Principal Financial Q4 net loss $872M on exited business; raises dividend, $1.5B buyback

PRINCIPAL FINANCIAL GROUP INC

2023-FY EPS reported $2.55 revenue$13,665,800,000

Q4 2023 net loss $872M ($3.66 diluted) includes $1,171M loss from exited business; full year net income $623M ($2.55 diluted).
Full year 2023 non-GAAP operating EPS $6.55, up from $6.34; Q4 operating EPS $1.83, up from $1.58 YoY.
Raises Q1 2024 dividend to $0.69/share; Board approves new $1.5B share repurchase authorization.
AUM $695B, AUA $1.6T; 2024 outlook: 9-12% operating EPS growth, 75-85% free cash flow conversion, $1.5-$1.8B capital deployment.
Returned $1.3B capital to shareholders in 2023, including $0.4B in Q4.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PRINCIPAL FINANCIAL GROUP INC reported full year and fourth quarter 2023 results: net income Full year 2023 net income attributable to Principal Financial Group ® , Inc. (PFG) 1 of $623 million, or $2.55 per dilut, EPS Full year 2023 net income attributable to Principal Financial Group ® , Inc. (PFG) 1 of $623 million, or $2.55 per dilut. Guidance reaffirmed.

Period: full year and fourth quarter 2023
Net income: Full year 2023 net income attributable to Principal Financial Group ® , Inc. (PFG) 1 of $623 million, or $2.55 per dilut
EPS: Full year 2023 net income attributable to Principal Financial Group ® , Inc. (PFG) 1 of $623 million, or $2.55 per dilut
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On February 12, 2024, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001104659-24-014640

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