Santander takes over Principal’s life annuities business in Chile

▤ Summary

Santander Seguros de Rentas Vitalicias S.A. began operations on September 1, 2026 after Grupo Santander completed its acquisition of Principal Compañía de Seguros de Vida Chile S.A. Santander now handles the service and obligations for Principal’s life annuity customers in Chile. The companies coordinated the transition to preserve continuity for pensioners. Santander says the deal supports its broader retirement strategy, while Principal is shifting toward less capital-intensive businesses and focusing on asset management and retirement solutions.

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