Principal Financial : 4Q 2025 financial supplement

About this update from Principal Financial Group Inc

Financial Supplement Through the Fourth Quarter Ended December 31, 2025 (unaudited) Principal Financial Group, Inc. Reportable Segments RETIREMENT AND INCOME SOLUTIONS Provides retirement and related financial products and services primarily to businesses, their employees, and other individuals including full service accumulation, banking, trust and custodial services, individual variable annuities, pension risk transfer, investment only, individual fixed annuities, and all of the Institutional Retirement & Trust (IRT) integration and acquisition expenses. PRINCIPAL ASSET MANAGEMENT Provides global investment solutions to institutional, retirement, retail, and high net worth investors in the U.S. and select emerging markets. This segment is organized into: Investment Management , provides public, multi-asset, and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives. International Pension , provides long-term savings and retirement solutions in Asia and Latin America. Products include pension accumulation and income annuities. BENEFITS AND PROTECTION Focuses on solutions for individuals and small-to-medium sized businesses and their employees. The segment is organized into: Specialty Benefits , provides group dental and vision insurance, individual disability insurance, group disability insurance (including short-term disability, long-term disability, critical illness, paid family and medical leave and accident), group life insurance and non-medical fee-for-service claims administration; and Life Insurance , provides universal and variable universal life insurance (including indexed universal life) and traditional life insurance (including participating whole life, adjustable life products and non-participating term life insurance). Legacy life insurance includes universal and variable universal life insurance (including indexed universal life and all universal life with secondary guarantee (ULSG) business reinsured to third party) and traditional life insurance (including participating whole life, adjustable life products and non-participating term life insurance). CORPORATE Manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc., our retail broker-dealer and registered investment advisor; and our exited group medical and long-term care insurance businesses are reported in this segment. Exchange Listing Common stock of the Principal Financial Group, Inc. is traded on Nasdaq under the ticker symbol "PFG." Principal Financial Group, Inc. Table of Contents Definitions 1 Summary Market and Financial Highlights 2-4 Principal Financial Group, Inc. Consolidated Financial Information Consolidated U.S. GAAP Income Statement and Reconciliation to Non-GAAP Pre-Tax Operating Earnings 5 Consolidated Financial Metrics 6 Consolidated Balance Sheet 7 Retirement and Income Solutions Retirement and Income Solutions Segment Pre-Tax Operating Earnings Statement 8 Retirement and Income Solutions Segment Metrics 9-10 Principal Asset Management Principal Asset Management Segment Pre-Tax Operating Earnings Statements 11-12 Principal Asset Management Segment Assets Under Management 13 Investment Management - Assets Under Management and Revenue Detail 14 International Pension - Assets Under Management Detail 15 Benefits and Protection Benefits and Protection Segment Pre-Tax Operating Earnings Statements 16-17 Benefits and Protection - Specialty Benefits 18 Benefits and Protection - Life Insurance 19 Corporate Corporate Segment Pre-Tax Operating Earnings Statement 20 Investment Details Invested Asset Details 21-22 Net Realized Capital Gains (Losses) and Net Investment Income 23-24 Detail of Funds Withheld 25 Non-GAAP Financial Measure Reconciliations Exited Business We reinsure our U.S. retailed fixed annuity and universal life with secondary guarantee ("ULSG") blocks of business ("exited business") via coinsurance with funds withheld ("Talcott Reinsurance Transaction"). We also have other exited or divested businesses. Use of non-GAAP financial measures A non-GAAP financial measure is defined as a numerical measure of our performance, financial position, or cash flows that includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP. We use a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While such measures are also consistent with measures utilized by investors to evaluate performance, they are not a substitute for U.S. GAAP financial measures. Therefore, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures. See "Non-GAAP Financial Measures Reconciliations" located on pages 26-32. We adjust U.S. GAAP financial measures for items not directly related to ongoing operations. However, it is possible that these adjusting items have occurred in the past and could recur in the future. Management also uses non-GAAP financial measures for goal setting, as a basis in determining employee and senior management awards and compensation, and to evaluate performance on a basis comparable to that used by securities analysts. We also use a variety of other operational measures that do not have U.S. GAAP counterparts, and therefore do not fit the definition of non-GAAP financial measures. Assets under management is an example of an operational measure that is not considered a non-GAAP financial measure. 26-32 # Principal Financial Group, Inc. Definitions Account values: includes the net balances that customers have accumulated within their account, along with future policy benefits for retirement payout products. Assets under administration: includes assets under management and other assets for which we earn a fee for providing administrative services such as recordkeeping, custodial or servicing. Assets under management: includes client assets for which we provide investment management services and earn a fee for providing that service. This includes assets of institutional clients, assets within Principal branded funds (or other proprietary funds), including assets managed by sub-advisors hired by Principal, and advisory assets held in model portfolios where we earn a management fee. In addition, assets under management (AUM) include certain assets on our consolidated balance sheets for which we provide investment management services, such as the assets of the general account, or investments, cash, or related items where we earn a return. AUM includes 100% of the AUM from consolidated subsidiaries and certain unconsolidated subsidiaries. Unconsolidated subsidiaries consist of a 25% economic interest in Brasilprev Seguros e Previdencia S.A. (Brasilprev) (with 50.01% ownership of common stock) and a 60% interest in Principal Asset Management Berhad in Malaysia with a presence in Southeast Asia countries. China AUM includes a 25% interest in CCB Principal Asset Management Co., Ltd. (CCBPAM) and a 17.65% interest in CCB Pension Management Co, Ltd. (CCBP) AUM, which are not included in our reported AUM. Investment performance: represents the percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collective investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driven Investment (short, intermediate, and extended duration), Hedge Fund Separate Account, and US Property Separate Account. GAAP net revenue: total revenues less: benefits, claims and settlement expenses; liability for future policy benefits remeasurement (gain) loss; market risk benefit remeasurement (gain) loss; and dividends to policyholders. Net revenue: segment operating revenues less: benefits, claims and settlement expenses; liability for future policy benefits remeasurement (gain) loss; market risk benefit remeasurement (gain) loss; and dividends to policyholders, which is non-GAAP at a total Principal Financial Group, Inc. level. Premium and fees: premiums and other considerations plus fees and other revenues. Pre-tax operating earnings: operating earnings before income taxes and after noncontrolling interest. Pre-tax operating earnings, adjusted for noncontrolling interest: operating revenues less total expenses. Operating revenues less pass-through expenses: The company has determined this measure is more representative of underlying operating revenues growth for Investment Management as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings. Operating margin is calculated as follows: Retirement and Income Solutions: pre-tax operating earnings divided by net revenue Investment Management: pre-tax operating earnings, adjusted for noncontrolling interest, divided by operating revenues less pass through expenses International Pension: pre-tax operating earnings divided by net revenue Benefits and Protection: pre-tax operating earnings divided by premium and fees Non-GAAP operating margin is calculated as follows for Principal Financial Group, Inc.: non-GAAP pre-tax operating earnings divided by non-GAAP net revenue Summary Market Highlights (per share, except as indicated) Dec-25 Three Months End Sep-25 Jun-25 ed, Mar-25 Dec-24 Twelve Mon Dec-25 ths Ended, Dec-24 Basic Earnings Per Common Share Net income (loss) $ 2.36 $ 0.96 $ 1.81 $ 0.21 $ 3.97 $ 5.32 $ 6.77 Non-GAAP operating earnings * $ 2.23 $ 2.13 $ 2.18 $ 1.84 $ 1.97 $ 8.37 $ 7.07 Weighted average common shares outstanding (in millions) 219.2 222.4 224.1 225.7 227.8 222.8 232.0 Diluted Earnings Per Common Share Net income (loss) $ 2.32 $ 0.95 $ 1.79 $ 0.21 $ 3.92 $ 5.25 $ 6.68 Non-GAAP operating earnings * $ 2.19 $ 2.10 $ 2.16 $ 1.81 $ 1.94 $ 8.27 $ 6.97 Non-GAAP operating earnings (losses), excluding significant variances * $ 2.24 $ 2.32 $ 2.07 $ 1.92 $ 2.10 $ 8.55 $ 7.65 Weighted average common shares outstanding (in millions) 222.4 225.2 226.5 228.8 231.2 225.7 235.3 Non-GAAP Operating Earnings Return on Average Equity Available to Common Stockholders (trailing twelve months) Excluding cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment * 15.2% 14.7% 14.3% 13.4% 13.2% 15.2% 13.2% Non-GAAP operating earnings ROE (excluding cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment), exlcuding significant variances * 15.7% 15.5% 15.2% 14.7% 14.5% 15.7% 14.5% Book Value Available to Common Stockholders Excluding cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment * $ 57.25 $ 55.93 $ 54.97 $ 53.70 $ 53.69 $ 57.25 $ 53.69 End of period common shares outstanding (in millions) 217.4 220.5 223.2 225.0 226.2 217.4 226.2 Share Repurchase Data Shares repurchased (in millions) 3.3 2.8 2.0 2.4 3.5 10.5 12.2 Cost of shares repurchased (in millions) $ 275.3 $ 225.1 $ 150.4 $ 200.4 $ 300.6 $ 851.2 $ 1,001.7 Dividend Information Dividends per share $ 0.79 $ 0.78 $ 0.76 $ 0.75 $ 0.73 $ 3.08 $ 2.85 Dividends paid (in millions) $ 172.4 $ 172.9 $ 169.7 $ 169.0 $ 165.7 $ 684.0 $ 658.4 Total capital returned to shareholders $ 447.7 $ 398.0 $ 320.1 $ 369.4 $ 466.3 $ 1,535.2 $ 1,660.1 * This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 26-32. Dec-25 Sep-25 Period Ended, Jun-25 Period Ended, Mar-25 Dec-24 Dec-25 Dec-24 Assets under administration $ 1,814.6 $ 1,792.5 $ 1,737.8 $ 1,661.6 $ 1,663.9 $ 1,814.6 $ 1,663.9 Assets Under Management Rollforward Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 AUM, beginning of period $ 784.3 $ 752.7 $ 717.9 $ 712.1 $ 740.6 $ 712.1 $ 694.5 Inflows 39.5 37.4 33.8 35.3 35.9 146.0 129.4 Outflows (41.7) (37.0) (36.4) (39.7) (37.1) (154.8) (134.4) Net cash flow (2.2) 0.4 (2.6) (4.4) (1.2) (8.8) (5.0) Market performance (1) 9.7 29.1 29.5 3.5 (7.6) 71.8 55.0 Other (2) - 1.4 0.7 (0.7) (1.6) 1.4 (3.5) Operations acquired - - - - - - - Operations disposed (3) (13.0) (0.8) (0.9) (0.8) (1.0) (15.5) (1.0) Effect of exchange rates 2.2 1.5 8.1 8.2 (17.1) 20.0 (27.9) AUM, end of period $ 781.0 $ 784.3 $ 752.7 $ 717.9 $ 712.1 $ 781.0 $ 712.1 Assets Under Management, End of Period Dec-25 Sep-25 Period Ended, Jun-25 Mar-25 Dec-24 Period Dec-25 Ended, Dec-24 Principal Asset Management $ 747.8 $ 752.3 $ 723.0 $ 689.3 $ 683.4 $ 747.8 $ 683.4 Other Entities of PFG 33.2 32.0 29.7 28.6 28.7 33.2 28.7 AUM, end of period $ 781.0 $ 784.3 $ 752.7 $ 717.9 $ 712.1 $ 781.0 $ 712.1 Includes reinvested dividends for U.S. Mutual Funds of $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, $0.5 billion in 1Q25, and $2.2 billion in 4Q24. Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues. 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post Advisory Group (Post); 1Q25 and 4Q24 include the divestment of Origin Asset Management (Origin). Dec-25 Sep-25 Trailing Twe Jun-25 lve Months, Mar-25 Dec-24 Dec-23 Retirement and Income Solutions Net revenue $ 2,943.9 $ 2,919.0 $ 2,846.7 $ 2,833.7 $ 2,800.9 $ 2,690.3 Year over year net revenue growth 5.1% 5.7% 1.9% 3.7% 4.1% 2.8% Pre-tax operating earnings (losses) $ 1,185.6 $ 1,166.2 $ 1,102.0 $ 1,077.7 $ 1,056.2 $ 1,051.4 Operating margin 40.3% 40.0% 38.7% 38.0% 37.7% 39.1% Principal Asset Management Pre-tax operating earnings (losses) $ 930.2 $ 914.6 $ 908.6 $ 861.6 $ 861.2 $ 817.7 Investment Management Operating revenues less pass-through expenses * $ 1,730.8 $ 1,724.7 $ 1,708.5 $ 1,686.0 $ 1,668.6 $ 1,606.3 Operating revenues less pass-through expenses growth - year over year 3.7% 5.8% 5.1% 4.6% 3.9% -6.0% Pre-tax operating earnings (losses) $ 614.4 $ 611.6 $ 597.2 $ 572.9 $ 578.8 $ 548.2 Pre-tax operating earnings, adjusted for noncontrolling interest $ 627.8 $ 625.3 $ 611.0 $ 588.0 $ 590.9 $ 552.4 Operating margin 36.3% 36.3% 35.8% 34.9% 35.4% 34.4% International Pension Net revenue $ 645.9 $ 630.6 $ 638.1 $ 620.3 $ 622.9 $ 630.9 Year over year net revenue growth 3.7% -5.8% 1.4% -1.2% -1.3% 7.6% Pre-tax operating earnings (losses) $ 315.8 $ 303.0 $ 311.5 $ 288.7 $ 282.4 $ 269.5 Operating margin 48.9% 48.0% 48.8% 46.5% 45.3% 42.7% Benefits and Protection Pre-tax operating earnings (losses) $ 523.2 $ 508.3 $ 486.2 $ 470.9 $ 463.2 $ 537.6 Specialty Benefits Premium and fees $ 3,362.7 $ 3,340.5 $ 3,314.1 $ 3,287.4 $ 3,257.2 $ 3,055.0 Premium and fees growth - year over year 3.2% 3.6% 4.3% 5.6% 6.6% 8.9% Pre-tax operating earnings (losses) $ 531.4 $ 536.5 $ 482.7 $ 463.8 $ 459.6 $ 447.0 Operating margin 15.8% 16.1% 14.6% 14.1% 14.1% 14.6% Life Insurance Premium and fees $ 958.2 $ 947.4 $ 939.6 $ 928.6 $ 927.5 $ 922.2 Premium and fees growth - year over year 3.3% 2.0% 1.1% -0.3% 0.6% 0.0% Pre-tax operating earnings (losses) $ (8.2) $ (28.2) $ 3.5 $ 7.1 $ 3.6 $ 90.6 Operating margin -0.9% -3.0% 0.4% 0.8% 0.4% 9.8% * This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 29. Principal Financial Group, Inc. Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ 2,099.8 $ 1,532.8 $ 1,396.5 $ 1,751.3 $ 1,826.1 $ 6,780.4 $ 6,850.2 Fees and other revenues 1,135.8 1,128.7 1,082.6 1,077.7 1,115.1 4,424.8 4,320.5 Net investment income 1,201.5 1,200.5 1,162.8 1,165.7 1,123.3 4,730.5 4,449.2 Net realized capital gains (losses) 53.7 85.7 5.4 (117.1) (88.6) 27.7 (27.3) Net realized capital gains (losses) on funds withheld assets 11.7 (0.2) 3.7 28.0 (18.2) 43.2 87.7 Change in fair value of funds withheld embedded derivative 74.2 (265.9) 20.3 (209.7) 794.3 (381.1) 447.4 Total revenues 4,576.7 3,681.6 3,671.3 3,695.9 4,752.0 15,625.5 16,127.7 Benefits, claims and settlement expenses 2,540.5 1,964.1 1,839.9 2,220.0 2,146.9 8,564.5 8,072.6 Liability for future policy benefits remeasurement (gain) loss (2.4) 60.9 (4.3) 2.2 105.8 56.4 671.4 Market risk benefit remeasurement (gain) loss 10.1 4.0 14.3 34.7 (8.8) 63.1 30.3 Dividends to policyholders 19.7 30.0 22.9 19.1 31.8 91.7 99.9 Operating expenses 1,373.2 1,374.2 1,295.4 1,391.0 1,363.9 5,433.8 5,363.9 Total expenses 3,941.1 3,433.2 3,168.2 3,667.0 3,639.6 14,209.5 14,238.1 Income (loss) before income taxes 635.6 248.4 503.1 28.9 1,112.4 1,416.0 1,889.6 Income taxes 110.4 14.5 69.6 (34.0) 209.9 160.5 291.7 Net income (loss) 525.2 233.9 433.5 62.9 902.5 1,255.5 1,597.9 Net income (loss) attributable to noncontrolling interest 8.2 20.1 27.3 14.8 (2.9) 70.4 26.9 Net income (loss) attributable to Principal Financial Group, Inc. $ 517.0 $ 213.8 $ 406.2 $ 48.1 $ 905.4 $ 1,185.1 $ 1,571.0 The consolidated income statement is presented on a U.S. GAAP basis. However, the measure of profitability for our operating segments is pre-tax operating earnings, as shown on the segment pre-tax operating earnings statements. A reconciliation of consolidated GAAP income before income taxes to segment pre-tax operating earnings is provided on page 6. Principal Financial Group, Inc. Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Non-GAAP Operating Earnings (Losses) $ 517.0 (27.1) $ 905.4 (551.9) Net income (loss) attributable to Principal Financial Group, Inc. (Income) loss from exited business ^ $ 213.8 251.8 $ 406.2 26.1 $ 48.1 251.3 $ 1,185.1 502.1 $ 1,571.0 (65.8) Net income (loss) attributable to PFG excluding exited business 489.9 465.6 432.3 299.4 353.5 1,687.2 1,505.2 Net realized capital (gains) losses (53.7) (85.7) (5.4) 117.1 88.6 (27.7) 27.3 Net realized capital (gains) losses after-tax adjustments ^ 51.8 93.8 62.4 (2.0) 6.0 206.0 108.0 Non-GAAP operating earnings (losses) * 488.0 473.7 489.3 414.5 448.1 1,865.5 1,640.5 Income taxes * 109.9 106.2 105.6 70.6 98.8 392.3 364.5 Non-GAAP pre-tax operating earnings (losses) * $ 597.9 $ 579.9 $ 594.9 $ 485.1 $ 546.9 $ 2,257.8 $ 2,005.0 * This is a non-GAAP financial measure. See non-GAAP financial measure reconciliations on pages 6 and 26-32. ^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28. Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Non-GAAP Pre-Tax Operating Earnings (Losses) Income (loss) before income taxes $ 635.6 $ 248.4 $ 503.1 $ 28.9 $ 1,112.4 $ 1,416.0 $ 1,889.6 Net realized capital (gains) losses (53.7) (85.7) (5.4) 117.1 88.6 (27.7) 27.3 Net realized capital (gains) losses pre-tax adjustments ^ 37.0 78.2 50.1 12.4 28.8 177.7 115.0 Non-GAAP pre-tax operating (earnings) losses attributable to noncontrolling interest * (1.2) (2.2) (1.9) (4.2) (1.0) (9.5) (18.3) Income taxes related to equity method investments 14.4 22.5 15.9 16.6 16.9 69.4 74.8 Pre-tax (income) loss from exited business * (34.2) 318.7 33.1 314.3 (698.8) 631.9 (83.4) Non-GAAP pre-tax operating earnings (losses) * $ 597.9 $ 579.9 $ 594.9 $ 485.1 $ 546.9 $ 2,257.8 $ 2,005.0 Non-GAAP Net Revenue Net revenue $ 2,008.8 $ 1,622.6 $ 1,798.5 $ 1,419.9 $ 2,476.3 $ 6,849.8 $ 7,253.5 Net realized capital (gains) losses (53.7) (85.7) (5.4) 117.1 88.6 (27.7) 27.3 Net realized capital (gains) losses net revenue adjustments ^ 21.6 36.8 42.1 45.8 2.4 146.3 4.5 Income taxes related to equity method investments 14.4 22.5 15.9 16.6 16.9 69.4 74.8 Net revenue from exited business (47.9) 300.6 15.0 230.2 (719.0) 497.9 (164.5) Non-GAAP net revenue * $ 1,943.2 $ 1,896.8 $ 1,866.1 $ 1,829.6 $ 1,865.2 $ 7,535.7 $ 7,195.6 Operating Expenses Total operating expenses $ 1,373.2 $ 1,374.2 $ 1,295.4 $ 1,391.0 $ 1,363.9 $ 5,433.8 $ 5,363.9 Net realized capital (gains) losses operating expense adjustments ^ (15.4) (41.4) (8.0) 33.4 (26.4) (31.4) (110.5) Expenses from exited business (13.7) (18.1) (18.1) (84.1) (20.2) (134.0) (81.1) Operating expenses * $ 1,344.1 $ 1,314.7 $ 1,269.3 $ 1,340.3 $ 1,317.3 $ 5,268.4 $ 5,172.3 Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Segment Pre-Tax Operating Earnings (Losses) Retirement and Income Solutions $ 299.5 $ 310.3 $ 292.1 $ 283.7 $ 280.1 $ 1,185.6 $ 1,056.2 Principal Asset Management 231.6 274.7 236.4 187.5 216.0 930.2 861.2 Benefits and Protection 169.6 86.5 147.6 119.5 154.7 523.2 463.2 Corporate (102.8) (91.6) (81.2) (105.6) (103.9) (381.2) (375.6) Pre-tax operating earnings (losses) * $ 597.9 $ 579.9 $ 594.9 $ 485.1 $ 546.9 $ 2,257.8 $ 2,005.0 Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Categories of Segment Operating Expenses Commission expense $ 295.0 $ 285.1 $ 281.3 $ 292.4 $ 279.9 $ 1,153.8 $ 1,075.9 Capitalization of DAC and contract costs (128.5) (125.1) (123.3) (135.9) (128.1) (512.8) (490.6) Amortization of DAC and contract costs 94.5 98.4 91.9 90.9 91.8 375.7 366.0 Depreciation and amortization 41.4 40.1 41.2 41.7 46.0 164.4 186.7 Interest expense on corporate debt 43.7 45.3 45.6 42.7 42.4 177.3 170.2 Compensation and other 998.0 970.9 932.6 1,008.5 985.3 3,910.0 3,864.1 Operating expenses * $ 1,344.1 $ 1,314.7 $ 1,269.3 $ 1,340.3 $ 1,317.3 $ 5,268.4 $ 5,172.3 * This is a non-GAAP financial measure and is reconciled to GAAP on this page. ^ See detail of adjustments related to net realized capital gains (losses) and exited business on page 28. Dec-25 Sep-25 Jun-25 Period Ended, Mar-25 Dec-24 Sep-24 Jun-24 Assets Total investments $ 110,901.5 $ 107,608.1 $ 106,126.8 $ 105,294.6 $ 103,375.8 $ 102,647.7 $ 99,157.3 Cash and cash equivalents 4,431.0 5,137.1 3,659.0 3,875.7 4,211.9 6,174.5 4,816.6 Accrued investment income 870.9 899.0 877.8 887.4 828.6 840.2 822.7 Reinsurance recoverable and deposit receivable 19,000.1 19,257.6 19,335.9 19,392.6 19,490.1 20,057.9 19,734.8 Premiums due and other receivables 3,894.5 3,771.7 3,789.8 3,726.0 3,771.5 3,730.2 3,989.9 Deferred acquisition costs 4,071.6 4,057.3 4,048.0 4,034.1 4,006.9 3,992.2 3,972.9 Market risk benefit asset 197.1 187.5 180.2 158.7 199.5 162.6 212.3 Property and equipment 701.4 716.2 724.7 742.7 769.4 798.2 805.9 Goodwill 1,600.5 1,577.6 1,583.2 1,567.4 1,549.7 1,597.1 1,569.8 Other intangibles 1,267.0 1,268.5 1,282.9 1,290.5 1,389.9 1,424.4 1,419.0 Separate account assets 193,622.6 189,251.5 180,728.0 171,266.2 173,327.1 180,653.5 171,399.8 Other assets 818.3 759.7 767.5 767.4 743.2 779.2 876.3 Total assets $ 341,376.5 $ 334,491.8 $ 323,103.8 $ 313,003.3 $ 313,663.6 $ 322,857.7 $ 308,777.3 Liabilities Contractholder funds $ 45,380.3 $ 44,421.4 $ 43,394.0 $ 43,266.0 $ 43,099.6 $ 42,499.4 $ 41,681.3 Future policy benefits and claims 51,749.7 50,732.4 49,945.9 49,359.4 48,179.4 49,832.6 46,987.8 Other policyholder funds 940.8 944.2 935.5 933.2 966.4 911.4 887.4 Market risk benefit liability 66.9 69.1 68.8 80.4 62.1 96.0 69.3 Short-term debt 27.7 13.0 24.1 28.9 152.7 37.3 49.9 Long-term debt 3,926.3 3,924.6 3,923.0 4,321.3 3,955.3 3,932.9 3,932.2 Income taxes currently payable 29.5 26.4 18.8 8.2 8.6 9.4 10.4 Deferred income taxes 1,856.4 1,794.0 1,768.9 1,786.6 1,706.0 1,770.3 1,739.7 Separate account liabilities 193,622.6 189,251.5 180,728.0 171,266.2 173,327.1 180,653.5 171,399.8 Funds withheld payable 17,783.4 18,113.2 18,010.9 18,212.3 18,103.7 19,076.3 18,554.6 Other liabilities 13,601.6 13,074.0 12,427.4 12,145.8 12,633.7 12,445.4 12,128.5 Total liabilities 328,985.2 322,363.8 311,245.3 301,408.3 302,194.6 311,264.5 297,440.9 Redeemable noncontrolling interest 474.3 410.1 391.2 326.7 337.7 311.8 277.4 Stockholders' Equity Common stock, at par 5.0 5.0 5.0 5.0 4.9 4.9 4.9 Additional paid-in capital 11,275.4 11,238.5 11,202.6 11,157.8 11,100.9 11,045.2 11,005.5 Retained earnings (1) 18,071.3 17,730.0 17,692.6 17,459.3 17,583.5 16,847.0 17,235.3 Treasury stock (13,279.4) (13,001.4) (12,771.6) (12,619.4) (12,378.1) (12,074.7) (11,820.5) Accumulated other comprehensive income: Net unrealized gains (losses) on AFS securities (2) (3,261.0) (3,192.5) (3,953.4) (4,037.6) (4,641.1) (2,777.9) (4,854.8) Liability for future policy benefits discount rate remeasurement gain (loss) 812.5 742.6 1,105.9 1,188.4 1,438.2 59.0 1,376.4 Market risk benefit nonperformance risk remeasurement gain (loss) (13.4) (17.9) (13.3) (12.9) (15.0) (19.8) (14.5) Net foreign currency translation adjustment (1,546.6) (1,617.2) (1,627.8) (1,705.7) (1,785.9) (1,603.6) (1,672.5) Net unrecognized postretirement benefit obligations (179.9) (221.6) (224.7) (218.1) (221.0) (242.7) (246.4) Total stockholders' equity attributable to PFG (1) 11,883.9 11,665.5 11,415.3 11,216.8 11,086.4 11,237.4 11,013.4 Noncontrolling interest 33.1 52.4 52.0 51.5 44.9 44.0 45.6 Total stockholders' equity (1) 11,917.0 11,717.9 11,467.3 11,268.3 11,131.3 11,281.4 11,059.0 Total liabilities and stockholders' equity (1) $ 341,376.5 $ 334,491.8 $ 323,103.8 $ 313,003.3 $ 313,663.6 $ 322,857.7 $ 308,777.3 (1) Includes cumulative change in fair value of funds withheld embedded derivative See also non-GAAP financial measure reconciliations on pages 26-31. (2) Includes net unrealized gains (losses) on fixed maturities, available-for-sale associated with external funds withheld $ 2,021.6 $ $ 2,080.2 $ (1,472.0) $ (1,394.1) $ 2,231.7 $ (1,585.4) $ 2,215.6 $ 2,381.3 $ (1,672.0) (1,562.0) $ 1,753.9 $ $ (1,098.1) $ 2,367.5 (1,632.5) Retirement and Income Solutions Financial Supplement | 4Q 2025 Retirement and Income Solutions Segment Pre-Tax Operating Earnings Statement (in millions) Retirement and Income Solutions Segment Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ 1,155.1 $ 566.5 $ 447.2 $ 810.3 $ 900.1 $ 2,979.1 $ 3,136.9 Fees and other revenues 462.4 459.3 434.2 441.2 458.4 1,797.1 1,790.4 Net investment income 884.7 860.4 836.9 823.7 804.5 3,405.7 3,048.8 Total operating revenues 2,502.2 1,886.2 1,718.3 2,075.2 2,163.0 8,181.9 7,976.1 Benefits, claims and settlement expenses 1,747.8 1,144.0 1,006.2 1,353.9 1,429.0 5,251.9 5,147.7 Liability for future policy benefits remeasurement (gain) loss 1.0 (10.5) (3.6) (4.8) 0.3 (17.9) (4.9) Market risk benefit remeasurement (gain) loss (0.8) 0.9 1.8 1.9 4.4 3.8 32.2 Dividends to policyholders 0.1 0.1 - - 0.1 0.2 0.2 Commission expense 76.3 74.9 72.5 69.5 73.7 293.2 268.6 Capitalization of DAC and contract costs (44.2) (41.1) (40.5) (40.9) (41.2) (166.7) (143.2) Amortization of DAC and contract costs 22.5 21.8 21.1 21.1 20.5 86.5 80.4 Depreciation and amortization 17.8 18.3 18.7 19.4 19.6 74.2 80.5 Interest expense on corporate debt - - - - - - - Compensation and other 382.3 367.4 350.0 370.8 377.0 1,470.5 1,458.9 Total expenses 2,202.8 1,575.8 1,426.2 1,790.9 1,883.4 6,995.7 6,920.4 Pre-tax operating earnings (losses) attributable to noncontrolling interest (0.1) 0.1 - 0.6 (0.5) 0.6 (0.5) Pre-tax operating earnings (losses) $ 299.5 $ 310.3 $ 292.1 $ 283.7 $ 280.1 $ 1,185.6 $ 1,056.2 Account Value Rollforwards Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Fee-Based Account Values Account values, beginning of period $ 558.1 $ 529.8 $ 491.8 $ 501.0 $ 507.6 $ 501.0 $ 448.0 Transfer deposits 9.1 6.1 5.2 6.0 6.0 26.4 22.1 Recurring deposits (1) 10.9 10.9 11.1 13.0 10.4 45.9 44.0 Deposits 20.0 17.0 16.3 19.0 16.4 72.3 66.1 Withdrawals (22.4) (19.5) (18.3) (21.1) (19.4) (81.3) (73.8) Net cash flow (2.4) (2.5) (2.0) (2.1) (3.0) (9.0) (7.7) Credited market performance 11.6 30.9 39.8 (7.3) (3.4) 75.0 60.6 Other (0.3) (0.1) 0.2 0.2 (0.2) - 0.1 Operations acquired - - - - - - - Operations disposed - - - - - - - Effect of exchange rates - - - - - - - Account values, end of period $ 567.0 $ 558.1 $ 529.8 $ 491.8 $ 501.0 $ 567.0 $ 501.0 Average monthly account values $ 565.0 $ 541.7 $ 504.8 $ 506.9 $ 506.9 $ 529.6 $ 484.2 Spread-Based Account Values Account values, beginning of period $ 67.8 $ 66.7 $ 66.3 $ 65.5 $ 64.2 $ 65.5 $ 60.7 Transfer deposits 2.8 2.3 1.4 2.5 2.8 9.0 10.3 Recurring deposits (1) 0.8 0.8 0.9 0.8 0.7 3.3 2.8 Deposits 3.6 3.1 2.3 3.3 3.5 12.3 13.1 Withdrawals (2.4) (2.5) (2.5) (3.1) (2.5) (10.5) (10.2) Net cash flow 1.2 0.6 (0.2) 0.2 1.0 1.8 2.9 Credited market performance 0.6 0.7 0.6 0.6 0.5 2.5 2.3 Other 0.3 (0.2) - - (0.2) 0.1 (0.4) Operations acquired - - - - - - - Operations disposed - - - - - - - Effect of exchange rates - - - - - - - Account values, end of period $ 69.9 $ 67.8 $ 66.7 $ 66.3 $ 65.5 $ 69.9 $ 65.5 Average monthly account values $ 69.0 $ 67.3 $ 66.7 $ 65.9 $ 64.9 $ 67.3 $ 63.1 Total Retirement and Income Solutions Account values, beginning of period $ 625.9 $ 596.5 $ 558.1 $ 566.5 $ 571.8 $ 566.5 $ 508.7 Transfer deposits 11.9 8.4 6.6 8.5 8.8 35.4 32.4 Recurring deposits (1) 11.7 11.7 12.0 13.8 11.1 49.2 46.8 Deposits 23.6 20.1 18.6 22.3 19.9 84.6 79.2 Withdrawals (24.8) (22.0) (20.8) (24.2) (21.9) (91.8) (84.0) Net cash flow (1.2) (1.9) (2.2) (1.9) (2.0) (7.2) (4.8) Credited market performance 12.2 31.6 40.4 (6.7) (2.9) 77.5 62.9 Other - (0.3) 0.2 0.2 (0.4) 0.1 (0.3) Operations acquired - - - - - - - Operations disposed - - - - - - - Effect of exchange rates - - - - - - - Account values, end of period $ 636.9 $ 625.9 $ 596.5 $ 558.1 $ 566.5 $ 636.9 $ 566.5 Average monthly account values $ 634.0 $ 609.0 $ 571.5 $ 572.8 $ 571.8 $ 596.9 $ 547.3 (1) Relates to workplace savings and retirement solutions. Account Value Detail Dec-25 Sep-25 Period Ended, Jun-25 Mar-25 Dec-24 Period Dec-25 Ended, Dec-24 Principal Platform $ 179.8 $ 178.3 $ 170.0 $ 159.4 $ 162.3 $ 179.8 $ 162.3 Spread-Based 69.9 67.8 66.7 66.3 65.5 69.9 65.5 Non-Proprietary 387.2 379.8 359.8 332.4 338.7 387.2 338.7 Total Account Values $ 636.9 $ 625.9 $ 596.5 $ 558.1 $ 566.5 $ 636.9 $ 566.5 Account Values, end of period Dec-25 Sep-25 Period Ended, Jun-25 Mar-25 Dec-24 Period Dec-25 Ended, Dec-24 Workplace savings and retirement solutions $ 574.4 $ 564.5 $ 536.1 $ 497.8 $ 506.2 $ 574.4 $ 506.2 Individual annuities 11.1 11.0 10.4 10.1 10.1 11.1 10.1 Pension risk transfer 28.6 27.9 27.5 27.4 26.9 28.6 26.9 Investment only 13.9 14.0 14.0 14.6 14.9 13.9 14.9 Bank and trust 8.9 8.5 8.5 8.2 8.4 8.9 8.4 Total Account Values $ 636.9 $ 625.9 $ 596.5 $ 558.1 $ 566.5 $ 636.9 $ 566.5 Additional employer security assets $ 70.1 $ 68.5 $ 64.2 $ 69.6 $ 62.7 62.7 $ 69.6 $ Dec-24 Dec-25 Dec-24 Mar-25 Period Ended, Period Ended, Jun-25 Sep-25 Dec-25 Principal Asset Management Financial Supplement | 4Q 2025 Principal Asset Management Segment Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ (0.2) $ 0.5 $ 3.9 $ 1.7 $ 10.7 $ 5.9 $ 28.7 Fees and other revenues 544.1 547.1 531.2 518.4 536.1 2,140.8 2,076.0 Net investment income 149.7 179.5 168.3 166.7 163.4 664.2 685.7 Total operating revenues 693.6 727.1 703.4 686.8 710.2 2,810.9 2,790.4 Benefits, claims and settlement expenses 64.0 60.9 82.2 90.6 102.1 297.7 362.2 Liability for future policy benefits remeasurement (gain) loss 0.5 (0.8) (0.6) 0.5 0.9 (0.4) 1.0 Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders - - - - - - - Commission expense 53.1 50.9 48.2 48.1 50.9 200.3 189.7 Capitalization of DAC and contract costs (11.4) (9.7) (8.4) (7.7) (10.6) (37.2) (31.2) Amortization of DAC and contract costs 7.5 12.7 6.4 5.8 7.4 32.4 32.6 Depreciation and amortization 15.3 13.7 13.9 13.9 16.2 56.8 66.4 Interest expense on corporate debt 0.3 0.3 0.4 0.5 0.6 1.5 3.3 Compensation and other 329.3 320.0 321.0 342.8 323.4 1,313.1 1,290.8 Total expenses 458.6 448.0 463.1 494.5 490.9 1,864.2 1,914.8 Pre-tax operating earnings (losses) attributable to noncontrolling interest 3.4 4.4 3.9 4.8 3.3 16.5 14.4 Pre-tax operating earnings (losses) $ 231.6 $ 274.7 $ 236.4 $ 187.5 $ 216.0 $ 930.2 $ 861.2 Principal Asset Management Segment - Investment Management Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ - $ - $ - $ - $ - $ - $ - Fees and other revenues 457.4 457.5 442.9 429.5 446.6 1,787.3 1,715.4 Net investment income (1) 25.3 26.4 24.3 24.2 28.0 100.2 105.3 Total operating revenues 482.7 483.9 467.2 453.7 474.6 1,887.5 1,820.7 Benefits, claims and settlement expenses - - - - - - - Liability for future policy benefits remeasurement (gain) loss - - - - - - - Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders - - - - - - - Commission expense 40.9 39.9 38.2 37.7 38.9 156.7 152.1 Capitalization of DAC and contract costs - - - - - - - Amortization of DAC and contract costs - - - - - - - Depreciation and amortization 4.7 4.7 5.0 5.1 5.4 19.5 22.1 Interest expense on corporate debt - - - - - - - Compensation and other 267.7 262.4 263.0 290.4 263.4 1,083.5 1,055.6 Total expenses 313.3 307.0 306.2 333.2 307.7 1,259.7 1,229.8 Pre-tax operating earnings (losses) attributable to noncontrolling interest 2.7 3.4 3.1 4.2 3.0 13.4 12.1 Pre-tax operating earnings (losses) $ 166.7 $ 173.5 $ 157.9 $ 116.3 $ 163.9 $ 614.4 $ 578.8 (1) Includes the earnings related to equity method subsidiaries $ 12.6 $ 13.0 $ 12.9 $ 12.2 $ 14.7 $ 50.7 $ 53.8 Principal Asset Management Segment - International Pension Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ (0.2) $ 0.5 $ 3.9 $ 1.7 $ 10.7 $ 5.9 $ 28.7 Fees and other revenues 92.4 94.4 92.9 93.6 93.7 373.3 377.0 Net investment income (2) 124.4 153.1 144.0 142.5 135.4 564.0 580.4 Total operating revenues 216.6 248.0 240.8 237.8 239.8 943.2 986.1 Benefits, claims and settlement expenses 64.0 60.9 82.2 90.6 102.1 297.7 362.2 Liability for future policy benefits remeasurement (gain) loss 0.5 (0.8) (0.6) 0.5 0.9 (0.4) 1.0 Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders - - - - - - - Commission expense 12.9 11.6 10.6 10.9 12.6 46.0 39.9 Capitalization of DAC and contract costs (11.4) (9.7) (8.4) (7.7) (10.6) (37.2) (31.2) Amortization of DAC and contract costs 7.5 12.7 6.4 5.8 7.4 32.4 32.6 Depreciation and amortization 10.6 9.0 8.9 8.8 10.8 37.3 44.3 Interest expense on corporate debt 0.3 0.3 0.4 0.5 0.6 1.5 3.3 Compensation and other 66.6 61.8 62.0 56.6 63.6 247.0 249.3 Total expenses 151.0 145.8 161.5 166.0 187.4 624.3 701.4 Pre-tax operating earnings (losses) attributable to noncontrolling interest 0.7 1.0 0.8 0.6 0.3 3.1 2.3 Pre-tax operating earnings (losses) $ 64.9 $ 101.2 $ 78.5 $ 71.2 $ 52.1 $ 315.8 $ 282.4 (2) Includes the earnings related to equity method subsidiaries $ 35.8 $ 53.5 $ 30.2 $ 30.5 $ 40.3 $ 150.0 $ 175.1 Principal Asset Management AUM Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 AUM, beginning of period $ 752.3 $ 723.0 $ 689.3 $ 683.4 $ 711.1 $ 683.4 $ 668.3 Inflows 38.2 36.5 33.1 34.4 34.9 142.2 126.2 Outflows (41.4) (36.5) (35.9) (39.0) (36.4) (152.8) (132.1) Net cash flow (3.2) - (2.8) (4.6) (1.5) (10.6) (5.9) Market performance (1) 9.7 27.0 28.6 3.8 (6.5) 69.1 53.4 Other (2) (0.2) 1.6 0.7 (0.7) (1.6) 1.4 (3.5) Operations acquired - - - - - - - Operations disposed (3) (13.0) (0.8) (0.9) (0.8) (1.0) (15.5) (1.0) Effect of exchange rates 2.2 1.5 8.1 8.2 (17.1) 20.0 (27.9) AUM, end of period $ 747.8 $ 752.3 $ 723.0 $ 689.3 $ 683.4 $ 747.8 $ 683.4 Principal Asset Management - China AUM (not included in reported AUM) Period Ended, Period Ended, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Investment Management - China $ 191.5 $ 185.9 $ 179.1 $ 174.6 $ 181.7 $ 191.5 $ 181.7 International Pension - China 103.8 100.7 93.9 91.4 89.5 103.8 89.5 Total Principal Asset Management - China AUM (4) $ 295.3 $ 286.6 $ 273.0 $ 266.0 $ 271.2 $ 295.3 $ 271.2 Includes reinvested dividends for U.S. Mutual Funds of $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, $0.5 billion in 1Q25, and $2.2 billion in 4Q24. Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues. 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post; 1Q25 and 4Q24 include the divestment of Origin. China AUM includes CCBP and CCBPAM AUM, which are not included in reported AUM. Investment Management AUM Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 AUM, beginning of period $ 601.6 $ 579.6 $ 555.8 $ 559.1 $ 572.8 $ 559.1 $ 527.0 Inflows 34.6 32.0 29.6 30.5 31.0 126.7 108.8 Outflows (36.5) (31.2) (31.5) (34.7) (32.2) (133.9) (115.3) Net cash flow (1.9) 0.8 (1.9) (4.2) (1.2) (7.2) (6.5) Market performance (1) 5.7 20.6 23.8 0.2 (7.2) 50.3 43.0 Other (2) (3) - 1.6 0.8 0.9 (1.5) 3.3 (2.6) Operations acquired - - - - - - - Operations disposed (4) (13.0) (0.8) (0.9) (0.8) (1.0) (15.5) (1.0) Effect of exchange rates 1.5 (0.2) 2.0 0.6 (2.8) 3.9 (0.8) AUM, end of period $ 593.9 $ 601.6 $ 579.6 $ 555.8 $ 559.1 $ 593.9 $ 559.1 AUM, end of period - joint ventures (included in Investment Management AUM) $ 31.1 $ 30.2 $ 28.1 $ 25.7 $ 24.9 $ 31.1 $ 24.9 Investment Management AUM by Asset Class Dec-25 Sep-25 Period Ended, Jun-25 Mar-25 Dec-24 Period Dec-25 Ended, Dec-24 Equity $ 172.6 $ 174.3 $ 168.7 $ 157.8 $ 161.7 $ 172.6 $ 161.7 Fixed Income 116.5 127.9 124.3 121.4 121.5 116.5 121.5 Alternatives (including real estate) 61.6 59.8 56.5 55.3 54.5 61.6 54.5 Asset Allocation 167.9 166.4 159.7 150.8 152.4 167.9 152.4 General Account 75.3 73.2 70.4 70.5 69.0 75.3 69.0 AUM, end of period $ 593.9 $ 601.6 $ 579.6 $ 555.8 $ 559.1 $ 593.9 $ 559.1 Investment Management AUM Net Cash Flow by Asset Class Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Equity $ (1.7) $ (2.0) $ (1.1) $ (1.6) $ (2.4) $ (6.4) $ (8.8) Fixed Income (0.2) 2.0 0.1 (2.8) 1.1 (0.9) 1.4 Alternatives (including real estate) 0.9 1.6 (0.1) 0.8 (0.5) 3.2 0.5 Asset Allocation (2.7) (2.0) (1.2) (1.5) (1.0) (7.4) (4.7) General Account 1.8 1.2 0.4 0.9 1.6 4.3 5.1 Net cash flow $ (1.9) $ 0.8 $ (1.9) $ (4.2) $ (1.2) $ (7.2) $ (6.5) Investment Management AUM Net Cash Flow by Source Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Non-Affiliated $ (1.1) $ 1.8 $ (0.9) $ (3.5) $ 0.5 $ (3.7) $ (1.3) Affiliated (0.8) (1.0) (1.0) (0.7) (1.7) (3.5) (5.2) Net cash flow $ (1.9) $ 0.8 $ (1.9) $ (4.2) $ (1.2) $ (7.2) $ (6.5) Investment Management Fee Detail Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 (in millions) Management fees $ 405.5 $ 409.5 $ 388.1 $ 389.1 $ 398.9 $ 1,592.2 $ 1,533.8 Performance fees 2.3 2.2 9.1 0.8 2.9 14.4 10.2 Other revenue 49.6 45.8 45.7 39.6 44.8 180.7 171.4 Total fees and other revenues $ 457.4 $ 457.5 $ 442.9 $ 429.5 $ 446.6 $ 1,787.3 $ 1,715.4 Monthly average AUM, excluding joint ventures (in billions) $ 567.2 $ 560.4 $ 538.6 $ 536.7 $ 541.3 $ 550.5 $ 523.4 Fee rate (in basis points) 28.4 29.0 28.9 29.3 29.4 28.9 29.3 Includes reinvested dividends for U.S. Mutual Funds of $2.4 billion in 4Q25, $0.9 billion in 3Q25, $0.5 billion in 2Q25, $0.5 billion in 1Q25, and $2.2 billion in 4Q24. Includes $(1.3) billion from a capped-fee arrangement in 4Q24. This redemption has no impact on future fee revenues. 1Q25 includes movement of existing assets from International Pension to Investment Management to further align local capabilities. 4Q25 and 3Q25 includes withdrawals related to certain exited pension business in Hong Kong; 4Q25, 3Q25 and 2Q25 include the divestment of Post; 1Q25 and 4Q24 include the divestment of Origin. International Pension AUM Three Months Ended Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 AUM, beginning of period $ 150.7 $ 143.4 $ 133.5 $ 124.3 $ 138.3 $ 124.3 $ 141.3 Inflows 3.6 4.5 3.5 3.9 3.9 15.5 17.4 Outflows (4.9) (5.3) (4.4) (4.3) (4.2) (18.9) (16.8) Net cash flow (1.3) (0.8) (0.9) (0.4) (0.3) (3.4) 0.6 Market performance 4.0 6.4 4.8 3.6 0.7 18.8 10.4 Other (1) (0.2) - (0.1) (1.6) (0.1) (1.9) (0.9) Operations acquired - - - - - - - Operations disposed - - - - - - - Effect of exchange rates 0.7 1.7 6.1 7.6 (14.3) 16.1 (27.1) AUM, end of period $ 153.9 $ 150.7 $ 143.4 $ 133.5 $ 124.3 $ 153.9 $ 124.3 Chile Cuprum AFP customer funds balance (included in Chile AUM) $ 41.5 $ 38.3 $ 37.0 $ 34.7 $ 32.8 $ 41.5 $ 32.8 Mexico AFORE customer funds balance (included in Mexico AUM) $ 23.5 $ 22.5 $ 20.5 $ 18.6 $ 17.4 $ 23.5 $ 17.4 International Pension AUM by Location Three Months Ended Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Brazil $ 85.5 $ 86.6 $ 82.6 $ 77.0 $ 69.5 $ 85.5 $ 69.5 Chile 44.6 41.3 40.0 37.6 37.1 44.6 37.1 Mexico 23.6 22.6 20.6 18.7 17.5 23.6 17.5 Investment in subsidiary (2) 0.2 0.2 0.2 0.2 0.2 0.2 0.2 AUM, end of period $ 153.9 $ 150.7 $ 143.4 $ 133.5 $ 124.3 $ 153.9 $ 124.3 International Pension AUM Net Cash Flow by Location Three Months Ended Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Trailing Twelve Dec-25 Months, Dec-24 Brazil $ (1.2) $ (0.8) $ (0.7) $ (0.3) $ (0.3) $ (3.0) $ 1.1 Chile (0.1) (0.2) (0.2) (0.2) (0.1) (0.7) (0.5) Mexico - 0.2 - 0.1 0.1 0.3 - Net cash flow $ (1.3) $ (0.8) $ (0.9) $ (0.4) $ (0.3) $ (3.4) $ 0.6 1Q25 includes movement of existing assets from International Pension to Investment Management to further align local capabilities. Includes China's investment in CCBP. Benefits and Protection Financial Supplement | 4Q 2025 Benefits and Protection Segment Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ 954.0 $ 972.8 $ 955.5 $ 947.4 $ 926.1 $ 3,829.7 $ 3,714.9 Fees and other revenues 127.8 121.1 122.6 119.0 122.7 490.5 469.0 Net investment income 162.3 166.6 168.2 147.8 153.6 644.9 605.1 Total operating revenues 1,244.1 1,260.5 1,246.3 1,214.2 1,202.4 4,965.1 4,789.0 Benefits, claims and settlement expenses 684.5 705.0 719.1 699.3 648.4 2,807.9 2,638.4 Liability for future policy benefits remeasurement (gain) loss (0.9) 72.8 (3.7) (0.4) 2.8 67.8 154.5 Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders 19.6 29.9 22.9 19.1 31.7 91.5 99.7 Commission expense 134.9 132.4 135.7 151.0 132.0 554.0 537.4 Capitalization of DAC and contract costs (72.9) (74.3) (74.4) (87.3) (76.3) (308.9) (316.2) Amortization of DAC and contract costs 64.5 63.9 64.4 64.0 63.9 256.8 253.0 Depreciation and amortization 4.2 4.3 4.4 4.3 5.0 17.2 21.0 Interest expense on corporate debt - - - - - - - Compensation and other 240.6 240.0 230.3 244.7 240.2 955.6 938.0 Total expenses 1,074.5 1,174.0 1,098.7 1,094.7 1,047.7 4,441.9 4,325.8 Pre-tax operating earnings (losses) attributable to noncontrolling interest - - - - - - - Pre-tax operating earnings (losses) $ 169.6 $ 86.5 $ 147.6 $ 119.5 $ 154.7 $ 523.2 $ 463.2 Benefits and Protection Segment - Specialty Benefits Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ 837.9 $ 836.8 $ 832.1 $ 823.2 $ 815.3 $ 3,330.0 $ 3,223.9 Fees and other revenues 7.9 8.4 8.1 8.3 8.3 32.7 33.3 Net investment income 52.4 51.3 52.0 52.4 49.7 208.1 191.6 Total operating revenues 898.2 896.5 892.2 883.9 873.3 3,570.8 3,448.8 Benefits, claims and settlement expenses 486.2 491.6 503.0 504.1 475.2 1,984.9 1,944.8 Liability for future policy benefits remeasurement (gain) loss (0.5) (16.2) 1.1 0.6 (9.9) (15.0) 22.8 Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders - - - - - - - Commission expense 104.0 104.8 104.3 120.7 101.6 433.8 413.5 Capitalization of DAC and contract costs (33.4) (36.7) (33.6) (47.2) (35.0) (150.9) (159.4) Amortization of DAC and contract costs 33.5 33.3 33.4 33.2 33.3 133.4 130.6 Depreciation and amortization 2.7 2.9 2.9 2.8 3.2 11.3 13.7 Interest expense on corporate debt - - - - - - - Compensation and other 163.6 161.3 153.5 163.5 157.7 641.9 623.2 Total expenses 756.1 741.0 764.6 777.7 726.1 3,039.4 2,989.2 Pre-tax operating earnings (losses) attributable to noncontrolling interest - - - - - - - Pre-tax operating earnings (losses) $ 142.1 $ 155.5 $ 127.6 $ 106.2 $ 147.2 $ 531.4 $ 459.6 Benefits and Protection Segment - Life Insurance Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ 116.3 $ 136.1 $ 123.5 $ 124.4 $ 110.9 $ 500.3 $ 491.6 Fees and other revenues 119.9 112.8 114.5 110.7 114.5 457.9 435.9 Net investment income 109.9 115.3 116.2 95.4 103.9 436.8 413.5 Total operating revenues 346.1 364.2 354.2 330.5 329.3 1,395.0 1,341.0 Benefits, claims and settlement expenses 198.3 213.4 216.1 195.2 173.2 823.0 693.6 Liability for future policy benefits remeasurement (gain) loss (0.4) 89.0 (4.8) (1.0) 12.7 82.8 131.7 Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders 19.6 29.9 22.9 19.1 31.7 91.5 99.7 Commission expense 30.9 27.6 31.4 30.3 30.4 120.2 123.9 Capitalization of DAC and contract costs (39.5) (37.6) (40.8) (40.1) (41.3) (158.0) (156.8) Amortization of DAC and contract costs 31.0 30.6 31.0 30.8 30.6 123.4 122.4 Depreciation and amortization 1.5 1.4 1.5 1.5 1.8 5.9 7.3 Interest expense on corporate debt - - - - - - - Compensation and other 77.2 78.9 76.9 81.4 82.7 314.4 315.6 Total expenses 318.6 433.2 334.2 317.2 321.8 1,403.2 1,337.4 Pre-tax operating earnings (losses) attributable to noncontrolling interest - - - - - - - Pre-tax operating earnings (losses) $ 27.5 $ (69.0) $ 20.0 $ 13.3 $ 7.5 $ (8.2) $ 3.6 Premium and Fees Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Group dental $ 301.5 $ 298.6 $ 298.4 $ 296.4 $ 294.1 $ 1,194.9 $ 1,160.1 Group life 161.0 160.3 159.7 158.9 154.9 639.9 609.6 Group disability 188.4 186.3 188.1 183.8 183.8 746.6 719.7 Supplemental health products 67.0 65.6 65.0 64.2 63.4 261.8 254.3 Individual disability 128.2 134.7 129.3 128.5 127.6 520.7 514.6 Eliminations (0.3) (0.3) (0.3) (0.3) (0.2) (1.2) (1.1) Total $ 845.8 $ 845.2 $ 840.2 $ 831.5 $ 823.6 $ 3,362.7 $ 3,257.2 Sales (annualized premium) Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Group dental $ 30.8 $ 27.1 $ 25.6 $ 63.0 $ 30.8 $ 146.5 $ 158.1 Group life 16.1 13.2 11.8 31.9 14.9 73.0 75.6 Group disability 18.5 16.6 15.5 43.3 19.0 93.9 111.0 Supplemental health products 10.5 9.6 8.6 23.0 10.3 51.7 56.0 Individual disability 12.7 12.8 11.0 11.0 10.9 47.5 48.8 Total $ 88.6 $ 79.3 $ 72.5 $ 172.2 $ 85.9 $ 412.6 $ 449.5 Lapse Rates (based on premium) Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Group dental 2.8% 2.9% 2.1% 7.2% 2.7% 15.0% 14.5% Group life 2.0% 2.5% 1.7% 5.7% 2.0% 11.8% 11.6% Group disability 2.2% 3.0% 1.8% 7.5% 2.2% 14.6% 13.8% Supplemental health products 2.3% 2.6% 2.1% 6.3% 2.4% 13.3% 13.0% Individual disability 1.0% 1.0% 1.2% 1.0% 1.1% 4.1% 4.4% Incurred Loss Ratios * Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Group dental 66.7% 70.4% 74.6% 71.6% 67.9% 70.8% 70.9% Group life 48.2% 50.5% 50.2% 57.9% 48.0% 51.7% 53.8% Group disability 52.9% 45.3% 50.0% 51.0% 52.8% 49.8% 52.9% Supplemental health products 49.5% 49.3% 49.0% 47.2% 46.4% 48.8% 45.1% Individual disability 59.1% 51.4% 59.6% 59.9% 51.2% 57.4% 62.9% Total 57.6% 56.4% 60.2% 60.7% 56.5% 58.7% 60.5% * For incurred loss ratios excluding significant variances, see reconciliations on page 32. Premium and Fees Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Business Market Life Insurance Premiums $ 76.6 $ 77.2 $ 73.9 $ 71.6 $ 67.7 $ 299.3 $ 263.1 Fees 62.8 57.8 59.9 58.0 56.7 238.5 210.2 Reinsurance premiums (45.2) (35.0) (36.0) (40.3) (40.7) (156.5) (142.0) Total Business Market Life Insurance 94.2 100.0 97.8 89.3 83.7 381.3 331.3 Legacy Life Insurance Premiums 137.8 139.2 141.3 137.3 141.3 555.6 569.6 Fees 57.2 54.9 54.6 52.7 57.7 219.4 225.7 Reinsurance premiums (53.0) (45.2) (55.7) (44.2) (57.3) (198.1) (199.1) Total Legacy Life Insurance 142.0 148.9 140.2 145.8 141.7 576.9 596.2 Total Life Insurance $ 236.2 $ 248.9 $ 238.0 $ 235.1 $ 225.4 $ 958.2 $ 927.5 Sales (annualized premiums) Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Business Market Life Insurance $ 19.0 27.7 $ 30.7 26.1 Non-qualified deferred compensation Business Owner Life Insurance Products $ 16.1 21.7 $ 44.3 24.5 $ 30.0 21.7 $ 109.4 95.6 $ 98.4 99.3 Total Business Market Life Insurance $ 46.7 $ 37.8 $ 68.8 $ 51.7 $ 56.8 $ 205.0 $ 197.7 Face Amount of Life Insurance In Force - Gross of Reinsurance * Period Ended, Period Ended, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Traditional Life Insurance $ 470,157.5 $ 466,171.9 $ 461,809.3 $ 458,119.0 $ 454,993.6 $ 470,157.5 $ 454,993.6 Universal and Variable Universal Life Insurance 55,569.9 55,079.5 54,523.7 53,488.3 53,415.5 55,569.9 53,415.5 Total Life Insurance $ 525,727.4 $ 521,251.4 $ 516,333.0 $ 511,607.3 $ 508,409.1 $ 525,727.4 $ 508,409.1 Face Amount of Life Insurance In Force - Net of Reinsurance * Period Ended, Period Ended, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Traditional Life Insurance $ 305,806.6 $ 303,915.1 $ 302,062.3 $ 300,242.0 $ 298,591.0 $ 305,806.6 $ 298,591.0 Universal and Variable Universal Life Insurance 22,179.5 21,849.4 21,343.1 20,668.2 20,711.1 22,179.5 20,711.1 Total Life Insurance $327,986.1 $ 325,764.5 $ 323,405.4 $ 320,910.2 $ 319,302.1 $ 327,986.1 $ 319,302.1 Account Value Rollforward Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Account Values, beginning of period $ 10,935.8 $ 10,600.2 $ 10,026.0 $ 10,139.5 $ 10,119.0 $ 10,139.5 $ 9,292.5 Deposits 307.9 280.9 341.3 375.1 340.4 1,305.2 1,282.6 Withdrawals and benefits (131.3) (137.9) (155.1) (163.4) (125.3) (587.7) (591.7) Net customer flows 176.6 143.0 186.2 211.7 215.1 717.5 690.9 Interest credited and market value change 198.2 445.9 640.5 (66.7) 61.6 1,217.9 1,165.8 Policy charges (257.0) (253.3) (252.5) (258.5) (256.2) (1,021.3) (1,009.7) Operations disposed - - - - - - - Account Values, end of period $ 11,053.6 $ 10,935.8 $ 10,600.2 $ 10,026.0 $ 10,139.5 $ 11,053.6 $ 10,139.5 * Excludes our exited business. Corporate Financial Supplement | 4Q 2025 Corporate Segment Pre-Tax Operating Earnings Statement (in millions) Corporate Segment Three Months Ended, Trailing Twelve Months, Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Dec-25 Dec-24 Premiums and other considerations $ (1.4) $ (1.3) $ (1.4) $ (1.3) $ (1.3) $ (5.4) $ (5.2) Fees and other revenues (16.5) (16.5) (22.6) (18.3) (20.1) (73.9) (89.6) Net investment income 36.2 42.0 45.6 56.7 29.6 180.5 171.6 Total operating revenues 18.3 24.2 21.6 37.1 8.2 101.2 76.8 Benefits, claims and settlement expenses (0.8) (1.1) (0.8) 23.6 (1.1) 20.9 5.7 Liability for future policy benefits remeasurement (gain) loss - - - - - - - Market risk benefit remeasurement (gain) loss - - - - - - - Dividends to policyholders - - - - - - - Commission expense 30.7 26.9 24.9 23.8 23.3 106.3 80.2 Capitalization of DAC and contract costs - - - - - - - Amortization of DAC and contract costs - - - - - - - Depreciation and amortization 4.1 3.8 4.2 4.1 5.2 16.2 18.8 Interest expense on corporate debt 43.4 45.0 45.2 42.2 41.8 175.8 166.9 Compensation and other 45.8 43.5 31.3 50.2 44.7 170.8 176.4 Total expenses 123.2 118.1 104.8 143.9 113.9 490.0 448.0 Pre-tax operating earnings (losses) attributable to noncontrolling interest (2.1) (2.3) (2.0) (1.2) (1.8) (7.6) 4.4 Pre-tax operating earnings (losses) $ (102.8) $ (91.6) $ (81.2) $ (105.6) $ (103.9) $ (381.2) $ (375.6) 20 # Investment Details Financial Supplement | 4Q 2025 Consolidated Investment Portfolio Composition Period Ended, Dec-25 Dec-24 Dec-23 Carrying Percent Carrying Percent Carrying Percent Amount of Total Amount of Total Amount of Total Fixed maturity securities, available-for-sale $ 60,060.6 61.6% $ 54,731.4 61.3% $ 50,085.6 60.1% Fixed maturity securities, trading 964.5 1.0% 723.9 0.8% 519.4 0.6% Equity securities 2,237.0 2.3% 2,294.7 2.6% 1,477.8 1.8% Mortgage loans 19,005.4 19.5% 18,271.8 20.5% 17,756.9 21.3% Real estate 2,409.7 2.5% 2,464.5 2.8% 2,345.3 2.8% Policy loans 866.7 0.9% 867.5 1.0% 809.3 1.0% Other investments Investment in unconsolidated operating entities 1,159.0 1.2% 1,066.2 1.2% 1,207.8 1.4% Direct financing leases 567.6 0.6% 560.0 0.6% 649.2 0.8% Sponsored investment funds 838.4 0.9% 667.7 0.7% 576.9 0.7% Derivative assets 1,219.2 1.3% 641.6 0.7% 296.3 0.4% Company owned and trust owned life insurance 1,527.9 1.6% 1,420.8 1.6% 1,316.2 1.6% Other alternative investments 2,357.5 2.4% 2,136.9 2.4% 1,991.4 2.4% Other investments 396.7 0.4% 354.3 0.4% 376.4 0.5% Sub-Total 8,066.3 8.3% 6,847.5 7.7% 6,414.2 7.7% Total invested assets, excluding funds withheld 93,610.2 96.0% 86,201.3 96.5% 79,408.5 95.3% Funds withheld - invested assets ^ 17,291.3 N/M 17,174.5 N/M 18,911.9 N/M Total invested assets $ 110,901.5 N/M $ 103,375.8 N/M $ 98,320.4 N/M Cash and cash equivalents, excluding funds withheld $ 3,883.2 4.0% $ 3,131.8 3.5% $ 3,889.3 4.7% Funds withheld - cash and cash equivalents ^ 547.8 N/M 1,080.1 N/M 818.4 N/M Cash and cash equivalents $ 4,431.0 N/M $ 4,211.9 N/M $ 4,707.7 N/M Total invested assets and cash, excluding funds withheld $ 97,493.4 100.0% $ 89,333.1 100.0% $ 83,297.8 100.0% Consolidated Fixed Maturity Securities by Type of Issuer Period Ended, Dec-25 Dec-24 Dec-23 Carrying Percent Carrying Percent Carrying Percent Amount of Total Amount of Total Amount of Total U.S. government and agencies $ 1,453.0 2.4% $ 1,251.7 2.3% $ 1,250.7 2.5% States and political subdivisions 5,908.8 9.7% 4,836.3 8.7% 5,161.1 10.2% Non-U.S. governments 497.3 0.8% 455.6 0.8% 459.4 0.9% Corporate-public 15,380.4 25.2% 15,680.0 28.3% 16,318.7 32.2% Corporate-private 15,687.5 25.7% 13,195.2 23.8% 11,287.7 22.3% Mortgage-backed securities (MBS): Residential MBS 8,646.9 14.2% 7,724.1 13.9% 6,282.7 12.4% Commercial MBS 4,728.8 7.7% 4,446.8 8.0% 3,875.9 7.7% Sub-Total 13,375.7 21.9% 12,170.9 21.9% 10,158.6 20.1% Asset-backed securities 8,722.4 14.3% 7,865.6 14.2% 5,968.8 11.8% Total fixed maturity securities, excluding funds withheld $ 61,025.1 100.0% $ 55,455.3 100.0% $ 50,605.0 100.0% Funds withheld - fixed maturity securities ^ 13,579.4 N/M 13,819.0 N/M 15,904.3 N/M Total fixed maturity securities $ 74,604.5 N/M $ 69,274.3 N/M $ 66,509.3 N/M ^ See detail of funds withheld on page 25. U.S. Invested Assets Excluding Funds Withheld Period Ended, Dec-25 Dec-24 Dec-23 Carrying Percent Carrying Percent Carrying Percent Amount of Total Amount of Total Amount of Total Fixed maturity securities NAIC designation 1 $ 39,743.7 43.9% $ 35,638.3 43.0% $ 32,078.6 42.1% 2 15,501.2 17.1% 14,515.9 17.5% 12,749.5 16.7% 3 2,679.3 3.0% 2,389.5 2.9% 2,615.1 3.4% 4 313.1 0.3% 338.5 0.4% 327.4 0.4% 5 137.1 0.2% 68.5 0.1% 7.5 0.0% 6 4.7 0.0% 9.6 0.0% 24.2 0.0% Total fixed maturity securities 58,379.1 64.5% 52,960.3 63.8% 47,802.3 62.7% Equity securities 1,349.6 1.5% 1,547.6 1.9% 667.9 0.9% Mortgage loans 18,054.4 19.9% 17,404.6 21.0% 16,792.1 22.0% Real estate 2,408.4 2.7% 2,463.7 3.0% 2,343.4 3.1% Policy loans 850.5 0.9% 852.5 1.0% 793.2 1.0% Other investments Investment in unconsolidated operating entities 25.8 0.0% 17.6 0.0% 17.8 0.0% Sponsored investment funds 828.9 0.9% 660.4 0.8% 574.6 0.8% Derivative assets 1,150.1 1.3% 627.4 0.8% 245.0 0.3% Company owned and trust owned life insurance 1,527.9 1.7% 1,420.8 1.7% 1,316.2 1.7% Other alternative investments 1,957.0 2.2% 1,765.2 2.1% 1,595.9 2.1% Other investments 395.6 0.4% 353.3 0.4% 371.7 0.5% Sub-Total 5,885.3 6.5% 4,844.7 5.8% 4,121.2 5.4% Total invested assets, excluding funds withheld 86,927.3 96.0% 80,073.4 96.5% 72,520.1 95.2% Cash and cash equivalents, excluding fund withheld 3,576.5 4.0% 2,882.9 3.5% 3,668.8 4.8% Total invested assets and cash, excluding funds withheld $ 90,503.8 100.0% $ 82,956.3 100.0% $ 76,188.9 100.0%

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