Principal Financial Q3 Net Income Jumps to $631.9 Million; Raises Dividend 8%

Principal Financial Group (PFG) on Monday reported third-quarter net income attributable to the company of $631.9 million, or $2.91 per share, up sharply from $213.8 million, or $0.95 per share, a year ago. Adjusted operating earnings rose to $481.8 million, or $2.22 per share, from $473.7 million, or $2.10 per share. Operating earnings excluding significant variances increased 7% to $2.49 per share from $2.32 per share. Adjusted net income excluding exited businesses fell 24% to $354.8 million from $465.6 million. Assets under management totaled $785 billion at quarter-end, with assets under administration at $1.84 trillion. The insurer and asset manager declared a quarterly common stock dividend of $0.85 per share, a 1-cent increase payable December 18 to shareholders of record as of December 2. The payout represents an 8% increase from the year-earlier quarter.