Turning now to the full year, as outlined on Slide 4, overall results were solid despite the external challenges. Total company assets under management were $335 billion at the end of the year, up 5% over year end 2010. Total company earnings for 2011 improved 4% over 2010 to $878 million, the second highest operating earnings on record, driven by strong sales and enhanced efforts around client retention.Let me highlight some of the outstanding growth metrics from 2011. Full Service Accumulation full year sales of $8.4 billion were the second highest ever and were 27% higher than 2010 sales. We saw sales growth across all distribution channels and across all plan sizes. Full year net cash flows in Full Service accumulation were $3.8 billion compared to $600 million for full year 2010. This means net cash flow was 3.5%, a beginning of year account value which is close to flows prior to the financial crisis. Additionally, the pipeline has returned to precrisis levels and is up 25% compared to the same period in 2010.
Principal Financial Group's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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