DES MOINES, Iowa - Principal Financial Group said Thursday that it plans to exit the medical insurance business, resulting in some job cuts.
Company officials said that as the company makes the change positions will be eliminated. There are around 1,500 employees in the company's medical insurance area. Officials said they hope to move some employees into open positions and cut other positions through attrition.
Immediate cuts of around 150 jobs are expected as some functions are cease more quickly, officials said.
Impacted employees will be considered for other positions and will be given severance and outplacement assistance if they are unable to find a position within the company.