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.
The company reported total revenues of $4,310.8 million for the three months ended June 30, 2024, compared to $3,557.3 million for the same period in 2023. This increase is attributed to gains in premiums, fees, and net investment income.
Net income attributable to Principal Financial Group, Inc. was $353.1 million, compared to $388.8 million for the same period in 2023. The decrease was primarily due to a $158.1 million unfavorable one-time impact of YRT Reinsurance Transactions.
Operating expenses increased to $1,320.7 million compared to $1,252.7 million in the prior year. This contributed to a decrease in income before income taxes, from $453.6 million to $443.9 million.