01—Abstract
Summary
Summary of the 8-K filed January 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. (PFG) filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) on January 22, 2025 to disclose its assets under management (AUM) by asset manager ahead of its quarterly earnings release.
As of December 31, 2024, total assets under management were $712.1 billiona, of which $559.1 billion was managed by Principal Asset Management - Investment Management and $124.3 billion by Principal Asset Management - International Pension. The filing states that, for the quarter ended December 31, 2024, a combination of foreign currency translation, market performance, and other items not reported as part of net cash flow had an approximate (3.7)% impact as a percentage of beginning period AUM. The company notes that non-U.S. reported AUM is translated to U.S. dollar equivalents using end-of-period spot foreign exchange rates.
The company states that the AUM breakdown will be presented again in its financial supplement for the quarter ended December 31, 2024, expected to be posted to its investor relations website on or about February 6, 2025. The filing also highlights the company's allocation to small, mid-cap, international, and REIT equity products and high yield and preferred securities in fixed income, which it cites as relevant during periods of market dislocation.
02—Key points
Key Highlights
- Total AUM was $712.1 billion as of December 31, 2024.
- Principal Asset Management - Investment Management managed $559.1 billion.
- Principal Asset Management - International Pension managed $124.3 billion.
- Other items, including FX translation and market performance, had an approximate (3.7)% impact on beginning-period AUM for the quarter ended December 31, 2024.
- Non-U.S. AUM is translated to U.S. dollars at end-of-period spot exchange rates.
- The AUM by asset manager will be repeated in the Q4 2024 financial supplement, expected around February 6, 2025.
- The filing is a quarterly Regulation FD disclosure issued ahead of the earnings release.
03—Questions
Frequently Asked Questions
How much did Principal Financial Group manage in assets as of December 31, 2024?
The filing states total assets under management of $712.1 billion as of December 31, 2024, split between $559.1 billion managed by Principal Asset Management - Investment Management and $124.3 billion managed by Principal Asset Management - International Pension.
What affected AUM during the fourth quarter of 2024?
The filing says a combination of foreign currency translation, market performance, and other items not reported as part of net cash flow had an approximate (3.7)% impact as a percentage of beginning-period AUM for the quarter ended December 31, 2024.
How are non-U.S. assets valued in these AUM figures?
Non-U.S. reported AUM is translated into U.S. dollar equivalents using end-of-reporting-period spot foreign exchange rates.
Where will more detailed AUM information be available?
The company states that the AUM by asset manager will be presented again in its financial supplement for the quarter ended December 31, 2024, which it expects to post on its investor relations website on or about February 6, 2025.
Why does the company highlight its product mix?
The filing notes that during times of market dislocation and wider dispersion of returns, its allocation to small, mid-cap, international, and REIT equity products and to high yield and preferred securities in fixed income is important to note.
04—Continue