Company also announces common stock dividend
Company Highlights:
– First quarter 2020 net income attributable to Principal Financial Group ® , Inc. (PFG) of $288.9 million, or $1.04 per diluted share
– First quarter 2020 non-GAAP operating earnings1 of $319.6 million, or $1.15 per diluted share
– Assets under management (AUM) of $631.1 billion
– Company declares second quarter 2020 common stock dividend of $0.56 per share; a 4% increase over second quarter 2019
DES MOINES, IA (STL.News) During the first quarter of 2020, Principal Financial Group® (Nasdaq: PFG) managed and responded to the global COVID-19 pandemic – successfully redirecting resources and efforts to maintain operations, continuing to serve customers worldwide, and keeping its employees safe.
“The COVID-19 health crisis has touched every aspect of our lives and our business, and I’m extremely proud of our leadership team and employees who adapted quickly to ensure we could continue to meet the needs of our customers and stay aligned to our core values and our long-term strategy,” said Dan Houston, chairman, president, and CEO of Principal®. “We started 2020 from a position of financial strength and stability with a solid balance sheet, high quality investment portfolio, and ample liquidity. Coupled with our diversified operating model, Principal is not only able to meet the financial needs of our business, but along with the Principal Foundation we are also providing more than $25 million in customer relief and support to our communities.”
At the onset of COVID-19, Principal prioritized the health and safety of its nearly 18,000 global employees. Today, 95 percent of company employees are working remotely with no significant interruption for its 37 million customers. In the U.S., Principal has also extended grace periods, waived loan origination and hardship withdrawal fees, among other adjustments to help its customers financially impacted by the pandemic and make it easier to do business with the company.
Additional details on the impacts of COVID-19 to Principal can be found in our first quarter 2020 earnings call slide presentation and details of our U.S. investment portfolio are available in a supplemental slide presentation, both available at principal.com/investor.
NOTE: this is NOT the complete release.