8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: April 26, 2018

(Date of earliest event reported)

PRINCIPAL FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-16725	42-1520346
(State or other jurisdiction	(Commission file number)	(I.R.S. Employer
of incorporation)		Identification Number)

711 High Street, Des Moines, Iowa 50392

(Address of principal executive offices)

(515) 247-5111

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR

240.14d-2(b))

[ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR

240.13e-4(c))

__________________

Item 2.02. Results of Operations and Financial Condition

On April 26, 2018, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter ended March 31, 2018. The text of the announcement is included herewith as Exhibit 99.

Item 9.01 Financial Statements and Exhibits

99 First Quarter 2018 Earnings Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PRINCIPAL FINANCIAL GROUP, INC.
	By: /s/ Deanna D. Strable-Soethout
	Name:    Deanna D. Strable-Soethout
	Title: Executive Vice President and Chief Financial Officer
Date: April 26, 2018

EX-99

                       EXHIBIT 99

Release:     On receipt, Apr. 26, 2018    

Media Contact:    Erica Jensen, 515-362-0049, jensen.erica@principal.com

Investor Contact:    John Egan, 515-235-9500, egan.john@principal.com

Principal^® Announces First Quarter 2018 Results

Company Also Announces Increase to Common Stock Dividend

Company Highlights

• First quarter 2018 net income attributable to Principal Financial Group, Inc. (PFG) of $397.1 million, or $1.36 per diluted share

• Record first quarter 2018 non-GAAP operating earnings¹ of $408.8 million, or $1.40 per diluted share

• Record assets under management (AUM) of $673.8 billion, up 9 percent over first quarter 2017

• Company declares second quarter 2018 common stock dividend of $0.52 per share; a 13 percent increase over second quarter 2017

(Des Moines, Iowa)– Principal Financial Group^® (Nasdaq: PFG) today announced results for first quarter 2018.

• Net incomeattributable to PFG for first quarter 2018 of $397.1 million, compared to $348.9 million for first quarter 2017. Net income per diluted share of $1.36 for first quarter 2018 compared to $1.19 in prior year quarter.

• Record non-GAAP operating earnings for first quarter 2018 of $408.8 million, compared to $370.5 million for first quarter 2017. Record non-GAAP operating earnings per diluted share (EPS) of $1.40 for first quarter 2018 compared to $1.27 for first quarter 2017.

• Quarterly common stock dividend of $0.52 per share for second quarter 2018 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $1.99per share, a 14 percent increase compared to the prior year trailing twelve-month period. The dividend will be payable on June 29, 2018, to shareholders of record as of June 4, 2018.

“First quarter was a good start to the year for Principal^®, with our diversified, integrated businesses delivering record non-GAAP operating earnings and record assets under management,” said Dan Houston, chairman, president, and CEO of Principal. “Our continued growth reflects very strong investment performance, and ongoing investments in our businesses to enhance our solution set, expand our distribution reach, improve the customer experience and deliver better outcomes for customers and clients.”

“We continue to balance investments in growth with disciplined expense management,” added Houston.  “We committed more than $80 million to strategic acquisitions during the quarter.  We also distributed more than $325 million to shareholders through common stock dividends and share buybacks, reflecting our balanced approach to capital deployment and our ongoing commitment to creating long-term value for our shareholders.”

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¹ Use of non-GAAP financial measures is discussed in this release after segment results. Non-GAAP operating earnings for total company is after tax.

Other first quarter highlights

• Strong Morningstar investment performance², with 80 percent of Principal’s investment optionsabove median on a one-year basis, 72 percent on a three-year basis and 86 percent on a five-year basis.

• We continue to execute on our accelerated investment in digital business strategies as we intensify our focus on the customer experience, direct-to-consumer offerings and our use of data science in investment research.

• Record total company AUM of $673.8 billion despite total company net cash flows of $(1.5) billion.

• Retirement and Income Solutions (RIS) - Fee sales of $4.1 billion and net cash flow of $1.0 billion helped drive end of period account values to $224.2 billion, a 10 percent increase over the prior year quarter.

• RIS - Spread sales of $0.9 billion helped drive end of period account values to $41.4 billion, an 8 percent increase over the prior year quarter.

• Principal Global Investors (PGI) ended the quarter with $423.8 billion of AUM. Pre-tax return on operating revenues less pass-through commissions³was 37.3 percent on a trailing twelve-month basis.

• Principal International (PI) generated net cash flows of $2.3 billion and achieved record AUM of $171.1 billion, a 16 percent increase over the year ago quarter. Additionally, PI reported record quarterly pre-tax operating earnings in Southeast Asia and Hong Kong.

• Specialty Benefits premium and fees⁴ increased 8 percent compared to the year ago quarter driven by strong retention and sales.

• Individual Life premium and fees increased 6 percent with a 15 percent increase in sales over the year ago quarter.

• Continued strong capital position with a 2018 capital deployment target of $900 million to $1.3 billion. Deployed $409.9 million of capital in first quarter 2018, including:

◦ $178.6 million to repurchase 2.9 million shares of common stock;

◦ $147.3 million of common stock dividends with the $0.51 per share common dividend paid in the first quarter; and

◦ $84.0 million committed to acquisitions.

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² Represents the percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collective investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driven Investment (Short, Intermediate and Extended Duration), Hedge Fund Separate Account & US Property Separate Account.

³ The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the release. The company has determined this measure is more representative of underlying operating revenues growth for PGI as it removes commissions that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings.

⁴ Premium and fees = premiums and other considerations plus fees and other revenues.

Segment Results

Retirement and Income Solutions - Fee

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings5	$131.3	$144.7	(9)%	$513.4	$524.1	(2)%
Net revenue6	$412.9	$403.5	2%	$1,603.7	$1,550.9	3%
Pre-tax return on net revenue7	31.8%	35.9%		32.0%	33.8%

• Pre-tax operating earnings decreased $13.4 million primarily due to lower net investment income and higher operating expenses.

• Net revenue increased $9.4 million which reflects higher fees in the current quarter driven by growth in account values partially offset by lower net investment income.

Retirement and Income Solutions - Spread

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings	$101.3	$99.5	2%	$374.8	$333.2	12%
Net revenue	$143.6	$143.9	0%	$543.9	$520.7	4%
Pre-tax return on net revenue	70.5%	69.1%		68.9%	64.0%

• Pre-tax operating earnings increased $1.8 million primarily due to more favorable mortality gains.

• Net revenue decreased $0.3 million as growth in the business was offset by spread compression.

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⁵ Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

⁶ Net revenue = operating revenues less benefits, claims and settlement expenses less dividends to policyholders.

⁷ Pre-tax return on net revenue = pre-tax operating earnings divided by net revenue.

Principal Global Investors

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings	$110.3	$100.0	10%	$480.0	$464.1	3%
Operating revenues less pass-through commissions	$325.3	$306.3	6%	$1,303.8	$1,260.7	3%
Pre-tax return on operating revenues less pass-through commissions8	34.4%	33.1%		37.3%	37.3%
Total PGI assets under management (billions)	$423.8	$403.0	5%
PGI sourced assets under management (billions)	$213.7	$206.6	3%

• Pre-tax operating earnings increased $10.3 million primarily due to growth in operating revenues less pass-through commissions.

• Operating revenues less pass-through commissions increased $19.0 million driven by an 8 percent growth in management fees.

Principal International

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings	$87.0	$100.9	(14)%	$316.1	$321.0	(2)%
Combined9 net revenue (at PFG share)	$239.9	$227.7	5%	$934.2	$834.7	12%
Pre-tax return on combined net revenue (at PFG share)	36.3%	44.3%		33.8%	38.5%
Assets under management (billions)	$171.1	$147.3	16%

• Pre-tax operating earnings decreased $13.9 million as growth in the business was more than offset by unfavorable encaje performance in the current quarter relative to favorable encaje performance in the prior year quarter.

• Combined net revenue (at PFG share) increased $12.2 million driven by growth in the business and record AUM.

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⁸ Pre-tax return on operating revenues less pass-through commissions = pre-tax operating earnings, adjusted for noncontrolling interest divided by operating revenues less pass-through commissions.

⁹ Combined net revenue: net revenue for all Principal International companies at 100% less pass-through commissions. Prior to 1Q 2018, pass-through commissions were not excluded from this definition. The company has determined combined net revenue (at PFG share) is more representative of underlying net revenue growth for Principal International as it reflects our proportionate share of consolidated and equity method subsidiaries. In addition, using this net revenue metric provides a more meaningful representation of our profit margins.

Specialty Benefits Insurance

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings	$66.9	$45.5	47%	$276.9	$257.8	7%
Premium and fees	$525.9	$487.6	8%	$2,059.4	$1,900.2	8%
Pre-tax return on premium and fees10	12.7%	9.3%		13.4%	13.6%
Incurred loss ratio	62.2%	66.5%		62.1%	63.6%

• Pre-tax operating earnings increased $21.4 million due to growth in the business and favorable claims experience in the current quarter relative to unfavorable claims experience in the prior year quarter.

• Premium and fees increased $38.3 million reflecting strong retention and sales.

• Incurred loss ratio was favorable and more than offset the typical first quarter claims seasonality.

Individual Life Insurance

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating earnings	$41.7	$40.7	2%	$130.2	$109.1	19%
Premium and fees	$285.6	$270.0	6%	$1,097.9	$1,010.9	9%
Pre-tax return on premium and fees	14.6%	15.1%		11.9%	10.8%

• Pre-tax operating earnings increased $1.0 million primarily due to growth in the business.

• Premium and fees increased $15.6 million.

Corporate

(in millions except percentages or otherwise noted)	Quarter			Trailing Twelve Months
	1Q18	1Q17	% Change	1Q18	1Q17	% Change
Pre-tax operating losses	$(42.0)	$(58.5)	28%	$(194.0)	$(224.1)	13%

• Pre-tax operating losses decreased $16.5 million reflecting lower corporate expenses. We continue to expect to be within our guided range of $(190) - $(210) million for full year 2018.

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¹⁰ Pre-tax return on premium and fees = pre-tax operating earnings divided by premium and fees.

Forward looking and cautionary statements

Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income attributable to PFG, net cash flows, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2017, filed by the company with the U.S. Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; volatility or declines in the equity, bond or real estate markets; changes in interest rates or credit spreads or a sustained low interest rate environment; the company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation of investments and the determination of the amount of allowances and impairments taken on such investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience could differ significantly from its pricing and reserving assumptions; the pattern of amortizing the company’s DAC and other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may change; changes in laws, regulations or accounting standards; the company may not be able to protect its intellectual property and may be subject to infringement claims; the company’s ability to pay stockholder dividends and meet its obligations may be constrained by the limitations on dividends Iowa insurance laws impose on Principal Life; litigation and regulatory investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and penalties in amounts that may be material; applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests; competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance; a downgrade in the company’s financial strength or credit ratings; client terminations, withdrawals or changes in investor preferences; inability to attract and retain qualified employees and sales representatives and develop new distribution sources; an interruption in telecommunication, information technology or other systems, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems; international business risks; fluctuations in foreign currency exchange rates; the company may need to fund deficiencies in its “Closed Block” assets; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of businesses; and loss of key vendor relationships or failure of a vendor to protect information of our customers or employees.

Use of Non-GAAP financial measures

The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related toongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for

determining employee and senior management awards and compensation, and evaluating performance on a basis comparable to that used by investors and securities analysts.

Earnings conference call

On Friday, Apr. 27, 2018, at 10:00 a.m. (ET), Chairman, President and Chief Executive Officer Dan Houston and Executive Vice President and Chief Financial Officer Deanna Strable will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference call, which can be accessed as follows:

• Via live Internet webcast. Please go to principal.com/investorat least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software.

• Via telephone by dialing 866-427-0175 (U.S. and Canadian callers) or 706-643-7701 (international callers) approximately 10 minutes prior to the start of the call. The access code is 4782916.

• Replay of the earnings call via telephone is available by dialing 855-859-2056 (U.S. and Canadian callers) or 404-537-3406 (international callers). The access code is 4782916. This replay will be available approximately two hours after the completion of the live earnings call through the end of day May 4, 2018.

• Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at principal.com/investor.

The company’s financial supplement and slide presentation is currently available at principal.com/investor, and may be referred to during the call.

About Principal^®11 

Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals - offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

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¹¹Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

Summary of Principal Financial Group, Inc. and Segment Results

Principal Financial Group, Inc. Results:	(in millions)
	Three Months Ended,				Trailing Twelve Months,
	3/31/18		3/31/17		3/31/18		3/31/17
Net income attributable to PFG	$	397.1	$	348.9	$	2,358.6	$	1,297.4
Net realized capital (gains) losses, as adjusted	11.7		21.6		(317.2)		65.9
Other after-tax adjustments	0.0		0.0		(524.5)		52.0
Non-GAAP Operating Earnings*	$	408.8	$	370.5	$	1,516.9	$	1,415.3
Income taxes	87.7		102.3		380.5		369.9
Non-GAAP Pre-Tax Operating Earnings	$	496.5	$	472.8	$	1,897.4	$	1,785.2
Segment Pre-Tax Operating Earnings (Losses):
Retirement and Income Solutions	$	232.6	$	244.2	$	888.2	$	857.3
Principal Global Investors	110.3		100.0		480.0		464.1
Principal International	87.0		100.9		316.1		321.0
U.S. Insurance Solutions	108.6		86.2		407.1		366.9
Corporate	(42.0)		(58.5)		(194.0)		(224.1)
Total Segment Pre-Tax Operating Earnings	$	496.5	$	472.8	$	1,897.4	$	1,785.2

	Per Diluted Share
	Three Months Ended,
	3/31/18		3/31/17
Net income	$	1.36	$	1.19
Net realized capital (gains) losses, as adjusted	0.04		0.08
Non-GAAP Operating Earnings	$	1.40	$	1.27
Weighted-average diluted common shares outstanding (in millions)	292.9		292.4

*U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings

Management uses non-GAAP operating earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee and senior management awards and compensation, and evaluating performance on a basis comparable to that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal, ongoing operations of the company’s businesses.

Selected Balance Sheet Statistics
	Period Ended,
	3/31/18		12/31/17
Total assets (in billions)	$	253.6	$	253.9
Stockholders’ equity (in millions)	$	12,255.8	$	12,921.9
Total common equity (in millions)	$	12,186.9	$	12,849.3
Total common equity excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions)	$	11,746.4	$	11,765.3
End of period common shares outstanding (in millions)	287.7		289.0
Book value per common share	$	42.36	$	44.46
Book value per common share excluding AOCI other than foreign currency translation adjustment	$	40.83	$	40.71

Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions, except as indicated)
	Period Ended,
	3/31/18		12/31/17
Stockholders’ Equity, Excluding AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:
Stockholders’ equity	$	12,255.8	$	12,921.9
Noncontrolling interest	(68.9)		(72.6)
Stockholders’ equity available to common stockholders	12,186.9		12,849.3
Net unrealized capital (gains) losses	(883.8)		(1,455.1)
Net unrecognized postretirement benefit obligation	443.3		371.1
Stockholders’ equity, excluding AOCI other than foreign currency translation adjustment, available to common stockholders	$	11,746.4	$	11,765.3
Book Value Per Common Share, Excluding AOCI Other Than Foreign Currency Translation Adjustment:
Book value per common share	$	42.36	$	44.46
Net unrealized capital (gains) losses	(3.07)		(5.03)
Net unrecognized postretirement benefit obligation	1.54		1.28
Book value per common share, excluding AOCI other than foreign currency translation adjustment	$	40.83	$	40.71

Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions)
	Three Months Ended,						Trailing Twelve Months,
	3/31/18			3/31/17			3/31/18			3/31/17
Income Taxes:
Total GAAP income taxes (benefits)	$	54.5		$	60.4		$	(78.2	)	$	219.7
Net realized capital gains (losses) tax adjustments	12.1			19.4			(216.4		)	40.8
Tax benefit related to other after-tax adjustments	—			—			594.5			34.4
Income taxes related to equity method investments and noncontrolling interest	21.1			22.5			80.6			75.0
Income taxes	$	87.7		$	102.3		$	380.5		$	369.9
Net Realized Capital Gains (Losses):
GAAP net realized capital gains (losses)	(25.1		)	(16.6		)	515.7			17.9
Recognition of front-end fee revenues	(1.6		)	(0.2		)	(1.6		)	(0.3		)
Market value adjustments to fee revenues	—			—			(0.1		)	(1.8		)
Net realized capital gains (losses) related to equity method investments	0.2			0.6			1.0			0.4
Derivative and hedging-related adjustments	(17.8		)	(17.6		)	(59.6		)	(87.4		)
Sponsored investment fund adjustments	2.1			1.2			7.2			5.9
Amortization of deferred acquisition costs	(1.5		)	7.0			38.9			(19.9		)
Capital gains distributed – operating expenses	10.7			(6.1		)	(22.1		)	(28.9		)
Amortization of other actuarial balances	7.1			2.1			12.6			(2.1		)
Market value adjustments of embedded derivatives	2.4			1.8			48.7			49.4
Capital gains distributed – cost of interest credited	(0.1		)	(11.0		)	(5.2		)	(22.5		)
Net realized capital gains (losses) tax adjustments	12.1			19.4			(216.4		)	40.8
Net realized capital gains (losses) attributable to noncontrolling interest, after-tax	(0.2		)	(2.2		)	(1.9		)	(17.4		)
Total net realized capital gains (losses) after-tax adjustments	13.4			(5.0		)	(198.5		)	(83.8		)
Net realized capital gains (losses), as adjusted	$	(11.7	)	$	(21.6	)	$	317.2		$	(65.9	)
Other After-Tax Adjustments:
Contribution to PFG Foundation
Pre-tax	$	—		$	—		$	(70.0	)	—
Tax	—			—			26.2			—
Tax Cuts and Jobs Act:
Pre-tax	—			—			—			—
Tax	—			—			568.3			—
Early extinguishment of debt:
Pre-tax	—			—			—			(86.4		)
Tax	—			—			—			34.4
Total other after-tax adjustments	$	—		$	—		$	524.5		$	(52.0	)

Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions)
	Three Months Ended,				Trailing Twelve Months,
	3/31/18		3/31/17		3/31/18		3/31/17
Principal Global Investors Operating Revenues Less Pass-Through Commissions:
Operating revenues	$	368.5	$	345.9	$	1,467.0	$	1,423.5
Commission expense	(43.2)		(39.6)		(163.2)		(162.8)
Operating revenues less pass-through commissions	$	325.3	$	306.3	$	1,303.8	$	1,260.7
Principal International Combined Net Revenue (at PFG Share)
Pre-tax operating earnings	$	87.0	$	100.9	$	316.1	$	321.0
Combined operating expenses other than pass-through commissions (at PFG share)	152.9		126.8		618.1		513.7
Combined net revenue (at PFG share)	$	239.9	$	227.7	$	934.2	$	834.7