Principal Financial Stock Price, News & Analysis

Principal announced that its private equity and European core property strategies received 4-star ratings from GRESB for 2021, ranking in the top 40% of global participants. This marks the sixth consecutive year for the core strategies to achieve this rating, showcasing a commitment to ESG integration in investment practices. Of the eight submitted strategies, all outperformed peer averages in management categories. The GRESB benchmark saw a 24% growth in participation, covering $5.7 trillion in AUM, highlighting increasing investor interest in ESG standards.

In 2022, non-profit organizations are increasingly prioritizing 403(b) retirement plans focused on guaranteed income, with over double the plan sponsors emphasizing this compared to the previous year, per a survey by the Plan Sponsor Council of America. The survey of 139 organizations revealed a 45% rise in financial wellness tool prioritization. While 60% of sponsors aim to maintain existing plans, 89.1% have not changed employer contributions, demonstrating resilience amid financial uncertainties. Virtual education methods are also on the rise, suggesting lasting shifts in employee education strategies.

Principal Financial Group (NASDAQ: PFG) announced that Deanna Strable, CFO, will participate in a fireside chat at the Goldman Sachs 2021 U.S. Financial Services Conference on December 8, 2021, at 3:00 p.m. EST. She will discuss the company's growth strategies, capital management, and commitment to long-term shareholder value. The chat will be available via audio webcast at principal.com/investor. Principal has over 18,000 employees and serves over 49 million customers worldwide.

Principal Global Investors' direct lending business, Principal Alternative Credit, has served as the sole lead arranger for senior secured credit facilities for Versant Diagnostics, part of Iron Path Capital. This financing supports Versant's growth as a major independent pathology group in the Midwest. Principal's commitment indicates confidence in Versant's management and acquisition strategy. Principal Alternative Credit targets middle-market companies with strong EBITDA, focusing on transactions between $25 million to $200 million.

Principal Financial Group has joined the U.N. Global Compact CFO Taskforce to enhance its sustainability strategies. The taskforce aims to mobilize substantial investment capital towards the U.N. Sustainable Development Goals. Key executives, including CFO Deanna Strable, will contribute to promoting responsible investment practices. Principal's commitment includes a 40% reduction in U.S. carbon emissions by 2035 and a goal of net-zero emissions by 2050. The company previously issued a $600 million sustainability bond to support green initiatives.

Principal Financial Group has enhanced its retirement app by adding a Spanish-language option to better serve Hispanic workers facing a retirement savings gap. This mobile app facilitates access to crucial retirement management resources, addressing cultural and language barriers. With mobile app usage among retirement plan participants rising from 21% in 2019 to 37% in 2021, the bilingual app aims to improve user engagement and retirement planning efficiency. The app allows users to check account balances, make contributions, and receive bilingual support.

Principal Financial Group (PFG) reported a strong third quarter 2021 with net income of $359.9 million or $1.32 per diluted share, up from $236.0 million in Q3 2020. Non-GAAP operating earnings reached $458.4 million with a diluted share of $1.69. The company declared a fourth-quarter dividend of $0.64 per share, a 14% increase year-over-year. Total assets under management hit $981.0 billion. Capital returned to shareholders totaled $371.4 million, including $203.2 million in share repurchases. The company aims to return $3 billion to shareholders by 2022, excluding proceeds from strategic transactions.