Principal Financial Group Inc., a life insurer that has become a major money manager, says strong sales, strong client retention and careful expense management helped it increase earnings in the fourth quarter.
The Des Moines, Iowa-based company is reporting $318 million in net income for the fourth quarter on $592 billion in assets under management, up from $254 million in net income on $527 billion in assets for the fourth quarter of 2015.
Pre-tax operating earnings at the U.S. insurance operations increased to $107 million, from $87 million.
The individual life unit generated $35 million in operating earnings on $249 million in premiums and fees, up from $30 million in operating earnings on $239 million in premium fees.
The specialty benefits unit, which sells products such as disability insurance, dental insurance and vision insurance, produced $72 million in operating earnings on $479 million in premiums and fees, up from $57 million in operating earnings on $439 million in premiums and fees.