Principal Financial Group, Inc. - PFG STOCK NEWS

Principal Financial Group announced the appointment of Natalie Lamarque as its new general counsel, effective August 1. She will oversee the law department and serve as corporate secretary. Lamarque brings extensive legal experience from her previous role at New York Life and as an Assistant U.S. Attorney. Her expertise is expected to enhance the company’s ability to navigate complex legal challenges. The transition follows the retirement of Mark Lagomarcino, who served 20 years in the role, ensuring a smooth leadership change.

Principal Financial Group has been awarded the DALBAR Communications Seal of Excellence for its exceptional employer web capabilities and experience in Group Benefits, specifically for its eService platform. This recognition reflects Principal's commitment to enhancing digital solutions, making it easier for employers to manage benefits online. The company aims to streamline processes through automation, allowing real-time updates and efficient management of employee benefits. This award underscores Principal's dedication to customer experience and technology-driven solutions.

Principal Financial Group (Nasdaq: PFG) has successfully completed a reinsurance transaction involving its U.S. retail fixed annuity and universal life insurance blocks with an affiliate of Sixth Street. This deal reinsures approximately $25 billion of in-force statutory reserves, generating deployable proceeds of about $800 million. The transaction aims to enhance capital efficiency, allow for increased share repurchases of $2.0 billion-$2.3 billion, and improve future financial performance, including a target return on equity of 15% by 2023.

Principal Global Investors has launched the Principal Real Estate Active Opportunities ETF (Ticker: BYRE), its first semi-transparent ETF, now available on the New York Stock Exchange. This actively managed ETF focuses on non-traditional REIT sectors such as data centers and life sciences, aiming for total returns and enhancing portfolio resilience. As non-traditional sectors represent 64% of the public REIT market and have shown better performance over the past decade, the ETF targets investors seeking growth amid inflation.

Principal Financial Group (NASDAQ: PFG) has appointed H. Elizabeth Mitchell to its Board of Directors. Mitchell, who previously served as President and CEO of Renaissance Reinsurance, brings extensive operational experience and leadership from the insurance sector. Her background includes tenures at Platinum Underwriters Reinsurance and St. Paul Companies. Mitchell has been recognized as a leader in the industry, earning multiple accolades throughout her career, including being named Insurance Woman of the Year in 2007. Her addition is expected to enhance Principal's strategic focus on capital efficiency and growth initiatives.

Principal Financial Group has appointed Owais Rana as the head of liability-driven investing (LDI) within Principal Global Investors. This newly created role aims to enhance the firm’s pension servicing capabilities, managing $21.5 billion in liability-oriented investment portfolios. With over 20 years of experience, Rana’s expertise is expected to address pressing pension management needs. Principal is a leader in defined benefit pension plans and is focused on expanding its LDI segment.

Principal Financial Group reveals an encouraging trend in the latest Principal Financial Well-Being Index, showing that 68% of U.S. businesses report financial improvement compared to last year. Notably, 53% of businesses are increasing hiring, significantly up from 32% last year. Employers are also enhancing wages and benefits to attract talent. However, challenges such as inflation and recruitment difficulties persist. Moreover, 27% of employees left their jobs due to retirement, indicating potential staffing impacts from an aging workforce.

Principal Global Investors announced an expansion of its model portfolio offerings, featuring 37 new portfolios aimed at enhancing customization, efficiency, and scalability for financial advisors. The portfolios are categorized into four risk-based suites, integrating mutual funds, ETFs, and direct index options. Collaboration with Smartleaf Asset Management has resulted in a fintech-enabled platform that automates tax management and meets ESG preferences. Principal now offers 62 model portfolios, managing approximately $579.4 billion in assets across various client bases.