INSURANCE

Indianapolis-based insurance giant OneAmerica announced July 17 that it appointed two native Hoosiers to fill high-profile positions.

Jennifer Pittman was promoted to assistant vice president for community affairs, replacing 27-year OneAmerica veteran Jim Freeman after his May retirement.

Pittman will report to Kelly Huntington, who is senior vice president of enterprise strategy. Pittman's former position, public relations director, is now held by Lou Ann Baker, who's new to the OneAmerica team.

Pittman's and Baker's experience in strategic communications and public affairs date back to the 2000s and 1980s, respectively.

Among other public- and private-sector roles, Baker served as director of communications in the office of former Indiana Lt. Gov. Sue Ellspermann, and Pittman served as director of marketing in the office of fonner Indianapolis Mayor Greg Ballard.

"We've been committed to community engagement throughout our 140-year history," Scott Davison, OneAmerica's chairman, president and CEO, said in prepared remarks. "By filling these two key outreach roles with local leaders, we will further our connections to nonprofit and civic organizations that strengthen our hometown."

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa” (Superior) of the life insurance subsidiaries of Western & Southern Financial Group, Inc. (WSFG). The WSFG subsidiaries included in this rating unit are The Western and Southern Life Insurance Company (WSLIC), Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company (White Plains, NY) and The Lafayette Life Insurance Company (collectively referred to as W&SF Group). WSFG is an intermediate stock holding company of the ultimate parent company, Western & Southern Mutual Holding Company. All companies are domiciled in Cincinnati, OH, unless otherwise specified.

Concurrently, AM Best has revised the outlooks to positive from stable and affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa” (Superior) of Gerber Life Insurance Company (Gerber Life) (White Plains, NY). In addition, AM Best has revised the outlooks to positive from stable and affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) on the senior unsecured notes of WSFG, as well as the Long-Term IRs of “a+” (Excellent) of WSLIC’s unaffiliated surplus notes. (See below for a detailed list of the Long-Term IRs.)

The ratings reflect W&SF Group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and very strong enterprise risk management (ERM).

The ratings of Gerber Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM. The ratings also reflect implicit support from the greater organization.

The positive outlooks are driven by a trend of improving overall operating performance metrics over the past five years for W&SF Group. In addition, the group is expected to maintain its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and very strong ERM. The BCAR has declined gradually over the past five years as the group has written substantial volumes of annuity business through select distribution channels; however, the business is anticipated to continue generating a differentiated spread that will build available capital and offset near-term acquisition cost strain. The group maintains a liquidity plan under its ERM framework that could be exercised quickly if a stress in its asset portfolio is experienced; however, the impact of lower market prices has not been tested fully for the allocation to structured securities, private credit and concentration in certain real estate investments. As a leading mutual holding company in the U.S. life insurance and annuity (L/A) market, the group exhibits financial flexibility with a track record of access to various liquidity sources, including senior notes, a bank line of credit facility, surplus notes and Federal Home Loan Bank membership. W&SF Group utilizes an internal investment management team and minimal outbound annuity coinsurance to unaffiliated or affiliated reinsurers, which enhances the group’s quality of capital, although it has some goodwill and net deferred tax assets. Overall, the experienced management team has a history of insurance industry solutions expertise, and the group’s strategy has been successful at improving the level and stability of returns on available capital on a statutory and GAAP basis. The group’s operating and financial leverage ratios and interest coverage are within AM Best’s tolerance.

Partially offsetting these positive rating factors is W&SF Group’s exposure to a decline in interest rates and potential spikes in near-term liquidity needs; however, the group has generated substantial growth from a range of new sources in recent years, including funding agreement-backed notes, and it remains disciplined about the volume and mix of business it writes. The group faces ongoing competition from mutual and stock companies in the highly competitive U.S. L/A market, although the organization has expanded its well-diversified product portfolio in support of a strong distribution network. The group has some guaranteed minimum death and withdrawal benefits that are particularly sensitive to equity and fixed income markets; however, these guarantees are mostly hedged and the company manages its economic capital ratio above a target range.

The positive outlooks for Gerber Life are attributed to its growing contribution to the group’s overall premium, reserve, and statutory and GAAP earnings levels. Gerber Life has a very strong brand name recognition among consumers and was among the first to use digital distribution through independent agents to enhance access to guaranteed issue life insurance protection for the senior and juvenile markets. Fabric by Gerber Life also continues to support the leverage of the greater organization in the direct-to-consumer space.

AM Best will continue to monitor the impacts of the macroeconomic environment on the company’s overall balance sheet metrics, including its investment performance, watch lists and asset-liability mismatch and liquidity risks should liability demands in a stressed scenario become unexpectedly due before asset proceeds; and whether overall operating performance metrics continue to trend toward and remain within the levels of the strong industry composite under W&SF Group’s current business plan.

The following Long-Term IRs have been affirmed with the outlooks revised to positive from stable:

Western & Southern Financial Group, Inc.—

-- “a” (Excellent) on $500 million 5.75% senior unsecured notes, due 2033

The Western and Southern Life Insurance Company—

-- “a+” (Excellent) on $500 million 3.75% surplus notes, due 2061

-- “a+” (Excellent) on $500 million 5.15% surplus notes, due 2049

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423939522/en/

Stratos Laskarides
Senior Financial Analyst

+1 908 882 1995

[email protected]

Wayne Kaminski
Associate Director, FLMI, MBA

+1 908 882 1916

[email protected]

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

[email protected]

Source: A.M. Best Rating Services, Inc.

Raises second quarter 2026 common stock dividend

DES MOINES, Iowa--(BUSINESS WIRE)--
Principal Financial Group^® (Nasdaq: PFG) announced results for first quarter 2026.

Diluted earnings per common share		1Q26		Earnings (in millions)		1Q26
Net income attributable to PFG		$1.93		Net income attributable to PFG		$425
Non-GAAP net income attributable to PFG, excluding exited business1		$1.45		Non-GAAP net income attributable to PFG, excluding exited business1		$321
Non-GAAP operating earnings1		$2.07		Non-GAAP operating earnings1		$456
Non-GAAP operating earnings excluding significant variances2		$2.17		Non-GAAP operating earnings excluding significant variances2		$479

First Quarter Segment Highlights (compared to 1Q25)

• RIS transfer deposits of $12 billion, up 35%

• Investment Management gross sales of $37 billion increased 21%

• International Pension record AUM of $160 billion increased 20%

• Specialty Benefits record sales of $213 million increased 24%

• Life Insurance business market premium and fees increased 15%

• Pre-tax operating earnings increased $18.4 million primarily due to higher net revenue and disciplined expense management.

• Net revenue increased $26.6 million due to favorable market performance and growth in the business.

• Pre-tax operating earnings increased $8.8 million primarily due to higher operating revenues less pass-through expenses and disciplined expense management.

• Operating revenues less pass-through expenses increased $10.0 million primarily due to higher management fees, resulting from higher AUM.

• Pre-tax operating earnings increased $12.2 million due to higher net revenue.

• Net revenue increased $22.6 million primarily due to foreign currency tailwinds, performance fees, and growth in the business.

• Pre-tax operating earnings increased $30.6 million primarily due to more favorable underwriting.

• Premium and fees increased $29.9 million driven by growth in the business, supported in part by record sales.

• Incurred loss ratio improved to 58.5% and was below targeted range driven by improved group life and group dental results along with continued strong group disability experience.

• Pre-tax operating earnings increased $19.9 million driven by improved mortality experience.

• Premium and fees increased $3.5 million as strong business market growth outpaced the run-off of the legacy life business.

• Pre-tax operating losses increased $16.5 million due to timing of expenses.

Common Stock Dividend

• Announced a second quarter cash dividend of $0.82 per share to holders on common shares. This represents a 2-cent increase over first quarter of 2026 and an 8% increase over the prior year quarter.

• The second quarter dividend will be payable on June 26, 2026, to shareholders of record as of June 1, 2026.

   

Income statement line item details of significant variances are available in our earnings conference call presentation on our website.

Earnings Conference Call

On Friday, Apr. 24, 2026, at 10:00 a.m. (ET), Chair, President and Chief Executive Officer Deanna Strable and Executive Vice President and Chief Financial Officer Joel Pitz will lead a discussion of results during a live conference call, which can be accessed as follows:

• Via live Internet webcast. Please go to investors.principal.com at least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software.

• Analysts who will be asking questions will be sent a dial in number and authorization code in advance of the call.

• Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at investors.principal.com.

The company’s financial supplement and slide presentation is currently available at investors.principal.com, and may be referred to during the call.

Forward Looking Statements

This release contains statements that constitute forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to share repurchases and planned dividends, the realization of our growth and business strategies and results from ongoing operations. Forward‑looking statements are made based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward‑looking statements are not guarantees of future performance and actual results may differ materially from the results anticipated in the forward-looking statements. We describe risks, uncertainties and factors that could cause or contribute to such material differences in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Note Concerning Forward-Looking Statements” sections in our annual report on Form 10-K for the year ended Dec. 31, 2025, as updated or supplemented from time to time in subsequent filings. We assume no obligation to update any forward-looking statement for any reason, which speaks as of its date.

Use of Non-GAAP Financial Measures

The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.

About Principal^®11

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with approximately 19,000 employees¹² passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we’re helping over 82 million customers¹² plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce. Principal is proud to be recognized as one of the 2026 World’s Most Ethical Companies¹³ and named as a “Best Place to Work in Money Management¹⁴.” Learn more about Principal and our commitment to building a better future at principal.com.

*U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings

Management uses non-GAAP operating earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, income (loss) from exited business and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal, ongoing operations of the company’s businesses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423360284/en/

INVESTOR CONTACT:
Humphrey Lee 877-909-1105, [email protected]

MEDIA CONTACT:
Sara Bonney 515-878-0835, [email protected]

Source: Principal Financial Group