Principal Financial - PFG STOCK NEWS

Principal Financial Group (NASDAQ: PFG) announced that Vivek Agrawal will join as Chief Growth Officer on March 7. This newly created role aims to enhance strategic initiatives and growth opportunities within the company, building on a portfolio and strategy review conducted in 2021. Agrawal will lead strategy efforts to drive profitable growth and synergies across the business, reporting to CEO Dan Houston. With over two decades at McKinsey & Company, Agrawal brings extensive experience in asset management and insurance. He holds a Master of Science from MIT and a bachelor's from the Indian Institute of Technology.

Principal Financial Group (Nasdaq: PFG) announced that Amy Friedrich, president of U.S. Insurance Solutions, will participate in a fireside chat at the Bank of America Financial Services Conference on February 15, 2023, at approximately 1:40 p.m. Eastern Time. This session will involve a question-and-answer format discussing various industry and company-specific topics. The event will be available live via video webcast on the company's investor relations website. Principal Financial Group is a global financial company dedicated to improving the wealth and well-being of clients, with 19,000 employees serving over 62 million customers worldwide.

Principal Financial Group celebrates Lunar New Year, emphasizing cultural traditions and family connections. Jingkan Gu, the director of capital markets, shares his childhood experiences in Shanghai, highlighting the importance of gathering and festive meals. The Lunar New Year, starting January 22, 2023, marks the year of the rabbit and is celebrated by over 25% of the global population. Many traditions like gifting red envelopes and family dinners promote joy and togetherness. Principal fosters a supportive environment for multicultural exchanges, ensuring that traditions are passed on to future generations.

Principal Financial Group (PFG) announced its first quarter 2023 common stock dividend of $0.64 per share. For full year 2022, the company reported a net income of $4.8 billion or $18.85 per diluted share, including $3.3 billion from exited business. The fourth quarter 2022 net loss stood at $10 million, with non-GAAP operating earnings of $1.7 billion. The total assets under management were $635 billion. Shareholders received $2.3 billion in capital returns in 2022, alongside a 2% increase in the trailing twelve-month dividend to $2.56. While overall financial positions are strong, non-GAAP operating earnings experienced a decline from the previous year.

On January 19, 2023, Principal Asset Management announced a partnership with Jacobi Inc. to enhance its fintech-enabled model portfolio offering. This collaboration aims to leverage multi-asset risk analytics and superior client engagement technology. Principal will utilize Jacobi's cloud-native platform for bespoke portfolio analytics, facilitating a deeper understanding of investment behaviors in varying market conditions. Both companies emphasize the importance of advanced analytics in delivering better outcomes for clients. Principal Asset Management oversees $484.6 billion in assets and serves over 1,100 institutional clients across 80+ markets.

Principal Asset Management significantly increased its direct lending committed capital in 2022, doubling its total to $1.6 billion. This expansion is attributed to robust market conditions that favor direct lending, allowing the firm to close 85 transactions since its inception. The volume of deals led by Principal surged by 140% compared to 2021, reflecting growing demand from private equity sponsors. Key senior hires were made to enhance the direct lending team, now comprising 31 professionals. Principal manages $484.6 billion in assets as part of Principal Financial Group.

Crane Data Centers and Principal Asset Management announced a new data center development in Forest Grove, Oregon, aiming for over 100 MW capacity. The first phase will include a 300,000 square-foot facility on a 35-acre site, starting with 50 MW of capacity. This strategic location near Hillsboro enhances its connectivity with multiple fiber paths and access to renewable energy. The collaboration emphasizes sustainability and aims to contribute positively to the surrounding ecosystem. Additionally, Principal Asset Management manages $98.5 billion in commercial real estate assets, showcasing a strong background in the sector.

Principal Financial Group (Nasdaq: PFG) will release its Q4 and full year 2022 financial results on January 30, 2023, after U.S. market close. A live conference call will occur on January 31, 2023 at 10 a.m. ET, featuring CEO Dan Houston and CFO Deanna Strable. Interested parties can join the call via webcast or telephone. An audio replay will be available shortly after the call, accessible until February 3, 2023.

Principal Financial Group has announced a strategic acquisition of a 17.647% stake in China Construction Bank Pension Management Co., Ltd. (CCBP), enhancing its global pension services. CCB retains a 70% majority stake, with the Social Security Fund of China holding 12.353%. This move marks Principal as the first international investor in a Chinese bank-sponsored pension firm, aiming to address the growing retirement needs of China's aging population. The partnership will leverage Principal's expertise and CCB's distribution network, contributing significantly to China's multi-pillar pension system.