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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 March 31, 2020

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 April 22, 2020, was 273,867,770.

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 March 31, 2020 (Unaudited) and December 31, 2019

3

Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019

5

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three  months ended March 31, 2020 and 2019

6

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

7

Notes to Unaudited Condensed Consolidated Financial Statements — March 31, 2020

8

Item 2.

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

88

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

118

Item 4.

Controls and Procedures

124

Part II — OTHER INFORMATION

Item 1.

Legal Proceedings

125

Item 1A.

Risk Factors

125

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

126

Item 6.

Exhibits

127

Signature

128

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

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

March 31, 

December 31, 

    

2020

    

2019

(Unaudited)

(in millions)

Assets

Fixed maturities, available-for-sale (2020 and 2019 include $34.8 million and $99.4 million related to consolidated variable interest entities)

$

68,707.8

$

70,106.2

Fixed maturities, trading

 

596.0

 

675.9

Equity securities (2020 and 2019 include $728.5 million and $810.9 million related to consolidated variable interest entities)

 

1,664.1

 

1,879.4

Mortgage loans

 

16,645.9

 

16,486.9

Real estate (2020 and 2019 include $395.7 million and $457.6 million related to consolidated variable interest entities)

 

1,657.5

 

1,714.8

Policy loans

 

797.0

 

798.0

Other investments (2020 and 2019 include $270.4 million and $263.7 million related to consolidated variable interest entities and $22.7 million and $22.8 million measured at fair value under the fair value option)

 

4,707.0

 

4,690.2

Total investments

 

94,775.3

 

96,351.4

Cash and cash equivalents

 

3,482.7

 

2,515.9

Accrued investment income

 

721.7

 

686.6

Premiums due and other receivables

 

1,691.0

 

1,740.3

Deferred acquisition costs

3,679.8

 

3,521.3

Property and equipment

973.8

 

967.7

Goodwill

1,616.4

 

1,693.8

Other intangibles

1,716.6

 

1,786.7

Separate account assets (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities)

 

136,836.0

 

165,468.0

Other assets

 

1,410.6

 

1,356.1

Total assets

$

246,903.9

$

276,087.8

Liabilities

Contractholder funds (2020 and 2019 include $397.5 million and $394.6 million related to consolidated variable interest entities)

$

42,126.6

$

41,367.5

Future policy benefits and claims

 

41,244.0

 

40,838.2

Other policyholder funds

 

860.9

 

959.4

Short-term debt

 

105.6

 

93.4

Long-term debt (2019 includes $64.2 million related to consolidated variable interest entities)

 

3,670.1

 

3,734.1

Income taxes currently payable

 

14.7

 

16.2

Deferred income taxes

 

1,450.3

 

1,796.6

Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities)

 

136,836.0

 

165,468.0

Other liabilities (2020 and 2019 include $69.6 million and $124.4 million related to consolidated variable interest entities)

 

7,383.4

 

6,863.7

Total liabilities

 

233,691.6

261,137.1

Redeemable noncontrolling interest (2020 and 2019 include $187.6 million and $215.4 million related to consolidated variable interest entities)

 

239.7

 

264.9

Stockholders' equity

Common stock, par value $0.01 per share — 2,500.0 million shares authorized, 480.5 million and 479.3 million shares issued, and 273.4 million and 276.6 million shares outstanding in 2020 and 2019

 

4.8

 

4.8

Additional paid-in capital

 

10,216.5

 

10,182.6

Retained earnings

 

11,198.8

 

11,074.3

Accumulated other comprehensive income(loss)

 

(599.2)

 

1,037.9

Treasury stock, at cost (207.1 million and 202.7 million shares in 2020 and 2019)

 

(7,913.4)

 

(7,681.6)

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

 

12,907.5

 

14,618.0

Noncontrolling interest

 

65.1

 

67.8

Total stockholders' equity

 

12,972.6

 

14,685.8

Total liabilities and stockholders' equity

$

246,903.9

$

276,087.8

See accompanying notes.

3

Principal Financial Group, Inc.
Condensed Consolidated Statements of Operations

(Unaudited)

For the three months ended

March 31, 

    

2020

    

2019

(in millions, except per share data)

Revenues

Premiums and other considerations

$

2,291.0

$

1,724.9

Fees and other revenues

 

1,145.3

 

973.5

Net investment income

 

983.6

 

961.0

Net realized capital gains

 

131.4

 

84.5

Total revenues

 

4,551.3

 

3,743.9

Expenses

Benefits, claims and settlement expenses

 

2,858.7

 

2,195.1

Dividends to policyholders

 

28.9

 

30.1

Operating expenses

 

1,335.5

 

992.7

Total expenses

 

4,223.1

 

3,217.9

Income before income taxes

 

328.2

 

526.0

Income taxes

 

43.2

 

73.9

Net income

 

285.0

 

452.1

Net income (loss) attributable to noncontrolling interest

 

(3.9)

 

22.2

Net income attributable to Principal Financial Group, Inc.

$

288.9

$

429.9

Earnings per common share

Basic earnings per common share

$

1.05

$

1.54

Diluted earnings per common share

$

1.04

$

1.53

See accompanying notes.

4

Principal Financial Group, Inc.
Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

For the three months ended

March 31, 

    

2020

    

2019

    

(in millions)

Net income

$

285.0

$

452.1

Other comprehensive income (loss), net:

Net unrealized gains (losses) on available-for-sale securities

 

(1,411.6)

 

1,104.3

Noncredit component of impairment losses on fixed maturities, available-for-sale

 

 

(2.5)

Net unrealized gains (losses) on derivative instruments

 

48.6

 

(4.5)

Foreign currency translation adjustment

 

(294.3)

 

37.9

Net unrecognized postretirement benefit obligation

 

11.0

 

11.5

Other comprehensive income (loss)

 

(1,646.3)

 

1,146.7

Comprehensive income (loss)

 

(1,361.3)

 

1,598.8

Comprehensive income (loss) attributable to noncontrolling interest

 

(13.1)

 

22.7

Comprehensive income (loss) attributable to Principal Financial Group, Inc.

$

(1,348.2)

$

1,576.1

See accompanying notes.

5

Principal Financial Group, Inc.
Condensed Consolidated Statements of Stockholders' Equity

(Unaudited)

Accumulated

Additional

other

Total

Common

paid-in

Retained

comprehensive

Treasury

Noncontrolling

stockholders'

    

stock

    

capital

    

earnings

    

income (loss)

    

stock

    

interest

    

equity

(in millions)

Balances as of January 1, 2019

$

4.8

$

10,060.7

$

10,290.2

$

(1,565.1)

$

(7,400.6)

$

66.0

$

11,456.0

Common stock issued

5.8

 

 

 

 

 

5.8

Stock-based compensation

26.8

 

(2.0)

 

 

 

 

24.8

Treasury stock acquired, common

 

 

 

(153.6)

 

 

(153.6)

Dividends to common stockholders

 

(150.2)

 

 

 

 

(150.2)

Distributions to noncontrolling interest

(1.3)

(