Principal Financial Group, Inc. (PFG) Q4 2022 Earnings Call Transcript

Principal Financial Group, Inc. (NASDAQ:PFG) Q4 2022 Earnings Conference Call January 31, 2023 10:00 AM ET

Company Participants

Humphrey Lee – Vice President-Investor Relations

Dan Houston – Chief Executive Officer

Deanna Strable – Chief Financial Officer

Pat Halter – Global Asset Management

Chris Littlefield – Retirement and Income Solutions

Amy Friedrich – U.S. Insurance Solutions

Conference Call Participants

John Barnidge – Piper Sandler

Jimmy Bhullar – J.P. Morgan

Suneet Kamath – Jefferies

Tracy Benguigui – Barclays

Erik Bass – Autonomous Research

Alex Scott – Goldman Sachs

Ryan Krueger – KBW

Josh Shanker – Bank of America

Operator

Good morning, and welcome to the Principal Financial Group Fourth Quarter 2022 Financial Results Conference Call. There will be a question-and-answer period after the speakers have completed their prepared remarks. [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 fourth quarter and full year 2022 conference call. As always, materials related to today's call are available on our website at investors.principal.com. Following a reading of the safe harbor provision, CEO, Dan Houston; and CFO, Deanna Strable, will deliver some prepared remarks. Dan will open the call for questions. Others available for Q&A include Chris Littlefield, Retirement and Income Solutions; Pat Halter, Global Asset Management; and Amy Friedrich, U.S. Insurance Solutions.

Some of the comments made during this conference call may contain forward-looking statements within the meaning of 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. Reconciliation 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.

Our 2023 outlook call is scheduled for Thursday, March 2, where we will share enterprise and business unit 2023 and longer term guidance. On Wednesday, March 1, we plan to release a recast fourth quarter 2022 financial supplement. It will include the impacts of the targeted improvements for long-duration insurance contract accounting guidance, or LDTI, which goes into effect with our first quarter 2023 reporting. Dan?