Principal Financial Group, Inc. (PFG) Q1 2023 Earnings Call Transcript

Principal Financial Group, Inc. (NASDAQ:PFG) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET

Company Participants

Humphrey Lee - VP & Head, IR

Daniel Houston - Chairman, CEO & President

Deanna Strable - EVP & CFO

Patrick Halter - President & CEO, Principal Asset Management

Amy Friedrich - President, United States Insurance Solutions

Christopher Littlefield - President, Retirement & Income Solutions

Conference Call Participants

Ryan Krueger - KBW

Jimmy Bhullar - JPMorgan Chase & Co.

John Barnidge - Piper Sandler & Co.

Michael Ward - Citigroup

Joshua Shanker - Bank of America Merrill Lynch

Alexander Scott - Goldman Sachs Group

Tracy Dolin-Benguigui - Barclays Bank

Suneet Kamath - Jefferies

Wesley Carmichael - Wells Fargo Securities

Thomas Gallagher - Evercore ISI

Erik Bass - Autonomous Research

Operator

Good morning, and welcome to the Principal Financial Group First Quarter 2023 Financial Results Conference Call. [Operator Instructions].

I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.

Humphrey Lee

Thank you, and good morning. Welcome to Principal Financial Group's First Quarter 2023 Conference Call. As always, material related to today's call are available on our website at investors.principal.com. In addition to our earnings call materials, we included additional details of our commercial real estate exposure in our slide presentation. As a reminder, financial results are now reported under the long-duration targeted improvements accounting guidance, or LDTI. Historical results have been recast, and are also available on our website.

Following a reading of the safe harbor provision, CEO, Dan Houston; and CFO, Deanna Strable, will deliver some prepared remarks. We will then open up the call for questions. Others available for Q&A include Chris Littlefield, Retirement and Income Solutions; Pat Halter, Asset Management; and Amy Friedrich, Benefits and Protection.

Some of the comments made during this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The company does not revise or update them to reflect new information, subsequent events or changes in strategy. Risks and uncertainties that could cause actual results to differ materially from those expressed or implied are discussed in the company's most recent annual report on Form 10-K filed by the company with the U.S. Securities and Exchange Commission. Additionally, some of the comments made during this conference call may refer to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures may be found in our earnings release, financial supplement and slide presentation. Dan?