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Principal Reports Big Increase In Net Income

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NU Online News Service, Aug. 4, 2003, 7:33 p.m. EDT – Principal Financial Group Inc., Des Moines, Iowa, is reporting $202 million in net income for the second quarter on $2.4 billion in revenue, up from $120 million in net income on $2.3 billion in revenue for the second quarter of 2002.

The company benefited during the quarter from a decrease in the net loss on investments sold, written down or written off to $15 million, from $70 million for the comparable quarter in 2002.

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Earnings also benefited from strong sales and retention of retirement products and an improvement in the ratio of claims to premiums in the group medical, group dental and group vision businesses, the company says.