THE PRINCIPAL ANNOUNCES HEALTHY NINE-MONTH RESULTS
THE PRINCIPAL ANNOUNCES HEALTHY NINE-MONTH RESULTS DES MOINES, Iowa, Nov. 12 /PRNewswire/ -- The Principal Financial
Group reported continuing strong financial results for its flagship company, Principal Mutual Life Insurance Company (the Principal). In the third quarter of 1991, significant growth was reported in assets, gain from operations and surplus.
Total assets for the Principal on Sept. 30, 1991, were $30.8 billion, up 11.7 percent from $27.5 billion at year-end 1990. "Our nine-month results demonstrate that the Principal continues to be among the best-performing and strongest U.S. life insurers," said G. David Hurd, chairman and chief executive officer of the Principal. "Our basics -- attention to customer relationships and service; diversity in products, services and investments; and tight quality and management controls -- have paid off in a long history of good financial results and solid investment performance for the Principal." During the first nine months of 1991, the Principal achieved a gain from operation (including realized capital gains and losses) of $227 million, an 18 percent increase over the figure for the first nine months of 1990. Customer safety margins (surplus and investment reserves) reached $1.78 billion, up from $1.55 billion at year-end 1990. (See table of financial results below.) The Principal Financial Group is a diversified family of insurance and financial services companies with $32.8 billion in assets under management. Its member companies provide a full line of individual and group insurance products and financial services. Principal Mutual Life Insurance Company is currently the sixth largest life insurance company in the nation, ranked by premium income. PRINCIPAL MUTUAL LIFE INSURANCE COMPANY Financial Results as of Sept. 30, 1991 Nine months period ended Sept. 30 1990 1991 Gain from operation including realized capital gains and losses $192 million $227 million As of 9/30/90 12/31/90 9/30/91 Total assets $26.6 billion $27.5 billion $30.8 billion Customer safety margins (surplus and investment reserves) 1.44 billion 1.55 billion 1.78 billion General account assets (assets related to customer safety margins) 22.9 billion 23.6 billion 26.1 billion -0- 11/12/91 /NOTE TO EDITOR: The Principal is a mutual life insurance company. In August of 1991, the company released the first interim financial report in its 112-year history. This is the second interim financial report the Principal has released./ /CONTACT: Walter Walsh, 515-247-5098, or home, 515-225-2282, or Mary O'Keefe, 515-246-7570, or home, 515-274-3864, both of the Principal Financial Group/ CO: The Principal Financial Group; Principal Mutual Life Insurance Company ST: Iowa IN: INS SU: ERN SM-KD -- NY007 -- 3481 11/12/91 13:00 EST
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|Date:||Nov 12, 1991|
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