The Principal is off to a good start to 2015. We had strong total company operating earnings in first quarter, despite significant macroeconomic headwinds. Total company net cash flows of $9.4 billion and continued excellent investment performance drove assets under management to a record $530 billion.
Competitive investment performance and demand for our innovative outcomes-based solutions continue to position The Principal as a leading global investment manager. Some performance metrics as of quarter end include:
- 79 percent of our rated mutual funds have a four or five-star Morningstar rating;
- At least 85 percent of Principal’s investment options were in the top half of Morningstar rankings on a one, three and five-year basis; and
- 100 percent of our target date funds are in the top half of Morningstar rankings across all time periods.
I’d like to point out other highlights from the quarter:
- Total company return on equity (ROE), excluding AOCI, was 14.0 percent, a 100 basis point increase over first quarter 2014.
- Paid a first quarter 2015 common stock dividend of $0.36 per share in the first quarter and announced a second quarter common stock dividend of $0.38. The increase for the second quarter dividend is the eighth increase in the last three years.
Our press release offers additional highlights from the quarter, including business unit-specific results.
Thank you for your continued interest in the Principal Financial Group®. Be sure to contact me or my colleagues in Investor Relations if you have any questions.
See you soon.
John Egan – Vice President, Investor Relations