Principal Financial Group Inc. announced that its board of directors has approved an authorization for the repurchase of up to $400 million worth of the company’s outstanding common stock. The repurchases will be made in the open market or through privately-negotiated transactions, from time to time, depending on market conditions. Principal had 291.6 million shares of common stock outstanding as of Feb. 3. “This action reflects our continued confidence in the underlying strength of our businesses as well as our opportunistic approach to capital deployment given the recent market pullback,” said Dan Houston, president and CEO.