Principal Financial (PFG) Issues FY12 In-Line EPS Outlook

Principal Financial Group, Inc. (NYSE: PFG) today announced that the company expects 2012 operating earnings per diluted share (EPS) to range from $3.05 to $3.25.

The Street currently sees EPS of $3.16.

Guidance for 2012 incorporates certain assumptions including:

• An average S&P 500 Index of 1,275 in 2012, resulting in an 8 to 10 percent growth in average assets under management;
  
  
• An assumption that interest rates as of Sept. 30, 2011 remain unchanged throughout 2012;
  
  
• $800 to $900 million of total capital deployed for common stock dividend, strategic acquisitions and opportunistic share repurchase
  
  
• Resulting in a diluted weighted average common shares outstanding ranging from 300-305 million;
  
  
• An estimated operating earnings reduction of $35 to $45 million due to the new DAC guidance (ASU 2010-26) to be implemented Jan. 1, 2012; and,
  
  
• Operating losses for the corporate segment of $120 to $130 million.

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