PFGPrincipal Financial Group

Financials · Health Insurance · Nasdaq

Employees: 19,700
Headquarters: Des Moines, IA
CEO: Deanna D. Strable-Soethout
Next results: around Feb 8, 2027

What the 10-K filed 2026-02-18 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-19.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

Pending cases, settlements and what the company has set aside for them.

“We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

New “Benefits, claims and settlement expenses decreased for the Principal Asset Management segment $49.3 million due to lower interest credited to customers, $26.6 million primarily due to the closure of our Hong Kong guaranteed constituent funds in the prior year and $23.1 million due to lower new sales of annuities in our Chile closed block.”
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“For example, as of December 31, 2025, approximately $13.9 billion, or 99%, of our institutional guaranteed investment contracts and funding agreements cannot be redeemed by contractholders prior to maturity.”
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“We use various derivatives to manage our exposure to equity risk, which arises from products in which the return or interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees.”
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“Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

No specific sentence about this in the 10-K.

Commitments off the balance sheet

2 new

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities) 1,243.8 1,023.3”
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“Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities) 2,237.3 2,295.0”
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New “Mortgage loans (2025 and 2024 include $726.5 million and $944.5 million related to consolidated variable interest entities and $0.0 million and $140.6 million measured at fair value under the fair value option) 21,008.3 20,484.2”
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“Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities) 2,409.7 2,464.5”
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New “Other investments (2025 and 2024 include $838.4 million and $625.6 million related to consolidated variable interest entities and $167.1 million and $129.0 million measured at fair value under the fair value option) 9,775.0 7,990.3”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on PFG in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PFG/export.csv") into a cell.