Principal Financial Group, Inc. (PFG) 10-Year Financial Performance & Capital Metrics

PFG • • Insurance & Managed Care

Financial ServicesDiversified InsuranceRetirement & Wealth SolutionsRetirement & Annuity Specialists

AboutPrincipal Financial Group, Inc. provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments. The Retirement and Income Solutions segment provides a portfolio of asset accumulation products and services for retirement savings and income. It offers products and services for defined contribution plans, including 401(k) and 403(b) plans, defined benefit pension plans, nonqualified executive benefit plans, employee stock ownership plans, equity compensation, and pension risk transfer services; individual retirement accounts; investment only products; and mutual funds, individual variable annuities, and bank products. The Principal Global Investors segment provides equity, fixed income, real estate, and other alternative investments, as well as asset allocation, stable value management, and other structured investment strategies. The Principal International segment offers pension accumulation products and services, mutual funds, asset management, income annuities, and life insurance accumulation products, as well as voluntary savings plans in Brazil, Chile, Mexico, China, Hong Kong Special Administrative Region, India, and Southeast Asia. The U.S. Insurance Solutions segment provides specialty benefits, such as group dental and vision insurance, group life insurance, and group and individual disability insurance, as well as administers group dental, disability, and vision benefits; and individual life insurance products comprising universal, variable universal, indexed universal, and term life insurance products in the United States. It also offers insurance solutions for small and medium-sized businesses and their owners, as well as executives. Principal Financial Group, Inc. was founded in 1879 and is based in Des Moines, Iowa.Show more

Revenue $16.13B +18.0%
Combined Ratio 88.28% -6.7%
Net Income $1.57B +152.1%
Return on Equity 13.85% +139.1%
Medical Cost Ratio 54.41% -4.3%
Operating Margin 11.72% +116.7%
Net Margin 9.74% +113.6%
ROA 0.51% +147.7%
Equity / Assets 3.66% -0.5%
Book Value per Share 50.70 +10.6%
Tangible BV/Share 37.70 +13.4%
Debt/Equity 0.36 +0.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 88.3% combined ratio
✓Strong Piotroski F-Score: 7/9
✓16 consecutive years of dividend growth
✓Low loss ratio of 54.4%
✓Good 3Y average ROE of 18.4%
✓Healthy dividend yield of 3.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.41%

5Y-0.12%

3Y3.78%

TTM-3.34%

Profit (Net Income) CAGR

10Y3.22%

5Y2.42%

3Y-0.19%

TTM-9.55%

EPS CAGR

10Y6.23%

5Y6.14%

3Y4.88%

TTM-2.93%

ROCE

10Y Avg0.78%

5Y Avg0.83%

3Y Avg0.99%

Latest0.61%

Peer Comparison

Retirement & Annuity Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEGAegon Ltd.	11.66B	7.75	25.83	50.4%	4.24%	13.27%	6.1%	0.54
PFGPrincipal Financial Group, Inc.	19.82B	90.20	13.50	18.02%	7.53%	9.61%	22.88%	0.36
EQHEquitable Holdings, Inc.	13.68B	47.74	12.63	18.13%	-5.8%	-35.73%	10.86%	1.90
SLFSun Life Financial Inc.	34.63B	62.53	11.87	-5.15%	8.54%	11.91%	6.9%	0.65
BNTBrookfield Wealth Solutions Ltd.	2.88B	48.03	6.81	106.2%	9.16%	7.81%	100%	0.35

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	11.96B	12.39B	14.09B	14.24B	16.22B	14.74B	14.43B	17.54B	13.67B	16.13B
Revenue Growth %	0.14%	0.04%	0.14%	0.01%	0.14%	-0.09%	-0.02%	0.22%	-0.22%	0.18%
Medical Costs & Claims+	6.7B	6.91B	7.82B	8.19B	9.91B	8.28B	7.35B	6.49B	7.77B	8.77B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	5.27B	5.48B	6.27B	6.04B	6.32B	6.46B	7.08B	11.04B	5.9B	7.35B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0%	0.04%	0.14%	-0.04%	0.04%	0.02%	0.1%	0.56%	-0.47%	0.25%
Operating Expenses+	3.84B	3.89B	4.02B	4.26B	4.62B	4.77B	5.16B	5.06B	5.16B	5.46B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	193M	186.6M	195.7M	205.1M	226.8M	251.9M	275.3M	295.9M	272.7M	256.2M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.43B	1.59B	2.25B	1.78B	1.69B	1.69B	1.91B	5.99B	738.8M	1.89B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.04%	0.11%	0.41%	-0.21%	-0.05%	0%	0.13%	2.13%	-0.88%	1.56%
EBITDA+	1.62B	1.78B	2.45B	1.99B	1.92B	1.95B	2.19B	6.28B	1.01B	2.15B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	1M	1M	1.2M	1.9M	2.6M
Non-Operating Income	0	0	0	0	0	0	0	0	0	0
Pretax Income+	1.43B	1.59B	2.25B	1.78B	1.69B	1.69B	1.91B	5.99B	738.8M	1.89B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	177.6M	229.9M	-72.3M	230.7M	249.2M	265M	283.9M	1.19B	68.7M	291.7M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.23B	1.32B	2.31B	1.55B	1.39B	1.4B	1.58B	4.76B	623.2M	1.57B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	0.07%	0.75%	-0.33%	-0.1%	0%	0.13%	2.01%	-0.87%	1.52%
EPS (Diluted)+	4.06	4.50	7.88	5.35	4.96	5.05	5.79	18.63	2.55	6.68
EPS Growth %	0.11%	0.11%	0.75%	-0.32%	-0.07%	0.02%	0.15%	2.22%	-0.86%	1.62%
EPS (Basic)	4.11	4.55	8.00	5.41	5.00	5.08	5.87	18.94	2.58	6.77
Diluted Shares Outstanding	298M	292.7M	293.2M	288.8M	281M	276.6M	272.9M	255.3M	244.6M	226.23M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	218.69B	228.01B	253.94B	243.04B	291.05B	313.47B	304.66B	303B	305.05B	313.66B
Asset Growth %	-0%	0.04%	0.11%	-0.04%	0.2%	0.08%	-0.03%	-0.01%	0.01%	0.03%
Total Investment Assets+	69.82B	75.84B	82.1B	84.77B	142.77B	159.97B	108.91B	128.25B	98.32B	103.38B
Long-Term Investments	51.96B	56.76B	61.82B	62.59B	72.66B	81.26B	80.92B	65.36B	67.99B	71.57B
Short-Term Investments	50.07B	54.95B	59.48B	60.11B	70.11B	78.71B	78.15B	62.89B	65.67B	25.73B
Total Current Assets+	2.67B	2.82B	2.57B	64.5B	74.36B	83.28B	0	10.92B	0	0
Cash & Equivalents	2.56B	2.72B	2.47B	2.98B	2.52B	2.85B	2.33B	4.85B	4.71B	4.21B
Receivables	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	7.29B	0	-82.33B	12.45B	-94.99B	-53.2B
Goodwill & Intangibles+	2.37B	2.35B	2.38B	2.42B	3.48B	3.43B	3.23B	3.13B	3.08B	2.94B
Goodwill	1.01B	1.02B	1.07B	1.1B	1.69B	1.71B	1.63B	1.6B	1.61B	1.55B
Intangible Assets	1.36B	1.33B	1.31B	1.32B	1.79B	1.72B	1.6B	1.53B	1.47B	1.39B
PP&E (Net)	633.8M	699M	759.5M	767.3M	967.7M	1.02B	1.04B	996.1M	938.4M	769.4M
Other Assets	-51.96B	-56.76B	-61.82B	-958.4M	-1.8B	-2.33B	-85.19B	-66.57B	-72B	-75.28B
Total Liabilities	209.22B	217.62B	240.92B	231.19B	276.1B	296.6B	288.2B	292.7B	293.84B	302.19B
Total Debt+	3.47B	3.18B	3.22B	3.3B	3.83B	4.36B	4.36B	4.08B	3.99B	4.11B
Net Debt	907.1M	457.5M	747.1M	325M	1.31B	1.51B	2.03B	-770.3M	-715.7M	-103.9M
Long-Term Debt	3.27B	3.13B	3.18B	3.26B	3.73B	4.28B	4.28B	4B	3.93B	3.96B
Short-Term Debt	181.1M	51.4M	39.5M	42.9M	93.4M	84.7M	79.8M	80.7M	61.1M	152.7M
Total Current Liabilities+	199.5M	64.3M	56.2M	42.9M	93.4M	84.7M	0	20.54B	0	0
Accounts Payable	0	0	0	0	0	0	0	20.44B	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-199.5M	-64.3M	-56.2M	-68.2M	-16.2M	-22.3M	-95.3M	0	-19.7B	-18.27B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	205.23B	213.52B	236.65B	226.9B	0	0	-6.6B	257.4B	-5.54B	-5.66B
Total Equity+	9.46B	10.39B	13.02B	11.85B	14.95B	16.87B	16.46B	10.3B	11.21B	11.47B
Equity Growth %	-0.08%	0.1%	0.25%	-0.09%	0.26%	0.13%	-0.02%	-0.37%	0.09%	0.02%
Shareholders Equity	9.31B	10.23B	12.85B	11.39B	14.62B	16.56B	16.07B	10B	10.92B	11.09B
Minority Interest	151.5M	164M	173.9M	457.2M	332.7M	314M	388.9M	303.1M	294.6M	382.6M
Retained Earnings	6.88B	7.72B	9.48B	10.29B	11.07B	11.84B	12.88B	17.04B	16.68B	17.58B
Common Stock	4.7M	4.7M	4.7M	4.8M	4.8M	4.8M	4.8M	4.9M	4.9M	4.9M
Accumulated OCI	-882.5M	-675.2M	165.5M	-1.57B	1.04B	2.38B	1.61B	-7.2B	-5.35B	-5.22B
Return on Equity (ROE)	0.12%	0.13%	0.2%	0.12%	0.1%	0.09%	0.09%	0.36%	0.06%	0.14%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.02%	0%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.37x	0.31x	0.25x	0.28x	0.26x	0.26x	0.26x	0.40x	0.36x	0.36x
Book Value per Share	31.76	35.50	44.42	41.02	53.21	61.00	60.31	40.36	45.83	50.70
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.38B	3.86B	4.19B	5.16B	5.49B	3.74B	3.22B	3.17B	3.79B	4.6B
Operating CF Growth %	0.41%	-0.12%	0.09%	0.23%	0.07%	-0.32%	-0.14%	-0.01%	0.2%	0.21%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.25B	1.36B	2.32B	1.55B	1.44B	1.43B	1.76B	4.85B	623.2M	1.6B
Depreciation & Amortization	193M	186.6M	195.7M	205.1M	226.8M	251.9M	275.3M	295.9M	272.7M	256.2M
Stock-Based Compensation	84.5M	84.4M	82.7M	77.4M	82.6M	87.2M	96.1M	91.3M	99.4M	108.7M
Deferred Taxes	321.9M	114M	-357.8M	276.7M	312.3M	99.7M	149M	0	0	0
Other Non-Cash Items	-239.5M	-305.3M	-486M	-434.7M	-433M	-210M	-605.9M	-4.45B	7.7M	-21.4M
Working Capital Changes	2.76B	2.42B	2.43B	3.48B	3.86B	2.08B	1.55B	2.38B	2.79B	2.66B
Cash from Investing+	-3.17B	-5.15B	-4.05B	-5.7B	-7.69B	-5.03B	-5.66B	1.06B	-1.35B	-5.4B
Capital Expenditures	-136.4M	-154.9M	-164.8M	-92.3M	-132.4M	-108.8M	-129.9M	-116.3M	-102M	-68.8M
Acquisitions	-291.2M	-2.4M	-13.3M	-184.7M	-1.21B	-1.4M	27M	-9.2M	0	0
Purchase of Investments	-10.02B	-13.7B	-13.44B	-14.21B	-14.63B	-15.78B	-16.73B	-19.42B	-12.34B	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	-909.8M	-930M	-602.4M	-1.24B	-1.18B	-999.2M	-2.52B	-978.6M	12.3M	-5.33B
Cash from Financing+	-508.6M	1.45B	-384M	1.05B	1.73B	1.62B	1.92B	-1.72B	-2.59B	300.3M
Dividends Paid	-457.5M	-464.9M	-540M	-598.6M	-606M	-614.5M	-654.1M	-642.3M	-625.5M	-658.4M
Share Repurchases	-850.6M	-277.3M	-220.4M	-671.6M	-281M	-307M	-937.2M	-1.7B	-740.4M	-1.04B
Stock Issued	76.1M	37.8M	162.5M	64M	37.7M	42.8M	86.7M	181.7M	57.8M	67.7M
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K
Other Financing	-28.9M	2.34B	283.1M	2.23B	2.09B	2.01B	3.5B	725.9M	-1.19B	1.81B
Net Change in Cash+	700.9M	154.8M	-248.8M	506.7M	-461.6M	333.9M	-517.8M	2.52B	-140.3M	-495.8M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.86B	2.56B	2.72B	2.47B	2.98B	2.52B	2.85B	2.33B	4.85B	4.71B
Cash at End	2.56B	2.72B	2.47B	2.98B	2.52B	2.85B	2.33B	4.85B	4.71B	4.21B
Free Cash Flow+	4.24B	3.7B	4.02B	5.06B	5.36B	3.63B	3.09B	3.06B	3.69B	4.53B
FCF Growth %	0.43%	-0.13%	0.09%	0.26%	0.06%	-0.32%	-0.15%	-0.01%	0.21%	0.23%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	14.23	12.65	13.72	17.54	19.08	13.12	11.32	11.97	15.09	20.04

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	88.04%	87.16%	84.02%	87.47%	89.56%	88.51%	86.76%	65.86%	94.59%	88.28%
Medical Cost Ratio	55.98%	55.78%	55.51%	57.54%	61.06%	56.18%	50.96%	37.02%	56.83%	54.41%
Return on Equity (ROE)	12.49%	13.26%	19.73%	12.44%	10.41%	8.77%	9.48%	35.55%	5.79%	13.85%
Return on Assets (ROA)	0.56%	0.59%	0.96%	0.62%	0.52%	0.46%	0.51%	1.57%	0.21%	0.51%
Equity / Assets	4.33%	4.56%	5.13%	4.87%	5.14%	5.38%	5.4%	3.4%	3.68%	3.66%
Book Value / Share	31.76	35.5	44.42	41.02	53.21	61	60.31	40.36	45.83	50.7
Debt / Equity	0.37x	0.31x	0.25x	0.28x	0.26x	0.26x	0.26x	0.40x	0.36x	0.36x
Revenue Growth	14.19%	3.59%	13.71%	1.02%	13.94%	-9.13%	-2.13%	21.54%	-22.07%	18.02%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Segment Retirement and Investor Services	-	-	-	-	-	-	413.1M	364.4M	7.25B	7.98B
Segment Retirement and Investor Services Growth	-	-	-	-	-	-	-	-11.79%	1889.63%	10.01%
Benefits and Protection	-	-	-	-	-	-	-	-	-	4.79B
Benefits and Protection Growth	-	-	-	-	-	-	-	-	-	-
Principal Asset Management	-	-	-	-	-	-	-	-	297.8M	2.79B
Principal Asset Management Growth	-	-	-	-	-	-	-	-	-	837.00%
Corporate	-	-	-	-	-	-	204.1M	148.1M	179.2M	285.5M
Corporate Growth	-	-	-	-	-	-	-	-27.44%	21.00%	59.32%
Segment Principal Global Investors	2.56B	2.64B	2.7B	3.11B	3.03B	2.64B	3.18B	3.19B	-	-
Segment Principal Global Investors Growth	-	2.93%	2.15%	15.33%	-2.58%	-12.98%	20.63%	0.36%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Valuation & Price

Principal Financial Group, Inc. (PFG) has a price-to-earnings (P/E) ratio of 13.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Principal Financial Group, Inc. (PFG) grew revenue by 18.0% over the past year. This is strong growth.

Yes, Principal Financial Group, Inc. (PFG) is profitable, generating $1.14B in net income for fiscal year 2024 (9.7% net margin).

Dividend & Returns

Yes, Principal Financial Group, Inc. (PFG) pays a dividend with a yield of 3.23%. This makes it attractive for income-focused investors.

Principal Financial Group, Inc. (PFG) has a return on equity (ROE) of 13.9%. This is reasonable for most industries.

Industry Metrics

Principal Financial Group, Inc. (PFG) has a combined ratio of 88.3%. A ratio below 100% indicates underwriting profitability.

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