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Principal reports higher fourth-quarter, full-year earnings


Principal Financial Group posted solid fourth-quarter and full-year earnings on Thursday, with fourth-quarter net income of $472.6 million, compared with $300.9 million in the previous fourth quarter. For the 12 months ending Dec. 31, 2020, net income attributable to Principal was $1,395.8 million, or $5.05 per diluted share, compared with $1,394.2 million, or $4.96 per diluted share, for the prior year. The company’s board declared a common stock dividend of 56 cents per share for first quarter 2021, bringing the trailing 12-month dividend to $2.24 per share, a 2% increase compared to the prior-year period. “I’m proud of our accomplishments in 2020 and our ability to meet the year’s challenges head on,” Dan Houston, chairman, president and CEO of Principal, said in an earnings release. “Our diversified business model and strong financial position enabled us to focus on what matters most – the protection and well-being of our customers, employees, and communities. We finished the year strong with fourth quarter non-GAAP operating earnings of $410 million and $1.4 billion for full year 2020. We see momentum as we head into 2021 including the final migrations of our Institutional Retirement and Trust  customers to Principal, the resiliency and recovery of our small to medium-sized businesses, and the growing strength of our global asset management enterprise.“

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