# EDGAR Filing Document

**Accession Number:** 0001126328
**File Stem:** 0001104659-26-047680
**Filing Date:** 2026-4
**Character Count:** 41629
**Document Hash:** 351442b0f0e1e2531561477f51a49f1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-047680.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001104659-26-047680

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26888613

**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:** **April 23, 2026**

(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))

◻ 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 April 23, 2026, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter ended March 31, 2026. The text of the announcement is included herewith as Exhibit 99.

---

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

---

[99](tm2612531d1_ex99.htm) [First Quarter 2026 Earnings Release](tm2612531d1_ex99.htm) <br> 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 |
| Name: | Joel Pitz |
| Title: | Executive Vice President & Chief Financial Officer |

---

Date: April 23, 2026

## Ex-99

**Exhibit 99**

![](tm2612531d1_ex99sp1img001.jpg)

---

| | |
|:---|:---|
| **INVESTOR CONTACT**: | **MEDIA CONTACT:** |

---

Humphrey Lee 877-909-1105, <u>lee.humphrey@principal.com</u> Sara Bonney 515-878-0835, <u>bonney.sara@principal.com</u>

**Principal Financial Group Announces First Quarter 2026 Results**

Raises second quarter 2026 common stock dividend

(Des Moines, Iowa) – Principal Financial Group<sup>®</sup> (Nasdaq: PFG) announced results for first quarter 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Diluted earnings per common share** | **1Q26** | **Earnings (in millions)** | **1Q26** |
| &nbsp;&nbsp;&nbsp;Net income attributable to PFG | $1.93 | &nbsp;&nbsp;&nbsp;Net income attributable to PFG | $425 |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | $1.45 | &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | $321 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | $2.07 | &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | $456 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings excluding significant variances<sup>2</sup> | $2.17 | &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings excluding significant variances<sup>2</sup> | $479 |

---

**First Quarter 2026 Highlights**

· Non-GAAP operating earnings per diluted share, excluding significant
variances<sup>2</sup> of $2.17 increased 13% over prior year quarter; reported non-GAAP operating earnings per diluted share increased
14%

&nbsp;&nbsp;&nbsp;&nbsp;· Returned $374 million of capital to shareholders, including $200 million
of share repurchases and $174 million of common stock dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Announced common stock dividend increase
of $0.02 to $0.82 per share in the second quarter 2026; representing an 8% increase over the second quarter 2025 dividend and on
a trailing twelve-month basis

&nbsp;&nbsp;&nbsp;&nbsp;· Assets under management (AUM) of $770 billion, which is included in
assets under administration (AUA) of $1.8 trillion

&nbsp;&nbsp;&nbsp;&nbsp;· Strong financial position with $1.45 billion of excess and available
capital

&nbsp;&nbsp;**Deanna Strable, Chair, President and CEO of Principal<sup>®</sup>**<br>"Driven by fundamentals and a sharp focus on higher growth markets, we delivered strong revenue growth, EPS growth and ROE expansion in the quarter. We continue to execute on our commitment to return excess capital to shareholders while maintaining a robust capital position.<br>Entering 2Q26, we are confident in the strength of our diversified, integrated portfolio. Disciplined risk management and focused growth investments further enable the delivery of long-term value for shareholders and customers."<br>

**First Quarter Enterprise Results**

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

<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 1Q 2026 and 1Q 2025 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp; Change |
| &nbsp;&nbsp;Net income (loss) attributable to PFG | $424.6 | $48.1 | 783% | $1561.6 | $1086.6 | 44% |
| &nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$320.5 | &nbsp;&nbsp;$299.4 | &nbsp;&nbsp;7% | &nbsp;&nbsp;$1708.3 | &nbsp;&nbsp;$1428.2 | &nbsp;&nbsp;20% |
| &nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$456.1 | &nbsp;&nbsp;$414.5 | &nbsp;&nbsp;10% | &nbsp;&nbsp;$1907.1 | &nbsp;&nbsp;$1660.7 | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;Non-GAAP operating earnings, excluding significant variances<sup>2</sup> | &nbsp;&nbsp;$478.8 | &nbsp;&nbsp;$439.2 | &nbsp;&nbsp;9% | &nbsp;&nbsp;$1969.3 | &nbsp;&nbsp;$1819.1 | &nbsp;&nbsp;8% |
| &nbsp;&nbsp;**Diluted earnings per common share** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) attributable to PFG | &nbsp;&nbsp;$1.93 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;819% |  |  |  |
| &nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$1.45 | &nbsp;&nbsp;$1.31 | &nbsp;&nbsp;11% |  |  |  |
| &nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$2.07 | &nbsp;&nbsp;$1.81 | &nbsp;&nbsp;14% |  |  |  |
| &nbsp;&nbsp;Non-GAAP operating earnings, excluding significant variances<sup>2</sup> | &nbsp;&nbsp;$2.17 | &nbsp;&nbsp;$1.92 | 13% |  |  |  |
| &nbsp;&nbsp;Assets under administration (billions) | &nbsp;&nbsp;$1788.5 | &nbsp;&nbsp;$1661.6 | &nbsp;&nbsp;8% |  |  |  |
| &nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$770.2 | &nbsp;&nbsp;$717.9 | &nbsp;&nbsp;7% |  |  |  |
| &nbsp;&nbsp;AUM net cash flow (billions) | &nbsp;&nbsp;$(1.5) | &nbsp;&nbsp;$(4.4) | &nbsp;&nbsp;$2.9 | &nbsp;&nbsp;$(5.9) | &nbsp;&nbsp;$(8.8) | &nbsp;&nbsp;$2.9 |

---

**First Quarter Segment Highlights (compared to 1Q25)**

&nbsp;&nbsp;&nbsp;&nbsp;· RIS transfer deposits of $12 billion, up 35%

&nbsp;&nbsp;&nbsp;&nbsp;· Investment Management gross sales of $37 billion increased
21%

&nbsp;&nbsp;&nbsp;&nbsp;· International Pension record AUM of $160 billion increased
20%

&nbsp;&nbsp;&nbsp;&nbsp;· Specialty Benefits record sales of $213 million increased
24%

&nbsp;&nbsp;&nbsp;&nbsp;· Life Insurance business market premium and fees increased
15%

**Segment Results**

In millions except percentages, or otherwise noted except percentages or otherwise noted)

**Retirement and Income Solutions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating earnings<sup>3</sup> | $302.1 | $283.7 | 6% | $1204.0 | $1077.7 | 12% |
| &nbsp;&nbsp;Net revenue<sup>4</sup> | &nbsp;&nbsp;$750.8 | &nbsp;&nbsp;$724.2 | &nbsp;&nbsp; 4% | &nbsp;&nbsp;$2970.5 | &nbsp;&nbsp;$2833.7 | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;Operating margin<sup>5</sup> | &nbsp;&nbsp;40.2% | &nbsp;&nbsp;39.2% |  | &nbsp;&nbsp;40.5% | &nbsp;&nbsp;38.0% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $18.4 million
primarily due to higher net revenue and disciplined expense management.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $26.6 million due to favorable
market performance and growth in the business.

**Investment Management**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating earnings | $125.1 | $116.3 | 8% | $623.2 | $572.9 | 9% |
| Operating revenues less pass-through expenses<sup>6</sup> | &nbsp;&nbsp;$426.0 | &nbsp;&nbsp;$416.0 | &nbsp;&nbsp; 2% | &nbsp;&nbsp;$1740.8 | &nbsp;&nbsp;$1686.0 | &nbsp;&nbsp;3% |
| Operating margin<sup>7</sup> | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;29.0% |  | &nbsp;&nbsp;36.5% | &nbsp;&nbsp;34.9% |  |
| Assets under management (billions) | &nbsp;&nbsp;$578.0 | &nbsp;&nbsp;$555.8 | &nbsp;&nbsp;4% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $8.8 million
primarily due to higher operating revenues less pass-through expenses and disciplined expense management.

&nbsp;&nbsp;&nbsp;&nbsp;· **Operating revenues less pass-through expenses** increased
$10.0 million primarily due to higher management fees, resulting from higher AUM.

<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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating earnings | $83.4 | $71.2 | 17% | $328.0 | $288.7 | 14% |
| &nbsp;&nbsp;Net revenue | &nbsp;&nbsp;$169.3 | &nbsp;&nbsp;$146.7 | &nbsp;&nbsp; 15% | &nbsp;&nbsp;$668.5 | &nbsp;&nbsp;$620.3 | &nbsp;&nbsp;8% |
| &nbsp;&nbsp;Operating margin<sup>8</sup> | &nbsp;&nbsp;49.3% | &nbsp;&nbsp;48.5% |  | &nbsp;&nbsp;49.1% | &nbsp;&nbsp;46.5% |  |
| &nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$159.6 | &nbsp;&nbsp;$133.5 | &nbsp;&nbsp;20% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $12.2 million
due to higher net revenue .

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $22.6 million primarily due
to foreign currency tailwinds, performance fees, and growth in the business.

**Specialty Benefits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating earnings | $136.8 | $106.2 | 29% | $562.0 | $463.8 | 21% |
| &nbsp;&nbsp;Premium and fees | &nbsp;&nbsp;$861.4 | &nbsp;&nbsp;$831.5 | &nbsp;&nbsp; 4% | &nbsp;&nbsp;$3392.6 | &nbsp;&nbsp;$3287.4 | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;Operating margin<sup>9</sup> | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;12.8% |  | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;14.1% |  |
| &nbsp;&nbsp;Incurred loss ratio | &nbsp;&nbsp;58.5% | &nbsp;&nbsp;60.7% |  | &nbsp;&nbsp;58.1% | &nbsp;&nbsp;60.4% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $30.6 million
primarily due to more favorable underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $29.9 million driven by
growth in the business, supported in part by record sales.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

<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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating earnings | $33.2 | $13.3 | 150% | $11.7 | $7.1 | 65% |
| &nbsp;&nbsp;Premium and fees | &nbsp;&nbsp;$238.6 | &nbsp;&nbsp;$235.1 | &nbsp;&nbsp; 1% | &nbsp;&nbsp;$961.7 | &nbsp;&nbsp;$928.6 | &nbsp;&nbsp;4% |
| &nbsp;&nbsp;Operating margin | &nbsp;&nbsp;13.9% | &nbsp;&nbsp;5.7% |  | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;0.8% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $19.9 million
driven by improved mortality experience.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $3.5 million as strong
business market growth outpaced the run-off of the legacy life business.

**Corporate**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;Change |
| Pre-tax operating losses | $(122.1) | $(105.6) | (16)% | $(397.7) | $(392.3) | (1)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating losses** increased $16.5 million due
to timing of expenses.

**Common Stock Dividend**

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· The second quarter dividend will be payable on June 26, 2026,
to shareholders of record as of June 1, 2026.

**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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
|  | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 |
| &nbsp;&nbsp;&nbsp;***Net income (loss) attributable to PFG*** | $&nbsp;&nbsp; **(22.7)** | $&nbsp;&nbsp; **(24.7)** | $&nbsp;&nbsp; **(68.5)** | $&nbsp;&nbsp; **(175.3)** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;20.6 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | &nbsp;&nbsp;(22.7) | &nbsp;&nbsp;(24.7) | &nbsp;&nbsp;(62.4) | &nbsp;&nbsp;(154.7) |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;(3.7) |
| &nbsp;&nbsp;&nbsp;***Non-GAAP operating earnings*** | &nbsp;&nbsp;**(22.7)** | **(24.7)** | **(62.2)** | **(158.4)** |
| &nbsp;&nbsp;&nbsp;Income taxes | &nbsp;&nbsp;(3.2) | (5.6) | (13.1) | (36.2) |
| &nbsp;&nbsp;&nbsp;***Non-GAAP pre-tax operating earnings*** | $&nbsp;&nbsp;**(25.9)** | $**(30.3)** | $**(75.3)** | $**(194.6)** |
| &nbsp;&nbsp;&nbsp;**Per diluted share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;***Net income (loss) attributable to PFG*** | $&nbsp;&nbsp; **(0.10)** | $**(0.11)** |  |  |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | &nbsp;&nbsp;- | - |  |  |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | &nbsp;&nbsp;(0.10) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | &nbsp;&nbsp;- | - |  |  |
| &nbsp;&nbsp;&nbsp;***Non-GAAP operating earnings*** | $&nbsp;&nbsp; **(0.10)** | $**(0.11)** |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average diluted common shares outstanding | &nbsp;&nbsp;220.3 | 228.8 |  |  |
| &nbsp;&nbsp;&nbsp;***Segment pre-tax operating earnings (losses):*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Retirement and Income Solutions | $&nbsp;&nbsp; (16.0) | $(21.0) | $&nbsp;&nbsp;&nbsp;&nbsp;(31.1) | $(96.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Management | &nbsp;&nbsp;- | - | 4.8 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Pension | &nbsp;&nbsp;2.4 | - | 38.7 | 11.1 |
| &nbsp;&nbsp;&nbsp;Principal Asset Management | &nbsp;&nbsp;2.4 | - | 43.5 | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Benefits | &nbsp;&nbsp;(3.0) | (5.0) | 3.4 | (17.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | &nbsp;&nbsp;(4.0) | (0.6) | (109.0) | (92.9) |
| &nbsp;&nbsp;&nbsp;Benefits and Protection | &nbsp;&nbsp;(7.0) | (5.6) | (105.6) | (110.8) |
| &nbsp;&nbsp;&nbsp;Corporate | &nbsp;&nbsp;(5.3) | (3.7) | 17.9 | 1.3 |
| &nbsp;&nbsp;&nbsp;***Total segment pre-tax operating earnings (losses)*** | $&nbsp;&nbsp; **(25.9)** | $**(30.3)** | $**(75.3)** | $**(194.6)** |

---

**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 1Q26 include 1) lower than expected variable investment income in RIS, Specialty Benefits, Life Insurance and Corporate, partially offset by higher than expected variable investment income in International Pension; 2) lower than expected encaje performance in International Pension; 3) higher than expected Latin American inflation in International Pension. SVs in 1Q25 include 1) lower than expected variable investment income in RIS, Specialty Benefits, Life Insurance and Corporate; 2) impact of GAAP-only regulatory closed block adjustment in Life Insurance. SVs on a trailing twelve months in 1Q26 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 2025 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. SVs on a trailing twelve months in 1Q25 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) impact of model refinement in Specialty Benefits 4) lower than expected encaje performance; 5) higher than expected Latin American inflation in International Pension; 6) impact of GAAP-only regulatory closed block adjustment in Life Insurance.

**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 <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, 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** **<sup>®11</sup>**

Principal Financial Group<sup>®</sup> (Nasdaq: PFG) is a global financial company with approximately 19,000 employees<sup>12</sup> passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we're helping 82 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 2026 World's Most Ethical Companies<sup>13</sup> and named as a "Best Place 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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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Principal Financial Group, Inc. Results** | &nbsp;&nbsp;(in millions) | &nbsp;&nbsp;(in millions) | &nbsp;&nbsp;(in millions) | &nbsp;&nbsp;(in millions) |
| &nbsp;&nbsp;&nbsp;**Principal Financial Group, Inc. Results** | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
| &nbsp;&nbsp;&nbsp;**Principal Financial Group, Inc. Results** | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG\*** | $&nbsp;&nbsp;**424.6** | $&nbsp;&nbsp;**48.1** | $&nbsp;&nbsp; **1561.6** | $&nbsp;&nbsp;**1086.6** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | &nbsp;&nbsp;(104.1) | &nbsp;&nbsp;251.3 | &nbsp;&nbsp;146.7 | &nbsp;&nbsp;341.6 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG excluding exited business** | $&nbsp;&nbsp;**320.5** | $&nbsp;&nbsp; **299.4** | $&nbsp;&nbsp;**1708.3** | $&nbsp;&nbsp;**1428.2** |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | &nbsp;&nbsp;135.6 | &nbsp;&nbsp;115.1 | &nbsp;&nbsp;198.8 | &nbsp;&nbsp;232.5 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings\*** | $&nbsp;&nbsp;**456.1** | $&nbsp;&nbsp; **414.5** | $&nbsp;&nbsp;**1907.1** | $&nbsp;&nbsp;**1660.7** |
| &nbsp;&nbsp;&nbsp;Income taxes | &nbsp;&nbsp;102.4 | &nbsp;&nbsp;70.6 | &nbsp;&nbsp;424.1 | &nbsp;&nbsp;357.2 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Pre-Tax Operating Earnings** | $&nbsp;&nbsp;**558.5** | $&nbsp;&nbsp; **485.1** | $&nbsp;&nbsp;**2331.2** | $&nbsp;&nbsp;**2017.9** |
| &nbsp;&nbsp;&nbsp;**Segment Pre-Tax Operating Earnings (Losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement and Income Solutions | $&nbsp;&nbsp;302.1 | $&nbsp;&nbsp;283.7 | $&nbsp;&nbsp;1204.0 | $&nbsp;&nbsp;1077.7 |
| &nbsp;&nbsp;&nbsp;Principal Asset Management | &nbsp;&nbsp;&nbsp;&nbsp;208.5 | &nbsp;&nbsp;&nbsp;&nbsp;187.5 | &nbsp;&nbsp;&nbsp;&nbsp;951.2 | &nbsp;&nbsp;&nbsp;&nbsp;861.6 |
| &nbsp;&nbsp;&nbsp;Benefits and Protection | &nbsp;&nbsp;&nbsp;&nbsp;170.0 | &nbsp;&nbsp;&nbsp;&nbsp;119.5 | &nbsp;&nbsp;&nbsp;&nbsp;573.7 | &nbsp;&nbsp;&nbsp;&nbsp;470.9 |
| &nbsp;&nbsp;&nbsp;Corporate | &nbsp;&nbsp;&nbsp;&nbsp;(122.1) | &nbsp;&nbsp;&nbsp;&nbsp;(105.6) | &nbsp;&nbsp;&nbsp;&nbsp;(397.7) | &nbsp;&nbsp;&nbsp;&nbsp;(392.3) |
| &nbsp;&nbsp;&nbsp;**Total Segment Pre-Tax Operating Earnings** | $&nbsp;&nbsp;**558.5** | $&nbsp;&nbsp;**485.1** | $&nbsp;&nbsp;**2331.2** | $&nbsp;&nbsp;**2017.9** |

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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 March 31, 2026

<sup>13</sup> Ethisphere, 2026

<sup>14</sup> Pensions & Investments, 2025

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Per Diluted Share** | &nbsp;&nbsp;**Per Diluted Share** |
|  | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, |
|  | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $&nbsp;&nbsp; **1.93** | $&nbsp;&nbsp; **0.21** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) excluding exited business** | $&nbsp;&nbsp; **1.45** | $&nbsp;&nbsp;**1.31** |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings** | $&nbsp;&nbsp; **2.07** | $&nbsp;&nbsp; **1.81** |
| &nbsp;&nbsp;&nbsp;Impact of significant variances<sup>15</sup> | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings, excluding significant variances** | $&nbsp;&nbsp; **2.17** | $&nbsp;&nbsp; **1.92** |
| &nbsp;&nbsp;&nbsp;**Weighted-average diluted common shares outstanding** (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;**220.3** | &nbsp;&nbsp;&nbsp;&nbsp;**228.8** |

---

**\*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**

 **

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Period Ended, | &nbsp;&nbsp;Period Ended, |
|  | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;4Q25 |
| &nbsp;&nbsp;Total assets (in billions) | $&nbsp;&nbsp;332.7 | $&nbsp;&nbsp;341.4 |
| &nbsp;&nbsp;Stockholders' equity (in millions) | $&nbsp;&nbsp;11848.7 | $&nbsp;&nbsp;11917.0 |
| &nbsp;&nbsp;Stockholders' equity available to common stockholders (in millions) | $&nbsp;&nbsp;11815.3 | $&nbsp;&nbsp;11883.9 |
| &nbsp;&nbsp;Stockholders' equity, excluding cumulative change in fair value of funds withheld embedded derivative and accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment, available to common stockholders (in millions) | $&nbsp;&nbsp;12368.7 | $&nbsp;&nbsp;12445.5 |
| &nbsp;&nbsp;End of period common shares outstanding (in millions) | &nbsp;&nbsp;216.4 | &nbsp;&nbsp;217.4 |
| &nbsp;&nbsp;Book value per common share | $&nbsp;&nbsp;54.60 | $&nbsp;&nbsp;54.66 |
| &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;57.16 | $&nbsp;&nbsp;57.25 |

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<sup>15</sup> See Exhibit 1 for details on the impact of 1Q 2026 and 1Q 2025 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)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Period Ended, | &nbsp;&nbsp;Period Ended, |
|  | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;4Q25 |
| **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:** |  |  |
| Stockholders' equity | $&nbsp;&nbsp;11848.7 | $&nbsp;&nbsp;11917.0 |
| Noncontrolling interest | &nbsp;&nbsp; (33.4) | &nbsp;&nbsp; (33.1) |
| Stockholders' equity available to common stockholders | &nbsp;&nbsp;11815.3 | &nbsp;&nbsp;11883.9 |
| Cumulative change in fair value of funds withheld embedded derivative | &nbsp;&nbsp;(2220.4) | &nbsp;&nbsp;(2080.2) |
| AOCI, other than foreign currency translation adjustment | &nbsp;&nbsp;2773.8 | &nbsp;&nbsp;2641.8 |
| 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;12368.7 | $&nbsp;&nbsp;12445.5 |
| **Book Value Per Common Share, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment:** |  |  |
| Book value per common share | $&nbsp;&nbsp;54.60 | $&nbsp;&nbsp; 54.66 |
| Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 |
| Book value per common share, excluding change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment | $&nbsp;&nbsp;57.16 | $&nbsp;&nbsp; 57.25 |

---

**Principal Financial Group, Inc.**

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

**(in millions)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Three Months Ended, | &nbsp;&nbsp;Trailing Twelve Months, | &nbsp;&nbsp;Trailing Twelve Months, |
| | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 | &nbsp;&nbsp;1Q26 | &nbsp;&nbsp;1Q25 |
| **Income Taxes:** |  |  |  |  |
| Total GAAP income taxes (benefit) | $68.9 | $(34.0) | $263.4 | $162.6 |
| Net realized capital gains (losses) tax adjustments | 37.6 | 25.2 | 45.9 | 30.2 |
| Exited business tax adjustments | (27.6) | 63.0 | 39.2 | 86.9 |
| Income taxes related to equity method investments and noncontrolling interest | &nbsp;&nbsp; 23.5 | &nbsp;&nbsp; 16.4 | &nbsp;&nbsp; 75.6 | &nbsp;&nbsp; 77.5 |
| Income taxes | $102.4 | $70.6 | $424.1 | $357.2 |
| **Net Realized Capital Gains (Losses):** |  |  |  |  |
| GAAP net realized capital gains (losses) | $(122.1) | $(117.1) | $22.7 | $(143.5) |
| Market value adjustments to fee revenues | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Net realized capital gains (losses) related to equity method investments | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;(2.4) |
| Derivative and hedging-related revenue adjustments | &nbsp;&nbsp;&nbsp;&nbsp;(27.4) | &nbsp;&nbsp;&nbsp;&nbsp;(13.2) | &nbsp;&nbsp;&nbsp;&nbsp;(115.6) | &nbsp;&nbsp;&nbsp;&nbsp;14.7 |
| Certain variable annuity fees | &nbsp;&nbsp;&nbsp;&nbsp;17.1 | &nbsp;&nbsp;&nbsp;&nbsp;17.0 | &nbsp;&nbsp;&nbsp;&nbsp;68.1 | &nbsp;&nbsp;&nbsp;&nbsp;70.1 |
| Certain real estate-related depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;(14.9) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(14.9) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Sponsored investment funds and other adjustments | &nbsp;&nbsp;&nbsp;&nbsp;9.5 | &nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;&nbsp;43.9 | &nbsp;&nbsp;&nbsp;&nbsp;31.1 |
| Capital gains distributed – operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;25.4 | &nbsp;&nbsp;&nbsp;&nbsp;33.4 | &nbsp;&nbsp;&nbsp;&nbsp;(39.4) | &nbsp;&nbsp;&nbsp;&nbsp;(41.5) |
| Amortization of actuarial balances | &nbsp;&nbsp;&nbsp;&nbsp;(5.9) | &nbsp;&nbsp;&nbsp;&nbsp;(1.9) | &nbsp;&nbsp;&nbsp;&nbsp;(18.5) | &nbsp;&nbsp;&nbsp;&nbsp;(3.5) |
| Derivative and hedging-related expense adjustments | &nbsp;&nbsp;&nbsp;&nbsp;(0.6) | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;(1.7) |
| Market value adjustments of embedded derivatives | &nbsp;&nbsp;&nbsp;&nbsp;(20.1) | &nbsp;&nbsp;&nbsp;&nbsp;(22.0) | &nbsp;&nbsp;&nbsp;&nbsp;(22.1) | &nbsp;&nbsp;&nbsp;&nbsp;(42.6) |
| Market value adjustments of market risk benefits | &nbsp;&nbsp;&nbsp;&nbsp;(47.8) | &nbsp;&nbsp;&nbsp;&nbsp;(43.9) | &nbsp;&nbsp;&nbsp;&nbsp;(104.0) | &nbsp;&nbsp;&nbsp;&nbsp;(91.1) |
| Capital gains distributed – cost of interest credited | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;(28.3) | &nbsp;&nbsp;&nbsp;&nbsp;(29.8) |
| Net realized capital gains (losses) tax adjustments | &nbsp;&nbsp;37.6 | &nbsp;&nbsp;&nbsp;&nbsp;25.2 | &nbsp;&nbsp;&nbsp;&nbsp;45.9 | &nbsp;&nbsp;&nbsp;&nbsp;30.2 |
| Net realized capital gains (losses) attributable to noncontrolling interest, after-tax | &nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;(10.8) | &nbsp;&nbsp;&nbsp;&nbsp;(38.8) | &nbsp;&nbsp;&nbsp;&nbsp;(22.5) |
| Total net realized capital gains (losses) after-tax adjustments | &nbsp;&nbsp;&nbsp;&nbsp;(13.5) | &nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;(221.5) | &nbsp;&nbsp;&nbsp;&nbsp;(89.0) |
| Net realized capital gains (losses), as adjusted | $(135.6) | $(115.1) | $(198.8) | $(232.5) |
| **Income (Loss) from Exited Business:** |  |  |  |  |
| Pre-tax impacts of exited business: |  |  |  |  |
| &nbsp;&nbsp;Amortization of reinsurance gains (losses) | $(19.7) | $(26.4) | $(77.4) | $(605.9) |
| &nbsp;&nbsp;Other impacts of reinsured business | (35.4) | (106.2) | (139.1) | 68.5 |
| &nbsp;&nbsp;Net realized capital gains (losses) on funds withheld assets | 9.4 | 28.0 | 24.6 | 68.2 |
| &nbsp;&nbsp;Change in fair value of funds withheld embedded derivative | 177.4 | (209.7) | 6.0 | 40.7 |
| Tax impacts of exited business | (27.6) | 63.0 | 39.2 | 86.9 |
| Total income (loss) from exited business | $104.1 | $(251.3) | $(146.7) | $(341.6) |

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**Principal Financial Group, Inc.**

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

**(in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
|  | 1Q26 | 1Q25 | 1Q26 | 1Q25 |
| &nbsp;&nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** | &nbsp;&nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** |
| &nbsp;&nbsp;&nbsp;Operating revenues | $&nbsp;&nbsp; 466.1 | $&nbsp;&nbsp; 453.7 | $&nbsp;&nbsp; 1899.9 | $&nbsp;&nbsp; 1838.9 |
| &nbsp;&nbsp;&nbsp;Commissions and other expenses | &nbsp;&nbsp;(40.1) | &nbsp;&nbsp;(37.7) | &nbsp;&nbsp; (159.1) | &nbsp;&nbsp; (152.9) |
| &nbsp;&nbsp;&nbsp;Operating revenues less pass-through expenses | $&nbsp;&nbsp; 426.0 | $&nbsp;&nbsp; 416.0 | $&nbsp;&nbsp; 1740.8 | $&nbsp;&nbsp; 1686.0 |

---