First-quarter profit fell at Principal Financial(PFG Quote), missing analysts' expectations, as the company's insurance business was hit by "unfavorable claims experience."
The Des Moines, Iowa-based financial services concern said net income for the quarter fell to $265.3 million, or 95 cents a share, from $293.9 million, or $1.01 a share.
Excluding items, the company posted "operating" earnings of 87 cents a share, below Thomson Financial's analyst estimate of 93 cents a share.
"We were very pleased with our core asset management and asset accumulation businesses, where continued strong execution drove strong performance, but disappointed with first quarter results for our insurance businesses, which were heavily impacted by unfavorable claims experience," said J. Barry Griswell, chairman and CEO. ...
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