PFG on Nasdaq

Principal Financial Group

Logo: Principal Financial Group, Inc., Public domain, via Wikimedia Commons⁵

American global financial investment management and insurance company

Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa.³ From Wikipedia, CC BY-SA 4.0

$108.67 up 1.42 (1.32%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1879Founded¹

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TickerPFG on Nasdaq¹
IndustryAccident & Health Insurance¹
HeadquartersDes Moines¹
Websitewww.principal.com
Legal formDelaware corporation¹
Incorporated inDE⁶
Business address711 High Street, Des Moines, Ia 50392⁶
Filer categoryLarge accelerated filer⁶

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Photo 801grand north-eastside des moines usa 2007-06-15 — Photo: Richc80, CC BY 2.5, via Wikimedia Commons⁸

Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.6%Net margin⁹

-3.1%Revenue growth, 2025⁹

10.0%Return on equity⁹

0.33×Debt to equity⁹

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Principal Asset Management brought in 69% of the revenue Principal Financial Group broke down this way in fiscal 2025.

Principal Asset Management$2.1B⁹69%up 3% from 2024
Retirement and Income Solutions$606.7M⁹20%down 9% from 2024
Corporate$245.8M⁹8%up 9% from 2024
Benefits and Protection$108.3M⁹4%down 1% from 2024

Business segments by year

Business segments	2023	2024	2025
Principal Asset Management	$2.0B	$2.1B	$2.1B
Retirement and Income Solutions	$556.3M	$667.1M	$606.7M
Corporate	$179.2M	$226.3M	$245.8M
Benefits and Protection	$89.8M	$109.7M	$108.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs91¢$14.3B
Income tax1¢$160.5M
Profit8¢$1.2B

Out of $15.6B in revenue.⁹

Where each dollar of operating cash went, fiscal 2025

Dividends paidShare buybacksKept or used elsewhere

Dividends paid15¢$684.0M
Share buybacks20¢$902.7M
Kept or used elsewhere65¢$3.0B

Out of $4.5B of cash from operations.⁹

Financial statements

Revenue¹⁰¹¹¹²¹³⁹$15.6B in 2025−4% since 2019

Net income¹⁰¹¹¹²¹³⁹$1.2B in 2025−15% since 2019

Every line of the income statement in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Premiums and other considerations	$6.8B	$6.9B	$6.5B
Fees and other revenues	$4.4B	$4.3B	$4.1B
Net investment income (loss)	$4.7B	$4.4B	$4.1B
Net realized capital gains (losses)	$27.7M	-$27.3M	-$72.2M
Net realized capital gains (losses) on funds withheld assets	$43.2M	$87.7M	$165.0M
Change in fair value of funds withheld embedded derivative	-$381.1M	$447.4M	-$1.1B
Total revenues	$15.6B	$16.1B	$13.7B
Benefits, claims and settlement expenses	$8.6B	$8.1B	$7.8B
Liability for future policy benefits remeasurement (gain) loss	$56.4M	$671.4M	-$51.6M
Market risk benefit remeasurement (gain) loss	$63.1M	$30.3M	$29.1M
Dividends to policyholders	$91.7M	$99.9M	$89.2M
Operating expenses	$5.4B	$5.4B	$5.1B
Total expenses	$14.2B	$14.2B	$12.9B
Income (loss) before income taxes	$1.4B	$1.9B	$738.8M
Income taxes (benefits)	$160.5M	$291.7M	$68.7M
Net income (loss)	$1.3B	$1.6B	$670.1M
Net income (loss) attributable to noncontrolling interest	$70.4M	$26.9M	$46.9M
Net income (loss) attributable to Principal Financial Group, Inc.	$1.2B	$1.6B	$623.2M
Basic earnings per common share (in dollars per share)	$5.32	$6.77	$2.58
Diluted earnings per common share (in dollars per share)	$5.25	$6.68	$2.55

Total assets¹⁷¹⁰¹¹¹²¹³⁹$341.4B in 2025+24% since 2019

Total liabilities¹⁷¹⁰¹¹¹²¹³⁹$329.0B in 2025+26% since 2019

Shareholders’ equity¹⁷¹⁰¹¹¹²¹³⁹$11.9B in 2025−19% since 2019

Cash¹⁷¹⁰¹¹¹²¹³⁹$4.4B in 2025+76% since 2019

Long-term debt¹⁷¹⁰¹¹¹²¹³⁹$3.9B in 2025+5% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Fixed maturities, available-for-sale	$73.4B	$68.3B
Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities)	$1.2B	$1.0B
Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities)	$2.2B	$2.3B
Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities)	$2.4B	$2.5B
Policy loans	$866.7M	$867.5M
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)	$9.8B	$8.0B
Total investments	$110.9B	$103.4B
Cash and cash equivalents (2025 and 2024 include $89.1 million and $86.1 million related to consolidated variable interest entities)	$4.4B	$4.2B
Reinsurance recoverable and deposit receivable	$19.0B	$19.5B
Premiums due and other receivables	$3.9B	$3.8B
Deferred acquisition costs	$4.1B	$4.0B
Market risk benefit asset	$197.1M	$199.5M
Property and equipment	$701.4M	$769.4M
Goodwill	$1.6B	$1.5B	$1.6B
Other intangibles	$1.3B	$1.4B
Separate account assets (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities)	$193.6B	$173.3B
Other assets	$818.3M	$743.2M
Total assets	$341.4B	$313.7B
Contractholder funds	$45.4B	$43.1B
Future policy benefits and claims	$51.7B	$48.2B
Market risk benefit liability	$66.9M	$62.1M
Other policyholder funds	$940.8M	$966.4M
Short-term debt (2025 and 2024 include $0.0 million and $119.0 million related to consolidated variable interest entities)	$27.7M	$152.7M
Long-term debt	$3.9B	$4.0B
Income taxes currently payable	$29.5M	$8.6M
Deferred income taxes	$1.9B	$1.7B
Funds withheld payable	$17.8B	$18.1B
Other liabilities (2025 and 2024 include $69.4 million and $108.8 million related to consolidated variable interest entities)	$13.6B	$12.6B
Total liabilities	$329.0B	$302.2B
Redeemable noncontrolling interest (2025 and 2024 include $440.9 million and $309.9 million related to consolidated variable interest entities)	$474.3M	$337.7M	$248.9M
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	$5.0M	$4.9M
Additional paid-in capital	$11.3B	$11.1B
Retained earnings (accumulated deficit)	$18.1B	$17.6B
Accumulated other comprehensive loss	-$4.2B	-$5.2B
Treasury stock, at cost (279,503,320 and 268,509,747 shares as of 2025 and 2024)	-$13.3B	-$12.4B
Total stockholders' equity attributable to Principal Financial Group, Inc.	$11.9B	$11.1B
Noncontrolling interest	$33.1M	$44.9M
Total stockholders' equity	$11.9B	$11.1B	$11.0B
Total liabilities and stockholders' equity	$341.4B	$313.7B
Mortgage loans	$21.0B	$20.5B
Mortgage loans measured at fair value under fair value option	$0	$140.6M
Other investments measured at fair value under fair value option	$167.1M	$129.0M
Accrued investment income	$870.9M	$828.6M
Separate account liabilities	$193.6B	$173.3B
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized (in shares)	2.5B shares	2.5B shares
Common stock, issued (in shares)	496.9M shares	494.7M shares
Common stock, outstanding (in shares)	217.4M shares	226.2M shares
Treasury stock (in shares)	279.5M shares	268.5M shares

Cash from operations¹⁰¹¹¹²¹³⁹$4.5B in 2025−17% since 2019

Dividends paid¹⁰¹¹¹²¹³⁹$684.0M in 2025+13% since 2019

Share buybacks¹⁰¹¹¹²¹³⁹$902.7M in 2025+221% since 2019

Every line of the cash flow in the latest annual report, as filed.⁹

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$1.3B	$1.6B	$670.1M
Net realized capital (gains) losses	-$27.7M	$27.3M	$72.2M
Net realized capital (gains) losses on funds withheld assets	-$43.2M	-$87.7M	-$165.0M
Change in fair value of funds withheld embedded derivative	$381.1M	-$447.4M	$1.1B
Depreciation and amortization expense	$251.4M	$256.2M	$272.7M
Amortization of deferred acquisition costs and contract costs	$480.5M	$431.0M	$428.1M
Additions to deferred acquisition costs and contract costs	-$512.8M	-$490.6M	-$429.3M
Amortization of reinsurance (gain) loss	$96.9M	$631.6M	$17.7M
Market risk benefit remeasurement (gain) loss	$63.1M	$30.3M	$29.1M
Stock-based compensation	$109.9M	$108.7M	$99.4M
(Income) loss from equity method investments, net of dividends received	-$127.7M	$10.9M	-$110.2M
Accrued investment income	-$43.3M	-$42.4M	-$44.1M
Net cash flows for trading securities and equity securities with operating intent	$79.3M	-$97.5M	-$56.0M
Premiums due and other receivables	-$181.0M	$53.1M	-$36.7M
Contractholder and policyholder liabilities and dividends	$2.5B	$2.7B	$2.6B
Current and deferred income taxes (benefits)	-$96.4M	$106.1M	-$40.5M
Real estate acquired through operating activities	-$4.2M	-$82.4M	-$130.8M
Real estate sold through operating activities		$131.9M	$164.8M
Funds withheld, net of reinsurance recoverable and deposit receivable	$59.4M	-$33.4M	-$665.2M
Other assets and liabilities	$254.1M	$1.7M	$214.9M
Other	$11.8M	-$207.2M	-$146.5M
Net adjustments	$3.3B	$3.0B	$3.1B
Net cash provided by (used in) operating activities	$4.5B	$4.6B	$3.8B
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	-$15.7B	-$15.0B	-$11.4B
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	$4.6B	$3.5B	$5.9B
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	$8.2B	$7.4B	$5.2B
Mortgage loans acquired or originated	-$3.9B	-$2.4B	-$2.0B
Mortgage loans sold or repaid	$3.3B	$1.9B	$2.1B
Real estate acquired	-$135.5M	-$167.8M	-$187.5M
Real estate sold	$201.0M	$125.8M	$132.0M
Net purchases of property and equipment	-$98.0M	-$68.8M	-$102.0M
Purchase of business or interests in subsidiaries, net of cash acquired		-$27.1M
Sale of interests in subsidiaries, net of cash divested	-$5.6M
Net change in other investments	-$672.0M	-$692.7M	-$919.3M
Net cash provided by (used in) investing activities	-$4.1B	-$5.4B	-$1.3B
Issuance of common stock	$43.7M	$67.7M	$57.8M
Acquisition of treasury stock	-$902.7M	-$1.0B	-$740.4M
Payments for financing element derivatives	-$41.9M	-$43.1M	-$42.1M
Purchase of subsidiary shares from noncontrolling interest	-$7.6M	-$900.0K	-$2.8M
Dividends to common stockholders	-$684.0M	-$658.4M	-$625.5M
Issuance of long-term debt		$21.8M	$691.5M
Principal repayments of long-term debt	-$400.1M	-$100.0K	-$764.0M
Net proceeds from (repayments of) short-term borrowings	-$9.0M	$97.9M	-$18.5M
Investment contract deposits	$12.0B	$12.2B	$8.6B
Investment contract withdrawals	-$10.6B	-$11.0B	-$9.4B
Net increase (decrease) in banking operation deposits	$442.8M	$571.2M	-$338.6M
Other	-$1.3M	$400.0K	$300.0K
Net cash provided by (used in) financing activities	-$181.8M	$300.3M	-$2.6B
Net increase (decrease) in cash and cash equivalents	$219.1M	-$495.8M	-$140.3M
Cash paid for interest	$172.6M	$170.3M	$170.7M
Cash paid for income taxes	$220.7M	$117.7M	$68.1M
Assets received in kind from pension risk transfer transactions	$152.7M	$405.0M
Increase in fixed maturities, trading	$388.3M
Increase in long-term debt, net of discount	-$388.3M
Decrease in mortgage loans	-$140.6M
Decrease in short-term debt	$54.0M
Decrease in long-term debt	$86.7M
Decrease in mortgage loans			-$389.7M
Increase in fixed maturities, available-for-sale			$286.2M
Increase in fixed maturities, trading			$10.8M

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The story

PFG was first founded under the name Bankers Life Insurance Company. Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady. The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.

In 2019, Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business) for $1.2 billion. The deal was financed with cash and senior debt financing.

In 2021, activist investor firm Elliott Investment Management took a stake in Principal, saying it will push for changes at the company. Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its board of directors.

In 2024, Principal agreed to acquire the employee stock-option plan (ESOP) business from Ascensus. The transaction was expected to add 800 plans and over 165,000 participants to Principal's book of business.

From Wikipedia’s article on Principal Financial Group, shared under CC BY-SA 4.0.⁷

Leadership

Who has led Principal Financial Group, and when. Pick a name to see everywhere that person has worked.

FounderEdward Temple¹

Products and brands

retirement planning

Listed on Wikidata.¹

Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.

As of December 2021, Principal employed 18,600 employees worldwide, with 7,100 of those based outside the US. The company employs roughly 9,000 people in Des Moines, Iowa, and owns and operates several buildings in the downtown area. The tallest, known as 801 Grand, is 45 stories tall (192 m/630 ft), and houses many other companies in addition to Principal. Its Global Delivery center, Principal Global Services, is located in Pune, Maharashtra, India.