Principal (PFG) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, April 24, 2026 astatine 10:37 AM CDT 42 min read

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April 24, 2026 astatine 10 a.m. ET

• President and Chief Executive Officer — Deanna Strable

• Chief Financial Officer — Joel Pitz

• President, Benefits and Protection — Amy Friedrich

• President, Retirement and Income Solutions — Christopher Littlefield

• President, Principal Asset Management — Kamal Bhatia

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Deanna Strable: Thanks, Humphrey, and bully greeting to everyone connected the call. This morning, I volition sermon our beardown archetypal 4th show and the dependable execution of our strategy focused connected delivering sustained maturation crossed our diversified businesses. Joel volition past supply further details connected our fiscal results and superior position. Slide two, we delivered 13% adjusted non-GAAP net per stock maturation successful the archetypal quarter, supra the precocious extremity of our people range. This show was chiefly driven by favorable underwriting results and improved mortality wrong our Benefits and Protection business, arsenic good arsenic affirmative marketplace conditions for our fee-based businesses. This contributed to beardown gross maturation and borderline expansion.

Strong show and superior procreation enabled america to instrumentality astir $375 cardinal of superior to shareholders successful the quarter, including $200 cardinal of stock repurchases. We besides raised our communal banal dividend for the twelfth consecutive quarter, an 8% summation connected some a quarterly and trailing twelve-month basis. Taken together, these results underscore the worth of our diversified concern model. Moving to descent three, we proceed to marque advancement crossed our strategical maturation areas: the wide status ecosystem, tiny and mid-sized businesses, and planetary plus management. Within the status ecosystem, we are starting the twelvemonth with broad-based momentum.

Total status transportation deposits of $12 cardinal successful the 4th grew 35% year-over-year, and recurring deposits grew 7% implicit the aforesaid clip period. This maturation reflects our quality to triumph caller concern arsenic good arsenic clasp and turn existing clients with a broad suite of capabilities crossed recordkeeping, plus management, concern advice, and income solutions. We are increasing our subordinate basal and helping them prevention much for retirement. This is evidenced by a 3% summation successful the fig of participants deferring into their status plans compared to the year-ago quarter, with mean deferrals up implicit 3% arsenic well. Participants proceed to consolidate status savings onto our level with $1.7 cardinal of roll-ins successful the quarter.