Principal Financial Group Inc (NASDAQ:PFG) stock fell 2.61% (As on January 31, 11:05:59 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Non-GAAP net income attributable to PFG excluding loss from exited business for fourth quarter 2022 of $504.4 million, compared to $471.8 million in the prior year quarter. RIS – Spread sales of $1.3 billion, including $0.8 billion of pension risk transfer sales. Specialty Benefits premium and fees increased 11% from the fourth quarter of 2021, with more than half of the growth from net new business. Non-GAAP operating earnings for fourth quarter 2022 of $422.3 million, or $1.70 per diluted share, compared to $498.4 million for fourth quarter 2021 or $1.85 per diluted share, in the prior year quarter. The company has $1.5 billion of excess and available capital in our holding companies and other subsidiaries, which is available for corporate purposes. Statutory risk-based capital (RBC) ratio for Principal Life Insurance Company of 406%

PFG in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.70, beating the analysts’ estimates for the adjusted earnings per share of $1.52, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $3.62 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $3.33 billion. Retirement and Income Solutions – Fee Pre-tax operating earnings increased $2.8 million as a reduction in operating expenses offset revenue pressure. Individual Life Insurance Pre-tax operating earnings decreased $2.8 million as lower net investment income was largely offset by improved claims experience. Principal Global Investors Pre-tax operating earnings decreased $54.2 million primarily due to lower operating revenues less pass-through expenses.

Additionally, the company has declared Quarterly common stock dividend of $0.64 per share for first quarter 2023 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.56 per share, a 2% increase compared to the prior year trailing twelve-month period. The dividend will be payable on Mar. 31, 2023, to shareholders of record as of Mar. 15, 2023. During ourth quarter, the company has deployed more than $600 million of capital during the fourth quarter, including more than $400 million of capital returned to shareholders, that includes $250.3 million to repurchase 2.9 million shares of common stock; and $156.2 million of common stock dividends with the $0.64 per share common dividend paid in the fourth quarter