# EDGAR Filing Document

**Accession Number:** 0001126328
**File Stem:** 0001104659-25-071214
**Filing Date:** 2025-7
**Character Count:** 38153
**Document Hash:** a181774a1daaa847e94261f55cda2165
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-071214.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001104659-25-071214

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FINANCIAL GROUP INC
- **CENTRAL INDEX KEY:** 0001126328
- **STANDARD INDUSTRIAL CLASSIFICATION:** ACCIDENT & HEALTH INSURANCE [6321]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 421520346
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16725
- **FILM NUMBER:** 251156379

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 5152475111

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report: **July 28, 2025**

(Date of earliest event reported)

**PRINCIPAL FINANCIAL GROUP, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-16725** | **42-1520346** |
| (State or other jurisdiction | (Commission file number) | (I.R.S. Employer |
| of incorporation) |  | Identification Number) |

---

**711 High Street, Des Moines, Iowa 50392**

(Address of principal executive offices)

**(515) 247-5111**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) <br>

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) <br>

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) <br>

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) <br>

◻ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;◻

◻ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | PFG | Nasdaq Global Select Market |

---

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On July 28, 2025, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter ended June 30, 2025. The text of the announcement is included herewith as Exhibit 99.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

[99](tm2521854d1_ex99.htm) [Second Quarter 2025 Earnings Release](tm2521854d1_ex99.htm)

104 Cover Page to this Current Report on Form 8-K in Inline XBRL

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| PRINCIPAL FINANCIAL GROUP, INC. | PRINCIPAL FINANCIAL GROUP, INC. |
| By: | /s/ Joel Pitz&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: Joel Pitz | Name: Joel Pitz |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

Date:&nbsp;&nbsp;&nbsp;&nbsp; July 28, 2025

## Ex-99

**Exhibit 99**

![](tm2521854d1_ex99img001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **INVESTOR CONTACT:** | **INVESTOR CONTACT:** | **MEDIA CONTACT:** | **MEDIA CONTACT:** |
| Humphrey Lee | 877-909-1105, <u>lee.humphrey@principal.com</u> | Sara Bonney | 15-878-0835, <u>bonney.sara@principal.com</u> |

---

**Principal Financial Group Announces Second Quarter 2025 Results**

Raises third quarter 2025 common stock dividend

(Des Moines, Iowa) – Principal Financial Group<sup>®</sup> (Nasdaq: PFG) announced results for second quarter 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Diluted earnings per common share** | &nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **Net income attributable to PFG<br> (in millions)** | &nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;Net income attributable to PFG | &nbsp;&nbsp;$1.79 | &nbsp;&nbsp;&nbsp;Net income attributable to PFG | &nbsp;&nbsp;$406 |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | &nbsp;&nbsp;$1.91 | &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | &nbsp;&nbsp;$432 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | &nbsp;&nbsp;$2.16 | &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | &nbsp;&nbsp;$489 |

---

**Second Quarter 2025 Highlights**

· Non-GAAP operating earnings per diluted share, excluding significant variances<sup>2</sup>
of $2.07 increased 18% over prior year quarter

· Returned $320 million of capital to shareholders, including $150 million of
share repurchases and $170 million of common stock dividends

· Raised third quarter 2025 common stock dividend to $0.78
per share, a 2-cent increase over the second quarter 2025 dividend, an 8% increase over third quarter 2024 dividend and an 8% increase
on a trailing twelve-month basis

· Assets under management (AUM) of $753 billion, which is included in assets
under administration (AUA) of $1.7 trillion

· Strong financial position with $1.4 billion of excess and
available capital

---

| |
|:---|
| **Deanna Strable, President and CEO of Principal<sup>®</sup>** |
| "Our continued focus on high-growth markets, competitive advantages, and execution led to strong EPS growth and continued ROE expansion in 2Q25, bringing ROE to the midpoint of our targeted range. We delivered on our commitment to return excess capital to shareholders, while maintaining our strong capital position. |
| We are well positioned to deliver on our full year enterprise outlook across our financial metrics and enter the second half of the year with momentum in our business and confidence in our strategy." |

---

<sup>1</sup> Use of non-GAAP financial measures and their reconciliations to the most directly comparable GAAP measures are included in this release. Non-GAAP operating earnings for total company is after tax.

<sup>2</sup> The total company impacts of significant variances, is after tax. See Exhibit 1 for details on the impact of 2Q 2025 and 2Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

**Second Quarter Enterprise Results**

In millions except percentages, earnings per share, or otherwise noted

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
|  | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to PFG | &nbsp;&nbsp;$406.2 | &nbsp;&nbsp;$353.1 | &nbsp;&nbsp;15% | &nbsp;&nbsp;$1139.7 | &nbsp;&nbsp;$1260.1 | &nbsp;&nbsp;(10)% |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$432.3 | &nbsp;&nbsp;$356.2 | &nbsp;&nbsp;21% | &nbsp;&nbsp;$1504.3 | &nbsp;&nbsp;$1576.1 | &nbsp;&nbsp;(5)% |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$489.3 | &nbsp;&nbsp;$386.1 | &nbsp;&nbsp;27% | &nbsp;&nbsp;$1763.9 | &nbsp;&nbsp;$1640.6 | &nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;**Diluted earnings per common share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to PFG | &nbsp;&nbsp;$1.79 | &nbsp;&nbsp;$1.49 | &nbsp;&nbsp;20% |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$1.91 | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;27% |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$2.16 | &nbsp;&nbsp;$1.63 | &nbsp;&nbsp;33% |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings, excluding significant variances<sup>2</sup> | &nbsp;&nbsp;$2.07 | &nbsp;&nbsp;$1.76 | &nbsp;&nbsp;18% |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets under administration (billions) | &nbsp;&nbsp;$1737.8 | &nbsp;&nbsp;$1620.3 | &nbsp;&nbsp;7% |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$752.7 | &nbsp;&nbsp;$699.2 | &nbsp;&nbsp;8% |  |  |  |
| &nbsp;&nbsp;&nbsp;AUM net cash flow (billions) | &nbsp;&nbsp;$(2.6) | &nbsp;&nbsp;$(2.1) | &nbsp;&nbsp;(24)% |  |  |  |

---

**Second Quarter Segment Highlights**

· Retirement and Income Solutions (RIS) transfer deposits increased 8% over
2Q24; small to midsized business recurring deposits up 7% from the year ago quarter

· Investment Management revenue increased 6% over 2Q24; margin improved 360
basis points from the year ago quarter to 38% due to increased management and performance fees and expense discipline

· Specialty Benefits incurred loss ratio improved 130 basis points from 2Q24

· Life Insurance premium and fees growth of 5% over 2Q24 driven by 17% growth
in the business market segment

**Segment Results**

In millions except percentages, or otherwise noted

**Retirement and Income Solutions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
|  | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;Pre-tax operating earnings<sup>3</sup> | &nbsp;&nbsp;$292.1 | &nbsp;&nbsp;$267.8 | &nbsp;&nbsp; 9% | &nbsp;&nbsp;$1102.0 | &nbsp;&nbsp;$1099.3 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Net revenue<sup>4</sup> | &nbsp;&nbsp;$713.9 | &nbsp;&nbsp;$700.9 | &nbsp;&nbsp; 2% | &nbsp;&nbsp;$2846.7 | &nbsp;&nbsp;$2792.6 | &nbsp;&nbsp;2% |
| &nbsp;&nbsp;Operating margin<sup>5</sup> | &nbsp;&nbsp;40.9% | &nbsp;&nbsp;38.2% |  | &nbsp;&nbsp;38.7% | &nbsp;&nbsp;39.4% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $24.3 million
primarily due to higher net revenue and margin expansion while investing in the business.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $13.0 million due to growth
in the business.

**Investment Management**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
|  | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | &nbsp;&nbsp;$157.9 | &nbsp;&nbsp;$133.6 | &nbsp;&nbsp; 18% | &nbsp;&nbsp;$597.2 | &nbsp;&nbsp;$544.7 | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;&nbsp;Operating revenues less pass-through expenses<sup>6</sup> | &nbsp;&nbsp;$429.0 | &nbsp;&nbsp;$406.5 | &nbsp;&nbsp; 6% | &nbsp;&nbsp;$1708.5 | &nbsp;&nbsp;$1626.1 | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;Operating margin<sup>7</sup> | &nbsp;&nbsp;37.5% | &nbsp;&nbsp;33.9% |  | &nbsp;&nbsp;35.8% | &nbsp;&nbsp;34.0% |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$579.6 | &nbsp;&nbsp;$540.1 | &nbsp;&nbsp;7% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $24.3 million primarily driven
by higher operating revenues less pass-through expenses and margin expansion.

&nbsp;&nbsp;&nbsp;&nbsp;· **Operating revenues less pass-through expenses** increased $22.5 million
primarily due to higher management and performance fees.

<sup>3</sup> Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

<sup>4</sup> Net revenue = operating revenues less: benefits, claims and settlement expenses, liability for future policy benefits remeasurement (gain) loss, market risk benefit remeasurement (gain) loss, and dividends to policyholders.

<sup>5</sup> Operating margin for Retirement and Income Solutions = pre-tax operating earnings divided by net revenue.

<sup>6</sup> The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the release. The company has determined this measure is more representative of underlying operating revenues growth for Investment Management as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings.

<sup>7</sup> Operating margin for Investment Management = pre-tax operating earnings adjusted for noncontrolling interest divided by operating revenues less pass-through expenses.

**International Pension**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
|  | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;2Q25 | &nbsp;&nbsp;2Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | &nbsp;&nbsp;$78.5 | &nbsp;&nbsp;$55.7 | &nbsp;&nbsp; 41% | &nbsp;&nbsp;$311.5 | &nbsp;&nbsp;$273.4 | &nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;Net revenue | &nbsp;&nbsp;$159.2 | &nbsp;&nbsp;$141.4 | &nbsp;&nbsp; 13% | &nbsp;&nbsp;$638.1 | &nbsp;&nbsp;$629.1 | &nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;Operating margin<sup>8</sup> | &nbsp;&nbsp;49.3% | &nbsp;&nbsp;39.4% |  | &nbsp;&nbsp;48.8% | &nbsp;&nbsp;43.5% |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$143.4 | &nbsp;&nbsp;$130.5 | &nbsp;&nbsp;10% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $22.8 million primarily due to
higher net revenue.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $17.8 million primarily due to favorable encaje
performance in the current quarter compared to unfavorable performance in the year ago quarter.

**Specialty Benefits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | % Change | 2Q25 | 2Q24 | % Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | $127.6 | $108.7 | 17% | $482.7 | $477.8 | 1% |
| &nbsp;&nbsp;&nbsp;Premium and fees | $840.2 | $813.5 | 3% | $3314.1 | $3177.5 | 4% |
| &nbsp;&nbsp;&nbsp;Operating margin<sup>9</sup> | 15.2% | 13.4% |  | 14.6% | 15.0% |  |
| &nbsp;&nbsp;&nbsp;Incurred loss ratio | 60.2% | 61.5% |  | 60.0% | 60.0% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $18.9 million
due to growth in the business and more favorable underwriting experience.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $26.7 million driven by
growth in the business.

&nbsp;&nbsp;&nbsp;&nbsp;· **Incurred loss ratio** improved to 60.2% driven by more
favorable underwriting experience primarily in group disability and group life.

<sup>8</sup> Operating margin for International Pension = pre-tax operating earnings divided by net revenue.

<sup>9</sup> Operating margin for Benefits and Protection = pre-tax operating earnings divided by premium and fees.

**Life Insurance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | % Change | 2Q25 | 2Q24 | % Change |
| &nbsp;&nbsp;Pre-tax operating earnings (losses) | $20.0 | $23.6 | (15)% | $3.5 | $79.7 | (96)% |
| &nbsp;&nbsp;Premium and fees | $238.0 | $227.0 | 5% | $939.6 | $929.4 | 1% |
| &nbsp;&nbsp;Operating margin | 8.4% | 10.4% |  | 0.4% | 8.6% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** decreased $3.6 million driven by higher claims severity.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $11.0 million as strong business market growth offset the runoff of
 the legacy life business.

**Corporate**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | % Change | 2Q25 | 2Q24 | % Change |
| &nbsp;&nbsp;Pre-tax operating losses | &nbsp;&nbsp;$(81.2) | &nbsp;&nbsp;$(103.4) | &nbsp;&nbsp; 21% | &nbsp;&nbsp;$(370.1) | &nbsp;&nbsp;$(395.6) | &nbsp;&nbsp;6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating losses** decreased $22.2 million primarily due to higher net investment income
 and lower operating expenses.

**Common Stock Dividend**

&nbsp;&nbsp;&nbsp;&nbsp;· The
 company is announcing a third quarter cash dividend of $0.78 per share to holders of common
 shares. The dividend will be payable on Sept 26, 2025, to shareholders of record as of Sept
 4, 2025.

**Exhibit 1**

**Principal Financial Group**

**Impact of Significant Variances<sup>10</sup> on Net Income Attributable to PFG; Non-GAAP Net Income Attributable to PFG, Excluding Exited Business; and Non-GAAP Operating Earnings**

In millions except per share data

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | 2Q25 | 2Q24 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**20.7** | $**(29.4)** | $**(125.2)** | $**(80.5)** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | - | - | 20.6 | (0.1) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | 20.7 | (29.4) | (104.6) | (80.6) |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | - | - | (3.7) | 4.2 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP operating earnings** | **20.7** | **(29.4)** | **(108.3)** | **(76.4)** |
| &nbsp;&nbsp;&nbsp;Income taxes | 3.4 | (8.9) | (23.9) | 48.8 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP pre-tax operating earnings** | $**24.1** | $**(38.3)** | $**(132.2)** | $**(27.6)** |
| &nbsp;&nbsp;&nbsp;**Per diluted share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**0.09** | $**(0.13)** |  |  |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | - | - |  |  |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | 0.09 | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | - | - |  |  |
| &nbsp;&nbsp;&nbsp;**Non-GAAP operating earnings** | $**0.09** | $**(0.13)** |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average diluted common shares outstanding | 226.5 | 236.6 |  |  |
| &nbsp;&nbsp;&nbsp;**Segment pre-tax operating earnings (losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Retirement and Income Solutions | $(4.1) | $(13.0) | $(87.3) | $(3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Management | 4.8 |  | 4.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Pension | 7.8 | (14.3) | 33.2 | (5.0) |
| &nbsp;&nbsp;&nbsp;Principal Asset Management | 12.6 | (14.3) | 38.0 | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Benefits | 2.1 | (5.0) | (10.8) | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | (2.8) | (6.0) | (89.7) | (33.4) |
| &nbsp;&nbsp;&nbsp;Benefits and Protection | (0.7) | (11.0) | (100.5) | (28.2) |
| &nbsp;&nbsp;&nbsp;Corporate | 16.3 | - | 17.6 | 9.2 |
| &nbsp;&nbsp;&nbsp;**Total segment pre-tax operating earnings (losses)** | $**24.1** | $**(38.3)** | $**(132.2)** | $**(27.6)** |

---

**Income statement line item details of significant variances are available in our earnings conference call presentation on our <u>website</u>.**

<sup>10</sup> Significant variances (SVs) in 2Q25 include 1) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance, partially offset by higher than expected variable investment income in Corporate; 2) impact of higher than expected encaje performance, partially offset by Latin American inflation in International Pension; 3) impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance and Corporate. SVs in 2Q24 include 1) impact of lower than expected encaje performance in International Pension; 2) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance; 3) GAAP-only regulatory closed block dividend adjustment in Life Insurance. SVs on a trailing twelve months in 2Q25 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, and Life Insurance, partially offset by higher than expected variable investment income in Corporate; 2) impacts of 2024 actuarial assumption review; 3) higher than expected encaje performance and Latin American inflation in International Pension; 4) impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance, and Corporate.; 5) impact of GAAP-only regulatory closed block adjustment in Life Insurance; 6) impact of model refinement in Specialty Benefits. SVs on a trailing twelve months in 2Q24 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, Life Insurance partially offset by higher than expected variable investment income in Corporate; 2) impacts of 2023 actuarial assumption review; 3) higher than expected encaje performance, Latin American inflation, Latin American non-economic LDTI discount rate impacts, and other items in International Pension; 4) impact of GAAP-only regulatory closed block adjustment in Life Insurance.

**Earnings Conference Call**

On Tuesday, Jul. 29, 2025, at 10:00 a.m. (ET), President and Chief Executive Officer Deanna Strable and Executive Vice President and Chief Financial Officer Joel Pitz will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference call, which can be accessed as follows:

· Via
 live Internet webcast. Please go to <u>investors.principal.com</u> 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 <u>investors.principal.com</u>.

The company's financial supplement and slide presentation is currently available at <u>investors.principal.com</u>, 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, 2024, 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<sup>®11</sup>**

Principal Financial Group<sup>®</sup> (Nasdaq: PFG) is a global financial company with approximately 20,000 employees<sup>12</sup> passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we're helping over 70 million customers<sup>12</sup> plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce. Principal<sup>®</sup> is proud to be recognized as one of the 2025 World's Most Ethical Companies<sup>13</sup> and named as a "Best Places to Work in Money Management<sup>14</sup>." Learn more about Principal and our commitment to building a better future at <u>principal.com</u>.

###

**Summary of Principal Financial Group** **<sup>®</sup> and Segment Results**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
| &nbsp;&nbsp;**Principal Financial Group, Inc. Results** | 2Q25 | 2Q24 | 2Q25 | 2Q24 |
| &nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**406.2** | $**353.1** | $**1139.7** | $**1260.1** |
| &nbsp;&nbsp;(Income) loss from exited business | 26.1 | 3.1 | 364.6 | 316.0 |
| &nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG excluding exited business** | $**432.3** | $**356.2** | $**1504.3** | $**1576.1** |
| &nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | 57.0 | 29.9 | 259.6 | 64.5 |
| &nbsp;&nbsp;**Non-GAAP Operating Earnings\*** | $**489.3** | $**386.1** | $**1763.9** | $**1640.6** |
| &nbsp;&nbsp;Income taxes | 105.6 | 100.0 | 362.8 | 438.8 |
| &nbsp;&nbsp;**Non-GAAP Pre-Tax Operating Earnings** | $**594.9** | $**486.1** | $**2126.7** | $**2079.4** |
| &nbsp;&nbsp;**Segment Pre-Tax Operating Earnings (Losses):** |  |  |  |  |
| &nbsp;&nbsp;Retirement and Income Solutions | $292.1 | $267.8 | $1102.0 | $1099.3 |
| &nbsp;&nbsp;Principal Asset Management | 236.4 | 189.4 | 908.6 | 818.2 |
| &nbsp;&nbsp;Benefits and Protection | 147.6 | 132.3 | 486.2 | 557.5 |
| &nbsp;&nbsp;Corporate | (81.2) | (103.4) | (370.1) | (395.6) |
| &nbsp;&nbsp;**Total Segment Pre-Tax Operating Earnings** | $**594.9** | $**486.1** | $**2126.7** | $**2079.4** |

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<sup>11</sup> Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

<sup>12</sup> As of June 30, 2025

<sup>13</sup> Ethisphere, 2025

<sup>14</sup> Pensions & Investments, 2023

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Diluted Share** | **Per Diluted Share** | **Per Diluted Share** | **Per Diluted Share** |
|  | Three Months Ended, | Three Months Ended, | Six Months Ended, | Six Months Ended, |
|  | 2Q25 | 2Q24 | 2Q25 | 2Q24 |
| &nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**1.79** | $**1.49** | $**2.00** | $**3.72** |
| &nbsp;&nbsp;(Income) loss from exited business | 0.12 | 0.01 | 1.21 | (0.64) |
| &nbsp;&nbsp;**Non-GAAP net income (loss) excluding exited business** | $**1.91** | $**1.50** | $**3.21** | $**3.08** |
| &nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | 0.25 | 0.13 | 0.76 | 0.20 |
| &nbsp;&nbsp;**Non-GAAP Operating Earnings** | $**2.16** | $**1.63** | $**3.97** | $**3.28** |
| &nbsp;&nbsp;Impact of significant variances<sup>15</sup> | (0.09) | 0.13 | 0.02 | 0.23 |
| &nbsp;&nbsp;**Non-GAAP Operating Earnings, excluding significant variances** | $**2.07** | $**1.76** | $**3.99** | $**3.51** |
| &nbsp;&nbsp;**Weighted-average diluted common shares outstanding** (in millions) | **226.5** | **236.6** | **227.6** | **238.0** |

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**\*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.

**Selected Balance Sheet Statistics**

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| | | |
|:---|:---|:---|
|  | Period Ended, | Period Ended, |
|  | 2Q25 | 4Q24 |
| &nbsp;&nbsp;Total assets (in billions) | $323.1 | $313.7 |
| &nbsp;&nbsp;Stockholders' equity (in millions) | $11467.3 | $11131.3 |
| &nbsp;&nbsp;Total common equity (in millions) | $11415.3 | $11086.4 |
| &nbsp;&nbsp;Total common equity excluding cumulative change in fair value of funds withheld embedded derivative and accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions) | $12269.1 | $12144.0 |
| &nbsp;&nbsp;End of period common shares outstanding (in millions) | 223.2 | 226.2 |
| &nbsp;&nbsp;Book value per common share | $51.14 | $49.01 |
| &nbsp;&nbsp;Book value per common share excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment | $54.97 | $53.69 |

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<sup>15</sup> See Exhibit 1 for details on the impact of 2Q 2025 and 2Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

**Principal Financial Group, Inc.**

**Reconciliation of U.S. GAAP to Non-GAAP Financial Measures**

**(in millions, except as indicated)**

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| | | |
|:---|:---|:---|
|  | Period Ended, | Period Ended, |
|  | 2Q25 | 4Q24 |
| &nbsp;&nbsp;**Stockholders' Equity, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:** |  |  |
| &nbsp;&nbsp;Stockholders' equity | $11467.3 | $11131.3 |
| &nbsp;&nbsp;Noncontrolling interest | (52.0) | (44.9) |
| &nbsp;&nbsp;Stockholders' equity available to common stockholders | 11415.3 | 11086.4 |
| &nbsp;&nbsp;Cumulative change in fair value of funds withheld embedded derivative | (2231.7) | (2381.3) |
| &nbsp;&nbsp;AOCI, other than foreign currency translation adjustment | 3085.5 | 3438.9 |
| &nbsp;&nbsp;Stockholders' equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders | $12269.1 | $12144.0 |
| &nbsp;&nbsp;**Book Value Per Common Share, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment:** |  |  |
| &nbsp;&nbsp;Book value per common share | $51.14 | $49.01 |
| &nbsp;&nbsp;Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment | 3.83 | 4.68 |
| &nbsp;&nbsp;Book value per common share, excluding change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment | $54.97 | $53.69 |

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**Principal Financial Group, Inc.**

**Reconciliation of U.S. GAAP to Non-GAAP Financial Measures**

**(in millions)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | 2Q25 | 2Q24 |
| &nbsp;&nbsp;**Income Taxes:** |  |  |  |  |
| &nbsp;&nbsp;Total GAAP income taxes (benefit) | $69.6 | $87.1 | $145.1 | $269 |
| &nbsp;&nbsp;Net realized capital gains (losses) tax adjustments | 13.4 | (6.3) | 49.9 | 5.9 |
| &nbsp;&nbsp;Exited business tax adjustments | 7 | 0.8 | 93.1 | 93.2 |
| &nbsp;&nbsp;Income taxes related to equity method investments and noncontrolling interest | 15.6 | 18.4 | 74.7 | 70.7 |
| &nbsp;&nbsp;Income taxes | $105.6 | $100 | $362.8 | $438.8 |
| &nbsp;&nbsp;**Net Realized Capital Gains (Losses):** |  |  |  |  |
| &nbsp;&nbsp;GAAP net realized capital gains (losses) | $5.4 | $(15.2) | $(122.9) | $50.5 |
| &nbsp;&nbsp;Market value adjustments to fee revenues |  | 0.1 | (0.1) | 1.2 |
| &nbsp;&nbsp;Net realized capital gains (losses) related to equity method investments | (0.2) | (3.6) | 1 | (13.4) |
| &nbsp;&nbsp;Derivative and hedging-related revenue adjustments | (37.3) | 17 | (39.6) | 61.3 |
| &nbsp;&nbsp;Certain variable annuity fees | 16.6 | 18 | 68.7 | 72.7 |
| &nbsp;&nbsp;Sponsored investment funds and other adjustments | 8.2 | 6.9 | 32.4 | 24.4 |
| &nbsp;&nbsp;Capital gains distributed – operating expenses | (8.0) | (11.8) | (37.7) | (82.2) |
| &nbsp;&nbsp;Amortization of actuarial balances | (3.1) | (0.1) | (6.5) | (0.6) |
| &nbsp;&nbsp;Derivative and hedging-related expense adjustments | 4.4 | 1.1 | 1.6 | 1.5 |
| &nbsp;&nbsp;Market value adjustments of embedded derivatives | 4.3 | (6.0) | (32.3) | (16.7) |
| &nbsp;&nbsp;Market value adjustments of market risk benefits | (23.5) | (8.1) | (106.5) | (65.2) |
| &nbsp;&nbsp;Capital gains distributed – cost of interest credited | (11.5) | (19.9) | (21.4) | (89.9) |
| &nbsp;&nbsp;Net realized capital gains (losses) tax adjustments | 13.4 | (6.3) | 49.9 | 5.9 |
| &nbsp;&nbsp;Net realized capital gains (losses) attributable to noncontrolling interest, after-tax | (25.7) | (2.0) | (46.2) | (14.0) |
| &nbsp;&nbsp;Total net realized capital gains (losses) after-tax adjustments | (62.4) | (14.7) | (136.7) | (115.0) |
| &nbsp;&nbsp;Net realized capital gains (losses), as adjusted | $(57.0) | $(29.9) | $(259.6) | $(64.5) |
| &nbsp;&nbsp;**Income (Loss) from Exited Business:** |  |  |  |  |
| &nbsp;&nbsp;Pre-tax impacts of exited business: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of reinsurance gains (losses) | $(20.4) | $(417.5) | $(208.8) | $(453.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other impacts of exited business | (36.7) | 161.7 | (129.9) | 55.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital gains (losses) on funds withheld assets | 3.7 | 19 | 52.9 | 112.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of funds withheld embedded derivative | 20.3 | 232.9 | (171.9) | (123.1) |
| &nbsp;&nbsp;Tax impacts of exited business | 7 | 0.8 | 93.1 | 93.2 |
| &nbsp;&nbsp;Total income (loss) from exited business | $(26.1) | $(3.1) | $(364.6) | $(316.0) |

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**Principal Financial Group, Inc.**

**Reconciliation of U.S. GAAP to Non-GAAP Financial Measures**

**(in millions)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 2Q25 | 2Q24 | 2Q25 | 2Q24 |
| &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** |
| &nbsp;&nbsp;Operating revenues | $467.2 | $444.2 | $1861.9 | $1772.1 |
| &nbsp;&nbsp;Commissions and other expenses | (38.2) | (37.7) | (153.4) | (146.0) |
| &nbsp;&nbsp;Operating revenues less pass-through expenses | $429.0 | $406.5 | $1708.5 | $1626.1 |

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