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August 02, 2005 at 08:00 PM
Solid results at U.S. health, specialty benefits and individual life operations helped earnings at Principal Financial Group Inc. during the second quarter.[@@]
Principal, Des Moines, Iowa, is reporting $239 million in net income for the latest quarter on $2.2 billion in revenue, up from $120 million in net income on $2 billion in revenue for the second quarter of 2004.
Profits were up at all company divisions, and net income increased to $76 million, from $57 million, at the life and health unit, which handles sales of health insurance, individual life insurance and specialty benefits.
Net income rose about 67%, to $35 million, at the individual life operation, even though revenue fell to $341 million, from $342 million.
Although traditional life revenue fell, strong sales of universal and variable universal life products increased overall production to $325 million, from $318 million.
