Principal Announces Fourth Quarter and Full Year 2019 Results
January 28, 2020 at 16:15 PM EST
Principal Financial Group® (Nasdaq: PFG) today announced results for fourth quarter and the full year of 2019.
“I’m pleased with Principal’s results for the quarter and full year,” said Dan Houston, chairman, president and CEO. “We finished strong with fourth quarter non-GAAP operating earnings of $396 million, which brought full year operating earnings to $1.6 billion. We also delivered $17.3 billion of positive net cash flow in 2019. Our positive net cash, combined with favorable investment performance, led to record AUM of $735 billion. Our past decade is a good story of growth: We’ve delivered positive total company net cash flow in nine of the last ten years.”
“We continue to focus on creating long-term shareholder value through a balanced approach to capital deployment,” added Houston. “In 2019 we deployed $2.1 billion, which was well above our initial target. The Institutional Retirement & Trust (IRT) acquisition not only expands the scale and scope of our retirement business but reaffirms our role as an industry leader. On top of that, we returned $863 million to shareholders through common stock dividends and share repurchases.”
Full Year 2019
Retirement and Income Solutions - Fee
Retirement and Income Solutions - Spread
Principal Global Investors
Specialty Benefits Insurance
Individual Life Insurance
Forward looking and cautionary statements
Use of Non-GAAP financial measures
Earnings conference call
The company’s financial supplement and slide presentation is currently available at principal.com/investor, and may be referred to during the call.
Summary of Principal Financial Group, Inc. and Segment Results
*U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings
1 Use of non-GAAP financial measures is discussed in this release after segment results. Non-GAAP operating earnings for total company is after tax.