Form 8-K

8-K — PRINCIPAL FINANCIAL GROUP INC

Accession: 0001104659-26-087091

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0001126328

SIC: 6321 (ACCIDENT & HEALTH INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621379d1_8k.htm (Primary)

EX-99 — EXHIBIT 99 (tm2621379d1_ex99.htm)

GRAPHIC (tm2621379d1_ex99sp1img1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2621379d1_8k.htm · Sequence: 1

false

0001126328

2026-07-27

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the

Securities

Exchange Act of 1934

Date

of Report: July 27, 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 July 27, 2026, Principal Financial Group, Inc. publicly announced

information regarding its results of operations and financial condition for the quarter ended June 30, 2026. The text of the announcement

is included herewith as Exhibit 99.

Item 9.01 Financial Statements

and Exhibits

99 Second 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: July 27, 2026

EX-99 — EXHIBIT 99

EX-99

Filename: tm2621379d1_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

Second Quarter 2026 Results

Raises third quarter 2026 common stock dividend

(Des

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

Diluted

earnings per common share

2Q26

Earnings

(in millions)

2Q26

Net

income attributable to PFG

$1.84

Net

income attributable to PFG

$403

Non-GAAP

net income attributable to PFG, excluding exited business1

$2.44

Non-GAAP

net income attributable to PFG, excluding exited business1

$535

Non-GAAP

operating earnings1

$2.50

Non-GAAP

operating earnings1

$547

Non-GAAP

operating earnings excluding significant variances2

$2.42

Non-GAAP

operating earnings excluding significant variances2

$529

Second

Quarter 2026 Highlights

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

variances2 of $2.42 increased 17% over prior year quarter; reported non-GAAP operating earnings per diluted share increased

16%

· Returned $427 million of capital to shareholders, including $250 million of share repurchases and $177 million of common stock dividends

· Announced common stock dividend increase of $0.02 to $0.84 per share in the third quarter 2026; representing an 8% increase over the third

quarter 2025 dividend and on a trailing twelve-month basis

· Assets under management (AUM) of $808 billion, which is included in assets under administration (AUA) of $1.9 trillion

· Strong financial position with $1.6 billion of excess and available capital

Deanna

Strable, Chair, President and CEO of Principal®

“Our second quarter results reflect continued execution against our strategic priorities and growth across the enterprise. We strengthened

our leadership in retirement, advanced our position in the small and midsized business market, and continued to leverage the scale of

our global asset management platform. This execution translated into strong earnings growth, ROE expansion and disciplined capital return.

I'm proud of what our teams accomplished this quarter and encouraged by the momentum we continue to build. This, along with the commitment

of our employees, gives me confidence in our ability to continue creating value for customers and shareholders.”

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 2Q 2026 and 2Q 2025 significant

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

earnings.

Second Quarter Enterprise Results

In millions except percentages, earnings per share, or

otherwise noted

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Net income (loss) attributable to

PFG

$403.4

$406.2

(1)%

$1,558.8

$1,139.7

37%

Non-GAAP net income attributable to PFG, excluding exited

business

$535.0

$432.3

24%

$1,811.0

$1,504.3

20%

Non-GAAP operating earnings

$547.0

$489.3

12%

$1,964.8

$1,763.9

11%

Non-GAAP operating earnings, excluding significant variances2

$528.7

$468.6

13%

$2,029.4

$1,872.2

Diluted earnings per

common share

Net income (loss) attributable

to PFG

$1.84

$1.79

Non-GAAP net income attributable to PFG, excluding exited

business

$2.44

$1.91

28%

Non-GAAP operating earnings

$2.50

$2.16

16%

Non-GAAP operating earnings,

excluding significant variances2

$2.42

$2.07

17%

Assets under administration

(billions)

$1,892.4

$1,737.8

Assets under management

(billions)

$808.0

$752.7

AUM net cash flow (billions)

$(11.1)

$(2.6)

$(8.5)

$(14.4)

$(9.3)

$(5.1)

Second Quarter Segment Highlights (compared to 2Q25)

Retirement and Income Solutions

· RIS

transfer deposits of $9 billion, up 30%; operating margin3 improved 60 bps

Principal Asset Management

· Investment

Management gross sales of $30 billion increased 2%

· International

Pension record AUM of $169 billion increased 18%, operating margin4 improved

320 bps

Benefits and

Protection

· Specialty

Benefits sales up 11%; operating margin5 improved

300 bps

· Life

Insurance operating margin improved 280 bps

3 Operating margin

for Retirement and Income Solutions = pre-tax operating earnings divided by net revenue.

4 Operating margin

for International Pension = pre-tax operating earnings divided by net revenue.

5 Operating margin

for Benefits and Protection = pre-tax operating earnings divided by premium and fees.

Segment Results

In millions except percentages, or otherwise

noted except percentages or otherwise noted)

Retirement and Income Solutions

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax operating

earnings6

$323.3

$292.1

11%

$1,235.2

$1,102.0

12%

Net revenue7

$779.0

$713.9

$3,035.6

$2,846.7

Operating margin

41.5%

40.9%

40.7%

38.7%

· Pre-tax

operating earnings increased $31.2 million primarily due to higher net revenue and margin

expansion.

· Net revenue increased $65.1 million due to favorable

market performance and growth in the business.

Investment Management

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax

operating earnings

$159.4

$157.9

$624.7

$597.2

Operating

revenues less pass-through expenses8

$431.6

$429.0

$1,743.4

$1,708.5

Operating

margin9

37.5%

36.5%

35.8%

Assets

under management (billions)

$601.9

$579.6

· Pre-tax

operating earnings increased $1.5 million with stable margins.

· Operating

revenues less pass-through expenses increased $2.6 million primarily due to higher management

fees, resulting from higher AUM, partially offset by lower performance fees.

6 Pre-tax operating earnings = operating earnings before income taxes and

after noncontrolling interest.

7 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.

8 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.

9 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,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax

operating earnings

$97.0

$78.5

24%

$346.5

$311.5

11%

Net

revenue

$184.8

$159.2

16%

$694.1

$638.1

Operating

margin

52.5%

49.3%

49.9%

48.8%

Assets

under management (billions)

$168.5

$143.4

18%

· Pre-tax operating earnings increased $18.5 million

due to higher net revenue.

· Net

revenue increased $25.6 million primarily due to more favorable encaje returns and foreign

currency tailwinds.

Specialty Benefits

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax

operating earnings

$158.9

$127.6

25%

$593.3

$482.7

23%

Premium

and fees

$873.3

$840.2

$3,425.7

$3,314.1

Operating

margin

18.2%

15.2%

17.3%

14.6%

Incurred

loss ratio

57.4%

60.2%

57.5%

60.0%

· Pre-tax operating earnings increased $31.3 million primarily due to more favorable underwriting and premium growth.

· Premium

and fees increased $33.1 million driven by growth in the business.

· Incurred

loss ratio improved to 57.4% and was below targeted range with improved results across

all products.

Life Insurance

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax

operating earnings

$25.2

$20.0

26%

$16.9

$3.5

383%

Premium

and fees

$224.1

$238.0

(6)%

$947.8

$939.6

Operating

margin

11.2%

8.4%

1.8%

0.4%

· Pre-tax operating earnings increased $5.2 million

driven by improved mortality experience.

· Premium

and fees decreased $13.9 million primarily due to movement of a subsidiary supporting

enterprise distribution to Corporate.

Corporate

Three

Months Ended,

Trailing

Twelve Months,

2Q26

2Q25

Change

2Q26

2Q25

Change

Pre-tax

operating losses

$(95.0)

$(81.2)

(17)%

$(411.5)

$(370.1)

(11)%

· Pre-tax operating losses increased $13.8 million due

to timing of expenses.

Common Stock Dividend

· Announced a third quarter cash dividend of $0.84 per share to holders of common shares. This represents a 2- cent increase over second

quarter of 2026 and an 8% increase over the prior year quarter.

· The third quarter dividend will be payable on September 25, 2026, to shareholders of record as of September 3, 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,

2Q26

2Q25

2Q26

2Q25

Net income (loss) attributable to PFG

18.3

20.7

(70.9)

(125.2)

(Income) loss

from exited business

6.1

20.6

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

exited business

18.3

20.7

(64.8)

(104.6)

Net realized capital (gains) losses, as adjusted

0.2

(3.7)

Non-GAAP operating

earnings

18.3

20.7

(64.6)

(108.3)

Income

taxes

3.6

3.4

(12.9)

(23.9)

Non-GAAP pre-tax operating earnings

21.9

24.1

(77.5)

(132.2)

Per diluted share:

Net income (loss) attributable to PFG

0.08

0.09

(Income) loss

from exited business

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

exited business

0.08

0.09

Net realized capital (gains) losses, as adjusted

Non-GAAP operating

earnings

0.08

0.09

Weighted average diluted

common shares outstanding

218.7

226.5

Segment pre-tax operating earnings (losses):

Retirement and Income Solutions

2.0

(4.1)

(25.0)

(87.3)

Investment Management

4.8

International

Pension

18.7

7.8

49.6

33.2

Principal Asset Management

18.7

12.6

49.6

38.0

Specialty Benefits

(3.0)

2.1

(1.7)

(10.8)

Life

Insurance

(4.2)

(2.8)

(110.4)

(89.7)

Benefits and Protection

(7.2)

(0.7)

(112.1)

(100.5)

Corporate

8.4

16.3

10.0

17.6

Total segment pre-tax operating earnings (losses)

21.9

24.1

(77.5)

(132.2)

Income statement line item details

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

10 Significant variances (SVs) in 2Q26 include 1) lower than expected variable investment income in International Pension, Specialty Benefits,

and Life Insurance, partially offset by higher than expected variable investment income in RIS and Corporate; 2) higher than expected

encaje performance partially offset by lower than expected Latin American inflation in International Pension. SVs in 2Q25 include 1) lower

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

investment income in Corporate; 2) impact of higher than expected encaje performance, partially offset by Latin American inflation in

International Pension; 3) impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance

and Corporate. SVs on a trailing twelve months in 2Q26 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. SVs on a trailing twelve months in 2Q25 include 1) lower than expected variable investment income in RIS, International Pension,

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

2024 actuarial assumption review; 3) higher than expected encaje performance and Latin American inflation in International Pension; 4)

impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance, and Corporate; 5) impact

of GAAP-only regulatory closed block adjustment in Life Insurance; 6) impact of model refinement in Specialty Benefits.

Earnings Conference Call

On Tuesday, Jul. 28, 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 over 19,000 employees12 passionate about

improving the wealth and well-being of people and businesses. In business for 147 years, we’re helping 83 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,

2Q26

2Q25

2Q26

2Q25

Net income (loss) attributable

to PFG*

403.4

406.2

1,558.8

1,139.7

(Income) loss

from exited business

131.6

26.1

252.2

364.6

Non-GAAP net income (loss) attributable to

PFG excluding exited business

535.0

432.3

1,811.0

1,504.3

Net realized

capital (gains) losses, as adjusted

12.0

57.0

153.8

259.6

Non-GAAP Operating Earnings*

547.0

489.3

1,964.8

1,763.9

Income taxes

121.8

105.6

440.3

362.8

Non-GAAP Pre-Tax Operating Earnings

668.8

594.9

2,405.1

2,126.7

Segment Pre-Tax Operating Earnings (Losses):

Retirement and Income Solutions

323.3

292.1

1,235.2

1,102.0

Principal Asset Management

256.4

236.4

971.2

908.6

Benefits and Protection

184.1

147.6

610.2

486.2

Corporate

(95.0)

(81.2)

(411.5)

(370.1)

Total Segment Pre-Tax Operating Earnings

668.8

594.9

2,405.1

2,126.7

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 June 30, 2026

13 Ethisphere, 2026

14 Pensions & Investments, 2025

Per Diluted Share

Three Months Ended,

Six Months Ended,

2Q26

2Q245

2Q26

2Q25

Net

income (loss) attributable to PFG

1.84

1.79

3.77

2.00

(Income) loss from exited business

0.60

0.12

0.13

1.21

Non-GAAP

net income (loss) excluding exited business

2.44

1.91

3.90

3.21

Net realized capital (gains) losses, as adjusted

0.06

0.25

0.67

0.76

Non-GAAP

Operating Earnings

2.50

2.16

4.57

3.97

Impact of significant variances15

(0.08)

(0.09)

0.02

Non-GAAP

Operating Earnings, excluding significant variances

2.42

2.07

4.59

3.99

Weighted-average

diluted common shares outstanding (in millions)

218.7

226.5

219.5

227.6

*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,

2Q26

4Q25

Total assets (in billions)

352.8

341.4

Stockholders’ equity (in millions)

12,177.8

11,917.0

Stockholders’ equity available to common stockholders (in millions)

12,142.8

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)

12,531.8

12,445.5

End of period common shares outstanding (in millions)

214.6

217.4

Book value per common share

56.58

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

58.40

57.25

15 See Exhibit 1 for details on the impact of 2Q 2026 and

2Q 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,

2Q26

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

12,177.8

11,917.0

Noncontrolling interest

(35.0)

(33.1)

Stockholders’ equity available to common stockholders

12,142.8

11,883.9

Cumulative change in fair value of funds withheld embedded derivative

(2,137.9)

(2,080.2)

AOCI, other than foreign currency translation adjustment

2,526.9

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

12,531.8

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

56.58

54.66

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

1.82

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

58.40

57.25

Principal

Financial Group, Inc.

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

(in

millions)

Three Months Ended,

Trailing Twelve Months,

2Q26

2Q25

2Q26

2Q25

Income Taxes:

Total GAAP income taxes (benefit)

66.0

69.6

259.8

145.1

Net realized capital gains (losses) tax adjustments

3.6

13.4

36.1

49.9

Exited business tax adjustments

34.9

7.0

67.1

93.1

Income taxes related to equity method investments and noncontrolling interest

17.3

15.6

77.3

74.7

Income taxes

121.8

105.6

$ 440.3

362.8

Net Realized Capital Gains (Losses):

GAAP net realized capital gains (losses)

109.7

5.4

$ 127.0

(122.9)

Market value adjustments to fee revenues

0.1

(0.1)

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

(1.6)

(0.2)

0.2

1.0

Derivative and hedging-related revenue adjustments

(66.1)

(37.3)

(144.4)

(39.6)

Certain variable annuity fees

17.3

16.6

68.8

68.7

Certain real estate-related depreciation and amortization

(16.1)

(31.0)

Sponsored investment funds and other adjustments

13.1

8.2

48.8

32.4

Capital gains distributed – operating expenses

(31.5)

(8.0)

(62.9)

(37.7)

Amortization of actuarial balances

(6.4)

(3.1)

(21.8)

(6.5)

Derivative and hedging-related expense adjustments

2.8

4.4

(1.1)

1.6

Market value adjustments of embedded derivatives

6.7

4.3

(19.7)

(32.3)

Market value adjustments of market risk benefits

4.6

(23.5)

(75.9)

(106.5)

Capital gains distributed – cost of interest credited

(21.8)

(11.5)

(38.6)

(21.4)

Net realized capital gains (losses) tax adjustments

3.6

13.4

36.1

49.9

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

(26.3)

(25.7)

(39.4)

(46.2)

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

(121.7)

(62.4)

(280.8)

(136.7)

Net realized capital gains (losses), as adjusted

(12.0)

(57.0)

(153.8)

(259.6)

Income (Loss) from Exited Business:

Pre-tax impacts of exited business:

Amortization of reinsurance gains (losses)

(18.5)

(20.4)

(75.5)

(208.8)

Other impacts of reinsured business

(35.5)

(36.7)

(137.9)

(129.9)

Net realized capital gains (losses) on funds withheld assets

(8.1)

3.7

12.8

52.9

Change in fair value of funds withheld embedded derivative

(104.4)

20.3

(118.7)

(171.9)

Tax impacts of exited business

34.9

7.0

67.1

93.1

Total income (loss) from exited business

(131.6)

(26.1)

(252.2)

(364.6)

Principal Financial Group, Inc.

Reconciliation

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

(in millions)

Three Months Ended,

Trailing Twelve Months,

2Q26

2Q25

2Q26

2Q25

Investment Management Operating Revenues Less Pass-Through Expenses:

Operating revenues

472.3

467.2

1,905.0

1,861.9

Commissions and other expenses

(40.7)

(38.2)

(161.6)

(153.4)

Operating revenues less pass-through expenses

431.6

429.0

1,743.4

1,708.5

GRAPHIC

Filename: tm2621379d1_ex99sp1img1.jpg · Sequence: 6

Binary file (2547 bytes)

Download tm2621379d1_ex99sp1img1.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

Jul. 27, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Jul. 27, 2026

Entity File Number

1-16725

Entity Registrant Name

PRINCIPAL FINANCIAL GROUP, INC.

Entity Central Index Key

0001126328

Entity Tax Identification Number

42-1520346

Entity Incorporation, State or Country Code

Entity Address, Address Line One

711

High Street

Entity Address, City or Town

Des

Moines

Entity Address, State or Province

Entity Address, Postal Zip Code

50392

City Area Code

515

Local Phone Number

247-5111

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common

Stock

Trading Symbol

PFG

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration