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Principal reports lower year-over-year earnings in third quarter


Principal Financial Group on Monday announced third-quarter net income of $236 million, or 85 cents per share, down from $277.1 million, or 98 cents per share in the prior-year quarter. The third-quarter 2020 earnings figures reflected “significant variances,” including the annual actuarial assumption review and lower-than-expected performance in some operations, that reduced net income by $187.3 million, or 68 cents per share. The prior-year quarter also reflected significant variances including the annual actuarial assumption review that decreased net income by $37.9 million. After excluding the significant variances, non-GAAP operating earnings for third-quarter 2020 increased 10% over the prior year quarter. Principal’s board authorized a fourth-quarter common stock dividend of 56 cents per share. “We came into this financial crisis well capitalized and with a strong, high quality balance sheet and that has not changed,” said Dan Houston, chairman, president and CEO. “We will continue to be prudent with regard to our capital deployment strategy, but at the same time, as we gain greater clarity around the global economic outlook and our own capital position, we will consider all capital deployment options to further increase long-term shareholder value.” 

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