Principal Financial Reports Lower Q2 Profit

(RTTNews) - Principal Financial Group Inc. (PFG) on Monday, reported higher second-quarter operating earnings, supported by growth across its Retirement and Income Solutions, Principal Asset Management and Benefits and Protection businesses, while net income remained broadly stable but slightly low.

Net income was $403.4 million, or $1.84 per share, compared with $406.2 million, or $1.79 per share, a year earlier. Adjusted operating earnings increased 11.8 percent to $547.0 million, or $2.50 per share, from $489.3 million, or $2.16 per share.

By segment, operating earnings from Retirement and Income Solutions increased to $323.3 million from $292.1 million, Principal Asset Management rose to $256.4 million from $236.4 million, and Benefits and Protection climbed to $184.1 million from $147.6 million. Corporate reported an operating loss of $95.0 million, compared with a loss of $81.2 million a year earlier.

PFG is currently trading after hours at $107.87 down $3.42 or 3.07 percent on the Nasdaq.