By Josh Beckerman
Principal Financial Group Inc. said fourth-quarter operating
earnings rose 13% as it posted increases in revenue and assets
under management.
The provider of insurance and retirement plans also increased
its quarterly dividend to 36 cents, from 34 cents.
Principal has benefited from international expansion, including
its $1.51 billion acquisition of Chilean pension manager Cuprum SA
in 2013. In November, Principal said it would buy AXA SA's pension
business in Hong Kong for about $335 million.
The company said it is "well positioned for continued growth in
2015 and beyond."
The company said operating earnings, which exclude capital gains
and losses, rose to $324 million, or $1.09 a share, from $286
million, or 96 cents a share, a year earlier.
Operating revenue rose to $2.96 billion, from $2.74 billion.
Principal Financial's net income available to common
shareholders increased to $270.4 million, or 91 cents a share, from
$233.4 million, or 78 cents a share.
Analysts polled by Thomson Reuters expected per-share operating
profit of $1.04 and revenue of $2.58 billion.
Assets under management were $519.3 billion at the end of the
quarter.
Write to Josh Beckerman at josh.beckerman@wsj.com
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