Principal Financial : 1Q 2026 financial supplement

Published: 2026-04-23 17:29:18 ET PFG

Published on 04/23/2026 at 05:29 pm EDT

Through the First Quarter Ended

March 31, 2026 (unaudited)

Principal Financial Group, Inc.

Provides retirement and related financial products and services primarily to businesses, their employees, and other individuals including workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities, pension risk transfer, investment only, and individual fixed annuities.

Provides global investment solutions to institutional, retirement, retail, and high net worth investors in the U.S. and select emerging markets. This segment is organized into:

Focuses on solutions for individuals and small-to-medium sized businesses and their employees. The segment is organized into:

life insurance (including term life insurance). All the remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life) and traditional life insurance (including participating whole life, adjustable life products and term life insurance).

Manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments

not allocated to the segments based on the nature of such items. Results of our affiliated distribution businesses and our exited group medical and long-term care insurance businesses are reported in this segment. Affiliated distribution includes our retail broker-dealer and registered investment advisor.

Common stock of the Principal Financial Group, Inc. is traded on Nasdaq under the ticker symbol "PFG."

Principal Financial Group, Inc.

Table of Contents

Definitions 1

Summary Market and Financial Highlights 2-4

Principal Financial Group, Inc. Consolidated Financial Information

Consolidated U.S. GAAP Income Statement and Reconciliation to Non-GAAP Pre-Tax Operating Earnings 5

Consolidated Financial Metrics 6

Consolidated Balance Sheet 7

Retirement and Income Solutions

Retirement and Income Solutions Segment Pre-Tax Operating Earnings Statement 8

Retirement and Income Solutions Segment Metrics 9-10

Principal Asset Management

Principal Asset Management Segment Pre-Tax Operating Earnings Statements 11-12

Principal Asset Management Segment Assets Under Management 13

Investment Management - Assets Under Management and Revenue Detail 14

International Pension - Assets Under Management Detail 15

Benefits and Protection

Benefits and Protection Segment Pre-Tax Operating Earnings Statements 16-17

Benefits and Protection - Specialty Benefits 18

Benefits and Protection - Life Insurance 19

Corporate

Corporate Segment Pre-Tax Operating Earnings Statement 20

Investment Details

Invested Asset Details 21-22

Net Realized Capital Gains (Losses) and Net Investment Income 23-24

Detail of Funds Withheld 25

Non-GAAP Financial Measure Reconciliations 26-32

Exited Business

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Use of non-GAAP financial measures

A non-GAAP financial measure is defined as a numerical measure of our performance, financial position, or cash flows that includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP.

We use a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While such measures are consistent with measures utilized by investors to evaluate performance, they are not a subsitute

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Principal Financial Group, Inc.

Definitions

Account values: includes the net balances that customers have accumulated within their account, along with future policy benefits for retirement payout products.

Assets under administration: includes assets under management and other assets for which we earn a fee for providing administrative services such as recordkeeping, custodial or servicing.

Assets under management: includes client assets for which we provide investment management services and earn a fee for providing that service. This includes assets of institutional clients, assets within Principal

branded funds (or other proprietary funds), including assets managed by sub-advisors hired by Principal, and advisory assets held in model portfolios where we earn a management fee. In addition, assets under management (AUM) include certain assets on our consolidated balance sheets for which we provide investment management services, such as the assets of the general account, or investments, cash, or related items where we earn a return.

AUM includes 100% of the AUM from consolidated subsidiaries and certain unconsolidated subsidiaries. Unconsolidated subsidiaries consist of a 25% economic interest in Brasilprev Seguros e Previdencia S.A. (Brasilprev) (with 50.01% ownership of common stock) and a 60% interest in Principal Asset Management Berhad in Malaysia with a presence in Southeast Asia countries.

China AUM includes a 25% interest in CCB Principal Asset Management Co., Ltd. (CCBPAM) and a 17.65% interest in CCB Pension Management Co, Ltd. (CCBP) AUM, which are not included in our reported AUM.

Investment performance: represents the percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collective investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driven Investment (short, intermediate, and extended duration), Hedge Fund Separate Account, and U.S. Property Separate Account.

GAAP net revenue: total 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.

Net revenue: segment 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, which is non-GAAP at a total Principal Financial Group, Inc. level.

Premium and fees: premiums and other considerations plus fees and other revenues.

Pre-tax operating earnings: operating earnings before income taxes and after noncontrolling interest.

Pre-tax operating earnings, adjusted for noncontrolling interest: operating revenues less total expenses.

Operating revenues less pass-through expenses: 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.

Operating margin is calculated as follows:

Retirement and Income Solutions: pre-tax operating earnings divided by net revenue

Investment Management: pre-tax operating earnings, adjusted for noncontrolling interest, divided by operating revenues less pass through expenses International Pension: pre-tax operating earnings divided by net revenue

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

Non-GAAP operating margin is calculated as follows for Principal Financial Group, Inc.: non-GAAP pre-tax operating earnings divided by non-GAAP net revenue

Summary Market Highlights

(per share, except as indicated)

Mar-26

Thre

Dec-25

e Months End

Sep-25

ed,

Jun-25

Mar-25

Three Mon

Mar-26

ths Ended,

Mar-25

Basic Earnings Per Common Share

Net income (loss)

$ 1.96

$ 2.36

$ 0.96

$ 1.81

$ 0.21

$ 1.96

$ 0.21

Non-GAAP operating earnings *

$ 2.10

$ 2.23

$ 2.13

$ 2.18

$ 1.84

$ 2.10

$ 1.84

Weighted average common shares outstanding (in millions)

217.2

219.2

222.4

224.1

225.7

217.2

225.7

Diluted Earnings Per Common Share

Net income (loss)

$ 1.93

$ 2.32

$ 0.95

$ 1.79

$ 0.21

$ 1.93

$ 0.21

Non-GAAP operating earnings *

$ 2.07

$ 2.19

$ 2.10

$ 2.16

$ 1.81

$ 2.07

$ 1.81

Non-GAAP operating earnings (losses), excluding significant variances *

$ 2.17

$ 2.24

$ 2.32

$ 2.07

$ 1.92

$ 2.17

$ 1.92

Weighted average common shares outstanding (in millions)

220.3

222.4

225.2

226.5

228.8

220.3

228.8

Non-GAAP Operating Earnings Return on Average Equity Available to

Common Stockholders (trailing twelve months)

Excluding cumulative change in fair value of funds withheld embedded derivative

and AOCI, other than foreign currency translation adjustment *

15.6%

15.2%

14.7%

14.3%

13.4%

15.6%

13.4%

Non-GAAP operating earnings ROE (excluding cumulative change in fair value of

funds withheld embedded derivative and AOCI, other than foreign currency

translation adjustment), exlcuding significant variances *

16.1%

15.7%

15.5%

15.2%

14.7%

16.1%

14.7%

Book Value Available to Common Stockholders

Excluding cumulative change in fair value of funds withheld embedded derivative

and AOCI, other than foreign currency translation adjustment *

$ 57.16

$ 57.25

$ 55.93

$ 54.97

$ 53.70

$ 57.16

$ 53.70

End of period common shares outstanding (in millions)

216.4

217.4

220.5

223.2

225.0

216.4

225.0

Share Repurchase Data

Shares repurchased (in millions)

2.2

3.3

2.8

2.0

2.4

2.2

2.4

Cost of shares repurchased (in millions)

$ 200.3

$ 275.3

$ 225.1

$ 150.4

$ 200.4

$ 200.3

$ 200.4

Dividend Information

Dividends per share

$ 0.80

$ 0.79

$ 0.78

$ 0.76

$ 0.75

$ 0.80

$ 0.75

Dividends paid (in millions)

$ 173.5

$ 172.4

$ 172.9

$ 169.7

$ 169.0

$ 173.5

$ 169.0

Total capital returned to shareholders

$ 373.8

$ 447.7

$ 398.0

$ 320.1

$ 369.4

$ 373.8

$ 369.4

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 26-32.

(in billions)

Mar-26

Dec-25

Period Ended,

Sep-25

Period Ended,

Jun-25

Mar-25

Mar-26

Mar-25

Assets under administration

$ 1,788.5 $

1,814.6 $

1,792.5

$ 1,737.8 $ 1,661.6 $

1,788.5 $

1,661.6

Assets Under Management Rollforward

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

AUM, beginning of period

$ 781.0

$ 784.3

$ 752.7

$ 717.9

$ 712.1

$ 717.9

$ 708.5

Inflows

43.3

39.5

37.4

33.8

35.3

154.0

131.9

Outflows

(44.8)

(41.7)

(37.0)

(36.4)

(39.7)

(159.9)

(140.7)

Net cash flow

(1.5)

(2.2)

0.4

(2.6)

(4.4)

(5.9)

(8.8)

Market performance (1)

(11.1)

9.7

29.1

29.5

3.5

57.2

36.1

Other (2)

1.4

0.7

(0.7)

2.1

(4.0)

Operations acquired

Operations disposed (3)

(0.2)

(13.0)

(0.8)

(0.9)

(0.8)

(14.9)

(1.8)

Effect of exchange rates

2.0

2.2

1.5

8.1

8.2

13.8

(12.1)

AUM, end of period

$ 770.2

$ 781.0

$ 784.3

$ 752.7

$ 717.9

$ 770.2

$ 717.9

Assets Under Management, End of Period

Mar-26 Dec-25

Period Ended, Sep-25

Jun-25

Mar-25

Period Mar-26

Ended,

Mar-25

Principal Asset Management

$ 737.6

$ 747.8

$ 752.3

$ 723.0

$ 689.3

$ 737.6

$ 689.3

Other Entities of PFG

32.6

33.2

32.0

29.7

28.6

32.6

28.6

AUM, end of period

$ 770.2

$ 781.0

$ 784.3

$ 752.7

$ 717.9

$ 770.2

$ 717.9

Includes reinvested dividends for U.S. Mutual Funds of $0.5 billion in 1Q26, $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, and $0.5 billion in 1Q25.

Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues.

1Q26, 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post Advisory Group (Post); 1Q25 and 4Q24 include the divestment of Origin Asset Management (Origin).

(in millions, except as indicated)

Mar-26

Dec-25

Trailing Twe

Sep-25

lve Months,

Jun-25

Mar-25

Dec-24

Retirement and Income Solutions

Net revenue

$ 2,970.5

$ 2,943.9

$ 2,919.0

$ 2,846.7

$ 2,833.7

$ 2,800.9

Year over year net revenue growth

4.8%

5.1%

5.7%

1.9%

3.7%

4.1%

Pre-tax operating earnings (losses)

$ 1,204.0

$ 1,185.6

$ 1,166.2

$ 1,102.0

$ 1,077.7

$ 1,056.2

Operating margin

40.5%

40.3%

40.0%

38.7%

38.0%

37.7%

Principal Asset Management

Pre-tax operating earnings (losses)

$ 951.2

$ 930.2

$ 914.6

$ 908.6

$ 861.6

$ 861.2

Investment Management

Operating revenues less pass-through expenses *

$ 1,740.8

$ 1,730.8

$ 1,724.7

$ 1,708.5

$ 1,686.0

$ 1,668.6

Operating revenues less pass-through expenses growth - year over year

3.3%

3.7%

5.8%

5.1%

4.6%

3.9%

Pre-tax operating earnings (losses)

$ 623.2

$ 614.4

$ 611.6

$ 597.2

$ 572.9

$ 578.8

Pre-tax operating earnings, adjusted for noncontrolling interest

$ 635.0

$ 627.8

$ 625.3

$ 611.0

$ 588.0

$ 590.9

Operating margin

36.5%

36.3%

35.8%

34.9%

35.4%

International Pension

Net revenue

$ 668.5

$ 645.9

$ 630.6

$ 638.1

$ 620.3

$ 622.9

Year over year net revenue growth

7.8%

3.7%

-5.8%

1.4%

-1.2%

-1.3%

Pre-tax operating earnings (losses)

$ 328.0

$ 315.8

$ 303.0

$ 311.5

$ 288.7

$ 282.4

Operating margin

49.1%

48.9%

48.0%

48.8%

46.5%

45.3%

Benefits and Protection

Pre-tax operating earnings (losses)

$ 573.7

$ 523.2

$ 508.3

$ 486.2

$ 470.9

$ 463.2

Specialty Benefits

Premium and fees

$ 3,392.6

$ 3,362.7

$ 3,340.5

$ 3,314.1

$ 3,287.4

$ 3,257.2

Premium and fees growth - year over year

3.2%

3.6%

4.3%

5.6%

6.6%

Pre-tax operating earnings (losses)

$ 562.0

$ 531.4

$ 536.5

$ 482.7

$ 463.8

$ 459.6

Operating margin

16.6%

15.8%

16.1%

14.6%

14.1%

Life Insurance

Premium and fees

$ 961.7

$ 958.2

$ 947.4

$ 939.6

$ 928.6

$ 927.5

Premium and fees growth - year over year

3.6%

3.3%

2.0%

1.1%

-0.3%

0.6%

Pre-tax operating earnings (losses)

$ 11.7

$ (8.2)

$ (28.2)

$ 3.5

$ 7.1

$ 3.6

Operating margin

1.2%

-0.9%

-3.0%

0.4%

0.8%

0.4%

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 29.

Principal Financial Group, Inc.

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ 1,148.1

$ 2,099.8

$ 1,532.8

$ 1,396.5

$ 1,751.3

$ 6,177.2

$ 6,916.9

Fees and other revenues

1,117.3

1,135.8

1,128.7

1,082.6

1,077.7

4,464.4

4,345.3

Net investment income

1,199.0

1,201.5

1,200.5

1,162.8

1,165.7

4,763.8

4,542.7

Net realized capital gains (losses)

(122.1)

53.7

85.7

5.4

(117.1)

22.7

(143.5)

Net realized capital gains (losses) on funds withheld assets

9.4

11.7

(0.2)

3.7

28.0

24.6

68.2

Change in fair value of funds withheld embedded derivative

177.4

74.2

(265.9)

20.3

(209.7)

6.0

40.7

Total revenues

3,529.1

4,576.7

3,681.6

3,671.3

3,695.9

15,458.7

15,770.3

Benefits, claims and settlement expenses

1,611.1

2,540.5

1,964.1

1,839.9

2,220.0

7,955.6

8,222.9

Liability for future policy benefits remeasurement (gain) loss

(14.7)

(2.4)

60.9

(4.3)

2.2

39.5

675.3

Market risk benefit remeasurement (gain) loss

40.5

10.1

4.0

14.3

34.7

68.9

79.5

Dividends to policyholders

30.6

19.7

30.0

22.9

19.1

103.2

89.7

Operating expenses

1,379.8

1,373.2

1,374.2

1,295.4

1,391.0

5,422.6

5,411.5

Total expenses

3,047.3

3,941.1

3,433.2

3,168.2

3,667.0

13,589.8

14,478.9

Income (loss) before income taxes

481.8

635.6

248.4

503.1

28.9

1,868.9

1,291.4

Income taxes

68.9

110.4

14.5

69.6

(34.0)

263.4

162.6

Net income (loss)

412.9

525.2

233.9

433.5

62.9

1,605.5

1,128.8

Net income (loss) attributable to noncontrolling interest

(11.7)

8.2

20.1

27.3

14.8

43.9

42.2

Net income (loss) attributable to Principal Financial Group, Inc.

$ 424.6

$ 517.0

$ 213.8

$ 406.2

$ 48.1

$ 1,561.6

$ 1,086.6

The consolidated income statement is presented on a U.S. GAAP basis. However, the measure of profitability for our operating segments is pre-tax operating earnings, as shown on the segment pre-tax operating earnings statements. A reconciliation of consolidated GAAP income before income taxes to segment pre-tax operating earnings is provided on page 6.

Principal Financial Group, Inc.

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Non-GAAP Operating Earnings (Losses)

$ 424.6

(104.1)

$ 48.1

251.3

Net income (loss) attributable to Principal Financial Group, Inc.

(Income) loss from exited business ^

$ 517.0

(27.1)

$ 213.8

251.8

$ 406.2

26.1

$ 1,561.6

146.7

$ 1,086.6

341.6

Net income (loss) attributable to PFG excluding exited business

320.5

489.9

465.6

432.3

299.4

1,708.3

1,428.2

Net realized capital (gains) losses

122.1

(53.7)

(85.7)

(5.4)

117.1

(22.7)

143.5

Net realized capital (gains) losses after-tax adjustments ^

13.5

51.8

93.8

62.4

(2.0)

221.5

89.0

Non-GAAP operating earnings (losses) *

456.1

488.0

473.7

489.3

414.5

1,907.1

1,660.7

Income taxes *

102.4

109.9

106.2

105.6

70.6

424.1

357.2

Non-GAAP pre-tax operating earnings (losses) *

$ 558.5

$ 597.9

$ 579.9

$ 594.9

$ 485.1

$ 2,331.2

$ 2,017.9

* This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 6 and 26-32.

^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28.

Three Months Ended, Trailing Twelve Months,

Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Non-GAAP Pre-Tax Operating Earnings (Losses)

Income (loss) before income taxes

$ 481.8

$ 635.6

$ 248.4

$ 503.1

$ 28.9

$ 1,868.9

$ 1,291.4

Net realized capital (gains) losses

122.1

(53.7)

(85.7)

(5.4)

117.1

(22.7)

143.5

Net realized capital (gains) losses pre-tax adjustments ^

63.3

37.0

78.2

50.1

12.4

228.6

96.7

Non-GAAP pre-tax operating (earnings) losses attributable to noncontrolling interest *

(0.7)

(1.2)

(2.2)

(1.9)

(4.2)

(6.0)

(20.2)

Income taxes related to equity method investments

23.7

14.4

22.5

15.9

16.6

76.5

78.0

Pre-tax (income) loss from exited business *

(131.7)

(34.2)

318.7

33.1

314.3

185.9

428.5

Non-GAAP pre-tax operating earnings (losses) *

$ 558.5

$ 597.9

$ 579.9

$ 594.9

$ 485.1

$ 2,331.2

$ 2,017.9

Non-GAAP Net Revenue

Net revenue

$ 1,861.6

$ 2,008.8

$ 1,622.6

$ 1,798.5

$ 1,419.9

$ 7,291.5

$ 6,702.9

Net realized capital (gains) losses

122.1

(53.7)

(85.7)

(5.4)

117.1

(22.7)

143.5

Net realized capital (gains) losses net revenue adjustments ^

88.7

21.6

36.8

42.1

45.8

189.2

55.2

Income taxes related to equity method investments

23.7

14.4

22.5

15.9

16.6

76.5

78.0

Net revenue from exited business

(148.7)

(47.9)

300.6

15.0

230.2

119.0

284.1

Non-GAAP net revenue *

$ 1,947.4

$ 1,943.2

$ 1,896.8

$ 1,866.1

$ 1,829.6

$ 7,653.5

$ 7,263.7

Operating Expenses

Total operating expenses

$ 1,379.8

$ 1,373.2

$ 1,374.2

$ 1,295.4

$ 1,391.0

$ 5,422.6

$ 5,411.5

Net realized capital (gains) losses operating expense adjustments ^

25.4

(15.4)

(41.4)

(8.0)

33.4

(39.4)

(41.5)

Expenses from exited business

(17.0)

(13.7)

(18.1)

(84.1)

(66.9)

(144.4)

Operating expenses *

$ 1,388.2

$ 1,344.1

$ 1,314.7

$ 1,269.3

$ 1,340.3

$ 5,316.3

$ 5,225.6

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Segment Pre-Tax Operating Earnings (Losses)

Retirement and Income Solutions

$ 302.1

$ 299.5

$ 310.3

$ 292.1

$ 283.7

$ 1,204.0

$ 1,077.7

Principal Asset Management

208.5

231.6

274.7

236.4

187.5

951.2

861.6

Benefits and Protection

170.0

169.6

86.5

147.6

119.5

573.7

470.9

Corporate

(122.1)

(102.8)

(91.6)

(81.2)

(105.6)

(397.7)

(392.3)

Pre-tax operating earnings (losses) *

$ 558.5

$ 597.9

$ 579.9

$ 594.9

$ 485.1

$ 2,331.2

$ 2,017.9

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Categories of Segment Operating Expenses

Commission expense

$ 303.9

$ 295.0

$ 285.1

$ 281.3

$ 292.4

$ 1,165.3

$ 1,104.6

Capitalization of DAC and contract costs

(130.2)

(128.5)

(125.1)

(123.3)

(135.9)

(507.1)

(504.0)

Amortization of DAC and contract costs

96.0

94.5

98.4

91.9

90.9

380.8

366.3

Depreciation and amortization

39.6

41.4

40.1

41.2

41.7

162.3

179.7

Interest expense on corporate debt

43.8

43.7

45.3

45.6

42.7

178.4

170.2

Compensation and other

1,035.1

998.0

970.9

932.6

1,008.5

3,936.6

3,908.8

Operating expenses *

$ 1,388.2

$ 1,344.1

$ 1,314.7

$ 1,269.3

$ 1,340.3

$ 5,316.3

$ 5,225.6

* This is a non-GAAP financial measure and is reconciled to GAAP on this page.

^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28.

Mar-26

Dec-25

Sep-25

Period Ended,

Jun-25

Mar-25

Dec-24

Sep-24

Assets

Total investments

$ 110,857.6

$ 110,901.5

$ 107,608.1

$ 106,126.8

$ 105,294.6

$ 103,375.8

$ 102,647.7

Cash and cash equivalents

4,054.0

4,431.0

5,137.1

3,659.0

3,875.7

4,211.9

6,174.5

Accrued investment income

910.9

870.9

899.0

877.8

887.4

828.6

840.2

Reinsurance recoverable and deposit receivable

18,745.0

19,000.1

19,257.6

19,335.9

19,392.6

19,490.1

20,057.9

Premiums due and other receivables

3,643.2

3,894.5

3,771.7

3,789.8

3,726.0

3,771.5

3,730.2

Deferred acquisition costs

4,089.6

4,071.6

4,057.3

4,048.0

4,034.1

4,006.9

3,992.2

Market risk benefit asset

163.7

197.1

187.5

180.2

158.7

199.5

162.6

Property and equipment

714.9

701.4

716.2

724.7

742.7

769.4

798.2

Goodwill

1,588.0

1,600.5

1,577.6

1,583.2

1,567.4

1,549.7

1,597.1

Other intangibles

1,272.9

1,267.0

1,268.5

1,282.9

1,290.5

1,389.9

1,424.4

Separate account assets

185,788.4

193,622.6

189,251.5

180,728.0

171,266.2

173,327.1

180,653.5

Other assets

876.3

818.3

759.7

767.5

767.4

743.2

779.2

Total assets

$ 332,704.5

$ 341,376.5

$ 334,491.8

$ 323,103.8

$ 313,003.3

$ 313,663.6

$ 322,857.7

Liabilities

Contractholder funds

$ 45,898.8

$ 45,380.3

$ 44,421.4

$ 43,394.0

$ 43,266.0

$ 43,099.6

$ 42,499.4

Future policy benefits and claims

50,938.1

51,749.7

50,732.4

49,945.9

49,359.4

48,179.4

49,832.6

Other policyholder funds

950.4

940.8

944.2

935.5

933.2

966.4

911.4

Market risk benefit liability

81.4

66.9

69.1

68.8

80.4

62.1

96.0

Short-term debt

18.2

27.7

13.0

24.1

28.9

152.7

37.3

Long-term debt

3,927.7

3,926.3

3,924.6

3,923.0

4,321.3

3,955.3

3,932.9

Income taxes currently payable

46.0

29.5

26.4

18.8

8.2

8.6

9.4

Deferred income taxes

1,864.1

1,856.4

1,794.0

1,768.9

1,786.6

1,706.0

1,770.3

Separate account liabilities

185,788.4

193,622.6

189,251.5

180,728.0

171,266.2

173,327.1

180,653.5

Funds withheld payable

17,453.1

17,783.4

18,113.2

18,010.9

18,212.3

18,103.7

19,076.3

Other liabilities

13,345.5

13,601.6

13,074.0

12,427.4

12,145.8

12,633.7

12,445.4

Total liabilities

320,311.7

328,985.2

322,363.8

311,245.3

301,408.3

302,194.6

311,264.5

Redeemable noncontrolling interest

544.1

474.3

410.1

391.2

326.7

337.7

311.8

Stockholders' Equity

Common stock, at par

5.0

4.9

Additional paid-in capital

11,350.4

11,275.4

11,238.5

11,202.6

11,157.8

11,100.9

11,045.2

Retained earnings (1)

18,318.9

18,071.3

17,730.0

17,692.6

17,459.3

17,583.5

16,847.0

Treasury stock

(13,515.3)

(13,279.4)

(13,001.4)

(12,771.6)

(12,619.4)

(12,378.1)

(12,074.7)

Accumulated other comprehensive income:

Net unrealized gains (losses) on AFS securities (2)

(3,785.0)

(3,261.0)

(3,192.5)

(3,953.4)

(4,037.6)

(4,641.1)

(2,777.9)

Liability for future policy benefits discount rate remeasurement gain (loss)

1,202.2

812.5

742.6

1,105.9

1,188.4

1,438.2

59.0

Market risk benefit nonperformance risk remeasurement gain (loss)

(10.8)

(13.4)

(17.9)

(13.3)

(12.9)

(15.0)

(19.8)

Net foreign currency translation adjustment

(1,569.9)

(1,546.6)

(1,617.2)

(1,627.8)

(1,705.7)

(1,785.9)

(1,603.6)

Net unrecognized postretirement benefit obligations

(180.2)

(179.9)

(221.6)

(224.7)

(218.1)

(221.0)

(242.7)

Total stockholders' equity attributable to PFG (1)

11,815.3

11,883.9

11,665.5

11,415.3

11,216.8

11,086.4

11,237.4

Noncontrolling interest

33.4

33.1

52.4

52.0

51.5

44.9

44.0

Total stockholders' equity (1)

11,848.7

11,917.0

11,717.9

11,467.3

11,268.3

11,131.3

11,281.4

Total liabilities and stockholders' equity (1)

$ 332,704.5

$ 341,376.5

$ 334,491.8

$ 323,103.8

$ 313,003.3

$ 313,663.6

$ 322,857.7

(1) Includes cumulative change in fair value of funds withheld embedded derivative See also non-GAAP financial measure reconciliations on pages 26-31.

(2) Includes net unrealized gains (losses) on fixed maturities, available-for-sale associated with external funds withheld

$ 2,080.2 $

$ 2,220.4

$ (1,611.6)

$ (1,472.0) $

2,021.6 $

(1,394.1) $

2,231.7

$ 2,215.6

$ (1,562.0)

(1,585.4)

$ 2,381.3 $

$ (1,672.0) $

1,753.9

(1,098.1)

Retirement and Income Solutions

Retirement and Income Solutions Segment Pre-Tax Operating Earnings Statement

(in millions)

Retirement and Income Solutions Segment

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ 171.9

$ 1,155.1

$ 566.5

$ 447.2

$ 810.3

$ 2,340.7

$ 3,181.6

Fees and other revenues

450.5

462.4

459.3

434.2

441.2

1,806.4

1,793.0

Net investment income

896.6

884.7

860.4

836.9

823.7

3,478.6

3,144.3

Total operating revenues

1,519.0

2,502.2

1,886.2

1,718.3

2,075.2

7,625.7

8,118.9

Benefits, claims and settlement expenses

773.1

1,747.8

1,144.0

1,006.2

1,353.9

4,671.1

5,258.3

Liability for future policy benefits remeasurement (gain) loss

(5.3)

1.0

(10.5)

(3.6)

(4.8)

(18.4)

(7.3)

Market risk benefit remeasurement (gain) loss

0.4

(0.8)

0.9

1.8

1.9

2.3

34.0

Dividends to policyholders

0.1

0.2

Commission expense

68.6

76.3

74.9

72.5

69.5

292.3

279.3

Capitalization of DAC and contract costs

(35.7)

(44.2)

(41.1)

(40.5)

(40.9)

(161.5)

(154.9)

Amortization of DAC and contract costs

23.0

22.5

21.8

21.1

88.4

81.5

Depreciation and amortization

17.6

17.8

18.3

18.7

19.4

72.4

79.2

Interest expense on corporate debt

Compensation and other

375.2

382.3

367.4

350.0

370.8

1,474.9

1,470.8

Total expenses

1,216.9

2,202.8

1,575.8

1,426.2

1,790.9

6,421.7

7,041.1

Pre-tax operating earnings (losses) attributable to noncontrolling interest

(0.1)

0.1

0.6

0.1

Pre-tax operating earnings (losses)

$ 302.1

$ 299.5

$ 310.3

$ 292.1

$ 283.7

$ 1,204.0

$ 1,077.7

Account Value Rollforwards

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Fee-Based Account Values

Account values, beginning of period

$ 567.0

$ 558.1

$ 529.8

$ 491.8

$ 501.0

$ 491.8

$ 480.3

Transfer deposits

9.6

9.1

6.1

5.2

6.0

30.0

21.4

Recurring deposits (1)

13.8

10.9

11.1

13.0

46.7

44.9

Deposits

23.4

20.0

17.0

16.3

19.0

76.7

66.3

Withdrawals

(22.0)

(22.4)

(19.5)

(18.3)

(21.1)

(82.2)

(78.2)

Net cash flow

1.4

(2.4)

(2.5)

(2.0)

(2.1)

(5.5)

(11.9)

Credited market performance

(10.7)

11.6

30.9

39.8

(7.3)

71.6

23.6

Other

(0.3)

(0.1)

0.2

(0.2)

Operations acquired

Operations disposed

Effect of exchange rates

Account values, end of period

$ 557.7

$ 567.0

$ 558.1

$ 529.8

$ 491.8

$ 557.7

$ 491.8

Average monthly account values

$ 576.0

$ 565.0

$ 541.7

$ 504.8

$ 506.9

$ 546.8

$ 495.7

Spread-Based Account Values

Account values, beginning of period

$ 69.9

$ 67.8

$ 66.7

$ 66.3

$ 65.5

$ 66.3

$ 62.2

Transfer deposits

1.9

2.8

2.3

1.4

2.5

8.4

9.7

Recurring deposits (1)

0.9

0.8

0.9

0.8

3.4

3.0

Deposits

2.8

3.6

3.1

2.3

3.3

11.8

12.7

Withdrawals

(2.4)

(2.5)

(3.1)

(9.8)

(10.6)

Net cash flow

0.4

1.2

0.6

(0.2)

0.2

2.0

2.1

Credited market performance

0.6

0.7

0.6

2.5

2.3

Other

(0.3)

0.3

(0.2)

(0.3)

Operations acquired

Operations disposed

Effect of exchange rates

Account values, end of period

$ 70.6

$ 69.9

$ 67.8

$ 66.7

$ 66.3

$ 70.6

$ 66.3

Average monthly account values

$ 70.3

$ 69.0

$ 67.3

$ 66.7

$ 65.9

$ 68.3

$ 64.1

Total Retirement and Income Solutions

Account values, beginning of period

$ 636.9

$ 625.9

$ 596.5

$ 558.1

$ 566.5

$ 558.1

$ 542.5

Transfer deposits

11.5

11.9

8.4

6.6

8.5

38.4

31.1

Recurring deposits (1)

14.7

11.7

12.0

13.8

50.1

47.9

Deposits

26.2

23.6

20.1

18.6

22.3

88.5

79.0

Withdrawals

(24.4)

(24.8)

(22.0)

(20.8)

(24.2)

(92.0)

(88.8)

Net cash flow

1.8

(1.2)

(1.9)

(2.2)

(1.9)

(3.5)

(9.8)

Credited market performance

(10.1)

12.2

31.6

40.4

(6.7)

74.1

25.9

Other

(0.3)

0.2

(0.4)

(0.5)

Operations acquired

Operations disposed

Effect of exchange rates

Account values, end of period

$ 628.3

$ 636.9

$ 625.9

$ 596.5

$ 558.1

$ 628.3

$ 558.1

Average monthly account values

$ 646.3

$ 634.0

$ 609.0

$ 571.5

$ 572.8

$ 615.1

$ 559.8

(1) Relates to workplace savings and retirement solutions.

Account Value Detail

Mar-26 Dec-25

Period Ended, Sep-25

Jun-25

Mar-25

Period Mar-26

Ended,

Mar-25

Principal Platform

$ 177.3

$ 179.8

$ 178.3

$ 170.0

$ 159.4

$ 177.3

$ 159.4

Spread-Based

70.6

69.9

67.8

66.7

66.3

70.6

66.3

Non-Proprietary

380.4

387.2

379.8

359.8

332.4

380.4

332.4

Total Account Values

$ 628.3

$ 636.9

$ 625.9

$ 596.5

$ 558.1

$ 628.3

$ 558.1

Account Values, end of period

Mar-26 Dec-25

Period Ended, Sep-25

Jun-25

Mar-25

Period Mar-26

Ended,

Mar-25

Workplace savings and retirement solutions

$ 565.8

$ 574.4

$ 564.5

$ 536.1

$ 497.8

$ 565.8

$ 497.8

Individual annuities

11.1

11.0

10.4

10.1

11.1

10.1

Pension risk transfer

28.5

28.6

27.9

27.5

27.4

28.5

27.4

Investment only

13.8

13.9

14.0

14.6

13.8

14.6

Bank and trust

9.1

8.9

8.5

8.2

9.1

8.2

Total Account Values

$ 628.3

$ 636.9

$ 625.9

$ 596.5

$ 558.1

$ 628.3

$ 558.1

Additional employer security assets

69.6 $

70.1 $

68.5

71.0 $

64.2

71.0

Mar-25

Mar-26

Mar-25

Jun-25

Period Ended,

Period Ended, Sep-25

Dec-25

Mar-26

Principal Asset Management

Principal Asset Management Segment

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ (0.1)

$ (0.2)

$ 0.5

$ 3.9

$ 1.7

$ 4.1

$ 28.4

Fees and other revenues

533.2

544.1

547.1

531.2

518.4

2,155.6

2,091.5

Net investment income

150.2

149.7

179.5

168.3

166.7

647.7

702.0

Total operating revenues

683.3

693.6

727.1

703.4

686.8

2,807.4

2,821.9

Benefits, claims and settlement expenses

52.7

64.0

60.9

82.2

90.6

259.8

378.3

Liability for future policy benefits remeasurement (gain) loss

1.0

0.5

(0.8)

(0.6)

0.5

0.1

1.5

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

Commission expense

50.4

53.1

50.9

48.2

48.1

202.6

192.3

Capitalization of DAC and contract costs

(9.2)

(11.4)

(9.7)

(8.4)

(7.7)

(38.7)

(32.0)

Amortization of DAC and contract costs

8.3

7.5

12.7

6.4

5.8

34.9

30.4

Depreciation and amortization

14.2

15.3

13.7

13.9

57.1

62.8

Interest expense on corporate debt

0.4

0.3

0.4

0.5

1.4

2.8

Compensation and other

353.8

329.3

320.0

321.0

342.8

1,324.1

1,307.0

Total expenses

471.6

458.6

448.0

463.1

494.5

1,841.3

1,943.1

Pre-tax operating earnings (losses) attributable to noncontrolling interest

3.2

3.4

4.4

3.9

4.8

14.9

17.2

Pre-tax operating earnings (losses)

$ 208.5

$ 231.6

$ 274.7

$ 236.4

$ 187.5

$ 951.2

$ 861.6

Principal Asset Management Segment - Investment Management

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ -

Fees and other revenues

441.9

457.4

457.5

442.9

429.5

1,799.7

1,732.6

Net investment income (1)

24.2

25.3

26.4

24.3

24.2

100.2

106.3

Total operating revenues

466.1

482.7

483.9

467.2

453.7

1,899.9

1,838.9

Benefits, claims and settlement expenses

Liability for future policy benefits remeasurement (gain) loss

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

Commission expense

40.1

40.9

39.9

38.2

37.7

159.1

152.9

Capitalization of DAC and contract costs

Amortization of DAC and contract costs

Depreciation and amortization

4.6

4.7

5.0

5.1

19.0

21.3

Interest expense on corporate debt

Compensation and other

293.7

267.7

262.4

263.0

290.4

1,086.8

1,076.7

Total expenses

338.4

313.3

307.0

306.2

333.2

1,264.9

1,250.9

Pre-tax operating earnings (losses) attributable to noncontrolling interest

2.6

2.7

3.4

3.1

4.2

11.8

15.1

Pre-tax operating earnings (losses)

$ 125.1

$ 166.7

$ 173.5

$ 157.9

$ 116.3

$ 623.2

$ 572.9

(1) Includes the earnings related to equity method subsidiaries

$ 13.4

$ 12.6

$ 13.0

$ 12.9

$ 12.2

$ 51.9

$ 54.1

Principal Asset Management Segment - International Pension

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ (0.1)

$ (0.2)

$ 0.5

$ 3.9

$ 1.7

$ 4.1

$ 28.4

Fees and other revenues

97.1

92.4

94.4

92.9

93.6

376.8

376.0

Net investment income (2)

126.0

124.4

153.1

144.0

142.5

547.5

595.7

Total operating revenues

223.0

216.6

248.0

240.8

237.8

928.4

1,000.1

Benefits, claims and settlement expenses

52.7

64.0

60.9

82.2

90.6

259.8

378.3

Liability for future policy benefits remeasurement (gain) loss

1.0

0.5

(0.8)

(0.6)

0.5

0.1

1.5

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

Commission expense

11.0

12.9

11.6

10.6

10.9

46.1

41.6

Capitalization of DAC and contract costs

(9.2)

(11.4)

(9.7)

(8.4)

(7.7)

(38.7)

(32.0)

Amortization of DAC and contract costs

8.3

7.5

12.7

6.4

5.8

34.9

30.4

Depreciation and amortization

9.6

10.6

9.0

8.9

8.8

38.1

41.5

Interest expense on corporate debt

0.4

0.3

0.4

0.5

1.4

2.8

Compensation and other

65.2

66.6

61.8

62.0

56.6

255.6

245.2

Total expenses

139.0

151.0

145.8

161.5

166.0

597.3

709.3

Pre-tax operating earnings (losses) attributable to noncontrolling interest

0.6

0.7

1.0

0.8

0.6

3.1

2.1

Pre-tax operating earnings (losses)

$ 83.4

$ 64.9

$ 101.2

$ 78.5

$ 71.2

$ 328.0

$ 288.7

(2) Includes the earnings related to equity method subsidiaries

$ 54.9

$ 35.8

$ 53.5

$ 30.2

$ 30.5

$ 174.4

$ 170.4

Principal Asset Management AUM

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

AUM, beginning of period

$ 747.8

$ 752.3

$ 723.0

$ 689.3

$ 683.4

$ 689.3

$ 680.3

Inflows

41.8

38.2

36.5

33.1

34.4

149.6

128.5

Outflows

(44.2)

(41.4)

(36.5)

(35.9)

(39.0)

(158.0)

(138.1)

Net cash flow

(2.4)

(3.2)

(2.8)

(4.6)

(8.4)

(9.6)

Market performance (1)

(10.3)

9.7

27.0

28.6

3.8

55.0

36.6

Other (2)

0.7

(0.2)

1.6

0.7

(0.7)

2.8

(4.1)

Operations acquired

Operations disposed (3)

(0.2)

(13.0)

(0.8)

(0.9)

(0.8)

(14.9)

(1.8)

Effect of exchange rates

2.0

2.2

1.5

8.1

8.2

13.8

(12.1)

AUM, end of period

$ 737.6

$ 747.8

$ 752.3

$ 723.0

$ 689.3

$ 737.6

$ 689.3

Principal Asset Management - China AUM (not included in reported AUM)

Period Ended, Period Ended,

Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Investment Management - China (4)

$ 231.3

$ 191.5

$ 185.9

$ 179.1

$ 174.6

$ 231.3

$ 174.6

International Pension - China

114.0

103.8

100.7

93.9

91.4

114.0

91.4

Total Principal Asset Management - China AUM (5)

$ 345.3

$ 295.3

$ 286.6

$ 273.0

$ 266.0

$ 345.3

$ 266.0

Includes reinvested dividends for U.S. Mutual Funds of $0.5 billion in 1Q26, $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, and $0.5 billion in 1Q25.

Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues.

1Q26, 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post; 1Q25 and 4Q24 include the divestment of Origin.

Beginning in the first quarter of 2026, CCBPAM AUM includes AUM from 100% owned subsidiary CCBPAM Capital.

China AUM includes CCBP and CCBPAM AUM, which are not included in reported AUM.

Investment Management AUM

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

AUM, beginning of period

$ 593.9

$ 601.6

$ 579.6

$ 555.8

$ 559.1

$ 555.8

$ 541.2

Inflows

36.9

34.6

32.0

29.6

30.5

133.1

112.2

Outflows

(39.8)

(36.5)

(31.2)

(31.5)

(34.7)

(139.0)

(121.1)

Net cash flow

(2.9)

(1.9)

0.8

(1.9)

(4.2)

(5.9)

(8.9)

Market performance (1)

(13.0)

5.7

20.6

23.8

0.2

37.1

26.0

Other (2) (3)

0.7

1.6

0.8

0.9

3.1

(1.7)

Operations acquired

Operations disposed (4)

(0.2)

(13.0)

(0.8)

(0.9)

(0.8)

(14.9)

(1.8)

Effect of exchange rates

(0.5)

1.5

(0.2)

2.0

0.6

2.8

1.0

AUM, end of period

$ 578.0

$ 593.9

$ 601.6

$ 579.6

$ 555.8

$ 578.0

$ 555.8

crkKA˜!ˇA?¯A,˜.˝?ˇAÅA˙?˝!'A"˜!''.˜…AG˝!ˆ˛'ˇ˜ˇA˝!Ah!"˜…'π˜!'Ak`!`˘˜π˜!'AcrkH

$ 31.7

$ 31.1

$ 30.2

$ 28.1

$ 25.7

$ 31.7

$ 25.7

Investment Management AUM by Asset Class

Mar-26 Dec-25

Period Ended, Sep-25

Jun-25

Mar-25

Period Mar-26

Ended,

Mar-25

Equity

$ 160.5

$ 172.6

$ 174.3

$ 168.7

$ 157.8

$ 160.5

$ 157.8

Fixed Income

116.5

127.9

124.3

121.4

116.5

121.4

Alternatives (including real estate)

62.7

61.6

59.8

56.5

55.3

62.7

55.3

Asset Allocation

163.5

167.9

166.4

159.7

150.8

163.5

150.8

General Account

74.8

75.3

73.2

70.4

70.5

74.8

70.5

AUM, end of period

$ 578.0

$ 593.9

$ 601.6

$ 579.6

$ 555.8

$ 578.0

$ 555.8

Investment Management AUM Net Cash Flow by Asset Class

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Equity

$ (2.5)

$ (1.7)

$ (2.0)

$ (1.1)

$ (1.6)

$ (7.3)

$ (7.4)

Fixed Income

0.3

(0.2)

2.0

0.1

(2.8)

2.2

(1.7)

Alternatives (including real estate)

0.2

0.9

1.6

(0.1)

0.8

2.6

0.9

Asset Allocation

(1.8)

(2.7)

(2.0)

(1.2)

(1.5)

(7.7)

(5.0)

General Account

0.9

1.8

1.2

0.4

0.9

4.3

Net cash flow

$ (2.9)

$ (1.9)

$ 0.8

$ (1.9)

$ (4.2)

$ (5.9)

$ (8.9)

Investment Management AUM Net Cash Flow by Source

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Non-Affiliated

$ (2.5)

$ (1.1)

$ 1.8

$ (0.9)

$ (3.5)

$ (2.7)

$ (2.8)

Affiliated

(0.4)

(0.8)

(1.0)

(0.7)

(3.2)

(6.1)

Net cash flow

$ (2.9)

$ (1.9)

$ 0.8

$ (1.9)

$ (4.2)

$ (5.9)

$ (8.9)

Investment Management Fee Detail

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

(in millions)

Management fees

$ 398.6

$ 405.5

$ 409.5

$ 388.1

$ 389.1

$ 1,601.7

$ 1,552.4

Performance fees

1.4

2.3

2.2

9.1

0.8

15.0

10.2

Other revenue

41.9

49.6

45.8

45.7

39.6

183.0

170.0

Total fees and other revenues

$ 441.9

$ 457.4

$ 457.5

$ 442.9

$ 429.5

$ 1,799.7

$ 1,732.6

Monthly average AUM, excluding joint ventures (in billions)

$ 562.2

$ 567.2

$ 560.4

$ 538.6

$ 536.7

$ 556.0

$ 530.7

Fee rate (in basis points)

28.8

28.4

29.0

28.9

29.3

28.8

29.3

Includes reinvested dividends for U.S. Mutual Funds of $0.5 billion in 1Q26, $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, and $0.5 billion in 1Q25.

Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues.

1Q25 includes movement of existing assets from International Pension to Investment Management to further align local capabilities.

1Q26, 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post; 1Q25 and 4Q24 include the divestment of Origin.

International Pension AUM

Three Months Ended Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

AUM, beginning of period

$ 153.9

$ 150.7

$ 143.4

$ 133.5

$ 124.3

$ 133.5

$ 139.1

Inflows

4.9

3.6

4.5

3.5

3.9

16.5

16.3

Outflows

(4.4)

(4.9)

(5.3)

(4.4)

(4.3)

(19.0)

(17.0)

Net cash flow

0.5

(1.3)

(0.8)

(0.9)

(0.4)

(2.5)

(0.7)

Market performance

2.7

4.0

6.4

4.8

3.6

17.9

10.6

Other (1)

(0.2)

(0.1)

(1.6)

(0.3)

(2.4)

Operations acquired

Operations disposed

Effect of exchange rates

2.5

0.7

1.7

6.1

7.6

11.0

(13.1)

AUM, end of period

$ 159.6

$ 153.9

$ 150.7

$ 143.4

$ 133.5

$ 159.6

$ 133.5

Chile Cuprum AFP customer funds balance (included

in Chile AUM)

$ 40.1

$ 41.5

$ 38.3

$ 37.0

$ 34.7

$ 40.1

$ 34.7

Mexico AFORE customer funds balance (included in

Mexico AUM)

$ 23.1

$ 23.5

$ 22.5

$ 20.5

$ 18.6

$ 23.1

$ 18.6

International Pension AUM by Location

Three Months Ended Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Brazil

$ 92.9

$ 85.5

$ 86.6

$ 82.6

$ 77.0

$ 92.9

$ 77.0

Chile

43.3

44.6

41.3

40.0

37.6

43.3

37.6

Mexico

23.2

23.6

22.6

20.6

18.7

23.2

18.7

Investment in subsidiary (2)

0.2

AUM, end of period

$ 159.6

$ 153.9

$ 150.7

$ 143.4

$ 133.5

$ 159.6

$ 133.5

International Pension AUM Net Cash Flow by Location

Three Months Ended

Mar-26 Dec-25 Sep-25 Jun-25

Mar-25

Trailing Twelve Months, Mar-26 Mar-25

Brazil

$ 0.7

$ (1.2) $

(0.8) $

(0.7)

$ (0.3)

$ (2.0) $

(0.2)

Chile

(0.2)

(0.1)

(0.2)

(0.7)

(0.6)

Mexico

0.2

0.1

0.2

0.1

Net cash flow

$ 0.5

$ (1.3) $

(0.8) $

(0.9)

$ (0.4)

$ (2.5) $

(0.7)

1Q25 includes movement of existing assets from International Pension to Investment Management to further align local capabilities. GŒHAhπˆ¸…ˇ˜:Ad˘˚π`Ì:A˚π' ˜:.˛˜π.A˚πAddçoMA

Benefits and Protection

Benefits and Protection Segment

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ 983.6

$ 954.0

$ 972.8

$ 955.5

$ 947.4

$ 3,865.9

$ 3,740.7

Fees and other revenues

116.2

127.8

121.1

122.6

119.0

487.7

474.5

Net investment income

153.9

162.3

166.6

168.2

147.8

651.0

602.1

Total operating revenues

1,253.7

1,244.1

1,260.5

1,246.3

1,214.2

5,004.6

4,817.3

Benefits, claims and settlement expenses

694.0

684.5

705.0

719.1

699.3

2,802.6

2,655.8

Liability for future policy benefits remeasurement (gain) loss

(10.6)

(0.9)

72.8

(3.7)

(0.4)

57.6

147.8

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

30.6

19.6

29.9

22.9

19.1

103.0

89.5

Commission expense

142.4

134.9

132.4

135.7

151.0

545.4

546.6

Capitalization of DAC and contract costs

(85.3)

(72.9)

(74.3)

(74.4)

(87.3)

(306.9)

(317.1)

Amortization of DAC and contract costs

64.7

64.5

63.9

64.4

64.0

257.5

254.4

Depreciation and amortization

4.0

4.2

4.3

4.4

4.3

16.9

19.4

Interest expense on corporate debt

Compensation and other

243.9

240.6

240.0

230.3

244.7

954.8

950.0

Total expenses

1,083.7

1,074.5

1,174.0

1,098.7

1,094.7

4,430.9

4,346.4

Pre-tax operating earnings (losses) attributable to noncontrolling interest

Pre-tax operating earnings (losses)

$ 170.0

$ 169.6

$ 86.5

$ 147.6

$ 119.5

$ 573.7

$ 470.9

Benefits and Protection Segment - Specialty Benefits

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ 853.5

$ 837.9

$ 836.8

$ 832.1

$ 823.2

$ 3,360.3

$ 3,254.2

Fees and other revenues

7.9

8.4

8.1

8.3

32.3

33.2

Net investment income

55.5

52.4

51.3

52.0

52.4

211.2

197.0

Total operating revenues

916.9

898.2

896.5

892.2

883.9

3,603.8

3,484.4

Benefits, claims and settlement expenses

498.9

486.2

491.6

503.0

504.1

1,979.7

1,964.2

Liability for future policy benefits remeasurement (gain) loss

3.0

(0.5)

(16.2)

1.1

0.6

(12.6)

19.0

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

Commission expense

121.0

104.0

104.8

104.3

120.7

434.1

422.6

Capitalization of DAC and contract costs

(47.3)

(33.4)

(36.7)

(33.6)

(47.2)

(151.0)

(157.7)

Amortization of DAC and contract costs

33.5

33.3

33.4

33.2

133.7

131.9

Depreciation and amortization

2.6

2.7

2.9

2.8

11.1

12.7

Interest expense on corporate debt

Compensation and other

168.4

163.6

161.3

153.5

163.5

646.8

627.9

Total expenses

780.1

756.1

741.0

764.6

777.7

3,041.8

3,020.6

Pre-tax operating earnings (losses) attributable to noncontrolling interest

Pre-tax operating earnings (losses)

$ 136.8

$ 142.1

$ 155.5

$ 127.6

$ 106.2

$ 562.0

$ 463.8

Benefits and Protection Segment - Life Insurance

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ 130.3

$ 116.3

$ 136.1

$ 123.5

$ 124.4

$ 506.2

$ 487.1

Fees and other revenues

108.3

119.9

112.8

114.5

110.7

455.5

441.5

Net investment income

98.4

109.9

115.3

116.2

95.4

439.8

405.1

Total operating revenues

337.0

346.1

364.2

354.2

330.5

1,401.5

1,333.7

Benefits, claims and settlement expenses

195.1

198.3

213.4

216.1

195.2

822.9

691.6

Liability for future policy benefits remeasurement (gain) loss

(13.6)

(0.4)

89.0

(4.8)

(1.0)

70.2

128.8

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

30.6

19.6

29.9

22.9

19.1

103.0

89.5

Commission expense

21.4

30.9

27.6

31.4

30.3

111.3

124.0

Capitalization of DAC and contract costs

(38.0)

(39.5)

(37.6)

(40.8)

(40.1)

(155.9)

(159.4)

Amortization of DAC and contract costs

31.2

31.0

30.6

31.0

30.8

123.8

122.5

Depreciation and amortization

1.4

1.5

1.4

1.5

5.8

6.7

Interest expense on corporate debt

Compensation and other

75.7

77.2

78.9

76.9

81.4

308.7

322.9

Total expenses

303.8

318.6

433.2

334.2

317.2

1,389.8

1,326.6

Pre-tax operating earnings (losses) attributable to noncontrolling interest

Pre-tax operating earnings (losses)

$ 33.2

$ 27.5

$ (69.0)

$ 20.0

$ 13.3

$ 11.7

$ 7.1

Premium and Fees

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Group dental

$ 308.6

$ 301.5

$ 298.6

$ 298.4

$ 296.4

$ 1,207.1

$ 1,170.2

Group life

164.2

161.0

160.3

159.7

158.9

645.2

617.9

Group disability

189.9

188.4

186.3

188.1

183.8

752.7

730.7

Supplemental health products

70.9

67.0

65.6

65.0

64.2

268.5

251.7

Individual disability

128.1

128.2

134.7

129.3

128.5

520.3

518.0

Eliminations

(0.3)

(1.2)

(1.1)

Total

$ 861.4

$ 845.8

$ 845.2

$ 840.2

$ 831.5

$ 3,392.6

$ 3,287.4

Sales (annualized premium)

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Group dental

$ 81.8

$ 30.8

$ 27.1

$ 25.6

$ 63.0

$ 165.3

$ 148.7

Group life

34.9

16.1

13.2

11.8

31.9

76.0

73.2

Group disability

60.7

18.5

16.6

15.5

43.3

111.3

94.6

Supplemental health products

25.1

10.5

9.6

8.6

23.0

53.8

53.1

Individual disability

10.6

12.7

12.8

11.0

47.1

49.3

Total

$ 213.1

$ 88.6

$ 79.3

$ 72.5

$ 172.2

$ 453.5

$ 418.9

Lapse Rates (based on premium)

Three Months Ended, Trailing Twelve Months,

Mar-26

Dec-25

Sep-25

Jun-25

Mar-25

Mar-26

Mar-25

Group dental

7.3%

2.8%

2.9%

2.1%

7.2%

15.1%

14.5%

Group life

6.2%

2.0%

2.5%

1.7%

5.7%

12.3%

11.3%

Group disability

8.4%

2.2%

3.0%

1.8%

7.5%

15.5%

13.6%

Supplemental health products

6.6%

2.3%

2.6%

2.1%

6.3%

13.6%

13.0%

Individual disability

1.0%

1.2%

1.0%

4.1%

4.3%

Incurred Loss Ratios *

Three Months Ended, Trailing Twelve Months,

Mar-26

Dec-25

Sep-25

Jun-25

Mar-25

Mar-26

Mar-25

Group dental

69.2%

66.7%

70.4%

74.6%

71.6%

70.2%

71.5%

Group life

47.8%

48.2%

50.5%

50.2%

57.9%

49.2%

53.5%

Group disability

50.7%

52.9%

45.3%

50.0%

51.0%

49.7%

51.6%

Supplemental health products

49.3%

49.5%

49.3%

49.0%

47.2%

49.3%

46.8%

Individual disability

62.8%

59.1%

51.4%

59.6%

59.9%

58.1%

62.5%

Total

58.5%

57.6%

56.4%

60.2%

60.7%

58.1%

60.4%

* For incurred loss ratios excluding significant variances, see reconciliations on page 32.

Premium and Fees

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Business Market Life Insurance

Premiums

$ 79.6

$ 76.6

$ 77.2

$ 73.9

$ 71.6

$ 307.3

$ 272.9

Fees

65.9

62.8

57.8

59.9

58.0

246.4

218.7

Reinsurance premiums

(43.1)

(45.2)

(35.0)

(36.0)

(40.3)

(159.3)

(145.2)

Total Business Market Life Insurance

102.4

94.2

100.0

97.8

89.3

394.4

346.4

Legacy Life Insurance

Premiums

133.1

137.8

139.2

141.3

137.3

551.4

565.1

Fees

42.4

57.2

54.9

54.6

52.7

209.1

222.8

Reinsurance premiums

(39.3)

(53.0)

(45.2)

(55.7)

(44.2)

(193.2)

(205.7)

Total Legacy Life Insurance

136.2

142.0

148.9

140.2

145.8

567.3

582.2

Total Life Insurance

$ 238.6

$ 236.2

$ 248.9

$ 238.0

$ 235.1

$ 961.7

$ 928.6

Sales (annualized premiums)

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Business Market Life Insurance

$ 20.7

27.5

$ 30.0

21.7

Non-qualified deferred compensation

Business Owner Life Insurance Products

$ 19.0

27.7

$ 16.1

21.7

$ 44.3

24.5

$ 100.1

101.4

$ 103.2

97.2

Total Business Market Life Insurance

$ 48.2

$ 46.7

$ 37.8

$ 68.8

$ 51.7

$ 201.5

$ 200.4

Face Amount of Life Insurance In Force - Gross of Reinsurance *

Period Ended, Period Ended,

Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Traditional Life Insurance

$ 473,070.7

$ 470,157.5

$ 466,171.9

$ 461,809.3

$ 458,119.0

$ 473,070.7

$ 458,119.0

Universal and Variable Universal Life Insurance

55,565.7

55,569.9

55,079.5

54,523.7

53,488.3

55,565.7

53,488.3

Total Life Insurance

$ 528,636.4

$ 525,727.4

$ 521,251.4

$ 516,333.0

$ 511,607.3

$ 528,636.4

$ 511,607.3

Face Amount of Life Insurance In Force - Net of Reinsurance *

Period Ended, Period Ended,

Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Traditional Life Insurance

$ 307,114.7

$ 305,806.6

$ 303,915.1

$ 302,062.3

$ 300,242.0

$ 307,114.7

$ 300,242.0

Universal and Variable Universal Life Insurance

22,172.5

22,179.5

21,849.4

21,343.1

20,668.2

22,172.5

20,668.2

Total Life Insurance

$329,287.2

$ 327,986.1

$ 325,764.5

$ 323,405.4

$ 320,910.2

$ 329,287.2

$ 320,910.2

Account Value Rollforward

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Account Values, beginning of period

$ 11,053.6

$ 10,935.8

$ 10,600.2

$ 10,026.0

$ 10,139.5

$ 10,026.0

$ 9,702.0

Deposits

348.7

307.9

280.9

341.3

375.1

1,278.8

1,335.1

Withdrawals and benefits

(191.7)

(131.3)

(137.9)

(155.1)

(163.4)

(616.0)

(594.8)

Net customer flows

157.0

176.6

143.0

186.2

211.7

662.8

740.3

Interest credited and market value change

(159.3)

198.2

445.9

640.5

(66.7)

1,125.3

599.9

Policy charges

(258.8)

(257.0)

(253.3)

(252.5)

(258.5)

(1,021.6)

(1,016.2)

Operations disposed

Account Values, end of period

$ 10,792.5

$ 11,053.6

$ 10,935.8

$ 10,600.2

$ 10,026.0

$ 10,792.5

$ 10,026.0

* Excludes our exited business.

Corporate

Corporate Segment Pre-Tax Operating Earnings Statement

(in millions)

Corporate Segment

Three Months Ended, Trailing Twelve Months, Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Mar-26 Mar-25

Premiums and other considerations

$ (1.4)

$ (1.3)

$ (1.4)

$ (1.3)

$ (5.5)

$ (5.2)

Fees and other revenues

(0.4)

(16.5)

(22.6)

(18.3)

(56.0)

(86.5)

Net investment income

61.6

36.2

42.0

45.6

56.7

185.4

174.5

Total operating revenues

59.8

18.3

24.2

21.6

37.1

123.9

82.8

Benefits, claims and settlement expenses

32.5

(0.8)

(1.1)

(0.8)

23.6

29.8

19.1

Liability for future policy benefits remeasurement (gain) loss

Market risk benefit remeasurement (gain) loss

Dividends to policyholders

Commission expense

42.5

30.7

26.9

24.9

23.8

125.0

86.4

Capitalization of DAC and contract costs

Amortization of DAC and contract costs

Depreciation and amortization

3.8

4.1

3.8

4.2

4.1

15.9

18.3

Interest expense on corporate debt

43.4

45.0

45.2

42.2

177.0

167.4

Compensation and other

62.2

45.8

43.5

31.3

50.2

182.8

181.0

Total expenses

184.4

123.2

118.1

104.8

143.9

530.5

472.2

Pre-tax operating earnings (losses) attributable to noncontrolling interest

(2.5)

(2.1)

(2.3)

(2.0)

(1.2)

(8.9)

2.9

Pre-tax operating earnings (losses)

$ (122.1)

$ (102.8)

$ (91.6)

$ (81.2)

$ (105.6)

$ (397.7)

$ (392.3)

Investment Details

Consolidated Investment Portfolio Composition

Period Ended,

Mar-26 Mar-25 Dec-25 Carrying Percent Carrying Percent Carrying Percent Amount of Total Amount of Total Amount of Total

Fixed maturity securities, available-for-sale

$ 60,347.1

61.9%

$ 56,230.0

61.9%

$ 60,060.6

61.6%

Fixed maturity securities, trading

995.3

1.0%

1,022.3

1.1%

964.5

1.0%

Equity securities

2,341.6

2.4%

2,428.6

2.7%

2,237.0

2.3%

Mortgage loans

19,099.8

19.6%

18,134.7

20.0%

19,005.4

19.5%

Real estate

2,406.8

2.5%

2,480.1

2.7%

2,409.7

2.5%

Policy loans

873.1

0.9%

875.7

1.0%

866.7

0.9%

Other investments

Investment in unconsolidated operating entities

1,212.2

1.2%

1,104.3

1.2%

1,159.0

1.2%

Direct financing leases

542.3

0.6%

584.7

0.6%

567.6

0.6%