Press release
Principal Financial Group® Announces Third Quarter 2021 Results
Company also announces increase to common stock dividend Company Highlights Third quarter 2021 net income attributable to Principal Financial Group®, Inc.
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nCompany also announces increase to common stock dividend\nCompany Highlights\n\n\nThird quarter 2021 net income attributable to Principal Financial Group®, Inc. (PFG) of $359.9 million, or $1.32 per diluted share.\n\n\nThird quarter 2021 non-GAAP operating earnings1 of $458.4 million, or $1.69 per diluted share.\n\n\nAssets under management (AUM) of $981.0 billion, including $688.1 billion managed by PFG.\n\n\nReturned $371.4 million of capital to shareholders in third quarter, including $203.2 million in share repurchases and $168.2 million of common stock dividends; deployed $1.1 billion year to date.\n\n\nCompany declared fourth quarter 2021 common stock dividend of $0.64 per share; an 8 cent, or 14%, increase over fourth quarter 2020.\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for third quarter 2021.\n\n\nNet income attributable to PFG for third quarter 2021 of $359.9 million, compared to $236.0 million for third quarter 2020. Net income per diluted share of $1.32 for third quarter 2021 compared to $0.85 in the prior year quarter.\n\n\nAs noted in Exhibit 1, third quarter 2021 net income reflected the impacts of the significant variances1, including the annual actuarial assumption review, which increased net income by $25.9 million, or $0.09 per diluted share.\n\n\nAs noted in Exhibit 1, third quarter 2020 net income reflected the impacts of the significant variances1, including the annual actuarial assumption review, which decreased net income by $187.3 million, or $0.68 per diluted share.\n\n\n\n\nNon-GAAP operating earnings for third quarter 2021 of $458.4 million, compared to $234.5 million for third quarter 2020. Non-GAAP operating earnings per diluted share of $1.69 for third quarter 2021 compared to $0.85 for third quarter 2020.\n\n\nThird quarter 2021 non-GAAP operating earnings reflected the following significant variances1 from expected as noted in Exhibit 1:\n\n\nResults of the annual actuarial assumption review decreased non-GAAP operating earnings by $25.8 million, or $0.09 per diluted share;\n\n\nA benefit of $40.1 million, or $0.14 per diluted share, from very favorable variable investment income that was partially offset by COVID-19 related claims, IRT integration costs, and lower than expected encaje performance in Latin America.\n\n\n\n\nAfter exc...