Principal Financial Group Inc.’s third-quarter net income fell 61 percent to $90.1 million, or 35 cents per share, from $232.3 million, or 87 cents per share, in the year-ago period. Net income was mainly affected by $114.1 million in losses related to sales and permanent impairment of fixed maturity securities, including $41 million related to Lehman Bros. Holdings Inc. and $41.2 million related to Washington Mutual Inc. Operating earnings were $251.2 million for the quarter, compared with $316 million a year ago. Operating revenues were $2.75 billion, down from $2.94 billion in the third quarter of 2007. Principal’s life and health division experienced a 23 percent rise in operating earnings and Principal International had 26 percent operating earnings growth. The company hosted a conference call this morning. To hear a replay, visit www.principal.com/investor.

Financial services firm CIT Group Inc. has received a $500 million credit line from Wells Fargo & Co., the Associated Press reported. Under the terms of the agreement, CIT can access $500 million in secured financing, with borrowings subject to eligibility, including approval of all loans used as collateral by Wells Fargo. CIT will use the facility to finance new and existing term and revolving loans and expects to begin borrowing during this quarter.

Wells Fargo & Co. announced yesterday that Richard Kovacevich will remain chairman past the company’s mandatory retirement age of 65 for senior executives, Reuters reported. Though Kovacevich turned 65 last week, the board asked him to stay on past his scheduled retirement date to help with the acquisition of Wachovia Corp. It was unclear how long Kovacevich will delay retirement. John Stumpf, who replaced Kovacevich as CEO in June 2007, will add the chairman title when Kovacevich retires.

First National Investment Banking (FNIB), a full-service investment bank and wholly owned subsidiary of First National of Nebraska Inc., has combined operations with First National Bank of Omaha’s Wealth Management Group to form a new Wealth Management & Investment Banking Group, said Clark Lauritzen, senior vice president of FNIB. The new division will pair a full range of investment banking services with a comprehensive suite of financial planning products and services, including private banking, investment services and trust and estate services. “The end result will be a seamless and integrated approach to serving our clients’ business and personal wealth needs,” said Lauritzen, who will manage the division. FNIB opened a Des Moines investment banking and wealth management office in the Davis Brown Tower on June 30.

U.S. office furniture shipments declined 1 percent in September to $985 million, according to the Business and Institutional Furniture Manufacturers Association. Reuters reported that orders totaled $995 million, down 2 percent compared with the year-ago period. The trade group expects negative growth for the industry through next year, with orders falling 10.8 percent and shipments down 10.4 percent for all of 2009.

EMC Insurance Group Inc. has declared a quarterly dividend of 18 cents per share payable on Nov. 19 to shareholders of record on Nov. 12. At its Oct. 31 meeting, EMC’s board of directors also decided to extend the company’s $15 million stock repurchase program, with the authorization of an additional $10 million in purchases. The company also announced that on Nov. 17 Senior Vice President and Chief Financial Officer Mark Reese will present at the Wall Street Analyst Forum’s 19th annual Analyst Conference in New York City at 9:30 Iowa time.

The Iowa Association of Mediators will host its fall conference on Thursday at the Hotel Fort Des Moines, 10th and Walnut streets, Des Moines. The event, titled “Mediator Know Thyself, Help Parties Help Themselves & Know the UMA in Iowa,” will begin at 8:30 a.m. The cost is $95 for members and $120 for nonmembers, which includes personal assessment materials and lunch. For more information, call George Elliott at 262-3275.