# EDGAR Filing Document

**Accession Number:** 0001126328
**File Stem:** 0001104659-26-012083
**Filing Date:** 2026-2
**Character Count:** 42177
**Document Hash:** 62a11ce8a3a999df798db5ddce77f5ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-012083.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001104659-26-012083

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260209

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**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:** 26611695

**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: **February 9, 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 February 9, 2026, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter and year ended December 31, 2025. The text of the announcement is included herewith as Exhibit 99.

---

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

---

[99](tm265638d1_ex99.htm) [Fourth Quarter and Year ended 2025 Earnings Release](tm265638d1_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: February 9, 2026

## Ex-99

**Exhibit 99**

![](tm265638d1_ex99-img01.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 Full Year and** 

**Fourth Quarter 2025 Results as well as 2026 Outlook**

Raises first quarter 2026 common stock dividend

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Diluted earnings per common share** | **2025** | **4Q25** | **Net income attributable to PFG (in millions)** | **2025** | **4Q25** |
| &nbsp;&nbsp;&nbsp;Net income attributable to PFG | $5.25 | $2.32 | &nbsp;&nbsp;&nbsp;Net income attributable to PFG | $1185 | $517 |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | $7.48 | $2.20 | &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business<sup>1</sup> | $1687 | $490 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | $8.27 | $2.19 | &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings<sup>1</sup> | $1866 | $488 |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings excluding significant variances<sup>2</sup> | $8.55 | $2.24 | &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings excluding significant variances<sup>2</sup> | $1930 | $499 |

---

**Full Year and Fourth Quarter 2025 Highlights**

· Full-year
 non-GAAP operating earnings per diluted share, excluding significant variances<sup>2</sup>
 of $8.55 increased 12%, at the high end of our 9-12% target; reported full-year non-GAAP
 operating earnings per diluted share increased 19%

&nbsp;&nbsp;&nbsp;&nbsp;· 4Q25
 non-GAAP operating earnings per diluted share, excluding significant variances <sup>2</sup> of $2.24 increased 7% over prior year quarter; reported 4Q25
 non-GAAP operating earnings per diluted share increased 13%

&nbsp;&nbsp;&nbsp;&nbsp;· Returned
 over $1.5 billion of capital to shareholders for full year 2025, including $0.9 billion of
 share repurchases and $0.7 billion of common stock dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Returned
 $448 million of capital to shareholders in 4Q25, including $275 million of share repurchases
 and $172 million of common stock dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Announced
 common stock dividend increase of $0.01 to $0.80 per share in the first quarter 2026; representing
 a 7% increase over the first quarter 2025 dividend

&nbsp;&nbsp;&nbsp;&nbsp;· Assets
 under management (AUM) of $781 billion, which is included in assets under administration
 (AUA) of $1.8 trillion

&nbsp;&nbsp;&nbsp;&nbsp;· Strong
 financial position with $1.6 billion of excess and available capital, including statutory
 risk-based capital (RBC) ratio for Principal Life Insurance Company of 406%

**Deanna Strable, Chair, President and CEO of Principal<sup>®</sup>**<br>"Principal delivered strong 2025 results. We achieved our objectives across earnings growth, return on equity, and free capital flow, supported by consistent execution, sustained momentum, and the strength of our diversified businesses.<br>We returned over $1.5 billion to shareholders in 2025, including $850 million in share repurchases, aligned with our diversified and disciplined capital deployment strategy. With a strong capital position and momentum across our strategic growth areas, we enter 2026 well-positioned to once again deliver against our financial targets and create long-term value for shareholders."<br>

<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 4Q 2025 and 4Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

**2026 Outlook Guidance**

· 9-12 %
 annual non-GAAP operating earnings per diluted share (EPS) growth <sup>3</sup>

· 75-85 %
 free capital flow conversion <sup>4</sup>

· 15-17 %
 non-GAAP ROE <sup>5</sup>

· $1.5-$1.8
 billion capital deployment, which includes $0.8B - $1.1B of share repurchases and a 40% dividend
 ratio

**Fourth 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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to PFG | &nbsp;&nbsp;$517.0 | &nbsp;&nbsp;$905.4 | &nbsp;&nbsp;(43)% | &nbsp;&nbsp;$1185.1 | &nbsp;&nbsp;$1571.0 | &nbsp;&nbsp;(25)% |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$489.9 | &nbsp;&nbsp;$353.5 | &nbsp;&nbsp;39% | &nbsp;&nbsp;$1687.2 | &nbsp;&nbsp;$1505.2 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$488.0 | &nbsp;&nbsp;$448.1 | &nbsp;&nbsp;9% | &nbsp;&nbsp;$1865.5 | &nbsp;&nbsp;$1640.5 | &nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings, excluding significant variances<sup>2</sup> | &nbsp;&nbsp;$498.6 | &nbsp;&nbsp;$484.6 | &nbsp;&nbsp;3% | &nbsp;&nbsp;$1929.7 | &nbsp;&nbsp;$1799.3 | &nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;**Diluted earnings per common share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to PFG | &nbsp;&nbsp;$2.32 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;(41)% | &nbsp;&nbsp;$5.25 | &nbsp;&nbsp;$6.68 | &nbsp;&nbsp;(21)% |
| &nbsp;&nbsp;&nbsp;Non-GAAP net income attributable to PFG, excluding exited business | &nbsp;&nbsp;$2.20 | &nbsp;&nbsp;$1.53 | &nbsp;&nbsp;44% | &nbsp;&nbsp;$7.48 | &nbsp;&nbsp;$6.40 | &nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings | &nbsp;&nbsp;$2.19 | &nbsp;&nbsp;$1.94 | &nbsp;&nbsp;13% | &nbsp;&nbsp;$8.27 | &nbsp;&nbsp;$6.97 | &nbsp;&nbsp;19% |
| &nbsp;&nbsp;&nbsp;Non-GAAP operating earnings, excluding significant variances<sup>2</sup> | &nbsp;&nbsp;$2.24 | &nbsp;&nbsp;$2.10 | 7% | $8.55 | $7.65 | 12% |
| &nbsp;&nbsp;&nbsp;Assets under administration (billions) | &nbsp;&nbsp;$1814.6 | &nbsp;&nbsp;$1663.9 | &nbsp;&nbsp;9% |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$781.0 | &nbsp;&nbsp;$712.1 | &nbsp;&nbsp;10% |  |  |  |
| &nbsp;&nbsp;&nbsp;AUM net cash flow (billions) | &nbsp;&nbsp;$(2.2) | &nbsp;&nbsp;$(1.2) | &nbsp;&nbsp;N/M | &nbsp;&nbsp;$(8.8) | &nbsp;&nbsp;$(5.0) | &nbsp;&nbsp;N/M |

---

<sup>3</sup> Based on 2025 results excluding significant variances. See Exhibit 1 for details on the impact of 4Q 2025 and 4Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

<sup>4</sup> Based on non-GAAP net income attributable to PFG, excluding income or loss from exited business.

<sup>5</sup> Non-GAAP return on equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment.

**Full Year Segment Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Retirement
 and Income Solutions (RIS) transfer deposits of $35 billion increased 9% from 2024; Workplace
 Savings and Retirement Solutions (WSRS) recurring deposits increased 5% over the same period

&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 Management gross sales of $127 billion increased 16% from 2024 with non-affiliated gross
 sales growth of 18%; operating margin<sup>6</sup> of 36% expanded 90 bps over 2024

&nbsp;&nbsp;&nbsp;&nbsp;· International
 Pension AUM of $154 billion, up 24% from a year ago

&nbsp;&nbsp;&nbsp;&nbsp;· Specialty
 Benefits operating margin<sup>7</sup> of 16% expanded 170 bps from 2024 on strong underwriting
 experience

**Fourth Quarter Segment Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 RIS transfer deposits of $12 billion, up 35% from 4Q24; including over $1 billion of PRT
 sales ; operating margin<sup>8</sup> of 40% expanded 130
 bps over 4Q24

&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 Management gross sales of $35 billion increased 12% from 4Q24

&nbsp;&nbsp;&nbsp;&nbsp;· Specialty
 Benefits 4Q25 operating margin of 17% driven by continued strong experience in group life
 and group disability and improved group dental results

**Segment Results**

In millions except percentages, or otherwise noted 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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;Pre-tax operating earnings<sup>9</sup> | &nbsp;&nbsp;$299.5 | &nbsp;&nbsp;$280.1 | &nbsp;&nbsp; 7% | &nbsp;&nbsp;$1185.6 | &nbsp;&nbsp;$1056.2 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;Net revenue<sup>10</sup> | &nbsp;&nbsp;$754.1 | &nbsp;&nbsp;$729.2 | &nbsp;&nbsp; 3% | &nbsp;&nbsp;$2943.9 | &nbsp;&nbsp;$2800.9 | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;Operating margin | &nbsp;&nbsp;39.7% | &nbsp;&nbsp;38.4% |  | &nbsp;&nbsp;40.3% | &nbsp;&nbsp;37.7% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $19.4 million primarily due to higher net revenue and disciplined
 expense management.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $24.9 million due to growth in the business and favorable market performance.

<sup>6</sup> Operating margin for Investment Management = pre-tax operating earnings adjusted for noncontrolling interest divided by operating revenues less pass-through expenses.

<sup>7</sup> Operating margin for Benefits and Protection = pre-tax operating earnings divided by premium and fees.

<sup>8</sup> Operating margin for Retirement and Income Solutions = pre-tax operating earnings divided by net revenue.

<sup>9</sup> Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

<sup>10</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.

**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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | &nbsp;&nbsp;$166.7 | &nbsp;&nbsp;$163.9 | &nbsp;&nbsp; 2% | &nbsp;&nbsp;$614.4 | &nbsp;&nbsp;$578.8 | &nbsp;&nbsp;6% |
| &nbsp;&nbsp;Operating revenues less pass-through expenses<sup>11</sup> | &nbsp;&nbsp;$441.8 | &nbsp;&nbsp;$435.7 | &nbsp;&nbsp; 1% | &nbsp;&nbsp;$1730.8 | &nbsp;&nbsp;$1668.6 | &nbsp;&nbsp;4% |
| &nbsp;&nbsp;&nbsp;Operating margin | &nbsp;&nbsp;38.3% | &nbsp;&nbsp;38.3% |  | &nbsp;&nbsp;36.3% | &nbsp;&nbsp;35.4% |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$593.9 | &nbsp;&nbsp;$559.1 | &nbsp;&nbsp;6% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $2.8 million primarily due to higher operating revenues
 less pass-through expenses.

&nbsp;&nbsp;&nbsp;&nbsp;· **Operating revenues less pass-through expenses** increased $6.1 million primarily due to higher management
 fees, resulting from higher AUM.

**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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | &nbsp;&nbsp;$64.9 | &nbsp;&nbsp;$52.1 | &nbsp;&nbsp; 25% | &nbsp;&nbsp;$315.8 | &nbsp;&nbsp;$282.4 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;&nbsp;Net revenue | &nbsp;&nbsp;$152.1 | &nbsp;&nbsp;$136.8 | &nbsp;&nbsp; 11% | &nbsp;&nbsp;$645.9 | &nbsp;&nbsp;$622.9 | &nbsp;&nbsp;4% |
| &nbsp;&nbsp;Operating margin<sup>12</sup> | &nbsp;&nbsp;42.7% | &nbsp;&nbsp;38.1% |  | &nbsp;&nbsp;48.9% | &nbsp;&nbsp;45.3% |  |
| &nbsp;&nbsp;&nbsp;Assets under management (billions) | &nbsp;&nbsp;$153.9 | &nbsp;&nbsp;$124.3 | &nbsp;&nbsp;24% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $12.8 million due to higher net revenue and disciplined
 expense management .

&nbsp;&nbsp;&nbsp;&nbsp;· **Net revenue** increased $15.3 million primarily due to growth in the business and more favorable
 encaje returns.

 

<sup>11</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>12</sup> Operating margin for International Pension = pre-tax operating earnings divided by net revenue.

**Specialty Benefits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings | &nbsp;&nbsp;$142.1 | &nbsp;&nbsp;$147.2 | &nbsp;&nbsp;(3)% | &nbsp;&nbsp;$531.4 | &nbsp;&nbsp;$459.6 | &nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;Premium and fees | &nbsp;&nbsp;$845.8 | &nbsp;&nbsp;$823.6 | &nbsp;&nbsp;3% | &nbsp;&nbsp;$3362.7 | &nbsp;&nbsp;$3257.2 | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;&nbsp;Operating margin | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;17.9% |  | &nbsp;&nbsp;15.8% | &nbsp;&nbsp;14.1% |  |
| &nbsp;&nbsp;&nbsp;Incurred loss ratio | &nbsp;&nbsp;57.6% | &nbsp;&nbsp;56.5% |  | &nbsp;&nbsp;58.7% | &nbsp;&nbsp;60.5% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** decreased $5.1 million primarily due to the favorable one-time model
 refinement impact in 4Q24.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $22.2 million driven by growth in the business.

&nbsp;&nbsp;&nbsp;&nbsp;· **Incurred loss ratio** remained below our targeted range at 57.6%, driven by continued strong experience
 in group life and group disability and improved group dental results.

**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;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change | &nbsp;&nbsp;4Q25 | &nbsp;&nbsp;4Q24 | &nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating earnings (losses) | &nbsp;&nbsp;$27.5 | &nbsp;&nbsp;$7.5 | &nbsp;&nbsp;N/M | &nbsp;&nbsp;$(8.2) | &nbsp;&nbsp;$3.6 | &nbsp;&nbsp;N/M |
| &nbsp;&nbsp;&nbsp;Premium and fees | &nbsp;&nbsp;$236.2 | &nbsp;&nbsp;$225.4 | &nbsp;&nbsp;5% | &nbsp;&nbsp;$958.2 | &nbsp;&nbsp;$927.5 | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;&nbsp;Operating margin | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;3.3% |  | &nbsp;&nbsp;(0.9)% | &nbsp;&nbsp;0.4% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating earnings** increased $20.0 million driven by growth in the business, expense
 management discipline, and improved mortality experience. Additionally, 4Q24 was negatively
 impacted by a GAAP-only regulatory closed block dividend adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Premium and fees** increased $10.8 million as strong business market growth outpaced the run-off
 of the legacy life business.

**Corporate**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended, | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, | Trailing Twelve Months, |
| | 4Q25 | 4Q24 | % Change | 4Q25 | 4Q24 | % Change |
| &nbsp;&nbsp;&nbsp;Pre-tax operating losses | &nbsp;&nbsp;$(102.8) | &nbsp;&nbsp;$(103.9) | &nbsp;&nbsp; 1% | &nbsp;&nbsp;$(381.2) | &nbsp;&nbsp;$(375.6) | &nbsp;&nbsp;(1)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-tax operating losses** decreased $1.1 million.

**Common Stock Dividend**

&nbsp;&nbsp;&nbsp;&nbsp;· Announced
a first quarter cash dividend of $0.80 per share to holders on common shares. This represents: one-cent increase over fourth quarter
of 2025 and a 7% increase over the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;· The
first quarter dividend will be payable on March 27, 2026, to shareholders of record as of March 11, 2026.

**Exhibit 1**

**Principal Financial Group** 

**Impact of Significant Variances<sup>13</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, |
|  | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**(10.6)** | $**(36.5)** | $**(70.5)** | $**(175.7)** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | - | - | 6.1 | 20.6 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | (10.6) | (36.5) | (64.4) | (155.1) |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | - | - | 0.2 | (3.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-GAAP operating earnings** | **(10.6)** | **(36.5)** | **(64.2)** | **(158.8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (2.8) | (8.8) | (15.5) | (39.4) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP pre-tax operating earnings** | $**(13.4)** | $**(45.3)** | $**(79.7)** | $**(198.2)** |
| &nbsp;&nbsp;&nbsp;**Per diluted share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**(0.05)** | $**(0.16)** | $**(0.31)** | $**(0.74)** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | - | - | 0.02 | 0.09 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG, excluding exited business** | (0.05) | (0.16) | (0.29) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | - | - | 0.01 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-GAAP operating earnings** | $**(0.05)** | $**(0.16)** | $**(0.28)** | $**(0.68)** |
| &nbsp;&nbsp;&nbsp;Weighted average diluted common shares outstanding | 222.4 | 231.2 | 225.7 | 235.3 |
| &nbsp;&nbsp;&nbsp;**Segment pre-tax operating earnings (losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement and Income Solutions | $(6.5) | $(16.0) | $(36.1) | $(95.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Management |  |  | 4.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Pension | - | (13.6) | 36.3 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Asset Management |  | (13.6) | 41.1 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Benefits | (4.0) | 5.7 | 1.4 | (16.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Insurance | (2.9) | (16.0) | (105.6) | (106.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits and Protection | (6.9) | (10.3) | (104.2) | (123.2) |
| &nbsp;&nbsp;&nbsp;Corporate | - | (5.4) | 19.5 | 12.0 |
| &nbsp;&nbsp;&nbsp;**Total segment pre-tax operating earnings (losses)** | $**(13.4)** | $**(45.3)** | $**(79.7)** | $**(198.2)** |

---

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

<sup>13</sup> Significant variances (SVs) in 4Q25 include 1) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance. SVs in 4Q24 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, Life Insurance and Corporate; 2) impact of lower than expected encaje performance and Latin American inflation in International Pension; 3) impact of GAAP-only regulatory closed block adjustment in Life Insurance; 4) impact of model refinement in Specialty Benefits. SVs on a trailing twelve months in 4Q25 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 4Q24 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 of GAAP-only regulatory closed block adjustment in Life Insurance; 5) impact of model refinement in Specialty Benefits.

**Earnings Conference Call**

On Tuesday, Feb. 10, 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 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>®14</sup>**

Principal Financial Group<sup>®</sup> (Nasdaq: PFG) is a global financial company with approximately 19,000 employees<sup>15</sup> passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we're helping over 75 million customers<sup>15</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>16</sup> and named as a "Best Place to Work in Money Management<sup>17</sup>." Learn more about Principal and our commitment to building a better future at principal.com.

###

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (in millions) | (in millions) | (in millions) | (in millions) |
|  | Three Months Ended, | Three Months Ended, | Trailing Twelve Months, | Trailing Twelve Months, |
| &nbsp;&nbsp;&nbsp;**Principal Financial Group, Inc. Results** | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**517.0** | $**905.4** | $**1185.1** | $**1571.0** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | (27.1) | (551.9) | 502.1 | (65.8) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) attributable to PFG excluding exited business** | $**489.9** | $**353.5** | $**1687.2** | $**1505.2** |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | (1.9) | 94.6 | 178.3 | 135.3 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings\*** | $**488.0** | $**448.1** | $**1865.5** | $**1640.5** |
| &nbsp;&nbsp;&nbsp;Income taxes | 109.9 | 98.8 | 392.3 | 364.5 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Pre-Tax Operating Earnings** | $**597.9** | $**546.9** | $**2257.8** | $**2005.0** |
| &nbsp;&nbsp;&nbsp;**Segment Pre-Tax Operating Earnings (Losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retirement and Income Solutions | $299.5 | $280.1 | $1185.6 | $1056.2 |
| &nbsp;&nbsp;&nbsp;Principal Asset Management | 231.6 | 216.0 | 930.2 | 861.2 |
| &nbsp;&nbsp;&nbsp;Benefits and Protection | 169.6 | 154.7 | 523.2 | 463.2 |
| &nbsp;&nbsp;&nbsp;Corporate | (102.8) | (103.9) | (381.2) | (375.6) |
| &nbsp;&nbsp;&nbsp;**Total Segment Pre-Tax Operating Earnings** | $**597.9** | $**546.9** | $**2257.8** | $**2005.0** |

---

<sup>14</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>15</sup> As of December 31, 2025

<sup>16</sup> Ethisphere, 2025

<sup>17</sup> Pensions & Investments, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Per Diluted Share | Per Diluted Share | Per Diluted Share | Per Diluted Share |
|  | Three Months Ended, | Three Months Ended, | Twelve Months Ended, | Twelve Months Ended, |
|  | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to PFG** | $**2.32** | $**3.92** | $**5.25** | $**6.68** |
| &nbsp;&nbsp;&nbsp;(Income) loss from exited business | (0.12) | (2.39) | 2.23 | (0.28) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income (loss) excluding exited business** | $**2.20** | $**1.53** | $**7.48** | $**6.40** |
| &nbsp;&nbsp;&nbsp;Net realized capital (gains) losses, as adjusted | (0.01) | 0.41 | 0.79 | 0.57 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings** | $**2.19** | $**1.94** | $**8.27** | $**6.97** |
| &nbsp;&nbsp;&nbsp;Impact of significant variances<sup>18</sup> | 0.05 | 0.16 | 0.28 | 0.68 |
| &nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings, excluding significant variances** | $**2.24** | $**2.10** | $**8.55** | $**7.65** |
| &nbsp;&nbsp;&nbsp;**Weighted-average diluted common shares outstanding (in millions)** | **222.4** | **231.2** | **225.7** | **235.3** |

---

**\*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**

---

| | | |
|:---|:---|:---|
|  | Period Ended, | Period Ended, |
|  | 4Q25 | 4Q24 |
| &nbsp;&nbsp;&nbsp;Total assets (in billions) | $341.4 | $313.7 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity (in millions) | $11917.0 | $11131.3 |
| &nbsp;&nbsp;&nbsp;Total common equity (in millions) | $11883.9 | $11086.4 |
| &nbsp;&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) | $12445.5 | $12144.0 |
| &nbsp;&nbsp;&nbsp;End of period common shares outstanding (in millions) | 217.4 | 226.2 |
| &nbsp;&nbsp;&nbsp;Book value per common share | $54.66 | $49.01 |
| &nbsp;&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 | $57.25 | $53.69 |

---

 ****

<sup>18</sup> See Exhibit 1 for details on the impact of 4Q 2025 and 4Q 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)**

---

| | | |
|:---|:---|:---|
|  | Period Ended, | Period Ended, |
|  | 4Q25 | 4Q24 |
| &nbsp;&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;&nbsp;Stockholders' equity | $11917.0 | $11131.3 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | (33.1) | (44.9) |
| &nbsp;&nbsp;&nbsp;Stockholders' equity available to common stockholders | 11883.9 | 11086.4 |
| &nbsp;&nbsp;&nbsp;Cumulative change in fair value of funds withheld embedded derivative | (2080.2) | (2381.3) |
| &nbsp;&nbsp;&nbsp;AOCI, other than foreign currency translation adjustment | 2641.8 | 3438.9 |
| &nbsp;&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 | $12445.5 | $12144.0 |
| &nbsp;&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;&nbsp;Book value per common share | $54.66 | $49.01 |
| &nbsp;&nbsp;&nbsp;Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment | 2.59 | 4.68 |
| &nbsp;&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 | $57.25 | $53.69 |

---

**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, |
|  | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
| &nbsp;&nbsp;&nbsp;**Income Taxes:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total GAAP income taxes (benefit) | $110.4 | $209.9 | $160.5 | $291.7 |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses) tax adjustments | (7.7) | 18.9 | 33.5 | 16.1 |
| &nbsp;&nbsp;&nbsp;Exited business tax adjustments | (7.1) | (146.9) | 129.8 | (17.6) |
| &nbsp;&nbsp;&nbsp;Income taxes related to equity method investments and noncontrolling interest | 14.3 | 16.9 | 68.5 | 74.3 |
| &nbsp;&nbsp;&nbsp;Income taxes | $109.9 | $98.8 | $392.3 | $364.5 |
| &nbsp;&nbsp;&nbsp;**Net Realized Capital Gains (Losses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP net realized capital gains (losses) | $53.7 | $(88.6) | $27.7 | $(27.3) |
| &nbsp;&nbsp;&nbsp;Market value adjustments to fee revenues |  |  | (0.1) | 0.1 |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses) related to equity method investments | (0.3) | (3.7) | 5.3 | (17.3) |
| &nbsp;&nbsp;&nbsp;Derivative and hedging-related revenue adjustments | (25.2) | (6.4) | (101.4) | 46.0 |
| &nbsp;&nbsp;&nbsp;Certain variable annuity fees | 17.2 | 17.4 | 68.0 | 71.3 |
| &nbsp;&nbsp;&nbsp;Sponsored investment funds and other adjustments | 17.1 | 10.7 | 41.5 | 29.9 |
| &nbsp;&nbsp;&nbsp;Capital gains distributed – operating expenses | (15.4) | (26.4) | (31.4) | (110.5) |
| &nbsp;&nbsp;&nbsp;Amortization of actuarial balances | (5.2) | (1.2) | (14.5) | (1.8) |
| &nbsp;&nbsp;&nbsp;Derivative and hedging-related expense adjustments | 0.1 | (0.7) | 1.6 | (3.5) |
| &nbsp;&nbsp;&nbsp;Market value adjustments of embedded derivatives | (6.2) | (9.0) | (24.0) | (24.7) |
| &nbsp;&nbsp;&nbsp;Market value adjustments of market risk benefits | (19.5) | 1.7 | (100.1) | (43.9) |
| &nbsp;&nbsp;&nbsp;Capital gains distributed – cost of interest credited | 0.4 | (11.2) | (22.6) | (60.6) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses) tax adjustments | (7.7) | 18.9 | 33.5 | 16.1 |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses) attributable to noncontrolling interest, after-tax | (7.1) | 3.9 | (61.8) | (9.1) |
| &nbsp;&nbsp;&nbsp;Total net realized capital gains (losses) after-tax adjustments | (51.8) | (6.0) | (206.0) | (108.0) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses), as adjusted | $1.9 | $(94.6) | $(178.3) | $(135.3) |
| &nbsp;&nbsp;&nbsp;**Income (Loss) from Exited Business:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax impacts of exited business: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of reinsurance gains (losses) | $(19.0) | $(115.6) | $(84.1) | $(589.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other impacts of reinsured business | (32.7) | 38.3 | (209.9) | 137.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital gains (losses) on funds withheld assets | 11.7 | (18.2) | 43.2 | 87.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of funds withheld embedded derivative | 74.2 | 794.3 | (381.1) | 447.4 |
| &nbsp;&nbsp;&nbsp;Tax impacts of exited business | (7.1) | (146.9) | 129.8 | (17.6) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from exited business | $27.1 | $551.9 | $(502.1) | $65.8 |

---

**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, |
|  | 4Q25 | 4Q24 | 4Q25 | 4Q24 |
| &nbsp;&nbsp;**Investment Management Operating Revenues Less Pass-Through Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Operating revenues | $482.7 | $474.6 | $1887.5 | $1820.7 |
| &nbsp;&nbsp;Commissions and other expenses | (40.9) | (38.9) | (156.7) | (152.1) |
| &nbsp;&nbsp;Operating revenues less pass-through expenses | $441.8 | $435.7 | $1730.8 | $1668.6 |

---