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 (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.
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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.
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Principal Financial Group (Nasdaq: PFG) is set to release its third quarter 2021 financial results on October 26, shortly after U.S. markets close. A conference call will follow on October 27 at 10 a.m. ET, featuring CEO Dan Houston and CFO Deanna Strable. The call will cover the financial results and include a Q&A session with senior management. Additional details and materials will be available on principal.com/investor.
The Principal Financial Group's annual study reveals that amid the pandemic, 54% of top retirement savers increased their savings, with 91% maintaining an emergency fund. The majority of super savers are focusing on long-term sacrifices rather than short-term cuts, primarily driving older vehicles (44%) and avoiding travel (38%). Most of these savers (95%) invest in workplace retirement plans, with significant interest in guaranteed income options. The study involved 1,408 participants aged 19-56 and highlights evolving financial behavior towards retirement amidst COVID-19.
Principal Financial Group announced the appointment of Barbara Wenig as executive director of global operations for Principal Global Investors. This newly created role aims to enhance the firm’s strategic initiatives and expand its global platforms. With nearly 25 years of experience, Wenig will oversee operations, including international funds and ETF products. Previously at Neuberger Berman, she has a strong background in developing global operating models. Principal Global Investors manages approximately $576.8 billion in assets.