Principal Financial Laying Off 47 in Texas

The Houston Business Journal reports Principal Financial Group is closing seven offices in Texas and laying off 47 workers. The news was revealed in a letter from the company to the Texas Workforce Commission.

According to the filing, the closures are the result of Principal Financial Group’s move out of the health-insurance business. The company’s focus is now limited to asset management, retirement, other forms of insurance, and banking services.

Two of the office closures are to come in Houston, where a total of 10 associates will be laid off. The departures are scheduled to begin Dec. 10 and continue over the next year and a half, the Houston Business Journal reports.

Principal Financial Group is based in Des Moines, Iowa.