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Form 10-Q PRINCIPAL FINANCIAL GROU For: Mar 31

May 4, 2022 2:55 PM EDT

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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, 2022

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 27, 2022, was 252,684,227.

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, 2022 (Unaudited) and December 31, 2021

3

Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

4

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021

5

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021

6

Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

7

Notes to Unaudited Condensed Consolidated Financial Statements — March 31, 2022

8

Item 2.

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

74

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

105

Item 4.

Controls and Procedures

112

Part II — OTHER INFORMATION

Item 1.

Legal Proceedings

112

Item 1A.

Risk Factors

112

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

113

Item 6.

Exhibits

114

Signature

115

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Principal Financial Group, Inc.

Condensed Consolidated Statements of Financial Position

March 31, 

December 31, 

    

2022

    

2021

(Unaudited)

(in millions)

Assets

Fixed maturities, available-for-sale

$

71,413.6

$

78,154.5

Fixed maturities, trading

 

414.8

 

422.2

Equity securities (2022 and 2021 include $770.5 million and $783.7 million related to consolidated variable interest entities)

 

2,260.4

 

2,347.2

Mortgage loans (2022 and 2021 include $1,574.7 million and $1,260.1 million related to consolidated variable interest entities)

 

20,542.7

 

19,668.7

Real estate (2022 and 2021 include $609.2 million and $672.0 million related to consolidated variable interest entities)

 

2,139.6

 

2,075.4

Policy loans

 

766.7

 

759.6

Other investments (2022 and 2021 include $480.1 million and $522.8 million related to consolidated variable interest entities)

 

5,645.1

 

5,478.3

Total investments

 

103,182.9

 

108,905.9

Cash and cash equivalents (2022 and 2021 include $52.4 million and $49.6 million related to consolidated variable interest entities)

 

2,741.2

 

2,332.0

Accrued investment income

 

738.4

 

695.8

Premiums due and other receivables

 

2,374.4

 

1,842.4

Deferred acquisition costs

4,102.7

 

3,757.5

Property and equipment

1,020.2

 

1,038.0

Goodwill

1,661.3

 

1,627.6

Other intangibles

1,601.0

 

1,600.6

Separate account assets (2022 and 2021 include $34,725.7 million and $33,957.7 million related to consolidated variable interest entities)

 

173,516.3

 

182,345.4

Other assets

 

600.1

 

512.0

Total assets

$

291,538.5

$

304,657.2

Liabilities

Contractholder funds (2022 and 2021 include $339.1 million and $344.0 million related to consolidated variable interest entities)

$

44,027.4

$

43,598.0

Future policy benefits and claims

 

43,770.3

 

43,948.1

Other policyholder funds

 

943.7

 

1,071.0

Short-term debt

 

279.4

 

79.8

Long-term debt

 

4,280.4

 

4,280.2

Income taxes currently payable

 

34.7

 

15.5

Deferred income taxes

 

1,373.9

 

2,320.2

Separate account liabilities (2022 and 2021 include $34,725.7 million and $33,957.7 million related to consolidated variable interest entities)

 

173,516.3

 

182,345.4

Other liabilities (2022 and 2021 include $79.2 million and $58.7 million related to consolidated variable interest entities)

 

11,052.9

 

10,540.7

Total liabilities

 

279,279.0

288,198.9

Redeemable noncontrolling interest (2022 and 2021 include $278.3 million and $304.0 million related to consolidated variable interest entities)

 

306.8

 

332.5

Stockholders’ equity

Common stock, par value $0.01 per share; 2,500.0 million shares authorized; 486.6 million and 484.9 million shares issued as of 2022 and 2021; 252.2 million and 261.7 million shares outstanding as of 2022 and 2021

 

4.9

 

4.8

Additional paid-in capital

 

10,402.4

 

10,495.0

Retained earnings

 

13,090.8

 

12,884.5

Accumulated other comprehensive income (loss)

 

(1,920.6)

 

1,610.9

Treasury stock, at cost (234.4 million and 223.2 million shares as of 2022 and 2021)

 

(9,679.9)

 

(8,925.8)

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

 

11,897.6

 

16,069.4

Noncontrolling interest

 

55.1

 

56.4

Total stockholders' equity

 

11,952.7

 

16,125.8

Total liabilities and stockholders’ equity

$

291,538.5

$

304,657.2

See accompanying notes.

3

Principal Financial Group, Inc.

Condensed Consolidated Statements of Operations
(Unaudited)

For the three months ended

March 31, 

    

2022

    

2021

(in millions, except per share data)

Revenues

Premiums and other considerations

$

887.4

$

835.1

Fees and other revenues

 

1,215.0

 

1,193.9

Net investment income

 

1,118.1

 

1,028.1

Net realized capital gains (losses) (1)

 

(110.5)

 

151.4

Total revenues

 

3,110.0

 

3,208.5

Expenses

Benefits, claims and settlement expenses

 

1,459.9

 

1,374.7

Dividends to policyholders

 

23.1

 

18.2

Operating expenses

 

1,199.0

 

1,201.7

Total expenses

 

2,682.0

 

2,594.6

Income before income taxes

 

428.0

 

613.9

Income taxes

 

47.3

 

97.6

Net income

 

380.7

 

516.3

Net income (loss) attributable to noncontrolling interest

 

4.5

 

(0.8)

Net income attributable to Principal Financial Group, Inc.

$

376.2

$

517.1

Earnings per common share

Basic earnings per common share

$

1.45

$

1.89

Diluted earnings per common share

$

1.43

$

1.87

(1)  Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

See accompanying notes.

4

Principal Financial Group, Inc.

Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

For the three months ended

March 31, 

    

2022

    

2021

(in millions)

Net income

$

380.7

$

516.3

Other comprehensive loss, net:

Net unrealized losses on available-for-sale securities

 

(3,673.9)

 

(1,373.4)

Net unrealized losses on derivative instruments

 

(16.3)

 

(2.2)

Foreign currency translation adjustment

 

153.4

 

(56.2)

Net unrecognized postretirement benefit obligation

 

6.7

 

2.3

Other comprehensive loss

 

(3,530.1)

 

(1,429.5)

Comprehensive loss

 

(3,149.4)

 

(913.2)

Comprehensive income (loss) attributable to noncontrolling interest

 

5.9

 

(1.0)

Comprehensive loss attributable to Principal Financial Group, Inc.

$

(3,155.3)

$

(912.2)

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, 2021

$

4.8

$

10,321.6

$

11,838.0

$

2,383.1

$

(7,988.6)

$

58.4

$

16,617.3

Common stock issued

 

 

17.3

 

 

 

 

 

17.3

Stock-based compensation

 

 

33.7

 

(1.8)

 

 

 

 

31.9

Treasury stock acquired, common

(115.5)

(115.5)

Dividends to common stockholders

 

 

 

(152.2)

 

 

 

 

(152.2)

Distributions to noncontrolling interest

 

 

 

 

 

 

(1.6)

 

(1.6)

Contributions from noncontrolling interest

 

 

 

 

 

 

1.3

 

1.3

Purchase of subsidiary shares from noncontrolling interest (1)

(14.9)

(1.7)

(16.6)

Adjustments to redemption amount of redeemable noncontrolling interest

 

 

(5.9)

 

(1.9)

 

 

 

(0.4)

 

(8.2)

Net income (1)

 

 

 

517.1

 

 

 

1.0

 

518.1

Other comprehensive loss (1)

 

 

 

 

(1,429.3)

 

 

(0.2)

 

(1,429.5)

Balances as of March 31, 2021

$

4.8

$

10,351.8

$

12,199.2

$

953.8

$

(8,104.1)

$

56.8

$<