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Principal Financial Group Q4 Revenues Down To $2.23bn

Principal Financial Group has reported revenues of $2.23bn for the fourth quarter of 2009, compared to $2.28bn for the same period last year.

The company reported operating earnings of $200.9m for fourth quarter 2009, compared to $179m for the same period last year.

For the quarter ended December 31, 2009, the company posted a net income available to common shareholders of $141.9m or $0.44 per diluted share compared to a net loss available to common stockholders of $7.5m or $(0.03) per diluted share. Assets under management (AUM) were $284.7 billion as of December 31, 2009 compared to $247bn as of December 31, 2008.

For full year 2009, the company reported revenues of $8.85bn, compared to $9.94bn for the same period last year. Net income available to common shareholders was $590m, compared to $425m in 2008.

Larry Zimpleman, chairman, president and chief executive officer of Principal Financial Group, said: “Fourth quarter was a solid finish to a very solid year for The Principal, demonstrating the resiliency of our businesses. With improved market conditions and business fundamentals, the fourth quarter was a continuation of positive trends from the past two quarters.”

“2009 was a year of strong management action to address some of the most challenging economic and market conditions in 75 years. We took the necessary actions to align expenses with revenues; we enhanced liquidity through the crisis; and we strengthened our capital position with our equity and debt capital raises.”