PRINCIPAL FINANCIAL GROUP INC

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 20, 2024

PFG$115.99+0.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Financial Position


· · December 31, · · December 31, ·
· 2023 · 2022 ·
· · · · · (As recast) ·
· · (in millions) ·
Assets
Fixed maturities, available-for-sale	$65,673.1	$62,889.9
Fixed maturities, trading (2023 and 2022 include $81.2 million and $27.8 million related to consolidated variable interest entities)	836.2	760.7
Equity securities (2023 and 2022 include $394.4 million and $740.0 million related to consolidated variable interest entities)	1,478.1	1,708.6
Mortgage loans (2023 and 2022 include $871.9 million and $1,179.7 million related to consolidated variable interest entities)	20,142.8	20,629.8
Real estate (2023 and 2022 include $779.1 million and $649.0 million related to consolidated variable interest entities)	2,345.3	2,239.7
Policy loans	809.3	784.7
Other investments (2023 and 2022 include $596.4 million and $375.9 million related to consolidated variable interest entities and $163.2 million and $0.0 million measured at fair value under the fair value option)	7,035.6	6,122.0
Total investments	98,320.4	95,135.4
Cash and cash equivalents (2023 and 2022 include $83.6 million and $32.4 million related to consolidated variable interest entities)	4,707.7	4,848.0
Accrued investment income	786.2	742.1
Reinsurance recoverable and deposit receivable	20,611.7	21,442.7
Premiums due and other receivables	3,998.8	3,933.3
Deferred acquisition costs	3,950.5	3,948.0
Market risk benefit asset	153.4	109.2
Property and equipment	938.4	996.1
Goodwill	1,608.5	1,598.2
Other intangibles	1,469.8	1,533.3
Separate account assets (2023 and 2022 include $34,688.3 million and $34,193.8 million related to consolidated variable interest entities)	167,605.6	155,375.1
Other assets	895.7	1,205.6
Total assets	$305,046.7	$290,867.0
Liabilities
Contractholder funds (2023 and 2022 include $0.0 million and $334.0 million related to consolidated variable interest entities)	$41,501.1	$42,825.3
Future policy benefits and claims	46,826.5	43,314.0
Market risk benefit liability	133.2	207.4
Other policyholder funds	916.8	911.5
Short-term debt	61.1	80.7
Long-term debt	3,930.9	3,997.0
Income taxes currently payable	11.9	19.2
Deferred income taxes	1,613.3	1,324.2
Separate account liabilities (2023 and 2022 include $34,688.3 million and $34,193.8 million related to consolidated variable interest entities)	167,605.6	155,375.1
Funds withheld payable	19,629.5	20,436.1
Other liabilities (2023 and 2022 include $87.7 million and $86.8 million related to consolidated variable interest entities)	11,606.2	12,096.7
Total liabilities	293,836.1	280,587.2

Redeemable noncontrolling interest (2023 and 2022 include $226.4 million and $235.3 million related to consolidated variable interest entities)	248.9	262.0

Stockholders’ equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 492,279,405 and 489,809,564 shares issued as of 2023 and 2022; 236,438,294 and 243,549,782 shares outstanding as of 2023 and 2022	4.9	4.9
Additional paid-in capital	10,908.6	10,740.4
Retained earnings	16,683.5	16,697.3
Accumulated other comprehensive loss	(5,345.3)	(6,879.0)
Treasury stock, at cost; 255,841,111 and 246,259,782 shares as of 2023 and 2022	(11,335.7)	(10,586.9)
Total stockholders’ equity attributable to Principal Financial Group, Inc.	10,916.0	9,976.7
Noncontrolling interest	45.7	41.1
Total stockholders’ equity	10,961.7	10,017.8
Total liabilities and stockholders’ equity	$305,046.7	$290,867.0

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.