Principal Financial Stock Price, News & Analysis

Principal Financial Group® (PFG) reported a second quarter 2022 net income of $3.1 billion, or $11.94 per diluted share, largely boosted by $2.8 billion from exited business. Non-GAAP operating earnings were $423 million. The company declared a quarterly dividend of $0.64 per share, marking an 8% year-over-year increase. However, significant market volatility impacted earnings. Despite challenges, PFG showed strong customer growth and increased investment yields, managing assets worth $632 billion. The company returned $402 million to shareholders, including share repurchases and dividends.

Principal Financial Group (Nasdaq: PFG) will release its second quarter 2022 financial results on August 8, 2022, after U.S. market close. A conference call, featuring CEO Dan Houston and CFO Deanna Strable, is scheduled for August 9, 2022, at 10 a.m. ET to discuss the results. Interested parties can access the call via principal.com/investor or by phone. An audio replay will be available two hours after the call until August 12, 2022.

Principal Financial Group has announced a sponsorship deal with four professional golfers for the remainder of the 2022 season. The sponsored athletes include Daniel Berger, Tyrrell Hatton, Jennifer Kupcho, and Celine Boutier. This marks the company's first foray into sponsoring individual athletes, with their logo to appear on player apparel. The initiative aims to connect with new audiences and enhance brand visibility among business leaders, aligning with their commitment to gender equity by supporting both men’s and women’s tours.

Principal Financial Group has launched new buffer fund investment options within its variable annuity business, designed to aid customers in balancing retirement savings growth and risk management. The Principal Variable Contracts (PVC) U.S. LargeCap Buffer Series, introduced on July 1, offers 10% downside protection and potential market gains with no cap on earnings above 10%. These investment accounts cater to individuals nearing retirement, addressing their desire for both growth and security amid rising inflation and market volatility. Additional accounts are set for release in the coming months.

Principal Financial Group announced the appointment of Natalie Lamarque as its new general counsel, effective August 1. She will oversee the law department and serve as corporate secretary. Lamarque brings extensive legal experience from her previous role at New York Life and as an Assistant U.S. Attorney. Her expertise is expected to enhance the company’s ability to navigate complex legal challenges. The transition follows the retirement of Mark Lagomarcino, who served 20 years in the role, ensuring a smooth leadership change.

Principal Financial Group has been awarded the DALBAR Communications Seal of Excellence for its exceptional employer web capabilities and experience in Group Benefits, specifically for its eService platform. This recognition reflects Principal's commitment to enhancing digital solutions, making it easier for employers to manage benefits online. The company aims to streamline processes through automation, allowing real-time updates and efficient management of employee benefits. This award underscores Principal's dedication to customer experience and technology-driven solutions.