Principal Financial Sees 18%-20% Growth In 2021 Non-GAAP Operating EPS

(RTTNews) - Principal Financial Group (PFG) expects 18%-20% growth in 2021 total company non-GAAP operating earnings per share compared to 2020 on a reported basis; 8-10% growth in earnings per share excluding significant variances in both periods; and $1.4 billion -$1.8 billion of capital deployments, including $600 million -$800 million of share repurchases.

The company said it estimates 300,000 U.S. COVID-19 related deaths in 2021, heavily weighted to the first quarter. COVID-19 sensitivity implies an estimated $(40) million pre-tax and $(30) million after-tax impact to full year total company non-GAAP operating earnings from the direct mortality and morbidity impacts.