moines based insurance, retirement and financial services company. He was named to the current position in 2003.

He will be succeeded by Dan Houston, 48, president of retirement and investor services, who will assume leadership of the life, health and specialty benefits businesses in addition to his current role leading the U.S. asset accumulation business segment.

Principal Financial has $280.4 billion in assets under management and serves 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.

Shares rose 36 cents, or 1.4 percent, to close at $27.12. They fell 34 cents in after-market trading.