Principal Financial Group announced its full year and fourth quarter 2024 financial results, with full year non-GAAP operating earnings reaching $6.97 per diluted share, a 6% increase from 2023. For the fourth quarter, non-GAAP operating earnings were $1.94 per diluted share, also up 6% year-over-year. The company reported full year net income attributable to PFG of $1,571 million, or $6.68 per share.
In 2024, Principal returned $1.7 billion to shareholders, including $1.0 billion through share repurchases. The company also announced a new $1.5 billion share repurchase authorization, underscoring its commitment to capital return. Additionally, the first quarter 2025 common stock dividend was raised to $0.76 per share, up from $0.73 per share in the prior quarter.
Looking ahead to 2025, Principal reaffirmed its financial targets, including 9% to 12% EPS growth, 75% to 85% free capital flow conversion, and a 14% to 16% return on equity. Management expressed confidence in achieving these targets through continued business growth and disciplined expense management, despite anticipated market volatility. Total company assets under management (AUM) stood at $712.1 billion at year-end 2024.
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