Principal reports lower first-quarter earnings, declares dividend
BPC Staff Apr 28, 2020 | 7:08 pm
1 min read time162 wordsAll Latest News, Banking & Finance, Insurance & Investments
Principal Financial Group reported lower year-over-year earnings for the first quarter of 2020 but a strong financial position as it responded to the COVID-19 pandemic. Net income attributable to Principal for first quarter 2020 was $288.9 million, or $1.04 per share, compared with $429.9 million for first quarter 2019, or $1.53 per share. Non-GAAP operating earnings for first quarter 2020 totaled $319.6 million, compared with $400.3 million a year ago. “The COVID-19 health crisis has touched every aspect of our lives and our business, and I’m extremely proud of our leadership team and employees who adapted quickly to ensure we could continue to meet the needs of our customers and stay aligned to our core values and our long-term strategy,” said Dan Houston, chairman, president and CEO. Principal’s board authorized a common stock dividend of 56 cents per share for second quarter 2020, bringing the trailing 12-month dividend to $2.22 per share, a 3% increase compared with the prior-year trailing 12-month period.