thquarter.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION 
 
    Washington, D.C. 20549   
 
    FORM 8-K   
 
    CURRENT REPORT   
 
  Pursuant to Section 13 or 15(d) of the 
  Securities Exchange Act of 1934 
 
  Date of Report: January 31, 2013 
  (Date of earliest event reported) 
 
 
PRINCIPAL FINANCIAL GROUP, INC. 
  (Exact name of registrant as specified in its charter) 
 
  Delaware  1-16725  42-1520346 
  (State or other jurisdiction  (Commission file number)  (I.R.S. Employer 
  of incorporation)    Identification Number) 
 
 
  711 High Street, Des Moines, Iowa 50392 
  (Address of principal executive offices) 
 
    (515) 247-5111   
  (Registrant’s telephone number, including area code) 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the 
registrant under any of the following provisions:     
 
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 
  240.14d-2(b))     
[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 
          240.13e-4(c))
____________________

 


Item 2.02. Results of Operations and Financial Condition 

On January 31, 2013, Principal Financial Group, Inc. publicly announced information regarding its 
results of operations and financial condition for the quarter and year ended December 31, 2012. The 

text of the announcement is included herewith as Exhibit 99. 

Item 9.01 Financial Statements and Exhibits 

  

99 Fourth Quarter and Calendar Year 2012 Earnings Release 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned thereunto duly authorized. 
 
PRINCIPAL FINANCIAL GROUP, INC. 
 
By:       /s/ Terrance J. Lillis 
           Name: Terrance J. Lillis 
           Title: Senior Vice President and Chief Financial Officer 
Date: January 31, 2013   

 


Release:    On receipt, Jan. 31, 2013 
Media contact:      Susan Houser, 515-248-2268, houser.susan@principal.com 
Investor contact:  John Egan, 515-235-9500, egan.john@principal.com 
 
Principal Financial Group, Inc. Announces Fourth Quarter
And Full-Year 2012 Results

Company Also Announces Common Stock Dividend Increase

·  Fourth quarter 2012 operating earnings1 of $243.9 million, an increase of 21 percent over 
  fourth quarter 2011; net income available to common shareholders was $218.6 million, an 
  increase of 47 percent over fourth quarter 2011. 
·  Full-year 2012 operating earnings of $808.0 million, a decrease of 4 percent over 2011 (adjusted 
  operating earnings of $898.7 million2, an increase of 7 percent over full-year 2011); net income 
  available to common shareholders of $772.9 million, an increase of 25 percent over 2011. 
·  Year-end 2012 record assets under management of $403.0 billion, an increase of 20 percent 
  compared to year-end 2011. 
·  First quarter dividend of $0.23 per share of common stock, an increase of 10 percent over the 
  fourth quarter 2012 dividend. 
 
  (Des Moines, Iowa) – Principal Financial Group, Inc. (NYSE: PFG) today announced results for fourth 
quarter and full year 2012. The company reported operating earnings of $243.9 million for fourth quarter 2012, 
compared to $201.8 million for fourth quarter 2011. Operating earnings per diluted share (EPS) were $0.82 for fourth 
quarter 2012, compared to $0.66 for fourth quarter 2011. The company reported net income available to common 
stockholders of $218.6 million, or $0.74 per diluted share for fourth quarter 2012, compared to $148.5 million, or $0.48 
per diluted share for fourth quarter 2011, reflecting a strong increase in operating earnings and improvement in credit- 
related losses. Operating revenues for fourth quarter 2012 were $2,293.1 million compared to $2,103.3 million for the 
same period last year.   
 
  The company reported operating earnings of $808.0 million for the twelve months ended Dec. 31, 2012 
(which were negatively impacted by a $90.7 million charge from the third quarter actuarial assumption review, 
predominantly due to the lower interest rates), compared to $843.8 million for the twelve months ended Dec. 31, 2011. 
Operating earnings per diluted share (EPS) were $2.69 for the twelve months ended Dec. 31, 2012, compared to $2.66 for 
the twelve months ended Dec. 31, 2011. (Adjusted 2012 EPS of $2.992 is up 12 percent over reported 2011 EPS.) The 
company reported net income available to common stockholders of $772.9 million, or $2.57 per diluted share for the 
twelve months ended Dec. 31, 2012, compared to $619.7 million, or $1.95 per diluted share for the twelve months ended 
Dec. 31, 2011. Operating revenues for the year 2012 were $9,175.4 million compared to $8,281.0 million for the same 
period last year.   
 
  The company also announced today that its board of directors has declared a quarterly dividend of 
$0.23 per share of common stock, an increase of 10 percent over the fourth quarter 2012 dividend. The dividend 
will be payable on March 29, 2013 to shareholders of record as of March 11, 2013. 
                                                           
1 Use of non-GAAP financial measures is discussed in this release after segment results. 
2 2012 operating earnings were negatively impacted by $90.7 million from the third quarter 2012 actuarial assumption 
review.     

 


  “The Principal Financial Group ended a strong 2012 with very strong fourth quarter earnings. The continued 
strength of our underlying business fundamentals and successful execution of our strategy gives us momentum going 
into 2013,” said Larry D. Zimpleman, chairman, president and chief executive officer. “We significantly advanced our 
international strategy with two acquisitions in Latin America last year. Closing on Cuprum will further solidify our 
position as a global investment management leader in 2013 and beyond.” 
 
 
  Added Terry Lillis, senior vice president and chief financial officer, “Our very strong earnings in the fourth quarter 
and the ability of our fee-based business model to continuously generate deployable capital gives us continued financial 
flexibility, as demonstrated by our strong capital deployment in 2012 and today’s announcement of a 10 percent increase in 
our quarterly common stock dividend. Full-year book value per share (excluding other comprehensive income) increased 7 
percent over full year 2011 and our investment portfolio is performing very well.” 
 
 

Key Highlights 

  
Fourth Quarter 
·  Retirement and Investor Services Accumulation sales were up 17 percent in the fourth quarter compared to the 
  year ago quarter. This includes $3.3 billion for Full Service Accumulation, $4.2 billion for Principal Funds 
  and $448 million for Individual Annuities. Net cash flows of $1.6 billion for Full Service Accumulation and 
  $1.5 billion for Principal Funds. 
· Principal Global Investors had record unaffiliated assets under management (AUM) of $98.2 billion. 
· Principal International reported net cash flows of $2.0 billion and record AUM of $69.3 billion (excluding $11.3 
  billion of AUM in our asset management joint venture in China, which is not included in reported assets under 
  management). 
· Individual Life sales of $84.8 million, up 56 percent over fourth quarter 2011. 
· Specialty Benefits premium and fee growth of 5 percent over fourth quarter 2011and favorable incurred loss 
  ratio of 64.3 percent. 
Full Year Results 
· Record AUM of $403.0 billion, up 20 percent compared to year-end 2011. 
· Total company net cash flows of $29.8 billion. 
· Strong capital position with an estimated risk based capital ratio of 415-420 percent at year end and $2.5 billion 
  of excess capital.3 
· Book value per share, excluding AOCI4 was $29.20, up 7 percent over 2011. 
· Four quarterly dividends to common stockholders in 2012 totaling $0.78 cents per share, up 11 percent over 
  2011.   
· Repurchased 9.9 million shares of common stock in 2012 at an average price of $25.92. 
 
Net Income   
Fourth Quarter 
·  Net income available to common stockholders of $218.6 million for fourth quarter 2012, up 47 percent compared 
to fourth quarter 2011 reflecting: 
  ·   Net realized capital losses of $0.5 million, which includes: 
    ·  $15.0 million of net losses, down 48 percent from a year ago quarter, related to sales and 
          permanent impairments of fixed maturity securities. This includes $11.1 million of losses on 
          commercial mortgage backed securities, which is down 51 percent from $22.6 million loss in 
          fourth quarter 2011. 
  ·   Other after-tax adjustment loss of $24.8 million, which reflects expenses incurred extinguishing $400 
      million of long-term debt that was scheduled to mature in 2014. 
 
                                                         
3 Excess capital includes cash at the holding company and capital at the life company above the amount needed to maintain a 
350 percent NAIC risk based capital ratio for the life company. 
4 Accumulated Other Comprehensive Income 

 


Full Year Results 
Net income available to common stockholders of $772.9 million for the twelve months ended Dec. 31, 2012, 
reflects net realized capital gains of $39.1 million, up $180.9 million from a $141.8 loss in 2011. This includes: 
·    A net gain of $141.2 million as a result of Catalyst Health Solutions, Inc.’s merger into a subsidiary of SXC 
    Health Solutions Corp. (SXC), and our subsequent sale of our interest in SXC (now known as Catamaran 
    Corporation); 
·    $76.8 million of net losses, a 36 percent improvement over 2011 related to sales and permanent impairments 
    of fixed maturity securities, including: 
  ·      $60.1 million of losses on commercial mortgage backed securities, which is down 34 percent from 
   $90.5 million loss in 2011. 
 
  Segment Results 
Retirement and Investor Services 
             Segment operating earnings for fourth quarter 2012 were $152.3 million, compared to $124.5 million for 
the same period in 2011. Full Service Accumulation earnings increased 39 percent from a year ago quarter to $81.3 
million reflecting an $8 million after-tax benefit as more companies paid extraordinary and accelerated dividends in 
fourth quarter 2012. Principal Funds earnings were up 25 percent compared to the year-ago quarter to $13.2 million, 
primarily due to an increase in average account values. Individual Annuities earnings were $31.1 million compared to 
$27.8 million for fourth quarter 2011 reflecting $3 million after tax of favorable variable investment income. Bank 
and Trust Services operating earnings were $7.9 million, compared to $8.5 million for fourth quarter 2011. The 
guaranteed businesses, which consist of Investment Only and Full Service Payout, earned $18.8 million in the fourth 
quarter 2012 compared to $19.0 million in fourth quarter 2011. 
               Operating revenues for the fourth quarter 2012 were $1,127.9 million compared to $1,016.9 million for 
the same period in 2011 primarily due to higher fee revenue in the accumulations businesses and higher premiums 
in the guaranteed businesses. 
  Segment assets under management were a record $212.0 billion as of Dec. 31, 2012, compared to 
$179.8 billion as of Dec. 31, 2011, reflecting asset appreciation and strong net cash flows from Full Service 
Accumulation and Principal Funds. 
 
Principal Global Investors 
             Segment operating earnings for fourth quarter 2012 were $26.2 million, up strongly from $17.5 million in 
the prior year quarter, primarily due to an increase in assets under management and the year ago quarter having 
one-time acquisition costs. 
        Operating revenues for fourth quarter were $168.0 million, compared to $151.8 million for the same 
period in 2011, primarily a result of higher management and transaction fees. 
        Unaffiliated assets under management were a record $98.2 billion as of Dec. 31, 2012, compared to $82.4 
billion as of Dec. 31, 2011 as a result of strong net cash flows and strong investment performance. 
Principal International 
              Segment operating earnings were $45.1 million in fourth quarter 2012, compared to $50.1 million in the 
prior year quarter. Fourth quarter 2011 benefited from $10.4 million of one-time earnings. 
              Operating revenues were $265.8 million for fourth quarter 2012, compared to $255.6 million for the same 
period last year primarily due to 31 percent growth in assets under management, which were partially offset by one-time 
revenues in the year ago quarter. 

 


Segment assets under management were a record $69.3 billion as of Dec. 31, 2012, compared to $52.8 
billion as of Dec. 31, 2011. This includes a record $9.3 billion of net cash flows for the full year, or 18 percent of 
beginning of the year assets under management. 
 
U.S. Insurance Solutions 
Segment operating earnings for fourth quarter 2012 were $59.4 million, compared to $52.8 million for 
the same period in 2011. Individual Life earnings were $27.8 million in the fourth quarter 2012 compared to $27.2 
million in fourth quarter 2011. Specialty Benefits earnings were $31.6 million in fourth quarter 2012, up 23 
percent from $25.6 million in the same period a year ago primarily due to favorable claims experience in the 
current quarter. 

Segment operating revenues for fourth quarter 2012 were $779.7 million compared to $737.9 million 

for the same period a year ago. 
 
Corporate 
Operating losses for fourth quarter 2012 were $39.1 million compared to operating losses of $43.1 million 
in fourth quarter 2011. The fourth quarter 2011 was negatively impacted from an active credit strategy on excess 
capital at the holding company, which was wound down in 2012. 
 
Forward looking and cautionary statements 
This press release contains forward-looking statements, including, without limitation, statements as to operating 
earnings, net income available to common stockholders, net cash flows, realized and unrealized gains and losses, 
capital and liquidity positions, sales and earnings trends, and management's beliefs, expectations, goals and 
opinions. The company does not undertake to update these statements, which are based on a number of 
assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their 
effects on the company may not be those anticipated, and actual results may differ materially from the results 
anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute 
to such material differences are discussed in the company's annual report on Form 10-K for the year ended Dec. 
31, 2011, and in the company’s quarterly report on Form 10-Q for the quarter ended Sept.30, 2012, filed by the 
company with the Securities and Exchange Commission, as updated or supplemented from time to time in 
subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market 
conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of 
capital; continued difficult conditions in the global capital markets and the economy generally; continued volatility 
or further declines in the equity markets; changes in interest rates or credit spreads; the company’s investment 
portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns 
credited to customers; the company’s valuation of securities may include methodologies, estimations and 
assumptions that are subject to differing interpretations; the determination of the amount of allowances and 
impairments taken on the company’s investments requires estimations and assumptions that are subject to differing 
interpretations; gross unrealized losses may be realized or result in future impairments; competition from 
companies that may have greater financial resources, broader arrays of products, higher ratings and stronger 
financial performance; a downgrade in the company’s financial strength or credit ratings; inability to attract and 
retain sales representatives and develop new distribution sources; international business risks; the company’s 
actual experience could differ significantly from its pricing and reserving assumptions; the company’s ability to 
pay stockholder dividends and meet its obligations may be constrained by the limitations on dividends or 
distributions Iowa insurance laws impose on Principal Life; the pattern of amortizing the company’s DPAC and 
other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and 
certain investment contracts may change; the company may need to fund deficiencies in its “Closed Block” assets 
that support participating ordinary life insurance policies that had a dividend scale in force at the time of Principal 
Life’s 1998 conversion into a stock life insurance company; the company’s reinsurers could default on their 
obligations or increase their rates; risks arising from the company's ability to obtain regulatory approval and 
consummate the acquisition of A.F.P. Cuprum S.A. and from other acquisitions of businesses; changes in laws, 
regulations or accounting standards; a computer system failure or security breach could disrupt the company’s 
business, and damage its reputation; results of litigation and regulatory investigations; from time to time the 
company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe 
additional taxes, interest and penalties in amounts that may be material; fluctuations in foreign currency exchange 

 


rates; and applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers 
and business combinations that some stockholders might consider in their best interests. 
 
Use of Non-GAAP Financial Measures 
The company uses a number of non-GAAP financial measures that management believes are useful to investors 
because they illustrate the performance of normal, ongoing operations, which is important in understanding and 
evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. 
GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the 
most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures 
for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in 
the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, 
as a basis for determining employee and senior management awards and compensation, and evaluating 

performance on a basis comparable to that used by investors and securities analysts. 

Earnings Conference Call 
On Friday, Feb. 1, 2013 at 10:00 a.m. (ET), Chairman, President and Chief Executive Officer Larry Zimpleman 
and Senior Vice President and Chief Financial Officer Terry Lillis will lead a discussion of results, asset quality 
and capital adequacy during a live conference call, which can be accessed as follows: 
 
·  Via live Internet webcast. Please go to www.principal.com/investor at least 10-15 minutes prior to the start of 
  the call to register, and to download and install any necessary audio software. 
·  Via telephone by dialing 800-374-1609 (U.S. and Canadian callers) or 706-643-7701 (International callers) 
  approximately 10 minutes prior to the start of the call. The access code is 83659918. 
·  Replay of the earnings call via telephone is available by dialing 855-859-2056 (U.S. and Canadian callers) or 
  404-537-3406 (International callers). The access code is 83659918. This replay will be available 
  approximately two hours after the completion of the live earnings call through the end of day Feb. 8, 2013. 
·  Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at: 
  www.principal.com/investor. 
 
The company's financial supplement and additional investment portfolio detail for fourth quarter 2012 is 
currently available at www.principal.com/investor, and may be referred to during the call. Slides related to the 
call will be available at www.principal.com/investor approximately one-half hour prior to call start time. 
 
About the Principal Financial Group 
The Principal Financial Group®(The Principal ®)5 is a global investment management leader offering 
retirement services, insurance solutions and asset management. The Principal offers businesses, individuals 
and institutional clients a wide range of financial products and services, including retirement, asset 
management and insurance through its diverse family of financial services companies. Founded in 1879 and a 
member of the FORTUNE 500®, the Principal Financial Group has $403.0 billion in assets under 
management6 and serves some 18.3 million customers worldwide from offices in Asia, Australia, Europe, 
Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock 

Exchange under the ticker symbol PFG. For more information, visit www.principal.com. 

                                                                                   ###
5 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal 
Financial Group. 
6 As of Dec.31, 2012 

 


Summary of Segment and Principal Financial Group, Inc. Results       
 
    Operating Earnings (Loss)*   
    in millions   
  Three Months Ended,  Twelve Months Ended, 
Segment  12/31/12  12/31/11  12/31/12  12/31/11 
Retirement and Investor Services  $            152.3  $              124.5  $              575.1  $          562.9 
Principal Global Investors  26.2  17.5  81.2  74.0 
Principal International  45.1  50.1  153.3  149.5 
U.S. Insurance Solutions  59.4  52.8  138.2  204.3 
Corporate  (39.1)  (43.1)  (139.8)  (146.9) 
Operating Earnings  $         243.9  $          201.8  $         808.0  $      843.8 
Net realized capital gains (losses), as adjusted  (0.5)  (53.6)  39.1  (141.8) 
Other after-tax adjustments  (24.8)  0.3  (74.2)  (82.3) 
Net income available to common stockholders  $         218.6  $          148.5  $         772.9  $      619.7 
 
    Per Diluted Share   
  Three Months Ended,  Twelve Months Ended, 
  12/31/12  12/31/11  12/31/12  12/31/11 
Operating Earnings  $          0.82  $            0.66  $            2.69  $        2.66 
Net realized capital gains (losses), as adjusted  -  (0.18)  0.13  (0.45) 
Other after-tax adjustments  (0.08)  -  (0.25)  (0.26) 
Net income available to common stockholders  $          0.74  $            0.48  $            2.57  $        1.95 
Weighted-average diluted common shares outstanding(in         
millions)  297.3  307.9  300.4  317.6 

 

 

 

 

 

 

*Operating earnings versus U.S. GAAP (GAAP) net income available to common stockholders 
Management uses operating earnings, which excludes the effect of net realized capital gains and losses, as adjusted, and other after-tax 
adjustments, for goal setting, as a basis for determining employee compensation, and evaluating performance on a basis comparable to that 
used by investors and securities analysts. Segment operating earnings are determined by adjusting U.S. GAAP net income available to 
common stockholders for net realized capital gains and losses, as adjusted, and other after-tax adjustments the company believes are not 
indicative of overall operating trends. Note: it is possible these adjusting items have occurred in the past and could recur in future 
reporting periods. While these items may be significant components in understanding and assessing our consolidated financial 
performance, management believes the presentation of segment operating earnings enhances the understanding of results of operations by 
highlighting earnings attributable to the normal, ongoing operations of the company’s businesses. 

 


 

Principal Financial Group, Inc.
Results of Operations
(in millions)
 
  Three Months Ended,  Twelve Months Ended, 
  12/31/12  12/31/11  12/31/12  12/31/11 
Premiums and other considerations  $ 700.0  $ 635.1  $ 3,216.5  $ 2,385.5 
Fees and other revenues  717.7  616.4    2,606.9  2,423.3 
Net investment income  875.4  851.8    3,352.0  3,472.2 
Total operating revenues  2,293.1  2,103.3    9,175.4  8,281.0 
 
Benefits, claims and settlement expenses  1,155.3  1,093.8    5,128.6  4,236.9 
Dividends to policyholders  48.2  51.5    197.7  210.2 
Commissions  179.2  149.7    657.9  592.0 
Capitalization of DPAC  (132.2)  (95.3)    (435.3)  (349.6) 
Amortization of DPAC  64.9  51.5    121.4  236.9 
Depreciation and amortization  19.9  16.1      90.2  68.4 
Interest expense on corporate debt  39.9  31.5    132.7  123.7 
Compensation and other  612.4  552.8    2,244.7  2,051.1 
Total expenses  1,987.6  1,851.6    8,137.9  7,169.6 
 
Operating earnings before tax, noncontrolling             
interest and preferred stock dividends  305.5  251.7    1,037.5  1,111.4 
Less:             
Income tax  49.9  43.2    186.0  230.0 
Operating earnings (loss) attributable to             
noncontrolling interest  3.4  (1.6)      10.5  4.6 
Preferred stock dividends  8.3  8.3      33.0  33.0 
Operating earnings  $ 243.9  $ 201.8  $ 808.0  $ 843.8 
 
Net realized capital gains (losses), as adjusted  (0.5)  (53.6)      39.1  (141.8) 
Other after-tax adjustments  (24.8)  0.3    (74.2)  (82.3) 
Net income available to common stockholders  $ 218.6  $ 148.5  $ 772.9  $ 619.7 
 
Selected Balance Sheet Statistics         
 
    Period Ended,     
  12/31/12  12/31/11   12/31/10 
Total assets (in billions)  $ 161.9  $    147.4  $ 144.7 
Total common equity (in millions)  $ 9,211.2  $ 8,475.9  $ 8,607.2 
Total common equity excluding accumulated             
other comprehensive income (in millions)  $ 8,579.3  $ 8,217.9  $ 8,300.5 
End of period common shares outstanding (in             
millions)  293.8     301.1    320.4 
Book value per common share  $ 31.35  $ 28.15  $ 26.86 
Book value per common share excluding             
accumulated other comprehensive income  $ 29.20  $ 27.29  $ 25.91 

 

 


Principal Financial Group, Inc.
Reconciliation of Non-GAAP Financial Measures to U.S. GAAP
(in millions, except as indicated)
 
  Three Months Ended,  Twelve Months Ended, 
  12/31/12  12/31/11  12/31/12  12/31/11 
Diluted Earnings Per Common Share:         
Operating earnings  $ 0.82  $ 0.66  $ 2.69  $ 2.66 
Net realized capital gains (losses)  -  (0.18)  0.13  (0.45) 
Other after-tax adjustments  (0.08)  -  (0.25)  (0.26) 
Net income available to common stockholders  $ 0.74  $ 0.48  $ 2.57  $ 1.95 
 
Book Value Per Common Share Excluding Accumulated         
Other Comprehensive Income:         
Book value per common share excluding accumulated other         
       comprehensive income  $ 29.20  $ 27.29  $ 29.20  $ 27.29 
Net unrealized capital gains  4.20  2.42  4.20  2.42 
Foreign currency translation  (0.39)  (0.36)  (0.39)  (0.36) 
Net unrecognized postretirement benefit obligations  (1.66)  (1.20)  (1.66)  (1.20) 
Book value per common share including accumulated other         
         comprehensive income  $ 31.35  $ 28.15  $ 31.35  $ 28.15 
 
Operating Revenues:         
RIS  $ 1,127.9  $ 1,016.9  $ 4,834.9  $ 4,075.0 
PGI  168.0  151.8  591.2  546.3 
PI  265.8  255.6  942.7  909.0 
USIS  779.7  737.9  2,994.7  2,939.9 
Corporate  (48.3)  (58.9)  (188.1)  (189.2) 
Total operating revenues  2,293.1  2,103.3  9,175.4  8,281.0 
Net realized capital gains (losses) and related adjustments  1.9  (97.4)  14.7  (216.6) 
Exited group medical insurance business  0.9  52.9  25.0  606.3 
Total GAAP revenues  $ 2,295.9  $ 2,058.8  $ 9,215.1  $ 8,670.7 
 
Operating Earnings:         
RIS  $ 152.3  $ 124.5  $ 575.1  $ 562.9 
PGI  26.2  17.5  81.2  74.0 
PI  45.1  50.1  153.3  149.5 
USIS  59.4  52.8  138.2  204.3 
Corporate  (39.1)  (43.1)  (139.8)  (146.9) 
Total operating earnings  243.9  201.8  808.0  843.8 
Net realized capital gains (losses) and related adjustments  (0.5)  (53.6)  39.1  (141.8) 
Other after-tax adjustments  (24.8)  0.3  (74.2)  (82.3) 
Net income available to common stockholders  $ 218.6  $ 148.5  $ 772.9  $ 619.7 
 
Net Realized Capital Gains (Losses):         
Net realized capital gains (losses), as adjusted  $ (0.5)  $ (53.6)  $ 39.1  $ (141.8) 
Certain derivative and hedging-related adjustments  30.5  25.6  98.9  98.8 
Amortization of DPAC and sale inducement costs  (1.9)  (16.0)  (36.6)  21.5 
Certain market value adjustments of embedded derivatives  (0.8)  (0.9)  0.6  (65.6) 
Capital gains distributed  3.5  1.1  12.2  3.1 
Tax impacts  1.5  (29.2)  (8.7)  (70.5) 
Noncontrolling interest capital gains  0.1  1.2  8.3  31.6 
Recognition of front-end fee revenues  0.2  0.5  0.2  0.3 
Certain market value adjustments to fee revenues  0.3  -  0.3  0.1 
Net realized capital gains (losses) associated with exited group         
      medical business  -  -  (0.2)  0.2 
GAAP net realized capital gains (losses)  $ 32.9  $ (71.3)  $ 114.1  $ (122.3) 
 
Other After-Tax Adjustments:         
Exited group medical insurance businesses  $ -  $ 0.1  $ (9.6)  $ 50.9 
Court ruling regarding some uncertain tax positions  -  -  -  (68.9) 
ELNY liquidation estimated obligation  -  0.2  -  (10.3) 
Contribution to PFG Foundation  -  -  (39.8)  (19.5) 
Early extinguishment of debt  (24.8)  -  (24.8)  - 
Assumption change within the Individual Life business  -  -  -  (34.5) 
Total other after-tax adjustments  $ (24.8)  $ 0.3  $ (74.2)  $ (82.3)