Fitch Ratings has affirmed Principal Financial Group Inc.'s long-term issuer default rating at A and senior unsecured debt at A-.
Fitch has also affirmed the AA- insurer financial strength ratings of Principal Financial's U.S. operating subsidiaries, Principal Life Insurance Co. and Principal National Life Insurance Co.
Additionally, the rating agency has affirmed Principal Financial Services Inc.'s long-term issuer default rating at A. Concurrently, Principal Financial Services' short-term issuer default rating was withdrawn.
The ratings outlook is stable.
The affirmation reflects Principal Financial Group's excellent and stable operating profitability and very strong business profile, which reflects the company's strong market position and significant operating scale focusing on small and midsize businesses in the retirement market. The ratings also consider the company's very strong capitalization and above-average investment risk.