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Life Health > Annuities

Principal Reports 1st Quarter Net Income

By Staff Writer

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NU Online News Service, May 6, 2003, 10:40 a.m. EDT – Principal Financial Group Inc., Des Moines, Iowa, is reporting $156 million in net income for the first quarter on $2.4 billion in revenue, up from a net loss of $35 million on $2.1 billion in revenue for the first quarter of 2002.

U.S. asset-management revenue increased to $886 million, from $862 million, due in part to increased revenue from individual annuities, Principal says.

The life and health unit generated $59 million in operating income for the latest quarter on $1 billion in revenue, up from $54 million in operating income on $979 million in revenue. Profits and revenue grew because of increases in revenue and improvements in loss ratios at the group health and group disability businesses, Principal says.