Principal Financial Group, Inc.

PFG
Sector

Financials

Industry

Asset Management

Market Cap

$17.82B

Employees

19.8K

Company Overview

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.

Filing Highlights

Key insights and themes extracted from this filing

5 Themes

Financial Performance

3 Insights

Net income attributable to Principal Financial Group decreased from $1,246.2 million for the three months ended September 30, 2023, to $(220.0) million for the three months ended September 30, 2024. This is a significant negative change in profitability.

Total revenues decreased from $4,598.7 million for the three months ended September 30, 2023, to $3,011.6 million for the three months ended September 30, 2024. This decrease is primarily due to a negative change in fair value of funds withheld embedded derivative.

Operating expenses increased from $1,286.1 million for the three months ended September 30, 2023, to $1,335.9 million for the three months ended September 30, 2024. This indicates potential inefficiencies in expense management.

Capital Allocation

1 Insight

Risk Factors

3 Insights

Competitive Position

1 Insight

Market Environment

1 Insight