Principal Financial - PFG STOCK NEWS

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.

Principal Financial Group® (Nasdaq: PFG) announced its 2021 outlook, projecting non-GAAP operating earnings growth of 18-20% per diluted share compared to 2020. The guidance includes capital deployments of $1.4-$1.8 billion, with $600-$800 million allocated for share repurchases. Each business unit has specific growth targets, with estimates reflecting ongoing impacts from COVID-19. The total company expects a pre-tax operating loss in the corporate segment between $(330)-$(350) million, influenced by macroeconomic factors and integration expenses. A conference call for further discussion is scheduled for February 25, 2021.

Principal Financial Group (Nasdaq: PFG) announced a strategic review of its business mix, capital management, and capital deployment options to enhance shareholder value. This initiative follows discussions with major investor Elliott Investment Management. Principal will appoint Maliz Beams as an independent director to the Board, adding expertise to its Finance Committee. The Finance Committee, which will oversee the review with external advisors, aims to strengthen Principal's position in the competitive life and annuity market. Results from this review are expected to be announced at the 2021 Investor Day.

Principal Financial Group (Nasdaq: PFG) announced that Dan Houston, chairman, president, and CEO, will participate in a fireside chat at the Bank of America Securities 2021 Insurance Conference on February 11, 2021, at 11:30 a.m. (EST). Houston will discuss the company’s diversified business model, enterprise strategy, and how they are creating long-term shareholder value and growth. A live audio webcast will be available on principal.com/investor.

Principal Financial Group (Nasdaq: PFG) is launching the EVERFI Black History Month Challenge to encourage U.S. high school students to engage in discussions about Black history. Running through February, this scholarship competition invites students in grades 9-12 to complete digital lessons and submit essays on fostering conversations about Black history. A total of $20,000 in scholarships will be awarded to three winners. This initiative aligns with Principal's commitment to education and community engagement, aimed at promoting financial literacy and social justice awareness.

RobustWealth has launched an updated client portal designed to enhance user experience and assist in achieving investment goals. Key features include a goal-centric timeline prioritizing upcoming targets and a risk tolerance score with options for recalibration. The portal simplifies account management, allowing clients to link external accounts for a comprehensive view of their net worth. This update reflects RobustWealth's commitment to personalized online financial planning since its acquisition by Principal Financial Group in 2018.

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.