Adjusted non-GAAP earnings excluding significant variances were $469 million or $2.07 per share, an 18% increase in EPS over 2024.
Life insurance sales were strong with record nonqualified sales, but pretax operating earnings declined due to higher mortality.
Net cash flow was negative $2.6 billion in the quarter, an improvement sequentially driven by positive net cash flow from global institutional clients.
Non-GAAP operating ROE, excluding AAR, was 14.9%, improving 170 basis points compared to the year-ago period.
Principal Asset Management sales were $33 billion, up 19% over the prior year quarter.
Reported non-GAAP operating earnings were $489 million, up 27% year over year, and EPS was $2.16, up 33%.
Retirement Solutions sales were $6 billion, up 7% year over year.
Revenue growth, strong margin and expense discipline supported results, alongside a lower effective tax rate and share repurchases.
Second quarter reported net income excluding exited business was $432 million with minimal credit losses of $17 million.
Specialty Benefits earnings grew 10% with margin expansion of 100 basis points.
Total company managed AUM reached $753 billion, a 5% increase over the sequential quarter and 8% over 2024.
Dafinchi