“Third quarter was another strong quarter for us as we continue to balance both growth and profitability across the company. We continue to execute on our global investment management strategy, which capitalizes on worldwide demographic trends and helped drive assets under management to a record $466 billion at the end of the third quarter.
Third quarter 2013 total company operating earnings were strong at $269 million, a 22 percent increase over an adjusted third quarter 2012.* This strong result demonstrates the benefit of our diversified and durable business model. Though macroeconomic challenges remain, such as continued low interest rates, a strengthening U.S. dollar and uncertainty in emerging markets, our unique mix of highly integrated businesses allows us to achieve consistent performance.”
- Larry D. Zimpleman, Chairman, President and CEO
* Third quarter 2012 total company operating earnings were negatively impacted by $79 million due to an actuarial assumption review in the quarter.
Key Takeaways for Third Quarter 2013
- Total company operating earnings up 22 percent over adjusted prior year quarter* to $269 million;
- Record total company assets under management of $466 billion;
- Retirement and Investor Services Accumulation sales were $7.6 billion in the third quarter. Highlights include $2.7 billion for Full Service Accumulation and $4.7 billion for Principal Funds;
- Principal Global Investor had record unaffiliated assets under management of $106 billion, with $1.5 billion of net cash flows;
- Principal International reported assets under management of $103 billion, with $1.1 billion of net cash flows;
- U.S. Insurance Solutions year-to-date sales were up 11 percent over the prior year period, with nearly $100 million of sales in the current quarter.