Principal reports 25 percent bump in fourth-quarter earnings
January 31, 2017 by Business Record Staff
Principal Financial Group on Monday reported record earnings for both the fourth quarter and the full year. Net income available to common stockholders for fourth quarter 2016 increased 25 percent to $318.0 million, compared with $253.6 million for fourth quarter 2015.
For the 12 months ending Dec. 31, net income available to common stockholders was a record $1.32 billion, or $4.50 per diluted share, up 9 percent compared with $1.21 billion, or $4.06 per diluted share, for the 12 months ending Dec. 31, 2015.
“I’m very pleased with our results for fourth quarter and the full year,” said Dan Houston, Principal’s chairman, president and CEO. “Reflecting strong sales and client retention, we generated $19.4 billion in net cash flows in 2016. We also increased assets under management by more than $64 billion or 12 percent during the year, creating solid earnings momentum going into 2017.”
The company declared a first-quarter common stock dividend of 45 cents per share, an 11 percent increase on a trailing 12-month basis over first quarter 2016.