Principal Financial Group Inc · NASDAQ:PFG
Principal Financial — Q4 2025 Earnings Presentation
6 slides from Principal Financial's earnings presentation, 2025
Slide 1: U.S. investment portfolio details
U.S. investment portfolio details As of 12/31/2025, excluding funds withheld
Slide 2: High quality and diversified investment portfolio
High quality and diversified investment portfolio Portfolio uniquely matches our liability profile which has lower liquidity needs Real Estate Private Fixed Income Equity & Equity Cash Securities 4% Other CMLs REITs 2% RMLs 4% 15% 8% 5% Private ABL Non-Agency MBS 10% 3% CMBS IG Private 5% Direct Cor
Slide 3: High quality commercial mortgage loan portfolio
High quality commercial mortgage loan portfolio U.S. invested assets excluding funds withheld, as of 12/31/2025 • Commercial mortgage Property type1 Commercial Mortgage Loan – Total whole loans remain high 44% Apartments quality given the low Debt Service Coverage leverage, strong debt 16% Office 1.
Slide 4: Mortgage & asset-backed fixed maturity securities
Mortgage & asset-backed fixed maturity securities U.S. invested assets excluding funds withheld, as of 12/31/2025 ($ in millions) % within NAIC designation2 % of U.S. NRSRO Rating within NAIC 11 invested Structured Security Amortized Carrying assets and Type cost amount cash1 NAIC 1 AAA AA Other NAI
Slide 5: Equity real estate
Equity real estate U.S. invested assets excluding funds withheld, as of 12/31/2025 • Well diversified portfolio across Equity real estate exposure by property type property types with largest allocation to industrial vs. NCREIF property index1 • Substantial cushion between 38.5% market and carry val
Slide 6: Equity real estate and other alternatives
Equity real estate and other alternatives U.S. invested assets excluding funds withheld, as of 12/31/2025 Core real estate is largest share of alternative asset exposure (carried at amortized cost). Future opportunity to harvest capital gains. Diverse, manageable exposure to other alternatives. % of
Principal Financial Group — Q4 2025 Earnings Presentation on 6ix