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![PRINCIPAL FINANCIAL GROUP INC [PFG] reports annual net loss of $670.1 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPFG.png&w=1200&q=75)
PRINCIPAL FINANCIAL GROUP INC [PFG] has reported a net loss of $670.1 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $13.7 billion
Based in DES MOINES, Iowa, PRINCIPAL FINANCIAL GROUP INC operates in the FINANCE sector.
In the consolidated statements of operations, expressed in USD in millions for the 12 months ending on December 31, 2023, the following key financial figures have been reported for comparison with the same period in the previous years:
Revenues:
- Premiums and other considerations amounted to $6,470.9 million in 2023, showing an increase from $5,339.7 million in 2022 and $4,841.5 million in 2021.
- Fees and other revenues recorded $4,095.9 million in 2023, slightly lower compared to $4,137.8 million in 2022 and significantly lower than $5,041.3 million in 2021.
- Net investment income stood at $4,091.9 million in 2023, marking an increase from $3,838.5 million in 2022 and $4,429.6 million in 2021.
- Total revenues for 2023 amounted to $13,665.8 million, down from $17,536.1 million in 2022 but up from $14,427.8 million in 2021.
Expenses:
- Benefits, claims, and settlement expenses totaled $7,788.2 million in 2023, showing an increase from $6,631.3 million in 2022 and $7,258.2 million in 2021.
- Operating expenses were $5,072.1 million in 2023, higher than $4,962.2 million in 2022 and $5,070.0 million in 2021.
- Total expenses for 2023 amounted to $12,927.0 million, up from $11,549.1 million in 2022 and $12,516.9 million in 2021.
Net Income:
- Income before income taxes was $738.8 million in 2023, a decrease from $5,987.0 million in 2022 but an increase from $1,910.9 million in 2021.
- Net income for 2023 stood at $670.1 million, down from $4,797.5 million in 2022 but up from $1,627.0 million in 2021.
- Net income attributable to the Principal Financial Group, Inc. was $623.2 million in 2023, lower than $4,756.9 million in 2022 but higher than $1,580.2 million in 2021.
Earnings per Common Share:
- Basic earnings per common share in dollars per share were $2.58 in 2023, a decrease from $18.94 in 2022 and $5.87 in 2021.
- Diluted earnings per common share in dollars per share were $2.55 in 2023, a decrease from $18.63 in 2022 and $5.79 in 2021.
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