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Principal Financial Group 8-K Report, Financial Results (Jul 25, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 25, 2024
Period End
July 25, 2024
Security
PFG
In the record · 2016–202610-K1110-Q338-K163

PFG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Sep ’18Sep ’18
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Material agreement8-K · Oct ’22Oct ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed July 25, 2024. Cited figures are marked; the original filing is the authoritative source.

Principal Financial Group, Inc. reported second quarter 2024 results on July 25, 2024, with net income attributable to PFG of $353 milliona, or $1.49 per diluted share, compared with $388.8 million, or $1.58 per diluted share, in the second quarter of 2023.

Non-GAAP operating earnings were $386 millionb, or $1.63 per diluted share, versus $375.8 million, or $1.53 per diluted share, a year earlier. Non-GAAP net income attributable to PFG, excluding exited business, was $356 million, or $1.50 per diluted share. Segment performance was mixed but generally stronger on a pre-tax operating basis.

Retirement and Income Solutions pre-tax operating earnings rose to $267.8 millionc from $232.3 million, with a 38.2% operating margin, while Specialty Benefits pre-tax operating earnings increased to $108.7 million from $98.1 million. Life Insurance and Principal International pre-tax operating earnings declined, and Corporate pre-tax operating losses widened to $103.4 million from $97.4 million. Capital return remained a focus.

The company returned $415 milliond to shareholders in the quarter, including $250 million of share repurchases and $165 million of common stock dividends, and it raised the third quarter 2024 common stock dividend to $0.72 per share, a 1 cent increase over the second quarter dividend. The company reported $1.6 billion of excess and available capital, and assets under administration of $1.6 trillion, including assets under management of $699 billion.

02—Key points

Key Highlights

  1. Net income attributable to PFG was $353 million, or $1.49 per diluted share, versus $388.8 million, or $1.58 per diluted share, in 2Q23.
  2. Non-GAAP operating earnings were $386 million, or $1.63 per diluted share, up from $1.53 per diluted share in 2Q23.
  3. Non-GAAP net income attributable to PFG, excluding exited business, was $356 million, or $1.50 per diluted share, compared with $1.32 per diluted share a year earlier.
  4. The company returned $415 million to shareholders, including $250 million of share repurchases and $165 million of common stock dividends.
  5. The third quarter 2024 common stock dividend was raised to $0.72 per share, payable September 27, 2024, to shareholders of record as of September 5, 2024.
  6. Retirement and Income Solutions net revenue increased 10%, with pre-tax operating earnings of $267.8 million and a 38.2% operating margin.
  7. Company reported $1.6 billion of excess and available capital, with assets under management of $699 billion within assets under administration of $1.6 trillion.

03—Questions

Frequently Asked Questions

  1. How did Principal Financial Group perform in the second quarter of 2024?

    Net income attributable to PFG was $353 million, or $1.49 per diluted share, down from $388.8 million, or $1.58 per diluted share, in the second quarter of 2023. Non-GAAP operating earnings rose to $386 million, or $1.63 per diluted share, from $375.8 million, or $1.53 per diluted share.

  2. What dividend did the company announce?

    The company raised its third quarter 2024 common stock dividend to $0.72 per share, a 1 cent increase over the second quarter 2024 dividend. It is payable September 27, 2024, to shareholders of record as of September 5, 2024.

  3. How much capital did the company return to shareholders?

    The company returned $415 million to shareholders in the quarter, consisting of $250 million of share repurchases and $165 million of common stock dividends.

  4. Which segments drove results?

    Retirement and Income Solutions pre-tax operating earnings rose to $267.8 million from $232.3 million, and Specialty Benefits pre-tax operating earnings increased to $108.7 million from $98.1 million. Life Insurance and Principal International pre-tax operating earnings declined, while Principal Global Investors pre-tax operating earnings increased to $126.9 million from $125.0 million.

  5. What is the company's capital position?

    The company stated it has $1.6 billion of excess and available capital. Book value per common share was $47.41 as of the second quarter of 2024, compared with $46.18 at year-end 2023.

04—Continue

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