Sector: Financials|Industry: Asset Management|Market Cap: $17.82B|Employees: 19.8K
Principal Financial Group, Inc. (PFG) is a global financial services company offering retirement, asset management, workplace benefits, and protection solutions. PFG serves businesses, individuals, and institutional clients worldwide, with a focus on retirement accumulation and asset management. The company's competitive advantage lies in its diverse product offerings and global reach, with key markets in the U.S., Latin America, and Asia.
Total revenues increased to $4,053.3 million for the three months ended March 31, 2024, compared to $2,819.0 million for the same period in 2023. This increase is primarily driven by a substantial increase in the change in fair value of funds withheld embedded derivative.
Net income attributable to Principal Financial Group, Inc. increased to $532.5 million for the three months ended March 31, 2024, compared to a net loss of $140.1 million for the same period in 2023. This is primarily driven by a substantial increase in the change in fair value of funds withheld embedded derivative.
Basic earnings per common share increased to $2.26 for the three months ended March 31, 2024, compared to a loss of $0.58 for the same period in 2023. Diluted earnings per common share increased to $2.22 for the three months ended March 31, 2024, compared to a loss of $0.58 for the same period in 2023.