Principal Financial 1Q profit falls |
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Tue, 01 May 2007 00:26
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DES MOINES, Iowa (AP) - Asset manager and insurer Principal Financial Group Inc. said Monday its first-quarter profit fell 10 percent from the year-ago period, as business was hurt by increased expenses on claims.Net income for the quarter was $257.1 million, or 95 cents per share, down from $285.7 million, or $1.01 per share, for the first quarter of 2006.Excluding certain gains and losses, operating earnings were $240.2 million, or 87 cents per share, in the recent quarter.Revenue was $2.62 billion, up 11 percent from $2.35 billion in the year-ago period.Analysts expected first-quarter earnings of 93 cents per share on $2.66 billion in revenue, according to a Thomson Financial survey.Claims, benefits and settlement expenses for the quarter were $1.5 billion, up from $1.34 billion.'We were very pleased with our core asset management and asset accumulation businesses, where continued strong execution drove strong performance, but disappointed with first-quarter results for our insurance businesses, which were heavily impacted by unfavorable claims experience,' said J. Barry Griswell, chairman and chief executive officer.Shares of Principal Financial finished the day's trading down 60 cents at $63.49 on the New York Stock Exchange, but earlier traded at a new 52-week high of $64.92. The stock's previous year high of $64.67 was set on Thursday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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