Principal Financial Group reported a Q3 net income of $631.9 million and increased its quarterly dividend to $0.85 per share. Despite a 2% rise in non-GAAP operating earnings, the company missed analyst estimates for both earnings per share and total revenue. The results were weighed down by lower investment income, rising expenses, and net cash outflows during the period.
Adjusted operating earnings rose year over year, but managed-asset flows turned negative and results weakened in international pensions and investment management.
Read the full storyNet income rose from $213.8 million a year earlier, while operating earnings per share increased 6% to $2.22 despite mixed segment performance.
Net income was $631.9 million, assets under management reached $785 billion and the company returned $429 million to shareholders during the quarter.