Principal Financial ( (PFG) ) has released its Q4 earnings. Here is a breakdown of the information Principal Financial presented to its investors.
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Principal Financial Group, a global financial company based in Des Moines, Iowa, specializes in investment management, retirement solutions, insurance, and operates within the financial sector, serving about 70 million customers worldwide.
The company announced its full-year and fourth-quarter 2024 financial results, showcasing a robust performance with an increase in non-GAAP operating earnings per diluted share. Principal Financial demonstrated its commitment to shareholders by returning $1.7 billion in capital throughout the year.
Key highlights from the report include a 16% increase in fourth-quarter non-GAAP operating earnings per share compared to the previous year and a full-year increase of 11%. The company also announced a new $1.5 billion share repurchase authorization and a dividend increase for the first quarter of 2025. Additionally, assets under management reached $712 billion, and the company maintained a strong financial position with $1.6 billion in excess capital.
Segment performance varied, with Retirement and Income Solutions showing a slight increase in pre-tax operating earnings, while Investment Management reported a significant rise in revenues and earnings. However, the International Pension segment faced challenges due to foreign exchange impacts, leading to a decrease in pre-tax operating earnings.
Looking ahead, Principal Financial aims to sustain its growth trajectory, aligning with its long-term targets of 9-12% annual growth in non-GAAP operating earnings per share. The company remains focused on strategic growth markets and enhancing shareholder value through disciplined capital management.
