Principal Financial Group guides 2023 non-GAAP EPS growth of 3-6%; updates segments, adopts LDTI

PRINCIPAL FINANCIAL GROUP INC

2023 non-GAAP operating EPS growth guidance of 3-6% vs 2022; long-term targets: 9-12% annual EPS growth, 14-16% ROE.
Segment changes: combines Principal Global Investors and Principal International into Principal Asset Management; reports RIS in total; renames U.S. Insurance Solutions to Benefits and Protection.
LDTI adoption effective Jan 1, 2023; recast 2021-2022 financials; 2022 net income recast to $4,756.9M from $4,811.6M.
Macroeconomic headwinds from lower AUM and account values pressure 2023 EPS growth; guidance excludes lower variable investment income.

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