Dividends or other distributions from Principal Life, our primary subsidiary, are limited by Iowa law. Under Iowa law, Principal Life may pay dividends or make other distributions only from the earned surplus arising from its business and must receive the prior approval of the Commissioner of Insurance of the State of Iowa (the “Commissioner”) to pay stockholder dividends or make any other distribution if such distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of statutory policyholder surplus as of the previous year-end or (ii) the statutory net gain from operations from the previous calendar year, not to exceed earned surplus. Based on statutory results for the year ended December 31, 2021, the ordinary stockholder dividend limitation for Principal Life is approximately $961.7 million in 2022. However, because the dividend test is based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2022, some or all of such dividends may be extraordinary and require regulatory approval.
Total stockholder dividends paid by Principal Life to its parent for the sixnine months ended JuneSeptember 30, 2022, were $550.0$900.0 million, all of which was extraordinary and approved by the Commissioner. As of JuneSeptember 30, 2022, we had $1,723.9$1,850.0 million of cash and liquid assets held in our holding companies and other subsidiaries, which is available for corporate purposes. Corporate balances held in foreign holding companies meet the indefinite reinvestment exception.
Operations. Our primary consolidated cash flow sources are premiums from insurance products, pension and annuity deposits, asset management fee revenues, administrative services fee revenues, income from investments and proceeds from the sales or maturity of investments. Cash outflows consist primarily of payment of benefits to policyholders and beneficiaries, income and other taxes, current operating expenses, payment of dividends to policyholders, payments in connection with investments acquired, payments made to acquire subsidiaries, payments relating to policy and contract surrenders, withdrawals, policy loans, interest payments and repayment of short-term debt and long-term debt. Our investment strategies are generally intended to provide adequate funds to pay benefits without forced sales of investments. For a discussion of our investment objectives and strategies, see “Investments.”
Cash Flows. All cash flow activity, as reported in our consolidated statements of cash flows, provides relevant information regarding our sources and uses of cash. The following discussion of our operating, investing and financing portions of the cash flows excludes cash flows attributable to the separate accounts.
Net cash provided by operating activities was $838.7$2,009.7 million and $1,133.6$2,107.0 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. Our insurance business typically generates positive cash flows from operating activities, as premiums collected from our insurance products and income received from our investments exceed acquisition costs, benefits paid, redemptions and operating expenses. These positive cash flows are then invested to support the obligations of our insurance and investment products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees and investment income received and benefits and expenses paid. The decrease in cash provided by operating activities was primarily due to net purchasesfluctuations in receivables and payables associated with the timing of fixed maturities trading securities.
Net cash used in investing activities was $97.9 million and $942.8 million for the six months ended June 30, 2022 and 2021, respectively. The decrease in cash used in investing activities was primarily due to real estate sold in 2022 and lower seed investment acquisitionssettlements in 2022 as compared to 2021.
Net cash provided by financinginvesting activities was $100.3$490.0 million for the sixnine months ended JuneSeptember 30, 2022, compared to net cash used in financing activities of $623.2$2,867.3 million for the sixnine months ended JuneSeptember 30, 2021. The increase in cash provided by investing activities was due to net sales and maturities of available-for sale securities in 2022 compared to net purchases of available-for sale securities in 2021 and decreased net purchases of mortgage loans in 2022 as compared to 2021. The portfolio changes are due in part to the Reinsurance Transaction and the associated funds withheld portfolio activity during 2022.
Net cash used in financing activities was $592.1 million for the nine months ended September 30, 2022, compared to net cash provided by financing activities of $1,055.9 million for the nine months ended September 30, 2021. The increase in cash used in financing activities was primarily due to increased banking operation deposits related to our Principal Deposit Sweep program and higher net investment contract deposits as compared to 2021. These increases were partially offset by increased share repurchases in 2022 primarily related to our 2022 accelerated share repurchase agreement.programs. Additionally, we paid off $300.0 million of long-term debt that matured during the quarter ended September 30, 2022.
Shelf Registration. Under our current shelf registration, we have the ability to issue, in unlimited amounts, unsecured senior debt securities or subordinated debt securities, junior subordinated debt, preferred stock, common stock, warrants, depositary shares, purchase contracts and purchase units of PFG. Our wholly owned subsidiary, PFS, may guarantee, fully and unconditionally or otherwise, our obligations with respect to any non-convertible securities, other than common stock, described in the shelf registration.
