Principal Financial Group Inc. announced Wednesday that its board of directors has renewed an authorization initially granted in 2007 for the repurchase of up to $250 million worth of the company’s outstanding common stock. The board had suspended the authorization in the fourth quarter of 2008. Principal’s chairman, president and CEO, Larry Zimpleman, said the action reflects “our confidence and the strength of our current financial position.” The renewed program provides Principal the flexibility to execute its capital management strategy, Zimpleman said, which includes deploying approximately $700 million of capital this year. The Des Moines-based insurer currently has approximately 321 million shares of common stock outstanding.