S&P 500 (NYSE:SPY) component Principal Financial Group, Inc. (NYSE:PFG) reported net income above Wall Street’s expectations for the second quarter. Principal Financial Group Inc. promotes investment, saving, and insurance products and services in the U.S. and some international markets.
Principal Financial Group Earnings Cheat Sheet for the Second Quarter
Results: Net income for Principal Financial Group, Inc. rose to $258 million (80 cents per share) vs. $142.3 million (42 cents per share) in the same quarter a year earlier. This marks a rise of 92.5% from the year earlier quarter.
Actual vs. Wall St. Expectations: PFG beat the mean analyst estimate of 73 cents per share.
Quoting Management: “The Principal saw very positive results in the second quarter, contributing to a strong first half of 2011. We ended the quarter once again with record assets under management for the total company as well as in Principal International, and record account values in Retirement and Investor Services,” said Larry D. Zimpleman, chairman, president and chief executive officer of Principal Financial Group, Inc. “Despite an economic recovery that remains fragile, we continue to see strong growth and increasing earnings from our businesses.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 2.8% and in the fourth quarter of the last fiscal year, the figure rose 38.2%.
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 71 cents per share.
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), American Insurance Group (NYSE:AIG) and Triple-S Management Corp. (NYSE:GTS).
(Source: Xignite Financials)