John Aschenbrenner, president of insurance and financial services at Principal Financial Group, is retiring at the end of this year after more than 37 years with the company.

Dan Houston, president of retirement and investor services, will succeed him in taking over leadership of the life, health and specialty benefits businesses, Principal said.

Aschenbrenner joined Principal in 1972 and served in several executive positions in the company's insurance and asset-accumulation businesses. Named to his current post in 2003, he led the management of the company's life, health and specialty benefits businesses and the distribution channels supporting those businesses.

Larry Zimpleman, chairman, president and chief executive officer of Principal (NYSE: PFG), in a statement cited Aschenbrenner's strengthening of the company's position as an employee benefits leader serving small to midsize businesses.

Houston's title will be president of retirement, insurance and financial services. He will keep his current role leading the company's U.S. asset accumulation business.

The Des Moines, Iowa-based Principal said it has about $280.4 billion in assets under management and about 18.6 million customers worldwide.

Principal Life Insurance Company currently has a Best's Financial Strength Rating of A+ (Superior)

Shares of Principal closed in trading on Nov. 18 at $27.01, up 0.41% from the previous close.