Igor Kutyaev/iStock via Getty Images Principal Financial Group (NASDAQ:PFG)
stock advances 1.4% in after-hours trading after the company's Q4 earnings top the average analyst estimate. Five of its six business segments saw improved pretax operating earnings in the quarter, with the international segment jumping the most. Q4 non-GAAP operating EPS of $1.85 increased from $1.48 in the year-ago quarter; Q4 2021 non-GAAP EPS excluding significant variances was $1.75; both topped the $1.65 consensus. Q4 total company assets under management managed by PFG were $714B; total company net cash flow managed by Principal (PFG) was -$2.3B. Pretax operating earnings by segment:
- Retirement and Income Solution - fee pretax operating earnings of $125.9M rose 8% Y/Y due to higher net revenue partly offset by higher operating expenses;
- Retirement and Income Solutions - spread pretax operating earnings of $203.9M jumped 35%, primarily on higher net revenue;
- Principal Global Investors pretax operating earnings of $192.8M increased 27%;
- Principal International pretax operating earnings of $105.2M surged 77% Y/Y'
- Specialty Benefits Insurance pretax operating earnings of $65.5M increased 45% due to growth in the business and favorable claims.
- Individual Life Insurance pretax operating income of $31.9M declined 28% Y/Y, due to unfavorable COVID-19 and non-COVID-19 related claims in the current quarter compared with a year ago.
Conference call on Feb. 8 at 10:00 AM ET. Earlier, Principal Financial Group non-GAAP EPS of $1.85 beats by $0.20