Principal net income up 2 percent in 2011

Principal Financial Group Inc. ended the year with lower fourth-quarter net income than last year but higher full-year operating earnings and net income. Principal reported full-year net income of $682 million, or $2.15 per share, compared with $666.3 million, or $2.06 per share, for 2010. Operating earnings for 2011 were $878.1 million, compared to $844.8 million for 2010. “In 2011 we delivered solid operating earnings despite market challenges during the year,” said Larry Zimpleman, chairman, president and CEO, in a release. “We again benefited from business and geographic diversification with Principal International, Principal Global Investors and U.S. Insurance Solutions each delivering double-digit earnings growth for the year.” The financial services company ended the year with $1.6 billion of excess capital on its balance sheets.

Principal Financial Group Inc. ended the year with lower fourth-quarter net income than last year but higher full-year operating earnings and net income. Principal reported full-year net income of $682 million, or $2.15 per share, compared with $666.3 million, or $2.06 per share, for 2010. Operating earnings for 2011 were $878.1 million, compared to $844.8 million for 2010. “In 2011 we delivered solid operating earnings despite market challenges during the year,” said Larry Zimpleman, chairman, president and CEO, in a release. “We again benefited from business and geographic diversification with Principal International, Principal Global Investors and U.S. Insurance Solutions each delivering double-digit earnings growth for the year.” The financial services company ended the year with $1.6 billion of excess capital on its balance sheets.