Principal Financial Group Inc (PFG) Announces Q3 2023 Earnings
Principal Financial Group Inc (NASDAQ:PFG) reported non-GAAP operating earnings of $420 million for Q3 2023.
The company returned $356 million to shareholders during the quarter.
Retirement and Income Solutions segment reported a 48% increase in pre-tax operating earnings.
Principal Global Investors segment reported a 7% increase in pre-tax operating earnings.
Principal Financial Group Inc (NASDAQ:PFG) announced its third quarter 2023 results on October 26, 2023. The company reported non-GAAP operating earnings of $420 million, driven by healthy sales growth and strong underwriting results. The company also returned $356 million to shareholders during the quarter.
Financial Performance
Principal Financial Group Inc (NASDAQ:PFG) reported strong financial results for the third quarter of 2023. The company's diversified and increasingly integrated business model, as well as its industry-leading position in the small to mid-sized business segment, contributed to another strong quarter. Healthy sales growth and strong underwriting results drove third quarter results with non-GAAP operating earnings of $420 million.
Segment Results
The Retirement and Income Solutions segment reported pre-tax operating earnings of $304.7 million, a 48% increase from the same period last year. The Principal Global Investors segment reported pre-tax operating earnings of $151.6 million, a 7% increase from the same period last year. The Principal International segment reported pre-tax operating earnings of $70.8 million, an 11% increase from the same period last year. The Specialty Benefits segment reported pre-tax operating earnings of $147.8 million, a slight decrease from the same period last year. The Life Insurance segment reported pre-tax operating earnings of $21.2 million, a 35% decrease from the same period last year.
Dividend Announcement
Principal Financial Group Inc (NASDAQ:PFG) also announced that it will raise its common stock dividend for the fourth quarter of 2023.
Company Outlook
Despite the challenges posed by the current economic environment, Principal Financial Group Inc (NASDAQ:PFG) remains confident in delivering its full-year guidance. The company's strong financial position, coupled with its diversified and increasingly integrated business model, positions it well for continued growth.
About Principal Financial Group Inc (NASDAQ:PFG)
Principal Financial Group Inc (NASDAQ:PFG) is a global financial company with approximately 19,500 employees passionate about improving the wealth and well-being of people and businesses. The company is helping approximately 61 million customers plan, insure, invest, and retire, while working to improve our planet, support the communities where it does business, and build a diverse, inclusive workforce.
Explore the complete 8-K earnings release (here) from Principal Financial Group Inc for further details.
This article first appeared on GuruFocus.