Banco Santander to acquire Principal Compania de Seguros de Vida Chile from Principal Financial Group.

Banco Santander, a Spanish multinational commercial bank, agreed to acquire Principal Compania de Seguros de Vida Chile, a Chilean insurance firm, from Principal Financial Group, a global financial investment management and insurance company. Financial terms were not disclosed. “The annuities business is highly competitive and directly linked to the depth and efficiency of the capital markets. Operations of this nature require advanced risk management, operational discipline, and a solid investment capacity—capabilities in which Grupo Santander has a robust and proven position. In this sense, the integration of our local and global offering allows for adequate portfolio diversification, optimizing the risk-return ratio in the long term. This strategic decision reinforces our commitment to supporting clients throughout their entire life cycle with financial solutions tailored to their real needs,” Andrés Trautmann, Santander Chile General Manager and Country Head.