DES MOINES, Iowa (AP) — Principal Financial Group Inc. said Monday that it is buying AFP Cuprum S.A., a pension manager in Chile, for roughly $1.51 billion.

Principal Financial said the deal will add to its existing business in Brazil, Chile and Mexico, to give the company an even larger presence in those emerging markets. The Des Moines, Iowa-based company provides retirement savings, investment and insurance products and services.

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