Principal Financial' s Q3 profit rises on robust investment income
Oct 24 (Reuters) -Insurer Principal Financial Group PFG.O reported a rise in third-quarter adjusted profit on Thursday, bolstered byrobust returns on its investments and higher premiums.
Astrong labor market and increased confidence in soft landing post Federal Reserve's rate cut last month have boosted consumer willingnessto spend more on their insurance policies.
The market rally, driven by growing optimism about averting recession fears and expectations of more rate cuts before year-end, has also helped insurers fetch higher returns on their investments.
The Des Moines, Iowa-based company's net investment income for the quarter reached$1.17 billion, compared with $989.2 million a year earlier.
Premium and fees from PFG's specialty benefits business, which provides employee benefit plans to small- and mid-sized businesses, rose 6% to $818.8 million.
Adjusted operating earnings, excluding impacts of significant variances, came at $479.8 million or $2.05 per share in the quarter ended Sept. 30, versus 446.4 million or $1.83 per share a year earlier.
Reporting by Vedant Vinayak Vichare and Jaiveer Shekhawat; Editing by Tasim Zahid
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