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Schedule II - Condensed Financial Information of Registrant (Parent Only)

12 Months Ended

Dec. 31, 2022

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Statements of Financial Position

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(in millions)
Assets	​	​	​	​	​	​	​
Fixed maturities, available-for-sale	​	$	17.1	​	$	1,051.9	​
Fixed maturities, trading	​	​	—	​	​	109.0	​
Other investments	​	​	12.0	​	​	10.4	​
Cash and cash equivalents	​	​	492.5	​	​	320.3	​
Income taxes receivable	​	​	—	​		20.4	​
Deferred income taxes	​	​	297.1	​		320.9	​
Amounts receivable from subsidiaries	​	​	5.4	​		5.5	​
Other assets	​	​	21.8	​		27.1	​
Investment in unconsolidated entities	​	​	13,448.7	​		18,932.4	​
Total assets	​	$	14,294.6	​	$	20,797.9	​
​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​
Long-term debt	​	$	3,929.2	​	$	4,226.2	​
Accrued investment payable	​	​	24.7	​		25.3	​
Income taxes currently payable	​	​	2.4	​	​	—	​
Pension liability	​	​	332.7	​	​	473.2	​
Other liabilities	​	​	3.9	​	​	3.8	​
Total liabilities	​	​	4,292.9	​		4,728.5	​
​	​	​	​	​	​	​	​
Stockholders’ equity	​	​	​	​	​	​	​
Common stock, par value $0.01 per share; 2,500 million shares authorized; 489.8 million and 484.9 million shares issued as of 2022 and 2021; 243.5 million and 261.7 million shares outstanding as of 2022 and 2021	​	​	4.9	​		4.8	​
Additional paid-in capital	​	​	10,740.4	​		10,495.0	​
Retained earnings	​	​	17,042.3	​		12,884.5	​
Accumulated other comprehensive income (loss)	​	​	(7,199.0)	​		1,610.9	​
Treasury stock, at cost (246.3 million and 223.2 million shares as of 2022 and 2021)	​	​	(10,586.9)	​		(8,925.8)	​
Total stockholders’ equity attributable to Principal Financial Group, Inc.	​	​	10,001.7	​		16,069.4	​
Total liabilities and stockholders’ equity	​	$	14,294.6	​	$	20,797.9	​

​

See accompanying notes.

​

Statements of Operations

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2022			2021			2020
​	​	(in millions)
Revenues	​	​	​	​	​	​	​	​	​	​
Net investment income	​	$	16.8	​	$	18.6	​	$	13.3	​
Net realized capital gains (losses)	​	​	(53.6)	​	​	(14.9)	​	​	7.0	​
Total revenues	​	​	(36.8)	​	​	3.7	​	​	20.3	​
​	​	​	​	​	​	​	​	​	​	​
Expenses	​	​	​	​	​	​	​	​	​	​
Other operating costs and expenses	​	​	188.8	​	​	160.9	​	​	200.0	​
Total expenses	​	​	188.8	​	​	160.9	​	​	200.0	​
​	​	​	​	​	​	​	​	​	​	​
Loss before income taxes	​	​	(225.6)	​	​	(157.2)	​	​	(179.7)	​
Income tax benefits	​	​	(33.8)	​	​	(35.6)	​	​	(46.1)	​
Equity in the net income of subsidiaries	​	​	5,003.4	​	​	1,832.2	​	​	1,529.4	​
​	​	​	​	​	​	​	​	​	​	​
Net income attributable to Principal Financial Group, Inc.	​	$	4,811.6	​	$	1,710.6	​	$	1,395.8	​

​

See accompanying notes.

​

Statements of Cash Flows

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2022			2021			2020
​	​	(in millions)
Operating activities	​	​	​	​	​	​	​	​	​	​
Net income	​	$	4,811.6	​	$	1,710.6	​	$	1,395.8	​
Adjustments to reconcile net income to net cash used in operating activities:	​	​	​	​	​	​	​	​	​	​
Net realized capital (gains) losses	​	​	53.6	​	​	14.9	​	​	(7.0)	​
Stock-based compensation	​	​	1.7	​	​	1.6	​	​	1.4	​
Equity in the net income of subsidiaries	​	​	(5,003.4)	​	​	(1,832.2)	​	​	(1,529.4)	​
Changes in:	​	​	​	​	​	​	​	​	​	​
Net cash flows for trading securities and equity securities with operating intent	​	​	99.9	​	​	66.1	​	​	88.4	​
Current and deferred income tax benefits	​	​	(2.5)	​	​	(4.8)	​	​	(13.5)	​
Other	​	​	(30.2)	​	​	(34.5)	​	​	49.1	​
Net cash used in operating activities	​	​	(69.3)	​	​	(78.3)	​	​	(15.2)	​
Investing activities	​	​	​	​	​	​	​	​	​	​
Fixed maturities available-for-sale and equity securities with intent to hold:	​	​	​	​	​	​	​	​	​	​
Purchases	​	​	—	​	​	(462.3)	​	​	(736.5)	​
Sales	​	​	935.9	​	​	—	​	​	—	​
Maturities	​	​	52.7	​	​	190.2	​	​	193.7	​
Net purchases of property and equipment	​	​	(0.1)	​	​	(0.1)	​	​	(0.1)	​
Net change in other investments	​	​	14.3	​	​	46.7	​	​	(50.0)	​
Dividends and returns of capital received from unconsolidated entities	​	​	1,660.3	​	​	1,826.3	​	​	799.1	​
Net cash provided by investing activities	​	​	2,663.1	​	​	1,600.8	​	​	206.2	​
Financing activities	​	​	​	​	​	​	​	​	​	​
Issuance of common stock	​	​	181.7	​	​	86.7	​	​	42.8	​
Acquisition of treasury stock	​	​	(1,661.0)	​	​	(937.2)	​	​	(307.0)	​
Dividends to common stockholders	​	​	(642.3)	​	​	(654.1)	​	​	(614.5)	​
Principal repayments of long-term debt	​	​	(300.0)	​	​	—	​	​	—	​
Issuance of long-term debt	​	​	—	​	​	—	​	​	595.2	​
Net cash used in financing activities	​	​	(2,421.6)	​	​	(1,504.6)	​	​	(283.5)	​
​	​	​	​	​	​	​	​	​	​	​
Net increase (decrease) in cash and cash equivalents	​	​	172.2	​	​	17.9	​	​	(92.5)	​
Cash and cash equivalents at beginning of year	​	​	320.3	​	​	302.4	​	​	394.9	​
​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents at end of year	​	$	492.5	​	$	320.3	​	$	302.4	​

​

See accompanying notes.

​

(1)   Basis of Presentation

The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto of Principal Financial Group, Inc.

In the parent company only financial statements, our investment in unconsolidated entities is stated at cost plus equity in undistributed earnings of subsidiaries.

Principal Financial Group, Inc. sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The invested assets and benefit plan liabilities reported in the statements of financial position exclude amounts held in these trusts. The Rabbi trusts had $852.3 million and $889.0 million of plan assets and $691.8 million and $732.9 million of benefit plan liabilities as of December 31, 2022 and 2021, respectively.

(2)   Dividends and Returns of Capital Received from Unconsolidated Entities

The parent company received cash dividends and returns of capital totaling $1,660.3 million, $1,826.3 million and $799.1 million from subsidiaries in 2022, 2021 and 2020, respectively.

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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