Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information, Notes Guarantor (Table)

Condensed Consolidating Statements of Financial Position

March 31, 2020

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	290.5	$	61,408.8	$	7,367.5	$	(359.0)	$	68,707.8
Fixed maturities, trading		258.5		220.4		117.1		—		596.0
Equity securities		—		61.7		1,602.4		—		1,664.1
Mortgage loans		—		15,524.6		1,816.1		(694.8)		16,645.9
Real estate		—		3.2		1,654.3		—		1,657.5
Policy loans		—		743.0		54.0		—		797.0
Investment in unconsolidated entities		15,786.7		4,850.7		5,183.0		(25,091.8)		728.6
Other investments		10.4		4,214.3		2,697.5		(2,943.8)		3,978.4
Cash and cash equivalents		453.3		1,908.3		1,982.7		(861.6)		3,482.7
Accrued investment income		1.5		641.9		80.3		(2.0)		721.7
Premiums due and other receivables		—		2,067.3		4,629.2		(5,005.5)		1,691.0
Deferred acquisition costs		—		3,669.7		10.1		—		3,679.8
Property and equipment		—		757.7		216.1		—		973.8
Goodwill		—		54.3		1,562.1		—		1,616.4
Other intangibles		—		17.3		1,699.3		—		1,716.6
Separate account assets		—		105,530.3		31,305.7		—		136,836.0
Other assets		391.1		1,136.9		5,373.2		(5,490.6)		1,410.6
Total assets	$	17,192.0	$	202,810.4	$	67,350.6	$	(40,449.1)	$	246,903.9
Liabilities
Contractholder funds	$	—	$	39,090.1	$	3,395.3	$	(358.8)	$	42,126.6
Future policy benefits and claims		—		36,435.7		6,223.6		(1,415.3)		41,244.0
Other policyholder funds		—		694.9		170.0		(4.0)		860.9
Short-term debt		—		—		105.6		—		105.6
Long-term debt		3,626.0		—		697.2		(653.1)		3,670.1
Income taxes currently payable		12.6		—		58.2		(56.1)		14.7
Deferred income taxes		—		86.2		1,885.0		(520.9)		1,450.3
Separate account liabilities		—		105,530.3		31,305.7		—		136,836.0
Other liabilities		645.9		10,937.5		7,558.9		(11,758.9)		7,383.4
Total liabilities		4,284.5		192,774.7		51,399.5		(14,767.1)		233,691.6
Redeemable noncontrolling interest		—		—		239.7		—		239.7
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,216.5		6,324.1		10,030.0		(16,354.1)		10,216.5
Retained earnings		11,198.8		2,372.2		6,307.6		(8,679.8)		11,198.8
Accumulated other comprehensive income (loss)		(599.2)		1,336.9		(691.3)		(645.6)		(599.2)
Treasury stock, at cost		(7,913.4)		—		—		—		(7,913.4)
Total stockholders' equity attributable to PFG		12,907.5		10,035.7		15,646.3		(25,682.0)		12,907.5
Noncontrolling interest		—		—		65.1		—		65.1
Total stockholders’ equity		12,907.5		10,035.7		15,711.4		(25,682.0)		12,972.6
Total liabilities and stockholders' equity	$	17,192.0	$	202,810.4	$	67,350.6	$	(40,449.1)	$	246,903.9

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $720.1 million and $579.8 million, respectively.

Condensed Consolidating Statements of Financial Position

December 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	265.8	$	62,363.1	$	7,833.1	$	(355.8)	$	70,106.2
Fixed maturities, trading		268.2		237.5		170.2		—		675.9
Equity securities		—		69.9		1,809.5		—		1,879.4
Mortgage loans		—		15,388.5		1,793.5		(695.1)		16,486.9
Real estate		—		3.3		1,711.5		—		1,714.8
Policy loans		—		742.2		55.8		—		798.0
Investment in unconsolidated entities		17,539.6		5,036.2		6,429.5		(28,175.1)		830.2
Other investments		10.4		3,682.5		2,859.6		(2,692.5)		3,860.0
Cash and cash equivalents		394.9		1,178.1		1,767.7		(824.8)		2,515.9
Accrued investment income		1.6		608.5		81.4		(4.9)		686.6
Premiums due and other receivables		—		2,082.3		4,525.8		(4,867.8)		1,740.3
Deferred acquisition costs		—		3,509.7		11.6		—		3,521.3
Property and equipment		—		733.9		233.8		—		967.7
Goodwill		—		54.3		1,639.5		—		1,693.8
Other intangibles		—		17.7		1,769.0		—		1,786.7
Separate account assets		—		125,801.7		39,666.3		—		165,468.0
Other assets		383.2		1,118.6		5,358.4		(5,504.1)		1,356.1
Total assets	$	18,863.7	$	222,628.0	$	77,716.2	$	(43,120.1)	$	276,087.8
Liabilities
Contractholder funds	$	—	$	38,334.6	$	3,388.0	$	(355.1)	$	41,367.5
Future policy benefits and claims		—		35,476.6		6,740.7		(1,379.1)		40,838.2
Other policyholder funds		—		790.3		171.9		(2.8)		959.4
Short-term debt		—		—		93.4		—		93.4
Long-term debt		3,625.5		—		763.1		(654.5)		3,734.1
Income taxes currently payable		—		—		81.7		(65.5)		16.2
Deferred income taxes		—		325.8		1,965.9		(495.1)		1,796.6
Separate account liabilities		—		125,801.7		39,666.3		—		165,468.0
Other liabilities		620.2		10,533.5		7,111.2		(11,401.2)		6,863.7
Total liabilities		4,245.7		211,262.5		59,982.2		(14,353.3)		261,137.1
Redeemable noncontrolling interest		—		—		264.9		—		264.9
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,182.6		6,331.5		10,038.7		(16,370.2)		10,182.6
Retained earnings		11,074.3		2,410.8		6,414.3		(8,825.1)		11,074.3
Accumulated other comprehensive income		1,037.9		2,620.7		948.3		(3,569.0)		1,037.9
Treasury stock, at cost		(7,681.6)		—		—		—		(7,681.6)
Total stockholders' equity attributable to PFG		14,618.0		11,365.5		17,401.3		(28,766.8)		14,618.0
Noncontrolling interest		—		—		67.8		—		67.8
Total stockholders’ equity		14,618.0		11,365.5		17,469.1		(28,766.8)		14,685.8
Total liabilities and stockholders' equity	$	18,863.7	$	222,628.0	$	77,716.2	$	(43,120.1)	$	276,087.8

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively.

Condensed Consolidating Statements of Operations

For the three months ended March 31, 2020

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	2,145.3	$	145.7	$	—	$	2,291.0
Fees and other revenues		—		584.0		661.3		(100.0)		1,145.3
Net investment income		3.4		723.1		622.8		(365.7)		983.6
Net realized capital gains (losses)		5.2		628.9		(501.4)		(1.3)		131.4
Total revenues		8.6		4,081.3		928.4		(467.0)		4,551.3
Expenses
Benefits, claims and settlement expenses		—		2,633.2		228.3		(2.8)		2,858.7
Dividends to policyholders		—		28.9		—		—		28.9
Operating expenses		48.5		802.8		578.2		(94.0)		1,335.5
Total expenses		48.5		3,464.9		806.5		(96.8)		4,223.1
Income (loss) before income taxes		(39.9)		616.4		121.9		(370.2)		328.2
Income taxes (benefits)		(10.1)		104.8		(51.3)		(0.2)		43.2
Equity in the net income (loss) of subsidiaries		318.7		(142.0)		139.5		(316.2)		—
Net income		288.9		369.6		312.7		(686.2)		285.0
Net loss attributable to noncontrolling interest		—		—		(3.9)		—		(3.9)
Net income attributable to PFG	$	288.9	$	369.6	$	316.6	$	(686.2)	$	288.9
Net income	$	288.9	$	369.6	$	312.7	$	(686.2)	$	285.0
Other comprehensive loss		(1,543.4)		(1,284.6)		(1,611.7)		2,793.4		(1,646.3)
Comprehensive loss	$	(1,254.5)	$	(915.0)	$	(1,299.0)	$	2,107.2	$	(1,361.3)

Condensed Consolidating Statements of Operations

For the three months March 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	1,542.4	$	182.5	$	—	$	1,724.9
Fees and other revenues		—		544.6		520.6		(91.7)		973.5
Net investment income		5.0		702.5		546.0		(292.5)		961.0
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		5.3		403.5		(317.5)		—		91.3
Net other-than-temporary impairment losses recoveries on available-for-sale securities		—		(9.5)		(0.1)		—		(9.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—		2.8		—		—		2.8
Net impairment losses on available-for-sale securities		—		(6.7)		(0.1)		—		(6.8)
Net realized capital gains (losses)		5.3		396.8		(317.6)		—		84.5
Total revenues		10.3		3,186.3		931.5		(384.2)		3,743.9
Expenses
Benefits, claims and settlement expenses		—		1,944.4		253.6		(2.9)		2,195.1
Dividends to policyholders		—		30.1		—		—		30.1
Operating expenses		56.1		585.6		438.1		(87.1)		992.7
Total expenses		56.1		2,560.1		691.7		(90.0)		3,217.9
Income (loss) before income taxes		(45.8)		626.2		239.8		(294.2)		526.0
Income taxes (benefits)		(11.3)		95.2		(9.8)		(0.2)		73.9
Equity in the net income (loss) of subsidiaries		464.4		(235.7)		233.1		(461.8)		—
Net income		429.9		295.3		482.7		(755.8)		452.1
Net income attributable to noncontrolling interest		—		—		19.8		2.4		22.2
Net income attributable to PFG	$	429.9	$	295.3	$	462.9	$	(758.2)	$	429.9
Net income	$	429.9	$	295.3	$	482.7	$	(755.8)	$	452.1
Other comprehensive income		1,141.3		1,053.9		1,174.2		(2,222.7)		1,146.7
Comprehensive income	$	1,571.2	$	1,349.2	$	1,656.9	$	(2,978.5)	$	1,598.8

Condensed Consolidating Statements of Cash Flows

For the three months March 31, 2020

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	20.9	$	1,711.5	$	913.9	$	(1,057.2)	$	1,589.1
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(63.2)		(2,449.3)		(681.3)		3.7		(3,190.1)
Sales		—		218.1		364.3		—		582.4
Maturities		43.2		1,753.5		187.4		—		1,984.1
Mortgage loans acquired or originated		—		(590.2)		(239.6)		2.5		(827.3)
Mortgage loans sold or repaid		—		440.7		142.2		(1.3)		581.6
Real estate acquired		—		—		(39.6)		—		(39.6)
Net purchases of property and equipment		—		(14.0)		(4.0)		—		(18.0)
Dividends and returns of capital received from unconsolidated entities		433.9		0.6		413.9		(848.4)		—
Net change in other investments		—		(273.5)		(726.5)		1,014.2		14.2
Net cash provided by (used in) investing activities		413.9		(914.1)		(583.2)		170.7		(912.7)
Financing activities
Issuance of common stock		9.0		—		—		—		9.0
Acquisition of treasury stock		(231.8)		—		—		—		(231.8)
Payments for financing element derivatives		—		(7.1)		—		—		(7.1)
Purchase of subsidiary shares from noncontrolling interest		—		—		(0.9)		—		(0.9)
Dividends to common stockholders		(153.6)		—		—		—		(153.6)
Principal repayments of long-term debt		—		—		(65.8)		1.3		(64.5)
Net proceeds from short-term borrowings		—		—		24.6		—		24.6
Dividends and capital paid to parent		—		(413.9)		(434.5)		848.4		—
Investment contract deposits		—		2,596.2		129.5		—		2,725.7
Investment contract withdrawals		—		(2,242.5)		(13.1)		—		(2,255.6)
Net increase in banking operation deposits		—		—		244.5		—		244.5
Other		—		0.1		—		—		0.1
Net cash provided by (used in) financing activities		(376.4)		(67.2)		(115.7)		849.7		290.4
Net increase in cash and cash equivalents		58.4		730.2		215.0		(36.8)		966.8
Cash and cash equivalents at beginning of period		394.9		1,178.1		1,767.7		(824.8)		2,515.9
Cash and cash equivalents at end of period	$	453.3	$	1,908.3	$	1,982.7	$	(861.6)	$	3,482.7

Condensed Consolidating Statements of Cash Flows

For the three months ended March 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	27.5	$	1,376.1	$	634.4	$	(861.6)	$	1,176.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(150.2)		(2,329.5)		(408.1)		1.1		(2,886.7)
Sales		—		104.9		237.7		—		342.6
Maturities		153.1		1,277.7		118.1		—		1,548.9
Mortgage loans acquired or originated		—		(581.2)		(46.1)		2.2		(625.1)
Mortgage loans sold or repaid		—		323.3		64.9		(5.8)		382.4
Real estate acquired		—		—		(10.5)		—		(10.5)
Net purchases of property and equipment		—		(12.1)		(17.3)		—		(29.4)
Dividends and returns of capital received from unconsolidated entities		208.9		0.6		193.9		(403.4)		—
Net change in other investments		(6.0)		(374.6)		(800.7)		968.0		(213.3)
Net cash provided by (used in) investing activities		205.8		(1,590.9)		(668.1)		562.1		(1,491.1)
Financing activities
Issuance of common stock		5.8		—		—		—		5.8
Acquisition of treasury stock		(153.6)		—		—		—		(153.6)
Payments for financing element derivatives		—		(6.5)		—		—		(6.5)
Dividends to common stockholders		(150.2)		—		—		—		(150.2)
Issuance of long-term debt		—		—		6.7		—		6.7
Principal repayments of long-term debt		—		—		(6.1)		5.8		(0.3)
Net proceeds from short-term borrowings		—		—		0.1		—		0.1
Dividends and capital paid to parent		—		(193.9)		(209.5)		403.4		—
Investment contract deposits		—		1,755.2		117.0		—		1,872.2
Investment contract withdrawals		—		(1,938.9)		(8.5)		—		(1,947.4)
Net decrease in banking operation deposits		—		—		(35.4)		—		(35.4)
Other		—		5.7		(0.2)		—		5.5
Net cash used in financing activities		(298.0)		(378.4)		(135.9)		409.2		(403.1)
Net decrease in cash and cash equivalents		(64.7)		(593.2)		(169.6)		109.7		(717.8)
Cash and cash equivalents at beginning of period		334.9		1,323.9		2,014.8		(696.1)		2,977.5
Cash and cash equivalents at end of period	$	270.2	$	730.7	$	1,845.2	$	(586.4)	$	2,259.7

Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table)

Condensed Consolidating Statements of Financial Position

March 31, 2020

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	290.5	$	—	$	68,417.3	$	—	$	68,707.8
Fixed maturities, trading		258.5		—		337.5		—		596.0
Equity securities		—		32.7		1,631.4		—		1,664.1
Mortgage loans		—		—		16,645.9		—		16,645.9
Real estate		—		—		1,657.5		—		1,657.5
Policy loans		—		—		797.0		—		797.0
Investment in unconsolidated entities		15,786.7		14,883.5		541.8		(30,483.4)		728.6
Other investments		10.4		198.2		3,769.8		—		3,978.4
Cash and cash equivalents		453.3		663.6		3,408.8		(1,043.0)		3,482.7
Accrued investment income		1.5		0.1		720.1		—		721.7
Premiums due and other receivables		—		110.4		1,894.6		(314.0)		1,691.0
Deferred acquisition costs		—		—		3,679.8		—		3,679.8
Property and equipment		—		—		973.8		—		973.8
Goodwill		—		618.5		997.9		—		1,616.4
Other intangibles		—		524.6		1,192.0		—		1,716.6
Separate account assets		—		—		136,836.0		—		136,836.0
Other assets		391.1		47.1		1,547.2		(574.8)		1,410.6
Total assets	$	17,192.0	$	17,078.7	$	245,048.4	$	(32,415.2)	$	246,903.9
Liabilities
Contractholder funds	$	—	$	—	$	42,126.6	$	—	$	42,126.6
Future policy benefits and claims		—		—		41,244.0		—		41,244.0
Other policyholder funds		—		—		860.9		—		860.9
Short-term debt		—		—		105.6		—		105.6
Long-term debt		3,626.0		313.9		44.1		(313.9)		3,670.1
Income taxes currently payable		12.6		—		38.0		(35.9)		14.7
Deferred income taxes		—		19.5		1,951.8		(521.0)		1,450.3
Separate account liabilities		—		—		136,836.0		—		136,836.0
Other liabilities		645.9		1,098.9		6,510.4		(871.8)		7,383.4
Total liabilities		4,284.5		1,432.3		229,717.4		(1,742.6)		233,691.6
Redeemable noncontrolling interest		—		—		239.7		—		239.7
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,216.5		9,668.8		12,243.7		(21,912.5)		10,216.5
Retained earnings		11,198.8		6,149.5		2,788.2		(8,937.7)		11,198.8
Accumulated other comprehensive loss		(599.2)		(171.9)		(14.7)		186.6		(599.2)
Treasury stock, at cost		(7,913.4)		—		(2.0)		2.0		(7,913.4)
Total stockholders' equity attributable to PFG		12,907.5		15,646.4		15,026.2		(30,672.6)		12,907.5
Noncontrolling interest		—		—		65.1		—		65.1
Total stockholders’ equity		12,907.5		15,646.4		15,091.3		(30,672.6)		12,972.6
Total liabilities and stockholders' equity	$	17,192.0	$	17,078.7	$	245,048.4	$	(32,415.2)	$	246,903.9

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $720.1 million and $579.8 million, respectively.

Condensed Consolidating Statements of Financial Position

December 31, 2019

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	265.8	$	—	$	69,840.4	$	—	$	70,106.2
Fixed maturities, trading		268.2		—		407.7		—		675.9
Equity securities		—		41.4		1,838.0		—		1,879.4
Mortgage loans		—		—		16,486.9		—		16,486.9
Real estate		—		—		1,714.8		—		1,714.8
Policy loans		—		—		798.0		—		798.0
Investment in unconsolidated entities		17,539.6		16,664.1		649.4		(34,022.9)		830.2
Other investments		10.4		251.9		3,597.7		—		3,860.0
Cash and cash equivalents		394.9		598.4		2,656.2		(1,133.6)		2,515.9
Accrued investment income		1.6		0.4		684.6		—		686.6
Premiums due and other receivables		—		100.0		1,961.1		(320.8)		1,740.3
Deferred acquisition costs		—		—		3,521.3		—		3,521.3
Property and equipment		—		—		967.7		—		967.7
Goodwill		—		618.5		1,075.3		—		1,693.8
Other intangibles		—		531.7		1,255.0		—		1,786.7
Separate account assets		—		—		165,468.0		—		165,468.0
Other assets		383.2		35.2		1,509.5		(571.8)		1,356.1
Total assets	$	18,863.7	$	18,841.6	$	274,431.6	$	(36,049.1)	$	276,087.8
Liabilities
Contractholder funds	$	—	$	—	$	41,367.5	$	—	$	41,367.5
Future policy benefits and claims		—		—		40,838.2		—		40,838.2
Other policyholder funds		—		—		959.4		—		959.4
Short-term debt		—		—		93.4		—		93.4
Long-term debt		3,625.5		320.7		108.7		(320.8)		3,734.1
Income taxes currently payable		—		—		66.4		(50.2)		16.2
Deferred income taxes		—		5.9		2,285.8		(495.1)		1,796.6
Separate account liabilities		—		—		165,468.0		—		165,468.0
Other liabilities		620.2		1,113.6		6,104.7		(974.8)		6,863.7
Total liabilities		4,245.7		1,440.2		257,292.1		(1,840.9)		261,137.1
Redeemable noncontrolling interest		—		—		264.9		—		264.9
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,182.6		9,658.3		12,157.9		(21,816.2)		10,182.6
Retained earnings		11,074.3		6,263.5		2,985.1		(9,248.6)		11,074.3
Accumulated other comprehensive income		1,037.9		1,479.6		1,654.8		(3,134.4)		1,037.9
Treasury stock, at cost		(7,681.6)		—		(2.0)		2.0		(7,681.6)
Total stockholders' equity attributable to PFG		14,618.0		17,401.4		16,806.8		(34,208.2)		14,618.0
Noncontrolling interest		—		—		67.8		—		67.8
Total stockholders’ equity		14,618.0		17,401.4		16,874.6		(34,208.2)		14,685.8
Total liabilities and stockholders' equity	$	18,863.7	$	18,841.6	$	274,431.6	$	(36,049.1)	$	276,087.8

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively.

Condensed Consolidating Statements of Operations

For the three months ended March 31, 2020

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	2,291.0	$	—	$	2,291.0
Fees and other revenues		—		95.9		1,052.0		(2.6)		1,145.3
Net investment income (loss)		3.4		(1.1)		978.8		2.5		983.6
Net realized capital gains		5.2		5.3		120.9		—		131.4
Total revenues		8.6		100.1		4,442.7		(0.1)		4,551.3
Expenses
Benefits, claims and settlement expenses		—		—		2,858.7		—		2,858.7
Dividends to policyholders		—		—		28.9		—		28.9
Operating expenses		48.5		133.6		1,155.6		(2.2)		1,335.5
Total expenses		48.5		133.6		4,043.2		(2.2)		4,223.1
Income (loss) before income taxes		(39.9)		(33.5)		399.5		2.1		328.2
Income taxes (benefits)		(10.1)		(15.2)		68.5		—		43.2
Equity in the net income of subsidiaries		318.7		334.9		—		(653.6)		—
Net income		288.9		316.6		331.0		(651.5)		285.0
Net loss attributable to noncontrolling interest		—		—		(3.9)		—		(3.9)
Net income attributable to PFG	$	288.9	$	316.6	$	334.9	$	(651.5)	$	288.9
Net income	$	288.9	$	316.6	$	331.0	$	(651.5)	$	285.0
Other comprehensive loss		(1,543.4)		(1,557.8)		(1,678.7)		3,133.6		(1,646.3)
Comprehensive loss	$	(1,254.5)	$	(1,241.2)	$	(1,347.7)	$	2,482.1	$	(1,361.3)

Condensed Consolidating Statements of Operations

For the three months ended March 31, 2019

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	1,724.9	$	—	$	1,724.9
Fees and other revenues		—		0.1		976.4		(3.0)		973.5
Net investment income (loss)		5.0		(2.3)		956.5		1.8		961.0
Net realized capital gains, excluding impairment losses on available-for-sale securities		5.3		6.6		79.4		—		91.3
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(9.6)		—		(9.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—		—		2.8		—		2.8
Net impairment losses on available-for-sale securities		—		—		(6.8)		—		(6.8)
Net realized capital gains		5.3		6.6		72.6		—		84.5
Total revenues		10.3		4.4		3,730.4		(1.2)		3,743.9
Expenses
Benefits, claims and settlement expenses		—		—		2,195.1		—		2,195.1
Dividends to policyholders		—		—		30.1		—		30.1
Operating expenses		56.1		22.8		916.5		(2.7)		992.7
Total expenses		56.1		22.8		3,141.7		(2.7)		3,217.9
Income (loss) before income taxes		(45.8)		(18.4)		588.7		1.5		526.0
Income taxes (benefits)		(11.3)		1.2		84.0		—		73.9
Equity in the net income of subsidiaries		464.4		482.5		—		(946.9)		—
Net income		429.9		462.9		504.7		(945.4)		452.1
Net income attributable to noncontrolling interest		—		—		22.2		—		22.2
Net income attributable to PFG	$	429.9	$	462.9	$	482.5	$	(945.4)	$	429.9
Net income	$	429.9	$	462.9	$	504.7	$	(945.4)	$	452.1
Other comprehensive income		1,141.3		1,126.9		1,128.7		(2,250.2)		1,146.7
Comprehensive income	$	1,571.2	$	1,589.8	$	1,633.4	$	(3,195.6)	$	1,598.8

Condensed Consolidating Statements of Cash Flows

For the three months ended March 31, 2020

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	20.9	$	40.1	$	1,461.2	$	66.9	$	1,589.1
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(63.2)		—		(3,126.9)		—		(3,190.1)
Sales		—		—		582.4		—		582.4
Maturities		43.2		—		1,940.9		—		1,984.1
Mortgage loans acquired or originated		—		—		(827.3)		—		(827.3)
Mortgage loans sold or repaid		—		—		581.6		—		581.6
Real estate acquired		—		—		(39.6)		—		(39.6)
Net purchases of property and equipment		—		(0.6)		(17.4)		—		(18.0)
Dividends and returns of capital received from unconsolidated entities		433.9		453.7		—		(887.6)		—
Net change in other investments		—		12.7		(15.4)		16.9		14.2
Net cash provided by (used in) investing activities		413.9		465.8		(921.7)		(870.7)		(912.7)
Financing activities
Issuance of common stock		9.0		—		—		—		9.0
Acquisition of treasury stock		(231.8)		—		—		—		(231.8)
Payments for financing element derivatives		—		—		(7.1)		—		(7.1)
Purchase of subsidiary shares from noncontrolling interest		—		—		(0.9)		—		(0.9)
Dividends to common stockholders		(153.6)		—		—		—		(153.6)
Issuance of long-term debt		—		2.3		—		(2.3)		—
Principal repayments of long-term debt		—		(9.1)		(64.5)		9.1		(64.5)
Net proceeds from short-term borrowings		—		—		24.6		—		24.6
Dividends and capital paid to parent		—		(433.9)		(453.7)		887.6		—
Investment contract deposits		—		—		2,725.7		—		2,725.7
Investment contract withdrawals		—		—		(2,255.6)		—		(2,255.6)
Net increase in banking operation deposits		—		—		244.5		—		244.5
Other		—		—		0.1		—		0.1
Net cash provided by (used in) financing activities		(376.4)		(440.7)		213.1		894.4		290.4
Net increase in cash and cash equivalents		58.4		65.2		752.6		90.6		966.8
Cash and cash equivalents at beginning of period		394.9		598.4		2,656.2		(1,133.6)		2,515.9
Cash and cash equivalents at end of period	$	453.3	$	663.6	$	3,408.8	$	(1,043.0)	$	3,482.7

Condensed Consolidating Statements of Cash Flows

For the three months March 31, 2019

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	27.5	$	(22.1)	$	1,033.5	$	137.5	$	1,176.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(150.2)		(0.2)		(2,736.3)		—		(2,886.7)
Sales		—		0.2		342.4		—		342.6
Maturities		153.1		—		1,395.8		—		1,548.9
Mortgage loans acquired or originated		—		—		(625.1)		—		(625.1)
Mortgage loans sold or repaid		—		—		382.4		—		382.4
Real estate acquired		—		—		(10.5)		—		(10.5)
Net purchases of property and equipment		—		(0.5)		(28.9)		—		(29.4)
Dividends and returns of capital received from unconsolidated entities		208.9		89.0		—		(297.9)		—
Net change in other investments		(6.0)		(73.6)		(171.4)		37.7		(213.3)
Net cash provided by (used in) investing activities		205.8		14.9		(1,451.6)		(260.2)		(1,491.1)
Financing activities
Issuance of common stock		5.8		—		—		—		5.8
Acquisition of treasury stock		(153.6)		—		—		—		(153.6)
Payments for financing element derivatives		—		—		(6.5)		—		(6.5)
Dividends to common stockholders		(150.2)		—		—		—		(150.2)
Issuance of long-term debt		—		2.6		6.7		(2.6)		6.7
Principal repayments of long-term debt		—		(9.4)		(0.3)		9.4		(0.3)
Net proceeds from short-term borrowings		—		—		0.1		—		0.1
Dividends and capital paid to parent		—		(208.9)		(89.0)		297.9		—
Investment contract deposits		—		—		1,872.2		—		1,872.2
Investment contract withdrawals		—		—		(1,947.4)		—		(1,947.4)
Net decrease in banking operation deposits		—		—		(35.4)		—		(35.4)
Other		—		—		5.5		—		5.5
Net cash used in financing activities		(298.0)		(215.7)		(194.1)		304.7		(403.1)
Net decrease in cash and cash equivalents		(64.7)		(222.9)		(612.2)		182.0		(717.8)
Cash and cash equivalents at beginning of period		334.9		649.0		3,096.8		(1,103.2)		2,977.5
Cash and cash equivalents at end of period	$	270.2	$	426.1	$	2,484.6	$	(921.2)	$	2,259.7