Principal Financial Stock Price, News & Analysis

Principal Financial Group's recent survey reveals evolving employee benefits and their impact on retention, especially for caregivers. Key findings include:

1. 24% of workers caring for both a child and dependent adult are more likely to consider leaving their job.
2. 22% of 'sandwich generation' caregivers have left previous jobs due to caregiving responsibilities.
3. Caregivers value life insurance and paid family/medical leave the most.
4. 64% of employees see life insurance as 'extremely valuable'.
5. Higher job retention is associated with more benefit options.
6. 69% of businesses report growing financial health, but concerns about inflation and the economy persist.
7. 55% of businesses are expanding staff, and 70% of employees are seeing wage increases.

The survey highlights the importance of understanding employee needs and effective benefits communication.

Principal Financial Group® is collaborating with the New York International Children's Film Festival to bring ¡Hola Cine!, a curated collection of award-winning, family-friendly Latinx short films, to the Des Moines Art Center on September 15, 2024. The event, hosted by Principal Community Relations and the Principal Hispanic Employee Resource Group, celebrates Hispanic Heritage Month and is free and open to the public.

The program features six short films with a total runtime of 55 minutes, showcasing stories from across the Americas that highlight themes of family, perseverance, and magic. All films are in English or have English subtitles, making them accessible to a wide audience. This initiative aligns with Principal's commitment to connecting employees to the community and supporting financial education.

Principal Financial Group and Girl Scouts of Greater Iowa (GSGI) have announced two initiatives to empower young women: Girl Scout Takeover Day and the DataSetGold program. The Takeover Day, scheduled for September 27, 2024, at Principal's headquarters in Des Moines, will offer activities for girls in grades 6-12, including panels, film screenings, and community service projects.

The DataSetGold program aims to provide high school-aged Girl Scouts with data science and financial literacy skills while pursuing their Gold Award. It includes the DataSetGo Digital Education Program, a Take Action Plan, and rewards for participants. This collaboration reflects a shared commitment to preparing young women for success in a digital and data-driven world, offering them tools and knowledge for personal and professional excellence.

Principal Financial Group (Nasdaq: PFG) has announced key leadership changes. Deanna Strable, previously executive vice president and CFO, has been appointed as president and chief operating officer. In her new role, Strable will oversee the company's three main business segments: Retirement and Income Solutions, Benefits and Protection, and Asset Management.

Dan Houston will continue as CEO and Chairman of the Board. Joel Pitz, senior vice president and controller, will serve as interim chief financial officer. Strable, who joined Principal in 1990, has held various roles including president of the workplace benefits and insurance business. The leadership transition aims to drive strategy, financial results, and operations to enable Principal's growth and value creation.

Principal Financial Group (Nasdaq: PFG) has announced that Deanna Strable, executive vice president and chief financial officer, will participate in a fireside chat at the KBW Insurance Conference on Thursday, September 5, 2024, at approximately 3:05 p.m. Eastern Time. The session will cover various industry and company-specific topics through a question-and-answer format.

The fireside chat will be accessible via live audio webcast at principal.com/investor. Principal Financial Group is a global financial company with 20,000 employees serving over 64 million customers. With a 145-year history, the company focuses on improving wealth and well-being for people and businesses. Principal has been recognized as one of the 2024 World's Most Ethical Companies and is a member of the Bloomberg Gender Equality Index.

Centro Benefits Research has expanded its broker-carrier API platform by integrating RFP and quote functionality with Principal Financial Group. This integration allows for seamless exchange of RFP data, eliminating manual entries and improving data accuracy and turnaround times. Principal was among the first carriers to provide policy-level data through Centro's platform.

The collaboration between Centro and Principal aims to deliver significant business and operational benefits for all stakeholders. Centro's Chief Digital Officer, Beata Rogala, emphasized their commitment to automating manual processes and transforming the industry through technological innovation. Kara Hoogensen from Principal highlighted the integration's role in enhancing the digital experience for customers.

Over the next 12 months, Centro plans to integrate with several additional ancillary benefits carriers, potentially automating over 50% of their clients' employee benefits products.

Principal Financial Group (Nasdaq: PFG) reported second quarter 2024 results with net income of $353 million, or $1.49 per diluted share. Non-GAAP operating earnings were $386 million, or $1.63 per diluted share. The company returned $415 million to shareholders, including $250 million in share repurchases and $165 million in dividends. PFG raised its Q3 2024 dividend to $0.72 per share, a 1 cent increase. Assets under management (AUM) reached $699 billion, with assets under administration (AUA) at $1.6 trillion. Key highlights include:

• Retirement and Income Solutions net revenue up 10% year-over-year
• Principal Global Investors managed AUM increased 6% to $513 billion
• Specialty Benefits premium and fees grew 8%
• Life Insurance business market premium and fees rose 15%

Principal Financial Group has introduced Principal Strategic Income, a new Registered Index-Linked Annuity (RILA) designed to provide guaranteed lifetime income for retirees. The product comes amid a growing demand for annuities, driven by an aging U.S. population, volatile markets, and rising inflation. The Secure Income Protector rider offers two income options: a fixed annual amount or a tiered amount that adjusts based on account value. The annuity allows for a one-time change in income options before withdrawals begin. It is available through financial professionals and aims to help retirees manage their savings and ensure stable income regardless of market performance.

Principal Financial Group (Nasdaq: PFG) will release its Q2 2024 financial results on July 25, 2024, shortly after U.S. markets close. A conference call is scheduled for July 26, 2024, at 10 a.m. ET, where Chairman and CEO Dan Houston and CFO Deanna Strable will discuss the results. Additional details, including earnings releases and slides, will be available on the company's investor website.

The call can be accessed via webcast or phone, with options for U.S., Canadian, and international callers. Principal Financial Group is a global financial company with nearly 20,000 employees, serving over 62 million customers. Recognized for ethical practices and inclusion, Principal continues to focus on improving wealth and well-being while fostering community and workforce diversity.