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    PRINCIPAL FINANCIAL GROUP (PFG)

    Principal Financial Group, Inc. (PFG) is a global financial services company that provides a diverse range of financial products and services through several key segments . The company offers retirement products, investment solutions, and insurance services, primarily targeting businesses and their employees . PFG's comprehensive suite of offerings allows it to maintain a strong market position and leverage synergies across its segments .

    1. Retirement and Income Solutions - Provides retirement products and services, including defined contribution plans, pension risk transfer, and individual annuities, primarily to businesses and their employees .
    2. Principal Asset Management - Offers global investment solutions across various asset classes to institutional, retirement, retail, and high net worth investors .
    3. Benefits and Protection - Focuses on insurance solutions, providing group dental, life, disability insurance, and supplemental health products, primarily targeting small-to-mid-sized businesses .
    4. Corporate - Manages capital not allocated to other segments and includes results from Principal Securities, Inc. .

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    NamePositionExternal RolesShort Bio

    Daniel J. Houston

    ExecutiveBoard

    Chairman, President, and CEO

    Member of boards: Iowa Business Council, Greater Des Moines Partnership, Employee Benefits Research Institute, Partnership for a Healthier America, Community Foundation of Greater Des Moines.

    Joined PFG in 1984; CEO since 2015; led transformation into a global investment management leader.

    Amy Friedrich

    Executive

    President, Benefits and Protection

    None listed.

    Joined PFG in 2000; oversees insurance businesses; expanded PFG's footprint in small and midsized workplace markets.

    Christopher Littlefield

    Executive

    President, Retirement and Income Solutions

    None listed.

    Joined PFG in 2020; previously EVP and General Counsel; led significant growth in Pension Risk Transfer business.

    Deanna Strable

    Executive

    President and COO (CEO effective Jan 2025)

    None listed.

    Joined PFG in 1990; previously EVP and CFO; instrumental in driving strategy and growth; set to become CEO in January 2025.

    Joel Pitz

    Executive

    Interim CFO

    None listed.

    Joined PFG in 1995; previously SVP and Controller; extensive experience in financial management and strategy execution.

    Kamal Bhatia

    Executive

    President and CEO, Principal Asset Management

    None listed.

    Joined PFG in 2019; previously COO of asset management; extensive leadership in asset management and private credit.

    Kenneth McCullum

    Executive

    EVP and Chief Risk Officer

    None listed.

    Joined PFG in 2015; previously SVP and Chief Risk Officer; extensive experience in risk management and actuarial leadership.

    Natalie Lamarque

    Executive

    EVP, General Counsel, and Secretary

    None listed.

    Joined PFG in 2022; previously General Counsel at New York Life; extensive legal and compliance expertise.

    Thomas Cheong

    Executive

    EVP and President, Principal Asia

    None listed.

    Joined PFG in 2015; oversees operations in Asia; extensive leadership in North Asia markets.

    Vivek Agrawal

    Executive

    EVP and Chief Growth Officer

    None listed.

    Joined PFG in 2023; previously Senior Partner at McKinsey; focuses on driving growth in retirement, asset management, and benefits.

    Blair C. Pickerell

    Board

    Board Member

    Member of boards: Link REIT, Dah Sing Banking Group, First Pacific Company; Member of Tracker Fund of Hong Kong Supervisory Committee.

    Director since 2015; extensive leadership in asset management and Asia-Pacific markets; fluent in Mandarin.

    Clare S. Richer

    Board

    Board Member

    Member of boards: Bain Capital Specialty Finance, State Street Global Advisors SPDR ETF Funds; Trustee at University of Notre Dame.

    Director since 2020; former CFO of Putnam Investments; extensive expertise in finance and governance.

    Claudio N. Muruzabal

    Board

    Board Member

    Chief Business Officer at SAP; Member of Harvard Business School Association of Hong Kong.

    Director since 2021; extensive leadership in technology and international operations; recognized as a top Hispanic IT professional.

    Diane C. Nordin

    Board

    Board Member

    Member of boards: Fannie Mae, Antares Capital, Wellington Trust Company; Trustee at Financial Analysts Foundation and Financial Accounting Foundation.

    Director since 2017; extensive experience in asset management and governance; former partner at Wellington Management.

    Jocelyn Carter-Miller

    Board

    Board Member

    Member of boards: Arlo Technologies, Interpublic Group, Backblaze; involved in nonprofit boards.

    Director since 2001; extensive marketing and operational leadership experience; recognized as a top corporate director.

    Mary E. Beams

    Board

    Board Member

    CEO of Long-Term Stock Exchange; Member of Salesforce Global Advisory Board.

    Director since 2021; extensive experience in financial services and ESG; former board member of BrightSphere Investment Group.

    Scott M. Mills

    Board

    Lead Director

    None listed.

    Director since 2016; Lead Director since 2020; President and CEO of BET Media Group; extensive experience in media and finance.

    1. Can you elaborate on the measures you're taking to address the outflows in PGI, especially from lower fee and yield products, and how you plan to reverse this trend to improve net cash flows?
    2. With the slight uptick in participant withdrawal rates among older cohorts, particularly as the baby boomer generation enters peak retirement years, how do you anticipate this impacting your retirement business, and what strategies are you implementing to mitigate potential negative effects?
    3. Given the elevated severance costs in the RIS and PI segments during the quarter, should we anticipate further restructuring expenses in the near future, and how will this impact your operating margins and expense management initiatives?
    4. Despite the strong net cash flows in Principal International this quarter, can you discuss the sustainability of this performance considering potential FX headwinds and macroeconomic challenges in key markets like China and Southeast Asia?
    5. Since you expect lower real estate-related performance fees this year due to the nature of the current real estate cycle, how do you plan to compensate for this decrease to maintain earnings growth in Principal Asset Management?

    Research analysts who have asked questions during PRINCIPAL FINANCIAL GROUP earnings calls.

    Joel Hurwitz

    Dowling & Partners Securities, LLC

    4 questions for PFG

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    Ryan Krueger

    KBW

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    Suneet Kamath

    Jefferies

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    John Barnidge

    Piper Sandler

    3 questions for PFG

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    Thomas Gallagher

    Evercore

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    Alex Scott

    Barclays PLC

    2 questions for PFG

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    Francis Matten

    BMO Capital Markets

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    Jamminder Bhullar

    JPMorgan Chase & Co.

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    Wesley Carmichael

    Autonomous Research

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    Wilma Jackson Burdis

    Raymond James

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    Elyse Greenspan

    Wells Fargo

    1 question for PFG

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    Jack Matten

    BMO Capital Markets

    1 question for PFG

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    Jimmy Bhullar

    JPMorgan Chase & Co.

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    Joshua Shanker

    Bank of America Merrill Lynch

    1 question for PFG

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    Michael Ward

    Citi Research

    1 question for PFG

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    Taylor Scott

    BofA Securities

    1 question for PFG

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    Wes Carmichael

    Autonomous Research

    1 question for PFG

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    Wilma Burdis

    Raymond James Financial

    1 question for PFG

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    Program DetailsProgram 1Program 2
    Approval DateJanuary 2022 February 2024
    End Date/DurationCompleted in April 2024 No expiration date
    Total additional amount$1.6 billion $1.5 billion
    Remaining authorizationCompleted $1,086.8 million as of September 30, 2024
    DetailsIncrease to June 2021 program Latest authorization
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1967 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Institutional Retirement & Trust (IRT)

    2019

    Completed acquisition for $1.2 billion in cash at closing with an additional earn-out of up to $150 million contingent on fee revenue retention through 2020, funded partly by $500 million of senior notes at 3.7% maturing in 2029. This strategic deal doubled Principal's U.S. retirement business by acquiring key capabilities in defined contribution, defined benefit, executive deferred compensation, and related services, also transitioning approximately 2,500 employees.

    Recent press releases and 8-K filings for PFG.

    Principal Financial Group says tariffs dampen U.S. business outlook
    ·$PFG
    Demand Weakening
    • The Principal Financial Well-Being Index climbed to 6.80 in August 2025 from 6.02 in April, but remains below 8.08 a year earlier, reflecting muted business confidence.
    • 58% of U.S. businesses report that higher tariffs are negatively impacting their operations, with 70% of retail and 69% of manufacturing firms most affected.
    • 68% of businesses have either already raised prices (33%) or plan to do so within the next year (35%) in response to tariffs.
    • Businesses expressing caution or pessimism about the 12-month outlook rose to 46%, up from 29% in July 2024, highlighting elevated policy uncertainty.
    3 days ago
    PFG receives Sachem Head nomination for board seats
    ·$PFG
    Board Change
    • Sachem Head LP delivered a nomination notice on August 21 for four candidates to PFG’s Board at the 2025 Annual Meeting.
    • PFG emphasized execution of its “PFG One” three-year plan, focusing on organic sales growth, people and culture, and technology-driven margin expansion.
    • The Company reported strong fiscal 2025 results and provided fiscal 2026 revenue and EBITDA guidance in line with its three-year plan.
    • Sachem Head’s nominees are Scott D. Ferguson, David A. Toy, R. Chris Kreidler, and Karen M. King.
    4 days ago
    Performance Food Group reports Q4 and full-year fiscal 2025 results
    ·$PFG
    Earnings
    Guidance Update
    Share Buyback
    • Fourth-quarter net sales rose 11.5% to $16.9 billion, gross profit improved 14.6% to $2.0 billion, and Adjusted EBITDA increased 19.9% to $546.9 million; diluted EPS fell 21.5% to $0.84 per share.
    • Full-year net sales grew 8.6% to $63.3 billion, Adjusted EBITDA climbed 17.3% to $1.8 billion, and free cash flow was $704.1 million; diluted EPS declined 21.9% to $2.18.
    • For fiscal 2026, the company expects net sales of $67 billion to $68 billion and Adjusted EBITDA of $1.9 billion to $2.0 billion.
    • The board authorized a new $500 million share repurchase program, replacing the prior $300 million authorization, with $500 million available as of June 28, 2025.
    Aug 13, 2025, 11:00 AM
    Principal Financial Group reports Q2 2025 results
    ·$PFG
    Earnings
    CFO Change
    Dividends
    • Management fees grew 4% and performance fees remained in line, while Specialty Benefits earnings increased 10% with 100 bps margin expansion; record nonqualified life sales supported strong Life Insurance sales
    • Dental operating margin reached 15% (+100 bps) and Life Insurance premium fees rose 5%, though pretax operating earnings were $23 M; tax rate held at 18%
    • Ended Q2 with $1.4 B of excess capital; returned $320 M to shareholders (share repurchases $150 M, dividends $170 M); reaffirmed full-year capital return target of $1.4–$1.7 B including $700–$1 B in share repurchases; announced $0.78 Q3 dividend (+8%)
    • Joel was officially named CFO in May after serving as Interim CFO
    Jul 29, 2025, 5:50 PM
    Principal Financial Group discloses Q2 2025 assets under management
    ·$PFG
    • As of June 30, 2025, Principal Financial Group reported $752.7 billion in assets under management.
    • $579.6 billion of AUM was managed by Principal Asset Management – Investment Management and $143.4 billion by Principal Asset Management – International Pension.
    • This AUM disclosure precedes the Company’s quarterly earnings release; a detailed financial supplement is expected on or about July 28, 2025.
    • The report highlights allocations in equity AUM (small, mid-cap, international, REIT) and fixed income AUM (high yield, preferred securities) amid market dislocations.
    Jul 16, 2025, 12:00 AM
    Principal Financial Group Reports Shareholders Vote Outcomes Q1 2025
    ·$PFG
    Proxy Vote Outcomes
    Executive Compensation
    Board Change
    • 8-K filing details the annual shareholders meeting held on May 20, 2025, where director nominees were elected and advisory votes conducted.
    • The report includes voting results for director elections, an executive compensation advisory vote, and the ratification of the independent auditor's appointment.
    May 22, 2025, 12:00 AM
    Principal Financial Group Names Joel Pitz as CFO
    ·$PFG
    CFO Change
    Management Change
    Executive Compensation
    • Joel Pitz has been named Executive Vice President and Chief Financial Officer, effective immediately, succeeding Deanna Strable, as announced in the 8-K release.
    • Pitz, a Principal veteran since 1995, most recently served as interim CFO and held roles including Senior Vice President, Controller, and CFO for international businesses.
    • His compensation includes a base salary of $552,500, a target annual incentive of 200% of base salary, and a long-term incentive target of $2,348,125 in restricted stock units.
    May 20, 2025, 12:00 AM
    Principal Financial Group Q1 2025 Earnings Results & Call Summary
    ·$PFG
    Earnings
    Dividends
    Share Buyback
    • Principal Financial Group reported Q1 2025 non‐GAAP operating earnings of $439 million ( ) versus $415M (), with EPS of $1.92 compared to $1.81, reflecting a 10% increase year-over-year.
    • Capital returns totaled $370 million, including $200 million in share repurchases and $170–200 million in dividends, with the dividend raised to $0.76 for Q2 2025 ( ).
    • Total company-managed AUM reached $718 billion, aided by a positive foreign exchange impact of $8 billion ().
    • Strong performance in retirement and asset management segments was highlighted by $800 million in pension risk transfer volume and robust cash flows ().
    • Additional key metrics included a 14.0% ROE, 84% TTM free cash flow, and deposit growth in core segments of 9%-12% ( ).
    Apr 25, 2025, 2:01 PM
    Principal Financial Group Reports Q1 2025 AUM Details
    ·$PFG
    • 8-K filing dated April 17, 2025 by Principal Financial Group provides key updates on the company’s financial status.
    • The report discloses $717.9 billion in assets under management as of March 31, 2025, with $555.8 billion managed domestically and $133.5 billion managed internationally.
    • It highlights that a combination of foreign currency translation, market performance, and other factors contributed an approximate 1.4% positive impact on AUM.
    Apr 17, 2025, 12:00 AM
    Principal Financial Group Executes $400M Note Transaction
    ·$PFG
    Debt Issuance
    • Principal Financial Group, Inc. exercised its put option on March 19, 2025, exchanging a portfolio of U.S. Treasury securities for $400M of 2028 Senior Notes, as part of its contingent liquidity funding arrangement.
    • The company waived its right to repurchase the notes and oversaw the dissolution of High Street Funding Trust I on March 20, 2025, with the 2028 Notes subsequently delivered to the beneficial holders of the 2028 P-Caps.
    Mar 21, 2025, 12:00 AM