Principal Financial Group, Inc.’s PFG second-quarter 2021 operating net income of $1.70 per share beat the Zacks Consensus Estimate by 11.1%. Moreover, the bottom line increased 16.4% year over year.Principal Financial witnessed higher revenues across its business lines and higher assets under management (AUM) offset by higher expenses.Principal Financial Group, Inc. Price, Consensus and EPS Surprise Principal Financial Group, Inc. price-consensus-eps-surprise-chart | Principal Financial Group, Inc. QuoteBehind the HeadlinesOperating revenues increased 13.6% year over year to nearly $3.6 billion, primarily due to lower premiums and other considerations, fees and other revenues and net investment income. However, the top line missed the Zacks Consensus Estimate by nearly 2.3%.Total expenses increased 18.8% year over year to $3.1 billion due to higher benefits, claims and settlement expenses as well as increased operating expenses.Principal Financial’s AUM as of Jun 30, 2021 was $990.4 billion, up 41.1% year over year.Segment UpdateRetirement and Income Solution: Revenues increased 12.9% year over year to about $1.7 billion driven by higher premiums and other considerations, fees and other revenues and net investment income.Pretax operating earnings increased 30.9% year over year to $280.2 million on account of solid performance at Retirement and Income Solution —Spread business.Principal Global Investors: Revenues of $453.7 million were up 28.6% from the prior-year quarter driven by higher fees and other revenues and net investment income.Operating earnings increased 70.1% year over year to $184.4 million primarily due higher operating revenues less pass-through expenses.Principal International: Revenues increased 10.8% year over year to $306.2 million in the quarter due to higher fees and other revenues and premiums and other considerations.Operating earnings decreased 50% year over year to $47.7 million due to unfavorable impacts from encaje performance. Further, this quarte witnessed inflation, which was partially offset by favorable variable investment income and favorable foreign currency translation.U.S. Insurance Solution: Revenues grew 8.6% year over year to $1.2 billion driven by higher premiums and other considerations, fees and other revenues and net investment income.Operating earnings of $126.6 million decreased 18.3% year over year due to poor performance at the Specialty Benefits Insurance business.Corporate: Operating loss of $82.7 million was narrower than $84 million loss incurred a year ago.Financial UpdateAs of Jun 30, 2021, cash and cash equivalents were $2.4 billion, down 23.3% year over year.At second-quarter end, debt was $4.3 billion, up 2.8% year over year.As of Jun 30, 2021, book value per share (excluding AOCI other than foreign currency translation adjustment) was $48.68, up 9.5% year over year.Capital DeploymentThe company paid out $165.2 million in dividends and deployed $265.7 million to buy back 4.2 million shares in the quarter under review.The board of directors approved third-quarter dividend of 63 cents per share, up 13% year over year.Zacks RankPrincipal Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Investment ManagersAmong other investment managers, which have reported second-quarter earnings so far, the bottom line of BlackRock, Inc. BLK, Blackstone BX and SEI Investments Co. SEIC beat the Zacks Consensus Estimate. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blackstone Group IncThe (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report Principal Financial Group, Inc. (PFG): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research