Segment assets under management were a record $212.0 billion as of Dec. 31, 2012, compared to $179.8 billion as of Dec. 31, 2011, reflecting asset appreciation and strong net cash flows from Full Service Accumulation and Principal Funds.
Principal Global InvestorsSegment operating earnings for fourth quarter 2012 were $26.2 million, up strongly from $17.5 million in the prior year quarter, primarily due to an increase in assets under management and the year ago quarter having one-time acquisition costs.
Operating revenues for fourth quarter were $168.0 million, compared to $151.8 million for the same period in 2011, primarily a result of higher management and transaction fees.
Unaffiliated assets under management were a record $98.2 billion as of Dec. 31, 2012, compared to $82.4 billion as of Dec. 31, 2011 as a result of strong net cash flows and strong investment performance.Principal InternationalSegment operating earnings were $45.1 million in fourth quarter 2012, compared to $50.1 million in the prior year quarter. Fourth quarter 2011 benefited from $10.4 million of one-time earnings. Operating revenues were $265.8 million for fourth quarter 2012, compared to $255.6 million for the same period last year primarily due to 31 percent growth in assets under management, which were partially offset by one-time revenues in the year ago quarter. Segment assets under management were a record $69.3 billion as of Dec. 31, 2012, compared to $52.8 billion as of Dec. 31, 2011. This includes a record $9.3 billion of net cash flows for the full year, or 18 percent of beginning of the year assets under management. U.S. Insurance SolutionsSegment operating earnings for fourth quarter 2012 were $59.4 million, compared to $52.8 million for the same period in 2011. Individual Life earnings were $27.8 million in the fourth quarter 2012 compared to $27.2 million in fourth quarter 2011. Specialty Benefits earnings were $31.6 million in fourth quarter 2012, up 23 percent from $25.6 million in the same period a year ago primarily due to favorable claims experience in the current quarter. Segment operating revenues for fourth quarter 2012 were $779.7 million compared to $737.9 million for the same period a year ago.
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