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Financials · Health Insurance · Nasdaq

PFGPrincipal Financial Group

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The 10-K against last year's

123 changes: 18 added, 35 removed, 68 reworded, 2 quiet changes

10-K Feb 18, 2026 vs Feb 19, 2025
Risk FactorsRedline ↓
23.5%
of the text changed · 10,493 words now
MD&ARedline ↓
10.4%
of the text changed · 16,611 words now
Legal ProceedingsRedline ↓
24.8%
of the text changed · 833 words now
Accounting PoliciesRedline ↓
24.7%
of the text changed · 1,071 words now

10-K 0001104659-26-017031 (2026-02-18) vs 10-K 0001410578-25-000160 (2025-02-19)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 187 words changed in this paragraph; it is 50% similar to last year's version.
Factors such as Macroeconomic factors, including consumer spending, business investment, government spending, the volatility market volatility, inflation and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, inflation levels affect our business volume and our ability to manage inflation risk effectively all affect the business and economic environment and, ultimately, the amount and profitability of our business. In an economic downturn characterized by higher unemployment, lower family income, lower corporate earnings, lower business investment, negative investor sentiment and lower consumer spending, the profitability. Economic downturns may reduce demand for our financial and insurance products products. We may be adversely affected. In addition, we may experience an elevated incidence of also face increased claims and lapses or surrenders of policies. policy lapsation. Our policyholders may choose to defer paying insurance premiums or stop paying insurance premiums altogether. In addition, reductions in employment levels of our existing employer customers may result in a reduction in membership levels and premium income for our specialty benefits products. Participants within the Reduced payroll deferrals in retirement plans for which we provide administrative services and increased withdrawals of investment accounts may elect to reduce or stop their payroll deferrals to these plans, which would reduce lower AUM, AUA and revenues. In addition, reductions Reductions in employment levels may result in a decline in employee deposits into retirement plans. Adverse economic changes in the economy could affect may materially impact our net income negatively and could have a material adverse effect on our business, results of operations and financial condition. In addition, increased reliance on passive investment strategies, including target date funds, may amplify market volatility impacts and reduce flexibility in responding to adverse economic conditions.

Source: Item 1A, 10-K 0001104659-26-017031 vs Item 1A, 10-K 0001410578-25-000160

MD&A 178 words changed in this paragraph; it is 43% similar to last year's version.
On January 16, 2025, we announced the signing of an agreement with BCT to expand our investment management capabilities and exit our sponsor and trustee (pension) roles in Hong Kong for MPF Schemes. BCT will be assuming the role as sponsor and trustee for the Principal MPF Schemes. The transaction is expected to close during the first quarter of in 2026, subject to regulatory approval, approval; however, certain transaction impacts were recognized in first quarter 2025. We impaired our distribution agreement intangible asset and will be contract cost asset, resulting in a $65.4 million loss reported within in operating expenses on our consolidated statements of operations. Additionally, we classified our customer relationship intangible asset as held-for-sale, resulting in a $77.0 million loss reported in net realized capital gains (losses) on our consolidated statements of operations. For segment reporting, the impairments are reflected in loss from exited business and the held-for-sale write-down is reflected in net realized capital losses. As such, they had no impact on our Principal Asset Management segment. We expect to record a one-time charge of approximately $140.0 million in the first quarter of 2025 primarily attributable to the write-down of certain intangible assets and deferred contract cost assets, which will reduce pre-tax net income. For segment reporting purposes, the charge will be reported as exited business and net realized capital loss from exiting our roles as MPF Scheme sponsor and trustee. As such, it will have no impact on segment pre-tax operating earnings.

Source: Item 7, 10-K 0001104659-26-017031 vs Item 7, 10-K 0001410578-25-000160

Legal Proceedings 119 words changed in this paragraph; it is 40% similar to last year's version.
Daniel Houston, 63, was a director Joel Pitz, 53, has been Executive Vice President & Chief Financial Officer of the Company and Principal Life and since May 20, 2025. Prior to his current position, he was Interim Chief Executive Financial Officer of the Company and Principal Life from August 2015 until his retirement effective January 7, 2024 to May 2025. Prior to holding these positions, Previously, he held the same positions except was Chief Operating Officer (and not Chief Executive Officer) from 2014 to 2015 served as Senior Vice President and was President Controller of the Company and Principal Life from 2014 2021 to August 2024. Previously, he served as President, Retirement, Insurance 2024 and Vice President and Chief Financial Services Officer of the Company and Principal Life International from 2010 May 2016 to 2014 and held several leadership roles in Retirement and Income Solutions of the Company and Principal Life. He currently serves as Executive Chairman of the Company and Principal Life. August 2021.

Source: Item 3, 10-K 0001104659-26-017031 vs Item 3, 10-K 0001410578-25-000160

Accounting Policies 111 words changed in this paragraph; it is 78% similar to last year's version.
Description Date of Effect on our consolidated adoption financial statements or other significant matters Standards not yet adopted: ​ ​ Disaggregation of Income Statement Expenses December 31, 2027 We are currently evaluating the impact this guidance will have on our notes to the consolidated financial statements. This authoritative guidance expands the disclosures about a public entity’s expenses and addresses requests for more granular information about the types of expenses in commonly presented expense categories. ​ Improvements to income tax disclosures January 1, 2025 This guidance will not have a material impact on our notes to the consolidated financial statements. This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ​ Standards adopted: ​ ​ Improvements to reportable segments disclosures December 31, 2024 The enhanced disclosures can be found in Note 20, Segment Information. This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ​ Targeted improvements to the accounting for long-duration insurance contracts January 1, 2023 This guidance changed how we account for many of our insurance and annuity products. This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. The additional disclosure requirements can be found in the following notes: ​ ● 1. Note 7, Deferred Acquisition Costs and Other Actuarial Balances The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). ●

Source: Item 8, Note 1 – Nature of Operations and Significant Accounting Policies, 10-K 0001104659-26-017031 vs Item 8, Note 1 – Nature of Operations and Significant Accounting Policies, 10-K 0001410578-25-000160

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of PFG's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-19. Each links to the text at sec.gov.

All 123 Added 18Removed 35Reworded 68Quiet changes 2
RemovedRisk Factors
This section provides a summary of the risks that may impact our performance in the future. For details of our various risk factors and their impacts, see “Risk Factors Discussion.”

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Our risk factors are organized into the following categories: 1) Risks relating to economic conditions, market conditions and investments, 2) Risks relating to estimates, assumptions and valuations, 3) Risks relating to laws, regulations and taxation, 4) Risks relating to our business and 5) General risks.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
In general, economic and market conditions can cause variability in the following factors: demand for our products and services, short-term and long-term interest rates, inflation and deflation, equity returns, credit spreads, liquidity of investments, level of premiums and deposits, level of delinquencies and defaults, level of claims, level of surrenders and withdrawals and foreign exchange rates. The net effect of this variability can include reductions in business volumes or AUM, reductions in revenues, additional operating expenses, reductions or volatility in net income, inability to meet liquidity needs, inability to access capital and increased cost of capital.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Many different regulatory bodies govern our company. We are required to comply with securities laws; insurance regulations; employee benefit plan regulations; financial services regulations; U.S. and international tax regulations; environmental, social and governance (“ESG”) requirements; and cybersecurity and privacy regulations. Complying with the various regulations can increase our cost of doing business, limit our available capital or impact how we do business. We could also face potential fines or reputational risk if we do not comply. In addition, changes in tax laws can reduce sales of certain tax-advantaged products or increase our operating expenses. Changes in accounting standards may adversely impact reported results of operations and financial condition. Litigation and tax audits can increase costs and create adverse publicity.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Business risks include risks associated with competition, products, fraud, external business partner relationships and acquisitions. In general, the risks related to our business can cause variability in the following factors: demand for our products and services, level of premiums and deposits, level of claims and level of surrenders and withdrawals. The net effect of this variability can include reductions in business volumes, disruptions in business operations, reductions in revenues, increased claims or operating expenses, reduced economic activity, reductions or volatility in net income or adverse effects on our results of operations and financial condition.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
These risks are of a general nature and include the risk of catastrophic event; the risk of global climate change; the risk of technological and societal changes; reputational risk; intellectual property risk; risks associated with attracting, developing and retaining qualified employees; the risk of interruptions in information technology, infrastructure or other systems; loss of or disruption in key vendor relationships and risks associated with our enterprise risk management framework. General risks can result in reductions in business volumes, reductions in revenues, additional operating expenses, reductions or volatility in net income, or adverse effects on our results of operations and financial condition.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Our results of operations, financial condition, cash flows and capital position could be materially adversely affected by volatility, uncertainty and disruption in the capital and credit markets.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Disruptions, uncertainty or volatility in the capital and credit markets may limit our access to capital required to operate our business, most significantly our insurance operations. Such market conditions may limit our ability to replace, in a timely manner, maturing liabilities; satisfy statutory capital requirements; fund redemption requests on insurance or other financial products; generate fee income and market-related revenue to meet liquidity needs and access the capital necessary to grow our business. As such, we may be forced to delay raising capital, issue shorter tenor securities than we prefer, utilize available internal resources or bear an unattractive cost of capital, which could decrease our profitability and significantly reduce our financial flexibility and liquidity.

Read it in 10-K 2025-02-19 at sec.gov ↗

Show the other 16
RemovedRisk Factors
An economic downturn may also lead to weakening of foreign currencies against the U.S. dollar, which would adversely affect the translation of segment pre-tax operating earnings and equity of our international operations into our consolidated financial statements. For further discussion on foreign currency exchange risk, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency Risk.”

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Our investment portfolio is subject to several risks that may diminish the value of our invested assets and the investment returns credited to customers, which could reduce our sales, revenues, AUM and net income.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
If we require significant amounts of cash on short notice, we may have difficulty selling these investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize or both. The reported value of our relatively illiquid types of investments, our investments in the asset classes described above and, at times, our high quality, generally liquid asset classes, do not necessarily reflect the lowest possible price for the asset. If we were forced to sell certain of our assets in the current market, there can be no assurance we will be able to sell them for the prices at which we have recorded them, and we may be forced to sell them at significantly lower prices.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedRisk Factors
Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the years in which the basis differences reverse. We are required to evaluate the recoverability of our deferred tax assets each quarter and establish a valuation allowance, if necessary, to reduce our deferred tax assets to an amount that is more−likely−than−not to be realizable. In determining the need for a valuation allowance, we consider many factors, including future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in prior carryback years and implementation of any feasible and prudent tax planning strategies management would employ to realize the tax benefit.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
In the fourth quarter of 2024, we implemented changes to our Principal Asset Management segment to align the global operations by business function. Prior to the fourth quarter of 2024, our Principal Asset Management segment was organized into Principal Global Investors and Principal International. The Principal Asset Management segment is now organized into Investment Management and International Pension. The change has been applied retrospectively, which did not have an impact on our consolidated financial statements.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 ​ (in millions) Retirement and Income Solutions $ (16.7) $ 53.4 Principal Asset Management ​ 21.1 ​ — Benefits and Protection ​ (76.7) ​ 9.8

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ ​ ​ Increase ​ 2024 2023 (decrease) ​ (in millions) Revenues: ​ ​ ​ Premiums and other considerations $ 6,850.2 $ 6,470.9 $ 379.3 Fees and other revenues 4,320.5 4,095.9 224.6 Net investment income 4,449.2 4,091.9 357.3 Net realized capital losses (27.3) (72.2) 44.9 Net realized capital gains on funds withheld assets ​ 87.7 ​ 165.0 ​ (77.3) Change in fair value of funds withheld embedded derivative ​ 447.4 ​ (1,085.7) ​ 1,533.1 Total revenues 16,127.7 13,665.8 2,461.9 Expenses: ​ ​ ​ Benefits, claims and settlement expenses 8,072.6 7,788.2 284.4 Liability for future policy benefits remeasurement (gain) loss 671.4 (51.6) 723.0 Market risk benefit remeasurement loss ​ 30.3 ​ 29.1 ​ 1.2 Dividends to policyholders ​ 99.9 ​ 89.2 ​ 10.7 Operating expenses 5,363.9 5,072.1 291.8 Total expenses 14,238.1 12,927.0 1,311.1 Income before income taxes 1,889.6 738.8 1,150.8 Income taxes 291.7 68.7 223.0 Net income 1,597.9 670.1 927.8 Net income attributable to noncontrolling interest 26.9 46.9 (20.0) Net income attributable to Principal Financial Group, Inc. $ 1,571.0 $ 623.2 $ 947.8

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ ​ ​ Increase ​ 2024 2023 (decrease) ​ (in millions) Operating revenues: ​ ​ ​ ​ ​ ​ Premiums and other considerations $ 3,136.9 $ 2,935.0 $ 201.9 Fees and other revenues 1,790.4 1,675.0 115.4 Net investment income 3,048.8 2,640.2 408.6 Total operating revenues 7,976.1 7,250.2 725.9 Expenses: ​ ​ ​ Benefits, claims and settlement expenses, including dividends to policyholders 5,147.9 4,624.2 523.7 Liability for future policy benefits remeasurement gain ​ (4.9) ​ (68.0) ​ 63.1 Market risk benefit remeasurement loss ​ 32.2 ​ 3.7 ​ 28.5 Operating expenses 1,745.2 1,638.9 106.3 Total expenses 6,920.4 6,198.8 721.6 ​ ​ ​ ​ ​ ​ ​ Pre-tax operating losses attributable to noncontrolling interest ​ (0.5) ​ — ​ (0.5) Pre-tax operating earnings $ 1,056.2 $ 1,051.4 $ 4.8

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ ​ ​ Increase ​ 2024 2023 (decrease) ​ (in millions) Operating revenues: ​ ​ ​ Premiums and other considerations $ 28.7 $ 29.0 $ (0.3) Fees and other revenues 2,076.0 ​ 2,018.9 ​ 57.1 Net investment income 685.7 ​ 734.4 ​ (48.7) Total operating revenues 2,790.4 ​ 2,782.3 ​ 8.1 Expenses: ​ ​ ​ ​ ​ Benefits, claims and settlement expenses 362.2 ​ 422.9 ​ (60.7) Liability for future policy benefits remeasurement loss ​ 1.0 ​ 0.9 ​ 0.1 Operating expenses 1,551.6 ​ 1,534.2 ​ 17.4 Total expenses 1,914.8 ​ 1,958.0 ​ (43.2) ​ ​ ​ ​ ​ ​ ​ Pre‑tax operating earnings attributable to noncontrolling interest 14.4 ​ 6.6 ​ 7.8 Pre‑tax operating earnings $ 861.2 $ 817.7 $ 43.5

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
(3) The secured subscription facility provides for revolving loans, up to a maximum aggregate availability of $150.0 million, which are secured by outstanding capital commitments of Principal Life and an unaffiliated insurance company.

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ (in millions) Summary Statements of Financial Position Information: ​ ​ Total investments $ 640.6 $ 471.7 Cash and cash equivalents 357.3 ​ 603.6 Goodwill 618.5 ​ 618.5 Other intangibles 391.2 ​ 419.3 Other assets 313.3 ​ 344.4 Due from non-obligor subsidiaries 42.8 ​ 59.5 Total assets 2,367.3 ​ 2,529.0 Long-term debt 3,930.6 ​ 3,927.9 Other liabilities 351.2 ​ 406.3 Due to non-obligor subsidiaries 732.2 ​ 821.6 Total liabilities 5,135.8 ​ 5,266.6

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2024 December 31, 2023 ​ (in millions) Summary Statements of Operations Information: ​ ​ ​ Total revenues $ 130.6 $ 61.8 Total expenses 497.1 ​ 509.6 Net loss (300.6) ​ (414.9)

Read it in 10-K 2025-02-19 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 ​ ($ in millions) Dividends to stockholders $ 658.4 $ 625.5 Repurchase of common stock (1) 1,042.4 ​ 748.8 Total cash returned to common stockholders $ 1,700.8 $ 1,374.3 Number of shares repurchased (1) 12,668,636 ​ 9,581,329

Read it in 10-K 2025-02-19 at sec.gov ↗

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