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���������ֳ� views Principal Financial Group, Inc.’s agreement to cede its in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (ULSG) blocks to Talcott Resolution Life, Inc. in 2022 as neutral to the rating. The incremental decline in business diversification is largely offset by a lower business risk profile from the divestiture of the ULSG block and an increased proportion of fee-based and protection-based products. Very Strong Company Profile: Principal Financial’s very strong company profile considers the company’s leading market position and significant operating scale. The company has a higher concentration of small and midsize businesses relative to the industry and is a leading provider of defined contribution plans and recordkeeping, with respect to assets under administration (AUA) and plan participants. In 1Q23, Principal Financial integrated its global asset management and international businesses under Principal Asset Management, which provides global and local investment capabilities to institutional, retirement and retail clients.