Principal Financial Group, Inc. (NASDAQ:PFG) Q3 2023 Earnings Conference Call October 27, 2023 10:00 AM ET Company Participants Humphrey Lee - Vice President of Investor Relations Dan Houston - Chief Executive Officer Deanna Strable - Chief Financial Officer Pat Halter - President and Chief Executive Officer, Principal Asset Management Chris Littlefield - President, Retirement and Income Solutions Amy Friedrich - President, Benefits and Protection Conference Call Participants Ryan Krueger - KBW Jimmy Bhulla ...

| --- | --- | |-----------------------------------------------|-------| | | | | O Principal® | | | Third Quarter 2023 Earnings Call Presentation | | | PRINCIPAL FINANCIAL GROUP October 26, 2023 | | | --- | --- | |---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1-16725 (Commission file number) PRINCIPAL FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 42-1520346 (State or other jurisdiction of incorporati ...

Principal Financial Group, Inc. (NASDAQ:PFG) Q2 2023 Results Conference Call July 28, 2023 10:00 AM ET Company Participants Humphrey Lee - Vice President of Investor Relations Dan Houston - CEO Deanna Strable - CFO Chris Littlefield - Retirement and Income Solutions Pat Halter - Asset Management Amy Friedrich - Benefits and Protection Conference Call Participants Suneet Kamath - Jefferies Ryan Krueger - KBW Tom Gallagher - Evercore ISI Erik Bass - Autonomous Research John Barnidge - Piper Sandler Wes Carmic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1-16725 (Commission file number) PRINCIPAL FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 42-1520346 (State or other jurisdiction of incorporat ...

Financial Data and Key Metrics Changes - The company reported non-GAAP operating earnings of $395 million or $1.60 per diluted share in the first quarter, despite macroeconomic pressures on AUM levels during 2022 [77] - The total company managed AUM increased by 4% from year-end 2022 to $660 billion, reflecting favorable equity and fixed income markets [67] - The company generated $600 million of positive net cash flow, highlighting the benefits of a diversified business model [67] Business Line Data and Key Metrics Changes - The Retirement and Income Solutions (RIS) business saw a strong start to the year with $600 million in pension risk transfer sales, indicating a favorable environment due to higher interest rates [13][4] - Specialty Benefits experienced above-industry growth in premium and fees, driven by strong retention and sales in the small to midsized employer market [76] - The Asset Management segment reported positive net cash flow of $400 million, benefiting from integrated business models and differentiated investment capabilities [76] Market Data and Key Metrics Changes - The company noted strong employment and wage growth in the U.S., particularly in the small to midsize segment, contributing to growth in the Retirement, Benefits, and Protection business [76] - International markets, particularly in Asia and Latin America, showed positive cash flows despite a volatile macroeconomic environment [59] Company Strategy and Development Direction - The company aims to focus on maximizing growth drivers in retirement, global asset management, and Benefits and Protection to drive long-term growth and shareholder value [81] - The company is committed to a disciplined approach to capital deployment, balancing investments for growth with returning excess capital to shareholders [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through macroeconomic volatility, highlighting a strong financial position with $1.8 billion of excess and available capital [54] - The company anticipates free cash flow generation to increase throughout the year, despite seasonality affecting the first quarter [108] Other Important Information - The company has reduced its office exposure in the commercial mortgage portfolio from 37% in 2016 to 25% today, reflecting a proactive approach to managing risks in the sector [86] - The commercial loan portfolio has a current average loan-to-value of 46% and a debt service coverage of 2.5x, indicating strong financial health [86] Q&A Session Summary Question: What is the outlook for pension risk transfer sales in 2023? - Management expects to grow the PRT business by 10% to 15% over last year, targeting around $2.3 billion in sales [13] Question: Can you elaborate on the drivers of net investment income increase? - The increase is attributed to higher short-term interest rates, timing differences in rate credits, and overall growth in the business block [22] Question: How does the company assess its commercial real estate exposure? - The company conducts quarterly reevaluations of loans and cash flows, ensuring a robust analysis of debt service coverage ratios [14][15] Question: What is the expected pace of share buybacks moving forward? - Management indicated that while there may be volatility quarter-to-quarter, the annualized pace of buybacks is expected to be consistent with the first quarter's $150 million [21] Question: How is the company managing expenses in the RIS business? - Management highlighted disciplined expense management and noted some one-time benefits from prior period accruals, with expectations for flat expenses year-over-year [44]

49% of rated fund AUM has a 4 or 5 star rating from Morningstar 4 Government Cash, 3.9% Agencies, State & Political, Other1, 10.1% 8.6% Residential Loans, 4.6% Commerical $73.7 B Mortgage Loans Corporate (ex-Office), U.S. invested assets Bonds, 34.6% 13.6% & cash Total Commercial Mortgage 7 Commerical Loans 18.2% Mortgage Loans (Office), 4.6% ABS, 7.0% MBS, 7.6% CMBS, 5.4% • Commercial mortgage loan portfolio has average loan-to-value (LTV) of 46% and average debt service coverage (DSC) ratio of 2.5x; refle ...

| --- | --- | |-----------------------------------------|-------| | | | | O Principal® | | | 2023 and long-term outlook | | | PRINCIPAL FINANCIAL GROUP March 1, 2023 | | Financial supplement enhancements Reflects recast results under long-duration targeted improvements accounting guidance (LDTI) Enhanced and refined supplement highlights the earnings drivers of our businesses Retirement and Income Solutions Principal Asset Management – Principal Global Investors and Principal International reported under a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-16725 PRINCIPAL FINANCIAL GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdicti ...

Principal Financial Group, Inc. (NASDAQ:PFG) Q4 2022 Earnings Conference Call January 31, 2023 10:00 AM ET Company Participants Humphrey Lee – Vice President-Investor Relations Dan Houston – Chief Executive Officer Deanna Strable – Chief Financial Officer Pat Halter – Global Asset Management Chris Littlefield – Retirement and Income Solutions Amy Friedrich – U.S. Insurance Solutions Conference Call Participants John Barnidge – Piper Sandler Jimmy Bhullar – J.P. Morgan Suneet Kamath – Jefferies Tracy Benguig ...