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CONTENTS

CALL PARTICIPANTS 2

PRESENTATION 3

QUESTION AND ANSWER 8

Principal Financial Group Inc. NYSE:PFG

FQ1 2016 Earnings Call TranscriptsFriday, April 29, 2016 2:00 PM GMT....................................................................................................................................................................

S&P Capital IQ Estimates -FQ1 2016- -FQ2 2016- -FY 2016- -FY 2017-

CONSENSUS ACTUAL SURPRISE CONSENSUS CONSENSUS CONSENSUS

EPS Normalized 0.99 0.97 (2.02 %) 1.05 4.21 4.62

Revenue (mm) 2869.38 2937.90 2.39 3074.67 11782.45 12429.52

Currency: USDConsensus as of Apr-29-2016 1:04 PM GMT

- EPS NORMALIZED -

CONSENSUS ACTUAL SURPRISE

FQ1 2015 1.05 1.09 3.81 %

FQ2 2015 1.04 1.09 4.81 %

FQ3 2015 1.05 1.06 0.95 %

FQ4 2015 1.05 1.02 (2.86 %)

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PRINCIPAL FINANCIAL GROUP INC. FQ1 2016 EARNINGS CALL APR 29, 2016

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Call Participants....................................................................................................................................................................EXECUTIVES

Daniel J. HoustonChief Executive Officer, President,Director and Member of ExecutiveCommittee

Deanna D. StrablePresident of U.S. InsuranceSolutions

James Patrick McCaughanChief Executive Officer of PrincipalGlobal Investors, Presidentof Principal Global Investorsand President of Global AssetManagement

John Egan

Luis E. ValdésChairman of Principal InternationalInc., Chief Executive Officerof Principal International Inc,President of Principal InternationalInc and President of InternationalAsset Management & Accumulation

Nora Mary EverettChief Executive Officer, President,Director and Member of ExecutiveCommittee

Terrance J. LillisChief Financial Officer, ChiefAccounting Officer and ExecutiveVice President

ANALYSTS

Erik James BassCitigroup Inc, Research Division

John Matthew NadelPiper Jaffray Companies, ResearchDivision

Michael KovacGoldman Sachs Group Inc.,Research Division

Ryan KruegerKeefe, Bruyette, & Woods, Inc.,Research Division

Sean DarganMacquarie Research

Steven D. SchwartzRaymond James & Associates, Inc.,Research Division

Suneet L. KamathUBS Investment Bank, ResearchDivision

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Presentation....................................................................................................................................................................

Operator

Good morning, and welcome to the Principal Financial Group First Quarter 2016 Financial ResultsConference Call. [Operator Instructions]

I would now like to turn the conference over to John Egan, Vice President of Investor Relations.

John Egan

Thank you, and good morning. Welcome to The Principal Financial Group's first quarter conference call. Asalways, our earnings release, financial supplement and slides related to today's call are available on ourwebsite at principal.com/investor.

Following a reading of the safe harbor provision, CEO, Dan Houston; and CFO, Terry Lillis, will deliversome prepared remarks; then we will open up the call for questions. Others available for the Q&A areNora Everett, Retirement and Income Solutions; Jim McCaughan, Principal Global Investors; Luis Valdés,Principal International; Deanna Strable, U.S. Insurance Solutions; and Tim Dunbar, our Chief InvestmentOfficer.

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

Now I'll turn the call over to Dan.

Daniel J. HoustonChief Executive Officer, President, Director and Member of Executive Committee

Thanks, John, and welcome to everyone on the call. This morning, I'll provide some high-level commentson the quarter. I'll also then give an update on how we continue to execute on our strategy with thefocus on long-term growth and generating value for our shareholders. I'll also provide some color on theDepartment of Labor's final fiduciary regulation and the opportunities and the impact on our business. I'llthen turn the call over to Terry, who will provide additional details on financial results. As John mentioned,slides related to today's call are available on our website. The key themes are outlined on Slide 4.

Principal had a solid start to the year as we continue to focus on meeting the needs of our customers. Ourfirst quarter results were impacted by volatile equity markets, low interest rates and unfavorable currencyexchange. Once again, our diversified business model by product offering, by geography and by assetclass helped stabilize earnings and grow assets under management.

Despite challenging operating conditions, on a trailing 12-month basis, we generated $1.2 billion of after-tax operating earnings and increased assets under management to a record $548 billion. These resultsdemonstrate our ability to focus on the things within our control, like delivering outcomes-based solutionsto customers around the world and maintaining industry-leading margins in a competitive environment.

Importantly, the fundamentals of business remains strong. As Slide 5 shows, more than 90% of ourinvestment options were in the top 2 Morningstar quartiles on a 3- and 5-year by basis.

Additionally, we received several third-party recognitions for performance in the first quarter, as shownon Slide 6. Barron's Magazine recognized Principal as the sixth best mutual fund manager based on a 5-year period and as a top 5 municipal manager. CIMB-Principal won the award for the best Asia-PacificEquity Fund at the 2016 Morningstar Awards and won 6 2016 Edge Lipper Fund Awards, including BestOverall Group. Hong Kong was awarded the MPF Scheme [ph] of the Year in 2016 MPF Awards. Mexico wasawarded the best balanced fund in 2015 by Morningstar.

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Outstanding investment performance coupled with our broad multi-channel distribution network enableus to generate more than $3 billion in total company net cash flows for the quarter and $17 billion on atrailing 12-month basis, while many in the industry experienced outflows. The Retirement and IncomeSolution - Fee business had $3 billion of quarterly net cash flows due to strong sales and plan-levelretention in the quarter.

Principal Global Investors had a single large, passively managed currency overlay mandate lapse inthe first quarter. Equity and fixed income net cash flows were $3 billion in total as our distinctive activestrategies and outcome-based solutions continue to resonate with investors. And Principal Internationalhad its 30th consecutive quarter of positive reported net cash flows.

Next, I'll provide some examples of how we continue to strengthen our competitive position. I'll start witha comment on our global brand launch, followed by ways we're enhancing our solution set, expandingdistribution and improving customer outcomes.

One of the more notable achievements for the quarter was the roll out of our refresh global brand. Ournew brand better represents how we help people in all life stages achieve financial success. The brandunderscores our commitment to the underserved markets, including small and medium-size businessesin the U.S. and emerging markets, with growing middle-class populations in Latin America and Asia, andit reflects our intensified focus on make it easier for everyone, individuals, business owners, advisors andinstitutional clients to do business with us.

In March, we planted another important seed in Asia. We signed a memorandum of understanding withChina Construction Bank, the second largest bank in the world, to develop a new asset managementand pension partnership. Principal and China Construction Bank jointly created CCB-Principal AssetManagement company in 2005, and it has become a leading fund management company in China. Thisnew agreement enhances our existing long-term successful relationship and is a key to creating futureopportunities for Principal to participate in the significant pension and asset management opportunities inChina.

Also in the quarter, we purchased the remaining stake in Claritas. With a leading asset manager in Brazil,we are well positioned to capture the growing opportunity as investors seek to diversify their portfolioby geography and asset class. Claritas also provides a mutual fund distribution platform in Brazil forseveral funds managed by Principal Global Investors, further expanding the synergies of our business.Despite political and economic volatility, Brazil continues to generate positive cash flows and remains avery important market for us with excellent long-term growth opportunities.

Moving to our solution set. We further expanded our investment and distribution platform in the firstquarter, launching 2 new ETFs: the Price Setters Index ETF and the Shareholder Yield Index ETF. Ourtarget-date collective investment trust, or CITs, are gaining significant traction in the retirement space,including the Defined Contribution Investment Only channel, due to strong investment performance. At theend of the first quarter, 8 out of 12 of the funds in our target-date CIT series were in the top decile on a 3-and 5-year basis. The demand for our target-date investment options remain high among retirement planclients as we provide broad diversified choices with our multi-manager options, including both active andpassive strategies.

In addition to expanding our investment platform, we continue to invest in innovative customer solutionsto drive further growth. Following our examples of recent initiatives to help people get on the path tofinancial security and improve customer outcomes, we recently launched Principal Pension Builder, whichgives participants the opportunity to purchase an in-plan annuity, give them easy access to guaranteedincome through their retirement. We continue our efforts to aggressively promote PlanWorks, our suiteof best-in-class plan designs that include features like automatic enrollment and automatic deferralincreases. These plan designs are resulting in higher participation and higher savings rates versustraditional opt-in plan designs.

Additionally, we recently introduced My Virtual Coach, which is driving outcomes as well. This innovativevirtual-assisted interactive enrollment and education tool makes it easier than ever for 401(k) planparticipants to save for retirement and appeals to a new generation of investors.

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On the protection side, we're also using technology to improve the customer experience when buying lifeand disability insurance. Recently, we launched the first phase of a digital sales solution for these productson principal.com. The solution delivers tools to help potential customers assess their coverage needs, geta price quote and obtain assistance to complete the process.

Turning to Slide 7. I'll close with comments on the final fiduciary rule released by the Department of Laboron April 6. Though we're still thoroughly reviewing the nearly 1,000-page document, I have some overallcomments to make. As we've said before, we remain concerned that some individuals will receive lesshelp in the future than they do today. That said, we remain hopeful we can work with the Departmentof Labor towards the end goal of helping Americans adequately prepare for retirement. Implementationis clearly top of mind, and we continue to work with the industry and distribution firms to clarify thiscomplex rule and design responsive business models to serve clients regardless of size. There will certainlybe transition cost and higher ongoing compliance cost, but we don't expect a significant increase in ourrun rate expenses. Importantly, based on our review of the final rule, we'll still be able to help smallbusinesses with their retirement plans, and our affiliated distribution channels will still be able to sellproprietary products.

We'll continue to lead the industry by creating sustainable solutions that meet the needs of the market bymanaging assets appropriate for retirement and other long-term strategies and by providing a diversifiedportfolio of in-plan offerings and systematic withdrawal solutions.

Despite the challenges, we believe we'll continue to gain market share as distribution firms potentiallylimit who they work with to a smaller number of providers that can help them manage and comply withthe revised rules. We'll also gain market share as we accelerate growth of our Defined ContributionInvestment Only business and experience higher retention rates of retirees.

In closing, I remain optimistic about the remainder of 2016 and beyond. The fundamentals of the businessare strong, and we'll continue to strengthen our competitive position despite an operating environmentthat remains challenging. Terry?

Terrance J. LillisChief Financial Officer, Chief Accounting Officer and Executive Vice President

Thanks, Dan. This morning, I'll focus my comments on operating earnings for the quarter; net income,including performance of the investment portfolio; and I'll close with an update on capital deployment.

As Dan said, we viewed first quarter results as a solid start to 2016. Despite ongoing macroeconomicvolatility, we see the strength of the underlying fundamentals of our business and signs that someheadwinds experienced for some time might be weakening.

Total company after-tax operating earnings for the first quarter were $286 million, a 12% decline versusthe year-ago quarter, reflecting a continued volatile operating environment. An important proxy for our feerevenue is the S&P 500 daily average, which was down approximately 5% compared to both the first andfourth quarters of 2015. This negatively impacted the daily average revenue from our fee businesses, theprimary driver of earnings. This is the first time since third quarter of 2009 that the S&P 500 daily averagedeclined compared to the prior year period.

Additionally, foreign currency translation negatively impacted current quarter earnings compared tothe prior year quarter. Operating earnings are translated using the average currency exchange rates.However, for the first time since second quarter 2014, the U.S. dollar spot rate weakened versus all 3of our Latin American currencies during the quarter. This was a benefit to assets under management asforeign exchange for assets under management is translated on a spot rate basis.

Over the long term, we continue to align revenue and expense growth to strike the right balance of growthand profitability. Expense initiatives started in the first quarter will benefit earnings in the second half ofthe year and beyond.

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As shown on Slide 8, reported earnings per share were $0.97 for first quarter 2016, an 8% declinecompared to the normalized year ago quarter, reflecting the impact of the exchange rate and volatileequity markets.

At the end of the first quarter, return on equity, excluding AOCI other than foreign currency translationadjustment, was 13.4%. The 160 basis point decline from first quarter 2015 is predominantly due to therelative strengthening of the U.S. dollar and lower prepayment fees.

Now I'll discuss business unit results starting on Slide 9 with Retirement Income Solutions, or RIS-Fee,businesses. First quarter pretax operating earnings of $114 million were down 17% from the normalizedyear ago quarter. Quarterly net revenue decreased 6% from the prior year normalized quarter, driven byunfavorable equity market conditions. On a reported basis, trailing 12-month pretax return on net revenuewas 30%. After normalizing for the third quarter 2015 actuarial assumption review, pretax return on netrevenue was 32%. Given normal market conditions, we are confident our industry-leading margin willcontinue to be within our previously stated range of 28% to 32% throughout 2016. RIS-Fee had strongnet free cash flow of $3 billion in the first quarter. For full year 2016, we still expect net cash flow tobe on our stated 1% to 3% range as we continue to strike the right balance of growth and profitability.The balance of strong sales and retention, combined with expected equity market returns and continuedexpense alignment, should drive a stronger finish to 2016.

Turning to Slide 10. RIS-Spread quarterly pretax operating earnings was $67 million, a 10% increaseover the year ago quarter. The rise in earnings, which is in line with the 10% growth in the RIS-Spreadaverage account values, was driven by strong sales of all spread products. On a trailing 12-month basis,the normalized pretax return on net revenue was 55% and within our guided range. RIS-Spread continuesto perform well as the market volatility has created opportunities as clients welcome guaranteed solutionseven in the low interest rate environment. The pipeline remains strong, and we continue to approach thepension closeout and Investment Only businesses opportunistically.

Turning to Slide 11. Principal Global Investors reported pretax operating earnings of $80 million in thefirst quarter. Compared to the prior year quarter, earnings were negatively impacted by volatile marketperformance as well as lower performance and transaction fees in first quarter 2016. The low performanceand transaction fees in the first quarter were a result of timing differences as we see good visibility formore normal levels in the remainder of 2016.

While these performance and transactions fees fluctuate from quarter-to-quarter, the best measure ofour ongoing development in asset management is management fees. These increased slightly from ayear ago quarter and increased more than 6% on a trailing 12-month basis in spite of the severe industryheadwinds. On a trailing 12-month basis, the pretax return on adjusted revenue was 33% and within ourexpected range.

Quarterly net cash flows were a positive $700 million despite the lapse of a $3.3 billion passively managedlow-fee currency overlay mandate. The new business pipeline remains strong.

Slide 12 shows quarterly pretax operating earnings for Principal International of $68 million. On a constantcurrency basis and adjusting for encaje performance, Principal International continues to have mid-teens growth in operating earnings. First quarter 2016 encaje performance was $4 million pretax lowerthan expected, while the year ago quarter benefited $5 million pretax from better-than-expected encajeperformance.

We're continuing to build traction in China. Quarterly pretax operating earnings in China more than tripledover the prior year quarter providing further diversification within Principal International.

We continue to work with our joint venture partner, China Construction Bank, to develop a diversifiedproduct portfolio and provide investment solutions for long-term savings. Compared to the prior yearquarter, the strengthening U.S. dollar suppressed Principal International pretax operating earnings by $16million. Over the trailing 12 months, foreign exchange has reduced Principal International assets undermanagement by $9 billion [ph]. However, strengthening Latin American currencies in the latter part of the

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first quarter 2016 had a favorable $8 billion [ph] impact on assets under management in the quarter. Ifsustained, this improved exchange rate could provide a tailwind to next quarter's operating earnings.

Moving to Slide 13. Specialty Benefits quarterly pretax operating earnings were $39 million. First quarter2015 was positively impacted by the recovery of reinsurance premiums partially offset by higher expenses.After normalizing prior year results, pretax operating earnings decreased 5%. Growth in the block ofbusiness was offset by higher individual disability claims compared to the prior period, which can bevolatile in any one quarter. The overall loss ratio for the first quarter was within the targeted range.

The underlying fundamentals of the business remains strong with record sales and retention andnormalized premium and fee growth of 8% as well as double-digit increase in trailing 12-month pretaxoperating earnings. As a reminder, Specialty Benefits operating earnings are seasonally impacted byhigher first quarter dental and vision claims and higher first quarter nondeferred sales-related expenses.Typically, distribution of annual earnings in this business is 20% in the first quarter, 25% in the second andthird quarters and 30% in the fourth quarter.

As shown on Slide 14, Individual Life pretax operating earnings were $42 million for the quarter, anincrease of 19% from the prior year period. This was a strong result, leading to pretax margin of 16%,which is at the higher end of our range. Results this quarter were driven by higher interest margins aswell as favorable mortality on a growing block of business. Business market sales remain strong at 56% oftotal sales in the first quarter.

Corporate pretax operating losses of $53 million were lower than expected due to timing of some of ourfunded initiatives. We anticipate full year 2016 corporate pretax operating losses to be at the lower end ofour previously announced range of $235 million to $265 million.

For the quarter, total company net income was $368 million, including net realized capital gains of $82million. Lower interest rates led to gains of $112 million in our derivative portfolio, partially offset by $30million of credit-related losses. Our investment portfolio continues to perform in line with expectations ascredit stress was isolated to the energy and basic industry sectors. We remain confident in our diversifiedhigh-quality investment portfolio. Again, due to our disciplined asset liability management, we are notforced sellers in stressed times.

As outlined on Slide 15, we continue to target $800 million to $1 billion of capital deployment in 2016.In first quarter 2016, we paid a $0.38 common stock dividend, a strong dividend yield in the current lowinterest rate environment. Last night, we announced an increase in our common stock dividend to $0.39per share payable in the second quarter, as we continue to increase our dividend payout ratio.

In addition, we repurchased $86 million worth of common stock in the first quarter, completing theremainder of our 2015 authorization. In February, our Board of Directors authorized an additional $400million share repurchase program. $389 million of that authorization remained outstanding at the end ofthe first quarter.

We continue to have a balanced approach to capital deployment and consider all options, includingdividends, acquisitions, share repurchase and reducing our leverage ratio.

In the current environment, we view share repurchase as an effective way to increase long-term valuefor shareholders. Despite the volatile operating environment, the fundamentals of our business remainsstrong, and we will continue to focus on things within our control to drive growth and profitability for thelong term.This concludes our prepared remarks. Operator, please open the call for questions.

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Question and Answer....................................................................................................................................................................

Operator

[Operator Instructions] Your first question comes from the line of Erik Bass with Citigroup.


Jim, I was wondering if you could talk about the factors that pressured PGI margins this quarter? I knowthere are a couple of timing items on fees and other things. And what your outlook is going forward? Andhow you think about balancing margins with investing for growth, particularly if markets remain choppy?


This is Dan. Thanks for the question. And you're right, let's get right to it and have Jim delve into some ofthose details. Jim?

James Patrick McCaughanChief Executive Officer of Principal Global Investors, President of Principal Global Investors and Presidentof Global Asset Management

Yes. Thank you, Erik. You'll have seen from Page 3 of the supplement that management fee revenueon a trailing 12-month basis, we show that, and this thing called Other revenue. The 2 biggest partsof Other revenue are borrower fees on commercial mortgage origination and incentive fees on variousstrategies from hedge funds to real estate funds to various institutional accounts that have an incentivefee. So those are shown in Other revenues. And you'll see, if you look back at the trailing 12 months,that's been typically, give or take, 20% to 25% of our total revenues of PGI. It's been pretty steady.What's happened during the first quarter is that borrowers on commercial mortgages delayed closingbecause of market instability. And it so happened, this is partly random actually, that the incentive feeswere actually basically 0 in the first quarter. Now the incentive fees can be on a 1-year cycle, a 3-yearcycle or be dependent on the realization of the underlying asset. Those are really the 3 ways they tend tooperate, and most quarters, we get some. They're, as you know, back-end loaded to the fourth quarter,which is partly why we showed trailing 12-months in the supplement. So this preamble is really a buildupto a couple of numbers I can give you, if I can identify them here in my notes. If you look at the quarter,the year ago quarter, just for example, was a typical 20% Other revenue quarter. We had $264.2 millionof management fees and $64.7 million of Other revenue. The quarter just ended that we're reporting onhad $265.4 million of management fees. So actually, up slightly on a year ago quarter, but only $44.2million of Other revenue, as all the phenomena I mentioned were slowing client activities. We have done apretty thorough bottom-up analysis of what Other revenues will look like during the rest of the year, andwe are basically anticipating that the year will be much more typical of the last 2 or 3 years and that reallywhat has happened is a little bit random, but more important, the client activities will pick up again. So weremain pretty perky about what the year as a whole will look like.


That's helpful. And then I guess 2 things. So it sounds like you're still comfortable with what your margintargets that you've laid out for the full year. And then secondly, just on the kind of the thoughts aroundbalancing investment for growth with maintaining margins in the short term.

James Patrick McCaughanChief Executive Officer of Principal Global Investors, President of Principal Global Investors and Presidentof Global Asset Management

Yes, thank you, Erik. Yes, absolutely. The slight depression of margins taking the first quarter on itsown was simply due to a relatively low -- an anomalously lower revenues for the reasons I described.

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We're pretty confident that the 33% to 36% range that we mentioned for return on net revenue in theguidance call in December, that remains a pretty good guide to how we'll look for the year on all currentindications. In terms of investment for growth. As you know, we're one of the few global asset managerswho's actually growing revenues at the moment. There's a lot of rather vicious industry headwinds. Thevolumes in new business we're taking on are definitely leading to elevated costs. Both the costs of takingthe business on in terms of commission and setup expenses, but also developing our sales force and ourability to serve clients, whether it's different -- whether it's new share classes in mutual funds or newoffices internationally, those are all expansionary things we're doing, but they're all costing money. Andthat's why 33% to 36% remains our guideline, not higher. There are asset managers with higher margins,there's a few, but they're mostly firms who are not growing or even in some cases shrinking. I wouldrather have our balance, but hope that answers the question, Erik.


Erik, just one other comment I'll make relative to PGI that gives me a lot of confidence about Jim'srecovering on the revenue line there, we still have very strong investment performance. Those 3- and 5-year numbers are very strong. And if you look across the asset classes, again, whether it's fixed income,alternatives or real estate or equities, very strong performance in each one of those. And very broaddistribution, both proprietary distribution as well as third-party distribution. So a lot of very positivemomentum behind Principal Global Investors to work with the rest of the organization.

Operator

Next question comes from the line of Ryan Krueger with KBW.

Ryan KruegerKeefe, Bruyette, & Woods, Inc., Research Division

I guess I have also an expense question but more for the overall company. It seemed like you held downexpenses pretty well in the first quarter in a tough revenue environment. Can you talk a little bit aboutexpectations for the rest of the year? And if you've been doing anything specific to kind of cut back onexpenses, given the choppiness out there?


Yes, Ryan, I think what we want to do is be very smart about how we manage our expenses relative to ourability to increase revenues. Do away with products and services customers are no longer willing to pay forand then also ensure that we're making those proper investments, as Jim was describing. With that as abackdrop, I'll have Terry add some additional detail.


Yes. Thanks, Ryan, for the question. As we've talked about in the past, we look at the relationship betweenour growth and our revenue and our growth and our expenses. We've always tried to have this 1% to 2%differential, i.e., the revenue growing faster than expenses. But when you look back to 2014, as part ofthe trailing 12 months, and as always, we try to look at it over a longer period of time because of somevolatility that could occur in any one particular period, 2014 was a pretty tough comparison because ofthe strong revenue growth as well as the expenses that we had. So looking at it in terms of more of asequential basis, you've seen a pretty significant reduction in our expense growth from fourth quarter of2015 to the first quarter of 2016. It's down approximately 5% or $44 million. Now we think that as you goforward, we're going to continue to align our expenses and revenue. And as Jim talked about, he's lookingto the future of PGI. We also look across all of our organizations, and we feel more comfortable about thegrowth rate for the entire year. If you look at 2016 compared to 2015, we'll see that 1% differential inour revenue growth. We think that 2015 is probably a more comparable year. And if you look at expensesin the first quarter of 2016, I'd say that, that's probably more comparable to what you'll see the restof the year than what we saw in the fourth quarter of this year. So again, we look at the growth rate

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of expenses, ensure -- and try to make sure that we get that good comparison with the growth rate ofrevenues. In any point particular quarter, it's tough to do. As you saw in the first quarter, a significantdecline in the equity markets having an impact on our revenue on a short-term basis. Our expenses willcatch up with that -- for the rest of the year. Hope that helps.

Ryan KruegerKeefe, Bruyette, & Woods, Inc., Research Division

That's helpful. So the best way to think about it is based on what you can control, you'll ratchet up anddown the expenses and try to kind of be within 1% or 2% of revenue, and that's your expectation for thisyear. Is that the right way to think about that?


Exactly. That's the way we've looked at it in the past, and that's the way we'll continue to look at it in thefuture.

Operator

Your next question comes from the line of Steven Schwartz with Raymond James.

Steven D. SchwartzRaymond James & Associates, Inc., Research Division

A couple on the DOL. First, could you discuss maybe affiliated distribution, how their payments mightchange under the final rule from what currently exists?


Yes, be happy to do that. And I got to tell you, Steven, I just want to make a couple more commentson DOL more broadly just to set the tone, in addition to my earlier prepared comments. We just can't,as a country, lose the fact that we've amassed $15 trillion in rollover IRAs, 401(k)s; another $7 trillionin defined benefit. There's $22 trillion in this country, which arguably would make it the most successfulretirement system anywhere in the world. Secondly, the DOL, I believe their intentions are good. When Ithink about the intent of the law, it's to protect the interest of U.S. retirement savers. It's about creatingtransparency around cost and benefits and value. It's also about making sure we have access to thecompetitive marketplace. There are some unintended consequences, and that's what Deanna will respondto in just a minute, relative to working with advisers. There's a view that the Robo solution solves allproblems for small account balance holders. That's just not the case, and so we have some more workto do there. The second is we want to make sure that we're not creating barriers that reduce the numberof advisers that have in the past and will in the future provide important education to individuals and tosavers. And then we also want to make sure that we don't limit the number of individualized solutions thatwe can present to plan participants. They're very dependent on that enroller, if you will. So with that as abackdrop, I'll ask Deanna to weigh in on the implications on Principal Advisor Network and how we mighthave to do things slightly differently.

Deanna D. StrablePresident of U.S. Insurance Solutions

Yes, thanks. Just a couple of comments. And first of all, I want to put into kind of context the impacton our affiliated distribution. And so first, I think it's important to point out that our advisers sell andservice across the entire range of product offerings, including many products within Principal that are notimpacted by the DOL regulations. In fact, a majority of that systems revenue comes from transactionsthat aren't impacted by the proposal. Having said that, I think there's a couple of points that I think isimportant to keep in mind as we think about even those products that do fall under the regulations. Firstof all, as Dan mentioned in his opening remarks, the final regs did allow for a pass-forward on proprietaryproducts, and that applies to both funds within a retirement plan as well as retail products sold at thetime of either retirement or when participants change jobs. I think the other thing to keep in mind is our

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affiliated advisers already today have choice. We have both proprietary and nonproprietary products andsolutions, and our proprietary offerings will have to continue to compete on items such as investmentperformance and service as they do today. So we will have some business model changes for that channelthat will come in the realm of compensation changes, like you mentioned, compliance. But I think we'revery confident that our business model can adjust and feel good about our ability to comply as well ascontinue to stay focused on meeting the needs of those customers that we serve.


Okay. Deanna, if I remember correctly, the affiliated distribution does get paid more on proprietary. Myunderstanding is that you could still do proprietary, but if you're going to use -- base off that, [ph] thathas to go away? Is that right?

Deanna D. StrablePresident of U.S. Insurance Solutions

Yes, yes, and those are things that we're looking at. In some of the places, we already have some fee --some comp leveling already in place; in other places, we will have to adjust. But I think it comes back toour advisers already try to do what's in the best interest of those clients. And ultimately, we have greatinvestment performance. We have great product features and good solutions, that we continue to feel thatwe'll have the ability to service our customers and sell both our products and the nonproprietary productswithin the platform going forward.


And levelized commission has been in place, Steven, for a long time. This is Dan. Levelized commissionhas been in place for a long time. And I think it's only on the margin that we've had any additional sort ofcompensation, and that's going to be rationalized across the entire industry. And so again, I don't see thatas an impediment to the Principal Advisor Networks to continue going about doing what they do today.We're just taking care of the customers and the participants.


Okay. And on the independent side of distribution. Do you have distribution in which you will be consideredthe financial institution?


I think that is on a very limited basis. And the way I would describe that is already within our call centers,we are providing information. We're providing some education, and we're not dispensing advice. As youknow, our wholesalers work with independent third-party administrators. They work with wirehouses andall of our alliance partners to distribute our products. We don't sell these plans on a direct basis. It's theadviser who would be acting in the capacity of the fiduciary in order to help them pick and choose theinvestments in these plans. So the only -- go ahead.


Well, Dan, that's what I'm asking. What I'm asking is you have a situation over in West Des Moineshere, where the insurance company deals with independent agents and would be considered a financialinstitution under the BIC. And the question is how can they be the financial institution, have the liabilityand still be able to manage independent people who are going to do what they're going to do?


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Yes, good question. Let me -- and Nora is going to weigh in here and provide some additional color for youon that specific question.

Nora Mary EverettChief Executive Officer, President, Director and Member of Executive Committee

Yes, that's not -- Steven, that's not our model. They've got a different model than we have. And if you'retalking about the retirement business that Dan was addressing, our model, as Dan said, is we are going to-- we'll have a wholesaler who's working with that independent adviser. But to that point, that independentadviser and their firm would take on the obligations under the new DOL rule.

Operator

Your next question comes from the line of Sean Dargan with Macquarie.


I was wondering if, Dan, you had any update on the board's thoughts of the CFO search?


Sure. Sean, thanks for the question this morning. Terry is a tough guy to replace. We all know that, andwe do have a search going on for both internal and external candidates. There's a what I'd consider to bea really good pool of candidates out there. We'll have a board meeting later in May, which I'll provide anupdate to the board on progress that we're making towards that end. But Terry is committed to stayingon board as long as it takes in order to get the new person appropriately aligned and onboard here atPrincipal. So again, we feel very good about where we're at today in that search process.


Sean, this is Terry. Thanks for the question. I appreciate it.


You're a hard man to replace, Terry. And given the $400 million authorization you got during the quarterand where your shares are trading, I'm just wondering why -- or if you can share with us your thoughtson why you didn't put the, I guess, the pedal to the floor and buy more stock when it was down at thoselevels?


Well, the first thing I would say is you never know what level the stock's ever going to trade at. And soagain, we're very disciplined on how we go about executing on the share repurchase. Remember that wehad an older share authorization that had been in place which we completed, and so that was roughly $86million...


$75 million.


$75 million. And so good progress was made in closing out the previous authorization. We still have a lotof dry powder from here. But with that, I'll throw it over to Terry to add some additional color.

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Yes, Sean, as we looked at and as we've had looked at capital deployment, we've always look at it interms of a very balanced long-term view. We're looking for that, what will enhance the shareholder'svalue. Now buying back shares is one of the options, but we look at all kinds of different things in termsof to enhance shareholder value as well as to distribute that value as it's created. If you look at over thelast several years, you'd see we've done a pretty good job of balancing it between our organic growth andacquisitions in order to create shareholder value and then increasing our dividend payout ratio, as we'vejust increased the dividend again, as we marched towards that 40% of net income. And buybacks is justanother part of the program here. And so we talked about, in 2016, $800 million to $1 billion, and we'reon track to do that. And we think that, as you mentioned though, that the share buyback program is avery important part of that so far. So through the first quarter, we had $86 million. As of yesterday, weadded another $26 million in the program. So we're over $100 million now. We're looking at it long term.We do have a program that gets accelerated as the share price goes lower. Hopefully, we won’t have toworry about that in the near future. But as we look into the second half of the year, we've got options.We've got opportunities to continue to pay out our dividend and increase it towards that 40% payoutratio. We're also looking at acquisition activity for the remainder of the year. And as we've talked aboutin the past, we've looked at increasing our share of some PGI boutiques, and so we'll look at that as well.We'll also think about the share buyback. So as I've mentioned, we've continued to build that out. And sowe've got over $360 million yet in our authorization. So that is a very integral part of the share buyback --excuse me, of the capital deployment strategy in this environment. And then we're also going to continueto look at opportunities to change our capital structure and reduce our debt leverage because we do havesome high-coupon debt out there that we could, if the opportunity presents itself, use that for that. Sowe're going to continue very balanced, disciplined, long-term approach to our capital deployment strategy.And I think we're well on our way to distributing that $800 million to $1 billion. Hope that helps.

Operator

Your next question comes from the line of Suneet Kamath with UBS.

Suneet L. KamathUBS Investment Bank, Research Division

Just wanted to go to the FSA business. You talked about hitting the 1% to 3% beginning of period interms of sales or flows, and I think in that commentary, there was some talk about balancing growth anddiscipline. So can you just give us some color on what you're seeing in the pricing market in the 401(k)business?


Yes. Thanks for the question, Suneet. Appreciate that. I'll make a couple of comments and throw it overto Nora. Clearly, there's a lot of questions being asked today in the qualified retirement planning marketwith all the DOL overhang. That's starting to consume, I think, a lot of people's time as they advise theirclients on what's transpiring because this has hit mainstream media in terms of the issues. We did anoutstanding job in the current quarter retaining clients. We did a nice job acquiring clients. Our stronginvestment performance certainly help -- contributes to that success. Having said that, again, net cashflow was healthy for us, but these are things that are a little bit lumpy, and I'll have Nora kind of weigh innow and talk about some of that lumpiness and her views broadly on the FSA line.


Sure. Thanks, Suneet. Good question. We certainly believe we're striking the right balance, and we thinkwe have the proof points for it. With the kind of plan retention we're seeing, with the kind of the saleswe're seeing, we're always looking at -- obviously we've got a competitive market we're dealing in, butone of the things that we're seeing is, in particular in that small to medium, that core segment of ourmarket, we're seeing just a tremendous opportunity for us as we move in that space. And what I --

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and what we've seen is, as we look at that growth in our -- both in our sales and retention, that, that'sthe piece of it that is really outperforming for us. The lumpiness that we talked about or the volatilitywe talked about comes with 1 or 2 larger cases. So you think in terms of $500 million or north of $500million. Now oftentimes, when we talk about the discipline between growth and profitability, it's with thoselarger cases in making a decision that we're not willing to race to the bottom on pricing. So that's the kindof lumpiness you'll see, and that's why we'll have quarters like we had this quarter with a $3 billion reallyoutstanding net cash flow. But we don't want to get over our skis extrapolating that because we will have1 or 2 large plan decisions over the year that will move that number, which is why we continue to reaffirmthe guidance that if we look at a full year rather than quarter-to-quarter, if we look at a full year, we'reconfident given what we see today that we're going to be well within that 1% to 3% of beginning-of-yearaccount value. But the caveat that we always throw out is because our core business is small and mediumbusinesses, when you have 1 or 2 of those larger cases moving in or out, that can swing the numbers,which is why we tend to look full year rather than quarter-to-quarter.


That makes sense. But just to come back to the large account side, can you just give us some quantum interms of how much pricing has changed maybe year-over-year in that large case market, acknowledgingthat, that's kind of opportunistic for you?


Yes, it's -- there hasn't been in -- from what we see, it's not a year-over-year comparison. That large casemarket has been extremely competitive for many, many years. And where we compete in that large casemarket is: one, investment performance, and Dan and Jim have talked about that, especially in that keyasset class, the target date. We have a tremendous amount of choice there. We got extremely stronginvestment performance. So we compete in that space very well with regard to that suite of key asset [ph]classes. In addition, on the service side, because of our scale, we're able to move up and down, whetherit's a small business, a medium business or a large business. And we scaled our service platform to thepoint where that is seamless for us. So we compete very well in that space, both on the investment sideand the service side. But again, we're going to always be disciplined around this growth and profitabilityaxes.


Suneet, this is Dan. Just a couple of comments. The TRS, the Total Retirement Suite, still is a very, verypowerful tool for The Principal that can differentiate value from pure 401(k) players, and so that again isa differentiator. Frozen defined benefits, deferred compensation, ESOP had a nice quarter here. So that isa nice differentiator. The other point I'd make is because it was -- this generalization of large case pricing.There are so many components that go into the pricing of a large plan. How many payroll centers? What'sthe current penetration rate relative to participant involvement? What's the customized communicationspackage? All of those variables go into it. So when we lose a plan or win a plan, it's because we've donethe homework behind the scenes to understand exactly what kind of resources are going to have to bedeployed against that plan. So that's why at any given time, you could lose a plan or win a plan. Butagain, we like the model that we have. We think it resonates in the marketplace, and our retention rateswould imply that those large plans appreciate it. Hopefully that helps.


No, it definitely does. One last quick one -- or maybe not so quick, but as we think about the DOL, I thinkwe all know there's been some fee pressure in the 401(k) business just for years. But do we think orshould we think that the DOL rule could accelerate some of that pressure?


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I don’t -- well, I think as you pointed out very appropriately, and frankly, it's not limited to just thisindustry. It's all industries where there's constant pressure. It's one of the advantages for being a leaderin an industry: having critical mass and scale and capability and having great partners out there. I wouldnot anticipate there to be any pressure coming off fee structures because of DOL. Could it cause someadditional discussion? It should because it's really around transparency and making sure the peopleunderstand what they're paying and what they're getting for their money. So again, I think on a marginalbasis, I think we'll continue to have a lot of dialogue around cost and pricing. And Nora wanted to makeone more comment here.


Yes, Suneet, I think the one phenomenon that we expect is that when you look at the complexity of thisreg, when you look at compliance cost, you really need to be a player that's at scale. And you need to be aplayer that can come to the market, not just at scale but with the kind of expertise to deal with this ERISAfiduciary duty. And when you think about that, the logical conclusion is you're going to have subscaleplayers, or folks that don't have this as their core business, having a moment in time here where theremay be moving out of the market. So we see it as an opportunity around consolidation. And I think thatgoes back to your question about pricing. I think the irony here is that those of us who are at scale thathave the expertise are going to stay in the market. And I think there will be a number of players who willtake this as their opportunity to exit the market.

Operator

Your next question comes from the line of John Nadel with Piper Jaffray.

John Matthew NadelPiper Jaffray Companies, Research Division

I guess, Dan, one maybe bigger-picture question as it relates to DOL. Do you think it has any impact onthe pace of the rollover market?


Good question. I think what it's going to cause is at the inflection point of a job changer or retiree. They'regoing to call into a call center like they always have because that's the typical sort of process. And they'regoing to be having a conversation with a person providing education and guidance. And they're going todisclose what the pricing is in the current plan structure, in a qualified retirement plan. And it could belarger plan, and there's going to be a certain price. And they're also, as I always have in the past disclosedto them, that there are other options for them to consider. They could move that money to a rolloverIRA with the Principal or they could roll over that money to a third party. And the names are common.You would know all of those. And the burden that now falls on the adviser is that the participant has avery clear understanding that they're moving from one product to another. And they have to look at it ona couple of different dimensions. One dimension, of course, is the investment lineup. Is it same or is itdifferent? Another dimension is what's the underlying performance of those investment options? The thirddimension is on the price. What am I paying and what am I getting in exchange for that? And it doesn'thave to be the same price, but there has to be a thorough understanding and explanation on why thereis a difference for the price being paid. That action unto itself is going to take a longer conversation forfully vetting that opportunity. It ties back to my earlier statements that small account balance holderscould find that there are fewer advisers willing to invest the time and the energy to vet every one ofthose situations. So I think there is a likelihood that 401(k) service providers could end up almost bydefault retaining maybe more of those smaller account balances after they've had that discussion withthat phone counselor. I think on the larger account balances, there are advisers that are going to bespending the time to help vet the opportunity. And the last comment I would make is remember thatwe are a significant player in the rollover business for Defined Contribution Investment Only, where JimMcCaughan's PGI investment products not only find themselves on the platform of many 401(k) chassis,but also they find themselves on rollover IRA chassis. And again, with strong performance and investment

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options that solve needs for long-term savers, I think that's a net plus. So hopefully, that's not too longwinded of an answer, John. Do you have a follow-up?


No, that's very helpful. I do have a follow-up just on a separate topic. I appreciate for sure that PrincipalInternational has -- continues to generate positive net flows now for 30 straight quarters, but in the lastseveral quarters, those net flows have certainly declined. And I'm just curious, as you think about theoutlook and some of the economic issues, particularly in a few of the Latin American countries, whetheryou think there's a chance that we could see that string of positive net flows actually come to an end heresoon?


Yes, again, I'll have Luis clean this up. We're benefited because we operate not only in Latin America, butwe also operate in Asia, and we're leveraging much of what Tim -- or Jim brings relative to institutionalasset management of those PI countries. I'm also encouraged by some of the recovery that's happeningin some of the countries, like Brazil, where you see their equity markets in the first quarter recovering byalmost 12% and -- or up 15% and the currency has recovered by approximately 12%. So I think there'ssome signs that these emerging countries are going through the process. They're -- although they stillshow negative GDP in some cases, there is some sign that there's new capital being infused in thosecountries and things are bouncing back. But to your specific question on net cash flow, I'll defer to Luis toanswer that.

Luis E. ValdésChairman of Principal International Inc., Chief Executive Officer of Principal International Inc, President ofPrincipal International Inc and President of International Asset Management & Accumulation

Okay. Thanks, Dan. John, this is a very good question. Let me tell you what is our view about this. Itseemed to me that we were able to saw the rock bottom -- solid rock-bottom cycle of the emergingmarkets. It's very much more around January. If you look in the equities index, FX confidence indexes andcommodity prices, even interest rates, are showing a much better picture for emerging markets today: oilprices above $46, $48 today; copper prices in $2.28; FX going in the right direction. So what happenedwith our net customer cash flow? You could see our financial supplement, trailing 12 months, we are flyingat $9.3 billion in trailing 12 months. We put in $900 million net customer cash flows in the first quarter. Ifyou're looking the trend that we have had during 2015 first quarter, second quarter, third quarter, fourthquarter, in the first part of the year, average per quarter $2.5 billion, $3 billion in net customer cash flows;average in the second part of the year, $1.5 billion, $1.8 billion; and then we had $1 billion. But if you'regoing into the first quarter, I would say that January, February, March, they had a very positive, I wouldsay, behavior. February was a pretty much more flat, better February and much better March. So I wouldsay that the $900 million that we do had in first quarter is not an indication of what is our real run ratethat we are looking forward during 2016.


Okay. So I mean and I get that some of these markets have rebounded and some of the commoditydata points and a few other data points have certainly improved. And so I would absolutely expect thatwe'd see investment performance pick up. I was more concerned about GDP and employment levels as itrelates to some of the net flows, but it sounds like you expect improvement there, too.


That is correct, John. We have a -- and again, we have a much better kind of idea about what is going tohappen. And certainly, if you're looking even unemployment levels, even in a country like Brazil, certainly

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the unemployment is kind of going a little bit up, but certainly Brazil in particular continues being verysolid. The net customer cash flows out of Brazil was $1 billion in the first quarter, and trailing 12 monthsit's at $6 billion. And we certainly, for second quarter, as I've been saying, we have a better, much betteridea about that -- those net customer cash flows are going to be very much more aligned about what ishappening in our run rate in the past.


John, one thing to give you a little bit of comfort about the net cash flows in emerging markets is they arestill that. In the U.S., some of those negative cash flow pressure prevents from paying out benefits. It'swhy we're in the business. And if you look at Latin America and Asia, they just don't have the same levelof payout occurring as it relates to generating retirement income. So we've got lot of emerging marketswith lot of upside for middle-class growth, in accumulation the phase here in the next decade or so.

Operator

The next question comes from the line of Michael Kovac with Goldman Sachs.

Michael KovacGoldman Sachs Group Inc., Research Division

One more on international here. Actually, looking at China, which has actually very strong growth in thequarter on a flows basis and on an operating income basis, how sustainable do you think that is both interms of, obviously, very rapid growth, but also in terms of the persistency of the assets that are comingin?


Yes, that's a great question. And frankly, Mike, we're really enthusiastic about China. You heard our earliercomments around reaching an agreement, the memorandum of understanding, with China ConstructionBank, for now 11 years has just been a terrific partner for Principal. We're over there recently andcelebrated our 10-year anniversary. It's important to recognize those sorts of milestones. And as you pointout, the flows and the earnings are now starting to be generated after a long incubation period. But withthat, I'll ask Luis to make some additional comments.


Yes, Mike, this is a pretty interesting question as well. I mean, net customer cash flows, as you could seein our supplement, we're reporting $17 billion just for China in the first quarter, trailing 12 months about$20 billion. So there has been a very impressive performance. I would say that we think that China isgoing to be very much more -- I mean, there -- its path -- and it's going to be very much more in lineabout what you can see in our trailing 12-month expectations rather than what really happened in thefirst quarter of 2016. Having said that, we have been very focused on certain things like asset retention,the tracts [ph] that we're putting ahead. And the thing that is important to keep in mind is that our jointventure has been perceived as a safe harbor in China. And we're -- and also, we have been perceived as amuch more conservative asset manager and mutual fund company. So we have been benefit for the kindof noise in China. But certainly, we think that our run rate is going to be very much more in line above thenumbers that you could see in the trailing 12 month, rather than what really happened in the very lastquarter in China.

Operator

And we have reached the end of our Q&A. Mr. Houston, your closing comments, please?


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Thank you. I'd like to just say thank you, everyone, for joining the call today. Our growth opportunitiesremain strong, and our strategy is firmly in place. We'll continue to focus on managing our capital. We'llfocus on the DOL implementation. We'll focus on running the businesses for the benefit of our customersand our shareholders, and certainly, appreciate your commitment to continue to have confidence in ThePrincipal Financial Group or I should say, The Principal.

So again, thank you for joining the call. We'll see you on the road.

OperatorThank you for participating in today's conference call. This call will be available for replay beginning atapproximately 1 p.m. Eastern Standard Time until the end of the day, May 6, 2016. The ID number toaccess the code for the replay is 83129743. The number to dial is (855) 859-2056 for U.S. and Canadiancallers or (404) 537-3406 for international callers. Thank you. You may now disconnect.

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