| --- | --- | |-----------------------------------------------|-------| | | | | O Principal® | | | First Quarter 2024 Earnings Call Presentation | | | PRINCIPAL FINANCIAL GROUP April 25, 2024 | | Key takeaways • 1Q24 non-GAAP EPS¹ excluding significant variances² of $1.75 increased 9% from 1Q23; non-GAAP operating earnings¹ excluding significant variances2 increased 6% · Well-positioned to deliver on 9-12% long-term enterprise non-GAAP EPS¹ growth in 2024 Strong top-line growth of 5% across the enterprise . ...

Principal Financial Group, Inc. (NASDAQ:PFG) Q1 2024 Results Earnings Conference Call April 26, 2024 10:00 AM ET Company Participants Humphrey Lee - Vice President of Investor Relations Daniel Houston - Chairman, President and Chief Executive Officer Deanna Strable - Executive Vice President and Chief Financial Officer Kamal Bhatia - President and Chief Executive Officer, Principal Asset Management Christopher Littlefield - President, Retirement and Income Solutions Amy Friedrich - President, Benefits and P ...

Exhibit 99 In millions except percentages, earnings per share, or otherwise noted INVESTOR CONTACT: MEDIA CONTACT: Humphrey Lee 877-909-1105, lee.humphrey@principal.com Jane Slusark 515-362-0482, slusark.jane@principal.com Principal Financial Group Announces First Quarter 2024 Results Raises second quarter 2024 common stock dividend (Des Moines, Iowa) – Principal Financial Group (Nasdaq: PFG) announced results for first quarter 2024. First Quarter 2024 Highlights Dan Houston, chairman, president, and CEO of ...

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, 2023 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 ...

Financial Data and Key Metrics - The company returned $1.3 billion to shareholders in 2023 through share repurchases and common stock dividends, representing nearly 90% of net income excluding exited businesses [3] - Full-year 2023 non-GAAP operating earnings were $1.6 billion or $6.55 per diluted share, a 6% increase over 2022 [27] - Fourth-quarter non-GAAP operating earnings were $441 million or $1.83 per diluted share, with total company managed AUM reaching $695 billion, up over 9% from 2022 [91] - The company ended 2023 with $1.7 billion of excess and available capital, including $935 million at the holding company, above the $800 million targeted level [55] Business Line Performance - Retirement and Income Solutions (RIS) saw a 22% increase in pre-tax operating earnings in Q4 2023 compared to Q4 2022, driven by business growth, higher net investment income, and favorable markets [20] - RIS sales increased 9% in 2023, with fee-based transfer deposits up 17% and $3 billion in pension risk transfer sales [11] - Specialty Benefits achieved a 9% growth in premium and fees in 2023, with strong retention and employment growth contributing to the increase [29] - Principal International reported a 9% revenue growth in 2023, with a 32% margin and an 11% increase in pre-tax operating earnings over 2022 [75] Market Performance - The S&P 500 daily average increased 4% from 2022, with the index up 24% from the end of 2022 [74] - Retail net cash flow remains challenged, with approximately $6 trillion of assets in money market funds or cash equivalents [10] - The company benefited from diversification across institutional, retail, retirement, private assets, and international geographies [10] Strategic Direction and Industry Competition - The company is focused on maintaining capital and liquidity targets, with a balanced approach to capital deployment [22] - Principal International expects low single-digit revenue growth in 2024, reflecting foreign currency translation and macro headwinds in Asia [36] - The company is targeting $1.5 billion to $1.8 billion in capital deployments for 2024, including $800 million to $1.1 billion in share repurchases [93] Management Commentary on Operating Environment and Future Outlook - The company expects 9% to 12% growth in earnings per share and 75% to 85% free capital flow conversion in 2024 [63] - Management anticipates continued pressure on real estate returns and prepayment fees if the current macro environment persists [34] - The company is well-positioned to deliver on long-term financial targets, with a strong capital position and momentum heading into 2024 [37] Other Important Information - The company announced the retirement of Pat Halter, President of Principal Asset Management, after 40 years of service [18] - Principal Asset Management was named a Best Place to Work in Money Management for the 12th consecutive year [51] - The company established a Bermuda reinsurance entity, which freed up $200 million of capital in Q4 2023 [58] Q&A Session Summary Question: Outlook for real estate-related activities in 2024 [39] - The company expects continued pressure on real estate revenue, with variable investment income difficult to predict [34] - The commercial mortgage loan portfolio remains healthy, with an average loan-to-value of 49% and a stable debt service coverage ratio of 2.5x [21] Question: Impact of exiting guaranteed products in Hong Kong [72] - The exit freed up $30 million to $40 million in capital in Q4 2023, with a similar amount expected in early 2024 [73] - The exit will pressure Hong Kong earnings by approximately $10 million on a pre-tax basis in 2024 [73] Question: Trends in RIS fee flows in the SMB market [83] - SMB transfer deposits increased 12% on a trailing 12-month basis, with recurring deposits up 14% [83] - The company sees healthy fundamentals in the SMB market, driven by participant deferrals and employer matches [83] Question: Competitive environment in RIS [106] - The company remains competitive, with WSRS sales up 14% and fee-based transfer deposits up 17% in 2023 [107] - Strong revenue retention and underlying business fundamentals support the company's ability to compete effectively [107] Question: Commercial mortgage loan portfolio maturities [200] - The company has 11 office loans maturing in 2024, with one already paid off in January [201] - The remaining loans have a 66% loan-to-value and a debt service coverage ratio of 3.8x, with 94% occupancy [208] Question: Outlook for alternative returns [142] - The company expects alternative returns to be in the 8% to 8.5% range, with real estate pre-pays likely running below expectations [143] - Private equity and hedge funds performed better than expected in 2023, offsetting some real estate pressures [149]

| --- | --- | --- | --- | |---------------------------------------------------------------|-----------------------------------------------------------------|--------------------------------------------------------------------|-----------------------| | Full year 2023 financial highlights | | | | | FY 2023 OPERATING RESULTS | | | | | Reported non-GAAP operating earnings1 | lmpact of significant variances to non-GAAP operating earnings2 | Non-GAAP operating earnings, excluding significant variances (xSV) | | ...

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 September 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 incorp ...

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 ...