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Principal Financial Q2 reflects strong gains in specialty benefits earnings

Jul. 27, 2020 5:07 PM ETPrincipal Financial Group, Inc. (PFG) StockBy: Liz Kiesche, SA News Editor
  • Principal Financial Group (NASDAQ:PFG) Q2 operating EPS of $1.46 beat the consensus estimate of $1.30 and slipped from $1.52 in the year-ago quarter.
  • PFG gains 0.4% in after-hours trading.
  • Q2 Retirement and Income Solutions - Fee net revenue of $464.9M increased 19% Y/Y, while pretax operating earnings of $122.3M fell 8%.
  • Q2 Retirement and Income Solutions - Spread net revenue of $133.5m declined 25% Y/Y, with pretax operating earnings falling 26%.
  • Q2 Principal Global Investors operating revenue less pass-through expenses was $316.8M, down 2% Y/Y; pretax operating earnings of $108.4M fell 6%; PGI-managed AUM was $450.1B, up 4% Y/Y, including positive net cash flow of $3.1B.
  • Q2 Principal International combined net revenue (at PFG share) was $231.7M, down 5%; pretax operating earnings of $94.5M rose 1%; AUM of $143.5B slid 15% Y/Y.
  • Q2 Specialty Benefits Insurance premium and fees of $590.6M increased 2% Y/Y and pretax operating earnings of $127.6M jumped 37%; incurred loss ratio of 53.4% vs. 60.1% a year earlier.
  • Q2 Individual Life Insurance premium and fees of $284.4M increased 1% Y/Y; pretax operating earnings of $27.4M fell 48%.
  • PFG has $3.0B of total company available cash and liquid assets, as well as $800M of revolving credit facilities available.
  • Has $2.3B of excess and available capital in its holding companies and other subsidiaries, which is available for corporate purposes; also has access to a contingent capital facility, with a book value of $750M that allows the company to borrow up to $1B, the current fair value of the Treasury assets in the facility.
  • Conference call on July 28 at 10:00 AM ET.
  • Previously: Principal Financial Group EPS beats by $0.16 (July 27)

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