Business Context and Reporting Period
This Form 8-K is a Regulation FD disclosure filed by Principal Financial Group, Inc. on January 25, 2024. The report provides Assets Under Management (AUM) data as of December 31, 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 Dec 31, 2023): $694.5 billion
- Principal Global Investors AUM: $499.5 billion
- Principal International AUM: $180.4 billion (translated to U.S. dollars)
- Principal Asset Management AUM: $540.4 billion (defined for marketing purposes, excluding minority-owned entities and regulatory exclusions)
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, Commentary, and Risks
Management Commentary: The company highlights exposure to small and mid-cap products in U.S. equity AUM and high yield and preferred securities in fixed income AUM, noting these are relevant during market dislocations and wider return dispersion.
Unusual Items/Notes: The "Principal Asset Management AUM" figure ($540.4 billion) is explicitly stated as not intended for modeling purposes. Principal International AUM is translated using end-of-period spot foreign exchange rates.
Future Events: The company expects to post a financial supplement for the quarter ended December 31, 2023, on or about February 12, 2024.
Investor Verification Checklist
- Verify the upcoming quarterly earnings release and financial supplement scheduled for approximately February 12, 2024.
- Confirm the specific composition of the $154.1 billion difference between Total AUM ($694.5B) and Principal Asset Management AUM ($540.4B) in the full financial supplement.
- Review the impact of foreign exchange rates on the $180.4 billion reported for Principal International.
- Assess the performance of small/mid-cap equity and high-yield fixed income segments given the company's noted exposure.