Principal Financial Stock Price, News & Analysis

Principal Financial Group (Nasdaq: PFG) has appointed Lisa Coulson as chief human resources officer and senior vice president, effective Nov. 30, 2024. Coulson, who has been with Principal for 17 years, brings extensive experience in leader development, change management, and workforce planning. Previously serving as vice president of human resources, she has held various senior roles in HR strategy, operations, and total rewards since joining in 2007. She succeeds Jon Couture, who is departing after six years. Coulson will oversee HR operations for the company's nearly 20,000 employees globally.

Principal Financial Group (Nasdaq: PFG) has announced that Deanna Strable will become the company's next president and CEO, effective January 7, 2025. Strable, currently serving as president and COO, will succeed Dan Houston, who will continue as executive chair of the Board. Prior to her current role, Strable served as CFO from 2017 to 2024 and has 35 years of experience with Principal. Under Houston's tenure as CEO since 2015, Principal's market capitalization grew from $13 billion to over $20 billion. Strable will also join the Principal Board of Directors in January 2025.

Principal Asset Management has launched the International Equity ETF (PIEQ), a large-cap portfolio managed by their equities team which currently oversees $154.8 billion in AUM. The launch comes amid record-breaking demand for active ETFs, which reached $349 billion in 2023, with advisor allocations expected to increase by 45% over the next two years. This addition brings Principal's ETF offerings to 10, collectively managing approximately $4.7 billion in assets. The fund will leverage the Principal equities team's two decades of experience in managing non-U.S. equity strategies.

A new Principal Financial Group survey reveals strong retirement savings habits among middle-income households ($50,000-$99,999). 77% of these households are saving for retirement at an average rate of 7.8% of their income before employer contributions, with 40% expecting better retirement outcomes than initially envisioned.

The survey found that 93% of respondents prioritize retirement savings despite financial challenges. Family members (65%) and friends/peers (52%) were primary influences in starting retirement savings. However, employers, financial professionals, and retirement plan providers proved more helpful for ongoing savings guidance.

Notable challenges include 30% of middle-income households making early withdrawals, primarily for urgent repairs (38%), job loss (30%), medical debt (18%), and family-related expenses (18%).

PerfectQuote has announced a collaboration with Principal Financial Group to provide direct, underwritten proposals for dental, vision, life, disability, and voluntary benefits through its RFP toolset. PerfectQuote's platform serves 14 of the top 20 largest U.S.-based firms and nearly 80,000 employers. The platform has demonstrated success since its 2018 launch by streamlining quoting processes and reducing close times by up to 95%. The collaboration aims to facilitate digital distribution at scale while providing reporting insights for carrier sales and underwriting teams.

Principal Financial Group (Nasdaq: PFG) has announced its upcoming 2024 Investor Day, scheduled for Monday, November 18, 2024. The event will take place in New York City from 1 p.m. to 4 p.m. EST.

Interested parties can access the live webcast and related materials by registering in advance at principal.com/investorday. A replay of the event will be made available on the website afterward. Questions about the event can be directed to Principal's Investor Relations team through their online contact portal.

Principal Asset Management has achieved high ratings from the Global Real Estate Sustainability Benchmark (GRESB) for 2024, with two European real estate core property strategies receiving 5-star ratings and its U.S. real estate core strategy earning a 4-star rating. The U.S. core strategy has maintained a 4-star rating for nine consecutive years. Additionally, 13 strategies received green-star ratings. The Principal Green Property strategy scored 93/100 in its first GRESB submission, ranking 2nd among 23 entities in its peer group. The firm submitted seven U.S. and seven European real estate funds, all scoring 29/30 points on the Management component.

Principal Financial Group (PFG) reported third quarter 2024 results with a net loss of $220 million ($0.95 per diluted share), while non-GAAP operating earnings were $412 million ($1.76 per diluted share). The company achieved assets under management of $741 billion and returned $416 million to shareholders, including $251 million in share repurchases and $165 million in dividends. PFG announced a dividend increase to $0.73 per share for Q4 2024. The company demonstrated strong business fundamentals with premium and fees growth across segments, including 6% growth in Specialty Benefits and 12% growth in Life Insurance business market.

The Global Financial Inclusion Index from Principal® reveals that global financial inclusion improved for the second consecutive year, despite challenging macroeconomic conditions. Singapore retained its top position as the world's most financially inclusive market for the third year in a row, with Asia-Pacific markets comprising half of the top 10.

Key findings include:

• All regions saw improvement in financial inclusion
• Latin America showed the greatest improvement
• The U.S. fell outside the top five ranking for the first time, now ranking seventh
• Consumer perception of financial inclusion has fallen across the world

The Index ranks 41 markets based on support provided by employers, governments, and financial systems. Despite economic pressures, the report highlights how governments and the private sector have stepped up to help societies weather these conditions, leading to increased levels of financial inclusion worldwide.