Principal Financial Group Inc. will not pursue tax incentives tied to creating 900 jobs in Iowa.
The Des Moines-based retirement, insurance and financial services company has notified the Iowa Department of Economic Development that it is no longer interested in the tax breaks, citing the economic turmoil.
Merle Pederson, the company’s counsel, said Nov. 17 that creating the jobs within three years “would be a challenge.”
Earlier this month, Principal reported that third-quarter profit fell 61 percent as the company declared investment loss of more than $156 million.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
