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. (Nasdaq: PFG) is a global financial company in the finance and insurance sector, with activities spanning retirement and income solutions, asset management, and benefits and protection. News about Principal often highlights its role in helping individuals and businesses plan, protect, invest, insure, and retire, as well as its research on business sentiment through the Principal Financial Well-Being Index.
The PFG news feed on Stock Titan aggregates company announcements, earnings communications, and other material updates. Investors can follow quarterly and full-year earnings releases, segment performance discussions, and capital management actions such as common stock dividends and share repurchases, which are frequently detailed in earnings releases and Form 8-K filings. These updates provide insight into trends across Retirement and Income Solutions, Principal Asset Management, International Pension, Specialty Benefits, and Life Insurance.
Principal also issues news on strategic initiatives and partnerships. For example, the company has announced a partnership with Barings to expand the general account portfolio through private investment grade portfolio finance investments, managed in part by Principal Asset Management. Other news items cover leadership developments, such as the election of Deanna Strable as Chair of the Board, and participation by senior executives in industry conferences and investor events.
In addition, Principal publishes findings from the Principal Financial Well-Being Index, which tracks financial health and outlook among U.S. businesses, and reports on ESG-related achievements in real estate strategies through Principal Asset Management. By reviewing the PFG news page regularly, readers can monitor how the company communicates its financial results, strategic decisions, research insights, and recognition for ethics and workplace culture.
Principal Financial Group (Nasdaq: PFG) will announce its 2022 outlook on March 2, 2022, at 10:00 a.m. ET. CEO Dan Houston and CFO Deanna Strable will lead a conference call to discuss earnings drivers and capital deployment. Attendees can join via webcast or by phone. A replay will be available two hours after the call and will last until March 9, 2022. Further information is available on their website.
Principal Global Investors has announced its plan to launch its first semi-transparent ETF, focusing on real estate assets, leveraging Fidelity’s active equity ETF methodology. This initiative aims to enhance investment outcomes by combining active management with innovative strategies. Currently, Principal offers 14 ETFs, amounting to approximately $5 billion in assets under management. The new ETF is part of Principal's strategy to meet growing investor demand for active investment solutions, emphasizing their commitment to strong performance and income generation.
Principal Financial Group (PFG) reported a fourth quarter 2021 net income of $472 million, or $1.76 per diluted share, marking a slight decrease from $472.6 million a year prior. For the full year 2021, net income rose to $1.7 billion, or $6.27 per diluted share. Non-GAAP operating earnings for Q4 were $498 million, up 21% year-over-year. The company returned $520 million to shareholders in Q4, including $350 million in share repurchases. PFG also declared a first quarter 2022 dividend of $0.64 per share, a 14% increase from the previous year.
Principal Financial Group announced the retirement of Renee Schaaf, president of Retirement and Income Solutions, after over 41 years. Chris Littlefield, previously executive vice president and general counsel, will succeed her starting April 1. Littlefield brings extensive experience from prior leadership roles at Fidelity & Guaranty Life Insurance and Aviva USA. Under Schaaf, Principal expanded its retirement business significantly, notably through the acquisition of Wells Fargo Institutional Retirement and Trust, establishing it as a top three retirement provider in the U.S.
Principal has partnered with the Premier Hockey Federation (PHF) as its exclusive financial services marketing partner, highlighting a commitment to women's sports. This partnership aims to enhance player salaries, with 50% of league revenue allocated for this purpose. The PHF has received a $25 million investment to improve player experiences and expand the league from six to eight teams. Principal's sponsorship includes significant advertising during PHF games and a campaign to promote female athletes, reflecting its dedication to gender equity in sports.
AM Best has maintained the Credit Ratings of Principal Financial Services, Inc. (PFG) and its subsidiaries following the January 31, 2022, announcement regarding the cession of in-force U.S. retail fixed annuities and universal life insurance with secondary guarantee blocks to Sutton Cayman, Ltd. This strategic shift aligns with Principal's June 2021 review, impacting statutory reserves of $16 billion (annuity) and $9 billion (ULSG). The transaction will close in Q2 2022, with Principal retaining administration responsibilities and appointing Principal Global Investors, LLC for asset management.
Principal Financial Group (PFG) announced a reinsurance agreement with an affiliate of Sixth Street covering approximately $16 billion and $9 billion in U.S. retail fixed annuity and universal life insurance blocks. This deal is expected to yield $800 million in deployable proceeds, enhancing the company's capital efficiency. Principal plans to return up to $4.6 billion to shareholders through share repurchases and dividends between 2021 and 2022, reflecting strong operating performance and market conditions. The transaction aims to bolster future earnings per share and return on equity.
Principal Alternative Credit, a direct lending business of Principal Global Investors, reported a more than eight-fold increase in committed capital at the end of 2021, with nearly 40 transactions closed, totaling over $750 million. The firm targets middle market companies with EBITDA of $5 million or more, with transaction sizes between $25 million and $200 million. Looking ahead to 2022, they aim to issue commitments of $1.5B and expand their team to enhance their lending capabilities.
Principal Financial Group (Nasdaq: PFG) will announce its fourth quarter and full year 2021 financial results on February 7, 2022, after U.S. market close. A conference call is scheduled for February 8, 2022, at 10 a.m. ET, featuring CEO Dan Houston and CFO Deanna Strable, providing insights into the results. Investors can listen to the live call via principal.com/investor or dial in at 833-875-0582 (U.S.) or 216-562-0095 (international). An audio replay will be available shortly after the call.
Principal Financial Group has been recognized as the No. 3 Best Place to Work in Money Management by Pensions & Investments for 2021, marking its 10th consecutive year on this list. This achievement places Principal Global Investors among only five firms to receive this recognition since the program began. With approximately $577.4 billion in assets under management, Principal Global Investors ranks as the 26th largest institutional asset manager globally.