Principal Financial Group Inc. (PFG), responding to investor inquiries, on Tuesday said its total exposure to subprime mortgages was $613 million, or 1% of invested assets, at Dec. 31.
The Des Moines, Iowa, retirement fund and financial services company said almost all such exposure was in highly rated traunches of asset-backed securities, most of which were issued in 2005 or earlier, according to a Securities and Exchange Commission filing.
Principal Financial Group said it owned around $1.9 billion of whole loan residential mortgages, $7.1 billion of mortgage-backed securities and $2.6 billion of asset-backed securities at Dec. 31, 2007.
The company's shares were trading Tuesday afternoon at $54.08, down $5.73.
-Gee L. Lee, Dow Jones Newswires; 202-862-1346
(END) Dow Jones Newswires
February 05, 2008 12:27 ET (17:27 GMT)
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