Principal Financial Stock Price, News & Analysis

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.

According to the latest Principal Retirement Security Survey, 59% of employees not contributing to their 401(k) or workplace retirement plan mistakenly believe they are. Additionally, 77% of these workers thought they began saving as soon as they were eligible. Misconceptions, combined with inflation and high interest rates, hinder Americans' retirement goals. Among those not saving, top reasons are high expenses (39%), debt (36%), and insufficient income (34%). Principal advocates for automated features like auto enrollment to improve participation; 62% of employees would continue saving if auto-enrolled. Plans with auto enrollment show significantly higher participation rates. A third of employees haven't considered how much to save, though 44% who have think 10-25% is necessary.

Principal Asset Management has launched the Principal Private Credit Fund I, targeting lower and core middle market loans with over 90% exposure to private credit. This fund aims to provide enhanced yield and return potential through a disciplined credit investment process. Direct lending, which offers a yield premium and floating rate structure, has become attractive due to its strong performance in higher interest rate environments. The fund targets senior secured first lien loans with reasonable leverage levels and financial covenants. Principal Alternative Credit, the fund's management team, consists of over 30 experienced professionals and has surpassed $2 billion in borrower commitments as of December 31, 2023. This launch is designed to meet the needs of investors seeking income-driven returns and diversification.

Principal Financial Group has launched a 12-month immersive Apprentice Program aimed at recruiting individuals without a four-year degree. The program targets applicants from career readiness programs through community colleges, nonprofits, and organizations supporting military veterans. Apprentices will be hired for roles in operations, customer service, and sales administration at Principal's global headquarters in Des Moines, earning a full salary and benefits. This initiative aligns with Principal's commitment to expanding financial security and adapting to modern workforce trends. The program includes on-the-job training and peer group learning.