Principal Financial Group Announces Full Year and Fourth Quarter 2024 Results

Principal Financial Group, Inc. recently released the financial results for the full year and fourth quarter of 2024, alongside their outlook for 2025. The company revealed a net income attributable to PFG of $6.68 per diluted common share for 2024, showcasing steady growth in their financial performance. Net income for the year reached $1.57 billion, marking a solid financial year.

The company made significant strides in various areas, including a 11% increase in full-year non-GAAP operating earnings per diluted share, excluding significant variances. Additionally, fourth quarter non-GAAP operating earnings per diluted share showed a 16% increase compared to the prior year quarter.

Principal Financial Group also demonstrated their commitment to shareholders by returning $1.7 billion in capital, including $1.0 billion in share repurchases and $0.7 billion in common stock dividends for the full year of 2024. They raised the first quarter 2025 common stock dividend to $0.75 per share, with a dividend payout set for March 28, 2025, for shareholders as of March 12, 2025.

Furthermore, the Board of Directors approved a new share repurchase authorization of $1.5 billion for the company’s outstanding common stock. As of December 31, 2024, approximately $0.8 billion remains unutilized from the prior authorization.

Other financial highlights included assets under management (AUM) of $712 billion, encompassed in assets under administration (AUA) totaling $1.7 trillion. The company maintained a strong financial position, boasting $1.6 billion in excess and available capital and a statutory risk-based capital (RBC) ratio for Principal Life Insurance Company of 404%.

Principal Financial Group’s President and CEO, Deanna Strable, expressed satisfaction with the company’s performance, attributing it to strong business fundamentals and strategic focus. The results align with the long-term guidance issued by the company, highlighting continued growth and positive market outcomes.

Looking ahead to 2025, Principal Financial Group remains confident in its long-term targets, expecting annual non-GAAP operating earnings per diluted share growth in the range of 9-12%. The company also aims for a free capital flow conversion of 75-85%, non-GAAP return on equity of 14-16%, and a capital deployment of $1.4-$1.7 billion.

Investors and stakeholders can access further details regarding the financial performance and future prospects during an upcoming earnings conference call on February 7, 2025, at 9:00 a.m. (ET). The call will feature discussions led by the company’s leadership to provide insights on asset quality, capital adequacy, and future prospects.

Principal Financial Group reiterates its commitment to transparency and financial discipline, reflected in its solid performance for the fiscal year 2024 and its optimistic outlook for 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Principal Financial Group’s 8K filing here.

Principal Financial Group Company Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.