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Principal Reports Lower 2Q Net Income

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NU Online News Service, Aug. 3, 2004, 5:15 p.m. EDT

Investment losses contributed to a drop in second-quarter profits at Principal Financial Group Inc., Des Moines, Iowa.[@@]

The company is reporting $120 million in net income for the latest quarter on $2 billion in revenue, compared with $202 million in net income on $1.95 billion in revenue for the second quarter of 2003.

The latest net results include $44.5 million in net losses on investments and a $54 million drop in mortgage banking profits. Principal no longer includes the mortgage banking business results in its financial statements because it sold the business to a unit of Citigroup Inc., New York.