Earnings Call Insights: Principal Financial Group (PFG) Q3 2025
Management View
* Deanna Strable, President, CEO & Chair of the Board, highlighted "13% adjusted earnings per share growth year-over-year and 14% year-to-date above our target range," noting that "our return on equity expanded significantly the last year and is now at
Management states asset management flows are high quality and long-term, and investment discipline is being maintained, suggesting sustainability of recent positive trends.
Earnings and margin expansion are driven by strong results in Specialty Benefits, Retirement & Income Solutions, higher AUM, positive net cash flow, disciplined expense and investment strategy, and favorable underwriting.
Management emphasizes robust underwriting discipline, stable credit portfolio, and clarifies actuarial assumption review impacts do not affect free capital; acknowledges analyst concerns over competition and asset class quality but expresses high confidence in strategy.