Business Context and Reporting Period
This Form 8-K is a Regulation FD disclosure filed by Principal Financial Group, Inc. on January 15, 2021. The report provides quarterly Assets Under Management (AUM) data as of December 31, 2020, prior to the release of the company's full quarterly earnings.
Key Financial Metrics
The filing focuses exclusively on AUM by asset manager. No revenue, profit, cash flow, margin, debt, or liquidity metrics are provided in this document.
| Asset Manager | AUM (as of Dec 31, 2020) |
|---|---|
| Principal Global Investors | $502.1 billion |
| Other Entities of Principal Financial Group | $162.4 billion |
Note: "Other Entities" includes Principal International, Principal Bank, insurance segment assets, and sub-advised assets within the RIS segment. International AUM is translated to U.S. dollars using end-of-period spot rates.
Material Changes
The filing text does not provide comparative data for the prior period; therefore, material changes in AUM versus the prior quarter cannot be determined from this document.
Outlook, Risks, and Management Commentary
Management highlighted specific portfolio exposures relevant during times of market dislocation and return dispersion:
- US Equity AUM: Exposure to small and mid-cap products.
- Fixed Income AUM: Exposure to high yield and preferred securities.
The company indicated that these AUM figures will be presented again in the financial supplement for the quarter ended December 31, 2020, expected to be posted on or about January 28, 2021.
Investor Verification Checklist
- Verify the total AUM figures ($502.1B and $162.4B) against the upcoming quarterly earnings release and financial supplement scheduled for late January 2021.
- Review the full earnings report for revenue, net income, and liquidity metrics, as this 8-K contains only AUM data.
- Assess the impact of the noted small/mid-cap equity and high-yield fixed income exposures on the company's performance given current market conditions.
- Confirm the foreign exchange rates used for translating Principal International AUM if analyzing international growth specifically.