Principal Financial Stock Price, News & Analysis

Principal Financial Group (Nasdaq: PFG) announced its 2023 and long-term financial guidance, highlighting a projected non-GAAP operating earnings per share (EPS) growth of 3-6% for 2023. Key updates include a reorganization of reporting segments, with Retirement and Income Solutions and Principal Asset Management as focal points. The company anticipates macroeconomic challenges affecting assets under management, while long-term targets include an annual EPS growth of 9-12% and a 14-16% return on equity (ROE). Guidance for various segments indicates expected revenue growth, with notable variations in operating margins.

Principal Financial Group (Nasdaq: PFG) announced the integration of its global asset management and international pension businesses under Principal Asset Management. This restructuring aims to enhance global and local investment capabilities, delivering better client support across over 80 markets. Patrick Halter will lead the integrated unit, supported by a global leadership team with heads for private, public, and multi-asset investments. This move is expected to drive growth in asset management, aligning client needs with global offerings. Financial reporting changes will begin in Q1 2023, with additional insights on the company's outlook provided on March 2.

Principal emphasizes the importance of Black History Month as a catalyst for social change and workplace inclusion. Through employee engagement and community support, Principal aims to promote equity and financial inclusion, particularly for Black Americans. The company has initiated various programs, such as support for Black entrepreneurs and community education efforts. Principal Foundation has funded organizations to enhance access to financial resources and improve wealth disparities. While acknowledging historical challenges faced by Black communities, the firm is committed to creating lasting change in alignment with its business goals.

Principal Financial Group (Nasdaq: PFG) will reveal its 2023 outlook on March 2, 2023. The conference call, led by Dan Houston and Deanna Strable, will start at 10:00 AM ET. The session will cover key earnings drivers and capital deployment strategies. Investors can access a financial supplement and slide presentation after market close on March 1, 2023, via the company's investor relations website. Multiple access options for the call include a live webcast and telephone registration, with an audio replay available shortly after the call until March 7, 2023.

Principal Financial Group (NASDAQ: PFG) announced that Vivek Agrawal will join as Chief Growth Officer on March 7. This newly created role aims to enhance strategic initiatives and growth opportunities within the company, building on a portfolio and strategy review conducted in 2021. Agrawal will lead strategy efforts to drive profitable growth and synergies across the business, reporting to CEO Dan Houston. With over two decades at McKinsey & Company, Agrawal brings extensive experience in asset management and insurance. He holds a Master of Science from MIT and a bachelor's from the Indian Institute of Technology.

Principal Financial Group (Nasdaq: PFG) announced that Amy Friedrich, president of U.S. Insurance Solutions, will participate in a fireside chat at the Bank of America Financial Services Conference on February 15, 2023, at approximately 1:40 p.m. Eastern Time. This session will involve a question-and-answer format discussing various industry and company-specific topics. The event will be available live via video webcast on the company's investor relations website. Principal Financial Group is a global financial company dedicated to improving the wealth and well-being of clients, with 19,000 employees serving over 62 million customers worldwide.

Principal Financial Group celebrates Lunar New Year, emphasizing cultural traditions and family connections. Jingkan Gu, the director of capital markets, shares his childhood experiences in Shanghai, highlighting the importance of gathering and festive meals. The Lunar New Year, starting January 22, 2023, marks the year of the rabbit and is celebrated by over 25% of the global population. Many traditions like gifting red envelopes and family dinners promote joy and togetherness. Principal fosters a supportive environment for multicultural exchanges, ensuring that traditions are passed on to future generations.

Principal Financial Group (PFG) announced its first quarter 2023 common stock dividend of $0.64 per share. For full year 2022, the company reported a net income of $4.8 billion or $18.85 per diluted share, including $3.3 billion from exited business. The fourth quarter 2022 net loss stood at $10 million, with non-GAAP operating earnings of $1.7 billion. The total assets under management were $635 billion. Shareholders received $2.3 billion in capital returns in 2022, alongside a 2% increase in the trailing twelve-month dividend to $2.56. While overall financial positions are strong, non-GAAP operating earnings experienced a decline from the previous year.

On January 19, 2023, Principal Asset Management announced a partnership with Jacobi Inc. to enhance its fintech-enabled model portfolio offering. This collaboration aims to leverage multi-asset risk analytics and superior client engagement technology. Principal will utilize Jacobi's cloud-native platform for bespoke portfolio analytics, facilitating a deeper understanding of investment behaviors in varying market conditions. Both companies emphasize the importance of advanced analytics in delivering better outcomes for clients. Principal Asset Management oversees $484.6 billion in assets and serves over 1,100 institutional clients across 80+ markets.