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Principal Financial Group

Principal Financial Group provides a wide range of financial products and services, including retirement and investment services, insurance products and services, and banking for clients including businesses, individuals and institutions. The company operates in four major segments: Retirement and Investor Services, Principal Global Investors, Principal International, and U.S. Insurance. PFG's U.S. and International operations concentrate primarily on asset accumulation and asset management. The company also offers a range of products including individual and group life insurance, individual and group disability insurance, and group vision and dental insurance. (06 Sep 2018)

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Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

U.S. Life Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 5:36 AM ET - We provide a recap of U.S. Life Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

PRU 3Q18: Good Enough Quarter, Spreads Tight

Earnings Note: 08 Nov 2018, 12:56 PM ET - Prudential posted $1.3 bn in operating income this quarter, up 2% YoY, though this was largely due to the benefits of corporate tax reform. We maintain our U/P on PRU given trading levels, but note that it is a strong defensive name.

U.S. Life Insurance: Application Activity Dips

Worth Watching: 08 Nov 2018, 11:55 AM ET - U.S. Life Insurance: The MIB Index estimates that individual life insurance application activity was down 2.8% in October 2018 as compared to the prior year period. In October 2018, application activity showed a divergence between the 0-44 age ..

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

BHF 3Q18: Sales and Earnings Top Expectations

Earnings Note: 06 Nov 2018, 9:55 AM ET - BHF put together its best quarter yet with adjusted earnings of $270 mn and strong sales of both its flagship Shield product and new fixed annuity offerings. We maintain our O/P recommendation on BHF’s 3.7% 2027s.

MetLife 3Q18: U.S. Business Surges, LTC Update

Earnings Note: 02 Nov 2018, 10:45 AM ET - MetLife reported 3Q18 earnings of $1.4 bn as U.S. business profitability got even stronger. The company did incur costs associated with actuarial reviews for Asia and EMEA business, but LTC is on solid footing at least for the time being.

PFG 3Q18: Earnings Miss with Some Actuarial Noise

Worth Watching: 26 Oct 2018, 12:29 PM ET - PFG 3Q18: Principal Financial Group reported third quarter operating earnings of $481 mn, up from $374 mn in the prior year period. Earnings translate to an adjusted EPS of $1.67, slightly short of the Bloomberg consensus estimate of $1.70. The ..

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

U.S. Insurance: Rate Hikes A Plus, Curve Stubborn

Sector Analysis: 10 Oct 2018, 9:11 PM ET - In this note we discuss the rising rate environment in light of a flattening yield curve. P&C insurers with shorter duration liabilities should benefit immediately, while life insurers with long duration liabilities face challenges.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.

U.S. Life Insurance: Application Activity Steady

Worth Watching: 09 Oct 2018, 10:31 PM ET - U.S. Life Insurance: For essentially the fourth consecutive month, the MIB Index estimates that individual life insurance application activity was essentially flat in month-over-month comparisons. In September 2018, application activity was mea ..

Global Insurance Rendez-Vous: The New Norm

Global Insurance Rendez-Vous: 20 Sep 2018, 11:35 PM ET - As $144 bn of nat cat losses failed to trigger a hard market, we see a breakdown in the historic link between prices and nat cat losses caused by the abundance of capital. Rates are expected to remain stable at the January 2019 renewals.

Aus Insurers: Lenders’ Mortgage Insurance Primer

Sector Analysis: 17 Sep 2018, 9:09 PM ET - We look at Lenders’ Mortgage Insurance, focusing on the two largest players in Australia namely QBE and Genworth.  Although house price growth continue to moderate, we see limited risk to LMI insurers thanks to benign economic conditions. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

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