Principal reports lower year-over-year net income in first quarter
BPC Staff Apr 29, 2022 | 4:37 pm
1 min read time177 wordsAll Latest News, Banking & Finance, Iowa News
Principal Financial Group on Thursday announced earnings results for the first quarter. Net income attributable to Principal in the quarter that ended March 31 was $376.2 million, or $1.43 per share, compared to $517.1 million, or $1.87 per share, for first quarter 2021. Non-GAAP operating earnings for the first quarter of 2022 were $428.8 million, compared to $423.5 million in the prior-year quarter. Principal’s board of directors authorized a quarterly common stock dividend of 64 cents per share for the second quarter, bringing the trailing 12-month dividend to $2.55 per share, an 11% increase compared to the prior-year period. “Strong underlying fundamentals and a sharp focus on our growth drivers drove a solid start to the year despite significant market volatility and geopolitical uncertainty,” Dan Houston, Principal’s chairman, president and CEO, said in an earnings release. The company returned $891.4 million of capital to shareholders during the first quarter, including $167 million of common stock dividends with a 64-cent common dividend paid in the first quarter; and $724.4 million to repurchase 10.8 million shares of common stock.