DES MOINES, Iowa — Principal Financial Group Inc. will not pursue tax incentives tied to creating 900 jobs in Iowa.

The Des Moines-based retirement, insurance and financial services company has notified the Iowa Department of Economic Development that it is no longer interested in the tax breaks, citing the economic turmoil.

Merle Pederson, the company’s counsel, said Monday that creating the jobs within three years “would be a challenge.”

Earlier this month, Principal reported that third-quarter profit fell 61 percent as the company declared investment loss of more than $156 million.