Intro

I think that the intro needs some work. When I read it I get the impression, that PFG is an insurance company with very large operations. That said, I don't really understand anything about the company's strategy or the issues/opportunities that it is dealing with. Which major trends affect the company's performance? How is the company doing overall? Focus less on the historical facts. One interesting thing about the company is that it exited the mortgage business in 2005 in order to reduce its level of risk and the volility of its earnings. PFG is now an insurance and asset management company with about 2/3 of its revenues being generated from its asset management division.

Trends and Forces

I would take out the part about exchange rates unless you feel that it is a huge factor in their business. It seems, however, that only a small percentage of their assets is based internationally.

I would also take out interest rates. The explanation of having to shift assets internationally or domestically doesn't really seem to have a direct impact on the company's performance.

I would talk about the industry shift towards defined contribution plans, one of PFG's strong areas.

Medicare-I am not sure that I understand your point that a drop in Medicare reimbursements would hurt PFG. Why does PFG receive Medicare reimbursements?

Footnotes

Please include the page number and section for any 10-K references. It would also be really cool to include the website.

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