Raises fourth quarter 2024 common stock dividend
Principal Financial Group® (Nasdaq: PFG) announced results for
third quarter 2024.
Third Quarter 2024 Highlights
- 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
- Non-GAAP operating earnings1 of $412 million, or $1.76 per
diluted share; excluding impacts of the 3Q24 significant
variances2, non-GAAP operating earnings of $480 million, or $2.05
per diluted share
- Returned $416 million of capital to shareholders, including
$251 million of share repurchases and $165 million of common stock
dividends
- Raised fourth quarter 2024 common stock dividend to $0.73 per
share, a 1 cent increase over the third quarter 2024 dividend; the
dividend will be payable on December 18, 2024, to shareholders of
record as of December 2, 2024
- Assets under management (AUM) of $741 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
Dan Houston, chairman and CEO of
Principal®
“Strong business fundamentals,
continued growth, and positive markets generated strong earnings in
the third quarter, and we continue to be confident in our full-year
target. Our strategic focus on higher growth markets, combined with
our integrated product portfolio and strong distribution
relationships, continues to create value and drive growth for
customers and shareholders. We returned $416 million to
shareholders in the quarter, including $251 million of share
repurchases, delivering on our commitment to return excess capital
to shareholders, while maintaining our strong capital
position.”
_____________________
1 Use of non-GAAP financial measures and
their reconciliations to the most directly comparable GAAP measures
are included in this release. Non-GAAP operating earnings for total
company is after tax.
2 The total company impacts of significant
variances, including the actuarial assumption review, is after tax.
See Exhibit 1 for details on the impact of 3Q 2024 and 3Q 2023
significant variances on quarterly net income attributable to PFG;
non-GAAP net income attributable to PFG, excluding exited business;
and non-GAAP operating earnings.
Third Quarter Enterprise Results In millions except
percentages, earnings per share, or otherwise noted
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Net income (loss) attributable to PFG
$(220.0)
$1,246.2
N/M
$(206.1)
$1,478.7
N/M
Non-GAAP net income attributable to PFG,
excluding exited business
$419.1
$544.4
(23)%
$1,450.8
$1,726.7
(16)%
Non-GAAP operating earnings
$412.0
$419.7
(2)%
$1,632.9
$1,556.6
5%
Non-GAAP operating earnings, excluding
impacts of significant variances2
$479.8
$446.4
7%
$1,750.3
$1,662.4
5%
Diluted earnings per common
share
Net income (loss) attributable to PFG
$(0.95)
$5.10
N/M
Non-GAAP net income attributable to PFG,
excluding exited business
$1.78
$2.23
(20)%
Non-GAAP operating earnings
$1.76
$1.72
2%
Non-GAAP operating earnings, excluding
impacts of significant variances2
$2.05
$1.83
12%
Assets under administration (billions)
$1,691.0
$1,491.4
13%
Assets under management (billions)
$740.6
$650.6
14%
Third Quarter Segment Highlights
- Retirement and Income Solutions (RIS) 40% operating margin3,
excluding the significant variances outlined in Exhibit 1, and
recurring deposit growth of 10%
- Principal Global Investors (PGI) managed AUM of $541 billion
increased $28 billion over second quarter 2024 and $72 billion over
third quarter 2023
- Principal International record pre-tax operating earnings of
$121 million, record AUM of $185 billion, and strong net cash flow
of $2.3 billion, including $2.1 billion from investment
management
- Specialty Benefits premium and fees increased 6% from third
quarter 2023
- Life Insurance business market premium and fees increased 12%
from third quarter 2023
___________________
3 Operating margin for RIS = pre-tax
operating earnings divided by net revenue.
Segment Results In millions except percentages, or
otherwise noted except percentages or otherwise noted)
Retirement and Income Solutions
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating earnings4
$246.1
$304.7
(19)%
$1,040.7
$990.8
5%
Net revenue5
$679.4
$709.8
(4)%
$2,762.2
$2,615.3
6%
Operating margin
36.2%
42.9%
37.7%*
37.9%*
*Operating margin – Excluding the third quarter actuarial
assumption reviews and other significant variances, the trailing
twelve month operating margin was 39.7% for third quarter 2024 and
38.3% for third quarter 2023.
- Pre-tax operating earnings decreased $58.6 million.
Excluding the significant variances outlined in Exhibit 1, pre-tax
operating earnings increased $32.0 million primarily due to higher
net revenue and operating margin.
- Net revenue decreased $30.4 million. Excluding the
significant variances outlined in Exhibit 1, net revenue increased
$60.2 million, or 9%, due to growth in the business, favorable
market performance and higher net investment income.
Principal Global Investors
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating earnings
$147.9
$151.6
(2)%
$516.0
$524.3
(2)%
Operating revenues less pass-through
expenses6
$398.8
$393.9
1%
$1,525.7
$1,494.5
2%
Operating margin7
37.9%
38.7%
34.4%
35.3%
Total PGI assets under management
(billions)
$541.0
$469.0
15%
PGI sourced assets under management
(billions)
$274.2
$240.9
14%
- Pre-tax operating earnings decreased $3.7 million
primarily driven by muted growth in operating revenues less
pass-through expenses due to strong performance fees in the prior
year quarter.
- Operating revenues less pass-through expenses increased
$4.9 million primarily due to 6% growth in management fees,
resulting from higher AUM, partially offset by lower performance
fees and other revenue.
___________________
4 Pre-tax operating earnings = operating
earnings before income taxes and after noncontrolling interest.
5 Net revenue = operating revenues less:
benefits, claims and settlement expenses, liability for future
policy benefits remeasurement (gain) loss, market risk benefit
remeasurement (gain) loss, and dividends to policyholders.
6 The company has provided reconciliations
of the non-GAAP measures to the most directly comparable U.S. GAAP
measures at the end of the release. The company has determined this
measure is more representative of underlying operating revenues
growth for PGI as it removes commissions and other expenses that
are collected through fee revenue and passed through expenses with
no impact to pre-tax operating earnings.
7 Operating margin for PGI = pre-tax
operating earnings, adjusted for noncontrolling interest divided by
operating revenues less pass-through expenses.
Principal International
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating earnings
$120.8
$70.8
71%
$348.5
$290.4
20%
Combined net revenue (at PFG share)8
$281.2
$239.1
18%
$1,002.8
$942.6
6%
Operating margin9
43.0%
29.6%
34.8%*
30.8%*
Assets under management (billions)
$185.2
$168.4
10%
*Operating margin – Excluding the third quarter actuarial
assumption reviews and other significant variances, the trailing
twelve month operating margin was 32.1% for third quarter 2024 and
31.6% for third quarter 2023.
- Pre-tax operating earnings increased $50.0 million.
Excluding the significant variances outlined in Exhibit 1, pre-tax
operating earnings increased $5.9 million primarily due to improved
operating margin.
- Combined net revenue (at PFG share) increased $42.1
million. Excluding the significant variances outlined in Exhibit 1,
combined net revenue was stable as growth in the businesses was
offset by foreign currency headwinds in Latin America.
Specialty Benefits
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating earnings
$101.7
$147.8
(31)%
$431.7
$440.4
(2)%
Premium and fees
$818.8
$771.3
6%
$3,225.0
$2,986.6
8%
Operating margin10
12.4%
19.2%
13.4%*
14.7%*
Incurred loss ratio
62.7%
56.1%
61.6%
60.0%
*Operating margin – Excluding the third quarter actuarial
assumption reviews and other significant variances, the trailing
twelve month operating margin was 14.1% for third quarter 2024 and
14.8% for third quarter 2023.
- Pre-tax operating earnings decreased $46.1 million.
Excluding the significant variances outlined in Exhibit 1, pre-tax
operating earnings decreased $16.3 million primarily due to
favorable underwriting results in 3Q23, partially offset by growth
in the business.
- Premium and fees increased $47.5 million driven by
growth in the business.
- Incurred loss ratio was 62.7%. Excluding the significant
variances outlined in Exhibit 1, the incurred loss ratio of 61.5%
increased due to unusually favorable LTD results in 3Q23 along with
a higher group dental and group life loss ratio.
___________________
8 Combined net revenue (a non-GAAP
financial measure): net revenue for all PI companies at 100% less
pass-through commissions. The company has determined combined net
revenue (at PFG share) is more representative of underlying net
revenue growth for PI as it reflects our proportionate share of
consolidated and equity method subsidiaries. In addition, using
this net revenue metric provides a more meaningful representation
of our operating margin.
9 Operating margin for PI = pre-tax
operating earnings divided by combined net revenue (at PFG
share).
10 Operating margin for Benefits and
Protection = pre-tax operating earnings divided by premium and
fees.
Life Insurance
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating earnings (losses)
$(37.3)
$21.2
N/M
$21.2
$90.9
(77)%
Premium and fees
$241.1
$241.8
0%
$928.7
$911.1
2%
Operating margin
(15.5)%
8.8%
2.3%*
10.0%*
*Operating margin – Excluding the third quarter actuarial
assumption reviews and other significant variances, the trailing
twelve month operating margin was 12.5% for third quarter 2024 and
13.6% for third quarter 2023.
- Pre-tax operating earnings decreased $58.5 million.
Excluding the significant variances outlined in Exhibit 1, pre-tax
operating earnings increased $3.4 million driven by improved
mortality experience.
- Premium and fees decreased $0.7 million. Excluding the
significant variances outlined in Exhibit 1, premium and fees
increased $1.0 million as strong business market growth outpaced
the runoff of the legacy life business.
Corporate
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
% Change
3Q24
3Q23
% Change
Pre-tax operating losses
$(79.4)
$(114.8)
31%
$(360.2)
$(395.0)
9%
- Pre-tax operating losses decreased $35.4 million.
Excluding the significant variances outlined in Exhibit 1, pre-tax
operating losses decreased $17.4 million due to lower operating
expenses.
Exhibit 1 Principal Financial Group Impact of
3Q 2024 and 3Q 2023 Significant Variances on Quarterly Net Income
Attributable to PFG; Non-GAAP Net Income Attributable to PFG,
Excluding Exited Business; and Non-GAAP Operating Earnings In
millions except per share data
Impacts of 3Q 2024 Significant
Variances
Impacts of 3Q 2023 Significant
Variances
Actuarial assumption review
Other significant variances11
Total 3Q 2024 significant
variances
Actuarial assumption review
Other significant variances12
Total 3Q 2023 significant
variances
Net income (loss) attributable to
PFG
$
(85.7
)
1.0
$
(84.7
)
$
(9.7
)
$
(21.1
)
$
(30.8
)
(Income) loss from exited business
20.6
-
20.6
(0.1
)
-
(0.1
)
Non-GAAP net income (loss) attributable
to PFG, excluding exited business
(65.1
)
1.0
(64.1
)
(9.8
)
(21.1
)
(30.9
)
Net realized capital (gains) losses, as
adjusted
(3.7
)
-
(3.7
)
4.2
-
4.2
Non-GAAP operating earnings
(68.8
)
1.0
(67.8
)
(5.6
)
(21.1
)
(26.7
)
Income taxes
(13.2
)
0.3
(12.9
)
68.8
(2.6
)
66.2
Non-GAAP pre-tax operating
earnings
$
(82.0
)
$
1.3
$
(80.7
)
$
63.2
$
(23.7
)
$
39.5
Per diluted share:
Net income (loss) attributable to
PFG
$
(0.37
)
$
0.01
$
(0.36
)
$
(0.04
)
$
(0.09
)
$
(0.13
)
(Income) loss from exited business
0.09
0.00
0.09
(0.00
)
0.00
(0.00
)
Non-GAAP net income (loss) attributable
to PFG, excluding exited business
(0.28
)
0.01
(0.27
)
(0.04
)
(0.09
)
(0.13
)
Net realized capital (gains) losses, as
adjusted
(0.02
)
0.00
(0.02
)
0.02
0.00
0.02
Non-GAAP operating earnings
$
(0.30
)
$
0.01
$
(0.29
)
$
(0.02
)
$
(0.09
)
$
(0.11
)
Weighted average diluted common shares
outstanding
233.8
233.8
233.8
244.3
244.3
244.3
Segment pre-tax operating earnings
(losses):
Retirement and Income Solutions
$
(16.7
)
(29.5
)
$
(46.2
)
$
53.4
$
(9.0
)
$
44.4
Principal Global Investors
-
-
-
-
-
-
Principal International
21.1
17.9
39.0
-
(5.1
)
(5.1
)
Principal Asset Management
21.1
17.9
39.0
-
(5.1
)
(5.1
)
Specialty Benefits
(11.6
)
(2.0
)
(13.6
)
16.2
-
16.2
Life Insurance
(74.8
)
4.5
(70.3
)
(6.4
)
(2.0
)
(8.4
)
Benefits and Protection
(86.4
)
2.5
(83.9
)
9.8
(2.0
)
7.8
Corporate
-
10.4
10.4
-
(7.6
)
(7.6
)
Total segment pre-tax operating
earnings (losses)
$
(82.0
)
$
1.3
$
(80.7
)
$
63.2
$
(23.7
)
$
39.5
Income statement line item details of the 3Q24 and 3Q23
significant variances are available in our earnings conference call
presentation on our website.
___________________
11 Other significant variances in 3Q24
include 1) lower than expected variable investment income in RIS,
Principal International, Specialty Benefits and Life Insurance,
partially offset by higher than expected variable investment income
in Corporate; 2) impact of higher than expected encaje performance
and Latin American inflation in Principal International; 3) impact
of GAAP-only regulatory closed block adjustment in Life
Insurance
12 Other significant variances in 3Q23
include 1) lower than expected variable investment income in RIS,
Life Insurance and Corporate; 2) impact of lower than expected
encaje performance, Latin American inflation and other items in
Principal International.
Earnings Conference Call
On Friday, Oct. 25, 2024, at 10:00 a.m. (ET), Chairman and Chief
Executive Officer Dan Houston and President and Chief Operating
Officer Deanna Strable will lead a discussion of results and the
impacts on future prospects, asset quality and capital adequacy
during a live conference call, which can be accessed as
follows:
- Via live Internet webcast. Please go to investors.principal.com
at least 10-15 minutes prior to the start of the call to register,
and to download and install any necessary audio software.
- Analysts who will be asking questions will be sent a dial in
number and authorization code in advance of the call.
- Replay of the earnings call via webcast as well as a transcript
of the call will be available after the call at
investors.principal.com.
The company’s financial supplement and slide presentation is
currently available at investors.principal.com, and may be referred
to during the call.
Forward Looking Statements
This release contains statements that constitute forward‑looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to share
repurchases and planned dividends, the realization of our growth
and business strategies and results from ongoing operations.
Forward‑looking statements are made based upon our current
expectations and beliefs concerning future developments and their
potential effects on us. Such forward‑looking statements are not
guarantees of future performance and actual results may differ
materially from the results anticipated in the forward-looking
statements. We describe risks, uncertainties and factors that could
cause or contribute to such material differences in our filings
with the Securities and Exchange Commission, including in the “Risk
Factors” and “Note Concerning Forward-Looking Statements” sections
in our annual report on Form 10-K for the year ended Dec. 31, 2023,
as updated or supplemented from time to time in subsequent filings.
We assume no obligation to update any forward-looking statement for
any reason, which speaks as of its date.
Use of Non-GAAP Financial Measures
The company uses a number of non-GAAP financial measures that
management believes are useful to investors because they illustrate
the performance of normal, ongoing operations, which is important
in understanding and evaluating the company’s financial condition
and results of operations. They are not, however, a substitute for
U.S. GAAP financial measures. Therefore, the company has provided
reconciliations of the non-GAAP measures to the most directly
comparable U.S. GAAP measure at the end of the release. The company
adjusts U.S. GAAP measures for items not directly related to
ongoing operations. However, it is possible these adjusting items
have occurred in the past and could recur in future reporting
periods. Management also uses non-GAAP measures for goal setting,
as a basis for determining employee and senior management awards
and compensation and evaluating performance on a basis comparable
to that used by investors and securities analysts.
About Principal®13
Principal Financial Group® (Nasdaq: PFG) is a global financial
company with nearly 19,000 employees14 passionate about improving
the wealth and well-being of people and businesses. In business for
145 years, we’re helping approximately 68 million customers14 plan,
insure, invest, and retire, while working to support the
communities where we do business, and build a diverse, inclusive
workforce. Principal® is proud to be recognized as one of the 2024
World’s Most Ethical Companies15, a member of the Bloomberg Gender
Equality Index, and a “Best Place to Work in Money Management16.”
Learn more about Principal and our commitment to building a better
future at principal.com.
Summary of Principal Financial Group® and Segment
Results
Principal Financial Group, Inc.
Results
(in millions)
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
3Q24
3Q23
Net income (loss) attributable to
PFG
$
(220.0
)
$
1,246.2
$
(206.1
)
$
1,478.7
(Income) loss from exited business
639.1
(701.8
)
1,656.9
248.0
Non-GAAP net income (loss) attributable
to PFG excluding exited business
$
419.1
$
544.4
$
1,450.8
$
1,726.7
Net realized capital (gains) losses, as
adjusted
(7.1
)
(124.7
)
182.1
(170.1
)
Non-GAAP Operating Earnings*
$
412.0
$
419.7
$
1,632.9
$
1,556.6
Income taxes
87.8
161.6
365.0
385.2
Non-GAAP Pre-Tax Operating
Earnings
$
499.8
$
581.3
$
1,997.9
$
1,941.8
Segment Pre-Tax Operating Earnings
(Losses):
Retirement and Income Solutions
$
246.1
$
304.7
$
1,040.7
$
990.8
Principal Asset Management
268.7
222.4
864.5
814.7
Benefits and Protection
64.4
169.0
452.9
531.3
Corporate
(79.4
)
(114.8
)
(360.2
)
(395.0
)
Total Segment Pre-Tax Operating
Earnings
$
499.8
$
581.3
$
1,997.9
$
1,941.8
Per Diluted Share
Three Months Ended,
Nine Months Ended,
3Q24
3Q23
3Q24
3Q23
Net income (loss) attributable to
PFG
$
(0.95
)
$
5.10
$
2.81
$
6.08
(Income) loss from exited business
2.73
(2.87
)
2.06
(1.13
)
Non-GAAP net income (loss) excluding
exited business
$
1.78
$
2.23
$
4.87
$
4.95
Net realized capital (gains) losses, as
adjusted
(0.03
)
(0.51
)
0.17
(0.22
)
Impact of dilutive shares17
0.01
0.00
0.00
0.00
Non-GAAP Operating Earnings
$
1.76
$
1.72
$
5.04
$
4.73
Weighted-average diluted common shares
outstanding (in millions)
233.8
244.3
236.6
245.7
____________________
13 Principal, Principal and symbol design
and Principal Financial Group are trademarks and service marks of
Principal Financial Services, Inc., a member of the Principal
Financial Group.
14 As of September 30, 2024
15 Ethisphere, 2024
16 Pensions & Investments, 2023
17 When a net loss is reported, our basic
weighted-average shares are used to calculate diluted earnings per
share, as dilutive
shares would have an antidilutive effect
and result in a lower loss per share.
*U.S. GAAP (GAAP) net income attributable to PFG versus
non-GAAP operating earnings
Management uses non-GAAP operating earnings, which is a
financial measure that excludes the effect of net realized capital
gains and losses, as adjusted, income (loss) from exited business
and other after-tax adjustments the company believes are not
indicative of overall operating trends, for goal setting, as a
basis for determining employee and senior management awards and
compensation and evaluating performance on a basis comparable to
that used by investors and securities analysts. Note: it is
possible these adjusting items have occurred in the past and could
recur in future reporting periods. While these items may be
significant components in understanding and assessing our
consolidated financial performance, management believes the
presentation of non-GAAP operating earnings enhances the
understanding of results of operations by highlighting earnings
attributable to the normal, ongoing operations of the company’s
businesses.
Selected Balance Sheet Statistics
Period Ended,
3Q24
4Q23
Total assets (in billions)
$
322.9
$
305.0
Stockholders’ equity (in millions)
$
11,281.4
$
10,961.7
Total common equity (in millions)
$
11,237.4
$
10,916.0
Total common equity excluding cumulative
change in fair value of funds withheld embedded derivative and
accumulated other comprehensive income (AOCI) other than foreign
currency translation adjustment (in millions)
$
12,464.9
$
12,735.4
End of period common shares outstanding
(in millions)
229.3
236.4
Book value per common share
$
49.01
$
46.18
Book value per common share excluding
cumulative change in fair value of funds withheld embedded
derivative and AOCI other than foreign currency translation
adjustment
$
54.36
$
53.87
Principal Financial Group,
Inc.
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in millions, except as
indicated)
Period Ended,
3Q24
4Q23
Stockholders’ Equity, Excluding
Cumulative Change in Fair Value of Funds Withheld Embedded
Derivative and AOCI Other Than Foreign Currency Translation
Adjustment, Available to Common Stockholders:
Stockholders’ equity
$
11,281.4
$
10,961.7
Noncontrolling interest
(44.0
)
(45.7
)
Stockholders’ equity available to common
stockholders
11,237.4
10,916.0
Cumulative change in fair value of funds
withheld embedded derivative
(1,753.9
)
(2,027.9
)
AOCI, other than foreign currency
translation adjustment
2,981.4
3,847.3
Stockholders’ equity, excluding cumulative
change in fair value of funds withheld embedded derivative and AOCI
other than foreign currency translation adjustment, available to
common stockholders
$
12,464.9
$
12,735.4
Book Value Per Common Share, Excluding
Cumulative Change in Fair Value of Funds Withheld Embedded
Derivative and AOCI Other Than Foreign Currency Translation
Adjustment:
Book value per common share
$
49.01
$
46.18
Cumulative change in fair value of funds
withheld embedded derivative and AOCI, other than foreign currency
translation adjustment
5.35
7.69
Book value per common share, excluding
change in fair value of funds withheld embedded derivative and AOCI
other than foreign currency translation adjustment
$
54.36
$
53.87
Principal Financial Group,
Inc.
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in millions)
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
3Q24
3Q23
Income Taxes:
Total GAAP income taxes (benefit)
$
(100.4
)
$
354.8
$
(186.2
)
$
325.5
Net realized capital gains (losses) tax
adjustments
(7.6
)
(34.2
)
32.5
(47.5
)
Exited business tax adjustments
170.0
(177.4
)
440.6
43.0
Income taxes related to equity method
investments and noncontrolling interest
25.8
18.4
78.1
64.2
Income taxes
$
87.8
$
161.6
$
365.0
$
385.2
Net Realized Capital Gains
(Losses):
GAAP net realized capital gains
(losses)
$
77.4
$
179.3
$
(51.4
)
$
211.8
Market value adjustments to fee
revenues
-
0.1
1.1
0.9
Net realized capital gains (losses)
related to equity method investments
0.3
(4.1
)
(9.0
)
(4.8
)
Derivative and hedging-related revenue
adjustments
17.3
26.6
52.0
13.7
Certain variable annuity fees
17.7
18.5
71.9
73.4
Sponsored investment funds and other
adjustments
6.4
5.8
25.0
22.9
Capital gains distributed – operating
expenses
(36.7
)
(22.5
)
(96.4
)
(24.9
)
Amortization of actuarial balances
(0.3
)
(0.3
)
(0.6
)
(0.3
)
Derivative and hedging-related expense
adjustments
(2.6
)
0.8
(1.9
)
0.9
Market value adjustments of embedded
derivatives
(5.6
)
(9.3
)
(13.0
)
(0.8
)
Market value adjustments of market risk
benefits
(40.8
)
(30.1
)
(75.9
)
(45.5
)
Capital gains distributed – cost of
interest credited
(4.8
)
(9.3
)
(85.4
)
(15.0
)
Net realized capital gains (losses) tax
adjustments
(7.6
)
(34.2
)
32.5
(47.5
)
Net realized capital gains (losses)
attributable to noncontrolling interest, after-tax
(13.6
)
3.4
(31.0
)
(14.7
)
Total net realized capital gains (losses)
after-tax adjustments
(70.3
)
(54.6
)
(130.7
)
(41.7
)
Net realized capital gains (losses), as
adjusted
$
7.1
$
124.7
$
(182.1
)
$
170.1
Income (Loss) from Exited
Business:
Pre-tax impacts of exited business:
Strategic review costs and impacts
$
-
$
-
$
-
$
4.0
Amortization of reinsurance gains
(losses)
(46.4
)
(8.1
)
(492.2
)
(69.0
)
Other impacts of reinsured business
(25.3
)
(39.3
)
69.1
(138.4
)
Net realized capital gains (losses) on
funds withheld assets
39.4
1.0
151.1
171.7
Change in fair value of funds withheld
embedded derivative
(776.8
)
925.6
(1,825.5
)
(259.3
)
Tax impacts of exited business
170.0
(177.4
)
440.6
43.0
Total income (loss) from exited
business
$
(639.1
)
$
701.8
$
(1,656.9
)
$
(248.0
)
Principal Financial Group,
Inc.
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in millions)
Three Months Ended,
Trailing Twelve Months,
3Q24
3Q23
3Q24
3Q23
Principal Global Investors Operating
Revenues Less Pass-Through Expenses:
Operating revenues
$
431.0
$
424.6
$
1,649.9
$
1,618.0
Commissions and other expenses
(32.2
)
(30.7
)
(124.2
)
(123.5
)
Operating revenues less pass-through
expenses
$
398.8
$
393.9
$
1,525.7
$
1,494.5
Principal International Combined Net
Revenue (at PFG Share):
Pre-tax operating earnings
$
120.8
$
70.8
$
348.5
$
290.4
Combined operating expenses other than
pass-through commissions (at PFG share)
160.4
168.3
654.3
652.2
Combined net revenue (at PFG share)
$
281.2
$
239.1
$
1,002.8
$
942.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241024658224/en/
INVESTOR CONTACT: Humphrey Lee, 877-909-1105,
lee.humphrey@principal.com
MEDIA CONTACT: Jane Slusark, 515-362-0482,
slusark.jane@principal.com
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