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TheStreet Open House

Principal Financial Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: PFG

Following the 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 your questions. Others available for the Q&A are Dan Houston, Retirement and Investor Services and U.S. Insurance Solutions; Jim McCaughan, Principal Global investor; Luis Valdez, Principal International; and Julia Lawler, our 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.

I'd also like to remind everyone that our 2012 Investor Day will be held Friday morning, September 21, in New York. Details to follow closer to the event.

Now I'd like to turn the call over to Larry.

Larry Donald Zimpleman

Thanks, John, and welcome to everyone on the call. As usual, I'll comment on 3 areas: First, I'll briefly discuss first quarter 2012 results. Second, I'll provide an update on the continued successful execution of our strategy, and I'll close with some comments about our capital deployment strategy. Then Terry will cover the financial results in more detail.

As John mentioned, we provided slides related to today's call. Slide 4 outlines the key themes for the quarter.

First quarter with was a solid start to the year as we saw a strong growth across all businesses, along with a strategic acquisition in Claritas and effective capital deployment. Total company operating earnings were $213 million, and we ended the quarter with record assets under management of $364 billion.

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