Principal Financial Shares Drop to Record Low

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By Becky Ogann

Story Created: Nov 19, 2008 at 5:35 PM CST

Story Updated: Nov 19, 2008 at 5:35 PM CST

DES MOINES (AP) - Shares of Principal Financial Group Inc. fell to new lows as stock in many life insurers tumbled over debt concerns involving commercial mortgage-backed securities.

Des Moines-based Principal has life and health insurance divisions along with banking, asset management and retirement fund businesses. Its shares fell 18.4 percent on Wednesday, or $2.64 to close at $11.67, a new all-time low.

Shares haven't traded below $21 a share since the company stock began publicly trading in October 2001.

Principal shares have traded as high as $70.85 in the past 52 weeks.

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