PFG · Principal Financial Group, Inc.

Principal delivered strong first quarter 2026 results driven by broad-based segment performance and disciplined capital allocation. Non-GAAP operating earnings excluding significant variances rose 13% year-over-year to $2.17 per share, supported by double-digit growth in Retirement and Income Solutions (+6% pre-tax operating earnings), Investment Management (+8%), International Pension (+17%), and Specialty Benefits (+29%). The latter’s improvement was underpinned by a 2.2 percentage point decline in the incurred loss ratio to 58.5%, reflecting favorable group life, dental, and disability experience. Life Insurance pre-tax operating earnings surged 150% to $33.2 million on improved mortality experience, while Corporate pre-tax losses widened modestly due to timing of expenses. Management highlighted revenue growth, EPS expansion, and ROE strength, emphasizing execution in higher-growth markets and robust capital position — evidenced by $1.45 billion of excess and available capital. Capital return remained central: $374 million was returned via $200 million in share repurchases and $174 million in dividends, and the Board approved an 8% increase in the quarterly dividend to $0.82 per share, payable June 26, 2026. With AUA at $1.789 trillion and AUM at $770.2 billion — both up meaningfully year-over-year — and no forward guidance disclosed beyond the dividend action, the release underscores operational resilience and consistent capital stewardship rather than new strategic pivots or outlook revisions.