Principal Financial Q3 2024 Earnings Report
Key Takeaways
Principal Financial Group reported a net loss of $220 million, or $0.95 per diluted share, driven by the loss from exited business. However, non-GAAP net income was $419 million, or $1.78 per diluted share. The company returned $416 million of capital to shareholders and raised the fourth quarter dividend to $0.73 per share. Assets under management (AUM) reached $741 billion, included in assets under administration (AUA) of $1.7 trillion.
Net loss attributable to Principal Financial Group (PFG) of $220 million, or $0.95 per diluted share, driven by the loss from exited business.
Non-GAAP net income attributable to PFG, excluding exited business, of $419 million, or $1.78 per diluted share.
Returned $416 million of capital to shareholders, including $251 million of share repurchases and $165 million of common stock dividends.
Assets under management (AUM) of $741 billion, which is included in assets under administration (AUA) of $1.7 trillion.
Principal Financial
Principal Financial
Forward Guidance
The company continues to be confident in its full-year target, focusing on higher growth markets, integrated product portfolio, and strong distribution relationships.
Positive Outlook
- Strong business fundamentals
- Continued growth
- Positive markets
- Strategic focus on higher growth markets
- Integrated product portfolio and strong distribution relationships