61 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like
them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count).
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We invest in an ABS limited partnership. The limited partnership issues multiple notes and purchases consumer loans, auto loans, other loans and credit facilities. The limited partnership is considered a VIE due to insufficient equity to sustain itself. We concluded we are the primary beneficiary as we have purchased all of the notes and have the obligation to absorb losses and residual returns that could potentially be significant to the VIE.
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The amortized cost, gross unrealized gains and losses, allowance for credit loss and fair value of fixed maturities, available-for-sale were as follows: Gross Gross Amortized unrealized unrealized Allowance for cost (1) gains losses credit loss Fair value (in millions) September 30, 2026 Fixed maturities, available-for-sale: U.S. government and agencies $ 2,609.4 $ - $ 418.9 $ - $ 2,190.5 Non-U.S. governments 411.4 8.1 58.5 - 361.0 States and political subdivisions 8,289.2 0.1 1,505.4 - 6,783.9 Corporate 38,914.6 199.2 4,571.7 40.6 34,501.5 Residential mortgage-backed pass-through securities 3,663.6 0.8 265.6 - 3,398.8 Commercial mortgage-backed securities 6,049.1 3.1 410.0 3.9 5,638.3 Collateralized debt obligations (2) 5,803.4 5.5 10.1 - 5,798.8 Other debt obligations 12,458.6 25.3 640.8 0.3 11,842.8 Total excluding portfolio layer method basis adjustment 78,199.3 242.1 7,881.0 44.8 70,515.6 Unallocated portfolio layer method basis adjustment (3) (44.0) 44.0 - - - Total fixed maturities, available-for-sale $ 78,155.3 $ 286.1 $ 7,881.0 $ 44.8 $ 70,515.6 Gross Gross Amortized unrealized unrealized Allowance for cost (1) gains losses credit loss Fair value (in millions) December 31, 2025 Fixed maturities, available-for-sale: U.S. government and agencies $ 2,126.2 $ 9.6 $ 268.1 $ 0.1 $ 1,867.6 Non-U.S. governments 554.7 17.6 54.6 - 517.7 States and political subdivisions 8,107.8 42.8 1,011.9 - 7,138.7 Corporate 39,867.6 777.7 3,072.8 25.0 37,547.5 Residential mortgage-backed pass-through securities 3,868.4 54.7 118.0 - 3,805.1 Commercial mortgage-backed securities 5,659.6 19.4 306.0 1.4 5,371.6 Collateralized debt obligations (2) 6,417.4 14.6 9.7 - 6,422.3 Other debt obligations 10,981.2 99.3 389.9 0.4 10,690.2 Total excluding portfolio layer method basis adjustment 77,582.9 1,035.7 5,231.0 26.9 73,360.7 Unallocated portfolio layer method basis adjustment (3) (16.9) 16.9 - - - Total fixed maturities, available-for-sale $ 77,566.0 $ 1,052.6 $ 5,231.0 $ 26.9 $ 73,360.7 (1) Amortized cost excludes accrued interest receivable of $686.3 million and $473.8 million as of September 30, 2026 and December 31, 2025, respectively. (2) Primarily consists of CLOs backed by secured corporate loans. (3) Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
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For the three months ended September 30, For the nine months ended September 30,
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(5) Includes a loss on the disposition of our Chilean annuities business in 2026 and a held for sale write-down of an intangible asset in 2025.
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We estimate expected credit losses for certain commercial mortgage loan commitments where we have a contractual obligation to extend credit. The expected credit losses are estimated based on the commercial mortgage loan valuation allowance process described previously, adjusted for probability of funding. The estimated expected credit losses for commercial mortgage loan commitments are reported in other liabilities on the consolidated statements of financial position. The change in the credit loss liability for commitments is included in net realized capital gains (losses) on the consolidated statements of operations. Once funded, expected credit losses for commercial mortgage loans are included within the commercial mortgage loan valuation allowance described previously.
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We evaluate residential mortgage loans based on aggregated risk factors and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present and forecasted conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. A residential mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic residential mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually.
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Prior to third quarter 2026, we had a valuation allowance for commercial mortgage loans, direct financing leases and residential mortgage loans in the Chilean market that was determined as described above, considering collection practices in the Chilean market and the nature of the loan or lease. The allowance for direct financing leases was also adjusted for the residual value of the leased assets.
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For the nine months ended September 30, 2025 Commercial Direct Residential Reinsurance mortgage loans financing leases mortgage loans recoverables Total (in millions) ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Beginning balance $ 188.6 $ 3.0 $ 7.3 $ 3.3 $ 202.2 Provision 16.7 4.4 6.6 - 27.7 Charge-offs (1.3) - (0.3) - (1.6) Recoveries 0.5 - 4.8 - 5.3 Foreign currency translation adjustment 0.1 0.1 - - 0.2 Ending balance $ 204.6 $ 7.5 $ 18.4 $ 3.3 $ 233.8 Accrued interest income written off to net investment income $ 0.3 $ - $ - $ - $ 0.3 (1) Relates to the disposition of our Chilean annuities business in third quarter 2026. For both the three and nine months ended September 30, 2026 and 2025, no allowance was recorded for other loans. Mortgage Loans We periodically purchase mortgage loans as well as sell mortgage loans we have originated. Mortgage loans purchased and sold were as follows: For the three months ended For the nine months ended September 30, September 30, 2026 2025 2026 2025 (in millions) ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Commercial mortgage loans: Purchased (1) $ 141.2 $ 1.4 $ 265.8 $ 71.7 Sold (2) - 0.1 356.6 109.3 Residential mortgage loans: Purchased 716.7 376.7 1,601.5 1,027.6 Sold 12.1 11.1 22.6 20.9 (1) 2026 primarily includes loans purchased within the general account to align with diversification, risk-return and long-term asset-liability management objectives. (2) Includes $0.0 million and $300.6 million of mortgage loans that were previously held for sale within the funds withheld assets for the three and nine months ended September 30, 2026, respectively.
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Residential Mortgage Loans Our residential mortgage loan portfolio is diversified by geographic region as follows: September 30, 2026 December 31, 2025 Amortized Percent of Amortized Percent of cost total cost total ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── ($ in millions) Geographic distribution New England $ 216.9 4.1% $ 158.0 3.4% Middle Atlantic 483.2 9.1 365.8 7.8 East North Central 284.7 5.4 212.6 4.5 West North Central 127.4 2.4 95.3 2.0 South Atlantic 1,160.1 21.9 834.0 17.8 East South Central 190.2 3.6 124.5 2.7 West South Central 605.9 11.4 459.1 9.8 Mountain 805.1 15.2 667.8 14.2 Pacific 1,428.8 26.9 1,349.4 28.6 International - - 431.4 9.2 Total (1) $ 5,302.3 100.0% $ 4,697.9 100.0% (1) Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. Mortgage Loan Modifications Our commercial and residential mortgage loan portfolios include loans that have been modified. We assess loan modifications that are related to our borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension (or a combination thereof). Generally, an assessment of whether a borrower is experiencing financial difficulty is made on the date of the modification. The financing receivables valuation allowance utilizes an estimate of lifetime expected credit losses and it is recorded on each loan upon origination or acquisition. The starting point for the estimate of the valuation allowance is historical loss information, which includes losses from modification of receivables to borrowers experiencing financial difficulty. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the valuation allowance because of the measurement methodologies used to estimate the allowance, a change to the valuation allowance is generally not recorded upon modification. Occasionally, a modification of a loan from a borrower experiencing financial difficulty is in the form of principal forgiveness. When principal forgiveness is provided as a modification, the amount of the principal forgiven is deemed uncollectible. Therefore, that portion of the loan is written off, which results in a reduction of the amortized cost and a corresponding adjustment to the valuation allowance. In some cases, we modify a loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness may be granted. We did not have any significant mortgage loans that were modified for both the three and nine months ended September 30, 2026 and 2025.
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Financial liabilities subject to master netting agreements or similar agreements were as follows:
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We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services that are included in the consolidated statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations.
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The Retirement and Income Solutions segment offers variable annuity contracts that allow the policyholder to allocate deposits into various investment options in a separate account. The variable annuity contracts can also include GMWB riders and guaranteed minimum death benefit (“GMDB”) riders that are accounted for as MRBs. Retirement and Income Solutions also offers certain group annuity contracts that have separate accounts as an investment option.
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The Benefits and Protection segment offers variable universal life products with separate account investment options.
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Refer to Note 10, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above.
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(1) Our revolving credit facility is committed and available for general corporate purposes. This credit facility also provides a back-stop support for our commercial paper program.
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In connection with the formation of certain CLOs, we sponsor special purpose entities that acquire senior secured leveraged loans. These acquisitions are funded through equity contributions from wholly owned subsidiaries and borrowings under short-term warehouse credit facilities. The warehouse borrowings are considered non-recourse to us and are generally repaid upon the closing of the related CLO transactions.
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The weighted‑average interest rate on short-term borrowings as of September 30, 2026 and December 31, 2025, was 4.8% and 6.3%, respectively.
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Reclassification adjustment for losses included in net income (1) 21.0 (4.3) 16.7 128.0 (26.9) 101.1
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Adjustments for assumed changes in amortization patterns (0.8) 0.1 (0.7) (1.3) 0.3 (1.0)
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Adjustments for assumed changes in policyholder liabilities (1.7) 0.4 (1.3) 14.0 (2.9) 11.1
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Reclassification adjustment for gains included in net income (2) (3.1) 0.6 (2.5) (4.3) 0.9 (3.4)
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Market risk benefit nonperformance risk remeasurement loss (4) (5.9) 1.3 (4.6) (3.7) 0.8 (2.9)
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Unrecognized postretirement benefit obligation during the period 0.1 (0.1) - (13.5) 3.4 (10.1)
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Amortization of amounts included in net periodic benefit cost (6) 4.2 (1.1) 3.1 12.8 (3.3) 9.5
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Net unrecognized postretirement benefit obligation 4.3 (1.2) 3.1 (0.7) 0.1 (0.6)
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(2) See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.
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(3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 9, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.
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(5) Relates to the release of cumulative translation adjustments from the dissolution of foreign subsidiaries.
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(6) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 14, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
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(1) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:
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(a) 2026 includes the net loss associated with the disposition of our Chilean annuities business.
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Principal Compañía de Seguros de Vida Chile S.A. On September 1, 2026, we closed on our agreement with Banco Santander, S.A. (“Santander”) to sell our annuities business in Chile, Principal Compañía de Seguros de Vida Chile S.A. (“Vida”). The Vida legal entity was sold excluding its universal life and asset management business, which was carved out prior to the sale. We incurred a $276.7 million pre-tax net realized capital loss on the disposal primarily due to recognizing into income our accumulated foreign currency translation adjustment in a loss position. The transaction did not have a material impact on our Principal Asset Management segment pre-tax operating earnings.
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Actuarial Assumption Updates. We periodically review and update actuarial assumptions that are inputs to the models for the liability for future policy benefits for traditional limited-payment long-duration contracts and other actuarial balances. Assumption updates, model refinements and other updates made resulted in a change in cash flow assumptions that increased (decreased) consolidated net income attributable to Principal Financial Group, Inc. by $9.4 million and $(59.3) million for the three and nine months ended September 30, 2026 and 2025, respectively.
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The following table presents the increase (decrease) to pre-tax operating earnings for each segment. Beginning in 2026, actuarial assumption update impacts are excluded from segment pre-tax operating earnings.
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Pre-tax operating earnings in our Specialty Benefits business decreased $14.3 million due to favorable actuarial assumption updates in 2025 with no corresponding impact in 2026 and $5.5 million due to integration costs related to the Beam acquisition. Pre-tax operating earnings in our Life Insurance business increased $93.4 million due to unfavorable actuarial assumption updates, model refinements and other updates in 2025 with no corresponding impact to 2026 and $10.2 million due to improved claims experience.
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Liability for future policy benefits remeasurement loss in our Specialty Benefits business changed $16.2 million due to favorable actuarial assumption updates in 2025 with no corresponding impact in 2026. Liability for future policy benefits remeasurement (gain) loss in our Life Insurance business changed $89.4 million due to unfavorable actuarial assumption updates, model refinements and other updates in 2025 with no corresponding impact in 2026.
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Liability for future policy benefits remeasurement (gain) loss in our Specialty Benefits business changed $16.2 million due to favorable actuarial assumption updates in 2025 with no corresponding impact in 2026. Liability for future policy benefits remeasurement (gain) loss in our Life Insurance business changed $89.4 million due to unfavorable actuarial assumption updates, model refinements and other updates in 2025 with no corresponding impact in 2026.
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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In connection with the formation of certain CLOs, we sponsor special-purpose entities that acquire senior secured leveraged loans. These acquisitions are funded through equity contributions from wholly owned subsidiaries and borrowings under short-term warehouse credit facilities. The warehouse borrowings are considered non-recourse to us and are generally repaid upon the closing of the related CLO transactions.
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Three Months Ended September 30, 2026 Compared To Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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For the three months ended September 30, For the nine months ended September 30,
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Mortgage loans consist of commercial mortgage loans on real estate and residential mortgage loans.
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Residential Mortgage Loans. We have focused on building a high quality residential mortgage loan portfolio through conservative underwriting standards and prudent risk management practices. Our portfolio is generally comprised of borrowers with strong credit profiles, meaningful borrower equity and loan structures designed to support long-term credit performance.
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Our residential mortgage loan portfolio consists primarily of first-lien residential mortgages secured by owner-occupied single-family homes. The portfolio is diversified across geographic regions and is characterized by favorable credit quality and loan-to-value metrics. As of September 30, 2026 and December 31, 2025, the total number of residential mortgage loans outstanding were 9,497 and 6,546 with average loan size of $0.6 million and $0.6 million, respectively.
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