Financial Performance - The company's Non-GAAP operating earnings were $474 million, a 15% increase compared to Q3 2024[9] - Non-GAAP EPS, excluding significant variances, was $2.32, up 13% from Q3 2024[9] - The company returned $398 million of excess capital to shareholders in Q3 2025, including $225 million in share repurchases and $173 million in common stock dividends[2] - The company's total AUM reached $784 billion, a 4% increase compared to Q2 2025[10] Segment Performance - Retirement and Income Solutions pre-tax operating earnings increased 8% due to 4% higher net revenue[4, 14] - Investment Management pre-tax operating earnings increased 9% due to 5% higher management fees[4] - Specialty Benefits record pre-tax operating earnings increased 28% due to strong underwriting results[4] Growth & Sales - Investment Management's private net cash flow was +$1.7 billion[6] - Investment Management's active ETF net cash flow was +$0.5 billion[6] - International Pension's record reported AUM was $151 billion, a 9% increase from the year-ago quarter[20] - Sales of Retirement and Income Solutions increased 8% to $7 billion[14] Capital Management - The company's excess and available capital position was $1.6 billion[4, 9] - The company's debt to capital ratio was 22%[4, 9]

Financial Performance - The company's non-GAAP operating earnings were $489 million, a 27% increase compared to Q2 2024[3] - Non-GAAP EPS reached $2.16, up 33% from Q2 2024[3] - Investment Management revenue increased 6% over 2Q24, with operating margin improving 250 bps to 36%[2] - Specialty Benefits incurred loss ratio improved 130 basis points from 2Q24[2] Capital Management - The company returned $320 million of excess capital to shareholders, including $150 million in share repurchases and $170 million in common stock dividends during 2Q25[2, 4] - The common stock dividend was raised to $0.78 for 3Q25, an 8% increase from both 3Q24 and TTM[2] - Excess and available capital position stands at $1.4 billion[2, 3] Business Segment Highlights - Retirement and Income Solutions (RIS) saw pre-tax operating earnings increase by 8%[9] - Principal Asset Management's AUM increased to $723 billion, up 8% year-over-year[18] - Life Insurance premium and fees growth of 5% over 2Q24 driven by 17% growth in the business market segment[2] Investment Performance - 56% of fund-level AUM has a 4 or 5-star rating from Morningstar[26]