Press release
Principal Financial Group Announces Second Quarter 2024 Results
Raises third quarter 2024 common stock dividend DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® (Nasdaq: PFG) announced results for second
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nRaises third quarter 2024 common stock dividend\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for second quarter 2024.\n\n\n\nSecond Quarter 2024 Highlights\n\n\nNet income attributable to Principal Financial Group (PFG) of $353 million, or $1.49 per diluted share\n\n\n\nNon-GAAP net income attributable to PFG, excluding exited business, of $356 million, or $1.50 per diluted share\n\n\n\nNon-GAAP operating earnings1 of $386 million, or $1.63 per diluted share\n\n\n\nReturned $415 million of capital to shareholders, including $250 million of share repurchases and $165 million of common stock dividends\n\n\n\nRaised third quarter 2024 common stock dividend to $0.72 per share, a 1 cent increase over the second quarter 2024 dividend; the dividend will be payable on September 27, 2024, to shareholders of record as of September 5, 2024\n\n\n\nAssets under management (AUM) of $699 billion, which is included in assets under administration (AUA) of $1.6 trillion\n\n\n\nStrong financial position with $1.6 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“Our second quarter 2024 results were supported by strong business fundamentals and continued growth, generating nearly $390 million of non-GAAP operating earnings. We remain well positioned to deliver full year guidance as our strategic focus on higher growth markets, combined with our integrated product portfolio and strong distribution relationships, continues to create value and drive growth for customers and shareholders.\n\n\n\n\nWe returned $415 million to shareholders in the quarter, including $250 million of share repurchases, delivering on our commitment to return excess capital to shareholders, while maintaining our strong capital position.”\n\n\n\n\n\n\n\n\n_________________________\n\n\n\n1 Use of non-GAAP financial measures and their reconciliations to the most directly comparable GAAP measures are included in this release. Non-GAAP operating earnings for total company is after tax.\n\n\n\n\n\n\n\n\n\nSecond Quarter Enterprise Results\n\n\n\n\n\n\n\n\nIn millions except percentages, earnings per share, or otherwise noted\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended,\n\n\n\n\n\n\nTrailing Twelve Months,\n\n\n\n\n\n\n\n\n2Q24\n\n\n\n\...