Principal Financial's Q3 net income jumps to $631.9 million

what happened

Principal Financial Group reported third-quarter results on Monday, with net income of $631.9 million, or $2.91 per share. A year earlier the company earned $213.8 million, or $0.95 per share, according to a report published by TradingView.

Adjusted operating earnings climbed to $481.8 million, or $2.22 per share, from $473.7 million, or $2.10 a share, in the prior-year period. Excluding significant variances, operating earnings per share rose 7% to $2.49 from $2.32. Adjusted net income without exited businesses, however, fell 24% to $354.8 million from $465.6 million.

Assets under management reached $785 billion at quarter-end, while assets under administration totaled $1.84 trillion. The company also announced a one-cent increase in its quarterly common dividend, to $0.85 per share, payable December 18 to holders of record on December 2. The new payout is 8% above the level of a year earlier.

why it matters

For markets, the main signal is that headline profit and the dividend rose while income from continuing businesses shrank. Investors usually compare adjusted figures with reported results to judge earnings quality, and the gap between the two here is wide.

market impact

PFG and US insurers: higher reported profit and a bigger dividend support interest in the stock

tags

instruments