Principal Financial Group, Inc. - PFG STOCK NEWS

Principal Financial Group announced a definitive agreement to acquire Ascensus' employee stock ownership plan (ESOP) business. This acquisition will bring around 800 plans and over 165,000 participants to Principal's workplace savings and retirement solutions, solidifying its position as the top ESOP service provider in the U.S. The transaction, set to close by the end of Q2 2024, includes Ascensus' ESOP recordkeeping business, ESOP Economics consulting group, and Telescope™ software. Clients and employees will transition to Principal, benefiting from enhanced digital access, support tools, and audit process improvements. The acquisition aims to strengthen Principal's systems and capabilities, providing greater value and enhanced services to ESOP clients. The increased interest in ESOPs aligns with broader market trends, as the number of newly created ESOPs rose 39% from 2020 to 2021. Financial terms were not disclosed.

Principal Asset Management announced the launch of a new private infrastructure debt capability. This initiative aims to provide safety, stability, and enhanced returns for investors amidst constrained financing markets.

Mansi Patel, appointed as senior managing director and head of infrastructure debt, will lead the operations, growth, and strategy of this new venture. The new capability will invest in a diversified portfolio of private infrastructure debt focusing on globalization, decarbonization, and electrification.

This investment strategy promises higher risk premiums and lower default risk compared to public market sector equivalents. Patel will report to Todd Everett, global head of private markets at Principal Asset Management.

The Principal Financial Well-Being Index reveals businesses are poised for growth despite employee optimism lagging behind. The survey shows strong levels of growth and optimism among business owners and leaders, even in the face of high inflation. Businesses are looking to increase staff, invest in expansion, and upgrade infrastructure, signaling a positive economic outlook. However, employees are less positive about the economy, with only one-third feeling optimistic compared to two-thirds of employers.

Principal Financial Group (Nasdaq: PFG) announced first quarter 2024 results, with net income of $533 million, raised common stock dividend to $0.71 per share, returned $362 million to shareholders, and reported assets under management of $709 billion. The company's CEO highlighted strong sales, financial position, and commitment to shareholder returns.

Principal Financial Group achieves sustainability goals in newly released 2023 report by doubling diverse small and midsized businesses served, investing $18 million in 2023, meeting Global People Inclusion Index goal, reducing greenhouse gas emissions by 11.5% annually, and increasing assets under sustainable investing.

Principal Financial Group (PFG) will release its first quarter 2024 financial results on April 25, followed by a conference call on April 26 led by top executives to discuss the results. Investors can access the call through various channels, including a live webcast and telephone dial-in options.

AM Best affirms Principal Financial Group's strong Financial Strength Rating and Long-Term Issuer Credit Ratings. The ratings reflect Principal's balance sheet strength, strong operating performance, and favorable business profile. The outlook is stable with a very strong risk-adjusted capitalization.

Principal Asset Management has been awarded the 2024 ENERGY STAR Partner of the Year: Sustained Excellence Award for the seventh consecutive year. The firm's commitment to sustainability and responsible property investment is highlighted through its energy efficiency and greenhouse gas emissions reduction initiatives. Principal aims for a 40% reduction in GHG emissions by 2035. With 90% of properties actively benchmarking utility usage and an average ENERGY STAR score of 88 for certified properties, Principal continues to lead in sustainability efforts.

Principal Financial Group has been recognized as one of the World’s Most Ethical Companies by Ethisphere for the 13th time. The company's ethical leadership and business practices have been acknowledged since 2006. With 136 honorees from 20 countries and 44 industries, the 2024 list shows that the recognized companies outperformed a global index by 12.3 percentage points from 2019 to 2024. Principal's commitment to ethics, as demonstrated by their programs and practices, has enabled them to positively impact employees, customers, and communities worldwide.