NEW YORK, May 22 (Reuters) - Principal Financial Group Inc. (PFG.N: Quote, Profile, Research) said on Monday it expects to buy back about 7.7 million shares of its common stock over the next several months under an accelerated $500 million share repurchase program.

The insurer, which specializes in life, health and retirement services, said that depending on the volume-weighted market trading price, additional shares may be delivered to the company in the fourth quarter of 2006.

Separately, the company announced an extraordinary dividend from its Principal Life Insurance Company of $550 million.

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