Press release
Principal Financial Group Announces First Quarter 2024 Results
Raises second quarter 2024 common stock dividend DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® (Nasdaq: PFG) announced results for first
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nRaises second quarter 2024 common stock dividend\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for first quarter 2024.\n\n\n\nFirst Quarter 2024 Highlights\n\n\nNet income attributable to Principal Financial Group (PFG) of $533 million, or $2.22 per diluted share\n\n\n\nNon-GAAP net income attributable to PFG, excluding exited business of $376 million, $1.58 per diluted share\n\n\n\nNon-GAAP operating earnings1 of $394 million, or $1.65 per diluted share\n\n\n\nReturned $362 million of capital to shareholders, including $200 million of share repurchases and $162 million of common stock dividends\n\n\n\nRaised second quarter 2024 common stock dividend to $0.71 per share, a 2 cent increase over the first quarter 2024 dividend; the dividend will be payable on June 27, 2024, to shareholders of record as of June 3, 2024\n\n\n\nAssets under management (AUM) of $709 billion, which is included in assets under administration (AUA) of $1.6 trillion\n\n\n\nStrong financial position with $1.4 billion of excess and available capital\n\n\n\n\n\n\n\nDan Houston, chairman, president, and CEO of Principal®\n\n\n\n\n \n\n\n\n\n“I’m proud of our first quarter 2024 results, generating nearly $400 million of non-GAAP operating earnings, and demonstrating a focused execution of our strategy, strong sales across our enterprise, and equity market tailwinds. We continue to drive profitable growth across the enterprise - balancing investing for growth and innovation in our business while managing expenses.\n\n\n\n\nWe returned more than $360 million to shareholders in the quarter, including $200 million of share repurchases, delivering on our commitment to return excess capital to shareholders. We are in a strong financial position and remain on track to deliver on our 2024 outlook and meet our long-term financial goals.”\n\n\n\n\n \n\n\n\n\n\n\n\nFirst Quarter Enterprise Results\n\n\nIn millions except percentages, earnings per share, or otherwise noted\n\n\n\n\n \n\n\n\n\n\n\n\nThree Months Ended,\n\n\n\n\n\n\n \n\n\n\n\n\n\nTrailing Twelve Months,\n\n\n\n\n\n\n\n\n\n1Q24\n\n\n\n\n\n\n \n\n\n\n\n\n\n1Q23\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n1Q24\n\n\n\n\n\n\n \n\n\n\n\n\n\n1Q23\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nNet income (loss) attributable to PFG...