Group 1: Company Overview - Principal Financial Group (NASDAQ:PFG) has over 145 years of experience in the financial services industry, employing nearly 20,000 workers across 27 countries [4] - The company specializes in 401(k)/403(b) administration, annuities, disability insurance, and retirement solutions, benefiting from consistent growth in assets under management and a strong global clientele [4] Group 2: Financial Performance - Principal Financial Group has $1.8 trillion in assets under administration and boasts a 16-year streak of dividend growth [3] - The company anticipates annual non-GAAP EPS growth of 9-12%, driven by strong Q3 2025 performance and cautious capital allocation [3] - Management is optimistic about a capital return of $1.4-$1.7 billion, which includes $700 million to $1 billion in share repurchases [3] Group 3: Market Analysis - Morgan Stanley has increased its price objective for Principal Financial Group from $83 to $87 while maintaining an Underweight rating, citing higher life insurance earnings than share-price reactions suggested [2] - The property and liability market is expected to undergo a softening cycle by 2026 [2]