DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® (Nasdaq: PFG) announced results for full year and fourth quarter 2024.
| Diluted earnings per common share | 2024 | 4Q24 | Net income attributable to PFG (in millions) | 2024 | 4Q24 | |
|---|---|---|---|---|---|---|
| Net income attributable to PFG | $6.68 | $3.92 | Net income attributable to PFG | $1,571 | $905 | |
| Non-GAAP net income attributable to PFG, excluding exited business1 | $6.40 | $1.53 | Non-GAAP net income attributable to PFG, excluding exited business1 | $1,505 | $354 |
Full Year and Fourth Quarter 2024 Highlights
- Full-year non-GAAP operating earnings per diluted share, excluding significant variances2 of $7.65 increased 11%, in line with our long-term guidance of 9-12%
- 4Q24 non-GAAP operating earnings per diluted share, excluding significant variances2 of $2.10 increased 16% over prior year quarter
- Returned $1.7 billion of capital to shareholders for full year 2024, including $1.0 billion of share repurchases and $0.7 billion of common stock dividends
- 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; the dividend will be payable on March 28, 2025, to shareholders of record as of March 12, 2025
- The Board of Directors approved a new authorization for the repurchase of $1.5 billion of the company’s outstanding common stock. As of December 31, 2024, approximately $0.8 billion remains under the prior authorization.
- Assets under management (AUM) of $712 billion, which is included in assets under administration (AUA) of $1.7 trillion
- Strong financial position with $1.6 billion of excess and available capital
- Statutory risk-based capital (RBC) ratio for Principal Life Insurance Company of 404%
2025 Outlook Guidance
- 2025 outlook consistent with long-term targets:
- 9-12% annual non-GAAP operating earnings per diluted share (EPS) growth3
- 75-85% free capital flow conversion4
- 14-16% non-GAAP ROE5
- $1.4-$1.7 billion capital deployment
Fourth Quarter Enterprise Results
In millions except percentages, earnings per share, or otherwise noted
| Three Months Ended, | Trailing Twelve Months, | |
|---|---|---|
| Net income (loss) attributable to PFG | $905.4 | $1,571.0 |
Segment Results
In millions except percentages, or otherwise noted
Retirement and Income Solutions
| Three Months Ended, | Trailing Twelve Months, | |
| Pre-tax operating earnings7 | $280.1 | $1,056.2 |
Segment Highlights
- Retirement and Income Solutions (RIS) recurring deposit growth of 7% and transfer deposit growth of 16% over 2023
- Investment Management AUM increased $32 billion to $559 billion
- Specialty Benefits premium and fees increased 7% over 2023
Contacts
INVESTOR CONTACT:
Humphrey Lee
877-909-1105
lee.humphrey@principal.com
MEDIA CONTACT:
Jane Slusark
515-362-0482
slusark.jane@principal.com