DES MOINES, Iowa (AP) — Insurance, retirement and financial services company Principal Financial Group Inc. said Thursday that its fourth-quarter net income dipped 18 percent as its retirement business continued to face challenges amid the slow economic recovery.
The company reported net income of $164 million, or 54 cents a share, in the October-December quarter last year, down from $199.3 million, or 62 cents a share, in the final quarter of 2010. The latest result takes into account net realized capital losses of $53.4 million.
Fourth-quarter revenue was flat at around $2.1 billion.
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For the full year, Principal's net income rose 2.4 percent to $682 million, or $2.15 a share, from $666.3 million, or $2.06 a share, in 2010. Revenue increased to around $8.3 billion from $8 billion in 2010.
CEO Larry Zimpleman said the company's earnings from operations were strong during the year "despite market challenges."
Shares of Des Moines-based Principal fell 44 cents to end at $27.47 Thursday. They added 4 cents to $27.51 in aftermarket trading following the release of the earnings report.
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