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Principal operating earnings up 9%; 55-cent dividend declared


Principal Financial Group on Thursday reported second-quarter net income of $386.3 million, compared with $456.6 million for second quarter 2018. Net income per diluted share of $1.37 for second quarter 2019 compared with $1.58 in the prior-year quarter. The previous-year net income had benefited from a $99.5 million after-tax gain related to a sale of an equity method investment. Principal’s board of directors also authorized a 55-cent per-share dividend for the third quarter, which brings the trailing 12-month dividend to $2.17 per share, a 6% increase over the prior 12-year trailing period. “I’m pleased with our results for the quarter and first six months of the year,” said Dan Houston, chairman, president and CEO of Principal. “We delivered $427 million of non-GAAP operating earnings in the second quarter, an increase of 9% compared to the prior-year quarter, despite ongoing revenue pressures and meaningful investments for long-term growth. Compared to year-end 2018, we’ve increased assets under management by nearly $70 billion, or 11%.”

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