Principal Financial Group, Inc. - PFG STOCK NEWS

Principal Financial Group has announced the appointment of May Tong as a portfolio manager for its Global Asset Allocation team, which manages $150 billion in assets. Tong, with nearly 20 years of experience, will enhance the company’s commitment to delivering outcome-oriented portfolio solutions. Principal aims to meet rising client demand for holistic investment strategies, backed by a team with over 100 years of collective experience. Principal Global Investors currently manages approximately $550.6 billion in assets globally.

Principal Financial Group launched new model portfolios in collaboration with Wilshire, featuring iShares ETFs and BlackRock bond funds. This offering includes 25 portfolios across three series: Global Hybrid, U.S. Hybrid, and ETF only. Currently, 24 of these portfolios are available on the Envestnet platform, with one launching in June. The strategic initiative aims to enhance relationships with Registered Investment Advisors, providing diversified investment strategies that seek to deliver alpha and cater to varying risk tolerances.

Principal Financial Group (Nasdaq: PFG) announced the election of Claudio Muruzábal to its Board of Directors, effective July 1, 2021. With over 25 years of experience in technology and leadership roles at SAP, Muruzábal is expected to contribute valuable insights into customer solutions. His appointment aligns with an agreement with Elliott Investment Management to enhance business strategies. Principal will reveal more about its strategic review during its Investor Day on June 29, 2021.

Principal Financial Group (Nasdaq: PFG) reported a strong first quarter 2021, with net income of $517.1 million, up from $288.9 million year-over-year. Earnings per diluted share increased to $1.87 from $1.04. Non-GAAP operating earnings rose to $423.5 million, compared to $319.6 million in Q1 2020. Total assets under management reached a record $820.3 billion, boosted by $8.2 billion in net cash flow. The Board approved a quarterly dividend of $0.61 per share, a 3% increase from the previous year. Strong performance in Retirement and Income Solutions and Principal Global Investors contributed to this growth.

Principal Financial Group announced its multi-year corporate responsibility commitments aimed at employee empowerment, financial inclusion, and sustainability, as detailed in its 2020 CSR report. CEO Dan Houston emphasized the importance of these commitments in driving outcomes for a sustainable future. Key commitments include achieving an 80% score in the Inclusion Index, doubling support for diverse businesses, and reducing carbon emissions by 40% by 2035. The report highlights a 40% reduction in greenhouse gases over the past decade and $25 million for COVID-19 relief.

Principal Financial Group (Nasdaq: PFG) will release its first quarter 2021 financial results on April 27, 2021, 15 minutes after the U.S. market closes. A conference call with management is scheduled for April 28, 2021, at 10 a.m. ET, where results will be discussed. The call will be accessible via the company's website and by phone. An audio replay will be available shortly after the call ends, lasting until May 4, 2021. More details, including earnings information, will be online at principal.com/investor.

The latest survey by Principal Financial Group indicates a 20% increase in employee turnover among small businesses, attributing this rise to the impact of COVID-19. Despite tight budgets, small business owners are enhancing employee benefits to improve retention, with affordability and the ability to attract talent as key priorities. The report highlights that 73% of owners are now consulting financial professionals for assistance, a notable rise from previous years. Key employee retention strategies are emphasized, with growing confidence in achieving business goals over the next five years.