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October 24, 2024 Newswires No comments

3Q 2024 financial supplement

U.S. Markets via PUBT

Financial Supplement

Through the Third Quarter Ended September 30, 2024 (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:

Principal Global Investors, 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
Principal International, provideslong-termsavings and retirement solutions along with retail asset management services in Asia and Latin America. Products include pension accumulation, mutual funds, and income annuities.

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-GAAPPre-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 Global Inv estors - Assets Under Management and Rev enue Detail	13-14
Principal Global Inv estors - Assets Under Management Rollforward Detail by Asset Class	15
Principal International - Financial Highlights by Country	16
Principal International - Net Rev enue and Pre-Tax Operating Earnings in Local Currency Assuming 100% Ownership	17
Principal International - Assets Under Management Rollforward Detail	18
Principal International - Assets Under Management Metrics by Country	19
Benefits and Protection
Benefits and Protection Segment Pre-Tax Operating Earnings Statements	20-21
Benefits and Protection - Specialty Benefits	22
Benefits and Protection - Life Insurance	23
Corporate
Corporate Segment Pre-Tax Operating Earnings Statement	24
Investment Details
Inv ested Asset Details	25-26
Net Realized Capital Gains (Losses) and Net Inv estment Income	27-28
Detail of Funds Withheld	29
Non-GAAP Financial Measure Reconciliations	30-33

Exited Business

We reinsure our U.S. retailed fixed annuity and univ ersal life with secondary guarantee ("ULSG") blocks of business ("exited business") v ia coinsurance with funds withheld ("Talcott Reinsurance Transaction").

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

"NonGAAP Financial Measures Reconciliations" located on pages 3033. We adjust U.S. GAAP financial measures for items not directly relateadjusting 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. Assetsunder 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 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.

Principal International AUM includes 100% of the AUM from unconsolidated and consolidated subsidiaries. Unconsolidated subsidiaries consist of a 25% economic interest in Brasilprev Seguros e Prev idencia S.A. (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. and a 17.65% interest in CCB Pension Management Co, Ltd. (CCBP) AUM, which are not included in Principal International reported AUM.

Combined net revenue: net rev enue for all Principal International companies at 100% less pass-through commissions. The company has determined combined net rev enue (at PFG share) is more representativ e of underlying net rev enue growth for Principal International as it reflects our proportionate share of consolidated and equity method subsidiaries. In addition, using this net rev enue metric prov ides a more meaningful representation of our operating margin.

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 less pass-throughexpenses: The company has determined this measure is more representativ e of underlying operating rev enues growth for Principal Global Inv estors 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

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

Principal International: pre-tax operating earnings div ided by combined net rev enue (at PFG share)

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

Principal Financial Group, Inc.

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,					Nine Months Ended
Sep-24		Jun-24		Mar-24	31-Dec-23		Sep-23		Sep-24		Sep-23
1.79	$	1.65	$	1.67	$	1.85	$	1.74	$	5.11	$	4.80
(0.95)	$	1.51	$	2.26	$	(3.66)	$	5.17	$	2.85	$	6.17
230.7		233.8		236.0		238.1		241.1		233.5		242.4
1.76	$	1.63	$	1.65	$	1.83	$	1.72	$	5.04	$	4.73
(0.95)	$	1.49	$	2.22	$	(3.66)	$	5.10	$	2.81	$	6.08
233.8		236.6		239.4		241.3		244.3		236.6		245.7

12.9%		13.1%		12.9%		12.8%		12.5%		12.9%		12.5%
54.36	$	53.32	$	53.79	$	53.87	$	53.21	$	54.36	$	53.21
229.3		232.3		235.0		236.4		239.7		229.3		239.7
3.1		3.1		2.5		3.5		2.5		8.7		5.6
251.0	$	250.0	$	200.1	$	250.6	$	200.3	$	701.1	$	450.8
0.72	$	0.71	$	0.69	$	0.67	$	0.65	$	2.12	$	1.93
165.1	$	165.2	$	162.4	$	159.0	$	156.1	$	492.7	$	466.5
416.1	$	415.2	$	362.5	$	409.6	$	356.4	$	1,193.8	$	917.3

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 30-33.

Principal Financial Group, Inc.

Summary Financial Highlights

(in billions)

					Period Ended,						Period Ended,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Assets under administration (in billions)	$	1,691.0	$	1,620.3	$	1,624.3	$	1,578.7	$	1,491.4	$	1,691.0	$	1,491.4

				Three Months Ended,			Trailing Twelve Months,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Assets under management (in billions)
AUM, beginning of period	$	699.2	$	708.5	$	694.5	$	650.6	$	674.2	$	650.6	$	607.8
Deposits		31.9		28.8		32.8		27.5		25.8		121.0		103.0
Withdrawals		(33.0)		(30.9)		(33.4)		(31.5)		(27.9)		(128.8)		(111.4)
Net cash flow		(1.1)		(2.1)		(0.6)		(4.0)		(2.1)		(7.8)		(8.4)
Market performance		37.7		2.5		22.4		43.6		(13.3)		106.2		41.2
Other		(0.9)		(0.8)		(0.2)		(0.3)		(0.1)		(2.2)		(0.9)
Operations acquired		-		-		-		-		-		-		-
Operations disposed		-		-		-		(0.2)		-		(0.2)		-
Effect of exchange rates		5.7		(8.9)		(7.6)		4.8		(8.1)		(6.0)		10.9
AUM, end of period	$	740.6	$	699.2	$	708.5	$	694.5	$	650.6	$	740.6	$	650.6

Principal Financial Group, Inc.

Summary Financial Highlights

(in millions, except as indicated)

						Trailing Twelve Months,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Dec-22
Retirement and Income Solutions
Net revenue	$	2,762.2	$	2,792.6	$	2,731.6	$	2,690.3	$	2,615.3	$	2,616.5
Year over year net revenue growth		5.6%		10.7%		7.8%		2.8%		-5.3%		-6.3%
Pre-tax operating earnings (losses)	$	1,040.7	$	1,099.3	$	1,063.8	$	1,051.4	$	990.8	$	959.1
Operating margin		37.7%		39.4%		38.9%		39.1%		37.9%		36.7%
Principal Global Investors
Operating revenues less pass-through expenses *	$	1,525.7	$	1,520.8	$	1,501.2	$	1,488.9	$	1,494.5	$	1,578.0
Operating revenues less pass-through expenses growth - year over year		2.1%		3.2%		-2.7%		-5.6%		-9.5%		-5.4%
Pre-tax operating earnings (losses)	$	516.0	$	519.7	$	517.8	$	513.0	$	524.3	$	604.0
Pre-tax operating earnings, adjusted for noncontrolling interest	$	525.0	$	526.1	$	520.8	$	516.0	$	527.6	$	608.7
Operating margin		34.4%		34.6%		34.7%		34.7%		35.3%		38.6%
Principal International
Combined net revenue (at PFG share) *	$	1,002.8	$	960.7	$	966.1	$	976.3	$	942.6	$	920.7
Combined net revenue growth (at PFG share) - year over year		6.4%		4.2%		3.1%		6.0%		-3.5%		-6.5%
Pre-tax operating earnings (losses)	$	348.5	$	298.5	$	299.2	$	304.7	$	290.4	$	298.7
Operating margin		34.8%		31.1%		31.0%		31.2%		30.8%		32.4%
Specialty Benefits
Premium and fees	$	3,225.0	$	3,177.5	$	3,114.2	$	3,055.0	$	2,986.6	$	2,804.8
Premium and fees growth - year over year		8.0%		8.5%		8.4%		8.9%		9.2%		10.8%
Pre-tax operating earnings (losses)	$	431.7	$	477.8	$	467.2	$	447.0	$	440.4	$	416.3
Operating margin		13.4%		15.0%		15.0%		14.6%		14.7%		14.8%
Life Insurance
Premium and fees	$	928.7	$	929.4	$	931.4	$	922.2	$	911.1	$	922.5
Premium and fees growth - year over year		1.9%		1.8%		14.3%		0.0%		-10.4%		-27.9%
Pre-tax operating earnings (losses)	$	21.2	$	79.7	$	82.9	$	90.6	$	90.9	$	154.0
Operating margin		2.3%		8.6%		8.9%		9.8%		10.0%		16.7%

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 30-33.

Principal Financial Group, Inc.

Consolidated U.S. GAAP Income Statement and Reconciliation to Non-GAAPPre-Tax Operating Earnings (in millions)

	Principal Financial Group, Inc.
					Three Months Ended,					Trailing Twelve Months,
			Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Premiums and other considerations		$	1,412.9	$	1,926.6	$	1,684.6	$	2,071.7	$	1,457.9	$	7,095.8	$	5,998.8
Fees and other revenues			1,091.1		1,061.4		1,052.9		1,037.3		1,045.7		4,242.7		4,057.4
Net investment income			1,167.6		1,086.1		1,072.2		1,127.9		989.2		4,453.8		3,945.4
Net realized capital gains (losses)			77.4		(15.2)		(0.9)		(112.7)		179.3		(51.4)		211.8
Net realized capital gains (losses) on funds withheld assets			39.4		19.0		47.5		45.2		1.0		151.1		171.7
Change in fair value of funds withheld embedded derivative			(776.8)		232.9		197.0		(1,478.6)		925.6		(1,825.5)		(259.3)
Total revenues			3,011.6		4,310.8		4,053.3		2,690.8		4,598.7		14,066.5		14,125.8
Benefits, claims and settlement expenses			1,778.1		2,077.9		2,069.7		2,469.6		1,710.6		8,395.3		7,214.4
Liability for future policy benefits remeasurement (gain) loss			122.5		444.8		(1.7)		(4.4)		(42.3)		561.2		(43.7)
Market risk benefit remeasurement (gain) loss			54.0		(0.4)		(14.5)		20.5		18.4		59.6		5.1
Dividends to policyholders			14.9		23.9		29.3		21.9		21.0		90.0		90.0
Operating expenses			1,335.9		1,320.7		1,343.4		1,290.4		1,286.1		5,290.4		5,016.4
Total expenses			3,305.4		3,866.9		3,426.2		3,798.0		2,993.8		14,396.5		12,282.2
Income (loss) before income taxes			(293.8)		443.9		627.1		(1,107.2)		1,604.9		(330.0)		1,843.6
Income taxes			(100.4)		87.1		95.1		(268.0)		354.8		(186.2)		325.5
Net income (loss)			(193.4)		356.8		532.0		(839.2)		1,250.1		(143.8)		1,518.1
Net income (loss) attributable to noncontrolling interest			26.6		3.7		(0.5)		32.5		3.9		62.3		39.4
Net income (loss) attributable to Principal Financial Group, Inc.		$	(220.0)	$	353.1	$	532.5	$	(871.7)	$	1,246.2	$	(206.1)	$	1,478.7

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,
			Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Non-GAAP Operating Earnings (Losses)
Net income (loss) attributable to Principal Financial Group, Inc.		$	(220.0)	$	353.1	$	532.5	$	(871.7)	$	1,246.2	$	(206.1)	$	1,478.7
(Income) loss from exited business ^			639.1		3.1		(156.1)		1,170.8		(701.8)		1,656.9		248.0
Net income (loss) attributable to PFG excluding exited business			419.1		356.2		376.4		299.1		544.4		1,450.8		1,726.7
Net realized capital (gains) losses			(77.4)		15.2		0.9		112.7		(179.3)		51.4		(211.8)
Net realized capital (gains) losses after-tax adjustments ^			70.3		14.7		17.0		28.7		54.6		130.7		41.7
Non-GAAP operating earnings (losses) *			412.0		386.1		394.3		440.5		419.7		1,632.9		1,556.6
Income taxes *			87.8		100.0		77.9		99.3		161.6		365.0		385.2
Non-GAAPpre-tax operating earnings (losses) *		$	499.8	$	486.1	$	472.2	$	539.8	$	581.3	$	1,997.9	$	1,941.8

This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 6 and 30-33. ^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 32.

Principal Financial Group, Inc.

Consolidated Financial Metrics

(in millions)

				Three Months Ended,					Trailing Twelve Months,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Non-GAAPPre-Tax Operating Earnings (Losses)
Income (loss) before income taxes	$	(293.8)	$	443.9	$	627.1	$	(1,107.2)	$	1,604.9	$	(330.0)	$	1,843.6
Net realized capital (gains) losses		(77.4)		15.2		0.9		112.7		(179.3)		51.4		(211.8)
Net realized capital (gains) losses pre-tax adjustments ^		49.1		6.4		30.7		46.0		23.8		132.2		(20.5)
Non-GAAPpre-tax operating (earnings) losses attributable to noncontrolling interest *		(13.2)		(1.8)		(2.3)		(14.8)		(7.4)		(32.1)		(25.2)
Income taxes related to equity method investments		26.0		18.5		13.4		21.0		18.5		78.9		64.7
Pre-tax (income) loss from exited business ^		809.1		3.9		(197.6)		1,482.1		(879.2)		2,097.5		291.0
Non-GAAPpre-tax operating earnings (losses) *	$	499.8	$	486.1	$	472.2	$	539.8	$	581.3	$	1,997.9	$	1,941.8
Operating Revenues
Total revenues	$	3,011.6	$	4,310.8	$	4,053.3	$	2,690.8	$	4,598.7	$	14,066.5	$	14,125.8
Net realized capital (gains) losses		(77.4)		15.2		0.9		112.7		(179.3)		51.4		(211.8)
Net realized capital (gains) losses revenue adjustments ^		(41.7)		(38.4)		(31.9)		(29.0)		(46.9)		(141.0)		(106.1)
Market risk benefit derivative settlements		11.6		11.4		11.3		10.9		11.9		45.2		44.6
Income taxes related to equity method investments		26.0		18.5		13.4		21.0		18.5		78.9		64.7
Revenues from exited business		741.0		(244.8)		(242.3)		1,435.7		(924.9)		1,689.6		87.8
Operating revenues *	$	3,671.1	$	4,072.7	$	3,804.7	$	4,242.1	$	3,478.0	$	15,790.6	$	14,005.0
Operating Expenses
Total operating expenses	$	1,335.9	$	1,320.7	$	1,343.4	$	1,290.4	$	1,286.1	$	5,290.4	$	5,016.4
Net realized capital (gains) losses operating expense adjustments ^		(36.7)		(11.8)		(35.6)		(12.3)		(22.5)		(96.4)		(24.9)
Expenses from exited business		(20.4)		(19.7)		(20.8)		(22.4)		(22.4)		(83.3)		(95.3)
Operating expenses *	$	1,278.8	$	1,289.2	$	1,287.0	$	1,255.7	$	1,241.2	$	5,110.7	$	4,896.2

				Three Months Ended,					Trailing Twelve Months,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Segment Pre-Tax Operating Earnings (Losses)
Retirement and Income Solutions	$	246.1	$	267.8	$	262.2	$	264.6	$	304.7	$	1,040.7	$	990.8
Principal Asset Management		268.7		189.4		187.1		219.3		222.4		864.5		814.7
Benefits and Protection		64.4		132.3		111.8		144.4		169.0		452.9		531.3
Corporate		(79.4)		(103.4)		(88.9)		(88.5)		(114.8)		(360.2)		(395.0)
Pre-tax operating earnings (losses) *	$	499.8	$	486.1	$	472.2	$	539.8	$	581.3	$	1,997.9	$	1,941.8

				Three Months Ended,					Trailing Twelve Months,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Sep-24		Sep-23
Categories of Segment Operating Expenses
Commission expense	$	273.6	$	258.7	$	263.7	$	241.7	$	231.9	$	1,037.7	$	920.8
Capitalization of DAC and contract costs		(128.1)		(111.9)		(122.5)		(108.6)		(105.4)		(471.1)		(424.2)
Amortization of DAC and contract costs		91.8		91.8		90.6		91.1		90.0		365.3		354.4
Depreciation and amortization		46.5		45.5		48.7		49.9		50.8		190.6		205.6
Interest expense on corporate debt		42.6		42.5		42.7		42.4		42.5		170.2		176.9
Compensation and other		952.4		962.6		963.8		939.2		931.4		3,818.0		3,662.7
Operating expenses *	$	1,278.8	$	1,289.2	$	1,287.0	$	1,255.7	$	1,241.2	$	5,110.7	$	4,896.2

* 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 32.

Principal Financial Group, Inc.

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

							Period Ended,
		Sep-24		Jun-24		Mar-24		Dec-23		Sep-23		Jun-23		Mar-23
Assets
Total inv estments	$	102,647.7	$	99,157.3	$	98,912.7	$	98,320.4	$	93,982.8	$	96,792.3	$	98,031.2
Cash and cash equiv alents		6,174.5		4,816.6		4,168.4		4,707.7		4,564.3		4,073.9		4,640.9
Accrued inv estment income		840.2		822.7		838.6		786.2		819.1		778.1		797.7
Reinsurance recov erable and deposit receiv able		20,057.9		19,734.8		20,098.3		20,611.7		20,507.8		20,585.2		21,170.2
Premiums due and other receiv ables		3,730.2		3,989.9		3,920.0		3,998.8		3,897.0		3,858.2		3,837.6
Deferred acquisition costs		3,992.2		3,972.9		3,965.5		3,950.5		3,948.4		3,949.9		3,948.3
Market risk benefit asset		162.6		212.3		201.9		153.4		173.1		148.6		107.3
Property and equipment		798.2		805.9		913.5		938.4		958.1		957.7		986.2
Goodwill		1,597.1		1,569.8		1,569.1		1,608.5		1,593.6		1,638.4		1,636.1
Other intangibles		1,424.4		1,419.0		1,435.5		1,469.8		1,480.4		1,518.3		1,535.5
Separate account assets		180,653.5		171,399.8		171,788.2		167,605.6		155,478.2		164,210.6		162,000.8
Other assets		779.2		876.3		871.8		895.7		833.9		964.4		1,005.1
Total assets	$	322,857.7	$	308,777.3	$	308,683.5	$	305,046.7	$	288,236.7	$	299,475.6	$	299,696.9
Liabilities
Contractholder funds	$	42,499.4	$	41,681.3	$	42,004.4	$	41,501.1	$	42,303.9	$	42,379.9	$	42,958.0
Future policy benefits and claims		49,832.6		46,987.8		46,096.3		46,826.5		42,974.6		44,612.2		44,988.6
Other policyholder funds		911.4		887.4		880.0		916.8		946.0		943.7		930.9
Market risk benefit liability		96.0		69.3		99.6		133.2		112.5		136.1		194.4
Short-term debt		37.3		49.9		50.7		61.1		23.8		26.3		24.2
Long-term debt		3,932.9		3,932.2		3,931.5		3,930.9		3,930.2		3,992.9		4,688.6
Income taxes currently payable		9.4		10.4		7.7		11.9		10.0		7.6		24.6
Deferred income taxes		1,770.3		1,739.7		1,728.7		1,613.3		1,481.4		1,406.0		1,417.1
Separate account liabilities		180,653.5		171,399.8		171,788.2		167,605.6		155,478.2		164,210.6		162,000.8
Funds withheld payable		19,076.3		18,554.6		19,060.4		19,629.5		18,557.7		19,921.8		20,524.4
Other liabilities		12,445.4		12,128.5		11,434.8		11,606.2		11,436.0		11,182.3		11,411.8
Total liabilities		311,264.5		297,440.9		297,082.3		293,836.1		277,254.3		288,819.4		289,163.4
Redeemable noncontrolling interest		311.8		277.4		370.8		248.9		259.5		266.7		272.7
Stockholders' Equity
Common stock, at par		4.9		4.9		4.9		4.9		4.9		4.9		4.9
Additional paid-in capital		11,045.2		11,005.5		10,954.1		10,908.6		10,870.2		10,831.9		10,790.9
Retained earnings (1)		16,847.0		17,235.3		17,050.6		16,683.5		17,717.0		16,629.9		16,398.8
Treasury stock		(12,074.7)		(11,820.5)		(11,568.0)		(11,335.7)		(11,079.6)		(10,877.0)		(10,775.4)
Accumulated other comprehensiv e income:
Net unrealized gains (losses) on AFS securities (2)		(2,777.9)		(4,854.8)		(4,358.0)		(4,016.9)		(7,112.6)		(5,288.3)		(4,740.1)
Liability for future policy benefits discount rate remeasurement gain (loss)		59.0		1,376.4		982.9		428.2		2,082.8		709.2		200.0
Market risk benefit nonperformance risk remeasurement gain (loss)		(19.8)		(14.5)		(15.6)		(6.9)		6.5		24.4		30.0
Net foreign currency translation adjustment		(1,603.6)		(1,672.5)		(1,617.2)		(1,498.0)		(1,562.4)		(1,431.1)		(1,440.9)
Net unrecognized postretirement benefit obligations		(242.7)		(246.4)		(248.2)		(251.7)		(255.2)		(259.4)		(250.3)
Total stockholders' equity attributable to PFG (1)		11,237.4		11,013.4		11,185.5		10,916.0		10,671.6		10,344.5		10,217.9
Noncontrolling interest		44.0		45.6		44.9		45.7		51.3		45.0		42.9
Total stockholders' equity (1)		11,281.4		11,059.0		11,230.4		10,961.7		10,722.9		10,389.5		10,260.8

Total liabilities and stockholders' equity (1)	$	322,857.7	$	308,777.3	$	308,683.5	$	305,046.7	$	288,236.7	$	299,475.6	$	299,696.9

(1) Includes cumulativ e change in fair v alue of funds withheld embedded deriv ativ e	$	1,753.9	$	2,367.5	$	2,183.5	$	2,027.9	$	3,195.9	$	2,464.8	$	2,390.6
See also non-GAAP financial measure reconciliations on pages 30-33.
(2) Includes net unrealized gains (losses) on fixed maturities, av ailable-for-sale associated with
external funds withheld	$	(1,098.1)	$	(1,632.5)	$	(1,427.5)	$	(1,250.6)	$	(2,308.0)	$	(1,629.8)	$	(1,519.0)

Attachments

Disclaimer

Principal Financial Group Inc. published this content on October 24, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 24, 2024 at 20:22:57.860.