Press release
Principal Financial Group® Announces Second Quarter 2022 Results
Declares third quarter common stock dividend Company Highlights Second quarter 2022 net income attributable to Principal Financial Group®, Inc. (PFG) of $3.1
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nDeclares third quarter common stock dividend\nCompany Highlights\n\n\nSecond quarter 2022 net income attributable to Principal Financial Group®, Inc. (PFG) of $3.1 billion, or $11.94 per diluted share, includes $2.8 billion of income from exited business.\n\n\nSecond quarter 2022 non-GAAP operating earnings1 of $423 million, or $1.65 per diluted share.\n\n\nReturned $402 million of capital to shareholders in second quarter, including $240 million in share repurchases and $162 million of common stock dividends.\n\n\nCompany declares third quarter 2022 common stock dividend of $0.64 per share.\n\n\nAssets under management (AUM) of $632 billion managed by PFG, which is included in assets under administration (AUA) of $1.5 trillion.\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for second quarter 2022.\n\n\nNet income attributable to PFG for second quarter 2022 of $3,059.4 million, including $2,827.2 million from exited business, compared to $361.8 million for second quarter 2021. Net income per diluted share of $11.94 for second quarter 2022 compared to $1.32 in the prior year quarter.\n\n\nNon-GAAP operating earnings for second quarter 2022 of $423.0 million, compared to $467.3 million for second quarter 2021. Non-GAAP operating earnings per diluted share of $1.65 for second quarter 2022 compared to $1.70 in the prior year quarter.\n\n\nThe transaction to reinsure our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business (“reinsurance transaction”) closed in second quarter 2022 with an effective date of January 1, 2022. This resulted in a true-up during the second quarter to transfer the associated first quarter revenue, non-GAAP operating earnings, net income, and AUM to the counterparty. Therefore, the second quarter reported financial results are not comparable to prior periods for Retirement and Income Solutions (RIS)-Spread, Individual Life, and total company.\n\n\nQuarterly common stock dividend of $0.64 per share for third quarter 2022 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.56 per share, an 8% increase compared to the prior year trailing twelve-month period. The dividend will be payable on Sept. 30, 2022, to shareholders of record as of Sept. ...