Principal Financial Group Inc.’s stock price fell to a record low yesterday, along with many other life insurers, as concerns grow over debt concerns related to commercial mortgage-backed securities, the Associated Press reported. Principal’s shares fell 18.4 percent, or $2.64, to close at $11.67. Prudential Financial Inc.’s shares fell 14.6 percent to $17.01, MetLife Inc.’s shares declined 8 percent to $19 and Hartford Financial Services Group’s shares dropped 29 percent to $6.88. Life insurers are major investors in commercial mortgages and commercial real estate. In a filing with the Securities and Exchange Commission on Tuesday, Principal’s chief financial officer, Terrance Lillis, criticized comments by some industry analysts who have expressed concerns over the company’s real estate holdings. Lillis said the company’s $11 billion commercial mortgage loan portfolio is performing on schedule, and although defaults and losses may increase over the next few years, the company has the ability to handle those losses.

General Growth Properties Inc. has hired Sidley Austin, a bankruptcy law firm, as it tries to negotiate with lenders for more time to refinance its $27 billion debt to avoid bankruptcy, Reuters reported, citing a Wall Street Journal article. The move does not mean that a Chapter 11 filing is definite. General Growth, owner of Jordan Creek Town Center, has $1.13 billion in debt due in the next few weeks. The company is in talks with several banks to extend its payments and is trying to sell three luxury malls on the Las Vegas Strip.

Citigroup Inc.’s largest individual investor, Saudi Prince Alwaleed bin Talal, said yesterday that he will boost his stake in the banking company to 5 percent from less than 4 percent, Reuters reported. The announcement comes after Citigroup’s shares dropped 23 percent yesterday to a 13-year low as investors questioned whether the bank could survive the economic downturn. In a statement, Alwaleed expressed confidence in Citigroup’s management and said he believes the company’s shares are “dramatically undervalued.” Alwaleed plans to invest at least $349 million based on Wednesday’s closing prices.

Talia Leman, a Central Academy eighth-grader who created RandomKid to help children affected by disasters, will receive the outstanding youth in philanthropy award during the Central Iowa chapter of the Association of Professional Fundraisers Philanthropy Day luncheon on Friday. The other recipients are Hubbell Realty Co., outstanding corporate/foundation philanthropists; Don and Marian Easter, outstanding individual philanthropists; Marilyn Kollmorgen, outstanding volunteer fund-raiser; and the late Maddie Levitt, spirit of philanthropy.

FBL Financial Group Inc. has declared a quarterly cash dividend of 12.5 cents per share on its Class A and Class B common stock. The dividend will be payable on Dec. 31 to shareholders of record as of Dec. 15.

Reservations for the Sherman Hill Progressive Dinner are due tomorrow. The dinner will be held Sunday, Dec. 7. The cost is $40 and includes a three-course meal at three different homes. For more information, go to www.historicshermanhill.com.

STAR 102.5’s Combat Hunger takes place today and tomorrow at 12th and Locust streets in Des Moines. The food drive will benefit the Food Bank of Iowa. For more information, go to www.combathunger.com.