PRINCIPAL FINANCIAL GROUP INC
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
PFG$115.99+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Financial Position
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · December 31, · · December 31, · | |||||||
| · · 2025 · · 2024 · | |||||||
| · · (in millions, except share amounts) · | |||||||
| Assets | | | | | | | |
| Fixed maturities, available-for-sale (1) | | $73,360.7 | | $68,251.0 | | ||
| Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities) | | | 1,243.8 | | 1,023.3 | | |
| Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities) | | | 2,237.3 | | 2,295.0 | | |
| 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) | | | 21,008.3 | | 20,484.2 | | |
| Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities) | | | 2,409.7 | | 2,464.5 | | |
| Policy loans | | | 866.7 | | 867.5 | | |
| 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) | | | 9,775.0 | | 7,990.3 | | |
| Total investments | | | 110,901.5 | | 103,375.8 | | |
| Cash and cash equivalents (2025 and 2024 include $89.1 million and $86.1 million related to consolidated variable interest entities) | | | 4,431.0 | | 4,211.9 | | |
| Accrued investment income (2025 and 2024 include $43.8 million and $19.1 million related to consolidated variable interest entities) | | | 870.9 | | 828.6 | | |
| Reinsurance recoverable and deposit receivable | | | 19,000.1 | | | 19,490.1 | |
| Premiums due and other receivables | | | 3,894.5 | | 3,771.5 | | |
| Deferred acquisition costs | | | 4,071.6 | | 4,006.9 | | |
| Market risk benefit asset | | | 197.1 | | | 199.5 | |
| Property and equipment | | | 701.4 | | 769.4 | | |
| Goodwill | | | 1,600.5 | | 1,549.7 | | |
| Other intangibles | | | 1,267.0 | | 1,389.9 | | |
| Separate account assets (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities) | | | 193,622.6 | | 173,327.1 | | |
| Other assets | | | 818.3 | | 743.2 | | |
| Total assets | | $341,376.5 | | $313,663.6 | | ||
| Liabilities | | | | | | | |
| Contractholder funds | | $45,380.3 | | $43,099.6 | | ||
| Future policy benefits and claims | | | 51,749.7 | | 48,179.4 | | |
| Market risk benefit liability | | | 66.9 | | | 62.1 | |
| Other policyholder funds | | | 940.8 | | 966.4 | | |
| Short-term debt (2025 and 2024 include $0.0 million and $119.0 million related to consolidated variable interest entities) | | | 27.7 | | 152.7 | | |
| Long-term debt | | | 3,926.3 | | 3,955.3 | | |
| Income taxes currently payable | | | 29.5 | | 8.6 | | |
| Deferred income taxes | | | 1,856.4 | | 1,706.0 | | |
| Separate account liabilities (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities) | | | 193,622.6 | | 173,327.1 | | |
| Funds withheld payable | | | 17,783.4 | | | 18,103.7 | |
| Other liabilities (2025 and 2024 include $69.4 million and $108.8 million related to consolidated variable interest entities) | | | 13,601.6 | | 12,633.7 | | |
| Total liabilities | | | 328,985.2 | | 302,194.6 | | |
| | | | | | | | |
| Redeemable noncontrolling interest (2025 and 2024 include $440.9 million and $309.9 million related to consolidated variable interest entities) | | | 474.3 | | 337.7 | | |
| | | | | | | | |
| Stockholders’ equity | | | | | | | |
| 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 | | | 5.0 | | 4.9 | | |
| Additional paid-in capital | | | 11,275.4 | | 11,100.9 | | |
| Retained earnings | | | 18,071.3 | | 17,583.5 | | |
| Accumulated other comprehensive loss | | | (4,188.4) | | (5,224.8) | | |
| Treasury stock, at cost; 279,503,320 and 268,509,747 shares as of 2025 and 2024 | | | (13,279.4) | | (12,378.1) | | |
| Total stockholders’ equity attributable to Principal Financial Group, Inc. | | | 11,883.9 | | 11,086.4 | | |
| Noncontrolling interest | | | 33.1 | | 44.9 | | |
| Total stockholders’ equity | | | 11,917.0 | | 11,131.3 | | |
| Total liabilities and stockholders’ equity | | $341,376.5 | | $313,663.6 | | ||
| (1) | See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale. |
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