Principal Financial Group reported its third quarter 2024 results, with non-GAAP operating earnings per diluted share at $1.76, representing a 2% increase year-over-year. Excluding the impacts of significant variances, non-GAAP operating earnings per diluted share were $2.05, a 12% increase from the prior year quarter. The company's total company operating revenues increased by 4% year-over-year.
The company reported a net loss attributable to PFG of $220.0 million for the quarter, compared to a net income of $1,246.2 million in the third quarter of 2023. Despite the net loss, Principal's assets under management (AUM) grew to $740.6 billion, marking a 14% increase from the previous year. This growth was supported by positive market performance.
Principal returned $416 million to shareholders during the quarter, which included $251 million in share repurchases. The company also announced a raise in its common stock dividend for the fourth quarter of 2024 to $0.73 per share, up from $0.72 per share in the previous quarter. This demonstrates a continued commitment to shareholder returns and capital management.
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