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PRINCIPAL FINANCIAL GROUP, INC.

(PFG)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
72.41 USD   -3.99%
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PRINCIPAL FINANCIAL GROUP INC Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

08/09/2022 | 01:08pm EDT
The following analysis discusses our financial condition as of June 30, 2022,
compared with December 31, 2021, and our consolidated results of operations for
the three and six months ended June 30, 2022 and 2021, prepared in conformity
with U.S. GAAP. The discussion and analysis includes, where appropriate, factors
that may affect our future financial performance. The discussion should be read
in conjunction with our Form 10-K, for the year ended December 31, 2021, filed
with the SEC and the unaudited condensed consolidated financial statements and
the related notes to the financial statements and the other financial
information included elsewhere in this Form 10-Q.

Forward-Looking Information


Our narrative analysis below contains forward-looking statements intended to
enhance the reader's ability to assess our future financial performance.
Forward-looking statements include, but are not limited to, statements that
represent our beliefs concerning future operations, strategies, financial
results or other developments, and contain words and phrases such as
"anticipate," "believe," "plan," "estimate," "expect," "intend" and similar
expressions. Forward-looking statements are made based upon management's current
expectations and beliefs concerning future developments and their potential
effects on us. Such forward-looking statements are not guarantees of future
performance.

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Actual results may differ materially from those included in the forward-looking
statements as a result of risks and uncertainties including, but not limited to,
the following: (1) adverse capital and credit market conditions may
significantly affect our ability to meet liquidity needs, as well as our access
to capital and cost of capital; (2) conditions in the global capital markets and
the economy generally may materially and adversely affect our business and
results of operations; (3) volatility or declines in the equity, bond or real
estate markets could reduce our AUM and AUA and may result in investors
withdrawing from the markets or decreasing their rates of investment, all of
which could reduce our revenues and net income; (4) changes in interest rates or
credit spreads or a sustained low interest rate environment may adversely affect
our results of operations, financial condition and liquidity, and our net income
can vary from period to period; (5) the elimination of LIBOR may affect the
value of certain derivatives and floating rate securities we hold or have issued
and the profitability of certain real estate lending activity or businesses; (6)
our investment portfolio is subject to several risks that may diminish the value
of our invested assets and the investment returns credited to customers, which
could reduce our sales, revenues, AUM and net income; (7) our valuation of
investments and the determinations of the amount of allowances and impairments
taken on our investments may include methodologies, estimations and assumptions
that are subject to differing interpretations and, if changed, could materially
adversely affect our results of operations or financial condition; (8) any
impairments of or valuation allowances against our deferred tax assets could
adversely affect our results of operations and financial condition; (9) we may
face losses on our insurance and annuity products if our actual experience
differs significantly from our pricing and reserving assumptions; (10) the
pattern of amortizing our DAC asset and other actuarial balances on our
universal life-type insurance contracts, participating life insurance policies
and certain investment contracts may change, impacting both the level of our DAC
asset and other actuarial balances and the timing of our net income; (11)
changes in laws or regulations may reduce our profitability or impact how we do
business; (12) our ability to pay stockholder dividends, make share repurchases
and meet our obligations may be constrained by the limitations on dividends or
other distributions Iowa insurance laws impose on Principal Life; (13) changes
in accounting standards may adversely affect our reported results of operations
and financial condition; (14) litigation and regulatory investigations may
affect our financial strength or reduce our profitability; (15) from time to
time, we may become subject to tax audits, tax litigation or similar
proceedings, and as a result we may owe additional taxes, interest and penalties
in amounts that may be material; (16) applicable laws and our certificate of
incorporation and by-laws may discourage takeovers and business combinations
that some stockholders might consider in their best interests; (17) competition,
including from companies that may have greater financial resources, broader
arrays of products, higher ratings and stronger financial performance, may
impair our ability to retain existing customers, attract new customers and
maintain our profitability; (18) a downgrade in our financial strength or credit
ratings may increase policy surrenders and withdrawals, reduce new sales,
terminate relationships with distributors, impact existing liabilities and
increase our cost of capital, any of which could adversely affect our
profitability and financial condition; (19) client terminations or withdrawals
or changes in investor preferences may lead to a reduction in revenues for our
asset management and accumulation businesses; (20) guarantees within certain of
our products that protect policyholders may decrease our net income or increase
the volatility of our results of operations or financial position under U.S.
GAAP if our hedging or risk management strategies prove ineffective or
insufficient; (21) our international businesses face political, legal,
operational and other risks that could reduce our profitability in those
businesses; (22) we face risks arising from fraudulent activities; (23) we face
risks arising from our participation in joint ventures; (24) we may need to fund
deficiencies in our Closed Block assets; (25) the ongoing COVID-19 pandemic and
the resulting financial market impacts could adversely affect our business,
results of operations, financial condition and liquidity; (26) our reinsurers
could default on their obligations or increase their rates, which could
adversely impact our net income and financial condition; (27) we face risks
related to our acquisition of Wells Fargo Bank, N.A.'s Institutional Retirement
& Trust ("IRT") business; (28) we face risks arising from future acquisitions of
businesses; (29) we face risks in completing the Reinsurance Transaction within
the terms or timing contemplated; (30) a pandemic, terrorist attack, military
action or other catastrophic event could adversely affect our operations, net
income or financial condition; (31) our financial results may be adversely
impacted by global climate changes; (32) technological and societal changes may
disrupt our business model and impair our ability to retain existing customers,
attract new customers and maintain our profitability; (33) damage to our
reputation may adversely affect our revenues and profitability; (34) we may not
be able to protect our intellectual property and may be subject to infringement
claims; (35) if we are unable to attract, develop and retain qualified employees
and sales representatives and develop new distribution sources, our results of
operations, financial condition and sales of our products may be adversely
impacted; (36) interruptions in information technology, infrastructure or other
internal or external systems used for our business operations, or a failure to
maintain the confidentiality, integrity or availability of data residing on such
systems, could disrupt our business, damage our reputation and adversely impact
our profitability; (37) loss of key vendor relationships or failure of a vendor
to protect information of our customers or employees could adversely affect our
business or result in losses and (38) our enterprise risk management framework
may not be fully effective in identifying or mitigating all of the risks to
which we are exposed.

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Overview

We provide financial products and services through the following reportable segments:

Retirement and Income Solutions is organized into Retirement and Income

Solutions - Fee, which includes full service accumulation, individual variable

annuities, trust and custody services and the acquisition, integration and

? migration expenses associated with the purchase of the IRT business of Wells

Fargo Bank, N.A.; and Retirement and Income Solutions - Spread, which includes

investment only, pension risk transfer, banking services and our exited

individual fixed annuities business. We offer a comprehensive portfolio of

   products and services for retirement savings and retirement income:


   To businesses of all sizes, we offer products and services for defined

contribution plans, including 401(k) and 403(b) plans, defined benefit pension

? plans, nonqualified executive benefit plans, employee stock ownership plan

services and pension closeout services. For more basic retirement services, we

offer SIMPLE IRAs and payroll deduction plans;

? To large institutional clients, we also offer investment only products,

including investment only guaranteed investment contracts ("GICs");

To employees of businesses and other individuals, we offer the ability to

? accumulate savings for retirement and other purposes through mutual funds,

individual annuities and bank products, along with retirement income options;

and

? To non-retirement businesses, we offer trust and custody services.

Principal Global Investors provides asset management solutions using focused

investment teams and U.S. and global fund platforms to deliver diverse

? investment capabilities including equity, fixed income, multi-asset, real

estate and alternatives. Services are provided to clients in our retirement

   businesses in the U.S. and select emerging markets, U.S. benefits and
   protection, to our Corporate segment and for third-party clients.


   Principal International, which offers pension accumulation products and

services, mutual funds, asset management, income annuities and life insurance

? accumulation products through operations in Latin America (Brazil, Chile and

Mexico) and Asia (China, Hong Kong Special Administrative Region and Southeast

Asia).

U.S. Insurance Solutions is organized into Specialty Benefits insurance, which

provides group dental and vision insurance, individual and group disability

insurance, group life insurance, critical illness, accident, paid family and

? medical leave and non-medical fee-for-service claims administration; and

Individual Life insurance, which includes universal life, variable universal

life, indexed universal life, traditional life insurance and our exited ULSG

business. We focus our solutions on small-to-medium sized businesses and their

employees with an emphasis on business owners, executives and key employees.

Corporate, which manages the assets representing capital that has not been

allocated to any other segment. Financial results of the Corporate segment

primarily reflect our financing activities (including financing costs), income

? on capital not allocated to other segments, inter-segment eliminations, income

tax risks and certain income, expenses and other adjustments not allocated to

the segments based on the nature of such items. Results of PSI, our retail

broker-dealer and RIA, and our exited group medical and long-term care

insurance businesses are reported in this segment.

Transactions Affecting Comparability of Results of Operations

Reinsurance Transaction


During the second quarter of 2022, we closed a coinsurance with funds withheld
reinsurance transaction with Talcott Life & Annuity Re, a limited liability
company organized under the laws of the Cayman Islands and an affiliate of
Talcott Resolution Life, Inc., a subsidiary of Sixth Street, pursuant to which
we ceded our in-force U.S. retail fixed annuity and ULSG blocks of business. The
economics of the Reinsurance Transaction were effective as of January 1, 2022.
As such, we recorded impacts for January through June 2022 in our second quarter
2022 results. Therefore, results for the three months ended June 30, 2022, are
not comparable to prior periods.

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Other Factors Affecting Comparability of Results of Operations

Fluctuations in Foreign Currency to U.S. Dollar Exchange Rates


Fluctuations in foreign currency to U.S. dollar exchange rates for locations in
which we have operations can affect reported financial results. In years when
foreign currencies weaken against the U.S. dollar, translating foreign
currencies into U.S. dollars results in fewer U.S. dollars to be reported. When
foreign currencies strengthen, translating foreign currencies into U.S. dollars
results in more U.S. dollars to be reported.

Foreign currency exchange rate fluctuations create variances in our financial
statement line items. The most significant impact occurs within our Principal
International segment where pre-tax operating earnings were negatively impacted
$4.7 million and $8.6 million for the three and six months ended June 30, 2022,
respectively, as a result of fluctuations in foreign currency to U.S. dollar
exchange rates. This impact was calculated by comparing (a) the difference
between current year results and prior year results to (b) the difference
between current year results and prior year results translated using current
year exchange rates for both periods. We use this approach to calculate the
impact of exchange rates on all revenue and expense line items. For a discussion
of our approaches to managing foreign currency exchange rate risk, see Item 3.
"Quantitative and Qualitative Disclosures About Market Risk - Foreign Currency
Risk."

Variable Investment Income

Variable investment income includes certain types of investment returns such as
prepayment fees and income (loss) from certain elements of our other alternative
asset classes, including results of value-add real estate sales activity. Due to
its unpredictable nature, variable investment income may or may not be material
to our financial results for a given reporting period and may create variances
when comparing different reporting periods. For additional information, see
"Investment Results."

Recent Accounting Changes

For recent accounting changes, see Item 1. "Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, Note 1, Nature of Operations and Significant Accounting Policies" under the caption, "Recent Accounting Pronouncements."

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Results of Operations

The following table presents summary consolidated financial information for the
periods indicated:

                                             For the three months ended June 30,               For the six months ended June 30,
                                                                            Increase                                         Increase
                                            2022             2021          (decrease)         2022             2021         (decrease)

                                                                                 (in millions)
Revenues:
Premiums and other considerations       $    1,366.2     $    1,269.7     $
      96.5    $    2,253.6     $    2,104.8    $      148.8
Fees and other revenues                        947.6          1,265.3          (317.7)         2,162.6          2,459.2         (296.6)
Net investment income                          816.5          1,045.5      

(229.0) 1,934.6 2,073.6 (139.0) Net realized capital gains (losses) (227.9)

           (41.1)          (186.8)         (338.4)            110.3         (448.7)
Net realized capital gains on funds
withheld assets                                689.0                -            689.0           689.0                -           689.0
Change in fair value of funds
withheld embedded derivative                 3,067.3                -          3,067.3         3,067.3                -         3,067.3
Total revenues                               6,658.7          3,539.4          3,119.3         9,768.7          6,747.9         3,020.8
Expenses:
Benefits, claims and settlement
expenses                                     1,278.6          1,812.8          (534.2)         2,738.5          3,187.5         (449.0)
Dividends to policyholders                      24.5             28.9            (4.4)            47.6             47.1             0.5
Operating expenses                           1,458.5          1,265.1            193.4         2,657.5          2,466.8           190.7
Total expenses                               2,761.6          3,106.8          (345.2)         5,443.6          5,701.4         (257.8)
Income before income taxes                   3,897.1            432.6          3,464.5         4,325.1          1,046.5         3,278.6
Income taxes                                   822.5             61.0            761.5           869.8            158.6           711.2
Net income                                   3,074.6            371.6          2,703.0         3,455.3            887.9         2,567.4
Net income attributable to
noncontrolling interest                         15.2              9.8              5.4            19.7              9.0            10.7
Net income attributable to Principal
Financial Group, Inc.                   $    3,059.4     $      361.8     $

2,697.6 $ 3,435.6 $ 878.9 $ 2,556.7

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Net Income Attributable to Principal Financial Group, Inc.

Net income attributable to Principal Financial Group, Inc. increased primarily due to the change in fair value of the funds withheld embedded derivative.

Total Revenues

Premiums increased $167.5 million for the U.S. Insurance Solutions segment
primarily due to a $70.0 million increase in growth in the Specialty Benefits
business, as well as a $97.6 million increase in Individual Life premiums
related to the Reinsurance Transaction. Partially offsetting this increase was a
$58.0 million decrease in premiums for the Retirement and Income Solutions
segment primarily due to lower sales of single premium group and our exited
individual annuities with life contingencies. The single premium group annuity
product, which is typically used to fund defined benefit plan terminations, can
generate large premiums from very few customers and therefore premiums tend to
vary from period to period.

Fees and other revenues decreased $247.7 million for the U.S. Insurance
Solutions segment primarily due to the Reinsurance Transaction. Fees and other
revenues decreased $42.0 million for the Retirement and Income Solutions segment
primarily resulting from declining financial markets.

For net investment income and net realized capital gains (losses) variance information, see "Investments - Investment Results" under the captions "Net Investment Income" and "Net Realized Capital Gains (Losses)," respectively.


Net realized capital gains on funds withheld assets increased as a result of the
sale of funds withheld assets associated with the Reinsurance Transaction in
2022.

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The change in the fair value of the funds withheld embedded derivative increased due to the establishment of the funds withheld payable associated with the Reinsurance Transaction in 2022.

Total Expenses


Benefits, claims and settlement expenses decreased $392.4 million for the U.S.
Insurance Solutions segment primarily due to the Reinsurance Transaction.
Benefits, claims and settlement expenses decreased $245.8 million for the
Retirement and Income Solutions segment primarily due to a decrease in reserves,
stemming from lower sales of single premium group and our exited individual
annuities with life contingencies. Benefits, claims and settlement expenses
increased $103.7 million for the Principal International segment primarily due
to $127.0 million higher inflation based interest crediting rates to customers
partially offset by $20.5 million of foreign currency headwinds in Latin
America.

Operating expenses increased primarily due to $243.7 million of strategic review
costs and impacts related to the exited business, which were partially offset by
a $55.6 million decrease in amounts credited to employee accounts in a
nonqualified defined contribution pension plan.

Income Taxes


The effective income tax rate increased to 21% for the three months ended June
30, 2022, from 14% for the three months ended 2021, primarily due to an increase
in pre-tax income with no proportionate increase in permanent tax differences.
See Item 1. "Financial Statements, Notes to Unaudited Condensed Consolidated
Financial Statements, Note 8, Income Taxes" for a reconciliation between the
U.S. corporate income tax rate and the effective income tax rate.

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Net Income Attributable to Principal Financial Group, Inc.

Net income attributable to Principal Financial Group, Inc. increased primarily due to the change in fair value of the funds withheld embedded derivative.

Total Revenues

Premiums increased $219.3 million for the U.S. Insurance Solutions segment
primarily due to $130.3 million from growth in the Specialty Benefits business
and $89.2 million in our Individual Life insurance business, primarily related
to the Reinsurance Transaction. Partially offsetting this increase was a $40.0
million decrease in premiums for the Retirement and Income Solutions segment
primarily due to lower sales of single premium group and our exited individual
annuities with life contingencies.

Fees and other revenues decreased $234.4 million for the U.S. Insurance
Solutions segment primarily due to the Reinsurance Transaction. Fees and other
revenues decreased $37.8 million for the Retirement and Income Solutions segment
primarily resulting from declining financial markets.

For net investment income and net realized capital gains (losses) variance information, see "Investments - Investment Results" under the captions "Net Investment Income" and "Net Realized Capital Gains (Losses)," respectively.


Net realized capital gains on funds withheld assets increased as a result of the
sale of funds withheld assets associated with the Reinsurance Transaction in
2022.

The change in the fair value of the funds withheld embedded derivative increased due to the establishment of the funds withheld payable associated with the Reinsurance Transaction in 2022.

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Total Expenses

Benefits, claims and settlement expenses decreased $343.1 million for the U.S.
Insurance Solutions segment primarily due to the Reinsurance Transaction.
Benefits, claims and settlement expenses decreased $214.8 million for the
Retirement and Income Solutions segment primarily due to a decrease in reserves,
stemming from lower sales of single premium group and our exited individual
annuities with life contingencies.

Operating expenses increased primarily due to the exited business, including
$243.7 million of strategic review costs and impacts and $27.4 million of
actuarial balance impacts. Theses increases were partially offset by a $118.4
million decrease in amounts credited to employee accounts in a nonqualified
defined contribution pension plan.

Income Taxes


The effective income tax rate increased to 20% for the six months ended June 30,
2022 from 15% for the six months ended 2021, primarily due to an increase in
pre-tax income with no proportionate increase in permanent tax differences. See
Item 1. "Financial Statements, Notes to Unaudited Condensed Consolidated
Financial Statements, Note 8, Income Taxes" for a reconciliation between the
U.S. corporate income tax rate and the effective income tax rate.

Results of Operations by Segment


For results of operations by segment see Item 1. "Financial Statements, Notes to
Unaudited Condensed Consolidated Financial Statements, Note 13, Segment
Information." Beginning in the second quarter of 2022, segment pre-tax operating
earnings excludes amounts associated with our exited U.S. retail fixed annuity
and ULSG businesses, including strategic review costs and impacts, amortization
of reinsurance gain (loss), impacts to actuarial balances of reinsured
businesses, net realized capital gains (losses) on funds withheld assets and the
change in fair value of the funds withheld embedded derivative.

Retirement and Income Solutions Segment

Retirement and Income Solutions Segment Summary Financial Data


Net revenue is a key metric used to understand Retirement and Income Solutions
earnings growth. Net revenue is defined as operating revenues less benefits,
claims and settlement expenses less dividends to policyholders. Net revenue from
Retirement and Income Solutions - Fee is primarily fee based and is also
impacted by changes in the equity markets and interest rates. Net revenue from
Retirement and Income Solutions - Spread is primarily driven by the difference
between investment income earned on the underlying general account assets and
the interest rate credited to the contracts.

The following table presents the Retirement and Income Solutions net revenue for the periods indicated:

                                                 For the three months ended                 For the six months ended
                                                          June 30,                                 June 30,
                                                                       Increase                                  Increase
                                              2022         2021       (decrease)       2022         2021        (decrease)

                                                                             (in millions)
Retirement and Income Solutions - Fee       $   503.6     $ 527.0    $     (23.4)    $ 1,034.5    $ 1,038.6    $      (4.1)
Retirement and Income Solutions - Spread        162.5       209.9          (47.4)        407.7        438.0          (30.3)
Total Retirement and Income Solutions       $   666.1     $ 736.9    $    
(70.8)    $ 1,442.2    $ 1,476.6    $     (34.4)


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The following table presents certain summary financial data relating to the Retirement and Income Solutions segment for the periods indicated:

                                                 For the three months ended                   For the six months ended
                                                         June 30,                                    June 30,
                                                                        Increase                                    Increase
                                             2022          2021        (decrease)        2022          2021        (decrease)

                                                                             (in millions)
Operating revenues:
Premiums and other considerations         $    467.0    $    525.0    $    
(58.0)    $    590.3    $    630.3    $     (40.0)
Fees and other revenues                        432.3         479.3          (47.0)         896.1         939.3          (43.2)
Net investment income                          437.6         666.6         (229.0)       1,133.5       1,325.3         (191.8)
Total operating revenues                     1,336.9       1,670.9         (334.0)       2,619.9       2,894.9         (275.0)
Expenses:
Benefits, claims and settlement
expenses, including dividends to
policyholders                                  670.8         934.0         (263.2)       1,177.7       1,418.3         (240.6)
Operating expenses                             410.2         456.7          (46.5)         868.4         908.4          (40.0)
Total expenses                               1,081.0       1,390.7        

(309.7) 2,046.1 2,326.7 (280.6) Pre-tax operating earnings

                $    255.9    $    280.2    $     

(24.3) $ 573.8 $ 568.2 $ 5.6

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Pre-Tax Operating Earnings

Pre-tax operating earnings decreased in our Fee business primarily due to a
decrease in net revenue partially offset by a decrease in operating expenses as
described below. Pre-tax operating earnings decreased in our Spread business
primarily due to a decrease in net revenue partially offset by a decrease in
operating expenses as described below.

Net Revenue

Net revenue decreased in our Fee business primarily due to a $44.8 million
decrease in fee revenue primarily resulting from declining financial markets.
This decrease was partially offset by a $13.6 million increase stemming from
revenue associated with our Principal Deposit Sweep program resulting from
increased deposits and a $7.6 million increase in variable investment income.
Net revenue decreased in our Spread business primarily due to a $99.8 million
decrease resulting from the impacts of our exited individual fixed annuity
business. This decrease was partially offset by a $32.5 million increase in
variable investment income and a $15.1 million increase due to higher net
yields.

Operating Expenses


Operating expenses decreased in our Fee business primarily due to a $20.2
million decrease in expenses associated with the integration of the
Institutional Retirement & Trust business of Wells Fargo Bank, N.A. ("Acquired
Business") and an $8.8 million decrease in nondeferrable asset-based commission
expense stemming from declining equity markets. These decreases were partially
offset by a $17.8 million increase in DAC amortization expense resulting from
unfavorable market performance in 2022 compared to favorable in 2021. Operating
expenses decreased $31.8 million in our Spread business primarily due to the
impacts of our exited individual fixed annuity business.

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Pre-Tax Operating Earnings

Pre-tax operating earnings decreased in our Fee business due to the changes in
net revenue and operating expenses described below. Pre-tax operating earnings
increased in our Spread business primarily due to a decrease in operating
expenses largely offset by a decrease in net revenue as described below.

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Net Revenue
Net revenue decreased in our Fee business primarily due to a $40.4 million
decrease in fee revenue primarily resulting from declining financial markets.
These changes were partially offset by a $24.8 million increase stemming from
revenue associated with our Principal Deposit Sweep program resulting from
increased deposits and a $8.2 million increase in variable investment income.
Net revenue decreased in our Spread business primarily due to a $148.2 million
decrease resulting from the impacts of our exited individual fixed annuity
business. This decrease was partially offset by a $79.1 million increase in
variable investment income and a $32.6 million increase due to higher net
yields.

Operating Expenses


Operating expenses were flat in our Fee business primarily due to a $32.8
million increase in DAC amortization expense resulting from unfavorable market
performance in 2022 compared to favorable in 2021 offset by a $29.6 million
decrease in expenses associated with the integration of the Acquired Business.
Operating expenses decreased $40.1 million in our Spread business primarily due
to the impacts of our exited individual fixed annuity business.

Principal Global Investors Segment

Principal Global Investors Segment Summary Financial Data


AUM is the base by which we generate management fee revenues. Market performance
and net cash flow are the two main drivers of AUM growth. Market performance
reflects equity, fixed income, real estate and other alternative investment
performance. Net cash flow reflects client deposits and withdrawals. The fee
levels on these client deposits and withdrawals are increasingly becoming the
more important factor to revenue growth and will vary widely based on business
and/or product mix.

The following table presents the AUM rollforward for assets managed by Principal Global Investors for the periods indicated:


                                                     For the three months ended June 30,           For the six months ended June 30,
                                                         2022                     2021                 2022                    2021

                                                                                       (in billions)
AUM, beginning of period                          $             537.4       $          507.7    $            546.5       $          502.1
Net cash flow                                                     1.4                    1.6                   4.6                    1.1
Investment performance                                         (48.1)                   23.3                (77.2)                   29.8
Operations acquired (1)                                             -                      -                  18.6                      -
Operations disposed (2)                                        (23.1)                      -                (23.1)                      -
Other (3)                                                         2.2                  (0.3)                   0.4                  (0.7)
AUM, end of period                                $             469.8       $          532.3    $            469.8       $          532.3

(1) Effective in the first quarter of 2022, includes the integration of

Institutional Asset Advisory, which is associated with our IRT business.

(2) In the second quarter of 2022, $23.1 billion of Principal Global Investors

managed AUM was transferred to third parties per the Reinsurance Transaction.

Second quarter of 2022 includes $3.2 billion of commercial mortgage loans and (3) private credit assets managed by Principal Global Investors on behalf of the

    Reinsurance Transaction counterparty.


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The following table presents certain summary financial data relating to the Principal Global Investors segment for the periods indicated:


                                             For the three months ended June 30,                For the six months ended June 30,
                                                                             Increase                                         Increase
                                            2022              2021          (decrease)        2022             2021          (decrease)

                                                                                 (in millions)
Operating revenues:
Fees and other revenues                 $      460.5      $      452.1      $       8.4    $     895.4      $     866.2      $      29.2
Net investment income                            3.1               1.6              1.5            3.5              2.7              0.8
Total operating revenues                       463.6             453.7              9.9          898.9            868.9             30.0
Expenses:
Total expenses                                 282.4             267.7             14.7          572.8            540.4             32.4

Pre-tax operating earnings
attributable to noncontrolling
interest                                         1.2               1.6            (0.4)            2.7              3.0            (0.3)
Pre-tax operating earnings              $      180.0      $      184.4      $     (4.4)    $     323.4      $     325.5      $     (2.1)

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Pre-Tax Operating Earnings


Pre-tax operating earnings decreased primarily due to $9.5 million lower
management fee revenue as a result of decreased average AUM, an $8.4 million
increase in non-variable staff costs and a $3.1 million increase in variable
compensation expense. This was offset by a $21.5 million increase in performance
fee revenue primarily in our real estate business.

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Pre-Tax Operating Earnings


Pre-tax operating earnings decreased primarily due to a $15.5 million increase
in variable compensation expense and a $14.4 million increase in non-variable
staff costs. This was offset by an $18.8 million increase in performance fee
revenue primarily in our real estate business and $13.5 million higher
management fee revenue as a result of increased average AUM.

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Principal International Segment

Principal International Segment Summary Financial Data

AUM is generally a key indicator of earnings growth for the segment, as AUM is
the base by which we can generate local currency profits. The Cuprum business in
Chile differs in that the majority of fees are collected with each deposit by
the mandatory retirement customers, based on a capped salary level, as opposed
to asset levels. Net customer cash flow and market performance are the two main
drivers of local currency AUM growth. Net customer cash flow reflects our
ability to attract and retain client deposits. Market performance reflects the
investment returns on our underlying AUM. Our financial results are also
impacted by fluctuations of the foreign currency to U.S. dollar exchange rates
for the locations in which we have business. AUM of our foreign subsidiaries is
translated into U.S. dollar equivalents at the end of the reporting period using
the spot foreign exchange rates. Revenue and expenses for our foreign
subsidiaries are translated into U.S. dollar equivalents at the average foreign
exchange rates for the reporting period.

The following table presents the Principal International segment AUM rollforward for the periods indicated:


                                                     For the three months ended June 30,           For the six months ended June 30,
                                                         2022                     2021                2022                    2021

                                                                                       (in billions)
AUM, beginning of period                          $             163.5       $          160.3    $           152.1       $           165.2
Net cash flow                                                       -                      -                (0.5)                     1.4
Investment performance                                              -                    1.7                (1.4)                     2.4
Effect of exchange rates                                       (14.5)                    6.7                (0.9)                     0.1
Other                                                           (0.1)                  (1.6)                (0.4)                   (2.0)
AUM, end of period                                $             148.9       $          167.1    $           148.9       $           167.1

Net revenue is a key metric used to understand the earnings growth for the Principal International segment. The following table presents the net revenue of the Principal International segment for the periods indicated:

                                           For the three months ended June 30,                 For the six months ended June 30,
                                                                           Increase                                           Increase
                                          2022              2021          (decrease)         2022              2021          (decrease)

                                                                                (in millions)
Net revenue                           $      200.3      $      166.0      $      34.3    $      367.2      $      352.3      $      14.9

The following table presents certain summary financial data relating to the Principal International segment for the periods indicated:

                                            For the three months ended June 30,               For the six months ended June 30,
                                                                           Increase                                        Increase
                                          2022             2021           (decrease)        2022            2021          (decrease)

                                                                               (in millions)
Operating revenues:
Premiums and other considerations      $      30.1      $      41.9      $ 
   (11.8)    $      40.4     $      69.2     $     (28.8)
Fees and other revenues                      110.3            127.6            (17.3)          221.9           250.5           (28.6)
Net investment income                        298.7            136.7             162.0          491.7           294.5            197.2
Total operating revenues                     439.1            306.2             132.9          754.0           614.2            139.8
Expenses:
Benefits, claims and settlement
expenses                                     238.8            140.2              98.6          386.8           261.9            124.9
Operating expenses                           107.2            117.3            (10.1)          215.6           227.8           (12.2)
Total expenses                               346.0            257.5              88.5          602.4           489.7            112.7

Pre-tax operating earnings
attributable to noncontrolling
interest                                       1.0              1.0                 -            1.4             1.7            (0.3)
Pre-tax operating earnings             $      92.1      $      47.7      $ 
     44.4    $     150.2     $     122.8     $       27.4


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Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Pre-Tax Operating Earnings


Pre-tax operating earnings increased in Latin America primarily due to $23.4
million higher earnings from our equity method investments in Brazil, $12.7
million higher inflation-based investment returns on average invested assets and
cash and $7.6 million favorable relative market performance on our required
regulatory investments. These were partially offset by $4.3 million foreign
currency headwinds.

Net Revenue


Net revenue increased in Latin America primarily due to $23.4 million higher
earnings from our equity method investments in Brazil, $12.7 million higher
inflation-based investment returns on average invested assets and cash and $7.9
million favorable relative market performance on our required regulatory
investments. These were partially offset by $11.2 million foreign currency
headwinds.

Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Pre-Tax Operating Earnings


Pre-tax operating earnings increased in Latin America primarily due to $37.4
million higher earnings from our equity method investments in Brazil. This was
partially offset by $8.1 million foreign currency headwinds.

Net Revenue


Net revenue increased in Latin America primarily due to $37.4 million higher
earnings from our equity method investments in Brazil and $4.6 million favorable
variable investment income in Chile. These were partially offset by $19.6
million foreign currency headwinds. Net revenue decreased in Asia primarily due
to $6.4 million lower management fee revenue as a result of lower average AUM in
Hong Kong and $4.3 million due to exiting the India business in the prior year.

U.S. Insurance Solutions Segment

U.S. Insurance Solutions Segment Summary Financial Data


Premium and fees are a key metric for growth in the U.S. Insurance Solutions
segment. We receive premiums on our specialty benefits insurance products as
well as our traditional life insurance products. Fees are generated from our
specialty benefits fee-for-service products as well as our universal life,
variable universal life and indexed universal life insurance products. We use
several reinsurance programs to help manage the mortality and morbidity risk.
Premium and fees are reported net of reinsurance premiums.

The following table presents the U.S. Insurance Solutions segment premium and fees for the periods indicated:


                                     For the three months ended June 30,               For the six months ended June 30,
                                                                   Increase                                          Increase
                                   2022            2021           (decrease)          2022             2021         (decrease)

                                                                         (in millions)
Premium and fees:
Specialty Benefits insurance    $     695.0     $     625.3     $         69.7    $    1,369.3     $    1,239.1    $      130.2
Individual Life insurance             135.8           312.5            (176.7)           466.0            643.6         (177.6)


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The following table presents certain summary financial data relating to the U.S. Insurance Solutions segment for the periods indicated:


                                   For the three months ended June 30,               For the six months ended June 30,
                                                                  Increase                                         Increase
                                 2022             2021           (decrease)         2022             2021         (decrease)

                                                                       (in millions)
Operating revenues:
Premiums and other
considerations                $     870.3     $       702.8     $     

167.5 $ 1,624.6 $ 1,405.3 $ 219.3 Fees and other revenues

            (39.7)             234.9          (274.6)           210.4            477.3         (266.9)
Net investment income                78.0             244.2          (166.2)           314.6            474.2         (159.6)
Total operating revenues            908.6           1,181.9          (273.3)         2,149.6          2,356.8         (207.2)
Expenses:
Benefits, claims and
settlement expenses                 435.8             732.9          

(297.1) 1,231.0 1,503.7 (272.7) Dividends to policyholders

           24.5              28.7            (4.2)            47.6             46.9             0.7
Operating expenses                  296.6             293.7              2.9           603.5            584.4            19.1
Total expenses                      756.9           1,055.3          (298.4)         1,882.1          2,135.0         (252.9)

Pre-tax operating earnings $ 151.7 $ 126.6 $ 25.1 $ 267.5 $ 221.8 $ 45.7

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Pre-Tax Operating Earnings (Losses)


Pre-tax operating earnings in our Specialty Benefits insurance business
increased $15.6 million from improved claim experience, $12.3 million from
higher variable investment income, and $7.8 million from growth in the business.
Pre-tax operating earnings in our Individual Life insurance business decreased
primarily due to a $7.5 million actuarial model refinement in 2021 as well as
$4.5 million due to the impact of our exited ULSG business.

Operating Revenues

Premium and fees increased in our Specialty Benefits Insurance business due to
$69.7 million from growth in the business. Premium and fees decreased in our
Individual Life insurance business $176.7 million, primarily due to the impact
of our exited ULSG business.

Net investment income increased in our Specialty Benefits Insurance business
primarily due to $12.3 million of higher variable investment income. Net
investment income decreased in our Individual Life insurance business $180.2
million, primarily due to the impact of our exited ULSG business

Total Expenses


Benefits, claims and settlement expenses in our Specialty Benefits insurance
business increased $45.2 million due to growth in the business partially offset
by $15.6 million in improved claim experience. Benefits, claims and settlement
expenses decreased in our Individual Life insurance business $326.7 million,
primarily due to the impact of our exited ULSG business.

Operating expenses in our Specialty Benefits insurance business increased $17.0
million, primarily due to growth in the business. Operating expenses in our
Individual Life insurance business decreased $14.0 million, primarily due to the
impact of our exited ULSG business.

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Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Pre-Tax Operating Earnings


Pre-tax operating earnings increased in our Specialty Benefits insurance
business due to $25.8 million in improved claim experience, $11.8 million from
growth in the business, $9.6 million in higher variable investment income and
$8.8 million in expense management. Pre-tax operating earnings in our Individual
Life insurance decreased primarily due to a $7.5 million actuarial model
refinement in 2021.

Operating Revenues


Premiums and fees in our Specialty Benefits insurance business increased $130.2
million, primarily due to growth in the business. Premium and fees in our
Individual Life insurance business decreased $177.6 million, primarily due to
the impact of our exited ULSG business.

Net investment income in our Specialty Benefits insurance business increased due
to $9.6 million in higher variable investment income and $7.6 million from
growth in assets to support the business. Net investment income in our
Individual Life insurance business decreased $175.2 million, primarily due to
the impact of our exited ULSG business.

Total Expenses

Benefits claims and settlement expenses in our Specialty Benefits insurance
business increased $84.9 million due to growth in the business, offset by $25.8
million from improved claim experience. Benefits, claims and settlement expenses
in our Individual Life insurance business decreased $331.8 million, primarily
due to the impact of our exited ULSG business

Operating expenses in our Specialty Benefits business increased $41.4 million primarily due to growth in business, offset by $8.8 million from expense management. Operating expenses in our Individual Life insurance business decreased $13.3 million, primarily due to the impact of our exited ULSG business.

Corporate Segment

Corporate Segment Summary Financial Data

The following table presents certain summary financial data relating to the Corporate segment for the periods indicated:

                                                   For the three months ended June 30,                For the six months ended June 30,
                                                                                   Increase                                         Increase
                                                  2022              2021          (decrease)         2022             2021         (decrease)

                                                                                       (in millions)
Operating revenues:
Total operating revenues                      $       (7.0)     $        1.1     $      (8.1)    $      (7.3)     $      (7.5)    $        0.2
Expenses:
Total expenses                                        108.9             84.3             24.6           223.7            170.2            53.5

Pre-tax operating earnings (losses)
attributable to noncontrolling interest                37.0            (0.5)             37.5            50.9            (1.2)            52.1
Pre-tax operating losses                      $     (152.9)     $     (82.7)     $     (70.2)    $    (281.9)     $    (176.5)    $    (105.4)

Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

Pre-Tax Operating Losses

Pre-tax operating losses increased primarily due to $52.5 million lower net investment income largely resulting from mark-to-market losses on investments and $14.7 million stranded costs associated with reinsured businesses.


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Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021

Pre-Tax Operating Losses

Pre-tax operating losses increased primarily due to $74.7 million lower net investment income largely resulting from mark-to-market losses on investments and $14.7 million stranded costs associated with reinsured businesses.

Liquidity and Capital Resources

Liquidity and capital resources represent the overall strength of a company and
its ability to generate strong cash flows, borrow funds at a competitive rate
and raise new capital to meet operating and growth needs. We are in a strong
capital and liquidity position as we face the uncertain, volatile and
potentially material adverse economic disruptions to our business brought on by
the COVID-19 pandemic. We are monitoring our liquidity closely and feel
confident in our ability to meet all long-term obligations to customers,
policyholders and debt holders. Our sources of strength include our laddered
long-term debt maturities with the next maturity occurring September 2022,
access to revolving credit facility and contingent funding arrangements, a
strong risk-based capital position and our available cash and liquid assets. The
combination of these financial levers will enable us to manage through this
period of economic volatility. Our legal entity structure has an impact on our
ability to meet cash flow needs as an organization. Following is a simplified
organizational structure.

                           [[Image Removed: Graphic]]

Liquidity


Our liquidity requirements have been and will continue to be met by funds from
consolidated operations as well as the issuance of commercial paper, common
stock, debt or other capital securities and borrowings from credit facilities.
We believe the cash flows from these sources are sufficient to satisfy the
current liquidity requirements of our operations, including reasonably
foreseeable contingencies.

We maintain a level of cash and securities which, combined with expected cash
inflows from investments and operations, we believe to be adequate to meet
anticipated short-term and long-term payment obligations. We will continue our
prudent capital management practice of regularly exploring options available to
us to maximize capital flexibility, including accessing the capital markets and
careful attention to and management of expenses.

We perform rigorous liquidity stress testing to ensure our asset portfolio
includes sufficient high quality liquid assets that could be utilized to bolster
our liquidity position under increasingly stressed market conditions. These
assets could be utilized as collateral for secured borrowing transactions with
various third parties or by selling the securities in the open market if needed.

We also manage liquidity risk by limiting the sales of liabilities with features
such as puts or other options that can be exercised at inopportune times. For
example, as of June 30, 2022, approximately $14.4 billion, or 99%, of our
institutional guaranteed investment contracts and funding agreements cannot be
redeemed by contractholders prior to maturity. Our individual annuity
liabilities also contain surrender charges and other provisions limiting early
surrenders.

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  Table of Contents

The following table summarizes the withdrawal characteristics of our domestic general account investment contracts as of June 30, 2022.


                                                            Contractholder 

funds Percentage

                                                               (in 

millions)

Not subject to discretionary withdrawal                    $             

15,693.9 44.1 % Subject to discretionary withdrawal with adjustments: Specified surrender charges

                                               9,966.3          28.0
Market value adjustments                                                  5,043.1          14.2
Subject to discretionary withdrawal without adjustments                   4,892.9          13.7
Total domestic investment contracts                        $             

35,596.2 100.0 %



Universal life insurance and certain traditional life insurance policies are
also subject to discretionary withdrawals by policyholders. However, life
insurance policies tend to be less susceptible to withdrawal than our investment
contracts because policyholders may be subject to a new underwriting process in
order to obtain a new life insurance policy. In addition, our life insurance
liabilities include surrender charges to discourage early surrenders.

We had the following short-term credit facilities with various financial institutions as of June 30, 2022:


                                        Financing                                             Amount
Obligor/Applicant                       structure          Maturity       

Capacity outstanding (3)


                                                                                   (in millions)
PFG, PFS and Principal Life as
co-borrowers (1)                     Credit facility     November 2023    $     600.0    $              -
PFG, PFS, Principal Life and
Principal Financial Services V
(UK) Ltd as co-borrowers (1)         Credit facility     November 2023          200.0                   -
                                     Unsecured lines
Principal International Chile (2)    of credit                             
    122.5                66.9
Total                                                                     $     922.5    $           66.9

(1) The credit facility is supported by eighteen banks.

(2) The unsecured lines of credit can be used for repurchase agreements or other

borrowings. Each line has a maturity of less than one year.

(3) The amount outstanding is reported in short-term debt on the consolidated

statements of financial position.



The revolving credit facilities are committed and available for general
corporate purposes. These credit facilities also provide 100% back-stop support
for our commercial paper program, of which we had no outstanding balances as of
June 30, 2022 and December 31, 2021. Most of the banks supporting the credit
facilities have other relationships with us. Due to the financial strength and
the strong relationships we have with these providers, we are comfortable we
have very low risk the financial institutions would be unable or unwilling to
fund these facilities.

The Holding Companies: PFG and PFS. The principal sources of funds available to
our parent holding company, PFG, are dividends from subsidiaries as well as its
ability to borrow funds at competitive rates and raise capital to meet operating
and growth needs. These funds are used by PFG to meet its obligations, which
include the payment of dividends on common stock, debt service and the
repurchase of stock. The declaration and payment of common stock dividends is
subject to the discretion of our Board and will depend on our overall financial
condition, results of operations, capital levels, cash requirements, future
prospects, receipt of dividends or other distributions from Principal Life (as
described below), risk management considerations and other factors deemed
relevant by the Board. No significant restrictions limit the payment of
dividends by PFG, except those generally applicable to corporations incorporated
in Delaware.

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  Table of Contents

Dividends or other distributions from Principal Life, our primary subsidiary,
are limited by Iowa law. Under Iowa law, Principal Life may pay dividends or
make other distributions only from the earned surplus arising from its business
and must receive the prior approval of the Commissioner of Insurance of the
State of Iowa (the "Commissioner") to pay stockholder dividends or make any
other distribution if such distribution would exceed certain statutory
limitations. Iowa law gives the Commissioner discretion to disapprove requests
for distributions in excess of these limitations. Extraordinary dividends
include those made, together with dividends and other distributions, within the
preceding twelve months that exceed the greater of (i) 10% of statutory
policyholder surplus as of the previous year-end or (ii) the statutory net gain
from operations from the previous calendar year, not to exceed earned surplus.
Based on statutory results for the year ended December 31, 2021, the ordinary
stockholder dividend limitation for Principal Life is approximately $961.7
million in 2022. However, because the dividend test is based on dividends
previously paid over rolling 12-month periods, if paid before a specified date
during 2022, some or all of such dividends may be extraordinary and require
regulatory approval.

Total stockholder dividends paid by Principal Life to its parent for the six
months ended June 30, 2022, were $550.0 million, all of which was extraordinary
and approved by the Commissioner. As of June 30, 2022, we had $1,723.9 million
of cash and liquid assets held in our holding companies and other subsidiaries,
which is available for corporate purposes. Corporate balances held in foreign
holding companies meet the indefinite reinvestment exception.

Operations. Our primary consolidated cash flow sources are premiums from
insurance products, pension and annuity deposits, asset management fee revenues,
administrative services fee revenues, income from investments and proceeds from
the sales or maturity of investments. Cash outflows consist primarily of payment
of benefits to policyholders and beneficiaries, income and other taxes, current
operating expenses, payment of dividends to policyholders, payments in
connection with investments acquired, payments made to acquire subsidiaries,
payments relating to policy and contract surrenders, withdrawals, policy loans,
interest payments and repayment of short-term debt and long-term debt. Our
investment strategies are generally intended to provide adequate funds to pay
benefits without forced sales of investments. For a discussion of our investment
objectives and strategies, see "Investments."

Cash Flows. All cash flow activity, as reported in our consolidated statements
of cash flows, provides relevant information regarding our sources and uses of
cash. The following discussion of our operating, investing and financing
portions of the cash flows excludes cash flows attributable to the separate
accounts.

Net cash provided by operating activities was $838.7 million and $1,133.6
million for the six months ended June 30, 2022 and 2021, respectively. Our
insurance business typically generates positive cash flows from operating
activities, as premiums collected from our insurance products and income
received from our investments exceed acquisition costs, benefits paid,
redemptions and operating expenses. These positive cash flows are then invested
to support the obligations of our insurance and investment products and required
capital supporting these products. Our cash flows from operating activities are
affected by the timing of premiums, fees and investment income received and
benefits and expenses paid. The decrease in cash provided by operating
activities was primarily due to net purchases of fixed maturities trading
securities.

Net cash used in investing activities was $97.9 million and $942.8 million for
the six months ended June 30, 2022 and 2021, respectively. The decrease in cash
used in investing activities was primarily due to real estate sold in 2022 and
lower seed investment acquisitions in 2022 as compared to 2021.

Net cash provided by financing activities was $100.3 million for the six months
ended June 30, 2022, compared to net cash used in financing activities of $623.2
million for the six months ended June 30, 2021. The increase in cash provided by
financing activities was primarily due to increased banking operation deposits
related to our Principal Deposit Sweep program and higher net investment
contract deposits as compared to 2021. These increases were partially offset by
increased share repurchases in 2022 primarily related to our 2022 accelerated
share repurchase agreement.

Shelf Registration. Under our current shelf registration, we have the ability to
issue, in unlimited amounts, unsecured senior debt securities or subordinated
debt securities, junior subordinated debt, preferred stock, common stock,
warrants, depositary shares, purchase contracts and purchase units of PFG. Our
wholly owned subsidiary, PFS, may guarantee, fully and unconditionally or
otherwise, our obligations with respect to any non-convertible securities, other
than common stock, described in the shelf registration.

                                      106

Table of Contents


Guarantors and Issuers of Guaranteed Securities. PFG has issued certain notes
pursuant to transactions registered under the Securities Act of 1933. Such notes
include all currently outstanding senior notes and junior subordinated notes,
which are subordinated to all our senior debt (collectively, the "registered
notes"). For additional information on the senior notes and junior subordinated
notes, see Item 8. "Financial Statements and Supplementary Data, Notes to
Consolidated Financial Statements, Note 9, Debt" in our Annual Report on Form
10-K for the year ended December 31, 2021.

PFS, a wholly owned subsidiary of PFG, has guaranteed each of the registered
notes on a full and unconditional basis. The full and unconditional guarantees
require PFS to satisfy the obligations of the guaranteed security immediately,
if and when PFG has failed to make a scheduled payment thereunder. If PFS does
not make such payment, any holder of the guaranteed security may immediately
bring suit directly against PFS for payment of amounts due and payable. No other
subsidiary of PFG has guaranteed any of the registered notes.

Summary financial information is presented below on a combined basis for PFG and
PFS (the "obligor group") and transactions between the obligor group have been
eliminated. The summary financial information excludes subsidiaries that are not
issuers or guarantors. Any investments by the obligor group in other
subsidiaries have been excluded.

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Sales 2022 12 799 M - -
Net income 2022 4 174 M - -
Net Debt 2022 - - -
P/E ratio 2022 5,08x
Yield 2022 3,58%
Capitalization 18 047 M 18 047 M -
Capi. / Sales 2022 1,41x
Capi. / Sales 2023 1,38x
Nbr of Employees 18 600
Free-Float 50,6%
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Daniel Joseph Houston Senior Vice President
Deanna Dawnette Strable-Soethout Chief Financial Officer & Executive Vice President
Kathleen B. Kay Chief Information Officer & Senior Vice President
Elizabeth B. Happe Chief Compliance Officer & Senior Vice President
Barbara A. McKenzie Senior Executive Director-Investments
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