Principal Financial (PFG) 8-K Results of Operations and Financial Condition

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:August 3, 2009

(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))
	__________________________

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Item 2.02. Results of Operations and Financial Condition 

On August 3, 2009, Principal Financial Group, Inc. publicly announced information regarding its results of operations 

and financial condition for the quarter ended July 31, 2009. The text of the announcement is included herewith as 

Exhibit 99. 

Item 9.01 Financial Statements and Exhibits 

99 Second Quarter 2009 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:	August 4, 2009

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		EXHIBIT 99
RELEASE:	On receipt
MEDIA CONTACT:		Susan Houser, 515-248-2268, Houser.Susan@principal.com
INVESTOR RELATIONS CONTACT:		Tom Graf, 515-235-9500, investor-relations@principal.com
PRINCIPAL FINANCIAL GROUP, INC. REPORTS SECOND QUARTER 2009 RESULTS

Des Moines, IA (August 3, 2009) – Principal Financial Group, Inc. (NYSE: PFG) today announced net 

income available to common stockholders for the three months ended June 30, 2009, of $150.3 million, or 

$0.52 per diluted share compared to $168.3 million, or $0.64 per diluted share for the three months ended 

June 30, 2008. The company reported operating earnings of $200.5 million for second quarter 2009, 

compared to $254.1 million for second quarter 2008. Operating earnings per diluted share (EPS) for second 

quarter 2009 were $0.69 compared to $0.97 for the same period in 2008.¹The decline in operating earnings 

from a year ago primarily reflects lower fee income due to lower equity²and fixed income asset valuations, 

which reduced total company assets under management (AUM) by 16 percent to $257.7 billion as of June 30, 

2009, compared to $308.0 billion as of June 30, 2008. The decline in per share results also reflects the 

company’s common stock offering on May 11, 2009, which increased weighted average shares outstanding 

from 261.2 million for the quarter ending June 30, 2008, to 291.4 million for the quarter ending June 30, 

2009. In addition, negative market performance in 2008 resulted in higher costs for employee pension and 

other post-retirement benefits³in second quarter 2009 than second quarter 2008 of $0.07 on an EPS basis. 

       “We view our operating results for second quarter 2009 as solid,” said Larry D. Zimpleman, 

chairman, president and chief executive officer. “We continued to benefit from diversification in our 

businesses and our investment portfolio, and improved equity markets during the second quarter helped drive 

a strong rebound from first quarter 2009 in assets under management, operating earnings and net income.” 

Highlights comparing second quarter 2009 to first quarter 2009:
·	Assets under management up 9 percent, or $21.1 billion, to $257.7 billion as of June 30, 2009.
·	Operating earnings up 22 percent, driven by a 50 percent or $58 million improvement from the
	company’s three asset management and asset accumulation segments.
·	Net income available to common stockholders up 33 percent, reflecting improved operating earnings and
	a comparable level of net realized capital losses.

       “During the quarter we successfully completed two capital raises totaling $1.9 billion, with $1.15 

billion from equity and $750 million from long-term debt. These raises demonstrated investor confidence in 

our ability to deliver sustainable, profitable growth and meet our obligations,” said Zimpleman. “Between 

our equity raise and a $3 billion improvement in net unrealized losses⁴from narrowing of credit spreads, our 

book value more than doubled from March 31^stto $16.19 per share.” 

 _____________________________

¹Use of non-GAAP financial measures is discussed in this release after Segment Highlights. 

²S&P 500 daily average down 35 percent comparing second quarter 2009 to second quarter 2008. 

³SFAS 87 Pension Expense and SFAS 106 Other Post-Retirement Benefits. 

⁴Before adjustment for deferred policy acquisition costs and taxes. 

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       Added Terry Lillis, senior vice president and chief financial officer, “The quarter was not without its 

challenges: institutional investors continue to delay funding due to market volatility and fewer plan sponsors 

are changing their retirement plan providers due to the economy; rising unemployment is reducing the 

number of participants in existing employee benefit plans; and investment income has declined. We expect 

these pressures to ease over the next several quarters, but in the meantime, we continue to focus on managing 

expenses and reducing risk in the investment portfolio. As always, we also remain focused on meeting the 

needs of our customers and the advisors who serve them. Our success here is reflected in improving 

retention, with withdrawals, as a percent of beginning assets under management, down 100 basis points 

through mid-year.” 

Other Business Highlights: 

·	Expense management: management action reduced compensation and other expenses $156 million or
	13 percent comparing the six months ended June 30, 2009 to the same period a year ago.
·	Capital and liquidity management: the company increased its position in highly liquid assets 80
	percent from a year ago to $7.5 billion at June 30, 2009. Compared to June 30, 2008, cash and cash
	equivalent holdings were up 184 percent to $4.3 billion as of June 30, 2009, and government-backed
	securities were up 18 percent to $3.2 billion. Strong asset/liability matching and liquidity enabled the
	company to continue scaling back on the Investment Only business, reducing the block by $1.1 billion
	during the second quarter.
·	Solid sales: the company’s three key retirement and investment products generated $3.0 billion of sales,
	on a combined basis in second quarter 2009, despite a difficult sales environment, with $720 million of
	sales for full service accumulation, $1.9 billion for Principal Funds, and $371 million for individual
	annuities.

Net Income 

Net income available to common stockholders of $150.3 million for second quarter 2009 reflects net realized 

capital losses of $50.2 million, which includes: $80.6 million of losses related to sales and other than 

temporary impairment of fixed maturity securities; $36.5 million of losses related to hedging activities; $16.0 

million of losses on commercial mortgage loans; $72.6 million of gains related to deferred policy acquisition 

costs; and $11.8 million of gains on mark to market of fixed maturity securities held as trading. Of the $80.6 

million of losses related to sales and other than temporary impairment of fixed maturity securities, $27.7 

million reflects the sale of $526.0 million of securities to reduce the company’s exposure to ratings drift risk. 

Segment Highlights 

U.S. Asset Accumulation 

       Segment operating earnings for second quarter 2009 declined 10 percent to $137.4 million, 

compared to $152.9 million for the same period in 2008. The variance primarily reflects 17 percent lower 

average account values for the segment due to significant equity market declines over the trailing twelve- 

month period. The decline also reflects the impact of higher costs for employee pension and other post- 

retirement benefits in second quarter 2009 than second quarter 2008, which reduced segment operating 

earnings by $8.0 million. The impact of lower average account values was partially offset by expense 

actions, which reduced compensation and other expense by $33.7 million or 13 percent compared to second 

quarter 2008. Full service accumulation earnings were $62.4 million for second quarter 2009, compared to 

$78.2 million in second quarter 2008, primarily reflecting an 18 percent decline in average account values. 

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        Operating revenues for the second quarter decreased 21 percent to $991.3 million, compared to 

$1,255.7 million for the same period in 2008. Excluding lower single premium group annuity (SPGA) sales, 

operating revenues for the segment decreased 17 percent, consistent with the decline in average account 

values. SPGA sales tend to vary from period to period as the product is typically used to fund defined 

benefit plan terminations and therefore generates large premiums from a small number of customers. 

       Segment assets under management were $145.3 billion as of June 30, 2009, compared to $173.2 

billion as of June 30, 2008. 

Global Asset Management 

        Segment operating earnings for second quarter 2009 were $8.2 million, compared to $24.1 million in 

the prior year quarter, reflecting a 19 percent decline in average assets under management, lower net investment 

income, lower fees due to a slowdown in the real estate market and higher costs for employee pension and other 

post-retirement benefits. The impact of these items was partially offset by expense management, including a 

$16.6 million or 25 percent reduction in compensation costs compared to the year ago quarter. 

         Operating revenues for second quarter decreased to $103.3 million from $143.7 million for the same 

period in 2008. 

       Third party assets under management were $67.3 billion as of June 30, 2009, compared to $88.7 

billion as of June 30, 2008. 

International Asset Management and Accumulation 

       Segment operating earnings for second quarter 2009 were $29.3 million compared to $31.8 

million for the same period in 2008. Second quarter 2009 earnings were dampened by unfavorable 

macroeconomic conditions – modest deflation in Chile and weakening of Latin American currencies relative 

to the U.S. dollar. 

       Operating revenues were $161.7 million for second quarter 2009, compared to $251.2 million for the 

same period last year primarily due to lower investment yields from inflation-adjusted assets in Latin America. 

       Segment assets under management were $28.7 billion as of June 30, 2009, compared to $30.0 

billion as of June 30, 2008. Had currency rates remained unchanged from 2008, segment assets under 

management would have increased 10 percent over last year. 

Life and Health Insurance 

       Segment operating earnings for second quarter 2009 were $57.7 million, compared to $66.7 

million for the same period in 2008, with the decline reflecting $9.1 million of higher after-tax costs for 

employee pension and other post-retirement benefits in second quarter 2009 than second quarter 2008. 

Individual Life earnings were $28.3 million compared to $24.0 million in second quarter 2008, reflecting 

lower deferred policy acquisition cost amortization expense resulting from improved equity market 

performance during the quarter. Despite expense efficiencies in both divisions, Health earnings decreased to 

$5.7 million compared to $11.8 million for second quarter 2008, and Specialty Benefits earnings decreased to 

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$23.7 million compared to $30.9 million. Health experienced higher claim costs in second quarter 2009 and 

Specialty Benefits experienced unfavorable dental claims. Both divisions also experienced a reduction in the 

number of participants in existing plans and lower investment income. 

       Operating revenues were $1,116.9 million, compared to $1,180.6 million for the same period a 

year ago. The decline was primarily due to an 8 percent decline in Health division premiums, which 

primarily reflects a decline in covered members. 

Corporate and Other 

       Operating losses for second quarter 2009 were $32.1 million, compared to operating losses of $21.4 

million for the same period in 2008. The increase in losses reflects higher interest expense resulting from the 

company’s $750 million debt issuance during the second quarter 2009. 

Other-than-temporary impairments for second quarter 2009 

On April 9, 2009, the Financial Accounting Standards Board established new requirements for measuring 

and presenting other-than-temporary impairment charges on available for sale securities, which the Company 

adopted with first quarter 2009 reporting. Based on the new requirements, on a pre-tax basis, total other than 

temporary impairment losses on available for sale securities were $200.9 million and the noncredit portion of 

loss recognized in other comprehensive income was $66.5 million. Net impairment losses on available for 

sale securities of $134.4 million for second quarter 2009 reflect: the company’s actions to reduce capital drift 

risk by selling or tendering certain securities, which resulted in a loss of $48.1 million; and deterioration in 

expected cash flows, which resulted in a $19.8 million net impairment charge on non-agency residential 

mortgage backed securities and residential collateralized debt obligations. The remainder of the net 

impairment losses for second quarter 2009 is primarily related to impairments of corporate credits. 

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 

losses, capital and liquidity positions, sales and earnings trends, and management's beliefs, expectations, 

goals and opinions. The company does not undertake to update or revise 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 December 31, 2008, and in company’s quarterly report on Form 10-Q for the quarter 

ended March 31, 2009, 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 that may significantly affect the company’s ability to 

meet liquidity needs, access to capital and cost of capital; difficult conditions in the global capital markets 

and the general economy, which the company does not expect to improve in the near future, that may 

materially adversely affect the company’s business and results of operations; the actions of the U.S. 

government, Federal Reserve and other governmental and regulatory bodies for purposes of stabilizing the 

financial markets might not achieve the intended effect; the risk from acquiring new businesses, which could 

result in the impairment of goodwill and/or intangible assets recognized at the time of acquisition; 

impairment of other financial institutions that could adversely affect the company; investment risks which 

may diminish the value of the company’s invested assets and the investment returns credited to customers, 

which could reduce sales, revenues, assets under management and net income; requirements to post collateral 

or make payments related to declines in market value of specified assets may adversely affect company 

liquidity and expose the company to counterparty credit risk; changes in laws, regulations or accounting 

standards that may reduce company profitability; fluctuations in foreign currency exchange rates that could 

reduce company profitability; Principal Financial Group, Inc.’s primary reliance, as a holding company, on 

Page 7 

dividends from its subsidiaries to meet debt payment obligations and regulatory restrictions on the ability of 

subsidiaries to pay such dividends; competitive factors; volatility of financial markets; decrease in ratings; 

interest rate changes; inability to attract and retain sales representatives; international business risks; a 

pandemic, terrorist attack or other catastrophic event; and default of the company’s re-insurers. 

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 adjustsU.S. GAAP measures for items not directly related to ongoing operations. However,

it is possible theseadjusting items have occurred in the past and could recur in the future reporting periods.

Management also usesnon-GAAP measures for goal setting, as a basis for determining employee and 

senior management awardsand compensation, and evaluating performance on a basis comparable to that

used by investors and securities analysts.

Earnings Conference Call 

At 9:00 A.M. (CST) tomorrow, 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 towww.principal.com/investorat 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 call leader's name is Tom Graf. 

   ·   Replays of the earnings call are available at:www.principal.com/investoror by dialing 800-642-1687 

           (U.S. and Canadian callers) or 706-645-9291 (International callers). The access code is 17748880. 

           Replays will be available approximately two hours after the completion of the live earnings call through 

           the end of day August 11, 2009. 

The company's financial supplement and additional investment portfolio detail for second quarter 2009 is 

currently available atwww.principal.com/investor, and may be referred to during the call. 

Page 8 

About the Principal Financial Group 

The Principal Financial Group^®(The Principal^®)⁵is a leader in offering businesses, individuals and 

institutional clients a wide range of financial products and services, including retirement and investment 

services, life and health insurance, and banking through its diverse family of financial services companies. A 

member of the Fortune 500, the Principal Financial Group has $257.7 billion in assets under management⁶ 

and serves some 18.8 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, visitwww.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. 

⁶As of June 30, 2009 

Page 9 

Summary of Segment and Principal Financial Group, Inc. Results 

	Operating Earnings (Loss)*
		in millions
	Three Months Ended,		Six Months Ended,
Segment	6/30/09	6/30/08	6/30/09	6/30/08
U.S. Asset Accumulation	$137.4	$152.9	$230.5	$292.0
Global Asset Management	8.2	24.1	15.0	43.9
International Asset Management and Accumulation	29.3	31.8	46.3	63.5
Life and Health Insurance	57.7	66.7	129.5	145.9
Corporate and Other	(32.1)	(21.4)	(56.8)	(32.8)
Operating Earnings	200.5	254.1	364.5	512.5
Net realized capital losses, as adjusted	(50.2)	(85.4)	(101.1)	(160.1)
Other after-tax adjustments	(0.0)	(0.4)	(0.3)	(9.9)
Net income available to common stockholders	$150.3	$168.3	$263.1	$342.5
		Per Diluted Share
	Three Months Ended,		Six Months Ended,
	6/30/09	6/30/08	6/30/09	6/30/08
Operating Earnings	$0.69	$0.97	$1.32	$1.96
Net realized capital losses, as adjusted	(0.17)	(0.33)	(0.37)	(0.62)
Other after-tax adjustments	(0.00)	(0.00)	(0.00)	(0.03)
Net income available to common stockholders	$0.52	$0.64	$0.95	$1.31
Weighted-average diluted common shares	291.4	261.2	275.8	261.2
outstanding

*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. 

Page 10
Principal Financial Group, Inc. Results of Operations (in millions)
	Three Months Ended,			Six Months Ended,
	6/30/09		6/30/08	6/30/09	6/30/08
Premiums and other considerations	$      937.7	$      1,156.2		$      1,887.6	$      2,209.2
Fees and other revenues	515.2		622.5	988.7	1,235.9
Net investment income	860.1		990.9	1,688.6	1,951.2
Net realized capital gains (losses), excluding
impairment losses on available-for-sale
securities	(20.8)		(65.6)	11.9	(124.1)
Total other-than-temporary impairment losses
on available-for-sale securities	(200.9)		(45.9)	(347.5)	(113.4)
Portion of impairment losses on fixed
maturities, available-for-sale recognized
in other comprehensive income	66.5		-	117.1	-
Net impairment losses on available-for-sale
securities	(134.4)		(45.9)	(230.4)	(113.4)
Net realized capital losses	(155.2)		(111.5)	(218.5)	(237.5)
Total revenues	2,157.8		2,658.1	4,346.4	5,158.8
Benefits, claims, and settlement expenses	1,334.3		1,634.0	2,640.9	3,106.0
Dividends to policyholders	62.9		69.0	126.4	139.8
Operating expenses	562.7		742.6	1,251.1	1,493.3
Total expenses	1,959.9		2,445.6	4,018.4	4,739.1
Income before income taxes	197.9		212.5	328.0	419.7
Income taxes	33.9		29.4	41.4	59.0
Net income	164.0		183.1	286.6	360.7
Net income attributable to noncontrolling
interest	5.4		6.5	7.0	1.7
Net income attributable to PFG	158.6		176.6	279.6	359.0
Preferred stock dividends	8.3		8.3	16.5	16.5
Net income available to common stockholders	$      150.3	$      168.3		$      263.1	$      342.5
Less:
Net realized capital losses, as adjusted	(50.2)		(85.4)	(101.1)	(160.1)
Other after-tax adjustments	(0.0)		(0.4)	(0.3)	(9.9)
Operating earnings	$      200.5	$      254.1		$      364.5	$      512.5

Selected Balance Sheet Statistics
	Period Ended,
	6/30/09	12/31/08	6/30/08
Total assets (in billions)	$ 130.7	$ 128.2	$ 151.5
Total common equity (in millions)	$ 5,153.2	$ 1,930.8	$ 6,077.9
Total common equity excluding accumulated
other comprehensive income (in millions)	$ 8,195.6	$ 6,842.4	$ 6,851.8
End of period common shares outstanding (in
millions)	318.3	259.3	259.0
Book value per common share	$ 16.19	$ 7.45	$ 23.47
Book value per common share excluding
accumulated other comprehensive income	$ 25.75	$ 26.39	$ 26.45

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Principal Financial Group, Inc.
Reconciliation of Non-GAAP Financial Measures to U.S. GAAP
(in millions, except as indicated) 

	Three Months Ended,		Six Months Ended,
	06/30/09	06/30/08	06/30/09	06/30/08
Diluted Earnings Per Common Share:
Operating Earnings	0.69	0.97	1.32	1.96
Net realized capital losses	(0.17)	(0.33)	(0.37)	(0.62)
Other after-tax adjustments	(0.00)	(0.00)	(0.00)	(0.03)
Net income available to common stockholders	0.52	0.64	0.95	1.31
Book Value Per Common Share Excluding Accumulated Other
Comprehensive Income:
Book value per common share excluding accumulated other
comprehensive income	25.75	26.45	25.75	26.45
Net unrealized capital losses	(7.67)	(3.49)	(7.67)	(3.49)
Foreign currency translation	(0.20)	0.27	(0.20)	0.27
Net unrecognized post-retirement benefit obligations	(1.69)	0.24	(1.69)	0.24
Book value per common share including accumulated other
comprehensive income	16.19	23.47	16.19	23.47
Operating Revenues:
USAA	991.3	1,255.7	1,998.8	2,460.4
GAM	103.3	143.7	207.7	283.3
IAMA	161.7	251.2	225.7	434.9
Life and Health	1,116.9	1,180.6	2,247.9	2,368.2
Corporate and Other	(37.4)	(44.6)	(83.1)	(99.9)
Total operating revenues	2,335.8	2,786.6	4,597.0	5,446.9
Add:
Net realized capital losses and related adjustments	(178.0)	(130.9)	(250.5)	(269.2)
Terminated commercial mortgage securities issuance operation	0.0	2.4	(0.1)	(18.9)
Total GAAP revenues	2,157.8	2,658.1	4,346.4	5,158.8
Operating Earnings:
USAA	137.4	152.9	230.5	292.0
GAM	8.2	24.1	15.0	43.9
IAMA	29.3	31.8	46.3	63.5
Life and Health	57.7	66.7	129.5	145.9
Corporate and Other	(32.1)	(21.4)	(56.8)	(32.8)
Total operating earnings	200.5	254.1	364.5	512.5
Net realized capital losses	(50.2)	(85.4)	(101.1)	(160.1)
Other after-tax adjustments	(0.0)	(0.4)	(0.3)	(9.9)
Net income available to common stockholders	150.3	168.3	263.1	342.5
Net Realized Capital Gains (losses):
Net realized capital gains losses, as adjusted	(50.2)	(85.4)	(101.1)	(160.1)
Add:
Periodic settlements and accruals on non-hedge derivatives	20.0	19.4	27.7	28.2
Amortization of DPAC and sale inducement costs	(114.4)	(16.4)	(89.6)	(29.9)
Certain market value adjustments of embedded derivatives	(2.5)	3.2	(6.5)	3.2
Capital gains (losses) distributed	13.6	6.9	6.9	(2.4)
Tax impacts	(29.0)	(42.2)	(65.8)	(76.3)
Noncontrolling interest capital gains (losses)	4.5	3.0	5.6	(3.7)
Less related fee adjustments:
Unearned front-end fee income	(2.8)	-	(2.8)	-
Certain market value adjustments to fee revenues	-	-	(1.5)	(3.5)
GAAP net realized capital losses	(155.2)	(111.5)	(218.5)	(237.5)
Other After Tax Adjustments:
Change in estimated loss related to a prior year legal contingency	-	-	-	7.6
Terminated commercial mortgage securities issuance operation	-	(0.4)	(0.3)	(17.5)
Total other after-tax adjustments	-	(0.4)	(0.3)	(9.9)