2019 financial highlights

  • Total assets under management

    (in billions)
    • $527
    • $592
    • $669
    • $627
    • $735

  • Net income available to common stockholders1

    (in millions)
    • $1,209
    • $1,316
    • $2,310
    • $1,547
    • $1,394

  • Non-GAAP operating earnings2

    (in millions)
    • $1,270
    • $1,331
    • $1,479
    • $1,598
    • $1,569

  • Total revenue

    (in millions)
    • $11,964
    • $12,394
    • $14,093
    • $14,237
    • $16,222

  • Non-GAAP operating earnings per diluted common share3

    (in dollars)
    • $4.26
    • $4.55
    • $5.04
    • $5.53
    • $5.58

  • Dividends declared per common share

    (in dollars)
    • $1.50
    • $1.61
    • $1.87
    • $2.10
    • $2.18

  • Closing PFG common stock price

    (in dollars, as of 12/31)
    • $44.98
    • $57.86
    • $70.53
    • $44.17
    • $55.00

  • Total stockholders’ equity attributable to PFG

    (in millions)
    • $9,312
    • $10,227
    • $12,849
    • $11,390
    • $14,618

  • Non-GAAP operating earnings ROE available to common stockholders, excluding AOCI other than FCTA2,3

     
    • 14.2%
    • 14.1%
    • 13.7%
    • 13.6%
    • 13.1%

1 2017 net income available to common stockholders reflects a $568 million net benefit from the U.S. Tax Cuts and Jobs Act and a $411 million net benefit from a real estate transaction.

2 This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 19-20.

3 Non-GAAP operating earnings return on equity equals trailing twelve months non-GAAP operating earnings divided by average stockholders’ equity available to common stockholders excluding accumulated other comprehensive income (loss) other than foreign currency translation adjustment (FCTA).

Non-GAAP Financial Measure Reconciliations

(in millions, except as indicated)

  For the year ended Dec. 31
Net income available to common stockholders 2015 2016 2017 2018 2019
Net income available to common stockholders 1,209.3 1,316.5 2,310.4 1,546.5 1,394.2
Net realized capital gains (losses), as adjusted4 133.8 (37.4) (307.3) 51.0 174.9
Other after-tax adjustments (72.6) 52.0 (524.5) - -
Non-GAAP operating earnings $1,270.5 $1,333.1 $1,478.6 $1,597.5 $1,569.1
4 This is a non-GAAP financial measure. See reconciliation below.
 
Net realized capital gains (losses)
GAAP net realized capital gains (losses) $(51.1) $171.1 $524.2 $(75.4) $(52.8)
Recognition of front-end fee revenues (0.1) 0.2 (0.2) 0.4 8.5
Market value adjustments to fee revenues (1.1) (2.5) (0.1) 0.1 -
Net realized capital gains (losses) related to equity method investments - 0.1 1.4 (5.4) 2.6
Derivative and hedging-related adjustments (111.7) (94.1) (59.4) (64.9) (80.4)
Sponsored investment fund adjustments 1.3 6.1 6.3 12.9 23.6
Amortization of deferred acquisition costs (12.2) (66.2) 47.4 (25.6) (15.7)
Capital gains distributed - operating expenses 15.4 3.7 (38.9) 15.7 (31.6)
Amortization of other actuarial balances (1.8) (11.2) 7.6 (1.4) (25.1)
Market value adjustments of embedded derivatives (0.2) 50.0 48.1 18.5 66.6
Capital gains distributed - cost of interest credited (9.2) (10.9) (16.1) (1.3) (36.6)
Net realized capital gains (losses) tax adjustments 45.6 6.6 (209.1) 71.4 (1.3)
Net realized capital gains (losses) attributable to noncontrolling interest, after-tax (8.8) (15.5) (3.9) 4.0 (32.7)
Net realized capital gains (losses) associated with exited group medical insurance business, after-tax 0.1 - - - -
Total net realized capital gains (losses) after-tax adjustments (82.7) (133.7) (216.9) 24.4 (122.1)
Net realized capital gains (losses), as adjusted (133.8) 37.4 307.3 (51.0) (174.9 )
 
Diluted earnings per common share
Net income 4.06 4.50 7.88 5.36 4.96
Net realized capital (gains) losses, as adjusted 0.44 (0.13) (1.05) 0.17 0.62
Other after-tax adjustments (0.24) 0.18 (1.79) - -
Non-GAAP operating earnings 4.26 4.55 5.04 5.53 5.58
 
Stockholders' equity
Stockholders' equity 9,377.4 10,293.8 12,921.9 11,456.0 14,685.8
Noncontrolling interest (65.8) (66.5) (72.6) (66.0) (67.8)
Stockholders' equity attributable to Principal Financial Group, Inc. 9,311.6 10,227.3 12,849.3 11,390.0 14,618.0
Net unrealized capital (gains) losses (715.9) (827.0) (1,455.1) (207.3) (2,815.3)
Net unrecognized postretirement benefit obligation 450.2 408.4 371.1 512.9 435.6
Stockholders’ equity, excluding AOCI other than foreign currency translation adjustment, available to common stockholders 9,045.9 9,808.7 11,765.3 11,695.6 12,238.3
 
Net income ROE available to common stockholders (including AOCI)
Net income ROE available to common stockholders (including AOCI) 12.8 13.5 20.0 12.8 10.7
Net unrealized capital gains (losses) 1.3 1.1 2.1 0.9 1.4
Net unrecongnized postretirement benefit obligation -0.6 -0.6 -0.7 -0.5 -0.4
Net income ROE available to common stockholders (x-AOCI, other than FCTA) 13.5 14.0 21.4 13.2 11.7
Net realized capital (gains) losses 1.5 -0.5 -2.8 0.4 1.4
Other after-tax adjustment -0.8 0.6 -4.9 0.0 0.0
Operating earnings ROE (x-AOCI other than FCTA) 14.2 14.1 13.7 13.6 13.1