Principal Financial Group on Monday announced record net income of $2.3 billion for 2017, with earnings buoyed by a $625.6 million benefit from remeasuring its tax liability using the lower corporate tax rate. Earnings for the fourth quarter were down from a year ago, however, after excluding extraordinary items. 

Principal said its non-GAAP operating earnings dropped to $350.8 million in the quarter, or $1.19 per share, which was lower than the $372.0 million, or $1.27 per share it reported in last year’s fourth quarter. Analysts had expected the company to earn $1.37 per share, according to figures compiled by Thomson Reuters, Nasdaq reported. Analysts’ estimates typically exclude special items.

For the fourth quarter, net income attributable to Principal was $841.8 million, compared with $318 million for the year-ago quarter. Full-year net income was $2.3 billion, or $7.88 per share, up 75 percent from $1.3 billion, or $4.50 per share, for calendar year 2016. 

The company’s board also authorized a quarterly common stock dividend of 51 cents per share for the first quarter of 2018, bringing the trailing 12-month dividend to $1.93 per share, a 15 percent increase compared to the prior year trailing 12-month period. 

“2017 was a very good year for Principal,” Dan Houston, chairman, president and CEO, said in a release. In addition to record net income and record non-GAAP operating earnings, the company increased assets under management by $77 billion, or 13 percent, in 2017 to $669 billion. 

Among revenue highlights for the year, Principal International reported record combined net revenues of $922 million in 2017, an increase of 16 percent over 2016. Additionally, U.S. Insurance Solutions sales were a record at $560 million, up 6 percent over the prior year.

The new corporate tax law also cost Principal some money — the company recorded a $43.1 million one-time repatriation tax expense on foreign earnings, and a $14.2 million reduced tax benefit on foreign dividends paid and lower future tax benefits from investments.