(1)	PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $801.7 million and $653.3 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 year ended December 31, 2020

Principal Life

Principal

Insurance Company

Principal

Financial

and other

Financial

Group, Inc.

Services, Inc.

subsidiaries

Group, Inc.

parent only

only

combined

Eliminations

consolidated

(in millions)

Revenues

Premiums and other considerations

—

6,037.4

—

6,037.4

Fees and other revenues

—

341.3

4,182.9

(13.1)

4,511.1

Net investment income (loss)

13.3

(1.4)

3,867.1

11.6

3,890.6

Net realized capital gains

7.0

32.8

262.9

(0.1)

302.6

Total revenues

20.3

372.7

14,350.3

(1.6)

14,741.7

Expenses

Benefits, claims and settlement expenses

—

8,281.5

—

8,281.5

Dividends to policyholders

—

120.2

—

120.2

Operating expenses

200.0

548.7

3,909.6

(11.8)

4,646.5

Total expenses

200.0

548.7

12,311.3

(11.8)

13,048.2

Income (loss) before income taxes

(179.7)

(176.0)

2,039.0

10.2

1,693.5

Income taxes (benefits)

(46.1)

(45.8)

356.9

—

265.0

Equity in the net income of subsidiaries

1,529.4

1,649.4

—

(3,178.8)

—

Net income

1,395.8

1,519.2

1,682.1

(3,168.6)

1,428.5

Net income attributable to noncontrolling interest

—

32.7

—

32.7

Net income attributable to PFG

1,395.8

1,519.2

1,649.4

(3,168.6)

1,395.8

Net income

1,395.8

1,519.2

1,682.1

(3,168.6)

1,428.5

Other comprehensive income

1,206.5

1,228.6

1,352.7

(2,440.8)

1,347.0

Comprehensive income

2,602.3

2,747.8

3,034.8

(5,609.4)

2,775.5

Condensed Consolidating Statements of Operations

For the year ended 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		Eliminations		consolidated

	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	7,866.6	$	—	$	7,866.6
Fees and other revenues		—		205.9		4,215.5		(11.5)		4,409.9
Net investment income (loss)		19.4		(6.5)		3,975.1		10.4		3,998.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		12.3		17.5		(38.9)		(0.2)		(9.3)
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(38.3)		—		(38.3)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(5.2)		—		(5.2)
Net impairment losses on available-for-sale securities		—		—		(43.5)		—		(43.5)
Net realized capital gains (losses)		12.3		17.5		(82.4)		(0.2)		(52.8)
Total revenues		31.7		216.9		15,974.8		(1.3)		16,222.1
Expenses
Benefits, claims and settlement expenses		—		—		9,905.8		—		9,905.8
Dividends to policyholders		—		—		119.1		—		119.1
Operating expenses		210.9		368.2		3,935.1		(10.3)		4,503.9
Total expenses		210.9		368.2		13,960.0		(10.3)		14,528.8
Income (loss) before income taxes		(179.2)		(151.3)		2,014.8		9.0		1,693.3
Income taxes (benefits)		(44.2)		(11.8)		305.2		—		249.2
Equity in the net income of subsidiaries		1,529.2		1,659.7		—		(3,188.9)		—
Net income		1,394.2		1,520.2		1,709.6		(3,179.9)		1,444.1
Net income attributable to noncontrolling interest		—		—		49.9		—		49.9
Net income attributable to PFG	$	1,394.2	$	1,520.2	$	1,659.7	$	(3,179.9)	$	1,394.2

Net income	$	1,394.2	$	1,520.2	$	1,709.6	$	(3,179.9)	$	1,444.1
Other comprehensive income		2,570.9		2,530.9		2,562.2		(5,057.3)		2,606.7
Comprehensive income	$	3,965.1	$	4,051.1	$	4,271.8	$	(8,237.2)	$	4,050.8

Condensed Consolidating Statements of Operations

For the year ended December 31, 2018


					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	$	—	$	—	$	6,409.6	$	—	$	6,409.6
Fees and other revenues		—		2.7		4,286.4		(15.3)		4,273.8
Net investment income (loss)		25.8		(6.7)		3,598.0		12.1		3,629.2
Net realized capital losses, excluding impairment losses on available-for-sale securities		(8.2)		(3.5)		(34.6)		—		(46.3)
Net other-than-temporary impairment recoveries on available-for-sale securities		—		—		10.6		—		10.6
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(39.7)		—		(39.7)
Net impairment losses on available-for-sale securities		—		—		(29.1)		—		(29.1)
Net realized capital losses		(8.2)		(3.5)		(63.7)		—		(75.4)
Total revenues		17.6		(7.5)		14,230.3		(3.2)		14,237.2
Expenses
Benefits, claims and settlement expenses		—		—		8,192.5		—		8,192.5
Dividends to policyholders		—		—		123.6		—		123.6
Operating expenses		191.9		29.1		3,929.5		(13.8)		4,136.7
Total expenses		191.9		29.1		12,245.6		(13.8)		12,452.8
Income (loss) before income taxes		(174.3)		(36.6)		1,984.7		10.6		1,784.4
Income taxes (benefits)		(62.5)		0.2		293.0		—		230.7
Equity in the net income of subsidiaries		1,658.3		1,684.5		—		(3,342.8)		—
Net income		1,546.5		1,647.7		1,691.7		(3,332.2)		1,553.7
Net income attributable to noncontrolling interest		—		—		7.2		—		7.2
Net income attributable to PFG	$	1,546.5	$	1,647.7	$	1,684.5	$	(3,332.2)	$	1,546.5

Net income	$	1,546.5	$	1,647.7	$	1,691.7	$	(3,332.2)	$	1,553.7
Other comprehensive loss		(1,824.5)		(1,839.1)		(1,856.4)		3,684.3		(1,835.7)
Comprehensive loss	$	(278.0)	$	(191.4)	$	(164.7)	$	352.1	$	(282.0)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2020

Principal Life

Principal

Insurance Company

Principal

Financial

and other

Financial

Group, Inc.

Services, Inc.

subsidiaries

Group, Inc.

parent only

only

combined

Eliminations

consolidated

(in millions)

Operating activities

Net cash provided by (used in) operating activities

(15.2)

1,490.5

4,014.8

(1,751.5)

3,738.6

Investing activities

Fixed maturities available-for-sale and equity securities with intent to hold:

Purchases

(736.5)

—

(14,976.9)

—

(15,713.4)

Sales

—

3,043.9

—

3,043.9

Maturities

193.7

—

8,625.8

—

8,819.5

Mortgage loans acquired or originated

—

(3,249.5)

—

(3,249.5)

Mortgage loans sold or repaid

—

2,477.2

—

2,477.2

Real estate acquired

—

(230.6)

—

(230.6)

Real estate sold

—

2.3

—

2.3

Net purchases of property and equipment

(0.1)

(3.5)

(105.2)

—

(108.8)

Dividends and returns of capital received from unconsolidated entities

799.1

1,189.2

—

(1,988.3)

—

Net change in other investments

(50.0)

(1,610.4)

(232.7)

1,826.7

(66.4)

Net cash provided by (used in) investing activities

206.2

(424.7)

(4,645.7)

(161.6)

(5,025.8)

Financing activities

Issuance of common stock

42.8

—

42.8

Acquisition of treasury stock

(307.0)

—

(307.0)

Payments for financing element derivatives

—

(30.9)

—

(30.9)

Purchase of subsidiary shares from noncontrolling interest

—

(1.4)

—

(1.4)

Dividends to common stockholders

(614.5)

—

(614.5)

Issuance of long-term debt

595.2

8.5

13.7

(8.5)

608.9

Principal repayments of long-term debt

—

(54.5)

(65.8)

54.5

(65.8)

Net repayments of short-term borrowings

—

(12.6)

—

(12.6)

Dividends and capital paid to parent

—

(799.1)

(1,189.2)

1,988.3

—

Investment contract deposits

—

10,284.4

—

10,284.4

Investment contract withdrawals

—

(8,852.7)

—

(8,852.7)

Net increase in banking operation deposits

—

569.7

—

569.7

Other

—

0.2

—

0.2

Net cash provided by (used in) financing activities

(283.5)

(845.1)

715.4

2,034.3

1,621.1

Net increase (decrease) in cash and cash equivalents

(92.5)

220.7

84.5

121.2

333.9

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

302.4

819.1

2,740.7

(1,012.4)

2,849.8

Condensed Consolidating Statements of Cash Flows

For the year ended 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		Eliminations		consolidated

	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	7.1	$	(54.7)	$	5,760.7	$	(219.9)	$	5,493.2
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(251.5)		(0.2)		(13,885.4)		—		(14,137.1)
Sales		—		0.2		2,397.2		—		2,397.4
Maturities		200.0		—		6,864.2		—		7,064.2
Mortgage loans acquired or originated		—		—		(3,487.7)		—		(3,487.7)
Mortgage loans sold or repaid		—		—		2,335.9		—		2,335.9
Real estate acquired		—		—		(127.5)		—		(127.5)
Real estate sold		—		—		96.3		—		96.3
Net purchases of property and equipment		(0.1)		(2.0)		(130.3)		—		(132.4)
Purchase of business or interests in subsidiaries, net of cash acquired		—		(1,209.6)		1.1		—		(1,208.5)
Dividends and returns of capital received from unconsolidated entities		494.2		2,118.7		—		(2,612.9)		—
Net change in other investments		(34.0)		(362.9)		(235.8)		143.6		(489.1)
Net cash provided by (used in) investing activities		408.6		544.2		(6,172.0)		(2,469.3)		(7,688.5)
Financing activities
Issuance of common stock		37.7		—		—		—		37.7
Acquisition of treasury stock		(281.0)		—		—		—		(281.0)
Payments for financing element derivatives		—		—		(26.9)		—		(26.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(1.7)		—		(1.7)
Dividends to common stockholders		(606.0)		—		—		—		(606.0)
Issuance of long-term debt		493.6		10.0		11.3		(10.0)		504.9
Principal repayments of long-term debt		—		(55.9)		(32.2)		55.9		(32.2)
Net proceeds from short-term borrowings		—		—		57.5		—		57.5
Dividends and capital paid to parent		—		(494.2)		(2,118.7)		2,612.9		—
Investment contract deposits		—		—		9,200.0		—		9,200.0
Investment contract withdrawals		—		—		(7,747.7)		—		(7,747.7)
Net increase in banking operation deposits		—		—		623.4		—		623.4
Other		—		—		5.7		—		5.7
Net cash provided by (used in) financing activities		(355.7)		(540.1)		(29.3)		2,658.8		1,733.7
Net increase (decrease) in cash and cash equivalents		60.0		(50.6)		(440.6)		(30.4)		(461.6)
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	$	394.9	$	598.4	$	2,656.2	$	(1,133.6)	$	2,515.9

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2018


					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	$	(132.4)	$	696.3	$	5,030.9	$	(438.3)	$	5,156.5
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(210.9)		—		(13,698.9)		—		(13,909.8)
Sales		—		—		3,813.1		—		3,813.1
Maturities		2.3		—		6,215.3		—		6,217.6
Mortgage loans acquired or originated		—		—		(3,447.5)		—		(3,447.5)
Mortgage loans sold or repaid		—		—		2,228.4		—		2,228.4
Real estate acquired		—		—		(88.1)		—		(88.1)
Real estate sold		—		—		63.5		—		63.5
Net purchases of property and equipment		(0.1)		—		(92.2)		—		(92.3)
Purchase of business or interests in subsidiaries, net of cash acquired		—		—		(184.7)		—		(184.7)
Dividends and returns of capital received from unconsolidated entities		1,041.6		589.1		—		(1,630.7)		—
Net change in other investments		(2.2)		(166.2)		(413.9)		279.6		(302.7)
Net cash provided by (used in) investing activities		830.7		422.9		(5,605.0)		(1,351.1)		(5,702.5)
Financing activities
Issuance of common stock		64.0		—		—		—		64.0
Acquisition of treasury stock		(671.6)		—		—		—		(671.6)
Payments for financing element derivatives		—		—		(65.9)		—		(65.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(31.1)		—		(31.1)
Dividends to common stockholders		(598.6)		—		—		—		(598.6)
Issuance of long-term debt		—		11.1		80.8		(11.1)		80.8
Principal repayments of long-term debt		—		(57.1)		(1.3)		57.1		(1.3)
Net proceeds from short-term borrowings		—		—		8.5		—		8.5
Dividends and capital paid to parent		—		(1,041.6)		(589.1)		1,630.7		—
Investment contract deposits		—		—		8,308.8		—		8,308.8
Investment contract withdrawals		—		—		(6,589.6)		—		(6,589.6)
Net increase in banking operation deposits		—		—		553.0		—		553.0
Other		—		—		(4.3)		—		(4.3)
Net cash provided by (used in) financing activities		(1,206.2)		(1,087.6)		1,669.8		1,676.7		1,052.7
Net increase (decrease) in cash and cash equivalents		(507.9)		31.6		1,095.7		(112.7)		506.7
Cash and cash equivalents at beginning of period		842.8		617.4		2,001.1		(990.5)		2,470.8
Cash and cash equivalents at end of period	$	334.9	$	649.0	$	3,096.8	$	(1,103.2)	$	2,977.5