NU Online News Service, May 20, 2003, 10:26 a.m. EDT – Principal Financial Group Inc., Des Moines, Iowa, says its board has given it the authority to spend up to $300 million on buying back some of its 327 million shares of outstanding common stock.

Principal’s board authorized an earlier $300 million repurchase program in November 2002. The company has spent $230 million on that buyback effort, the company says.