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DOW JONES NEWSWIRES

Principal Financial Group Inc. (PFG) said Wednesday its core earnings next year would improve beyond what analysts are predicting.

The asset manager and insurer said it expects operating earnings of $2.80 to $ 3 a share, predominantly better than the $2.84 average estimate from a survey

of analysts by Thomson Reuters. The earnings outlook excludes capital gains and losses, among other things.

The guidance is also an improvement on Principal’s projected core profit this year, which tops out at $2.75. The company made its 2010 prediction a year ago.

The company–a top administrator of employer-sponsored retirement plans as well as a provider of life and disability insurance–based its 2011 outlook on the expectation its average assets under management would grow 9% to 10%, based on the S&P 500 index averaging 1,250 next year. The index closed Wednesday at 1, 206.

Principal’s projected number of shares outstanding could fall as much as 2.6% from its level at the end of September, according to the 2011 assumptions, indicating the company could be planning to buy back shares.

In its latest quarterly results, the company continued its pattern of higher operating expenses and lower premiums offsetting fee growth. Its operating profit was flat, beating Wall Street expectations for a decline.

Principal shares were up 0.3% at $28.25 in after-hours trading

. The stock has risen 17% so far this year through the close, better than the broader market.

Regards,

Don