Q1 2026 Principal Financial Group Inc Earnings Call Transcript
Key Points
- Principal Financial Group Inc (PFG) reported a 13% growth in adjusted non-GAAP earnings per share for the first quarter, surpassing the high end of their target range.
- The company returned approximately $375 million of capital to shareholders, including $200 million in share repurchases.
- PFG raised its common stock dividend for the 12th consecutive quarter, with an 8% increase on both a quarterly and trailing 12-month basis.
- The retirement ecosystem saw a 35% year-over-year growth in total retirement transfer deposits, reflecting strong business retention and new client acquisition.
- Global Asset Management achieved record gross sales of $37 billion, up 21% year-over-year, driven by strong demand for private markets and active ETF business.
- Total company net cash flow was negative $1.5 billion in the quarter, although this was an improvement from previous periods.
- Lower variable investment income was noted, primarily due to the timing of real estate transactions and slightly lower returns in the alternatives portfolio.
- The International Pension segment's earnings were partly driven by a $7 million performance fee, which may not be sustainable in future quarters.
- The company experienced higher redemptions in the Investment Management segment, particularly in US active equity mutual funds.
- The PRT (Pension Risk Transfer) sales pipeline remains light, with expectations for a similar pattern to 2025, where sales were stronger in the second half of the year.
Good morning, and welcome to the Principal Financial Group first quarter 2026 financial results conference call. (Operator Instructions)
I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.
Thank you, and good morning. Welcome to Principal Financial Group's first quarter 2026 earnings conference call. As always, material related to today's call are available on our website at investors.principal.com. Following a reading of the safe harbor provision, CEO, Deanna Strable; and CFO, Joel Pitz, will deliver prepared remarks. We will then open the call for questions.
Members of senior management are also available for Q&A. Some of the comments made during this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The company does not revise or update them to reflect new information, subsequent events or changes in strategy.
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