Principal Financial Group sells stakes in India insurance joint ventures

Principal Financial Group has sold its entire stake in its life insurance and insurance broking joint ventures in India for Rs60 million, a source with direct knowledge told Reuters on Thursday.                                            
 

The US-based financial services firm will now focus on asset management and financial planning tools in India, the source said.                                           

Principal has sold its 26% stake in each of the insurance broking and insurance companies to Punjab National Bank which is one of the joint venture partners.                                            
 

However, its asset management joint venture with Punjab National Bank and Vijaya Bank, Principal PNB Asset Management which manages about Rs76 billion, remains intact.