Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information, Notes Guarantor (Table)

Condensed Consolidating Statements of Financial Position

June 30, 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	$	206.4	$	57,676.6	$	7,749.6	$	(364.5)	$	65,268.1
Fixed maturities, trading		297.0		223.6		166.2		—		686.8
Equity securities		—		82.8		1,812.4		—		1,895.2
Mortgage loans		—		15,279.1		1,610.9		(753.2)		16,136.8
Real estate		—		3.3		1,737.1		—		1,740.4
Policy loans		—		748.8		52.1		—		800.9
Investment in unconsolidated entities		16,723.4		1,930.3		9,074.5		(26,796.8)		931.4
Other investments		10.5		6,669.6		2,518.8		(5,463.3)		3,735.6
Cash and cash equivalents		615.8		805.0		2,758.5		(863.4)		3,315.9
Accrued investment income		1.8		578.7		85.6		(2.3)		663.8
Premiums due and other receivables		—		1,969.9		4,087.1		(4,507.8)		1,549.2
Deferred acquisition costs		—		3,506.3		13.2		—		3,519.5
Property and equipment		—		739.5		220.0		—		959.5
Goodwill		—		54.3		1,057.2		—		1,111.5
Other intangibles		—		18.7		1,282.0		—		1,300.7
Separate account assets		—		121,368.4		41,480.2		—		162,848.6
Other assets		353.3		1,190.6		4,839.4		(4,929.2)		1,454.1
Total assets	$	18,208.2	$	212,845.5	$	80,544.8	$	(43,680.5)	$	267,918.0
Liabilities
Contractholder funds	$	—	$	36,703.3	$	3,312.1	$	(356.6)	$	39,658.8
Future policy benefits and claims		—		32,840.2		6,892.8		(1,253.5)		38,479.5
Other policyholder funds		—		821.2		177.7		(2.7)		996.2
Short-term debt		—		—		76.8		—		76.8
Long-term debt		3,624.2		—		852.1		(713.9)		3,762.4
Income taxes currently payable		2.0		—		85.5		(67.7)		19.8
Deferred income taxes		7.1		1,065.4		1,111.6		(496.6)		1,687.5
Separate account liabilities		—		121,368.4		41,480.2		—		162,848.6
Other liabilities		540.2		9,260.6		9,593.3		(13,412.2)		5,981.9
Total liabilities		4,173.5		202,059.1		63,582.1		(16,303.2)		253,511.5
Redeemable noncontrolling interest		—		—		304.5		—		304.5
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,130.7		6,321.0		9,500.0		(15,821.0)		10,130.7
Retained earnings		10,805.8		2,396.3		6,554.6		(8,950.9)		10,805.8
Accumulated other comprehensive income		647.7		2,066.6		536.3		(2,602.9)		647.7
Treasury stock, at cost		(7,554.3)		—		—		—		(7,554.3)
Total stockholders' equity attributable to PFG		14,034.7		10,786.4		16,590.9		(27,377.3)		14,034.7
Noncontrolling interest		—		—		67.3		—		67.3
Total stockholders’ equity		14,034.7		10,786.4		16,658.2		(27,377.3)		14,102.0
Total liabilities and stockholders' equity	$	18,208.2	$	212,845.5	$	80,544.8	$	(43,680.5)	$	267,918.0

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $699.1 million and $566.7 million, respectively.

Condensed Consolidating Statements of Financial Position

December 31, 2018

	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	$	211.5	$	53,401.7	$	6,857.9	$	(362.6)	$	60,108.5
Fixed maturities, trading		308.9		165.5		161.7		—		636.1
Equity securities		—		84.8		1,758.9		—		1,843.7
Mortgage loans		—		14,478.0		1,615.5		(756.6)		15,336.9
Real estate		—		1.9		1,727.8		—		1,729.7
Policy loans		—		755.9		45.5		—		801.4
Investment in unconsolidated entities		13,862.4		2,324.4		6,853.8		(22,171.8)		868.8
Other investments		10.7		5,549.1		2,517.6		(4,635.9)		3,441.5
Cash and cash equivalents		334.9		1,323.9		2,014.8		(696.1)		2,977.5
Accrued investment income		1.4		563.2		77.5		(5.9)		636.2
Premiums due and other receivables		—		1,818.1		3,781.3		(4,186.3)		1,413.1
Deferred acquisition costs		—		3,680.2		13.3		—		3,693.5
Property and equipment		—		661.3		106.0		—		767.3
Goodwill		—		54.3		1,045.7		—		1,100.0
Other intangibles		—		19.7		1,295.4		—		1,315.1
Separate account assets		—		107,343.0		37,644.9		—		144,987.9
Other assets		375.0		1,135.1		4,418.3		(4,549.5)		1,378.9
Total assets	$	15,104.8	$	193,360.1	$	71,935.9	$	(37,364.7)	$	243,036.1
Liabilities
Contractholder funds	$	—	$	36,861.7	$	3,189.2	$	(351.2)	$	39,699.7
Future policy benefits and claims		—		30,690.3		6,128.6		(1,154.1)		35,664.8
Other policyholder funds		—		725.7		165.3		(2.6)		888.4
Short-term debt		—		—		42.9		—		42.9
Long-term debt		3,129.8		—		851.2		(721.4)		3,259.6
Income taxes currently payable		—		—		80.7		(55.4)		25.3
Deferred income taxes		—		405.3		1,056.4		(503.3)		958.4
Separate account liabilities		—		107,343.0		37,644.9		—		144,987.9
Other liabilities		585.0		8,503.2		8,586.5		(12,012.8)		5,661.9
Total liabilities		3,714.8		184,529.2		57,745.7		(14,800.8)		231,188.9
Redeemable noncontrolling interest		—		—		391.2		—		391.2
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,060.7		6,331.6		9,461.2		(15,792.8)		10,060.7
Retained earnings		10,290.2		2,441.2		5,855.0		(8,296.2)		10,290.2
Accumulated other comprehensive income (loss)		(1,565.1)		55.6		(1,583.2)		1,527.6		(1,565.1)
Treasury stock, at cost		(7,400.6)		—		—		—		(7,400.6)
Total stockholders' equity attributable to PFG		11,390.0		8,830.9		13,733.0		(22,563.9)		11,390.0
Noncontrolling interest		—		—		66.0		—		66.0
Total stockholders’ equity		11,390.0		8,830.9		13,799.0		(22,563.9)		11,456.0
Total liabilities and stockholders' equity	$	15,104.8	$	193,360.1	$	71,935.9	$	(37,364.7)	$	243,036.1

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $671.7 million and $542.4 million, respectively.

Condensed Consolidating Statements of Operations

For the six months ended June 30, 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	$	—	$	3,293.1	$	364.7	$	—	$	3,657.8
Fees and other revenues		—		1,102.5		1,067.7		(190.1)		1,980.1
Net investment income		10.9		1,419.2		1,151.0		(583.0)		1,998.1
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		9.2		411.8		(316.4)		—		104.6
Net other-than-temporary impairment losses on available-for-sale securities		—		(24.1)		(2.5)		—		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		—		2.6		(0.1)		—		2.5
Net impairment losses on available-for-sale securities		—		(21.5)		(2.6)		—		(24.1)
Net realized capital gains (losses)		9.2		390.3		(319.0)		—		80.5
Total revenues		20.1		6,205.1		2,264.4		(773.1)		7,716.5
Expenses
Benefits, claims and settlement expenses		—		4,116.2		530.7		(5.7)		4,641.2
Dividends to policyholders		—		60.0		—		—		60.0
Operating expenses		110.1		1,189.3		917.0		(177.4)		2,039.0
Total expenses		110.1		5,365.5		1,447.7		(183.1)		6,740.2
Income (loss) before income taxes		(90.0)		839.6		816.7		(590.0)		976.3
Income taxes (benefits)		(22.3)		110.7		44.8		(1.1)		132.1
Equity in the net income (loss) of subsidiaries		883.9		(131.6)		134.5		(886.8)		—
Net income		816.2		597.3		906.4		(1,475.7)		844.2
Net income attributable to noncontrolling interest		—		—		25.6		2.4		28.0
Net income attributable to PFG	$	816.2	$	597.3	$	880.8	$	(1,478.1)	$	816.2
Net income	$	816.2	$	597.3	$	906.4	$	(1,475.7)	$	844.2
Other comprehensive income		2,201.1		2,011.1		2,227.8		(4,221.0)		2,219.0
Comprehensive income	$	3,017.3	$	2,608.4	$	3,134.2	$	(5,696.7)	$	3,063.2

Condensed Consolidating Statements of Operations

For the six months ended June 30, 2018

	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	$	—	$	1,941.7	$	319.3	$	—	$	2,261.0
Fees and other revenues		—		1,091.3		1,126.7		(194.1)		2,023.9
Net investment income		11.8		1,282.0		1,152.8		(655.3)		1,791.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		(8.6)		(98.6)		168.4		—		61.2
Net other-than-temporary impairment losses recoveries on available-for-sale securities		—		(4.6)		(2.3)		—		(6.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		(11.4)		(0.6)		—		(12.0)
Net impairment losses on available-for-sale securities		—		(16.0)		(2.9)		—		(18.9)
Net realized capital gains (losses)		(8.6)		(114.6)		165.5		—		42.3
Total revenues		3.2		4,200.4		2,764.3		(849.4)		6,118.5
Expenses
Benefits, claims and settlement expenses		—		2,640.6		475.3		(5.6)		3,110.3
Dividends to policyholders		—		60.7		—		—		60.7
Operating expenses		95.2		1,144.3		916.7		(181.1)		1,975.1
Total expenses		95.2		3,845.6		1,392.0		(186.7)		5,146.1
Income (loss) before income taxes		(92.0)		354.8		1,372.3		(662.7)		972.4
Income taxes (benefits)		(41.0)		7.2		144.5		(0.3)		110.4
Equity in the net income (loss) of subsidiaries		904.7		313.2		(320.3)		(897.6)		—
Net income		853.7		660.8		907.5		(1,560.0)		862.0
Net income attributable to noncontrolling interest		—		—		8.3		—		8.3
Net income attributable to PFG	$	853.7	$	660.8	$	899.2	$	(1,560.0)	$	853.7
Net income	$	853.7	$	660.8	$	907.5	$	(1,560.0)	$	862.0
Other comprehensive loss		(1,398.2)		(1,219.2)		(1,500.5)		2,709.5		(1,408.4)
Comprehensive loss	$	(544.5)	$	(558.4)	$	(593.0)	$	1,149.5	$	(546.4)

Condensed Consolidating Statements of Cash Flows

For the six months ended June 30, 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	$	16.3	$	2,742.1	$	803.9	$	(883.9)	$	2,678.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(150.2)		(4,703.3)		(922.7)		4.4		(5,771.8)
Sales		—		1,065.7		411.5		—		1,477.2
Maturities		158.1		2,581.4		286.4		—		3,025.9
Mortgage loans acquired or originated		—		(1,894.5)		(121.4)		7.4		(2,008.5)
Mortgage loans sold or repaid		—		1,088.5		162.9		(7.5)		1,243.9
Real estate acquired		—		(0.1)		(48.4)		—		(48.5)
Real estate sold		—		—		57.0		—		57.0
Net purchases of property and equipment		—		(25.1)		(40.3)		—		(65.4)
Dividends and returns of capital received from unconsolidated entities		208.9		1.2		668.9		(879.0)		—
Net change in other investments		(13.6)		(317.3)		(627.7)		704.8		(253.8)
Net cash provided by (used in) investing activities		203.2		(2,203.5)		(173.8)		(169.9)		(2,344.0)
Financing activities
Issuance of common stock		22.1		—		—		—		22.1
Acquisition of treasury stock		(153.7)		—		—		—		(153.7)
Payments for financing element derivatives		—		(13.1)		—		—		(13.1)
Dividends to common stockholders		(300.6)		—		—		—		(300.6)
Issuance of long-term debt		493.6		—		9.1		—		502.7
Principal repayments of long-term debt		—		—		(8.2)		7.5		(0.7)
Net proceeds from short-term borrowings		—		—		33.1		—		33.1
Dividends and capital paid to parent		—		(668.9)		(210.1)		879.0		—
Investment contract deposits		—		3,401.8		225.6		—		3,627.4
Investment contract withdrawals		—		(3,783.1)		(17.7)		—		(3,800.8)
Net increase in banking operation deposits		—		—		82.0		—		82.0
Other		—		5.8		(0.2)		—		5.6
Net cash provided by (used in) financing activities		61.4		(1,057.5)		113.6		886.5		4.0
Net increase (decrease) in cash and cash equivalents		280.9		(518.9)		743.7		(167.3)		338.4
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	$	615.8	$	805.0	$	2,758.5	$	(863.4)	$	3,315.9

Condensed Consolidating Statements of Cash Flows

For the six months ended June 30, 2018

	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 (used in) operating activities	$	(81.4)	$	1,891.4	$	805.3	$	(977.1)	$	1,638.2
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(200.8)		(6,188.8)		(980.3)		5.5		(7,364.4)
Sales		—		1,623.7		498.3		—		2,122.0
Maturities		0.8		3,005.7		285.6		—		3,292.1
Mortgage loans acquired or originated		—		(1,207.9)		(204.8)		86.5		(1,326.2)
Mortgage loans sold or repaid		—		960.7		158.0		(24.7)		1,094.0
Real estate acquired		—		—		(36.4)		—		(36.4)
Real estate sold		—		—		63.5		—		63.5
Net purchases of property and equipment		—		(25.4)		(18.2)		—		(43.6)
Purchase of interests in subsidiaries, net of cash acquired		—		—		(141.5)		—		(141.5)
Dividends and returns of capital received from unconsolidated entities		336.5		42.6		371.5		(750.6)		—
Net change in other investments		0.5		(207.1)		(786.7)		992.3		(1.0)
Net cash provided by (used in) investing activities		137.0		(1,996.5)		(791.0)		309.0		(2,341.5)
Financing activities
Issuance of common stock		44.6		—		—		—		44.6
Acquisition of treasury stock		(396.5)		—		—		—		(396.5)
Payments for financing element derivatives		—		(37.9)		—		—		(37.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(23.0)		—		(23.0)
Dividends to common stockholders		(295.8)		—		—		—		(295.8)
Issuance of long-term debt		—		—		123.9		(82.6)		41.3
Principal repayments of long-term debt		—		—		(25.4)		24.7		(0.7)
Net proceeds from short-term borrowings		—		—		27.6		—		27.6
Dividends and capital paid to parent		—		(371.5)		(379.1)		750.6		—
Investment contract deposits		—		3,985.9		211.0		—		4,196.9
Investment contract withdrawals		—		(3,066.7)		(43.3)		—		(3,110.0)
Net increase in banking operation deposits		—		—		126.0		—		126.0
Other		—		2.0		—		—		2.0
Net cash provided by (used in) financing activities		(647.7)		511.8		17.7		692.7		574.5
Net increase (decrease) in cash and cash equivalents		(592.1)		406.7		32.0		24.6		(128.8)
Cash and cash equivalents at beginning of period		842.8		426.7		1,526.4		(325.1)		2,470.8
Cash and cash equivalents at end of period	$	250.7	$	833.4	$	1,558.4	$	(300.5)	$	2,342.0

Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table)

Condensed Consolidating Statements of Financial Position

June 30, 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	$	206.4	$	—	$	65,061.7	$	—	$	65,268.1
Fixed maturities, trading		297.0		—		389.8		—		686.8
Equity securities		—		14.0		1,881.2		—		1,895.2
Mortgage loans		—		—		16,136.8		—		16,136.8
Real estate		—		—		1,740.4		—		1,740.4
Policy loans		—		—		800.9		—		800.9
Investment in unconsolidated entities		16,723.4		16,318.6		766.7		(32,877.3)		931.4
Other investments		10.5		161.2		3,563.9		—		3,735.6
Cash and cash equivalents		615.8		1,603.0		2,365.2		(1,268.1)		3,315.9
Accrued investment income		1.8		3.0		659.0		—		663.8
Premiums due and other receivables		—		13.5		1,880.4		(344.7)		1,549.2
Deferred acquisition costs		—		—		3,519.5		—		3,519.5
Property and equipment		—		—		959.5		—		959.5
Goodwill		—		—		1,111.5		—		1,111.5
Other intangibles		—		—		1,300.7		—		1,300.7
Separate account assets		—		—		162,848.6		—		162,848.6
Other assets		353.3		61.0		1,600.3		(560.5)		1,454.1
Total assets	$	18,208.2	$	18,174.3	$	266,586.1	$	(35,050.6)	$	267,918.0
Liabilities
Contractholder funds	$	—	$	—	$	39,658.8	$	—	$	39,658.8
Future policy benefits and claims		—		—		38,479.5		—		38,479.5
Other policyholder funds		—		—		996.2		—		996.2
Short-term debt		—		—		76.8		—		76.8
Long-term debt		3,624.2		343.8		138.1		(343.7)		3,762.4
Income taxes currently payable		2.0		—		65.0		(47.2)		19.8
Deferred income taxes		7.1		21.6		2,154.0		(495.2)		1,687.5
Separate account liabilities		—		—		162,848.6		—		162,848.6
Other liabilities		540.2		1,217.8		5,277.6		(1,053.7)		5,981.9
Total liabilities		4,173.5		1,583.2		249,694.6		(1,939.8)		253,511.5
Redeemable noncontrolling interest		—		—		304.5		—		304.5
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,130.7		9,123.0		11,927.8		(21,050.8)		10,130.7
Retained earnings		10,805.8		6,412.8		3,343.3		(9,756.1)		10,805.8
Accumulated other comprehensive income		647.7		1,055.3		1,239.6		(2,294.9)		647.7
Treasury stock, at cost		(7,554.3)		—		(2.0)		2.0		(7,554.3)
Total stockholders' equity attributable to PFG		14,034.7		16,591.1		16,519.7		(33,110.8)		14,034.7
Noncontrolling interest		—		—		67.3		—		67.3
Total stockholders’ equity		14,034.7		16,591.1		16,587.0		(33,110.8)		14,102.0
Total liabilities and stockholders' equity	$	18,208.2	$	18,174.3	$	266,586.1	$	(35,050.6)	$	267,918.0

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $699.1 million and $566.7 million, respectively.

Condensed Consolidating Statements of Financial Position

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)
Assets
Fixed maturities, available-for-sale	$	211.5	$	—	$	59,897.0	$	—	$	60,108.5
Fixed maturities, trading		308.9		—		327.2		—		636.1
Equity securities		—		11.9		1,831.8		—		1,843.7
Mortgage loans		—		—		15,336.9		—		15,336.9
Real estate		—		—		1,729.7		—		1,729.7
Policy loans		—		—		801.4		—		801.4
Investment in unconsolidated entities		13,862.4		14,325.5		726.0		(28,045.1)		868.8
Other investments		10.7		100.9		3,329.9		—		3,441.5
Cash and cash equivalents		334.9		649.0		3,096.8		(1,103.2)		2,977.5
Accrued investment income		1.4		0.3		634.5		—		636.2
Premiums due and other receivables		—		0.5		1,779.6		(367.0)		1,413.1
Deferred acquisition costs		—		—		3,693.5		—		3,693.5
Property and equipment		—		—		767.3		—		767.3
Goodwill		—		—		1,100.0		—		1,100.0
Other intangibles		—		—		1,315.1		—		1,315.1
Separate account assets		—		—		144,987.9		—		144,987.9
Other assets		375.0		38.7		1,521.9		(556.7)		1,378.9
Total assets	$	15,104.8	$	15,126.8	$	242,876.5	$	(30,072.0)	$	243,036.1
Liabilities
Contractholder funds	$	—	$	—	$	39,699.7	$	—	$	39,699.7
Future policy benefits and claims		—		—		35,664.8		—		35,664.8
Other policyholder funds		—		—		888.4		—		888.4
Short-term debt		—		—		42.9		—		42.9
Long-term debt		3,129.8		366.7		129.9		(366.8)		3,259.6
Income taxes currently payable		—		9.8		61.5		(46.0)		25.3
Deferred income taxes		—		13.9		1,446.4		(501.9)		958.4
Separate account liabilities		—		—		144,987.9		—		144,987.9
Other liabilities		585.0		1,002.9		4,838.1		(764.1)		5,661.9
Total liabilities		3,714.8		1,393.3		227,759.6		(1,678.8)		231,188.9
Redeemable noncontrolling interest		—		—		391.2		—		391.2
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,060.7		9,100.0		12,004.5		(21,104.5)		10,060.7
Retained earnings		10,290.2		5,716.8		3,549.8		(9,266.6)		10,290.2
Accumulated other comprehensive loss		(1,565.1)		(1,083.3)		(903.6)		1,986.9		(1,565.1)
Treasury stock, at cost		(7,400.6)		—		(2.0)		2.0		(7,400.6)
Total stockholders' equity attributable to PFG		11,390.0		13,733.5		14,659.7		(28,393.2)		11,390.0
Noncontrolling interest		—		—		66.0		—		66.0
Total stockholders’ equity		11,390.0		13,733.5		14,725.7		(28,393.2)		11,456.0
Total liabilities and stockholders' equity	$	15,104.8	$	15,126.8	$	242,876.5	$	(30,072.0)	$	243,036.1

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $671.7 million and $542.4 million, respectively.

Condensed Consolidating Statements of Operations

For the six months ended June 30, 2019

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		Other Subsidiaries				Group, Inc.
	Parent Only		Only		Combined		Eliminations		Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	3,657.8	$	—	$	3,657.8
Fees and other revenues		—		0.3		1,985.8		(6.0)		1,980.1
Net investment income (loss)		10.9		(4.1)		1,987.3		4.0		1,998.1
Net realized capital gains, excluding impairment losses on available-for-sale securities		9.2		5.9		89.5		—		104.6
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(26.6)		—		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—		—		2.5		—		2.5
Net impairment losses on available-for-sale securities		—		—		(24.1)		—		(24.1)
Net realized capital gains		9.2		5.9		65.4		—		80.5
Total revenues		20.1		2.1		7,696.3		(2.0)		7,716.5
Expenses
Benefits, claims and settlement expenses		—		—		4,641.2		—		4,641.2
Dividends to policyholders		—		—		60.0		—		60.0
Operating expenses		110.1		60.1		1,873.9		(5.1)		2,039.0
Total expenses		110.1		60.1		6,575.1		(5.1)		6,740.2
Income (loss) before income taxes		(90.0)		(58.0)		1,121.2		3.1		976.3
Income taxes (benefits)		(22.3)		(11.8)		166.2		—		132.1
Equity in the net income of subsidiaries		883.9		927.0		—		(1,810.9)		—
Net income		816.2		880.8		955.0		(1,807.8)		844.2
Net income attributable to noncontrolling interest		—		—		28.0		—		28.0
Net income attributable to PFG	$	816.2	$	880.8	$	927.0	$	(1,807.8)	$	816.2
Net income	$	816.2	$	880.8	$	955.0	$	(1,807.8)	$	844.2
Other comprehensive income		2,201.1		2,127.0		2,149.5		(4,258.6)		2,219.0
Comprehensive income	$	3,017.3	$	3,007.8	$	3,104.5	$	(6,066.4)	$	3,063.2

Condensed Consolidating Statements of Operations

For the six months ended June 30, 2018

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		Other Subsidiaries				Group, Inc.
	Parent Only		Only		Combined		Eliminations		Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	2,261.0	$	—	$	2,261.0
Fees and other revenues		—		0.3		2,030.5		(6.9)		2,023.9
Net investment income (loss)		11.8		(3.0)		1,776.1		6.4		1,791.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		(8.6)		(0.5)		70.2		0.1		61.2
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(6.9)		—		(6.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(12.0)		—		(12.0)
Net impairment losses on available-for-sale securities		—		—		(18.9)		—		(18.9)
Net realized capital gains (losses)		(8.6)		(0.5)		51.3		0.1		42.3
Total revenues		3.2		(3.2)		6,118.9		(0.4)		6,118.5
Expenses
Benefits, claims and settlement expenses		—		—		3,110.3		—		3,110.3
Dividends to policyholders		—		—		60.7		—		60.7
Operating expenses		95.2		16.7		1,869.1		(5.9)		1,975.1
Total expenses		95.2		16.7		5,040.1		(5.9)		5,146.1
Income (loss) before income taxes		(92.0)		(19.9)		1,078.8		5.5		972.4
Income taxes (benefits)		(41.0)		(2.9)		154.3		—		110.4
Equity in the net income of subsidiaries		904.7		916.2		—		(1,820.9)		—
Net income		853.7		899.2		924.5		(1,815.4)		862.0
Net income attributable to noncontrolling interest		—		—		8.3		—		8.3
Net income attributable to PFG	$	853.7	$	899.2	$	916.2	$	(1,815.4)	$	853.7
Net income	$	853.7	$	899.2	$	924.5	$	(1,815.4)	$	862.0
Other comprehensive loss		(1,398.2)		(1,424.8)		(1,447.6)		2,862.2		(1,408.4)
Comprehensive loss	$	(544.5)	$	(525.6)	$	(523.1)	$	1,046.8	$	(546.4)

Condensed Consolidating Statements of Cash Flows

For the six months ended June 30, 2019

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		Other Subsidiaries				Group, Inc.
	Parent Only		Only		Combined		Eliminations		Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	16.3	$	(8.0)	$	2,800.6	$	(130.5)	$	2,678.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(150.2)		(0.2)		(5,621.4)		—		(5,771.8)
Sales		—		0.2		1,477.0		—		1,477.2
Maturities		158.1		—		2,867.8		—		3,025.9
Mortgage loans acquired or originated		—		—		(2,008.5)		—		(2,008.5)
Mortgage loans sold or repaid		—		—		1,243.9		—		1,243.9
Real estate acquired		—		—		(48.5)		—		(48.5)
Real estate sold		—		—		57.0		—		57.0
Net purchases of property and equipment		—		(1.0)		(64.4)		—		(65.4)
Dividends and returns of capital received from unconsolidated entities		208.9		1,246.3		—		(1,455.2)		—
Net change in other investments		(13.6)		(51.5)		(131.4)		(57.3)		(253.8)
Net cash provided by (used in) investing activities		203.2		1,193.8		(2,228.5)		(1,512.5)		(2,344.0)
Financing activities
Issuance of common stock		22.1		—		—		—		22.1
Acquisition of treasury stock		(153.7)		—		—		—		(153.7)
Payments for financing element derivatives		—		—		(13.1)		—		(13.1)
Dividends to common stockholders		(300.6)		—		—		—		(300.6)
Issuance of long-term debt		493.6		5.1		9.1		(5.1)		502.7
Principal repayments of long-term debt		—		(28.0)		(0.7)		28.0		(0.7)
Net proceeds from short-term borrowings		—		—		33.1		—		33.1
Dividends and capital paid to parent		—		(208.9)		(1,246.3)		1,455.2		—
Investment contract deposits		—		—		3,627.4		—		3,627.4
Investment contract withdrawals		—		—		(3,800.8)		—		(3,800.8)
Net increase in banking operation deposits		—		—		82.0		—		82.0
Other		—		—		5.6		—		5.6
Net cash provided by (used in) financing activities		61.4		(231.8)		(1,303.7)		1,478.1		4.0
Net increase (decrease) in cash and cash equivalents		280.9		954.0		(731.6)		(164.9)		338.4
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	$	615.8	$	1,603.0	$	2,365.2	$	(1,268.1)	$	3,315.9

Condensed Consolidating Statements of Cash Flows

For the six months ended June 30, 2018

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		Other Subsidiaries				Group, Inc.
	Parent Only		Only		Combined		Eliminations		Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(81.4)	$	87.1	$	1,675.4	$	(42.9)	$	1,638.2
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(200.8)		—		(7,163.6)		—		(7,364.4)
Sales		—		—		2,122.0		—		2,122.0
Maturities		0.8		—		3,291.3		—		3,292.1
Mortgage loans acquired or originated		—		—		(1,326.2)		—		(1,326.2)
Mortgage loans sold or repaid		—		—		1,094.0		—		1,094.0
Real estate acquired		—		—		(36.4)		—		(36.4)
Real estate sold		—		—		63.5		—		63.5
Net purchases of property and equipment		—		—		(43.6)		—		(43.6)
Purchase of interests in subsidiaries, net of cash acquired		—		—		(141.5)		—		(141.5)
Dividends and returns of capital received from unconsolidated entities		336.5		259.8		—		(596.3)		—
Net change in other investments		0.5		(74.4)		(49.7)		122.6		(1.0)
Net cash provided by (used in) investing activities		137.0		185.4		(2,190.2)		(473.7)		(2,341.5)
Financing activities
Issuance of common stock		44.6		—		—		—		44.6
Acquisition of treasury stock		(396.5)		—		—		—		(396.5)
Payments for financing element derivatives		—		—		(37.9)		—		(37.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(23.0)		—		(23.0)
Dividends to common stockholders		(295.8)		—		—		—		(295.8)
Issuance of long-term debt		—		5.7		41.3		(5.7)		41.3
Principal repayments of long-term debt		—		(28.7)		(0.7)		28.7		(0.7)
Net proceeds from short-term borrowings		—		—		27.6		—		27.6
Dividends and capital paid to parent		—		(336.5)		(259.8)		596.3		—
Investment contract deposits		—		—		4,196.9		—		4,196.9
Investment contract withdrawals		—		—		(3,110.0)		—		(3,110.0)
Net increase in banking operation deposits		—		—		126.0		—		126.0
Other		—		—		2.0		—		2.0
Net cash provided by (used in) financing activities		(647.7)		(359.5)		962.4		619.3		574.5
Net increase (decrease) in cash and cash equivalents		(592.1)		(87.0)		447.6		102.7		(128.8)
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	$	250.7	$	530.4	$	2,448.7	$	(887.8)	$	2,342.0