Press release
Principal Financial Group® Announces Full Year and Fourth Quarter 2023 Results as well as 2024 Outlook
Raises first quarter 2024 common stock dividend and announces new $1.5 billion share repurchase authorization Company Highlights Full year 2023 net income
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nRaises first quarter 2024 common stock dividend and announces new $1.5 billion share repurchase authorization \n\n\nCompany Highlights\n\n\n\nFull year 2023 net income attributable to Principal Financial Group®, Inc. (PFG)1 of $623 million, or $2.55 per diluted share, includes $892 million of loss from exited business. Fourth quarter 2023 net loss attributable to PFG of $872 million, or $3.66 per diluted share, includes $1,171 million of loss from exited business.\n\n\n\nFull year 2023 non-GAAP operating earnings2 of $1,603 million, or $6.55 per diluted share. Fourth quarter 2023 non-GAAP operating earnings of $441 million, or $1.83 per diluted share.\n\n\n\nReturned $1.3 billion of capital to shareholders for full year 2023, including $0.4 billion in the fourth quarter of 2023.\n\n\n\nCompany raises first quarter 2024 common stock dividend to $0.69 per share.\n\n\n\nNew share repurchase authorization of $1.5 billion approved by Board of Directors.\n\n\n\nAssets under management (AUM) of $695 billion, which is included in assets under administration (AUA) of $1.6 trillion.\n\n\n\n2024 outlook: 9-12% annual non-GAAP operating earnings per diluted share (EPS) growth3, 75-85% free capital flow conversion, and $1.5-$1.8 billion capital deployment.\n\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for full year and fourth quarter 2023.\n\n\n\nNon-GAAP net income attributable to PFG excluding exited business1 for the 12 months ending Dec. 31, 2023, of $1,514.9 million, compared to $1,453.2 million for the 12 months ending Dec. 31, 2022. Non-GAAP net income excluding exited business per diluted share of $6.19 for the 12 months ending Dec. 31, 2023, compared to $5.69 for the 12 months ending Dec. 31, 2022. Non-GAAP net income attributable to PFG excluding exited business for fourth quarter 2023 of $299.1 million, or $1.19 per diluted share, compared to $510.9 million, or $2.05 per diluted share, in the prior year quarter.\n\n\n\nNon-GAAP operating earnings for the 12 months ending Dec. 31, 2023, of $1,602.8 million, compared to $1,618.8 million for the 12 months ending Dec. 31, 2022. Non-GAAP operating earnings per diluted share of $6.55 for the 12 months ending Dec. 31, 2023 compared to $6.34 per diluted share for the 12 months ending Dec. 31, 2022. Non-GAAP operating earnings for...