(Photo: Allison Bell/TA)

Principal Financial Group Inc. is using the terms “life insurance” and “ specialty benefits” a lot more often in connection with earnings this quarter than it’s using the word “annuities.”

(Related: Annuity Players Continue to Fight Low Rates)

The Des Moines, Iowa-based company, which is now a major global money manager but has deep roots in the life insurance industry, is reporting $315 million in net income for the second quarter on $3.2 billion in revenue, compared with $327 million in net income on $2.8 billion in revenue for the second quarter of 2016.

In the company’s financial supplement, it uses the words “annuity” or “annuities” in just two places: once in a footnote, and once in a line showing individual variable annuity account value. 

Individual variable annuity account value increased to $9.7 billion in the latest quarter, from $8.8 billion.

At the individual life unit, sales increased to $55 million, from $43 million.

The company increased sales of traditional life insurance, universal life and variable universal life.

Overall life premiums and fees increased to $270 million, from $251 million.

At the group benefits unit, sales held steady at about $66 million.

Sales of group dental and vision products fell to $26 million, from $28 million; sales of individual disability insurance increased to $16 million, from $14 million.

Total premium and fee revenue for the specialty benefits unit increased to $499 million, from $464 million.

— Check out Analyst Sees ‘Great Restructuring’ of Life Industry on ThinkAdvisor.