Principal Financial Group Inc PFG
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Good morning, and welcome to the Principal Financial Group First Quarter 2013 Financial Results Conference Call. There will be a question-and-answer period after the speakers have completed their prepared remarks. We would ask that you be respectful of others and limit your questions to one and a follow-up, so we can get to everyone in the queue.

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

John Egan - VP, IR: Thank you, and good morning. Welcome to the Principal Financial Group's first quarter earnings conference call. As always, our earnings release, financial supplement, slides related to today's call and additional investment portfolio detail are available on our website at

Following a reading of the Safe Harbor provision CEO, Larry Zimpleman; and CFO, Terry Lillis, will deliver some prepared remarks. Then we will open up the call for questions. Others available for the Q&A are Dan Houston, Retirement and Investor Services and U.S. Insurance Solutions; Jim McCaughan, Principal Global Investors; Luis Valdes, Principal International; and Tim Dunbar, Chief Investment Officer.

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 Securities and Exchange Commission.

Before I turn the call over to Larry, I'd like to announce that our 2013 Investor Day will be on September 13th at the New York Stock Exchange, where we will discuss progress on our long-term strategy and provide an update on our recent acquisitions. We will provide more details as we get closer to the date.

Now to Larry.

Larry D. Zimpleman - Chairman, President and CEO: Thanks, John and welcome to everyone on the call. As usual, I'll comment on three areas; first, I'll discuss first quarter results; second, I'll provide an update on the continued successful execution of our strategy; and I'll close with some comments on capital management.

As John mentioned, we provided slides related to today's call. Slide 4 outlines the themes for today's call. 2013 is off to a very good start and as we continue the positive momentum that we had throughout 2012.

Reported total company operating earnings increased 8% over first quarter 2012 with quarterly earnings per share up 11% over the prior year quarter, reflecting strong execution by our teams. Despite continued macroeconomic pressure such as low interest rates, a slow job market recovery and depreciation of emerging market currencies, the fundamentals of our business remains strong. Our investment management plus strategy is more relevant than ever as people realize the need to take more control of their financial security in this era of personal responsibility.

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