As of September 30, 2024, Principal Financial Group, Inc. reported total assets of $322.9 billion, an increase from $305.0 billion at the end of 2023. Total investments rose to $102.6 billion, up from $98.3 billion, while cash and cash equivalents increased significantly to $6.2 billion from $4.7 billion. Total liabilities also grew, reaching $311.3 billion compared to $293.8 billion at the end of 2023. Stockholders’ equity increased to $11.3 billion from $11.0 billion, with retained earnings rising to $16.8 billion.
For the third quarter of 2024, total revenues were reported at $3.0 billion, a notable decrease from $4.6 billion in the same period of 2023. However, for the nine months ended September 30, 2024, total revenues increased to $11.4 billion from $11.0 billion year-over-year. Premiums and other considerations for Q3 2024 fell to $1.4 billion from $1.5 billion in Q3 2023, while fees and other revenues rose to $1.1 billion from $1.0 billion. Net investment income for Q3 2024 was $1.2 billion, up from $989.2 million in Q3 2023.
The company reported a net loss of $220.0 million for Q3 2024, a significant decline from a net income of $1.2 billion in Q3 2023. For the nine-month period, net income was $665.6 million, down from $1.5 billion in the previous year. Basic and diluted earnings per share for Q3 2024 were $(0.95), compared to $5.17 and $5.10, respectively, in Q3 2023.
Total expenses for Q3 2024 increased to $3.3 billion from $3.0 billion in Q3 2023, driven by higher claims and settlement expenses. The effective income tax rate rose to 34% from 22% year-over-year, attributed to a decrease in pre-tax income.
Strategically, Principal Financial Group has been active in managing its investment portfolio, with a focus on high-quality assets. The company has also been involved in share repurchase programs, with a new authorization of up to $1.5 billion in February 2024. The company continues to navigate market conditions, including fluctuations in interest rates and foreign currency exchange rates, which have impacted its financial performance.
Overall, while the company experienced a decline in quarterly net income and revenues, it reported growth in total assets and investments, reflecting a robust financial position amid challenging market conditions.
About PRINCIPAL FINANCIAL GROUP INC
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