Principal Adjusts for Falling Treasury Rates
October 29, 2019 by Allison Bell
Principal Financial Group Inc. is now assuming that interest rates will be lower than it had hoped, and take longer than it had hoped to climb back to a reasonable level.
Executives at the Des Moines, Iowa-based life insurer talked about the company’s response to the recent interest rate rollercoaster Friday, during a conference call the company held to go over earnings with securities analysts.
Principal is reporting $277 million in net income for the third quarter on $4.5 billion in revenue, compared with $456 million in net income on $4.3 billion in revenue for the third quarter of 2018.
Here’s how two major Principal units did in the latest quarter, when compared with results for the year-earlier quarter: