Principal Financial Group has reported operating earnings of $255.6m for first quarter 2010, compared to $164m for first quarter 2009. Operating earnings per diluted share (EPS) for first quarter 2010 were $0.79 compared to $0.63 for the same period in 2009.
Operating revenues for first quarter 2010 were $2.33bn compared to $2.26bn for the same period of 2009. Reported net income available to common stockholders of $190.8m, or $0.59 per diluted share for the three months ended March 31, 2010, compared to $112.8m, or $0.43 per diluted share for the three months ended March 31, 2009. Assets under management (AUM) were $293.4bn for first quarter of 2010, compared to $236.6bn previous year.
Larry Zimpleman, chairman, president and CEO of Principal Financial, said: First quarter was a very solid start to the year, as we continue to position the company for sustainable, profitable growth as the recovery builds over time. We delivered significant improvement in operating earnings, EPS, net income, AUM and book value per share, reflecting improved credit and equity market conditions, and our ongoing discipline around expenses and the investment portfolio.