Principal Financial Group Inc · NASDAQ:PFG
Principal Financial — Investor Presentation (September 2026)
17 slides from Principal Financial's investor presentation, September 2026
Slide 1: Investor materials
Investor materials Principal Financial Group® 2026 September Classification: Internal Use
Slide 2: A leading global financial services company
A leading global financial Where we compete services company Leader in workplace retirement and benefits, with a special focus on small and midsized businesses, with U.S. U.S. Benefits Asset integrated capabilities in the U.S. and select international Retirement and Protection Management markets. AB
Slide 3: Strategic priorities
Strategic priorities Focused on three attractive profit pools where growth is stronger, returns are higher, and our business model creates differentiated advantages Retirement Small and Midsized Global Asset Ecosystem Businesses Management A fully integrated platform that Market leading SMB franchis
Slide 4: Retirement Ecosystem
Through a uniquely integrated ecosystem, Principal is recognized as a strong leader in Retirement in the U.S. Retirement Ecosystem Recordkeeping Asset Management U.S. Retirement is the single biggest profit pool in global financial services today Advice/wealth Retirement income management $110B annu
Slide 5: Small and Midsized Business SMB
Principal is recognized as an undisputed leader in SMB Retirement and Benefits in the United States Small and Midsized Business SMB Financial Wellness & Advice SMB3 is one of the most attractive opportunities in Business Owner Solutions financial services today Employee Benefits Retirement Plans $90
Slide 6: Global Asset Management
Public Asset Fixed Real Estate Global Asset Income Equities & Private Allocation Management A $255B global Markets Customized approach combining manager A $213B global platform with platform built to styles and asset diversified solutions deliver customized $96B in private market classes to deliver
Slide 7: Strong financial performance and capital strength
Strong financial performance and capital strength Our exceptional performance is powered by a differentiated business model that integrates capabilities across businesses to deliver financial security in the workplace to customers. 1Q 2026 financial performance Capital allocation priorities Balance
Slide 8: Growing dividend per share anchored to 40% payout ratio
Growing dividend per share anchored to 40% payout ratio Growth in dividends will track with net income growth Dividends per share Principal dividend yield S&P 500 dividend yield $3.50 8.0% $3.08 $3.19 ANNUAL DIVIDEND PER SHARE $3.00 $2.85 7.0% $2.56 $2.60 6.0% DIVIDEND YIELD $2.50 5.0% $2.00 3.7% 3.
Slide 9: Strong capital deployments and commitment to actively return excess capital
Strong capital deployments and commitment to actively return excess capital Dividends Share repurchases Excess & Available Capital Shown in $millions 3,000 2,500 $2.3B 2,000 $1.7B $1.5B $1.5 – $1.8B 1,500 $1.3B 1,000 500 0 2022 2023 2024 2025 2026E
Slide 10: 2026 Outlook
U.S. 2-5% 38-41% Retirement Net revenue Operating margin 2026 Outlook Specialty Benefits Guidance ranges on an 5-9% 14-17% 60-64% U.S. Premium and fees Operating margin Incurred loss ratio excluding significant Benefits and variances basis Protection Life Insurance 1-4% 12-16% Premium and fees* Oper
Slide 11: Business Unit Overview
Business Unit Overview Classification: Internal Use
Slide 12: Our businesses are market leaders…
Our businesses are market leaders… U.S. Retirement T U.S. Benefits and Protection T Asset Management #3 DC recordkeeping #2 Total group benefits Manager of hybrid target #2 date funds CITs #4 Pension risk transfer #3 Group dental Top Provider of U.S. hybrid #1 Defined benefit #1 Group life 2 target
Slide 13: Retirement & Income Solutions
Retirement & Income Solutions We are a top tier retirement provider that drives Our U.S. retirement footprint 16% enterprise value Our U.S. retirement footprint For every 48,000 employers and$112inmillion revenue from plan our participants 1 4% 14 M recordkeeping platform, • Includes32 centsare indi
Slide 14: Benefits & Protection
Benefits & Protection Specialty Benefits Life 8% Specialty Benefits: 42% 36% Premium & Fees 15% Total Life Insurance: Dental Premium & Fees 58% $0.9B Group Disability $3.4B Business Market Group Life 12% Individual Disability Legacy Life 19% $4.4B Supplemental Health 22% Premium and Fe
Slide 15: Principal Asset Management
Principal Asset Management Investment Management International Pension IM AUM by asset class International Pension 13% AUM by Country 29% 10% Equity 22% 15% Fixed Income $602B Asset Allocation Alternatives $770B AUM 29% General Account Brazil (Banco do Brasil) 20% 78% $169B 57% Chile (
Slide 16: Footnotes
Footnotes 1 2026 World’s Most Ethical Companies® by Ethisphere 2 Non-GAAP pre-tax operating earnings trailing twelve months; excluding Corporate segment and impacts from actuarial assumption review 3 SMB defined as Benefits and Protection customers with 1,000 lives or less; Retirement customers with
Slide 17: Sources of Rankings
Sources of Rankings Business Market Position Source #1 Employee stock ownership Based on number of plans. Source: 2025 PLANSPONSOR Defined Contribution Plan Recordkeeping Survey, June 2025 #1 Defined benefit Based on number of plans. Source: PLANSPONSOR Defined Benefit Administration Survey, Septembe
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