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Life Health > Health Insurance

Principal Reports Higher 2nd Quarter Net Income

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NU Online News Service, Aug. 7, 4:02 p.m. – Principal Financial Group Inc., Des Moines, Iowa, is reporting $120 million in net income for the second quarter on $2.5 billion in revenue, up from $119 million in net income on $2.2 billion in revenue for the second quarter of 2001.

The latest net results include $70 million in investment losses.

Operating income, which excludes the investment losses, held steady at $190 million.

Principal sells asset-management services, life insurance and health insurance as well as mortgages.

The asset-management unit brought in $102 million in operating income for the latest quarter on $1.1 billion in operating revenue, up from $88 million in operating income on $843 million in revenue.

The life and health unit generated $62 million in operating income on $985 million in revenue, up from $48 million in operating income on $976 million. Profits were higher because Principal increased health insurance premiums enough to compensate for increases in medical claims costs, the company says.


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