PRINCIPAL FINANCIAL GROUP INC
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
PFG$115.39+4.0%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
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|---|---|---|---|---|---|---|---|---|---|---|
| · For the year ended December 31, · | ||||||||||
| · · 2023 · · 2022 · · 2021 · | ||||||||||
| · · · · · (As recast) · · (As recast) · | ||||||||||
| · · (in millions, except per share data) · | ||||||||||
| Revenues | | | | | | | | | | |
| Premiums and other considerations | | $6,470.9 | | $5,339.7 | | $4,841.5 | | |||
| Fees and other revenues | | | 4,095.9 | | | 4,137.8 | | 5,041.3 | | |
| Net investment income | | | 4,091.9 | | | 3,838.5 | | 4,429.6 | | |
| Net realized capital gains (losses) (1) | | | (72.2) | | | (182.1) | | 115.4 | | |
| Net realized capital gains on funds withheld assets (1) | | | 165.0 | | | 749.4 | | | — | |
| Change in fair value of funds withheld embedded derivative | | | (1,085.7) | | | 3,652.8 | | | — | |
| Total revenues | | | 13,665.8 | | | 17,536.1 | | 14,427.8 | | |
| Expenses | | | | | | | | | | |
| Benefits, claims and settlement expenses | | | 7,788.2 | | | 6,631.3 | | 7,258.2 | | |
| Liability for future policy benefits remeasurement gain | | | (51.6) | | | (264.5) | | | (4.4) | |
| Market risk benefit remeasurement loss | | | 29.1 | | | 125.3 | | | 98.3 | |
| Dividends to policyholders | | | 89.2 | | | 94.8 | | 94.8 | | |
| Operating expenses | | | 5,072.1 | | | 4,962.2 | | 5,070.0 | | |
| Total expenses | | | 12,927.0 | | | 11,549.1 | | 12,516.9 | | |
| Income before income taxes | | | 738.8 | | | 5,987.0 | | 1,910.9 | | |
| Income taxes | | | 68.7 | | | 1,189.5 | | 283.9 | | |
| Net income | | | 670.1 | | | 4,797.5 | | 1,627.0 | | |
| Net income attributable to noncontrolling interest | | | 46.9 | | | 40.6 | | 46.8 | | |
| Net income attributable to Principal Financial Group, Inc. | | $623.2 | | $4,756.9 | | $1,580.2 | | |||
| | | | | | | | | | | |
| Earnings per common share | | | | | | | | | | |
| Basic earnings per common share | | $2.58 | | $18.94 | | $5.87 | | |||
| | | | | | | | | | | |
| Diluted earnings per common share | | $2.55 | | $18.63 | | $5.79 | | |||
| (1) | Includes realized and unrealized gains (losses). See Note 4, Investments, for further details. |
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