PRINCIPAL FINANCIAL GROUP INC

Listed Company

PFGCIK 0001126328NasdaqLarge AcceleratedAccident & Health InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$15.63B

Net Income

$1.19B

Total Assets

$341.38B

Equity

$11.88B

Shares Out

216.01M

Op. Cash Flow

$4.54B

+ 13F Filer

Business

PRINCIPAL FINANCIAL GROUP INC is a global financial services company that provides retirement, asset management, workplace benefits and protection solutions to businesses, individuals and institutional clients. It offers products and services including defined contribution and defined benefit plans, individual variable annuities and RILAs, pension risk transfer and investment-only products, bank and trust services, specialty group and individual life and disability insurance, and fee-for-service administration. Its key reportable segments are Retirement and Income Solutions, Principal Asset Management, Benefits and Protection, and a Corporate segment. It distributes products across the U.S. and select international markets through captive and affiliated sales forces, broker-dealers, bank and joint-venture channels and digital platforms.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums and other considerations	6,780	6,850	6,471	5,340	4,842
Fees and other revenues	4,425	4,321	4,096	4,138	5,041
Net investment income (loss)	4,731	4,449	4,092	3,839	4,430
Net realized capital gains (losses)	28	−27	−72	−182	115
Net realized capital gains (losses) on funds withheld assets	43	88	165	749	—
Change in fair value of funds withheld embedded derivative	−381	447	−1,086	3,653	0
Total revenues	15,626	16,128	13,666	17,536	14,428
Benefits, claims and settlement expenses	8,565	8,073	7,788	6,631	7,258
Liability for future policy benefits remeasurement (gain) loss	56	671	−52	−265	−4
Market risk benefit remeasurement (gain) loss	63	30	29	125	98
Dividends to policyholders	92	100	89	95	95
Operating expenses	5,434	5,364	5,072	4,962	5,070
Total expenses	14,210	14,238	12,927	11,549	12,517
Income (loss) before income taxes	1,416	1,890	739	5,987	1,911
Income taxes (benefits)	161	292	69	1,190	284
Net income (loss)	1,256	1,598	670	4,798	1,627
Net income (loss) attributable to noncontrolling interest	70	27	47	41	47
Net income (loss) attributable to Principal Financial Group, Inc.	1,185	1,571	623	4,757	1,580
Basic earnings per common share (in dollars per share)	5.32	6.77	2.58	18.94	5.87
Diluted earnings per common share (in dollars per share)	5.25	6.68	2.55	18.63	5.79

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale	73,361	68,251	65,673	62,890	78,155
Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities)	1,244	1,023	836	761	422
Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities)	2,237	2,295	1,478	1,709	2,347
Mortgage loans (2025 and 2024 include $726.5 million and $944.5 million related to consolidated variable interest entities and $0.0 million and $140.6 million measured at fair value under the fair value option)	21,008	20,484	20,143	20,630	19,669
Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities)	2,410	2,465	2,345	2,240	2,075
Policy loans	867	868	809	785	760
Other investments (2025 and 2024 include $838.4 million and $625.6 million related to consolidated variable interest entities and $167.1 million and $129.0 million measured at fair value under the fair value option)	9,775	7,990	7,036	6,122	5,478
Total investments	110,902	103,376	98,320	95,135	108,906
Cash and cash equivalents (2025 and 2024 include $89.1 million and $86.1 million related to consolidated variable interest entities)	4,431	4,212	4,708	4,848	2,332
Accrued investment income (2025 and 2024 include $43.8 million and $19.1 million related to consolidated variable interest entities)	871	829	786	742	696
Reinsurance recoverable and deposit receivable	19,000	19,490	20,612	21,443	1,187
Premiums due and other receivables	3,895	3,772	3,999	3,933	656
Deferred acquisition costs	4,072	4,007	3,951	3,948	3,758
Market risk benefit asset	197	200	153	109	—
Property and equipment	701	769	938	996	1,038
Goodwill	1,601	1,550	1,609	1,598	1,628
Other intangibles	1,267	1,390	1,470	1,533	1,601
Separate account assets (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities)	193,623	173,327	167,606	155,375	182,345
Other assets	818	743	896	1,206	512
Total assets	341,377	313,664	305,047	290,867	304,657
Contractholder funds	45,380	43,100	41,501	42,825	43,598
Future policy benefits and claims	51,750	48,179	46,827	43,314	43,948
Market risk benefit liability	67	62	133	207	—
Other policyholder funds	941	966	917	912	1,071
Short-term debt (2025 and 2024 include $0.0 million and $119.0 million related to consolidated variable interest entities)	28	153	61	81	80
Long-term debt	3,926	3,955	3,931	3,997	4,280
Income taxes currently payable	30	9	12	19	16
Deferred income taxes	1,856	1,706	1,613	1,324	2,320
Separate account liabilities (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities)	193,623	173,327	167,606	155,375	182,345
Funds withheld payable	17,783	18,104	19,630	20,436	—
Other liabilities (2025 and 2024 include $69.4 million and $108.8 million related to consolidated variable interest entities)	13,602	12,634	11,606	12,097	10,541
Total liabilities	328,985	302,195	293,836	280,587	288,199
Redeemable noncontrolling interest (2025 and 2024 include $440.9 million and $309.9 million related to consolidated variable interest entities)	474	338	249	262	333
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 496,884,232 and 494,734,908 shares issued as of 2025 and 2024; 217,380,912 and 226,225,161 shares outstanding as of 2025 and 2024	5	5	5	5	5
Additional paid-in capital	11,275	11,101	10,909	10,740	10,495
Retained earnings (accumulated deficit)	18,071	17,584	16,684	16,697	12,885
Accumulated other comprehensive loss	−4,188	−5,225	−5,345	−6,879	1,611
Treasury stock, at cost (279,503,320 and 268,509,747 shares as of 2025 and 2024)	−13,279	−12,378	−11,336	−10,587	−8,926
Total stockholders' equity attributable to Principal Financial Group, Inc.	11,884	11,086	10,916	9,977	16,069
Noncontrolling interest	33	45	46	41	56
Total stockholders' equity	11,917	11,131	10,962	10,018	12,141
Total liabilities and stockholders' equity	341,377	313,664	305,047	290,867	304,657

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	251	256	273	296	275
Amortization of deferred acquisition costs and contract costs	481	431	428	422	406
Additions to deferred acquisition costs and contract costs	−513	−491	−429	−427	−522
Amortization of reinsurance (gain) loss	97	632	18	19	23
Stock-based compensation	110	109	99	91	96
(Income) loss from equity method investments, net of dividends received	−128	11	−110	−111	−190
Accrued investment income	−43	−42	−44	−46	14
Net cash flows for trading securities and equity securities with operating intent	79	−98	−56	−340	100
Premiums due and other receivables	−181	53	−37	−3,302	8
Contractholder and policyholder liabilities and dividends	2,530	2,705	2,562	1,915	1,431
Current and deferred income taxes (benefits)	−96	106	−41	855	118
Real estate acquired through operating activities	−4	−82	−131	−164	−74
Real estate sold through operating activities	—	132	165	8	2
Funds withheld, net of reinsurance recoverable and deposit receivable	59	−33	−665	3,039	−36
Other assets and liabilities	254	2	215	342	9
Other	12	−207	−147	−126	−15
Net adjustments	3,281	3,005	3,122	−1,625	1,627
Net cash provided by (used in) operating activities	4,537	4,603	3,792	3,173	3,254
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	−15,663	−14,969	−11,417	−19,353	−16,626
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	4,628	3,543	5,888	14,730	2,735
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	8,189	7,412	5,191	6,854	10,960
Mortgage loans acquired or originated	−3,864	−2,449	−2,044	−3,731	−5,224
Mortgage loans sold or repaid	3,285	1,896	2,112	2,615	2,853
Real estate acquired	−136	−168	−188	−245	−281
Real estate sold	201	126	132	374	134
Net purchases of property and equipment	−98	−69	−102	−116	−130
Purchase of business or interests in subsidiaries, net of cash acquired	—	−27	—	—	—
Sale of interests in subsidiaries, net of cash divested	−6	—	—	—	—
Net change in other investments	−672	−693	−919	−68	−143
Net cash provided by (used in) investing activities	−4,136	−5,399	−1,347	1,059	−5,694
Issuance of common stock	44	68	58	182	87
Acquisition of treasury stock	−903	−1,042	−740	−1,661	−937
Payments for financing element derivatives	−42	−43	−42	−51	−40
Purchase of subsidiary shares from noncontrolling interest	−8	−900,000	−3	−9	−24
Dividends to common stockholders	−684	−658	−626	−642	−654
Issuance of long-term debt	—	22	692	15	—
Principal repayments of long-term debt	−400	−100,000	−764	−302	−2
Net proceeds from (repayments of) short-term borrowings	−9	98	−19	900,000	10
Investment contract deposits	12,016	12,249	8,619	7,347	9,360
Investment contract withdrawals	−10,638	−10,963	−9,422	−7,647	−8,801
Net increase (decrease) in banking operation deposits	443	571	−339	1,086	2,923
Other	−1	400,000	300,000	—	100,000
Net cash provided by (used in) financing activities	−182	300	−2,586	−1,715	1,922
Net increase (decrease) in cash and cash equivalents	219	−496	−140	2,516	−518
Cash paid for interest	173	170	171	176	166
Cash paid for income taxes	221	118	68	142	110
Assets received in kind from pension risk transfer transactions	153	405	—	—	110
Increase in fixed maturities, trading	388	—	—	—	—
Increase in long-term debt, net of discount	−388	—	—	—	—
Decrease in mortgage loans	−141	—	—	—	—
Decrease in short-term debt	54	—	—	—	—
Decrease in long-term debt	87	—	—	—	—
Decrease in mortgage loans	—	—	−390	−221	—
Increase in fixed maturities, available-for-sale	—	—	286	168	—
Increase in fixed maturities, trading	—	—	11	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 4,055 positions

Reported AUM

$158.57B

Holdings

4.1K

Top sector

$158.57B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$158.57B	100.0%

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