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Statutory Insurance Financial Information | 12 Months Ended
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Dec. 31, 2023
Statutory Insurance Financial Information |
Statutory Insurance Financial Information | 19. Statutory Insurance Financial Information Principal Life, the largest indirect subsidiary of PFG, prepares statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the “Iowa Insurance Division”). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets. Principal Life cedes certain term, universal life and Closed Block life insurance statutory reserves to its affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2023 and 2022, Principal Life’s affiliated reinsurance subsidiaries assumed statutory reserves of $18,474.2 million and $17,815.1 million from Principal Life, respectively. In the states of Vermont and Delaware, Principal Life’s affiliated reinsurance subsidiaries had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2023 and 2022, assets admitted under these practices totaled $4,153.8 million and $3,748.4 million, respectively. In addition, as of December 31, 2023 and 2022, one of Principal Life’s affiliated reinsurance subsidiaries in Vermont ceded $10,406.3 million and $9,956.9 million, respectively, of the ULSG reserves it assumed from Principal Life to Talcott Life & Annuity Re. Life and health insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. As of December 31, 2023, Principal Life met the minimum RBC requirements. Statutory net income (loss) and statutory capital and surplus of Principal Life were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of or for the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Statutory net income (loss) | ​ | $ | 1,285.0 | ​ | $ | (1,563.1) | ​ | $ | 864.0 | ​
Statutory capital and surplus | ​ | ​ | 4,753.4 | ​ | ​ | 4,304.4 | ​ | ​ | 5,375.2 | ​
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- Definition Discloses how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact should be disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. + References No definition available. + Details
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