Principal Financial Group Inc (NAS:PFG)
$ 82.55 0.99 (1.21%) Market Cap: 18.88 Bil Enterprise Value: 16.45 Bil PE Ratio: 0 PB Ratio: 1.68 GF Score: 74/100
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Q2 2024 Principal Financial Group Inc Earnings Call Transcript

Jul 26, 2024 / 02:00PM GMT
Release Date Price: $81.53 (-3.42%)

Key Points

Positve
  • Principal Financial Group Inc (PFG) reported a 7% increase in EPS to $1.63 per diluted share for Q2 2024.
  • The company achieved a 6% increase in net revenue year-over-year, driven by business growth and favorable market conditions.
  • Principal Financial Group Inc (PFG) repurchased $250 million in shares and paid $165 million in common stock dividends in Q2 2024.
  • The company ended the quarter with total managed AUM of $699 billion, despite inflation headwinds.
  • Principal Financial Group Inc (PFG) strengthened its leadership position by acquiring a censuses employee stock ownership plan business, adding 800 more employer customers and over 5,000 new Aesop participants.
Negative
  • The company faced a bifurcated market environment, with small-cap and international equities lagging behind the S&P 500.
  • Principal Financial Group Inc (PFG) reported negative net cash flow of just over $2 billion, driven by a large, lower-fee fixed income redemption from a corporate client.
  • Foreign currency headwinds, particularly in Brazil, negatively impacted Principal International's performance.
  • The company experienced higher participant withdrawals in the second quarter, primarily due to favorable market impacts on account values.
  • Variable investment income remains pressured, with minimal prepayment fees and muted real estate actions impacting earnings.
Editor

Please stand by for streaming text.

Operator

Good morning, and welcome to the Principal Financial Group second quarter and 24 financial results conference call. (Operator Instructions) I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.

Humphrey Lee
Principal Financial Group Inc - VP - IR

Thank you and good morning. Welcome to Principal Financial Group's Second Quarter 2024 earnings conference call. As always, materials related to today's call on our website at investors dot Principal.com. Following a reading of the Safe Harbor provision, CEO, Dan Houston, and CFO, Deanna Strable, will deliver some prepared remarks. We will then open up the call for questions. Other members of senior management will also be available for Q&A. Some of the comments made during this conference call may contain for payments within the meaning of the Private Securities Litigation Reform Act.

The Company does not revise or update them to reflect new information, subsequent events or

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