Principal Financial Group (PFG -0.89%) missed earnings estimates in the first quarter on mixed results in its various business lines.

Overall, earnings in the first quarter was $289 million, down 32% from $430 million in the first quarter of 2019. Diluted earnings per share was $1.04 in the quarter 2020, down from $1.53 in the prior year quarter.

In its largest business line, retirement and income solutions, earnings fell 14% to $205 million in pre-tax earnings. Also, profits in the international business were down sharply from $111 million to $31 million. Earnings were up in the insurance business, up 17% to $129 million, the global investors business, up 11% to $111 million. In the latter, the company posted record quarterly mutual funds sales of $7.9 billion. Total assets fell 10% to $247 billion.

A man holding a tablet and using the touch screen with financial numbers in the backdrop

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Further, the company reported $3 billion in available cash and liquid assets with $800 million of revolving credit facilities and another $1 billion in a contingent capital facility.

"We started 2020 from a position of financial strength and stability with a solid balance sheet, high quality investment portfolio, and ample liquidity. Coupled with our diversified operating model, Principal is not only able to meet the financial needs of our business, but along with the Principal Foundation we are also providing more than $25 million in customer relief and support to our communities," said Dan Houston, chairman, president, and CEO of Principal.

The company was able to maintain its $0.56-per-share dividend for second quarter. The trailing 12-month annual dividend comes to $2.22 per share, which is 3% higher than the previous 12 months.

The stock was up 7% in early Tuesday trading.