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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