Official Letter Modifying the Authorization Granted to Principal Seguros, S.A. de C.V., Principal Grupo Financiero, to Operate as an Insurance Institution

DOF: 28/10/2020

OFFICIAL LETTER modifying the authorization granted to Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, to operate as an insurance institution

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- SHCP.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.- Presidency.- Legal Vice Presidency.- General Legal, Advisory and Intermediaries Directorate.- Advisory Directorate.- Sub-Advisory Directorate.- File: C00.411.13.2.1-S0045 " 15 ".- Official Letter No. 06-C00-41100/27975 .

SUBJECT:

The authorization of that institution is modified.

PRINCIPAL SEGUROS, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, PRINCIPAL FINANCIAL GROUP

Manuel Ávila Camacho No. 24-PH Col. Lomas de Chapultepec Del. Miguel Hidalgo 11000 Mexico City

Attention: Lic. Gisela Laura Loewe Krieger Legal Representative

The Federal Government through the National Insurance and Sureties Commission and prior Agreement of its Board of Directors, based on articles 75, 369, fraction II, and 370, fourth paragraph, of the Law of Insurance and Surety Institutions, as well as articles 6 and 9 of the Internal Regulations of the National Insurance and Sureties Commission, issues this resolution in attention to the following Background and Considerations:

BACKGROUND

Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, is a society authorized by the Federal Government through the Ministry of Finance and Public Credit to function as an insurance institution to practice life insurance operations, as well as accidents and illnesses, in the branches of personal accidents and medical expenses, according to the resolution issued by said Ministry through Official Letter 102-E-366-DGSV-I3844 of November 8, 1993, published in the Official Gazette of the Federation on December 13 of that same year and modified for the last time through the different 366-III-610/14 of August 5, 2014.

With Official Letter 366-III-570/15 of September 10, 2015, the Ministry of Finance and Public Credit issued its authorization for Principal International Inc. to sell all, less three (more than 99%), of the Series "F" shares, representing the social capital of Principal Financial Group, S.A. de C.V., Grupo Financiero, in favor of Principal International México, LLC., a related society of Principal Financial Group, Inc., Foreign Financial Institution of said Financial Group.

As a result of the previous resolution, the National Insurance and Sureties Commission presented before the Authorizations Committee of said Commission, in its session held on October 13, 2015, the modification of the terms of the authorization indicated in Background 1) of the present, in order to specify the indirect participation of Principal International México, LLC., issuing said Committee its favorable opinion to modify the authorization as referred to.

The modification indicated was submitted to the consideration of the Board of Directors of the National Insurance and Sureties Commission in its session 184 of October 27, 2015 and taking into consideration the favorable opinion issued by the aforementioned Committee, agreed to modify the authorization indicated in the terms proposed.

Through Official Letter 06-C00-41100/24631 of October 29, 2015, the cited institution was informed of the agreement by which the Board of Directors of the National Insurance and Sureties Commission resolved to modify the authorization of Principal Seguros, S.A de C.V., Principal Grupo Financiero, in order to specify the indirect participation of Principal International México, LLC.

CONSIDERATIONS

That as a result of the resolution issued in the cited Official Letter 06-C00-41100/24631 of October 29, 2015, and as a consequence of what is stated in Background 2), the terms of the authorization granted to that insurance institution must be modified.

That the Seventh Transitional of the Law of Insurance and Surety Institutions establishes that insurance institutions may continue operating without the need to obtain new authorization, being subject in the future to the Law of Insurance and Surety Institutions and other provisions emanating from it.

RESOLUTION

First.- The Proemio and Articles First and Third, first paragraph, and fraction II, subsection a), of the authorization granted to Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, subsidiary of Principal Financial Group, Inc., of Delaware, United States of America, through Principal Financial Group, S.A. de C.V., Grupo Financiero and in which it participates with the character of related society Principal International Mexico, LLC, are modified, leaving the indicated parts in the following terms:

AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO PRINCIPAL SEGUROS, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, PRINCIPAL FINANCIAL GROUP, TO ORGANIZE AND OPERATE AS AN INSURANCE INSTITUTION SUBSIDIARY OF THE FOREIGN FINANCIAL INSTITUTION PRINCIPAL FINANCIAL GROUP, INC., OF DELAWARE, UNITED STATES OF AMERICA, THROUGH PRINCIPAL FINANCIAL GROUP, S.A. DE C.V., FINANCIAL GROUP AND IN WHICH IT PARTICIPATES WITH THE CHARACTER OF RELATED SOCIETY PRINCIPAL INTERNATIONAL MEXICO, LLC., IN THE FOLLOWING TERMS:

Article First.- In exercise of the faculty conferred on the Federal Government by articles 5° and 33-C of the repealed General Law of Insurance Institutions and Mutual Insurance Societies, to the Ministry of Finance and Public Credit, and which from April 4, 2015 confers article 75 of the Law of Insurance and Surety Institutions, to the National Commission of Insurance and Sureties, Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, is authorized to organize and operate as an insurance institution subsidiary of the Foreign Financial Institution Principal Financial Group, Inc., of Delaware, United States of America, through Principal Financial Group, S.A. de C.V., Grupo Financiero and in which it participates with the character of Related Society Principal International Mexico, LLC.

Article Third.- The subsidiary insurance institution will be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the Law General of Commercial Societies, and to the other laws applicable to it and, in particular to the following bases:

I.

...

II.

... :

a)

The fixed minimum capital without right to withdrawal will be the amount of $100,684,971.00 (One hundred million six hundred eighty-four thousand nine hundred seventy-one pesos 00/100 M.N.)

b)

...

Second.- The authorization granted to Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, to organize and operate as an insurance institution, after the modification indicated in the Resolutive above, remains entirely in the following terms:

AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT TO PRINCIPAL SEGUROS, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, PRINCIPAL FINANCIAL GROUP, TO ORGANIZE AND OPERATE AS AN INSURANCE INSTITUTION SUBSIDIARY OF THE FOREIGN FINANCIAL INSTITUTION PRINCIPAL FINANCIAL GROUP, INC., OF DELAWARE, UNITED STATES OF AMERICA, THROUGH PRINCIPAL FINANCIAL GROUP, S.A. DE C.V., FINANCIAL GROUP AND IN WHICH IT PARTICIPATES WITH THE CHARACTER OF RELATED SOCIETY PRINCIPAL INTERNATIONAL MEXICO, LLC., IN THE FOLLOWING TERMS:

ARTICLE FIRST.- In exercise of the faculty conferred on the Federal Government by articles 5° and 33-C of the repealed General Law of Insurance Institutions and Mutual Insurance Societies, to the Ministry of Finance and Public Credit, and which from April 4, 2015 confers article 75 of the Law of Insurance and Surety Institutions, to the National Commission of Insurance and Sureties, Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero, is authorized to organize and operate as an insurance institution subsidiary of the Foreign Financial Institution Principal Financial Group, Inc., of Delaware, United States of America, through Principal Financial Group, S.A. de C.V., Grupo Financiero and in which it participates with the character of Related Society Principal International Mexico, LLC.

ARTICLE SECOND.- The subsidiary insurance institution is authorized to carry out in the Mexican Republic life insurance operations, as well as accidents and illnesses, in the branches of personal accidents and medical expenses.

ARTICLE THIRD.- The subsidiary insurance institution will be subject to the provisions of the Law of Insurance and Surety Institutions, as well as those derived from it, to the General Law of Commercial Societies, and to the other laws applicable to it and, in particular, to the following bases:

I. The denomination will be Principal Seguros, Sociedad Anónima de Capital Variable, Principal Grupo Financiero.

II.

The capital will be variable according to the following:

a) The fixed minimum capital without right to withdrawal will be the amount of $100,684,971.00 (One hundred million six hundred eighty-four thousand nine hundred seventy-one pesos 00/100 M.N.).

b) The amount of variable capital with right to withdrawal in no case may be greater than the paid capital without right to withdrawal.

III.

The social domicile will be the City of San Pedro Garza García, Nuevo León.

ARTICLE FOURTH.- By its very nature this authorization is non-transferable.

Third.- This resolution must be published in the Official Gazette of the Federation and in two newspapers of wide circulation from the social domicile of the institution, within one hundred twenty days following the date of its notification to Principal Seguros, Sociedad Anónima de Capital Variable, in terms of what is provided in articles 11, in relation to 74 and 75 of the Law of Insurance and Surety Institutions, at the expense of the interested parties.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, December 21, 2015. - The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Rubric.

(R.- 499908)

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