Press release
Principal Financial Group® Announces Third Quarter 2022 Results
Declares fourth quarter common stock dividend Third Quarter 2022 Company Highlights Net income attributable to Principal Financial Group®, Inc. (PFG) of $1.4
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nDeclares fourth quarter common stock dividend\nThird Quarter 2022 Company Highlights\n\n\nNet income attributable to Principal Financial Group®, Inc. (PFG) of $1.4 billion, or $5.50 per diluted share, includes $1.0 billion of income from exited business.\n\n\nNon-GAAP operating earnings1 of $427 million, or $1.69 per diluted share.\n\n\nReturned $607 million of capital to shareholders, including $450 million in share repurchases and $157 million of common stock dividends.\n\n\nCompany declares fourth quarter 2022 common stock dividend of $0.64 per share.\n\n\nAssets under management (AUM) of $608 billion managed by PFG, which is included in assets under administration (AUA) of $1.4 trillion.\n\n\nNet cash flow of $2.4 billion, including $2.3 billion of Principal Global Investors managed net cash flow\n\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced results for third quarter 2022.\n\n\nNet income attributable to PFG for third quarter 2022 of $1,385.5 million, including $990.7 million from exited business, compared to $359.9 million for third quarter 2021. Net income per diluted share of $5.50 for third quarter 2022 compared to $1.32 in the prior year quarter.\n\n\nAs noted in Exhibit 1, third quarter 2022 net income reflected the impacts of the significant variances1, including the annual actuarial assumption review, which increased net income by $130.3 million, or $0.52 per diluted share.\n\n\n\n\nNon-GAAP operating earnings for third quarter 2022 of $426.8 million, compared to $458.4 million for third quarter 2021. Non-GAAP operating earnings per diluted share of $1.69 for third quarter 2022 compared to $1.69 in the prior year quarter.\n\n\nThird quarter 2022 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 increased non-GAAP operating earnings by $68.0 million, or $0.27 per diluted share;\n\n\nAnd a net $45.1 million, or $0.18 per diluted share, decrease to non-GAAP operating earnings from lower than expected variable investment income, lower than expected encaje performance in Latin America, partially offset by favorable COVID-19 claims experience.\n\n\n\n\nAfter excluding the significant variances noted in Exhibit 1, non-GAAP operating earnings decreased 9 percen...