Principal Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
For the year, the company's operating revenues were $1,444.4 million against $1,387.1 million a year ago. Pre-tax operating earnings were $330.0 million against $288.1 million a year ago. Net income available to common stockholders was $2,310.4 million or $7.88 per share against $1,316.5 million or $4.50 per share a year ago. Non-GAAP operating earnings were $1,478.6 million or $5.04 per share against $1,331.1 million or $4.55 per share a year ago. Non-GAAP pre-tax operating earnings were $1,873.7 million against $1,668.7 million a year ago.
For the year 2018, the company's effective tax rate ranges due to the Tax Cuts and Jobs Act is provided as: U.S. GAAP total company net income effective tax rate of 14% to 17%; total company non-GAAP operating earnings effective tax rate of 18% to 21%; and all other non-tax 2018 guided ranges remain unchanged from the 2018 outlook call held in December 2017.