Business Context and Reporting Period
This Form 8-K is a Regulation FD disclosure filed by Principal Financial Group, Inc. on July 20, 2023. The report provides Assets Under Management (AUM) data for the quarter ended June 30, 2023, prior to the release of the company's quarterly earnings.
Key Financial Metrics
The filing focuses exclusively on AUM figures and does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
- Total AUM (as of June 30, 2023): $674.2 billion
- Principal Global Investors AUM: $485.8 billion
- Principal International AUM: $174.4 billion (translated to U.S. dollars)
- Principal Asset Management AUM (Marketing Definition): $525.2 billion
Note: Principal Asset Management AUM excludes assets for entities where the Company is a minority owner and assets excluded due to regulatory requirements. This figure is not intended for modeling purposes.
Material Changes
The filing text does not provide comparative data for the prior period; therefore, material changes versus the prior comparable period cannot be determined from this document.
Outlook, Risks, and Management Commentary
Management highlighted specific portfolio exposures relevant to market conditions:
- Equity Exposure: Significant exposure to small and mid-cap products in U.S. equity AUM.
- Fixed Income Exposure: Exposure to high yield and preferred securities.
- Market Context: Management noted the importance of these exposures during times of market dislocations and wider dispersion of returns.
The full financial supplement containing these AUM figures in the standard format is expected to be posted to the investor relations website on or about July 27, 2023.
Investor Verification Checklist
- Verify the upcoming quarterly earnings release for detailed revenue and profit metrics not included in this 8-K.
- Review the financial supplement (expected July 27, 2023) for the standardized AUM breakdown.
- Assess the impact of small/mid-cap equity and high-yield fixed income exposures on portfolio performance given current market volatility.
- Confirm the distinction between Total AUM ($674.2B) and the marketing-defined Principal Asset Management AUM ($525.2B) when analyzing growth.