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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

1-16725

(Commission file number)

PRINCIPAL FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware

    

42-1520346

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

711 High Street, Des MoinesIowa 50392

(Address of principal executive offices)

(515) 247-5111

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock

PFG

Nasdaq Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The total number of shares of the registrant’s Common Stock, $0.01 par value, outstanding as of October 21, 2021, was 265,069,422.

PRINCIPAL FINANCIAL GROUP, INC.

TABLE OF CONTENTS

    

Page

Part I - FINANCIAL INFORMATION

Item 1.

Financial Statements

3

Condensed Consolidated Statements of Financial Position as of September 30, 2021 (Unaudited) and December 31, 2020

3

Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

4

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020

5

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020

6

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

8

Notes to Unaudited Condensed Consolidated Financial Statements — September 30, 2021

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

87

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

121

Item 4.

Controls and Procedures

128

Part II — OTHER INFORMATION

Item 1.

Legal Proceedings

128

Item 1A.

Risk Factors

128

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

129

Item 6.

Exhibits

130

Signature

131

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Principal Financial Group, Inc.
Condensed Consolidated Statements of Financial Position

September 30, 

December 31, 

    

2021

    

2020

(Unaudited)

(in millions)

Assets

Fixed maturities, available-for-sale

$

76,557.1

$

78,710.3

Fixed maturities, trading

 

413.5

 

532.1

Equity securities (2021 and 2020 include $789.1 million and $902.5 million related to consolidated variable interest entities)

 

2,428.2

 

2,013.4

Mortgage loans (2021 and 2020 include $1,334.1 million and $319.0 million related to consolidated variable interest entities)

 

19,426.0

 

17,343.0

Real estate (2021 and 2020 include $653.3 million and $476.8 million related to consolidated variable interest entities)

 

1,965.6

 

1,797.3

Policy loans

 

762.1

 

784.0

Other investments (2021 and 2020 include $437.5 million and $348.5 million related to consolidated variable interest entities and $0.0 million and $28.5 million measured at fair value under the fair value option)

 

5,341.9

 

5,126.8

Total investments

 

106,894.4

 

106,306.9

Cash and cash equivalents (2021 and 2020 include $52.1 million and $28.8 million related to consolidated variable interest entities)

 

3,145.4

 

2,849.8

Accrued investment income

 

727.7

 

710.6

Premiums due and other receivables

 

1,713.2

 

1,723.8

Deferred acquisition costs

3,696.9

 

3,409.7

Property and equipment

1,065.4

 

1,019.0

Goodwill

1,648.4

 

1,711.0

Other intangibles

1,629.4

 

1,723.0

Separate account assets (2021 and 2020 include $34,420.2 million and $41,138.9 million related to consolidated variable interest entities)

 

177,850.5

 

175,951.4

Other assets

 

537.1

 

1,222.5

Total assets

$

298,908.4

$

296,627.7

Liabilities

Contractholder funds (2021 and 2020 include $350.7 million and $388.6 million related to consolidated variable interest entities)

$

43,828.9

$

43,237.7

Future policy benefits and claims

 

43,784.0

 

45,207.2

Other policyholder funds

 

1,063.8

 

1,059.4

Short-term debt

 

74.3

 

84.7

Long-term debt

 

4,279.7

 

4,279.2

Income taxes currently payable

 

8.2

 

22.3

Deferred income taxes

 

2,345.6

 

2,330.8

Separate account liabilities (2021 and 2020 include $34,420.2 million and $41,138.9 million related to consolidated variable interest entities)

 

177,850.5

 

175,951.4

Other liabilities (2021 and 2020 include $76.6 million and $24.5 million related to consolidated variable interest entities)

 

9,200.9

 

7,582.1

Total liabilities

 

282,435.9

279,754.8

Redeemable noncontrolling interest (2021 and 2020 include $309.7 million and $226.8 million related to consolidated variable interest entities)

 

343.3

 

255.6

Stockholders' equity

Common stock, par value $0.01 per share; 2,500.0 million shares authorized; 484.3 million and 481.9 million shares issued as of 2021 and 2020; 266.1 million and 273.3 million shares outstanding as of 2021 and 2020

 

4.8

 

4.8

Additional paid-in capital

 

10,436.5

 

10,321.6

Retained earnings

 

12,583.9

 

11,838.0

Accumulated other comprehensive income

 

1,619.2

 

2,383.1

Treasury stock, at cost (218.2 million and 208.6 million shares as of 2021 and 2020)

 

(8,573.7)

 

(7,988.6)

Total stockholders' equity attributable to Principal Financial Group, Inc.

 

16,070.7

 

16,558.9

Noncontrolling interest

 

58.5

 

58.4

Total stockholders' equity

 

16,129.2

 

16,617.3

Total liabilities and stockholders' equity