Principal Financial Group Inc., the seller of life insurance and retirement products, advanced in New York trading after saying profit may rise next year.
Principal climbed $1, or 3.6 percent, to $29.16 at 10:13 a.m. in New York Stock Exchange composite trading. The firm has jumped 21 percent this year, beating the 16 percent gain of the 24-company KBW Insurance Index.
Operating profit per share next year will probably be $2.80 to $3, the Des Moines, Iowa-based firm said in a statement late yesterday. That compares with the $2.63 average estimate for 2010 profit of 18 analysts surveyed by Bloomberg.
“We feel very good about where we’re at in the fourth quarter,” a company executive said in a conference call today. “We feel very good about where we are going into 2011.”
The insurer’s outlook was boosted to positive from stable by Standard and Poor’s yesterday.