Principal Financial Group, Inc.’s PFG third-quarter 2020 operating net income of 85 cents per share missed the Zacks Consensus Estimate by 42.2%. Also, the bottom line decreased 30.9% year over year.Principal Financial witnessed lower revenues across most of its business lines, offset by lower expenses.Principal Financial Group, Inc. Price, Consensus and EPS Surprise Principal Financial Group, Inc. price-consensus-eps-surprise-chart | Principal Financial Group, Inc. QuoteBehind the Headlines Operating revenues decreased 27.9% year over year to nearly $3.2 billion, primarily due to lower premiums and other considerations, fees and other revenues and net investment income. The top line missed the Zacks Consensus Estimate by nearly 9%.Total expenses decreased 26.2% year over year to $3 billion due to lower benefits, claims and dividends to policyholders as well as reduced operating expenses.Principal Financial’s AUM as of Sep 30, 2020 was a record $731.3 billion, up 4% year over year.Segment UpdateRetirement and Income Solution: Revenues decreased 38.6% year over year to about $1.6 billion.Pretax operating earnings increased 65.6% year over year to $281.1 million on account of solid performance at Retirement and Income Solution — Fee as well as Spread business.Principal Global Investors: Revenues of $382.8 million were up 3.5% from the prior-year quarter.Operating earnings increased 14.6% year over year to $140.9 million primarily due to higher operating revenues less pass-through expenses and lower operating expenses.Principal International: Revenues decreased 44.3% year over year to $225.3 million in the quarter.Operating earnings decreased 46% year over year to $58.7 million primarily due to foreign currency translation headwinds.U.S. Insurance Solution: Revenues decreased 5.9% year over year to $1.1 billion.Operating loss was $134.1 million against operating earnings of $120.1 million in the prior-year quarter, primarily due to poor performance at the Specialty Benefits Insurance business and Individual Life Insurance.Corporate: Operating loss of $69.7 million was narrower than $102.1 million loss incurred a year ago, primarily due to expense management actions and interest received from a tax settlement.Financial UpdateAs of Sep 30, 2020, cash and cash equivalents were $3.6 billion, up 11.2% year over year.At third-quarter end, debt was $4.3 billion, up 13.7% year over year.As of Sep 30, 2020, book value per share (excluding AOCI other than foreign currency translation adjustment) was $45.10, up 1.9% year over year.Capital DeploymentPrincipal Financial paid out $153.7 million in dividends.The board of directors approved fourth-quarter dividend of 56 cents per share, up 3% year over year.Zacks RankPrincipal Financial currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Investment ManagersAmong the investment managers that have reported third-quarter results so far, Affiliated Managers Group Inc. AMG and BlackRock, Inc. BLK beat the respective Zacks Consensus Estimate for earnings. However, SEI Investments Co. SEIC missed the same.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock, Inc. (BLK): Free Stock Analysis Report Principal Financial Group, Inc. (PFG): Free Stock Analysis Report Affiliated Managers Group, Inc. (AMG): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report To read this article on Zacks.com click here.