Financial Data and Key Metrics Changes - Adjusted non-GAAP earnings per share growth in 2024 was 11%, driven by strong top-line growth across the enterprise and market tailwinds, offsetting foreign currency impacts [23][24] - Total company assets under management reached over $700 billion, up 3% from 2023 [24] - The company ended the year with $1.6 billion of excess and available capital, including approximately $830 million at the holding company above the targeted level [24][25] - The return on equity (ROE) improved by 90 basis points year over year, with a target of 14% to 16% for 2025 [26] Business Line Data and Key Metrics Changes - The retirement ecosystem is a strategic focus, extending beyond recordkeeping to include asset management, participant advice, and income solutions [21] - Small and mid-sized businesses (SMBs) are identified as key growth drivers, with the company having solutions tailored to their needs [22] - Global asset management efforts are being enhanced through private capabilities and joint venture partnerships [22] Market Data and Key Metrics Changes - The company reported strong market performance despite volatility, which helped offset foreign currency headwinds and net cash flow [24] - The focus on SMBs aligns with their significant role in job creation and economic contribution in the U.S. [22] Company Strategy and Development Direction - The company is committed to a growth strategy centered on the retirement ecosystem, SMBs, and global asset management, which are seen as high-growth opportunities [21][22] - The leadership transition to CEO Deanna Strehbel is aimed at building upon the previous strategic agenda and enhancing value for customers, employees, and shareholders [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and its ability to capitalize on market opportunities [23] - The company is well-positioned for continued strength and growth, with a focus on disciplined execution of its strategic areas [21] Other Important Information - The company returned $1.7 billion of capital to shareholders in 2024, including share buybacks and a 10% increase in the annual common stock dividend [26] - A new share repurchase program for $1.5 billion was approved, in addition to nearly $800 million remaining from the previous authorization [26] Q&A Session Summary Question: Were there any questions regarding the proposals on the ballot? - There were no questions pertaining to the proposals, and all other questions would be addressed at the end of the meeting [16][18] Question: Any closing comments from management? - There were no further questions, and the business portion of the meeting was adjourned [29][30]
Principal Financial(PFG) - 2025 FY - Earnings Call Transcript