Principal Financial Q1 2023 Earnings Report
Key Takeaways
Principal Financial Group reported a net loss of $140 million, which includes a $487 million loss from an exited business. However, the company's non-GAAP operating earnings were $367 million. The company also generated $600 million in positive net cash flow and returned over $300 million to shareholders.
First quarter net loss attributable to Principal Financial Group was $140 million, or $0.58 per diluted share, including a $487 million loss from exited business.
First quarter non-GAAP operating earnings were $367 million, or $1.48 per diluted share.
The company returned $306 million of capital to shareholders in the first quarter.
Assets under management (AUM) reached $660 billion, included in assets under administration (AUA) of $1.5 trillion, with total company net cash flow of $600 million.
Principal Financial
Principal Financial
Forward Guidance
The company provided forward-looking statements regarding non-GAAP operating earnings, net income attributable to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions.