Des Moines, Iowa-based Principal Financial Group (PFG) said Monday that it had operating earnings of $218.9 million for third quarter 2010, or 68 cents a share, vs. $219.1 million, or 68 cents a share, a year ago – a jump of 19%. This topped earnings estimates of 63 cents.
Net income was $142.2 million, or 44 cents a share, however, down from $184.7 million, or 57 cents a share, for the three months ended Sept. 30, 2009. Operating revenues for third quarter 2010 were $1,986.7 million compared to $1,961.0 million for the same period last year.
Average assets under management rose 12%, the company says, to $42.3 billion.
"Highlights for the quarter include strong net cash flow in Principal Funds, Principal Global Investors and Principal International," said Chairman, CEO and President Larry D. Zimpleman, in a press release.
The net cash flow in the third quarter was $1 billion, and “solid sales” of three key U.S. retirement and investment products: $864 million for full-service accumulation, $2.5 billion for Principal funds, and $364 million for individual annuities, the company stated in a press release.