DES MOINES, IA – Principal Financial Group Inc. (NASDAQ:PFG), a leading provider of insurance and retirement solutions, has reported assets under management (AUM) totaling $699.2 billion as of June 30, 2024. This disclosure was made in a Form 8-K filed with the Securities and Exchange Commission on Wednesday.
The AUM includes $513.2 billion managed by Principal Global Investors and $171.1 billion reported by Principal International. The company noted the importance of its exposure to small and mid-cap products within U.S. equity AUM and to high yield and preferred securities within fixed income AUM, especially during periods of market dislocations.
Principal Financial Group also highlighted that its market performance for the quarter ending June 30, 2024, was positive, with a 0.4% increase as a percentage of the AUM at the beginning of the period.
For marketing purposes, the company uses a different metric, Principal Asset Management AUM, which was reported at $553.1 billion as of June 30, 2024. This figure excludes assets from entities where Principal Financial Group is a minority owner and assets that cannot be included due to regulatory requirements. However, the company clarified that this metric should not be used for modeling purposes.
The detailed AUM figures will be reiterated in the company’s financial supplement for the quarter ended June 30, 2024, which is expected to be available on the company’s investor relations website on or about July 25, 2024.
InvestingPro Insights
In light of Principal Financial Group's recent disclosure of its AUM, investors may find additional context in the company's financial health and market performance through InvestingPro data and tips. With a market capitalization of $20.48 billion and a solid P/E ratio of 16.11, Principal Financial Group stands as a substantial player in the financial sector. Notably, the company has demonstrated a commitment to shareholder returns, having raised its dividend for 15 consecutive years and maintained dividend payments for 23 consecutive years, as per InvestingPro Tips. This consistency is underscored by a dividend yield of 3.27% and a dividend growth of 10.94% over the last twelve months as of Q1 2024.
Despite a challenging environment indicated by a revenue decline of -13.67% over the last twelve months as of Q1 2024, the company is expected to grow its net income this year. Analysts remain cautious, with six having revised their earnings downwards for the upcoming period. Nevertheless, Principal Financial Group's stock is trading near its 52-week high, reflecting a price 99.1% of this peak, which may signal market confidence in the company's profitability and strategic management.
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