Principal Financial(US:PFG)2024-02-13 15:09Financial Performance - Full year 2023 non-GAAP EPS, excluding significant variances, increased by 6% to $6.92, reaching the top end of the 3-6% guidance[14] - Q4 2023 non-GAAP EPS, excluding significant variances, increased 11% from Q4 2022 to $1.81[6] - Reported non-GAAP operating earnings for full year 2023 were $1,603 million, a decrease of 1% compared to FY 2022[1] - Assets under management (AUM) managed by PFG reached $695 billion, a 9% increase compared to 2022[1] Capital Deployment and Liquidity - The company returned $1.3 billion of capital to shareholders in 2023, including $0.7 billion in share repurchases and $0.6 billion in common stock dividends ($2.60 per share)[1, 29] - Excess and available capital stood at $1.7 billion, with $935 million at the Hold Co level[1] - The company announced a new share repurchase authorization of $1.5 billion[29] - The company is targeting $1.5 - $1.8 billion of capital deployments in 2024, including $0.8 - $1.1 billion of share repurchases and a 40% dividend payout ratio[23] Business Segment Highlights - RIS (Retirement and Income Solutions) total recurring deposits increased 12% vs 4Q22[19] - Specialty Benefits premium and fees increased 9% vs both 4Q22 and FY 2022[9, 45] - Principal International combined net revenue (at PFG share) for 4Q23 was $266.3 million[130]