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Dec 31, 2024
Principal Financial Q4 2024 Earnings Report
Principal Financial Group reported strong fourth quarter and full year 2024 results, driven by business growth, positive market performance, and effective capital deployment.
Key Takeaways
Principal Financial Group delivered strong financial results in the fourth quarter and full year 2024, with increased operating earnings and significant capital returned to shareholders. The company's strategic focus on higher growth markets and integrated product portfolio contributed to value creation and growth.
Full-year non-GAAP operating earnings per diluted share, excluding significant variances, increased 11% to $7.65, aligning with long-term guidance.
The company returned $1.7 billion of capital to shareholders in 2024, including $1.0 billion in share repurchases and $0.7 billion in common stock dividends.
The Board of Directors approved a new authorization for the repurchase of $1.5 billion of common stock, with approximately $0.8 billion remaining under the prior authorization.
Assets under management (AUM) reached $712 billion, contributing to total assets under administration (AUA) of $1.7 trillion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Principal Financial Group's 2025 outlook is consistent with its long-term targets, projecting continued growth in non-GAAP operating earnings per diluted share, strong free capital flow conversion, and robust capital deployment.
Positive Outlook
- 9-12% annual non-GAAP operating earnings per diluted share (EPS) growth.
- 75-85% free capital flow conversion.
- 14-16% non-GAAP ROE.
- $1.4-$1.7 billion capital deployment.
- Raised first quarter 2025 common stock dividend to $0.75 per share, a 2-cent increase over the fourth quarter 2024 dividend and 9% increase over first quarter 2024 dividend.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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