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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the
Securities Exchange
Act of 1934
Date of Report:
July 25, 2024
(Date of earliest
event reported)
PRINCIPAL FINANCIAL GROUP, INC.
(Exact name of registrant
as specified in its charter)
Delaware |
1-16725 |
42-1520346 |
(State or other jurisdiction |
(Commission file number) |
(I.R.S. Employer |
of incorporation) |
|
Identification Number) |
711 High Street,
Des Moines, Iowa 50392
(Address of principal
executive offices)
(515) 247-5111
(Registrant’s
telephone number, including area code)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| |
¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
¨ |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or
rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
Emerging growth company ¨
¨ |
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to |
Section 13(a) of the Exchange Act.
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common Stock |
|
PFG |
|
Nasdaq Global Select Market |
| Item 2.02 | Results of Operations and Financial Condition |
On July 25, 2024, Principal Financial Group, Inc. publicly
announced information regarding its results of operations and financial condition for the quarter ended June 30, 2024. The text of
the announcement is included herewith as Exhibit 99.
Item 9.01 Financial Statements and Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
PRINCIPAL FINANCIAL GROUP, INC. |
|
|
|
By: |
/s/ Deanna D. Strable-Soethout |
|
Name: |
Deanna D. Strable-Soethout |
|
Title: |
Executive Vice President and Chief Financial Officer |
Date: July 25, 2024
Exhibit
99
![](https://www.sec.gov/Archives/edgar/data/1126328/000110465924082643/tm2420093d1_ex99img001.jpg)
INVESTOR CONTACT: |
MEDIA CONTACT: |
Humphrey Lee |
877-909-1105,
lee.humphrey@principal.com |
Jane Slusark |
515-362-0482, slusark.jane@principal.com |
Principal Financial Group Announces Second Quarter
2024 Results
Raises third quarter 2024 common stock dividend
(Des Moines, Iowa) – Principal Financial Group®
(Nasdaq: PFG) announced results for second quarter 2024.
Second Quarter 2024 Highlights
| ● | Net
income attributable to Principal Financial Group (PFG) of $353 million, or $1.49 per diluted
share |
| ● | Non-GAAP
net income attributable to PFG, excluding exited business, of $356 million, or $1.50 per
diluted share |
| ● | Non-GAAP
operating earnings1 of $386 million, or $1.63 per diluted share |
| ● | Returned
$415 million of capital to shareholders, including $250 million of share repurchases and
$165 million of common stock dividends |
| ● | Raised
third quarter 2024 common stock dividend to $0.72 per share, a 1 cent increase over the second
quarter 2024 dividend; the dividend will be payable on September 27, 2024, to shareholders
of record as of September 5, 2024 |
| ● | Assets
under management (AUM) of $699 billion, which is included in assets under administration
(AUA) of $1.6 trillion |
| ● | Strong
financial position with $1.6 billion of excess and available capital |
|
Dan Houston, chairman, president, and CEO of
Principal® |
|
|
“Our second quarter 2024 results were supported by strong business fundamentals and continued growth, generating nearly $390 million of non-GAAP operating earnings. We remain well positioned to deliver full year guidance as 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 $415 million to shareholders in the quarter, including $250 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.
Second Quarter Enterprise Results
In millions except percentages, earnings per share, or
otherwise noted
|
Three
Months Ended, |
Trailing
Twelve Months, |
|
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
|
Net income (loss) attributable to PFG |
$353.1 |
$388.8 |
(9)% |
$1,260.1 |
$1,548.2 |
(19)% |
|
Non-GAAP net income attributable to PFG, excluding exited business |
$356.2 |
$324.5 |
10% |
$1,576.1 |
$1,578.2 |
0% |
|
Non-GAAP operating earnings |
$386.1 |
$375.8 |
3% |
$1,640.6 |
$1,540.2 |
7% |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to PFG |
$1.49 |
$1.58 |
(6)% |
|
|
|
|
Non-GAAP net income (loss) attributable to PFG, excluding exited business |
$1.50 |
$1.32 |
14% |
|
|
|
|
Non-GAAP operating earnings |
$1.63 |
$1.53 |
7% |
|
|
|
|
|
|
|
|
|
|
|
|
Assets under administration (billions) |
$1,620.3 |
$1,532.8 |
6% |
|
|
|
|
Assets under management (billions) |
$699.2 |
$674.2 |
4% |
|
|
|
|
Second Quarter Segment Highlights
| ● | Retirement and Income Solutions (RIS) net revenue2
increased 10% from second quarter 2023; 38% operating margin3 |
| ● | Principal Global Investors (PGI) managed AUM of $513 billion increased 6%
over second quarter 2023 |
| ● | Specialty Benefits premium and fees increased 8% from second quarter 2023
driven by record year-to-date sales and strong retention |
| ● | Life Insurance business market premium and fees increased 15% from second
quarter 2023 |
2 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.
3 Operating margin for RIS
= pre-tax operating earnings divided by net revenue.
Segment Results
In millions except percentages, or otherwise
noted
Retirement and Income Solutions
|
Three
Months Ended, |
Trailing
Twelve Months, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax
operating earnings4 |
$267.8 |
$232.3 |
15% |
$1,099.3 |
$892.4 |
23% |
Net revenue |
$700.9 |
$639.9 |
10% |
$2,792.6 |
$2,522.3 |
11% |
Operating margin |
38.2% |
36.3% |
|
39.4% |
35.4% |
|
| ● | Pre-tax operating earnings increased $35.5 million primarily due to
higher net revenue and operating margin. |
| ● | Net revenue increased $61.0 million primarily due to growth in the
business, higher net investment income, and favorable market performance. |
Principal Global Investors
|
Three
Months Ended, |
Trailing
Twelve Months, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax operating earnings |
$126.9 |
$125.0 |
2% |
$519.7 |
$514.7 |
1% |
Operating
revenues less pass-through expenses5 |
$379.2 |
$359.6 |
5% |
$1,520.8 |
$1,473.7 |
3% |
Operating margin6 |
34.5% |
34.9% |
|
34.6% |
35.2% |
|
Total PGI assets under management (billions) |
$513.2 |
$485.8 |
6% |
|
|
|
PGI sourced assets under management (billions) |
$259.7 |
$249.8 |
4% |
|
|
|
| ● | Pre-tax operating earnings increased $1.9 million primarily due to
higher operating revenues less pass-through expenses partially offset by higher operating expenses. |
| ● | Operating revenues less pass-through expenses increased $19.6 million
primarily due to higher management fees on higher average AUM. |
4 Pre-tax operating earnings
= operating earnings before income taxes and after noncontrolling interest.
5 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.
6 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, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax operating earnings |
$62.5 |
$63.2 |
(1)% |
$298.5 |
$283.6 |
5% |
Combined
net revenue (at PFG share)7 |
$224.0 |
$229.4 |
(2)% |
$960.7 |
$921.8 |
4% |
Operating
margin8 |
27.9% |
27.6% |
|
31.1% |
30.8% |
|
Assets under management (billions) |
$171.1 |
$174.4 |
(2)% |
|
|
|
| ● | Pre-tax operating earnings decreased slightly primarily due to lower
combined net revenue offset by lower operating expenses. |
| ● | Combined net revenue (at PFG share) decreased $5.4 million primarily
due to impacts of macroeconomic headwinds in Asia and foreign currency translation. |
Specialty Benefits
|
Three
Months Ended, |
Trailing
Twelve Months, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax operating earnings |
$108.7 |
$98.1 |
11% |
$477.8 |
$441.6 |
8% |
Premium and fees |
$813.5 |
$750.2 |
8% |
$3,177.5 |
$2,927.8 |
9% |
Operating
margin9 |
13.4% |
13.1% |
|
15.0% |
15.1% |
|
Incurred loss ratio |
61.5% |
62.0% |
|
60.0% |
59.5% |
|
| ● | Pre-tax operating earnings increased $10.6 million due to growth in
the business and lower incurred loss ratio. |
| ● | Premium and fees increased $63.3 million driven by record year-to-date
sales and strong retention, along with employment and wage growth. |
| ● | Incurred loss ratio improved to 61.5% driven by more favorable underwriting
experience in group disability and group life. |
7 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.
8 Operating margin for PI =
pre-tax operating earnings divided by combined net revenue (at PFG share).
9 Operating margin for Benefits
and Protection = pre-tax operating earnings divided by premium and fees.
Life Insurance
|
Three
Months Ended, |
Trailing
Twelve Months, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax operating earnings |
$23.6 |
$26.8 |
(12)% |
$79.7 |
$102.5 |
(22)% |
Premium and fees |
$227.0 |
$229.0 |
(1)% |
$929.4 |
$913.2 |
2% |
Operating margin |
10.4% |
11.7% |
|
8.6% |
11.2% |
|
| ● | Pre-tax operating earnings decreased $3.2 million primarily due to
a GAAP-only regulatory closed block dividend adjustment. |
| ● | Premium and fees decreased $2.0 million driven by a one-time impact
of a risk-reducing YRT reinsurance transaction executed in the quarter. |
Corporate
|
Three
Months Ended, |
Trailing
Twelve Months, |
2Q24 |
2Q23 |
%
Change |
2Q24 |
2Q23 |
%
Change |
Pre-tax operating losses |
$(103.4) |
$(97.4) |
(6)% |
$(395.6) |
$(381.0) |
(4)% |
| ● | Pre-tax operating losses increased $6.0 million primarily due to higher
operating expenses. |
Earnings Conference Call
On Friday, July 26, 2024, at 10:00 a.m. (ET), Chairman, President
and Chief Executive Officer Dan Houston and Executive Vice President and Chief Financial 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. |
| ● | Via telephone by dialing in one of the following numbers 10 minutes prior
to the start of the call. |
| o | 877-407-0832 (U.S. and Canadian callers) |
| o | +1 201-689-8433 (International callers) |
| ● | 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®10
Principal Financial Group®
(Nasdaq: PFG) is a global financial company with nearly 20,000 employees11 passionate
about improving the wealth and well-being of people and businesses. In business for 145 years, we’re helping approximately 64 million
customers11 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 Companies12,
a member of the Bloomberg Gender Equality Index, and a “Best Place to Work in Money Management13.”
Learn more about Principal and our commitment to building a better future at principal.com.
10 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.
11 As of June 30, 2024
12 Ethisphere, 2024
13 Pensions & Investments, 2023
###
Summary of Principal Financial Group®
and Segment Results
Principal Financial
Group, Inc. Results |
(in millions) |
Three Months Ended, |
Trailing Twelve Months, |
2Q24 |
2Q23 |
2Q24 |
2Q23 |
Net income (loss) attributable to PFG |
$ 353.1 |
$ 388.8 |
$ 1,260.1 |
$ 1,548.2 |
(Income) loss from exited business |
3.1 |
(64.3) |
316.0 |
30.0 |
Non-GAAP net income (loss) attributable to PFG excluding exited business |
$ 356.2 |
$ 324.5 |
$ 1,576.1 |
$ 1,578.2 |
Net realized capital (gains) losses, as adjusted |
29.9 |
51.3 |
64.5 |
(38.0) |
Non-GAAP Operating Earnings* |
$ 386.1 |
$ 375.8 |
$ 1,640.6 |
$ 1,540.2 |
Income taxes |
100.0 |
72.2 |
438.8 |
313.6 |
Non-GAAP Pre-Tax Operating Earnings |
$ 486.1 |
$ 448.0 |
$ 2,079.4 |
$ 1,853.8 |
|
|
|
|
|
Segment Pre-Tax Operating Earnings (Losses): |
|
|
|
|
Retirement and Income Solutions |
$ 267.8 |
$ 232.3 |
$ 1,099.3 |
$ 892.4 |
Principal Asset Management |
189.4 |
188.2 |
818.2 |
798.3 |
Benefits and Protection |
132.3 |
124.9 |
557.5 |
544.1 |
Corporate |
(103.4) |
(97.4) |
(395.6) |
(381.0) |
Total Segment Pre-Tax Operating Earnings |
$ 486.1 |
$ 448.0 |
$ 2,079.4 |
$ 1,853.8 |
|
Per Diluted Share |
Three Months Ended, |
Six Months Ended, |
2Q24 |
2Q23 |
2Q24 |
2Q23 |
Net income (loss) |
$ 1.49 |
$ 1.58 |
$ 3.72 |
$ 1.01 |
(Income) loss from exited business |
0.01 |
(0.26) |
(0.64) |
1.72 |
Non-GAAP net income (loss) excluding exited business |
$ 1.50 |
$ 1.32 |
$ 3.08 |
$ 2.73 |
Net realized capital (gains) losses, as adjusted |
0.13 |
0.21 |
0.20 |
0.28 |
Non-GAAP Operating Earnings |
$ 1.63 |
$ 1.53 |
$ 3.28 |
$ 3.01 |
Weighted-average diluted common shares outstanding (in millions) |
236.6 |
245.5 |
238.0 |
246.4 |
*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, |
2Q24 |
|
4Q23 |
Total assets (in billions) |
$ |
308.8 |
|
$ |
305.0 |
Stockholders’ equity (in millions) |
$ |
11,059.0 |
|
$ |
10,961.7 |
Total common equity (in millions) |
$ |
11,013.4 |
|
$ |
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) |
$ |
12,385.2 |
|
$ |
12,735.4 |
End of period common shares outstanding (in millions) |
232.3 |
|
236.4 |
Book value per common share |
$ |
47.41 |
|
$ |
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 |
$ |
53.32 |
|
$ |
53.87 |
Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
(in millions, except as indicated)
|
Period Ended, |
|
2Q24 |
|
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 |
$ |
11,059.0 |
|
$ |
10,961.7 |
Noncontrolling interest |
(45.6) |
|
(45.7) |
Stockholders’ equity available to common stockholders |
11,013.4 |
|
10,916.0 |
Cumulative change in fair value of funds withheld embedded derivative |
(2,367.5) |
|
(2,027.9) |
AOCI, other than foreign currency translation adjustment |
3,739.3 |
|
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 |
$ |
12,385.2 |
|
$ |
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 |
$ |
47.41 |
|
$ |
46.18 |
Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment |
5.91 |
|
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 |
$ |
53.32 |
|
$ |
53.87 |
Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
(in millions)
|
|
Three
Months Ended, |
|
Trailing
Twelve Months, |
|
|
2Q24 |
|
2Q23 |
|
2Q24 |
|
2Q23 |
Income
Taxes: |
|
|
|
|
|
|
|
|
Total
GAAP income taxes (benefit) |
|
$ |
87.1 |
|
$ |
59.9 |
|
$ |
269.0 |
|
$ |
299.5 |
Net
realized capital gains (losses) tax adjustments |
|
(6.3) |
|
12.7 |
|
5.9 |
|
(9.9) |
Exited
business tax adjustments |
|
0.8 |
|
(17.1) |
|
93.2 |
|
(38.7) |
Income
taxes related to equity method investments and noncontrolling interest |
|
18.4
|
|
16.7 |
|
70.7 |
|
62.7 |
Income
taxes |
|
$ |
100.0 |
|
$ |
72.2 |
|
$ |
438.8 |
|
$ |
313.6 |
|
|
|
|
|
|
|
|
|
Net
Realized Capital Gains (Losses): |
|
|
|
|
|
|
|
|
GAAP
net realized capital gains (losses) |
|
$ |
(15.2) |
|
$ |
(72.8) |
|
$ |
50.5 |
|
$ |
5.1 |
|
|
|
|
|
|
|
|
|
Market
value adjustments to fee revenues |
|
0.1 |
|
0.2 |
|
1.2 |
|
0.8 |
Net
realized capital gains (losses) related to equity method investments |
|
(3.6) |
|
8.1 |
|
(13.4) |
|
5.9 |
Derivative
and hedging-related revenue adjustments |
|
17.0 |
|
(5.0) |
|
61.3
|
|
(37.2) |
Certain
variable annuity fees |
|
18.0 |
|
18.4 |
|
72.7 |
|
73.6 |
Sponsored
investment funds and other adjustments |
|
6.9 |
|
5.7 |
|
24.4 |
|
22.3 |
Capital
gains distributed – operating expenses |
|
(11.8) |
|
(7.3) |
|
(82.2) |
|
17.5 |
Amortization
of actuarial balances |
|
(0.1) |
|
0.1 |
|
(0.6) |
|
0.1 |
Derivative
and hedging-related expense adjustments |
|
1.1 |
|
0.1 |
|
1.5 |
|
0.1 |
Market
value adjustments of embedded derivatives |
|
(6.0) |
|
5.3 |
|
(16.7) |
|
4.0 |
Market
value adjustments of market risk benefits |
|
(8.1) |
|
(4.4) |
|
(65.2) |
|
(31.5) |
Capital
gains distributed – cost of interest credited |
|
(19.9) |
|
(9.5) |
|
(89.9) |
|
(0.1) |
Net
realized capital gains (losses) tax adjustments |
|
(6.3) |
|
12.7 |
|
5.9 |
|
(9.9) |
Net
realized capital gains (losses) attributable to noncontrolling interest, after-tax |
|
(2.0) |
|
(2.9) |
|
(14.0) |
|
(12.7) |
Total
net realized capital gains (losses) after-tax adjustments |
|
(14.7) |
|
21.5 |
|
(115.0) |
|
32.9 |
|
|
|
|
|
|
|
|
|
Net
realized capital gains (losses), as adjusted |
|
$ |
(29.9) |
|
$ |
(51.3) |
|
$ |
(64.5) |
|
$ |
38.0 |
|
|
|
|
|
|
|
|
|
Income
(Loss) from Exited Business: |
|
|
|
|
|
|
|
|
Pre-tax
impacts of exited business: |
|
|
|
|
|
|
|
|
Strategic
review costs and impacts |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(23.6) |
Amortization
of reinsurance gains (losses) |
|
(417.5) |
|
(20.3) |
|
(453.9) |
|
(68.6) |
Other
impacts of reinsured business |
|
161.7 |
|
(30.0) |
|
55.1 |
|
(131.1) |
Net
realized capital gains (losses) on funds withheld assets |
|
19.0 |
|
37.8 |
|
112.7 |
|
179.2 |
Change
in fair value of funds withheld embedded derivative |
|
232.9 |
|
93.9 |
|
(123.1) |
|
52.8 |
Tax
impacts of exited business |
|
0.8 |
|
(17.1) |
|
93.2 |
|
(38.7) |
Total
income (loss) from exited business |
|
$ |
(3.1) |
|
$ |
64.3 |
|
$ |
(316.0) |
|
$ |
(30.0) |
Principal Financial Group, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
(in millions)
|
|
Three Months Ended, |
|
Trailing Twelve Months, |
|
2Q24 |
|
2Q23 |
|
2Q24 |
|
2Q23 |
Principal Global Investors Operating Revenues Less Pass-Through Expenses: |
Operating revenues |
|
$ |
410.3 |
|
$ |
390.1 |
|
$ |
1,643.5 |
|
$ |
1,599.4 |
Commissions and other expenses |
|
(31.1) |
|
(30.5) |
|
(122.7) |
|
(125.7) |
Operating revenues less pass-through expenses |
|
$ |
379.2 |
|
$ |
359.6 |
|
$ |
1,520.8 |
|
$ |
1,473.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal International Combined Net Revenue (at PFG Share): |
Pre-tax operating earnings |
|
$ |
62.5 |
|
$ |
63.2 |
|
$ |
298.5 |
|
$ |
283.6 |
Combined operating expenses other than pass-through commissions (at PFG share) |
|
161.5 |
|
166.2 |
|
662.2 |
|
638.2 |
Combined net revenue (at PFG share) |
|
$ |
224.0 |
|
$ |
229.4 |
|
$ |
960.7 |
|
$ |
921.8 |
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