Principal Financial Group Earnings: Assets Under Management Hit a Record

S&P 500 (NYSE:SPY) component Principal Financial Group, Inc. (NYSE:PFG) reported its results for the first quarter. Principal Financial Group Inc. promotes investment, saving, and insurance products and services in the U.S. and some international markets.

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Principal Financial Group Earnings Cheat Sheet for the First Quarter

Results: Net income for the asset management company rose to $196.3 million (60 cents/share) vs. $190.8 million (59 cents/share) a year earlier.

Revenue: Stood at $2.22 billion YoY.

Actual vs. Wall St. Expectations: The range of estimates for PFG was 68 cents per share to 72 cents per share with a mean of 71 cents/share.

Quoting Management: “The Principal had a very solid start to 2011, including record total company assets under management, record Principal Funds sales and strong net cash flows from Principal International, Full Service Accumulation and Principal Funds,” said Larry D. Zimpleman, chairman, president and chief executive officer of Principal Financial Group, Inc. “With the continued successful execution of our strategy and signs of a recovering economy, we expect growth across our businesses to accelerate in the quarters ahead.”

Competitors to Watch: Unum Group (NYSE:UNM), AFLAC Incorporated (NYSE:AFL), American Independence Corp. (NASDAQ:AMIC), CIGNA Corporation (NYSE:CI), WellPoint, Inc. (NYSE:WLP), Universal American Corp. (NYSE:UAM), Humana Inc. (NYSE:HUM), HealthMarkets, Inc. (NYSE:UCI), Citizens Financial Corp. (CFIN), and Triple-S Management Corp. (NYSE:GTS)

Stock Performance: Shares of PFG are down 0.56% from the previous close.

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