Form 8-K

8-K — PRINCIPAL FINANCIAL GROUP INC

Accession: 0001104659-26-047680

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001126328

SIC: 6321 (ACCIDENT & HEALTH INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2612531d1_8k.htm (Primary)

EX-99 — EXHIBIT 99 (tm2612531d1_ex99.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2612531d1_8k.htm · Sequence: 1

false

0001126328

2026-04-23

iso4217:USD

xbrli:shares

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the

Securities

Exchange Act of 1934

Date

of Report: April

23, 2026

(Date

of earliest event reported)

PRINCIPAL FINANCIAL GROUP, INC.

(Exact

name of registrant as specified in its charter)

Delaware

1-16725

42-1520346

(State or other jurisdiction

(Commission file number)

(I.R.S. Employer

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)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ 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).

Emerging

growth company ¨

If an emerging growth company,

indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Title

of each class

Trading

symbol(s)

Name

of each exchange on which registered

Common

Stock

PFG

Nasdaq

Global Select Market

Item 2.02 Results of Operations and Financial Condition

On April 23, 2026, Principal Financial Group, Inc. publicly announced

information regarding its results of operations and financial condition for the quarter ended March 31, 2026. The text of the announcement

is included herewith as Exhibit 99.

Item 9.01

Financial Statements and Exhibits

First Quarter 2026 Earnings Release

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.

By:

/s/ Joel Pitz

Name:

Joel Pitz

Title:

Executive Vice President & Chief Financial Officer

Date: April 23, 2026

EX-99 — EXHIBIT 99

EX-99

Filename: tm2612531d1_ex99.htm · Sequence: 2

Exhibit 99

INVESTOR CONTACT:

MEDIA CONTACT:

Humphrey Lee

877-909-1105, lee.humphrey@principal.com

Sara Bonney

515-878-0835, bonney.sara@principal.com

Principal Financial Group Announces

First Quarter 2026 Results

Raises second quarter 2026 common

stock dividend

(Des

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

Diluted

earnings per common share

1Q26

Earnings

(in millions)

1Q26

Net

income attributable to PFG

$1.93

Net

income attributable to PFG

$425

Non-GAAP

net income attributable to PFG, excluding exited business1

$1.45

Non-GAAP

net income attributable to PFG, excluding exited business1

$321

Non-GAAP

operating earnings1

$2.07

Non-GAAP

operating earnings1

$456

Non-GAAP

operating earnings excluding significant variances2

$2.17

Non-GAAP

operating earnings excluding significant variances2

$479

First

Quarter 2026 Highlights

· Non-GAAP operating earnings per diluted share, excluding significant

variances2 of $2.17 increased 13% over prior year quarter; reported non-GAAP operating earnings per diluted share increased

14%

· Returned $374 million of capital to shareholders, including $200 million

of share repurchases and $174 million of common stock dividends

· Announced common stock dividend increase

of $0.02 to $0.82 per share in the second quarter 2026; representing an 8% increase over the second quarter 2025 dividend and on

a trailing twelve-month basis

· Assets under management (AUM) of $770 billion, which is included in

assets under administration (AUA) of $1.8 trillion

· Strong financial position with $1.45 billion of excess and available

capital

Deanna

Strable, Chair, President and CEO of Principal®

“Driven by fundamentals and a sharp focus on higher

growth markets, we delivered strong revenue growth, EPS growth and ROE expansion in the quarter. We continue to execute on our commitment

to return excess capital to shareholders while maintaining a robust capital position.

Entering 2Q26, we are confident in the strength of our

diversified, integrated portfolio. Disciplined risk management and focused growth investments further enable the delivery of long-term

value for shareholders and customers.”

First Quarter Enterprise Results

In millions except percentages, earnings per share, or

otherwise noted

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.

The total company impacts of significant variances is after tax. See Exhibit 1 for details on the impact of 1Q 2026 and 1Q 2025 significant

variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating

earnings.

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Net income (loss) attributable to PFG

$424.6

$48.1

783%

$1,561.6

$1,086.6

44%

Non-GAAP net income attributable to PFG, excluding exited business

$320.5

$299.4

$1,708.3

$1,428.2

20%

Non-GAAP operating earnings

$456.1

$414.5

10%

$1,907.1

$1,660.7

15%

Non-GAAP operating earnings, excluding significant variances2

$478.8

$439.2

$1,969.3

$1,819.1

Diluted earnings per common share

Net income (loss) attributable to PFG

$1.93

$0.21

819%

Non-GAAP net income attributable to PFG, excluding exited business

$1.45

$1.31

11%

Non-GAAP operating earnings

$2.07

$1.81

14%

Non-GAAP operating earnings, excluding significant variances2

$2.17

$1.92

13%

Assets under administration (billions)

$1,788.5

$1,661.6

Assets under management (billions)

$770.2

$717.9

AUM net cash flow (billions)

$(1.5)

$(4.4)

$2.9

$(5.9)

$(8.8)

$2.9

First Quarter Segment Highlights (compared to 1Q25)

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

· Investment Management gross sales of $37 billion increased

21%

· International Pension record AUM of $160 billion increased

20%

· Specialty Benefits record sales of $213 million increased

24%

· Life Insurance business market premium and fees increased

15%

Segment Results

In millions except percentages, or otherwise

noted except percentages or otherwise noted)

Retirement and Income Solutions

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating earnings3

$302.1

$283.7

$1,204.0

$1,077.7

12%

Net revenue4

$750.8

$724.2

$2,970.5

$2,833.7

Operating margin5

40.2%

39.2%

40.5%

38.0%

· Pre-tax operating earnings increased $18.4 million

primarily due to higher net revenue and disciplined expense management.

· Net revenue increased $26.6 million due to favorable

market performance and growth in the business.

Investment Management

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating earnings

$125.1

$116.3

$623.2

$572.9

Operating revenues less pass-through expenses6

$426.0

$416.0

$1,740.8

$1,686.0

Operating margin7

30.0%

29.0%

36.5%

34.9%

Assets under management (billions)

$578.0

$555.8

· Pre-tax operating earnings increased $8.8 million

primarily due to higher operating revenues less pass-through expenses and disciplined expense management.

· Operating revenues less pass-through expenses increased

$10.0 million primarily due to higher management fees, resulting from higher AUM.

3 Pre-tax operating earnings = operating earnings before

income taxes and after noncontrolling interest.

4 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.

5 Operating margin for Retirement and Income Solutions =

pre-tax operating earnings divided by net revenue.

6 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.

7 Operating margin for Investment Management = pre-tax operating

earnings adjusted for noncontrolling interest divided by operating revenues less pass-through expenses.

International Pension

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating earnings

$83.4

$71.2

17%

$328.0

$288.7

14%

Net revenue

$169.3

$146.7

15%

$668.5

$620.3

Operating margin8

49.3%

48.5%

49.1%

46.5%

Assets under management (billions)

$159.6

$133.5

20%

· Pre-tax operating earnings increased $12.2 million

due to higher net revenue.

· Net revenue increased $22.6 million primarily due

to foreign currency tailwinds, performance fees, and growth in the business.

Specialty Benefits

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating earnings

$136.8

$106.2

29%

$562.0

$463.8

21%

Premium and fees

$861.4

$831.5

$3,392.6

$3,287.4

Operating margin9

15.9%

12.8%

16.6%

14.1%

Incurred loss ratio

58.5%

60.7%

58.1%

60.4%

· Pre-tax operating earnings increased $30.6 million

primarily due to more favorable underwriting.

· Premium and fees increased $29.9 million driven by

growth in the business, supported in part by record sales.

· Incurred loss ratio improved to 58.5% and was below

targeted range driven by improved group life and group dental results along with continued strong group disability experience.

8 Operating margin for International Pension = pre-tax operating

earnings divided by net revenue.

9 Operating margin for Benefits and Protection = pre-tax

operating earnings divided by premium and fees.

Life Insurance

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating earnings

$33.2

$13.3

150%

$11.7

$7.1

65%

Premium and fees

$238.6

$235.1

$961.7

$928.6

Operating margin

13.9%

5.7%

1.2%

0.8%

· Pre-tax operating earnings increased $19.9 million

driven by improved mortality experience.

· Premium and fees increased $3.5 million as strong

business market growth outpaced the run-off of the legacy life business.

Corporate

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

Change

1Q26

1Q25

Change

Pre-tax operating losses

$(122.1)

$(105.6)

(16)%

$(397.7)

$(392.3)

(1)%

· Pre-tax operating losses increased $16.5 million due

to timing of expenses.

Common Stock Dividend

· Announced a second quarter cash dividend of $0.82 per share

to holders on common shares. This represents a 2-cent increase over first quarter of 2026 and an 8% increase over the prior year quarter.

· The second quarter dividend will be payable on June 26, 2026,

to shareholders of record as of June 1, 2026.

Exhibit 1

Principal Financial Group

Impact of Significant Variances10 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,

Trailing Twelve Months,

1Q26

1Q25

1Q26

1Q25

Net income (loss) attributable to PFG

(22.7)

(24.7)

(68.5)

(175.3)

(Income) loss from exited business

6.1

20.6

Non-GAAP net income (loss) attributable to PFG, excluding exited business

(22.7)

(24.7)

(62.4)

(154.7)

Net realized capital (gains) losses, as adjusted

0.2

(3.7)

Non-GAAP operating earnings

(22.7)

(24.7)

(62.2)

(158.4)

Income taxes

(3.2)

(5.6)

(13.1)

(36.2)

Non-GAAP pre-tax operating earnings

(25.9)

(30.3)

(75.3)

(194.6)

Per diluted share:

Net income (loss) attributable to PFG

(0.10)

(0.11)

(Income) loss from exited business

Non-GAAP net income (loss) attributable to PFG, excluding exited business

(0.10)

(0.11)

Net realized capital (gains) losses, as adjusted

Non-GAAP operating earnings

(0.10)

(0.11)

Weighted average diluted common shares outstanding

220.3

228.8

Segment pre-tax operating earnings (losses):

Retirement and Income Solutions

(16.0)

(21.0)

(31.1)

(96.2)

Investment Management

4.8

International Pension

2.4

38.7

11.1

Principal Asset Management

2.4

43.5

11.1

Specialty Benefits

(3.0)

(5.0)

3.4

(17.9)

Life Insurance

(4.0)

(0.6)

(109.0)

(92.9)

Benefits and Protection

(7.0)

(5.6)

(105.6)

(110.8)

Corporate

(5.3)

(3.7)

17.9

1.3

Total segment pre-tax operating earnings (losses)

(25.9)

(30.3)

(75.3)

(194.6)

Income statement line item details

of significant variances are available in our earnings conference call presentation on our website.

10 Significant variances (SVs) in 1Q26 include 1) lower

than expected variable investment income in RIS, Specialty Benefits, Life Insurance and Corporate, partially offset by higher than expected

variable investment income in International Pension; 2) lower than expected encaje performance in International Pension; 3) higher than

expected Latin American inflation in International Pension. SVs in 1Q25 include 1) lower than expected variable investment income in RIS,

Specialty Benefits, Life Insurance and Corporate; 2) impact of GAAP-only regulatory closed block adjustment in Life Insurance. SVs on

a trailing twelve months in 1Q26 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits,

and Life Insurance, partially offset by higher than expected variable investment income in Corporate; 2) impacts of 2025 actuarial assumption

review; 3) higher than expected encaje performance and Latin American inflation in International Pension; 4) impact from a one-time expense

accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance, and Corporate. SVs on a trailing twelve months in 1Q25

include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, and Life Insurance, partially

offset by higher than expected variable investment income in Corporate; 2) impacts of 2024 actuarial assumption review; 3) impact of model

refinement in Specialty Benefits 4) lower than expected encaje performance; 5) higher than expected Latin American inflation in International

Pension; 6) impact of GAAP-only regulatory closed block adjustment in Life Insurance.

Earnings Conference Call

On Friday, Apr. 24, 2026, at 10:00 a.m. (ET), Chair, President and Chief

Executive Officer Deanna Strable and Executive Vice President and Chief Financial Officer Joel Pitz will lead a discussion of results

during a live conference call, which can be accessed as follows:

· Via

live Internet webcast. Please go to investors.principal.com

least 10-15 minutes prior to the start of the call to register, and to download and install

any necessary audio software.

· Analysts who will be asking questions will be sent a dial in number and authorization

code in advance of the call.

· Replay

of the earnings call via webcast as well as a transcript of the call will be available after

the call at investors.principal.com.

The company’s financial supplement

and slide presentation is currently available at investors.principal.com, and may be referred

to during the call.

Forward Looking Statements

This release contains statements that constitute forward-looking statements

within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to share repurchases and planned

dividends, the realization of our growth and business strategies and results from ongoing operations. Forward-looking statements are made

based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking

statements are not guarantees of future performance and actual results may differ materially from the results anticipated in the forward-looking

statements. We describe risks, uncertainties and factors that could cause or contribute to such material differences in our filings with

the Securities and Exchange Commission, including in the “Risk Factors” and “Note Concerning Forward-Looking Statements”

sections in our annual report on Form 10-K for the year ended Dec. 31, 2025, as updated or supplemented from time to time in subsequent

filings. We assume no obligation to update any forward-looking statement for any reason, which speaks as of its date.

Use of Non-GAAP Financial Measures

The company uses a number of non-GAAP financial measures that management

believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding

and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial

measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure

at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is

possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures

for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis

comparable to that used by investors and securities analysts.

About Principal®11

Principal Financial Group®

(Nasdaq: PFG) is a global financial company with approximately 19,000 employees12 passionate

about improving the wealth and well-being of people and businesses. In business for 146 years, we’re helping 82 million customers12

plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce.

Principal® is proud to be recognized as one of the 2026 World’s Most Ethical Companies13

and named as a “Best Place to Work in Money Management14.” Learn more about

Principal and our commitment to building a better future at principal.com.

###

Summary of Principal Financial Group®

and Segment Results

Principal Financial Group, Inc. Results

(in millions)

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

1Q26

1Q25

Net income (loss) attributable to PFG*

424.6

48.1

1,561.6

1,086.6

(Income) loss from exited business

(104.1)

251.3

146.7

341.6

Non-GAAP net income (loss) attributable to PFG excluding exited business

320.5

299.4

1,708.3

1,428.2

Net realized capital (gains) losses, as adjusted

135.6

115.1

198.8

232.5

Non-GAAP Operating Earnings*

456.1

414.5

1,907.1

1,660.7

Income taxes

102.4

70.6

424.1

357.2

Non-GAAP Pre-Tax Operating Earnings

558.5

485.1

2,331.2

2,017.9

Segment Pre-Tax Operating Earnings (Losses):

Retirement and Income Solutions

302.1

283.7

1,204.0

1,077.7

Principal Asset Management

208.5

187.5

951.2

861.6

Benefits and Protection

170.0

119.5

573.7

470.9

Corporate

(122.1)

(105.6)

(397.7)

(392.3)

Total Segment Pre-Tax Operating Earnings

558.5

485.1

2,331.2

2,017.9

11 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.

12 As of March 31, 2026

13 Ethisphere, 2026

14 Pensions & Investments, 2025

Per Diluted Share

Three Months Ended,

1Q26

1Q25

Net income (loss) attributable to PFG

1.93

0.21

(Income) loss from exited business

(0.48)

1.10

Non-GAAP net income (loss) excluding exited business

1.45

1.31

Net realized capital (gains) losses, as adjusted

0.62

0.50

Non-GAAP Operating Earnings

2.07

1.81

Impact of significant variances15

0.10

0.11

Non-GAAP Operating Earnings, excluding significant variances

2.17

1.92

Weighted-average diluted common shares outstanding (in millions)

220.3

228.8

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

operating earnings

Management uses non-GAAP operating earnings, which is a financial measure

that excludes the effect of net realized capital gains and losses, as adjusted, income (loss) from exited business and other after-tax

adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee

and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities

analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these

items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation

of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal,

ongoing operations of the company’s businesses.

Selected Balance Sheet Statistics

Period Ended,

1Q26

4Q25

Total assets (in billions)

332.7

341.4

Stockholders’ equity (in millions)

11,848.7

11,917.0

Stockholders’ equity available to common stockholders (in millions)

11,815.3

11,883.9

Stockholders’ equity, excluding cumulative change in fair value of funds withheld embedded derivative and accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment, available to common stockholders (in millions)

12,368.7

12,445.5

End of period common shares outstanding (in millions)

216.4

217.4

Book value per common share

54.60

54.66

Book value per common share excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment

57.16

57.25

15 See Exhibit 1 for details on the impact of 1Q 2026 and

1Q 2025 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business;

and non-GAAP operating earnings.

Principal Financial Group, Inc.

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

Measures

(in millions, except as indicated)

Period Ended,

1Q26

4Q25

Stockholders’ Equity, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:

Stockholders’ equity

11,848.7

11,917.0

Noncontrolling interest

(33.4)

(33.1)

Stockholders’ equity available to common stockholders

11,815.3

11,883.9

Cumulative change in fair value of funds withheld embedded derivative

(2,220.4)

(2,080.2)

AOCI, other than foreign currency translation adjustment

2,773.8

2,641.8

Stockholders’ equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders

12,368.7

12,445.5

Book Value Per Common Share, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment:

Book value per common share

54.60

54.66

Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment

2.56

2.59

Book value per common share, excluding change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment

57.16

57.25

Principal

Financial Group, Inc.

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

(in millions)

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

1Q26

1Q25

Income Taxes:

Total GAAP income taxes (benefit)

68.9

(34.0)

263.4

162.6

Net realized capital gains (losses) tax adjustments

37.6

25.2

45.9

30.2

Exited business tax adjustments

(27.6)

63.0

39.2

86.9

Income

taxes related to equity method investments and noncontrolling interest

23.5

16.4

75.6

77.5

Income taxes

102.4

70.6

424.1

357.2

Net Realized Capital Gains (Losses):

GAAP net realized capital gains (losses)

(122.1)

(117.1)

22.7

(143.5)

Market value adjustments to fee revenues

0.1

(0.1)

0.1

Net realized capital gains (losses) related to equity method investments

0.9

4.6

1.6

(2.4)

Derivative and hedging-related revenue adjustments

(27.4)

(13.2)

(115.6)

14.7

Certain variable annuity fees

17.1

17.0

68.1

70.1

Certain real estate-related depreciation and amortization

(14.9)

Sponsored investment funds and other adjustments

9.5

7.1

43.9

31.1

Capital gains distributed – operating expenses

25.4

33.4

(39.4)

(41.5)

Amortization of actuarial balances

(5.9)

(1.9)

(18.5)

(3.5)

Derivative and hedging-related expense adjustments

(0.6)

0.5

(1.7)

Market value adjustments of embedded derivatives

(20.1)

(22.0)

(22.1)

(42.6)

Market value adjustments of market risk benefits

(47.8)

(43.9)

(104.0)

(91.1)

Capital gains distributed – cost of interest credited

0.4

6.1

(28.3)

(29.8)

Net realized capital gains (losses) tax adjustments

37.6

25.2

45.9

30.2

Net realized capital gains (losses) attributable to noncontrolling interest, after-tax

12.2

(10.8)

(38.8)

(22.5)

Total net realized capital gains (losses) after-tax adjustments

(13.5)

2.0

(221.5)

(89.0)

Net realized capital gains (losses), as adjusted

(135.6)

(115.1)

(198.8)

(232.5)

Income (Loss) from Exited Business:

Pre-tax impacts of exited business:

Amortization of reinsurance gains (losses)

(19.7)

(26.4)

(77.4)

(605.9)

Other impacts of reinsured business

(35.4)

(106.2)

(139.1)

68.5

Net realized capital gains (losses) on funds withheld assets

9.4

28.0

24.6

68.2

Change in fair value of funds withheld embedded derivative

177.4

(209.7)

6.0

40.7

Tax impacts of exited business

(27.6)

63.0

39.2

86.9

Total income (loss) from exited business

104.1

(251.3)

(146.7)

(341.6)

Principal Financial Group, Inc.

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

Measures

(in millions)

Three Months Ended,

Trailing Twelve Months,

1Q26

1Q25

1Q26

1Q25

Investment Management Operating Revenues Less Pass-Through Expenses:

Operating revenues

466.1

453.7

1,899.9

1,838.9

Commissions and other expenses

(40.1)

(37.7)

(159.1)

(152.9)

Operating revenues less pass-through expenses

426.0

416.0

1,740.8

1,686.0

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