Principal Financial Stock Price, News & Analysis

Principal Financial Group announced its focus on employee well-being, indicating over 90% of surveyed businesses plan to enhance at least one employee benefit within the next year. A significant 82% expect financial improvements over the next 12 months, with 63% fully operational and hiring. Key benefits trending include telehealth (42%) and mental health services (38%). While 70% of employers value financial wellness programs, only 62% currently offer them. Additionally, retirement plans are recognized as crucial in talent retention, with over 80% seeing their importance.

Principal Financial Group announced key senior management promotions within its corporate finance and U.S. Insurance Solutions (USIS). Joel Pitz becomes senior vice president and controller, effective November 15, responsible for corporate accounting and financial reporting. Nate Schelhaas is named senior vice president of protection solutions, effective October 15, overseeing life insurance and product development. John Egan will transition to chief financial officer for Principal International while continuing as vice president of Investor Relations.

Principal Financial Group has successfully integrated Wells Fargo's Institutional Retirement and Trust business, enhancing its capabilities and market position in retirement services. This acquisition, completed in July 2019, added 4.3 million eligible participants and approximately $150 billion in account value. Principal now serves over 10 million participants, managing over $537 billion. Key improvements include enhanced retirement offerings, increased savings rates averaging 9%, and expanded client services, positioning Principal among the top in multiple retirement plan categories.

Principal Financial Group (Nasdaq: PFG) reported a net income of $361.8 million for Q2 2021, down from $398.3 million in Q2 2020. Net income per diluted share was $1.32, compared to $1.45 last year. Non-GAAP operating earnings increased to $467.3 million, up from $402.7 million, reflecting strong performance in asset management and a successful retirement business integration. The company authorized a $0.63 dividend for Q3 2021, marking a 6% increase year-over-year. Strong cash flow of $2.1 billion and an estimated statutory RBC ratio of 421% were also reported.

Principal Financial Group (Nasdaq: PFG) will announce its second quarter 2021 financial results after U.S. markets close on July 27, 2021. A conference call, featuring Dan Houston and Deanna Strable, will take place on July 28, 2021, at 10 a.m. ET to discuss these results. Investors can access the earnings release and additional materials on principal.com/investor. The company has over 18,000 employees and serves more than 38 million customers globally.

Principal Financial Group (Nasdaq: PFG) has announced significant changes to its portfolio and capital management strategy, aimed at enhancing profitable growth and shareholder returns. Following a comprehensive review, the company will exit U.S. retail fixed annuities and consumer life insurance markets while focusing on fee-based businesses in retirement and asset management. A new $1.2 billion share repurchase authorization reflects its commitment to return capital to shareholders. These strategic shifts position Principal to strengthen leadership in growth markets and improve return profiles.