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.
According to the Principal Retirement Security Survey for Q3 2020, retirees are maintaining their financial strategies amid COVID-19 and the upcoming U.S. elections. Over 60% express concern about the economic outlook, with a notable drop in those feeling happy in retirement (from 51% to 41%). While nearly 50% refuse to alter investment strategies due to election results, 77% are reducing expenses. Many retirees are consolidating financial accounts, with 50% of deferred annuity holders reporting increased confidence during market volatility. The survey included over 630 participants.
Principal Financial Group (Nasdaq: PFG) reported third quarter 2020 results, showing net income of $236 million, down from $277 million in 2019. The decrease was largely influenced by $187.3 million in significant variances linked to actuarial assumptions. Non-GAAP operating earnings were $234.5 million, lower than $345.3 million in the previous year. Despite challenges from COVID-19 claims and integration costs, core earnings improved by 10% when excluding variances. The company maintained a strong financial position, with total assets under management at $731.3 billion and a quarterly dividend of $0.56 per share.
For the first time, the 12th annual 403(b) Plan Survey by the Plan Sponsor Council of America shows that retirement planning has surpassed participation as the primary focus for employee education among 403(b) providers, with 34.8% citing it as their top goal. Additionally, employee contributions have risen to 7.2%, and average plan sponsor contributions increased to 6.3%. However, 30% of organizations reported a need for better cybersecurity education amid the COVID-19 pandemic, reflecting a growing concern for employee security.
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Principal has launched the Business Needs Assessment, a digital tool aimed at supporting small and medium-sized businesses in financial planning and management. This innovation comes in response to business owners' optimism about future growth despite economic challenges. The assessment consists of three modules that evaluate business, employee, and personal needs, and can be completed in under 15 minutes. This resource is part of Principal's commitment to enhancing financial well-being through integrated services tailored for diverse business types.
Principal Financial Group (Nasdaq: PFG) will release its third quarter 2020 financial results on October 26, 2020, after the U.S. markets close. A conference call is scheduled for October 27, 2020, at 10 a.m. ET, where CEO Dan Houston and CFO Deanna Strable will discuss the results. Interested parties can access the call via a live webcast or by telephone. Replays will be available shortly after the call, continuing until November 3, 2020. More financial details will be available on the company's investor website.