Principal Financial Group Announces Third Quarter 2024 Results

Principal Financial Group, Inc. made public its third-quarter 2024 results, disclosing a net loss attributable to the company of $220 million or $0.95 per diluted share due to the loss from exited business. Excluding exited business, their non-GAAP net income stood at $419 million, or $1.78 per diluted share. Non-GAAP operating earnings were reported at $412 million, or $1.76 per diluted share. The company returned $416 million of capital to shareholders, including $251 million in share repurchases and $165 million in common stock dividends.

Assets under management (AUM) reached $741 billion, part of total assets under administration (AUA) of $1.7 trillion, showcasing a strong financial position with $1.6 billion in excess and available capital.

CEO Dan Houston emphasized the strong business fundamentals, growth, and positive market performance that drove earnings and expressed confidence in meeting the full-year target. He pointed out the strategic focus on higher-growth markets and the value created for customers and shareholders through integrated product offerings and distribution relationships.

Principal Financial Group also raised its fourth-quarter 2024 common stock dividend to $0.73 per share, a one-cent increase from the previous quarter. The dividend is payable on December 18, 2024, to shareholders on record as of December 2, 2024.

Segment highlights included Retirement and Income Solutions with a 40% operating margin, Principal Global Investors reporting managed AUM of $541 billion, Principal International achieving record pre-tax operating earnings of $121 million, Specialty Benefits displaying a 6% growth in premiums and fees, and Life Insurance seeing a 12% increase in market premium and fees.

The company will conduct an earnings conference call led by CEO Dan Houston and COO Deanna Strable on October 25, 2024, at 10:00 a.m. (ET) to discuss results, future prospects, asset quality, and capital adequacy, accessible through a live webcast.

Principal Financial Group also provided a reconciliation of U.S. GAAP to non-GAAP financial measures in their report, illustrating the company’s performance and operations while maintaining transparency. It highlighted adjustments made for items not directly related to ongoing operations to better represent the company’s financial condition.

-END-

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Principal Financial Group’s 8K filing here.

Principal Financial Group Company Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.