We also had lower variable investment income in the first half of 2012 compared to the prior year period, which Terry will comment on. Despite these macroeconomic headwinds, the fundamentals of our business remain strong and we continue to see sales pipelines grow. We ended the quarter with record assets under management of $367 billion. Second quarter net cash flows were $7.3 billion, which are more than double second quarter 2011 net cash flows. And so far in 2012, we have over $15 billion in net cash flows.The sequential improvement in operating earnings demonstrates that we remained focused on execution as we strike the right balance between growth and profitability in this challenging environment. Our competitive position remains strong due to our innovative solutions, such as Total Retirement Suite for our retirement clients, voluntary benefit choices for our Specialty Benefits customers and outcome-oriented investment solutions for our mutual fund and institutional asset management clients.
Principal Financial Group Management Discusses Q2 2012 Results - Earnings Call Transcript
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