- Principal Financial Group reported strong third quarter 2013 earnings results, with operating earnings per share of $0.90.
- The company uses non-GAAP measures to evaluate performance in addition to GAAP measures, and provides reconciliations between the two.
- Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.
- Key metrics showed strong investment performance across mutual funds and separate accounts, with over 80% in the top two quartiles over various periods.
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
2. Use of Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of performance, financial position, or cash flows that
includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP.
The company uses a number of non-GAAP financial measures that management believes are useful to investors
because they illustrate the performance of the company’s normal, ongoing operations which is important in
understanding and evaluating the company’s financial condition and results of operations. While such measures
are also consistent with measures utilized by investors to evaluate performance, they are not, however, a
substitute for U.S. GAAP financial measures. Therefore, on our investor relations website, the company has
provided reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP
financial measure. The company adjusts U.S. GAAP financial measures for items not directly related to ongoing
operations. However, it is possible these adjusting items have occurred in the past and could recur in future
reporting periods. Management also uses non-GAAP financial measures for goal setting, as a basis for
determining employee and senior management awards and compensation, and evaluating performance on a
basis comparable to that used by investors and securities analysts.
The company also uses a variety of other operational measures that do not have U.S. GAAP counterparts, and
therefore do not fit the definition of non-GAAP financial measures. Assets under management is an example of
an operational measure that is not considered a non-GAAP financial measure.
2
Posted on PFG website: 10/25/2013
3. Forward Looking Statements
Certain statements made by the company which are not historical facts may be considered forward-looking statements,
including, without limitation, statements as to operating earnings, net income available to common stockholders, net
cash flows, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and
management's beliefs, expectations, goals and opinions. The company does not undertake to update these statements,
which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate.
Future events and their effects on the company may not be those anticipated, and actual results may differ materially
from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or
contribute to such material differences are discussed in the company's annual report on Form 10-K for the year ended
Dec. 31, 2012, and in the company’s quarterly report on Form 10-Q for quarter ended June 30, 2013, filed by the
company with the Securities and Exchange Commission, as updated or supplemented from time to time in subsequent
filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may
significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; continued difficult
conditions in the global capital markets and the economy generally; continued volatility or further declines in the equity
markets; changes in interest rates or credit spreads; the company’s investment portfolio is subject to several risks that
may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation
of securities may include methodologies, estimations and assumptions that are subject to differing interpretations; the
determination of the amount of allowances and impairments taken on the company’s investments requires estimations
and assumptions that are subject to differing interpretations; gross unrealized losses may be realized or result in future
impairments; competition from companies that may have greater financial resources, broader arrays of products, higher
ratings and stronger financial performance; a downgrade in the company’s financial strength or credit ratings; inability to
attract and retain sales representatives and develop new distribution sources; international business risks; the
company’s actual experience could differ significantly from its pricing and reserving assumptions; the company’s ability
to pay stockholder dividends and meet its obligations may be constrained by the limitations on dividends or distributions
Iowa insurance laws impose on Principal Life; the pattern of amortizing the company’s DAC and other actuarial balances
on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may
change; the company may need to fund deficiencies in its “Closed Block” assets that support participating ordinary life
insurance policies that had a dividend scale in force at the time of Principal Life’s 1998 conversion into a stock life
insurance company; the company’s reinsurers could default on their obligations or increase their rates; risks arising from
acquisitions of businesses; changes in laws, regulations or accounting standards; a computer system failure or security
breach could disrupt the company’s business, and damage its reputation; results of litigation and regulatory
investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and
as a result it may owe additional taxes, interest and penalties in amounts that may be material; fluctuations in foreign
currency exchange rates; and applicable laws and the company’s certificate of incorporation and by-laws may
discourage takeovers and business combinations that some stockholders might consider in their best interests.
3
Posted on PFG website: 10/25/2013
4. 3Q13 Earnings Call Key Themes
•
Another strong quarter leading to year-to-date earnings of $2.60 per share
•
Globally diversified business model working; positions us for long-term growth
•
Net revenue growth and expense discipline leads to margin expansion and
earnings growth
•
Onboarding of Cuprum is complete
•
ROE improvement to 12% as we grow earnings and manage equity base
•
Strategic capital deployment:
•
Paid 3Q13 dividend of 26-cents, 13% increase over 2Q13
•
Announced 4Q13 dividend of 26-cents, bringing the total amount paid in
2013 to 98-cents, our highest annual dividend on record.
4
Posted on PFG website: 10/25/2013
5. Strong Investment Performance Continues
Morningstar rankings of Principal mutual funds, separate accounts and CITs
Percentage of funds in the top two quartiles
Represents $133 billion assets under management of which 76% is managed by PGI boutiques
90%
86%
GOAL:
ABOVE
60%
63%
87%
80%
62%
58%
67% 67%
Sept. 30, 2012
Jun. 30, 2013
Sept. 30, 2013
1-Year
3-Year
5-Year
Principal “I” shares; if no “I” share class then “A” share class; separate accounts use “R6” rate level; Includes Principal mutual funds,
separate accounts and collective investment trusts (CITs); Excludes money market, stable value and U.S. Property separate account.
5
Posted on PFG website: 10/25/2013
6. Operating Earnings Normalizing Items
After normalizing, 3Q13 EPS is up 26% compared to a year ago
Per diluted share
Operating Earnings
3Q12
$0.48
3Q13
$0.90
Normalizing items:
Actuarial Assumption Review
Lower than expected returns on encaje investment
+0.26
--
-+0.03
Total of normalizing items
$0.26
$0.03
$0.74
$0.93
Normalized Operating Earnings
Up 26%*
*Adjusting for Cuprum, normalized operating earnings per diluted share were up 20%.
6
Posted on PFG website: 10/25/2013
7. Encaje
What is encaje: Our investment in the
underlying funds of our mandatory pension
operations in Chile and Mexico as required
by local regulations.
3Q13 Encaje Calculations*
Amounts US$M
unless otherwise stated
Chile**
Financial obligation:
Mexico
Mexico
Proxy
AUM ($B)
Chile**
Expected
Proxy
Expected
$32.4
$32.4
$11.5
$11.5
Chile: Investment of 1.0% of each fund.
•
Change in value of these investments
reported through net investment income
1.0%
1.0%
0.8%
0.8%
Encaje investment ($M)
324.0
324.0
92.0
92.0
-2.09%
2.125%
2.39%
1.875%***
Encaje return
-6.8
6.9
2.2
1.7
93.7%
93.7%
100%
100%
Mexico: Investment of 0.8% of each fund.
•
Investment requirement
Ownership %
•
Quarterly return %
How to track it: A proxy for the quarterly
returns can be found by tracking the following:
PFG impact (pre-tax)
-6.3
6.5
2.2
1.7
Tax rate
20%
20%
30%
30%
PFG impact (post-tax)
-5.1
5.2
1.5
1.2
•
Operating earnings differential
Chile: Cuprum Investment C found on
the Pension Superintendent’s local
website:
http://www.spensiones.cl/safpstats/stats/apps/vcuofo
n/vcfAFP.php?tf=C
•
7
Mexico: AFORE Investment APRINB3
found on http://www.bloomberg.com
Posted on PFG website: 10/25/2013
-10.3
0.3
*These calculations are a proxy which closely tracks the actual financial impact for
the quarter.
**Cuprum is on a one month reporting lag.
***The expected quarterly rate changed to reflect net returns.
8. Retirement and Investor Services
Accumulation
Net Revenue ($m)
Operating Earnings
After-tax ($m)
700
600
500
581
$131.0
Change
300
$116.6
Adjusted 3Q12*
400
$150.7
3Q12
512
3Q13
$19.7 (+15%)
• Growth in the underlying business, equity
market performance and diligent expense
management
200
100
0
3Q12
3Q13
On a trailing twelve month basis:
• Net revenue up 15%
• Pretax return on net revenue of 31%
• Solid net cash flow & equity markets led to
growth in average account values
• Sales of $4.7B in Principal Funds spread
across multiple asset types
*Excludes impact of 3Q12 assumption review; Change calculated with respect to adjusted numbers.
8
Posted on PFG website: 10/25/2013
9. Retirement and Investor Services
Guaranteed
Net Revenue ($m)
45
40
37
Operating Earnings
After-tax ($m)
40
35
3Q13
$22.2
30
3Q12
$20.9
25
Change
$1.3 (+6%)
20
15
• Investment Only net revenue
increased on a lower asset base due
to improved spread
10
5
0
3Q12
3Q13
On a trailing twelve month basis:
• Net revenue up 11%
• Pretax return on net revenue of 80%
9
Posted on PFG website: 10/25/2013
• Full Service Payout earnings were
negatively impacted by mortality
fluctuation
• Issued $350M five-year medium
term note
10. Principal Global Investors
Revenue ($m)
180
160
140
120
100
80
60
40
20
0
144
161
3Q13
$23.1
3Q12
$20.6
Change
$2.5 (+12%)
• Margin improvement as we build scale
3Q12
3Q13
On a trailing twelve month basis:
• Revenue is up 13%
• Pretax margin of 26%
10
Operating Earnings
After-tax ($m)
Posted on PFG website: 10/25/2013
• Record unaffiliated assets under
management of $106 billion
• Positive NCF reflects strong deposits
across multiple asset classes
11. Principal International
Combined* Net Revenue ($m)
327
43
350
300
273
Reported OE
After-tax ($m)
3Q13
Adjusted** 3Q13
150
284
$37.0
Change
200
$60.8
3Q12
250
$50.7
$23.8 (+64%)
100
50
•
0
3Q12
3Q13
OE (xCuprum) up 2% on constant FX
•
Solid results despite macroeconomic
headwinds
•
Continue to invest for growth
•
AUM of $103 billion reflects flat markets
with negative FX offsetting positive NCF
Cuprum
On a trailing twelve month combined basis:
• Adjusted*** net revenue is up 8%
• Pretax return on net revenue of 55%
*Combined basis includes all Principal International companies at 100%.
**Lower than expected returns on encaje investment. Change calculated with respect to adjusted number.
***Excluding impact of Cuprum and the impact of Brasilprev 13th month.
11
Posted on PFG website: 10/25/2013
12. Individual Life
Premium and Fees ($m)
235
Operating Earnings
After-tax ($m)
233
230
3Q13
$22.3
225
3Q12
$(37.9)
Adjusted*
3Q12
$25.0
Change
$(2.7) (-11%)
219
220
216
215
210
205
3Q12
3Q12
Adjusted*
3Q13
On a trailing twelve month basis:
• Adjusted* premium and fees up 5%
• Pretax operating margin of 13%
• Adverse mortality in the quarter due
to higher severity
• Low interest rates continue to be
headwind to earnings growth
• Business market represents 55% of
sales for the year
*Excludes impact of 3Q12 assumption review; Change calculated with respect to adjusted numbers.
12
Posted on PFG website: 10/25/2013
13. Specialty Benefits
Premium and Fees ($m)
400
380
360
340
320
300
280
260
240
220
200
361
Operating Earnings
After-tax ($m)
372
3Q13
$31.7
3Q12
$16.3
Adjusted*
3Q12
$18.2
Change
$13.5 (+74%)
• Favorable claims experience across all
products and growth in the business
3Q12
3Q13
On a trailing twelve month basis:
• Premium and fees up 4%
• Pretax operating margin of 11%
• Loss Ratio of 65.9%
• Unfavorable claim experience in the
year ago quarter
• Overall quarterly loss ratio of 65.3% is
at low end of targeted range 65-71%
*Excludes impact of 3Q12 assumption review; Change calculated with respect to adjusted numbers.
13
Posted on PFG website: 10/25/2013
14. Capital Deployment
•
Still expect to deploy $400M-600M in 2013
•
More than $480M already allocated for the year
̶
$288M (23 cents in 1Q & 2Q, 26 cents in 3Q & 4Q) in common stock
dividends
̶
̶
$150M share repurchases ($55M remaining on current authorization*)
$44M Liongate acquisition
*as of 9/30/13.
14
Posted on PFG website: 10/25/2013