S&P affirms Principal Financial

Standard & Poor's said it affirmed the A counterparty credit rating on Principal Financial Group Inc. and the AA counterparty credit rating on Principal Life Insurance Co.

The outlook is stable.

Ratings reflect the company's sustained strength in its domestic small to midsize group pension business and its very good competitive positions in the group and individual life marketplaces, the agency said.

The company has very strong capitalization, liquidity and enterprise risk management, backed by strong earnings, S&P added.

Partially offsetting these strengths is the continued competitive pressure in the pension and insurance market, the agency noted.

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