Principal Financial Group, Inc. (PFG) CEO Daniel Houston on Q2 2022 Results - Earnings Call Transcript

Principal Financial Group, Inc. (NASDAQ:PFG) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET

Company Participants

Humphrey Lee - VP & Head, IR

Daniel Houston - Chairman, CEO & President

Deanna Strable - EVP & CFO

Patrick Halter - President, Principal Global Asset Management

Amy Friedrich - President, United States Insurance Solutions

Christopher Littlefield - President, Retirement & Income Solutions

Conference Call Participants

Ryan Krueger - KBW

Thomas Gallagher - Evercore ISI

Jamminder Bhullar - JPMorgan Chase & Co.

Michael Ward - Citigroup

Joshua Shanker - Bank of America Merrill Lynch

Andrew Kligerman - Crédit Suisse

Tracy Benguigui - Barclays Bank

John Barnidge - Piper Sandler & Co.

Alexander Scott - Goldman Sachs Group

Suneet Kamath - Jefferies

Erik Bass - Autonomous Research

Operator

Good morning, and welcome to the Principal Financial Group Second Quarter 2022 Financial Results Conference Call. [Operator Instructions].

I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.

Humphrey Lee

Thank you, and good morning. Welcome to Principal Financial Group's Second Quarter 2022 Conference Call. As always, materials related to today's call are available on our website at investors.principal.com. Following a reading of the safe harbor provision, CEO, Dan Houston; and CFO, Deanna Strable, will deliver some prepared remarks. Then, we'll open up the call for questions. Others available for Q&A include Chris Littlefield, Retirement and Income Solutions; Pat Halter, Global Asset Management; and Amy Friedrich, U.S. Insurance Solutions.

Some of the comments made during this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The company does not revise or update them to reflect new information, subsequent events or changes in strategy. Risks and uncertainties that could cause actual results to differ materially from those expressed or implied are discussed in the company's most recent annual report on Form 10-K filed by the company with the U.S. Securities and Exchange Commission.

Additionally, some of the comments made during this conference call may refer to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures may be found in our earnings release, financial supplement and slide presentation. As a reminder, the transaction to reinsure our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business closed in the second quarter. The transaction had an effective date of January 1, 2022, which resulted in a true-up in the second quarter to transfer the associated revenue, earnings, net income and AUM to the counterparty.