Principal Financial Group, Inc. - PFG STOCK NEWS

New research from Principal reveals that despite the pandemic's challenges, nonqualified deferred compensation (NQDC) plans continue to be crucial for employers and key employees. The study, surveying nearly 1,200 participants and 137 sponsors, shows minimal impact on sentiment towards NQDC plans. Key findings include that 89% of participants are likely to remain with their current employer and 96% of sponsors won't reduce contributions. The importance of personalized information and the role of financial professionals was also highlighted as essential for enhancing plan value.

Principal Financial Group has announced significant leadership changes, promoting Roberto Walker and Thomas Cheong to executive vice presidents of Principal International, effective January 1, 2021. This move emphasizes the company's focus on international markets as CEO Luis Valdés retires on March 31, 2021, after 26 years with the firm. Valdés has been instrumental in growing Principal's footprint in Latin America and Asia. The company aims to leverage Walker and Cheong's expertise to enhance its global retirement solutions and meet diverse customer needs worldwide.

Principal Financial Group (Nasdaq: PFG) has elected Alfredo Rivera, President of the North America Operating Unit at The Coca-Cola Company, to its Board of Directors, effective immediately. Rivera brings over 35 years of global business experience and a strong leadership track record. He has previously been instrumental in driving Coca-Cola's transformation and achieving gender balance in leadership roles. His expertise is expected to guide Principal as it evolves into a global financial services organization.

The Longevity Project, in collaboration with Principal Financial Group, has released a study focusing on retirement income strategies amid increased life expectancies. The study highlights the struggle of retirees in balancing spending and saving, revealing that most retirees rely on Social Security while underestimating the need for guaranteed income sources like annuities. Addressing these challenges is essential for financial security in retirement. The report suggests industry-wide collaboration to improve access to income solutions, especially as the retirement landscape evolves with rising living costs and longer lifespans.

Principal has been awarded the Corporate Innovation Award by Plug and Play at the Virtual Winter Summit 2020 for its commitment to fostering innovation within the Fintech sector. The award recognizes corporations that enhance their innovation culture by collaborating with startups and industry leaders. Principal has effectively utilized its partnership with Plug and Play to address customer needs amid the COVID-19 pandemic, leveraging technology for solutions in areas like electronic health records and digital payments. As part of its strategy, Principal aims to continue enhancing its innovation capabilities.

Principal Financial Group has won eight major awards at the Investment Management Education Alliance's STAR Awards, including the Overall Retirement Communications award for the second consecutive year. These awards celebrate the best practices in marketing and communications within the investment management sector. Principal achieved recognition across various categories such as crisis communications, digital education, and thought leadership, showcasing their commitment to financial education and customer engagement. The firm is focused on enhancing digital solutions and customer care moving forward.

According to the Principal Retirement Security Survey for Q3 2020, retirees are maintaining their financial strategies amid COVID-19 and the upcoming U.S. elections. Over 60% express concern about the economic outlook, with a notable drop in those feeling happy in retirement (from 51% to 41%). While nearly 50% refuse to alter investment strategies due to election results, 77% are reducing expenses. Many retirees are consolidating financial accounts, with 50% of deferred annuity holders reporting increased confidence during market volatility. The survey included over 630 participants.