Welcome to our dedicated page for Principal Financial news (Ticker: PFG), a resource for investors and traders seeking the latest updates and insights on Principal Financial stock.
Principal Financial Group, Inc. reports developments in financial services businesses that span retirement and income solutions, Principal Asset Management, and benefits and protection. Company news commonly covers quarterly earnings, common stock dividend actions, segment trends, assets under management, and credit rating actions tied to its life insurance operating subsidiaries.
Recurring updates also address workplace benefits administration, including enrollment technology integrations, and employer research such as the Principal Financial Well-Being Index. Other company-specific developments include governance and legal leadership changes, risk management commentary, and operating themes across retirement, insurance, asset management, and small-to-midsize business benefits markets.
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.
Principal Asset Management significantly increased its direct lending committed capital in 2022, doubling its total to $1.6 billion. This expansion is attributed to robust market conditions that favor direct lending, allowing the firm to close 85 transactions since its inception. The volume of deals led by Principal surged by 140% compared to 2021, reflecting growing demand from private equity sponsors. Key senior hires were made to enhance the direct lending team, now comprising 31 professionals. Principal manages $484.6 billion in assets as part of Principal Financial Group.
Crane Data Centers and Principal Asset Management announced a new data center development in Forest Grove, Oregon, aiming for over 100 MW capacity. The first phase will include a 300,000 square-foot facility on a 35-acre site, starting with 50 MW of capacity. This strategic location near Hillsboro enhances its connectivity with multiple fiber paths and access to renewable energy. The collaboration emphasizes sustainability and aims to contribute positively to the surrounding ecosystem. Additionally, Principal Asset Management manages $98.5 billion in commercial real estate assets, showcasing a strong background in the sector.
Principal Financial Group (Nasdaq: PFG) will release its Q4 and full year 2022 financial results on January 30, 2023, after U.S. market close. A live conference call will occur on January 31, 2023 at 10 a.m. ET, featuring CEO Dan Houston and CFO Deanna Strable. Interested parties can join the call via webcast or telephone. An audio replay will be available shortly after the call, accessible until February 3, 2023.
Principal Financial Group has announced a strategic acquisition of a 17.647% stake in China Construction Bank Pension Management Co., Ltd. (CCBP), enhancing its global pension services. CCB retains a 70% majority stake, with the Social Security Fund of China holding 12.353%. This move marks Principal as the first international investor in a Chinese bank-sponsored pension firm, aiming to address the growing retirement needs of China's aging population. The partnership will leverage Principal's expertise and CCB's distribution network, contributing significantly to China's multi-pillar pension system.
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First Women’s Bank (FWB) has partnered with Airbnb, BCG, Principal Financial Group (PFG), Salesforce (CRM), and Envestnet (ENV) to promote gender equality in lending. These Mission Partners aim to provide better economic opportunities for women-led businesses. FWB combines national Small Business Administration lending with corporate deposits to enhance financing accessibility. Allyson Felix has joined as a Strategic Advisor, emphasizing women's empowerment in business. FWB is positioned as a unique women-founded, women-led bank dedicated to supporting women in the economy.
Principal Financial Group announces its partnership with First Women’s Bank (FWB) to enhance support for women-owned businesses. This initiative reflects Principal's commitment to financial inclusion and aims to double its support for small and midsized businesses owned by women and people of color. The collaboration will provide vital capital and resources to female entrepreneurs, addressing the existing disparities in access to financial products. CEO Dan Houston and FWB president Marianne Markowitz emphasize the importance of equal access to capital for fostering an inclusive economy.
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