Principal Financial Group Inc · NASDAQ:PFG
Principal Financial — Q4 2024 Earnings Presentation
6 slides from Principal Financial's earnings presentation, February 2025
Slide 1: U.S. investment portfolio details
U.S. investment portfolio details As of 12/31/2024, excluding funds withheld
Slide 2: High quality commercial mortgage loan portfolio
High quality commercial mortgage loan portfolio U.S. invested assets excluding funds withheld, as of 12/31/2024 + Commercial mortgage Property type Commercial Mortgage Loan - Total whole loans remain high . quality given the low ig! | @ 44% © Apartments a cdi ce mo nc service and high occupancy @ 18
Slide 3: Office exposure remains high quality; highly selective on new office loans
Office exposure remains high quality; highly selective on new office loans Office exposure of $2.6B, 3.2% of U.S. invested assets and cash Each asset re-valued quarterly; valuations down 34% from peak 84% current occupancy CML- Office portfolio details U.S. invested assets excluding funds withheld,
Slide 4: Mortgage & asset-backed fixed maturity securities
Mortgage & asset-backed fixed maturity securities U.S. invested assets excluding funds withheld, as of 12/31/2024 ($ in millions) %within NAIC designation2 %of U.S. NRSRO Rating within NAIC 1 3 invested Amortized Carrying assets and cost amount cash3 NAIC 1 AAA AA Other NAIC 1 NAIC 2 NAIC 3-6 Total
Slide 5: Equity real estate
Equity real estate U.S. invested assets excluding funds withheld, as of 12/31/2024 * Substantial cushion between market and carry values; risk of balance sheet impairment unlikely + Well diversified portfolio across property types with largest allocation to industrial * 23% of office exposure, inclu
Slide 6: Equity real estate and other alternatives
Equity real estate and other alternatives U.S. invested assets excluding funds withheld, as of 12/31/2024 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. • •
Principal Financial Group — Q4 2024 Earnings Presentation on 6ix