Principal Financial Group, Inc. - PFG STOCK NEWS

Principal Financial Group (Nasdaq: PFG) reported strong financial results for Q4 and full year 2020. Q4 net income was $472.6 million, up from $300.9 million in Q4 2019, with diluted EPS at $1.70 compared to $1.07. For the year, net income was $1,395.8 million, or $5.05 per share, a slight increase from the previous year. Non-GAAP earnings for Q4 reached $409.6 million. A quarterly dividend of $0.56 was authorized, totaling a 2% increase year-over-year. The company maintained a robust capital position, deploying over $900 million towards dividends and share repurchases.

Principal Financial Group announced its commitment to become a Fitwel Champion, pledging to certify at least six properties over the next year to enhance health and wellness in its global real estate portfolio.

Currently, the company has one certified property, Park Place in Irvine, California, which features amenities promoting healthy choices.

This initiative is part of Principal's broader Environmental, Social, and Governance (ESG) framework aimed at driving property performance and resilience in real estate investment.

Principal Financial Group^® (Nasdaq: PFG) will unveil its 2021 outlook on February 25, 2021, at 10:00 a.m. ET. Dan Houston, CEO, and Deanna Strable, CFO, will lead a conference call discussing earnings drivers and capital strategies, followed by a Q&A session. Participants can join via principal.com/investor for a live webcast or call 866-427-0175 for U.S. callers. An audio replay will be available post-call until March 3, 2021, through the same website and telephone numbers.

The Principal Financial Group's latest report reveals ongoing economic challenges for small and medium-sized businesses due to COVID-19, particularly in rural areas. Only 46% of surveyed businesses are fully operational, with 71% anticipating financial improvement in the next year thanks to possible vaccine rollout and government support. Disparities exist, with only 24% of rural businesses operational compared to 50% in urban areas. Business owners prioritize employee well-being, shifting benefits towards telehealth and childcare support.

Principal Financial Group (Nasdaq: PFG) is set to release its fourth quarter and full year 2020 financial results on January 28, 2021, shortly after U.S. market close. A conference call to discuss these results will be held on January 29, 2021, at 10 a.m. ET. Key executives, including CEO Dan Houston and CFO Deanna Strable, will lead the discussion, with a Q&A session to follow. Detailed financial information will be available on their website.

According to the Principal Retirement Security Survey, nearly 75% of workers and retirees are concerned about their retirement savings due to the pandemic. Workers and retirees plan to improve their financial health by spending less (35%), saving more (29%), and paying down debt (25%). Despite economic uncertainties, 85% reported high happiness levels at the end of 2020. The survey also highlights a surge in individuals seeking financial advice, with significant needs in retirement savings planning and investment selection. Over 60% of workers feel unprepared for retirement, underscoring the need for enhanced financial education.

Principal Financial Group announced that its global asset management division, Principal Global Investors, has been recognized as a Best Place to Work in Money Management by Pensions & Investments for the ninth consecutive year, ranking fifth among companies with over 1,000 employees. This recognition is particularly significant amidst the challenges posed by the global pandemic. Principal Global Investors manages approximately $507.3 billion in assets for over 800 institutional clients across more than 80 markets.

Research from Principal Financial Group reveals heightened stress levels and reduced holiday spending among U.S. consumers as they face COVID-19's economic impact. Over 10% of consumers plan to skip shopping, with financial strain (29%) and unemployment (15%) being significant factors. Those shopping intend to cut back, with over 70% planning to do so online. Stress related to holiday expenses has risen 14% compared to 2019, with food and home improvement spending increasing. For 2021, major financial resolutions include saving more (42%) and reducing spending (40%).