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Quarterly Financials

Second Quarter 2014 Earnings Highlights

2Q2014


The Principal had another strong quarter, resulting in record results and a great first half of the year. We continue to capitalize on the strong fundamentals of our business and the momentum that’s been building for the last several years.

I’d like to point out the following key total company highlights:

  • Record total company operating earnings of $323 million, a 19 percent increase over second quarter 2013.
  • Total company assets under management achieved a big milestone in the quarter by hitting half a trillion dollars. The record of $517.9 billion was up 15 percent over the year ago quarter. Total company net cash flows for second quarter were $5.5 billion.
  • Total company return on equity (ROE) excluding AOCI was 13.3 percent, a 290 basis point increase over second quarter 2013.
  • Our capital deployment strategy is flexible, allowing us several ways to increase shareholder value. In the second quarter we:
    • Paid a second quarter common stock dividend of $0.32 per share on June 27, 2014;
    • Announced a third quarter 2014 common stock dividend of $0.34 per share, a 31 percent increase over third quarter 2013 and the fourth increase in five quarters; and
    • Repurchased $61 million of common stock.
  • Additionally, our acquisition pipeline remains active as we seek to further complement our existing business model.

Our diversified business model and investment management strategy are working as we capitalize on the growing financial security needs of individuals and business owners in the markets where we operate. We are especially pleased with the strong results from our Principal International business. We saw a nice recovery in Brazil in the second quarter, Cuprum in Chile continues to perform very well and our businesses in Asia are gaining traction.

Our press release offers additional highlights from the quarter.

We’re excited to offer an update on our Retirement and Investor Services business at an Investor event in New York City on Sept. 12th. Be sure to watch our Events page for details as they become available.

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

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