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1Q 2025 financial supplement

Financial Supplement

Through the First Quarter Ended March 31, 2025 (unaudited)

Principal Financial Group, Inc.

Reportable Segments

RETIREMENT AND

INCOME SOLUTIONS

Provides retirement and related financial products and services primarily to businesses, their employees, and other individuals including full service accumulation, banking, trust and custodial services, individual variable annuities, pension risk transfer, investment only, individual fixed annuities, and all of the Institutional Retirement & Trust (IRT) integration and acquisition expenses.

Exchange Listing

PRINCIPAL ASSET

MANAGEMENT

Provides global investment solutions to institutional, retirement, retail, and high net worth investors in the U.S. and select emerging markets. This segment is organized into:

  • Investment Management, provides public,multi-asset,and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives.
  • International Pension, provideslong-termsavings and retirement solutions in Asia and Latin America. Products include pension accumulation and income annuities.

Prior to the fourth quarter of 2024, our Principal Asset Management segment was reported as Principal Global Investors and Principal International sub-segments. The new sub-segment presentation of Investment Management and International Pension has been applied retrospectively and does not impact consolidated financial statements..

BENEFITS AND

PROTECTION

Focuses on solutions for individuals and small-to-medium sized businesses and their employees. The segment is organized into:

  • Specialty Benefits, provides group dental and vision insurance, individual disability insurance, group disability insurance (includingshort-termdisability,long-termdisability, critical illness, paid family and medical leave and accident), group life insurance and non- medicalfee-for-serviceclaims administration; and
  • Life Insurance, provides universal and variable universal life insurance (including indexed universal life) and traditional life insurance (including participating whole life, adjustable life products and non-participating term life insurance). Legacy life insurance includes universal and variable universal life insurance (including indexed universal life and all universal life with secondary guarantee (ULSG) business reinsured to third party) and traditional life insurance (including participating whole life, adjustable life products and non-participating term life insurance).

CORPORATE

Manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc., our retail broker-dealer and registered investment advisor; and our exited group medical and long-term care insurance businesses are reported in this segment.

Common stock of the Principal Financial Group, Inc. is traded on Nasdaq under the ticker symbol "PFG."

Principal Financial Group, Inc.

Table of Contents

Definitions

1

Summary Market and Financial Highlights

2-4

Principal Financial Group, Inc. Consolidated Financial Information

Consolidated U.S. GAAP Income Statement and Reconciliation to Non-GAAP Pre-Tax Operating Earnings

5

Consolidated Financial Metrics

6

Consolidated Balance Sheet

7

Retirement and Income Solutions

Retirement and Income Solutions Segment Pre-Tax Operating Earnings Statement

8

Retirement and Income Solutions Segment Metrics

9-10

Principal Asset Management

Principal Asset Management Segment Pre-Tax Operating Earnings Statements

11-12

Principal Asset Management Segment Assets Under Management

13

Investment Management - Assets Under Management and Revenue Detail

14

International Pension - Assets Under Management Detail

15

Benefits and Protection

Benefits and Protection Segment Pre-Tax Operating Earnings Statements

16-17

Benefits and Protection - Specialty Benefits

18

Benefits and Protection - Life Insurance

19

Corporate

Corporate Segment Pre-Tax Operating Earnings Statement

20

Investment Details

Invested Asset Details

21-22

Net Realized Capital Gains (Losses) and Net Investment Income

23-24

Detail of Funds Withheld

25

Non-GAAP Financial Measure Reconciliations

26-30

Exited Business

We reinsure our U.S. retailed fixed annuity and universal life with secondary guarantee ("ULSG") blocks of business ("exited business") via coinsurance with funds withheld ("Talcott Reinsurance Transaction"). We also have other exited or divested businesses.

Use of non-GAAP financial measures

A non-GAAP financial measure is defined as a numerical measure of our performance, financial position, or cash flows that includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP.

We use a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While such measures are also consistent with measures utilized by investors to evaluate performance, they are not a substitute for U.S. GAAP financial measures. Therefore, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures. See "Non-GAAP Financial Measures Reconciliations" located on pages 26-30. We adjust U.S. GAAP financial measures for items not directly relate adjusting items have occurred in the past and could recur in the future. Management also uses non-GAAP financial measures for goal setting, as a basis in determining employee and senior management awards and compensation, and to evaluate performance on a basis comparable to that used by securities analysts. We also use a variety of other operational measures that do not have U.S. GAAP counterparts, and therefore do not fit the definition of non-GAAP financial measures. Assets under management is an example of an operational measure that is not considered a non-GAAP financial measure.

Principal Financial Group, Inc.

Definitions

Account values: includes the net balances that customers hav e accumulated within their account, along with future policy benefits for retirement payout products.

Assets under administration: includes assets under management and other assets for which we eaa fee for prov iding administrativ e serv ices such as recordkeeping, custodial or serv icing.

Assets under management:includes client assets for which we prov ide inv estment management serv ices and eaa fee for prov iding that serv ice. This includes assets of institutional clients, assets within Principal branded funds (or other proprietary funds), including assets managed by sub-adv isors hired by Principal, and adv isory assets held in model portfolios where we eaa management fee. In addition, assets under management (AUM) include certain assets on our consolidated balance sheets for which we prov ide inv estment management serv ices, such as the assets of the general account, or inv estments, cash, or related items where we eaa return.

AUM includes 100% of the AUM from consolidated subsidiaries and certain unconsolidated subsidiaries. Unconsolidated subsidiaries consist of a 25% economic interest in Brasilprev Seguros e Prev idencia S.A. (Brasilprev ) (with 50.01% ownership of common stock) and a 60% interest in Principal Asset Management Berhad in Malaysia with a presence in Southeast Asia countries.

China AUM includes a 25% interest in CCB Principal Asset Management Co., Ltd. (CCBPAM) and a 17.65% interest in CCB Pension Management Co, Ltd. (CCBP) AUM, which are not included in our reported AUM.

Investment performance: represents the percentage of Principal activ ely managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collectiv e inv estment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driv en Inv estment (short, intermediate, and extended duration), Hedge Fund Separate Account, and US Property Separate Account.

Net revenue: segment operating rev enues less: benefits, claims and settlement expenses; liability for future policy benefits remeasurement (gain) loss; market risk benefit remeasurement (gain) loss; and div idends to policyholders.

Premium and fees: premiums and other considerations plus fees and other rev enues.

Pre-taxoperating earnings: operating earnings before income taxes and after noncontrolling interest.

Pre-tax operating earnings, adjusted for noncontrolling interest: operating rev enues less total expenses.

Operating revenues lesspass-throughexpenses: The company has determined this measure is more representativ e of underlying operating rev enues growth for Inv estment Management as it remov es commissions and other expenses that are collected through fee rev enue and passed through expenses with no impact topre-taxoperating earnings.

Operating margin is calculated as follows:

Retirement and Income Solutions: pre-tax operating earnings div ided by net rev enue

Inv estment Management: pre-tax operating earnings, adjusted for noncontrolling interest, div ided by operating rev enues less pass through expenses

International Pension: pre-tax operating earnings div ided by net rev enue

Benefits and Protection: pre-tax operating earnings div ided by premium and fees

1

Summary Market Highlights

(per share, except as indicated)

Basic Earnings Per Common Share

Non-GAAP operating earnings *

$

Net income (loss)

$

Weighted average common shares outstanding (in millions)

Diluted Earnings Per Common Share

Non-GAAP operating earnings *

$

Net income (loss)

$

Weighted average common shares outstanding (in millions)

Non-GAAP Operating Earnings Retuon Average Equity Available to

Common Stockholders (trailing twelve months)

Excluding cumulative change in fair value of funds withheld embedded derivative

and AOCI, other than foreign currency translation adjustment *

Book Value Available to Common Stockholders

Excluding cumulative change in fair value of funds withheld embedded derivative

and AOCI, other than foreign currency translation adjustment *

$

End of period common shares outstanding (in millions)

Share Repurchase Data

Shares repurchased (in millions)

Cost of shares repurchased (in millions)

$

Dividend Information

Dividends per share

$

Dividends paid (in millions)

$

Total capital returned to shareholders

$

Three Months Ended,

Three Months Ended

Mar-25

Dec-24

Sep-24

30-Jun-24

Mar-24

Mar-25

Mar-24

1.84

$

1.97

$

1.79

$

1.65

$

1.67

$

1.84

$

1.67

0.21

$

3.97

$

(0.95)

$

1.51

$

2.26

$

0.21

$

2.26

225.7

227.8

230.7

233.8

236.0

225.7

236.0

1.81

$

1.94

$

1.76

$

1.63

$

1.65

$

1.81

$

1.65

0.21

$

3.92

$

(0.95)

$

1.49

$

2.22

$

0.21

$

2.22

228.8

231.2

233.8

236.6

239.4

228.8

239.4

13.4%

13.2%

12.9%

13.1%

12.9%

13.4%

12.9%

53.70

$

53.69

$

54.36

$

53.32

$

53.79

$

53.70

$

53.79

225.0

226.2

229.3

232.3

235.0

225.0

235.0

2.4

3.5

3.1

3.1

2.5

2.4

2.5

200.4

$

300.6

$

251.0

$

250.0

$

200.1

$

200.4

$

200.1

0.75

$

0.73

$

0.72

$

0.71

$

0.69

$

0.75

$

0.69

169.0

$

165.7

$

165.1

$

165.2

$

162.4

$

169.0

$

162.4

369.4

$

466.3

$

416.1

$

415.2

$

362.5

$

369.4

$

362.5

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 26-30.

2

Summary Financial Highlights (in billions)

Period Ended,

Period Ended,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Assets under administration

$

1,661.6

$

1,663.9

$

1,691.0

$

1,620.3

$

1,624.3

$

1,661.6

$

1,624.3

Assets Under Management Rollforward

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

AUM, beginning of period

$

712.1

$

740.6

$

699.2

$

708.5

$

694.5

$

708.5

$

659.9

Inflows

35.3

35.9

31.9

28.8

32.8

131.9

111.2

Outflows

(39.7)

(37.1)

(33.0)

(30.9)

(33.4)

(140.7)

(121.8)

Net cash flow

(4.4)

(1.2)

(1.1)

(2.1)

(0.6)

(8.8)

(10.6)

Market performance

3.5

(7.6)

37.7

2.5

22.4

36.1

67.8

Other (1)

(0.7)

(1.6)

(0.9)

(0.8)

(0.2)

(4.0)

(0.8)

Operations acquired

-

-

-

-

-

-

-

Operations disposed (2)

(0.8)

(1.0)

-

-

-

(1.8)

(0.2)

Effect of exchange rates

8.2

(17.1)

5.7

(8.9)

(7.6)

(12.1)

(7.6)

AUM, end of period

$

717.9

$

712.1

$

740.6

$

699.2

$

708.5

$

717.9

$

708.5

Assets Under Management, End of Period

Period Ended,

Period Ended,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Principal Asset Management

$

689.3

$

683.4

$

711.1

$

670.6

$

680.3

$

689.3

$

680.3

Other Entities of PFG

28.6

28.7

29.5

28.6

28.2

28.6

28.2

AUM, end of period

$

717.9

$

712.1

$

740.6

$

699.2

$

708.5

$

717.9

$

708.5
  1. Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee rev enues.
  2. 1Q25 and 4Q24 include the div estment of Origin Asset Management.

3

Summary Financial Highlights (in millions, except as indicated)

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Dec-23

Retirement and Income Solutions

Net revenue

$

2,833.7

$

2,800.9

$

2,762.2

$

2,792.6

$

2,731.6

$

2,690.3

Year over year net revenue growth

3.7%

4.1%

5.6%

10.7%

7.8%

2.8%

Pre-tax operating earnings (losses)

$

1,077.7

$

1,056.2

$

1,040.7

$

1,099.3

$

1,063.8

$

1,051.4

Operating margin

38.0%

37.7%

37.7%

39.4%

38.9%

39.1%

Principal Asset Management

Pre-tax operating earnings (losses)

$

861.6

$

861.2

$

864.5

$

818.2

$

817.0

$

817.7

Investment Management

Operating revenues less pass-through expenses *

$

1,686.0

$

1,668.6

$

1,630.8

$

1,626.1

$

1,611.7

$

1,606.3

Operating revenues less pass-through expenses growth - year over year

4.6%

3.9%

0.7%

1.5%

-3.6%

-6.0%

Pre-tax operating earnings (losses)

$

572.9

$

578.8

$

544.1

$

544.7

$

548.6

$

548.2

Pre-tax operating earnings, adjusted for noncontrolling interest

$

588.0

$

590.9

$

553.9

$

552.1

$

552.7

$

552.4

Operating margin

34.9%

35.4%

34.0%

34.0%

34.3%

34.4%

International Pension

Net revenue

$

620.3

$

622.9

$

669.6

$

629.1

$

628.0

$

630.9

Year over year net revenue growth

-1.2%

-1.3%

11.1%

7.9%

4.4%

7.6%

Pre-tax operating earnings (losses)

$

288.7

$

282.4

$

320.4

$

273.4

$

268.4

$

269.5

Operating margin

46.5%

45.3%

47.8%

43.5%

42.7%

42.7%

Benefits and Protection

Pre-tax operating earnings (losses)

$

470.9

$

463.2

$

452.9

$

557.5

$

550.1

$

537.6

Specialty Benefits

Premium and fees

$

3,287.4

$

3,257.2

$

3,225.0

$

3,177.5

$

3,114.2

$

3,055.0

Premium and fees growth - year over year

5.6%

6.6%

8.0%

8.5%

8.4%

8.9%

Pre-tax operating earnings (losses)

$

463.8

$

459.6

$

431.7

$

477.8

$

467.2

$

447.0

Operating margin

14.1%

14.1%

13.4%

15.0%

15.0%

14.6%

Life Insurance

Premium and fees

$

928.6

$

927.5

$

928.7

$

929.4

$

931.4

$

922.2

Premium and fees growth - year over year

-0.3%

0.6%

1.9%

1.8%

14.3%

0.0%

Pre-tax operating earnings (losses)

$

7.1

$

3.6

$

21.2

$

79.7

$

82.9

$

90.6

Operating margin

0.8%

0.4%

2.3%

8.6%

8.9%

9.8%

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 26-29.

4

Consolidated U.S. GAAP Income Statement and Reconciliation toNon-GAAPPre-TaxOperating Earnings (in millions)

Principal Financial Group, Inc.

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Premiums and other considerations

$

1,751.3

$

1,826.1

$

1,412.9

$

1,926.6

$

1,684.6

$

6,916.9

$

6,706.9

Fees and other revenues

1,077.7

1,115.1

1,091.1

1,061.4

1,052.9

4,345.3

4,153.5

Net investment income

1,165.7

1,123.3

1,167.6

1,086.1

1,072.2

4,542.7

4,177.4

Net realized capital gains (losses)

(117.1)

(88.6)

77.4

(15.2)

(0.9)

(143.5)

(7.1)

Net realized capital gains (losses) on funds withheld assets

28.0

(18.2)

39.4

19.0

47.5

68.2

131.5

Change in fair value of funds withheld embedded derivative

(209.7)

794.3

(776.8)

232.9

197.0

40.7

(262.1)

Total revenues

3,695.9

4,752.0

3,011.6

4,310.8

4,053.3

15,770.3

14,900.1

Benefits, claims and settlement expenses

2,220.0

2,146.9

1,778.1

2,077.9

2,069.7

8,222.9

8,084.0

Liability for future policy benefits remeasurement (gain) loss

2.2

105.8

122.5

444.8

(1.7)

675.3

(47.7)

Market risk benefit remeasurement (gain) loss

34.7

(8.8)

54.0

(0.4)

(14.5)

79.5

17.5

Dividends to policyholders

19.1

31.8

14.9

23.9

29.3

89.7

95.3

Operating expenses

1,391.0

1,363.9

1,335.9

1,320.7

1,343.4

5,411.5

5,172.6

Total expenses

3,667.0

3,639.6

3,305.4

3,866.9

3,426.2

14,478.9

13,321.7

Income (loss) before income taxes

28.9

1,112.4

(293.8)

443.9

627.1

1,291.4

1,578.4

Income taxes

(34.0)

209.9

(100.4)

87.1

95.1

162.6

241.8

Net income (loss)

62.9

902.5

(193.4)

356.8

532.0

1,128.8

1,336.6

Net income (loss) attributable to noncontrolling interest

14.8

(2.9)

26.6

3.7

(0.5)

42.2

40.8

Net income (loss) attributable to Principal Financial Group, Inc.

$

48.1

$

905.4

$

(220.0)

$

353.1

$

532.5

$

1,086.6

$

1,295.8

The consolidated income statement is presented on a U.S. GAAP basis. Howev er, the measure of profitability for our operating segments is pre-tax operating earnings, as shown on the segment pre-tax operating earnings statements. A reconciliation of consolidated GAAP income before income taxes to segment pre-tax operating earnings is prov ided on page 6.

Principal Financial Group, Inc.

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Non-GAAP Operating Earnings (Losses)

Net income (loss) attributable to Principal Financial Group, Inc.

$

48.1

$

905.4

$

(220.0)

$

353.1

$

532.5

$

1,086.6

$

1,295.8

(Income) loss from exited business ^

251.3

(551.9)

639.1

3.1

(156.1)

341.6

248.6

Net income (loss) attributable to PFG excluding exited business

299.4

353.5

419.1

356.2

376.4

1,428.2

1,544.4

Net realized capital (gains) losses

117.1

88.6

(77.4)

15.2

0.9

143.5

7.1

Net realized capital (gains) losses after-tax adjustments ^

(2.0)

6.0

70.3

14.7

17.0

89.0

78.8

Non-GAAP operating earnings (losses) *

414.5

448.1

412.0

386.1

394.3

1,660.7

1,630.3

Income taxes *

70.6

98.8

87.8

100.0

77.9

357.2

411.0

Non-GAAP pre-tax operating earnings (losses) *

$

485.1

$

546.9

$

499.8

$

486.1

$

472.2

$

2,017.9

$

2,041.3
  • This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 6 and 26-30. ^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28.

5

Consolidated Financial Metrics (in millions)

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Non-GAAP Pre-Tax Operating Earnings (Losses)

Income (loss) before income taxes

$

28.9

$

1,112.4

$

(293.8)

$

443.9

$

627.1

$

1,291.4

$

1,578.4

Net realized capital (gains) losses

117.1

88.6

(77.4)

15.2

0.9

143.5

7.1

Net realized capital (gains) losses pre-tax adjustments ^

12.4

28.8

49.1

6.4

30.7

96.7

88.8

Non-GAAP pre-tax operating (earnings) losses attributable to noncontrolling interest *

(4.2)

(1.0)

(13.2)

(1.8)

(2.3)

(20.2)

(26.6)

Income taxes related to equity method investments

16.6

16.9

26.0

18.5

13.4

78.0

69.7

Pre-tax (income) loss from exited business ^

314.3

(698.8)

809.1

3.9

(197.6)

428.5

323.9

Non-GAAP pre-tax operating earnings (losses) *

$

485.1

$

546.9

$

499.8

$

486.1

$

472.2

$

2,017.9

$

2,041.3

Operating Revenues

Total revenues

$

3,695.9

$

4,752.0

$

3,011.6

$

4,310.8

$

4,053.3

$

15,770.3

$

14,900.1

Net realized capital (gains) losses

117.1

88.6

(77.4)

15.2

0.9

143.5

7.1

Net realized capital (gains) losses revenue adjustments ^

(15.4)

(18.0)

(41.7)

(38.4)

(31.9)

(113.5)

(135.2)

Market risk benefit derivative settlements

11.1

11.5

11.6

11.4

11.3

45.6

46.0

Income taxes related to equity method investments

16.6

16.9

26.0

18.5

13.4

78.0

69.7

Revenues from exited business

188.0

(767.2)

741.0

(244.8)

(242.3)

(83.0)

137.6

Operating revenues *

$

4,013.3

$

4,083.8

$

3,671.1

$

4,072.7

$

3,804.7

$

15,840.9

$

15,025.3

Operating Expenses

Total operating expenses

$

1,391.0

$

1,363.9

$

1,335.9

$

1,320.7

$

1,343.4

$

5,411.5

$

5,172.6

Net realized capital (gains) losses operating expense adjustments ^

33.4

(26.4)

(36.7)

(11.8)

(35.6)

(41.5)

(77.7)

Expenses from exited business

(84.1)

(20.2)

(20.4)

(19.7)

(20.8)

(144.4)

(88.7)

Operating expenses *

$

1,340.3

$

1,317.3

$

1,278.8

$

1,289.2

$

1,287.0

$

5,225.6

$

5,006.2

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Segment Pre-Tax Operating Earnings (Losses)

Retirement and Income Solutions

$

283.7

$

280.1

$

246.1

$

267.8

$

262.2

$

1,077.7

$

1,063.8

Principal Asset Management

187.5

216.0

268.7

189.4

187.1

861.6

817.0

Benefits and Protection

119.5

154.7

64.4

132.3

111.8

470.9

550.1

Corporate

(105.6)

(103.9)

(79.4)

(103.4)

(88.9)

(392.3)

(389.6)

Pre-tax operating earnings (losses) *

$

485.1

$

546.9

$

499.8

$

486.1

$

472.2

$

2,017.9

$

2,041.3

Three Months Ended,

Trailing Twelve Months,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Mar-25

Mar-24

Categories of Segment Operating Expenses

Commission expense

$

292.4

$

279.9

$

273.6

$

258.7

$

263.7

$

1,104.6

$

972.4

Capitalization of DAC and contract costs

(135.9)

(128.1)

(128.1)

(111.9)

(122.5)

(504.0)

(444.5)

Amortization of DAC and contract costs

90.9

91.8

91.8

91.8

90.6

366.3

360.6

Depreciation and amortization

41.7

46.0

46.5

45.5

48.7

179.7

200.6

Interest expense on corporate debt

42.7

42.4

42.6

42.5

42.7

170.2

171.8

Compensation and other

1,008.5

985.3

952.4

962.6

963.8

3,908.8

3,745.3

Operating expenses *

$

1,340.3

$

1,317.3

$

1,278.8

$

1,289.2

$

1,287.0

$

5,225.6

$

5,006.2

* This is a non-GAAP financial measure and is reconciled to GAAP on this page.

^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28.

6

Consolidated Balance Sheet (including funds withheld) (in millions)

Period Ended,

Mar-25

Dec-24

Sep-24

Jun-24

Mar-24

Dec-23

Sep-23

Assets

Total inv estments

$

105,294.6

$

103,375.8

$

102,647.7

$

99,157.3

$

98,912.7

$

98,320.4

$

93,982.8

Cash and cash equiv alents

3,875.7

4,211.9

6,174.5

4,816.6

4,168.4

4,707.7

4,564.3

Accrued inv estment income

887.4

828.6

840.2

822.7

838.6

786.2

819.1

Reinsurance recov erable and deposit receiv able

19,392.6

19,490.1

20,057.9

19,734.8

20,098.3

20,611.7

20,507.8

Premiums due and other receiv ables

3,726.0

3,771.5

3,730.2

3,989.9

3,920.0

3,998.8

3,897.0

Deferred acquisition costs

4,034.1

4,006.9

3,992.2

3,972.9

3,965.5

3,950.5

3,948.4

Market risk benefit asset

158.7

199.5

162.6

212.3

201.9

153.4

173.1

Property and equipment

742.7

769.4

798.2

805.9

913.5

938.4

958.1

Goodwill

1,567.4

1,549.7

1,597.1

1,569.8

1,569.1

1,608.5

1,593.6

Other intangibles

1,290.5

1,389.9

1,424.4

1,419.0

1,435.5

1,469.8

1,480.4

Separate account assets

171,266.2

173,327.1

180,653.5

171,399.8

171,788.2

167,605.6

155,478.2

Other assets

767.4

743.2

779.2

876.3

871.8

895.7

833.9

Total assets

$

313,003.3

$

313,663.6

$

322,857.7

$

308,777.3

$

308,683.5

$

305,046.7

$

288,236.7

Liabilities

Contractholder funds

$

43,266.0

$

43,099.6

$

42,499.4

$

41,681.3

$

42,004.4

$

41,501.1

$

42,303.9

Future policy benefits and claims

49,359.4

48,179.4

49,832.6

46,987.8

46,096.3

46,826.5

42,974.6

Other policyholder funds

933.2

966.4

911.4

887.4

880.0

916.8

946.0

Market risk benefit liability

80.4

62.1

96.0

69.3

99.6

133.2

112.5

Short-term debt

28.9

152.7

37.3

49.9

50.7

61.1

23.8

Long-term debt

4,321.3

3,955.3

3,932.9

3,932.2

3,931.5

3,930.9

3,930.2

Income taxes currently payable

8.2

8.6

9.4

10.4

7.7

11.9

10.0

Deferred income taxes

1,786.6

1,706.0

1,770.3

1,739.7

1,728.7

1,613.3

1,481.4

Separate account liabilities

171,266.2

173,327.1

180,653.5

171,399.8

171,788.2

167,605.6

155,478.2

Funds withheld payable

18,212.3

18,103.7

19,076.3

18,554.6

19,060.4

19,629.5

18,557.7

Other liabilities

12,145.8

12,633.7

12,445.4

12,128.5

11,434.8

11,606.2

11,436.0

Total liabilities

301,408.3

302,194.6

311,264.5

297,440.9

297,082.3

293,836.1

277,254.3

Redeemable noncontrolling interest

326.7

337.7

311.8

277.4

370.8

248.9

259.5

Stockholders' Equity

Common stock, at par

5.0

4.9

4.9

4.9

4.9

4.9

4.9

Additional paid-in capital

11,157.8

11,100.9

11,045.2

11,005.5

10,954.1

10,908.6

10,870.2

Retained earnings (1)

17,459.3

17,583.5

16,847.0

17,235.3

17,050.6

16,683.5

17,717.0

Treasury stock

(12,619.4)

(12,378.1)

(12,074.7)

(11,820.5)

(11,568.0)

(11,335.7)

(11,079.6)

Accumulated other comprehensiv e income:

Net unrealized gains (losses) on AFS securities (2)

(4,037.6)

(4,641.1)

(2,777.9)

(4,854.8)

(4,358.0)

(4,016.9)

(7,112.6)

Liability for future policy benefits discount rate remeasurement gain (loss)

1,188.4

1,438.2

59.0

1,376.4

982.9

428.2

2,082.8

Market risk benefit nonperformance risk remeasurement gain (loss)

(12.9)

(15.0)

(19.8)

(14.5)

(15.6)

(6.9)

6.5

Net foreign currency translation adjustment

(1,705.7)

(1,785.9)

(1,603.6)

(1,672.5)

(1,617.2)

(1,498.0)

(1,562.4)

Net unrecognized postretirement benefit obligations

(218.1)

(221.0)

(242.7)

(246.4)

(248.2)

(251.7)

(255.2)

Total stockholders' equity attributable to PFG (1)

11,216.8

11,086.4

11,237.4

11,013.4

11,185.5

10,916.0

10,671.6

Noncontrolling interest

51.5

44.9

44.0

45.6

44.9

45.7

51.3

Total stockholders' equity (1)

11,268.3

11,131.3

11,281.4

11,059.0

11,230.4

10,961.7

10,722.9

Total liabilities and stockholders' equity (1)

$

313,003.3

$

313,663.6

$

322,857.7

$

308,777.3

$

308,683.5

$

305,046.7

$

288,236.7

(1) Includes cumulativ e change in fair v alue of funds withheld embedded deriv ativ e

$

2,215.6

$

2,381.3

$

1,753.9

$

2,367.5

$

2,183.5

$

2,027.9

$

3,195.9

See also non-GAAP financial measure reconciliations on pages 26-30.

(2) Includes net unrealized gains (losses) on fixed maturities, av ailable-for-sale associated with

external funds withheld

$

(1,562.0)

$

(1,672.0)

$

(1,098.1)

$

(1,632.5)

$

(1,427.5)

$

(1,250.6)

$

(2,308.0)

7

Disclaimer

Principal Financial Group Inc. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 20:44 UTC.

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