Press release
Principal Financial Group® Announces Second Quarter 2023 Results
Declares increase to third quarter 2023 common stock dividend Company Highlights Second quarter 2023 net income attributable to Principal Financial Group®,
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nDeclares increase to third quarter 2023 common stock dividend \n\n\nCompany Highlights\n\n\n\nSecond quarter 2023 net income attributable to Principal Financial Group®, Inc. (PFG)1 of $389 million, or $1.58 per diluted share, includes $64 million of income from exited business.\n\n\n\nSecond quarter 2023 non-GAAP operating earnings2 of $376 million, or $1.53 per diluted share.\n\n\n\nReturned $255 million of capital to shareholders in second quarter 2023.\n\n\n\nCompany declares third quarter 2023 common stock dividend of $0.65 per share, a 1 cent or 2% increase over second quarter 2023.\n\n\n\nAssets under management (AUM) of $674 billion, which is included in assets under administration (AUA) of $1.5 trillion.\n\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for second quarter 2023.\n\n\n\nNon-GAAP net income attributable to PFG excluding income from exited business1 for second quarter 2023 of $324.5 million, compared to $207.7 million for second quarter 2022. Non-GAAP net income excluding income from exited business per diluted share of $1.32 for second quarter 2023.\n\n\n\nNon-GAAP operating earnings for second quarter 2023 of $375.8 million, compared to $424.0 million for second quarter 2022. Non-GAAP operating earnings per diluted share of $1.53 for second quarter 2023 compared to $1.65 per diluted share for second quarter 2022.\n\n\n\nQuarterly common stock dividend of $0.65 per share for third quarter 2023 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.57 per share. The dividend will be payable on September 29, 2023, to shareholders of record as of September 7, 2023.\n\n\n\n\"Our integrated business model and leading position in the small to mid-sized business segment contributed to healthy growth across our Benefits and Protection and U.S. Retirement businesses as well as strong second quarter results with non-GAAP operating earnings of $376 million. We returned over $250 million to our shareholders during the quarter and remain confident in our full-year guidance,” said Dan Houston, chairman, president, and CEO of Principal®. \"\n\n\n“Despite pressured net cash flow in the quarter, we have momentum going into the remainder of 2023, particularly within global asset management. With markets recovering, we expec...