Item 15. Exhibits and Financial Statement Schedules

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Item 15. Exhibits and Financial Statement Schedules

a.	Documents filed as part of this report.

Financial Statements (see Item 8. Financial Statements and Supplementary Data)

Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting

Report of Independent Registered Public Accounting Firm

Audited Consolidated Financial Statements

Consolidated Statements of Financial Position

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income

Consolidated Statements of Stockholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Schedule I — Summary of Investments — Other Than Investments in Related Parties

Schedule II — Condensed Financial Information of Registrant (Parent Only)

Schedule III — Supplementary Insurance Information

Schedule IV — Reinsurance

All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.

Exhibits

Index of Exhibits

(Item 15.a.3.)

				Incorporated byreference herein
ExhibitNumber		Description		Form		File Date

2.1		Sale and Purchase Promise Agreement, dated October 5, 2012, among Principal Financial Services, Inc., Empresas Penta S.A. and Inversiones Banpenta Limitada		8-K		November 13, 2012
2.2		Purchase Agreement, dated as of April 9, 2019, by and between Wells Fargo Bank, N.A., Principal Financial Services, Inc. and (for certain limited purposes) Wells Fargo & Company		10-Q		May 2, 2019
3.1		Amended and Restated Certificate of Incorporation of Principal Financial Group, Inc.		8-K		June 17, 2005
3.2		Amended and Restated By-Laws of Principal Financial Group, Inc.		8-K		March 2, 2018
4.1		Form of Certificate for the Common Stock of Principal Financial Group, Inc., par value $0.01 per share		S-1/A		August 2, 2001
4.2		Senior Indenture, dated as of October 11, 2006, between Principal Financial Group, Inc. and The Bank of New York, as Trustee		8-K		October 17, 2006
4.2.1		First Supplemental Indenture, dated as of October 16, 2006, among Principal Financial Group, Inc., Principal Financial Services, Inc. and The Bank of New York, as Trustee		8-K		October 17, 2006
4.2.2		6.05% Senior Note ($500,000,000) due October 15, 2036		8-K		October 17, 2006
4.2.3		6.05% Senior Note ($100,000,000) due October 15, 2036		8-K		December 6, 2006
4.2.4		Guarantee from Principal Financial Services, Inc. with respect to the 6.05% Senior Notes due 2036		8-K		October 17, 2006
4.3		Senior Indenture, dated as of May 21, 2009, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York, as Trustee		8-K		May 21, 2009
4.3.1		Fourth Supplemental Indenture (including the form of 2042 Notes), dated as of September 10, 2012, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee		8-K		September 10, 2012
4.3.2		Sixth Supplemental Indenture (including the form of 2023 Notes), dated as of November 16, 2012, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee		8-K		November 16, 2012
4.3.3		Seventh Supplemental Indenture (including the form of 2043 Notes), dated as of November 16, 2012, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee		8-K		November 16, 2012
4.3.4		Eighth Supplemental Indenture (including the form of 3.400% Senior Note due 2025), dated as of May 7, 2015, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 3.400% Senior Notes due 2025		8-K		May 7, 2015
4.3.5		Ninth Supplemental Indenture (including the form of 3.100% Senior Note due 2026), dated as of November 10, 2016, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 3.100% Senior Notes due 2026		8-K		November 10, 2016
4.3.6		Tenth Supplemental Indenture (including the form of 4.300% Senior Note due 2046), dated as of November 10, 2016, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 4.300% Senior Notes due 2046		8-K		November 10, 2016
4.3.7		Guarantee from Principal Financial Services, Inc. with respect to the 4.625% Senior Notes due 2042		8-K		September 10, 2012
4.3.8		Guarantee from Principal Financial Services, Inc. with respect to the 3.125% Senior Notes due 2023		8-K		November 16, 2012
4.3.9		Guarantee from Principal Financial Services, Inc. with respect to the 4.350% Senior Notes due 2043		8-K		November 16, 2012
4.3.10		Guarantee from Principal Financial Services, Inc. with respect to the 3.400% Senior Notes due 2025		8-K		May 7, 2015
4.3.11		Guarantee from Principal Financial Services, Inc. with respect to the 3.100% Senior Notes due 2026		8-K		November 10, 2016
4.3.12		Guarantee from Principal Financial Services, Inc. with respect to the 4.300% Senior Notes due 2046		8-K		November 10, 2016
4.3.13		Thirteenth Supplemental Indenture (including the form of 3.700% Senior Note due 2029), dated as of May 10, 2019, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 3.700% Senior Notes due 2029		8-K		May 10, 2019
4.3.14		Guarantee from Principal Financial Services, Inc. with respect to the 3.700% Senior Notes due 2029		8-K		May 10, 2019
4.3.15		Fourteenth Supplemental Indenture (including the form of 2.125% Senior Note due 2030), dated as of June 12, 2020, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 2.125% Senior Notes due 2030		8-K		June 12, 2020

				Incorporated byreference herein
ExhibitNumber		Description		Form		File Date

4.3.16		Guarantee of Principal Financial Services, Inc. with respect to the 2.125% Senior Notes due 2030		8-K		June 12, 2020
4.3.17		Fifteenth Supplemental Indenture (including the form of 5.375% Senior Note due 2033), dated as of March 8, 2023, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 5.375% Senior Notes due 2033		8-K		March 8, 2023
4.3.18		Sixteenth Supplemental Indenture (including the form of 5.500% Senior Note due 2053), dated as of March 8, 2023, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 5.500% Senior Notes due 2053		8-K		March 8, 2023
4.3.19		Guarantee of Principal Financial Services, Inc. with respect to the 5.375% Senior Notes due 2033		8-K		March 8, 2023
4.3.20		Guarantee of Principal Financial Services, Inc. with respect to the 5.500% Senior Notes due 2053		8-K		March 8, 2023
4.4		Junior Subordinated Indenture, dated as of May 7, 2015, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee		8-K		May 7, 2015
4.4.1		First Supplemental Indenture (including the form of 4.700% Fixed-to-Floating Rate Junior Subordinated Note due 2055), dated as of May 7, 2015, among Principal Financial Group, Inc., as issuer, Principal Financial Services, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as trustee, relating to the 4.700% Fixed-to-Floating Rate Junior Subordinated Notes due 2055		8-K		May 7, 2015
4.4.2		Guarantee from Principal Financial Services, Inc. with respect to the 4.700% Fixed-to-Floating Rate Junior Subordinated Notes due 2055		8-K		May 7, 2015
10.1		Principal Financial Group, Inc. Stock Incentive Plan		10-Q		August 6, 2003
10.1.1		Form of Restricted Stock Unit Award Agreement		8-K		March 7, 2005
10.1.2		Form of Stock Option Award Agreement		8-K		March 7, 2005
10.1.3		Principal Financial Group, Inc. 2005 Stock Incentive Plan		10-Q		August 3, 2005
10.1.4		Principal Financial Group, Inc. 2010 Stock Incentive Plan		DEF14A		April 6, 2010
10.1.5		Amended and Restated Principal Financial Group, Inc. 2010 Stock Incentive Plan		10-Q		May 2, 2012
10.1.6		Principal Financial Group, Inc. 2014 Stock Incentive Plan		DEF14A		April 7, 2014
10.1.7		Principal Financial Group, Inc. 2021 Stock Incentive Plan		DEF14A		April 5, 2021
10.1.8		Principal Financial Group, Inc. 2021 Stock Incentive Plan, as amended and restated effective November 20, 2023		10-K		February 20, 2024
10.2		Principal Financial Group Long-Term Performance Plan		S-1		June 8, 2001
10.3		Resolution of Human Resources Committee of the Board of Directors of Principal Financial Group, Inc. amending the Principal Financial Group Long-Term Performance Plan as of October 31, 2002		10-K		March 5, 2003
10.4		Principal Financial Group Incentive Pay Plan (PrinPay), amended and restated effective January 1, 2003		10-Q		May 7, 2003
10.5		Principal Financial Group, Inc. Annual Incentive Plan		10-K		March 4, 2005
10.6		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors of the Principal Financial Group, Inc. Board of Directors		10-Q		November 5, 2008
10.6.1		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors, effective March 28, 2009		10-Q		May 6, 2009
10.6.2		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors of the Principal Financial Group, Inc., effective May 17, 2010		10-K		February 16, 2011
10.6.3		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors of the Principal Financial Group, Inc., effective January 1, 2012		10-K		February 15, 2012
10.6.4		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors of Principal Financial Group, Inc., effective January 1, 2015		10-K		February 11, 2015
10.6.5		Revised Summary of Standard Compensatory Arrangement for Non-Employee Directors of the Principal Financial Group, Inc., effective November 28, 2017		10-K		February 9, 2018
10.7		Principal Financial Group, Inc. Directors Stock Plan		S-1		June 8, 2001
10.7.1		Principal Financial Group, Inc. 2005 Directors Stock Plan		10-Q		August 3, 2005
10.7.2		Principal Financial Group, Inc. 2014 Directors Stock Plan		DEF14A		April 7, 2014
10.7.3		Principal Financial Group, Inc. 2020 Directors Stock Plan		DEF14A		April 6, 2020
10.8		Deferred Compensation Plan for Non-Employee Directors of Principal Financial Group, Inc.		10-K		March 2, 2006
10.9		Principal Select Savings Excess Plan, restated as of January 1, 2004		10-Q		May 5, 2004

				Incorporated byreference herein
ExhibitNumber		Description		Form		File Date

10.9.1		Amendment No. 1 to Principal Select Savings Excess Plan		10-K		March 2, 2006
10.9.2		Principal Select Savings Excess Plan for Employees, amended and restated effective January 1, 2016		10-K		February 10, 2016
10.9.3		Principal Select Savings Excess Plan for Individual Field, amended and restated effective January 1, 2016		10-K		February 10, 2016
10.9.4		Nonqualified Deferred Compensation Plan for Select Investment Professions of Principal Financial Group, Inc. and Affiliates, effective January 1, 2016		10-K		February 10, 2016
10.10		Supplemental Executive Retirement Plan for Employees, restated as of January 1, 2003		10-Q		May 5, 2004
10.10.1		Amendment No. 1 to the Principal Supplemental Executive Retirement Plan for Employees		10-K		March 2, 2006
10.11		Form of Principal Financial Group, Inc. and Principal Life Insurance Company Change-of-Control Employment Agreement (Tier One Executives), dated as of February 28, 2006, by and among Principal Financial Group, Inc., Principal Financial Services, Inc., Principal Life Insurance Company and an Executive		10-Q		May 4, 2006
10.11.1		Form of Principal Financial Group, Inc. and Principal Life Insurance Company Change-of-Control Employment Agreement (Tier One Executives)		8-K		December 2, 2008
10.11.2		Form of Principal Financial Group, Inc. and Principal Life Insurance Company Change of Control Employment Agreement (Tier One Executives), effective December 31, 2010		10-K		February 16, 2011
10.11.3		Form of Principal Financial Group, Inc. and Principal Life Insurance Company Change of Control Employment Agreement, effective December 18, 2021		10-K		February 11,2022
10.12		Form of Principal Financial Group, Inc. Indemnification Agreement		8-K		December 2, 2008
10.12.1		Form of Principal Financial Group, Inc. Indemnification Agreement dated as of June 9, 2016.		10-Q		August 3, 2016
10.13		Compensatory Arrangement, dated as of March 14, 2002, between Principal Life Insurance Company and James P. McCaughan		10-Q		May 10, 2002
10.14		The Principal Severance Plan for Senior Executives, restated effective March 1, 2009		10-Q		May 6, 2009
10.14.1		The Principal Financial Group, Inc. Executive Severance Plan effective September 1, 2021		10-Q		October 28, 2021
10.15		The Principal Financial Group Nonqualified Defined Benefit Plan for Employees.		10-K		February 14, 2020
97		Principal Financial Group, Inc. Mandatory Compensation Recovery Policy		10-K		February 20, 2024
4.5		Description of the Registrant’s Securities Registered Under Section 12 of the Securities Exchange Act of 1934
19		Principal Financial Group, Inc. Insider Trading Policy as of December 31, 2025
21		Principal Financial Group, Inc. Member Companies as of December 31, 2025
23		Consent of Independent Registered Public Accounting Firm
31.1		Certification of Deanna D. Strable-Soethout
31.2		Certification of Joel M. Pitz
32.1		Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code — Deanna D. Strable-Soethout
32.2		Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code — Joel M. Pitz
101		The following materials from Principal Financial Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Financial Position, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows, (vi) the Notes to Consolidated Financial Statements, (vii) Schedule I — Summary of Investments — Other Than Investments in Related Parties, (viii) Schedule II — Condensed Financial Information of Registrant (Parent Only), (ix) Schedule III — Supplementary Insurance Information and (x) Schedule IV — Reinsurance
104		The cover page from Principal Financial Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025 formatted in iXBRL and contained in Exhibit 101.

Paper copies of exhibits will be provided to shareholders upon reasonable request and upon payment of reasonable copying and mailing expenses.

Signatures

Pursuant to the requirements of Section 13 or 15(d) 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.

Dated: February 18, 2026	By	/s/ JOEL M. PITZ Joel M. Pitz Executive Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Dated: February 18, 2026

By	/s/ DEANNA D. STRABLE-SOETHOUT	By	/S/ H. ELIZABETH MITCHELL
	Deanna D. Strable-Soethout		H. Elizabeth Mitchell
	Chair, President, Chief Executive Officer and Director		Director

By	/s/ JOEL M. PITZ	By	/S/ CLAUDIO N. MURUZABAL
	Joel M. Pitz		Claudio N. Muruzabal
	Executive Vice President and Chief		Director
	Financial Officer (Principal Financial Officer and
	Principal Accounting Officer)

By	/s/ JONATHAN S. AUERBACH	By	/S/ DIANE C. NORDIN
	Jonathan S. Auerbach		Diane C. Nordin
	Director		Director

By	/s/ MARY E. BEAMS	By	/S/ BLAIR C. PICKERELL
	Mary E. Beams		Blair C. Pickerell
	Director		Director

By	/s/ JOCELYN CARTER-MILLER	By	/s/ CLARE S. RICHER
	Jocelyn Carter-Miller		Clare S. Richer
	Director		Director

By	/s/ ROGER C. HOCHSCHILD	By	/s/ ALREDO RIVERA
	Roger C. Hochschild		Alfredo Rivera
	Director		Director

By	/S/ SCOTT M. MILLS
	Scott M. Mills
	Director

Schedule I - Summary of Investments - Other Than Investments in Related Parties

December 31, 2025


								Amount as
								shown in the
								consolidated
								statement of
					Fair			financial
Type of Investment		Cost			value			position

		(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	2,126.2		$	1,867.6		$	1,867.6
States, municipalities and political subdivisions			8,107.8			7,138.7			7,138.7
Foreign governments			554.7			517.7			517.7
Public utilities			6,042.4			4,857.5			4,857.5
Redeemable preferred stock			250.1			237.5			237.5
All other corporate bonds			33,575.1			32,452.5			32,452.5
Residential mortgage-backed pass-through securities			3,868.4			3,805.1			3,805.1
Commercial mortgage-backed securities			5,659.6			5,371.6			5,371.6
Collateralized debt obligations			6,417.4			6,422.3			6,422.3
Other debt obligations			10,981.2			10,690.2			10,690.2
Unallocated portfolio layer method basis adjustment			(16.9)			—			—
Total fixed maturities, available-for-sale			77,566.0			73,360.7			73,360.7
Fixed maturities, trading			1,243.8			1,243.8			1,243.8
Equity securities:
Banks, trust and insurance companies			391.2			391.2			391.2
Public utilities			0.5			0.5			0.5
Industrial, miscellaneous and all other			1,592.3			1,592.3			1,592.3
Other corporate			143.1			143.1			143.1
Non-redeemable preferred stock			110.2			110.2			110.2
Total equity securities			2,237.3			2,237.3			2,237.3
Mortgage loans			21,008.3			XXXX			21,008.3
Real estate, net:
Real estate acquired in satisfaction of debt			1.3			XXXX			1.3
Other real estate			2,408.4			XXXX			2,408.4
Policy loans			866.7			XXXX			866.7
Other investments			9,775.0			XXXX			9,775.0
Total investments		$	115,106.8			XXXX		$	110,901.5

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Statements of Financial Position


		December 31,
		2025			2024

		(in millions)
Assets
Fixed maturities, available-for-sale		$	13.4		$	14.5
Other investments			12.6			12.1
Cash and cash equivalents			110.4			31.8
Income taxes currently receivable			0.9			1.9
Deferred income taxes			276.6			283.0
Amounts receivable from subsidiaries			19.7			15.8
Other assets			30.4			22.3
Investment in unconsolidated entities			15,663.3			14,987.1
Total assets		$	16,127.3		$	15,368.5

Liabilities
Long-term debt		$	3,923.4		$	3,930.6
Accrued investment payable			35.1			30.6
Pension liability			272.2			308.4
Other liabilities			12.7			12.5
Total liabilities			4,243.4			4,282.1

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
Total liabilities and stockholders’ equity		$	16,127.3		$	15,368.5

See accompanying notes.

Statements of Operations


		For the year ended December 31,
		2025			2024			2023

		(in millions)
Revenues
Net investment income		$	3.2		$	7.9		$	14.7
Net realized capital gains			0.3			—			—
Total revenues			3.5			7.9			14.7

Expenses
Other operating costs and expenses			227.7			207.5			224.0
Total expenses			227.7			207.5			224.0

Loss before income taxes			(224.2)			(199.6)			(209.3)
Income tax benefits			(46.3)			(31.8)			(44.7)
Equity in the net income of subsidiaries			1,363.0			1,738.8			787.8

Net income attributable to Principal Financial Group, Inc.		$	1,185.1		$	1,571.0		$	623.2

See accompanying notes.

Statements of Cash Flows


		For the year ended December 31,
		2025			2024			2023

		(in millions)
Operating activities
Net income		$	1,185.1		$	1,571.0		$	623.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized capital gains			(0.3)			—			—
Stock-based compensation			1.6			1.6			1.7
Equity in the net income of subsidiaries			(1,363.0)			(1,738.8)			(787.8)
Changes in:
Net cash flows for trading securities and equity securities with operating intent			388.7			—			—
Current and deferred income taxes (benefits)			13.5			(33.5)			(10.7)
Other			1.8			47.1			27.0
Net cash provided by (used in) operating activities			227.4			(152.6)			(146.6)
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Maturities			1.6			1.4			1.9
Net purchases of property and equipment			—			—			(0.1)
Net change in other investments			(0.5)			—			0.6
Dividends and returns of capital received from unconsolidated entities			1,793.1			1,545.4			1,239.0
Net cash provided by investing activities			1,794.2			1,546.8			1,241.4
Financing activities
Issuance of common stock			43.7			67.7			57.8
Acquisition of treasury stock			(902.7)			(1,042.4)			(740.4)
Dividends to common stockholders			(684.0)			(658.4)			(625.5)
Principal repayments of long-term debt			(400.0)			—			(700.0)
Issuance of long-term debt			—			—			691.5
Net cash used in financing activities			(1,943.0)			(1,633.1)			(1,316.6)

Net increase (decrease) in cash and cash equivalents			78.6			(238.9)			(221.8)
Cash and cash equivalents at beginning of year			31.8			270.7			492.5

Cash and cash equivalents at end of year		$	110.4		$	31.8		$	270.7

See accompanying notes.

(1) Basis of Presentation

The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto of Principal Financial Group, Inc.

In the parent company only financial statements, our investment in unconsolidated entities is stated at cost plus equity in undistributed earnings of subsidiaries.

Principal Financial Group, Inc. sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The invested assets and benefit plan liabilities reported in the statements of financial position exclude amounts held in these trusts. The Rabbi trusts had $1,064.7 million and $1,014.5 million of plan assets and $865.5 million and $827.0 million of benefit plan liabilities as of December 31, 2025 and 2024, respectively.

(2) Dividends and Returns of Capital Received from Unconsolidated Entities

The parent company received cash dividends and returns of capital totaling $1,793.1 million, $1,545.4 million and $1,239.0 million from subsidiaries in 2025, 2024 and 2023, respectively.

Schedule III - Supplementary Insurance Information

As of December 31, 2025 and 2024 and for each of the years ended December 31, 2025, 2024 and 2023


											Contractholder
		Deferred						Future policy			and other			Market risk
		acquisition			Market risk			benefits and			policyholder			benefit
Segment		costs			benefit asset			claims			funds			liability

		(in millions)
2025:
Retirement and Income Solutions		$	1,016.5		$	197.1		$	32,044.4		$	38,404.1		$	66.9
Principal Asset Management			1.3			—			4,603.7			440.7			—
Benefits and Protection			3,053.8			—			14,915.2			7,833.3			—
Corporate			—			—			186.4			(357.0)			—
Total		$	4,071.6		$	197.1		$	51,749.7		$	46,321.1		$	66.9

2024:
Retirement and Income Solutions		$	957.2		$	199.5		$	29,818.3		$	36,027.0		$	62.1
Principal Asset Management			5.9			—			4,129.0			457.8			—
Benefits and Protection			3,043.8			—			14,046.4			7,940.8			—
Corporate			—			—			185.7			(359.6)			—
Total		$	4,006.9		$	199.5		$	48,179.4		$	44,066.0		$	62.1

Schedule III - Supplementary Insurance Information - (continued)

As of December 31, 2025 and 2024 and for each of the years ended December 31, 2025, 2024 and 2023


											Liability for
								Benefits,			future policy			Market risk			Amortization of
		Premiums and			Net			claims and			benefits			benefit			deferred			Other
		other			investment			settlement			remeasurement			remeasurement			acquisition			operating
Segment		considerations			income (2)			expenses			(gain) loss			(gain) loss (1)			costs			expenses (2)

		(in millions)
2025:
Retirement and Income Solutions		$	2,979.1		$	3,300.8		$	5,291.6		$	(17.6)		$	63.1		$	96.1		$	1,689.0
Principal Asset Management			5.9			586.7			322.8			(0.4)			—			5.0			1,639.9
Benefits and Protection			3,800.8			633.0			2,929.2			74.4			—			298.9			1,221.1
Corporate			(5.4)			210.0			20.9			—			—			—			483.8
Total		$	6,780.4		$	4,730.5		$	8,564.5		$	56.4		$	63.1		$	400.0		$	5,033.8

2024:
Retirement and Income Solutions		$	3,136.9		$	3,061.6		$	5,183.5		$	(14.5)		$	50.6		$	95.2		$	1,685.3
Principal Asset Management			28.7			568.3			423.0			1.0			(20.3)			1.1			1,565.4
Benefits and Protection			3,689.8			594.5			2,460.4			684.9			—			296.2			1,182.8
Corporate			(5.2)			224.8			5.7			—			—			—			537.9
Total		$	6,850.2		$	4,449.2		$	8,072.6		$	671.4		$	30.3		$	392.5		$	4,971.4

2023:
Retirement and Income Solutions		$	2,935.0		$	2,674.3		$	4,653.5		$	(68.5)		$	33.7		$	95.8		$	1,590.7
Principal Asset Management			29.0			628.6			477.6			0.9			(4.6)			1.1			1,544.2
Benefits and Protection			3,521.4			549.5			2,647.7			16.0			—			292.9			1,088.0
Corporate			(14.5)			239.5			9.4			—			—			—			459.4
Total		$	6,470.9		$	4,091.9		$	7,788.2		$	(51.6)		$	29.1		$	389.8		$	4,682.3

(1)	The Principal Asset Management segment offered defined contribution plans in Asia with a guarantee on the minimum account balance under certain qualifying events. These were closed in the second quarter of 2024.

(2)	Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates. Reported operating results would change by segment if different methods were applied.

Schedule IV - Reinsurance

As of December 31, 2025, 2024 and 2023 and for each of the years then ended


														Percentage
					Ceded to			Assumed						of amount
		Gross			other			from other						assumed
		amount			companies			companies			Net amount			to net

		($ in millions)
2025:
Life insurance in force		$	764,018.1		$	243,754.0		$	154.3		$	520,418.4		—	%

Premiums:
Life insurance and annuities		$	4,544.5		$	396.3		$	0.5		$	4,148.7		—	%
Accident and health insurance			2,785.3			153.6			—			2,631.7		—	%
Total		$	7,329.8		$	549.9		$	0.5		$	6,780.4		—	%

2024:
Life insurance in force		$	741,781.1		$	236,556.4		$	298.8		$	505,523.5		0.1	%

Premiums:
Life insurance and annuities		$	4,674.8		$	380.8		$	0.6		$	4,294.6		—	%
Accident and health insurance			2,706.4			150.8			—			2,555.6		—	%
Total		$	7,381.2		$	531.6		$	0.6		$	6,850.2		—	%

2023:
Life insurance in force		$	717,991.5		$	230,126.5		$	446.6		$	488,311.6		0.1	%

Premiums:
Life insurance and annuities		$	4,384.6		$	335.1		$	0.9		$	4,050.4		—	%
Accident and health insurance			2,576.7			156.2			—			2,420.5		—	%
Total		$	6,961.3		$	491.3		$	0.9		$	6,470.9		—	%

Previous: Item 14. Principal Accounting Fees and Services