Demand for insurance products has sustained despite higher borrowing costs, as both businesses and households remain focused on safeguarding against potential risks.
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Besides, still-high interest rates have boosted insurers’ income from fixed-income investments.
Premium and fees from PFG’s specialty benefits business, which provides employee benefit plans to small and mid-sized businesses, rose 3% to $845.2 million.
Principal’s assets under management rose 6% to $784.3 billion in the third quarter. Asset-based fees are typically calculated as a percentage of the market value of AUM.
Retirement and income solutions net revenue increased 11% to $751.7 million.
The company’s adjusted operating earnings were $473.7 million, or $2.10 per share, for the quarter ended September 30, compared with $412 million, or $1.76 per share, a year earlier.
Reporting by Pritam Biswas and Prakhar Srivastava in Bengaluru; Editing by Shilpi Majumdar
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