0001104659-26-120103 | 10-Q | XBRL Viewer | Principal Financial Group INC

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Future Policy Benefits and Claims - Principal Asset Management - International Pension (Details) - Principal Asset Management - International Pension - Latin America - Individual fixed income annuities - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 4,600.5	$ 4,126.9
Effect of changes in discount rate assumptions at beginning of period	(493.5)	(368.4)
Balance at beginning of period at original discount rate	4,107.0	3,758.5
Effect of actual variances from expected experience	0.7	(0.4)
Adjusted beginning of period balance at original discount rate	4,107.7	3,758.1
Interest accrual	228.7	293.1
Benefit payments	(241.0)	(335.6)
Derecognition	(3,954.5)
Issuances		6.4
Foreign currency translation adjustment	$ (140.9)	385.0
Balance at end of period at original discount rate		4,107.0
Effect of changes in discount rate assumptions at end of period		493.5
Balance at end of period, Present value of expected future policy benefit payments		$ 4,600.5
Weighted-average duration for future policy benefits (in years)	0 years	9 years 7 months 6 days

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivatives, fair value disclosures
Derivative instruments, assets	$ 1,803.3	$ 1,224.5
Derivative instruments, liabilities	(418.2)	(671.2)
Fair value of embedded derivative liabilities reported with contractholder funds	2,432.6	1,410.2
Fair value of net (asset) liability embedded derivative reported with funds withheld payable	(3,524.6)	(2,633.4)
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	146.4	144.6
Derivative instruments, liabilities	231.0	208.6
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	1,656.9	1,079.9
Derivative instruments, liabilities	(649.2)	(879.8)
Interest rate contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	0.1
Derivative instruments, liabilities	103.6	69.8
Interest rate contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	19.5	16.9
Derivative instruments, liabilities	239.8	136.0
Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	146.3	144.6
Derivative instruments, liabilities	127.4	138.8
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	31.7	70.3
Derivative instruments, liabilities	12.7	9.4
Equity contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	1,587.2	971.5
Derivative instruments, liabilities	182.1	191.6
Credit contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	18.5	21.2
Derivative instruments, liabilities	8.2	6.4
Other contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ (1,092.0)	$ (1,223.2)

Reinsurance - Cost of Reinsurance, Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Reinsurance
Cost of reinsurance amortization	$ 4.1	$ 39.7	$ 28.4	$ 84.3

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2026

Stock-Based Compensation Plans

Stock-Based Compensation Disclosures (Table)


		For the nine months ended September 30,
		2026			2025

		(in millions)
Compensation cost		$	105.9		$	92.6
Related income tax benefit			24.7			21.1
Capitalized as part of an asset			0.9			0.8

Future Policy Benefits and Claims - Corporate (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Present value of expected future policy benefit payments
Future policy benefits	$ 33,503.6	$ 39,993.8
Corporate \| Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums	32.4	30.8
Effect of changes in discount rate assumptions at beginning of period	(2.0)	(1.3)
Balance at beginning of period at original discount rate	30.4	29.5
Effect of changes in cash flow assumptions	(2.3)	3.3
Effect of actual variances from expected experience	(0.4)	0.3
Adjusted beginning of period balance at original discount rate	27.7	33.1
Interest accrual	1.2	1.8
Net premiums collected	(3.5)	(4.5)
Balance at end of period at original discount rate	25.4	30.4
Effect of changes in discount rate assumptions at end of period		2.0
Balance at end of period, Present value of expected net premiums	25.4	32.4
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	199.1	195.6
Effect of changes in discount rate assumptions at beginning of period	(12.7)	(8.8)
Balance at beginning of period at original discount rate	186.4	186.8
Effect of changes in cash flow assumptions	(12.3)	1.3
Effect of actual variances from expected experience	0.7	3.4
Adjusted beginning of period balance at original discount rate	174.8	191.5
Interest accrual	8.1	11.2
Benefit payments	(12.2)	(16.3)
Balance at end of period at original discount rate	170.7	186.4
Effect of changes in discount rate assumptions at end of period	(3.2)	12.7
Balance at end of period, Present value of expected future policy benefit payments	167.5	199.1
Future policy benefits	142.1	166.7
Reinsurance impact	$ (142.1)	$ (166.7)
Weighted-average duration for future policy benefits (in years)	8 years 9 months 18 days	9 years 8 months 12 days

Future Policy Benefits and Claims - Disaggregated Amounts Included in Future Policy Benefits and Claims (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Future Policy Benefits and Claims
Liability for future policy benefits	$ 33,503.6	$ 39,993.8
Additional liability for certain benefit features	7,029.3	6,604.8
Participating contracts	2,695.6	2,784.3
Short-duration contracts	1,139.1	1,205.2
Cost of reinsurance liability	939.7	971.4
Reinsurance recoverable liability	19.0	23.5
Other	75.4	166.7
Future policy benefits and claims per consolidated statements of financial position	45,401.7	51,749.7
Retirement and Income Solutions
Future Policy Benefits and Claims
Liability for future policy benefits	29,981.7	31,716.7
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Liability for future policy benefits	26,068.4	27,349.3
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	3,913.3	4,367.4
Principal Asset Management \| International Pension \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits		4,600.5
Benefits and Protection
Future Policy Benefits and Claims
Liability for future policy benefits	3,379.8	3,509.9
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Liability for future policy benefits	1,856.5	1,994.2
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Liability for future policy benefits	1,523.3	1,515.7
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Additional liability for certain benefit features	7,029.3	6,604.8
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Liability for future policy benefits	$ 142.1	$ 166.7

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2026

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

2. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill reported in our segments were as follows:


		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Consolidated

		(in millions)
Balance as of January 1, 2025		$	687.2		$	833.0		$	29.5		$	—		$	1,549.7
Foreign currency			—			50.8			—			—			50.8
Balance as of December 31, 2025			687.2			883.8			29.5			—			1,600.5
Goodwill from acquisitions (1)			—			—			325.4			—			325.4
Goodwill disposed (2)			—			(41.0)			—			—			(41.0)
Foreign currency			—			(24.3)			—			—			(24.3)
Balance as of September 30, 2026		$	687.2		$	818.5		$	354.9		$	—		$	1,860.6

(1)Relates to the acquisition of Beam Benefits (“Beam”).

(2)Relates to the disposition of our Chilean annuities business.

On September 1, 2026, we completed the purchase of Beam, which includes dental, vision and ancillary benefits supported by a cloud-native technology stack with artificial intelligence at its core. The purchase price consisted of $403.6 million cash paid at closing, net of cash acquired. The fair value of the net assets acquired primarily relates to intangible assets. Of the acquired intangible assets, $325.4 million was assigned to goodwill and is not subject to amortization. The goodwill is largely related to the opportunities to realize substantial revenue and cost synergies while achieving scale in operations. Of the remaining acquired intangible assets, $30.0 million was assigned to customer relationships, which are subject to amortization over a 10-year useful life, and $20.0 million was assigned to technology, which is subject to amortization over a 4-year useful life.

Nature of Operations and Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

Nature of Operations and Significant Accounting Policies

Nature of Operations and Significant Accounting Policies

1. Nature of Operations and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the three and nine months ended September 30, 2026, are not necessarily indicative of the results that may be expected for the year ended December 31, 2026, especially when considering risks and uncertainties that may impact our business, results of operations, financial condition and liquidity. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, the fair value of market risk benefits (“MRBs”), measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefit obligations and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance.

These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2025, included in our Form 10-K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2025, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Consolidation

We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the obligation to absorb expected losses or a right to receive expected residual returns. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 3, Variable Interest Entities.

If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method.

Recent Accounting Pronouncements


Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Accounting for internal-use software This authoritative guidance aligns the accounting for internal-use software with the method used to develop the software, which will lead to consistency in determining when software capitalization should begin.	January 1, 2028	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Disaggregation of income statement expenses This authoritative guidance expands the disclosures about a public entity’s expenses and addresses requests for more granular information about the types of expenses in commonly presented expense categories.	December 31, 2027	We are currently evaluating the impact this guidance will have on our notes to the consolidated financial statements.
Credit losses on purchased loans This authoritative guidance expands application of the gross up method for credit losses from purchased financial assets with credit deterioration to certain acquired loans categorized as purchased seasoned loans.	January 1, 2027	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Hedge accounting improvements This authoritative guidance aims to more closely align financial reporting with the economics of an entity’s risk management activities by expanding and refining the hedge accounting guidance in five key areas: 1.Similar risk assessment for cash flow hedges 2. Hedging forecasted interest payments on choose-your-rate debt 3.Cash flow hedges of non-financial forecasted transactions 4.Net written options as hedging instruments 5.Dual hedges	January 1, 2027	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Standards adopted:
Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures for annual periods primarily related to the rate reconciliation and income taxes paid information.	December 31, 2025	The enhanced disclosures can be found in Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2025.

When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates.

Long-Duration Insurance Contracts Disclosures

We include disaggregated rollforwards for deferred acquisition costs (“DAC”), the unearned revenue liability, separate account liabilities, policyholder account balances, the liability for future policy benefits, the additional liability for certain benefit features and MRBs. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement.

Amounts from different reportable segments cannot be aggregated for disclosures. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for long-duration insurance contract disclosures.

●

Retirement and Income Solutions:

o

Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans

o

Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings

o

Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions

o

Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings

o

Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines

o

Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions

●

Principal Asset Management – International Pension

o

Latin America:

◾

Individual fixed income annuities – SPIAs offered to individuals, prior to the third quarter 2026 sale of this business

◾

Pension – Certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements as separate account assets and liabilities and are only in the scope of long-duration insurance contracts disclosures for separate accounts

●

Benefits and Protection – Specialty Benefits:

o

Individual disability – Disability insurance providing protection to individuals and/or business owners

●

Benefits and Protection – Life Insurance:

o

Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited universal life insurance with secondary guarantee (“ULSG”) business

o

Term life – Term life insurance products offered to individuals and/or business owners

o

Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of long-duration insurance contracts disclosures for DAC

●

Corporate:

o

Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis.

For the separate account liability disclosures, our Retirement and Income Solutions segment uses a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses.

Deferred Acquisition Costs and Other Actuarial Balances - Benefits and Protection - Balances and changes in DAC (Details) - Benefits and Protection - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Individual disability \| Specialty Benefits
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 714.8	$ 696.9
Costs deferred	58.1	71.9
Amortized to expense	(41.6)	(54.0)
Ending balance, Deferred acquisition costs	731.3	714.8
Universal life \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,514.3	1,527.7
Costs deferred	62.7	81.2
Amortized to expense	(70.7)	(94.6)
Ending balance, Deferred acquisition costs	1,506.3	1,514.3
Term life \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	723.5	710.8
Costs deferred	52.9	75.6
Amortized to expense	(48.4)	(62.9)
Ending balance, Deferred acquisition costs	728.0	723.5
Participating life \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	71.0	77.8
Costs deferred	0.9	1.2
Amortized to expense	(5.6)	(8.0)
Ending balance, Deferred acquisition costs	$ 66.3	$ 71.0

Market Risk Benefits - Unobservable Inputs for Fair Value Measurement (Details) - Retirement and Income Solutions - Individual variable annuities	Sep. 30, 2026	Dec. 31, 2025
Minimum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0564	0.048
Minimum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.177	0.178
Minimum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0051	0.0049
Minimum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.009	0.009
Maximum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0568	0.0484
Maximum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.4103	0.388
Maximum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0113	0.0112
Maximum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.77	0.55
Weighted average input \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0566	0.0482
Weighted average input \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.2279	0.2194
Weighted average input \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0097	0.0095
Weighted average input \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0715	0.0651

Investments - Mortgage Loans Purchased and Sold (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 141.2	$ 1.4	$ 265.8	$ 71.7
Mortgage loans, sold		0.1	356.6	109.3
Amount of financing receivable held for sale sold	0.0		300.6
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	716.7	376.7	1,601.5	1,027.6
Mortgage loans, sold	$ 12.1	$ 11.1	$ 22.6	$ 20.9

Derivative Financial Instruments - Interest Rate Contracts (Details) - Interest rate swaps $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Derivative Financial Instruments, exposure
Cash exchanged under contract	$ 0
Principal payments made under contract	$ 0

Separate Account Balances - Separate Account Asset (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 194,816.2	$ 193,622.6
Fixed maturities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	34,704.4	36,869.8
Fixed maturities \| U.S. government and agencies
Separate Account Assets
Total separate account assets per consolidated statements of financial position	10,145.5	10,027.9
Fixed maturities \| Non-U.S. governments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,249.3	9,122.1
Fixed maturities \| States and political subdivisions
Separate Account Assets
Total separate account assets per consolidated statements of financial position	128.5	162.3
Fixed maturities \| Corporate debt securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	12,152.4	13,404.2
Fixed maturities \| Residential mortgage-backed pass-through securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,361.7	3,484.1
Fixed maturities \| Commercial mortgage-backed securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	276.4	261.2
Fixed maturities \| Other debt obligations
Separate Account Assets
Total separate account assets per consolidated statements of financial position	390.6	408.0
Equity securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	148,382.4	141,251.0
Real estate
Separate Account Assets
Total separate account assets per consolidated statements of financial position	449.1	445.9
Other investments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	7,376.8	8,848.3
Cash and cash equivalents
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,008.0	5,135.4
Other assets
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 895.5	$ 1,072.2

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Cash Flow Hedges
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions			4 months 24 days
Net losses reported in AOCI related to active cash flow hedges of forecasted transactions	$ 60.9		$ 60.9
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(105.3)	$ 85.3	(63.3)	$ (102.8)
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months			26.8
Interest rate contracts - hedged on fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(46.5)	10.5	(60.9)	21.0
Foreign exchange contracts - hedged on fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ (58.8)	$ 74.8	$ (2.4)	$ (123.8)

Future Policy Benefits and Claims - Benefits and Protection (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Dec. 31, 2025
Present value of expected future policy benefit payments
Future policy benefits	$ 33,503.6		$ 33,503.6	$ 39,993.8
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits	3,379.8		3,379.8	3,509.9
Benefits and Protection \| Life Insurance \| Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			4,392.2	4,107.2
Effect of changes in discount rate assumptions at beginning of period			198.4	290.1
Balance at beginning of period at original discount rate			4,590.6	4,397.3
Effect of changes in cash flow assumptions	47.6		47.6	163.2
Effect of actual variances from expected experience	(29.8)		(29.8)	11.7
Adjusted beginning of period balance at original discount rate	4,608.4		4,608.4	4,572.2
Interest accrual			161.6	208.7
Net premiums collected			(323.3)	(418.8)
Issuances			157.2	228.5
Balance at end of period at original discount rate	4,603.9		4,603.9	4,590.6
Effect of changes in discount rate assumptions at end of period	(529.5)		(529.5)	(198.4)
Balance at end of period, Present value of expected net premiums	4,074.4		4,074.4	4,392.2
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			5,907.9	5,355.2
Effect of changes in discount rate assumptions at beginning of period			215.7	366.0
Balance at beginning of period at original discount rate			6,123.6	5,721.2
Effect of changes in cash flow assumptions	63.8		63.8	240.4
Effect of actual variances from expected experience	(51.1)		(51.1)	4.1
Adjusted beginning of period balance at original discount rate	6,136.3		6,136.3	5,965.7
Interest accrual			217.1	275.3
Benefit payments			(251.2)	(359.7)
Issuances			166.5	242.3
Balance at end of period at original discount rate	6,268.7		6,268.7	6,123.6
Effect of changes in discount rate assumptions at end of period	(671.0)		(671.0)	(215.7)
Balance at end of period, Present value of expected future policy benefit payments	5,597.7		5,597.7	5,907.9
Future policy benefits	1,523.3		1,523.3	1,515.7
Reinsurance impact	(4.9)		(4.9)	9.8
Future policy benefits after reinsurance	$ 1,518.4		$ 1,518.4	$ 1,525.5
Weighted-average duration for future policy benefits (in years)	7 years		7 years	7 years 4 months 24 days
Increase (decrease) in LFPB from actuarial assumptions	$ 16.2	$ 77.2
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	(13.2)	(63.0)
Benefits and Protection \| Specialty Benefits \| Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			$ 2,740.8	$ 2,680.6
Effect of changes in discount rate assumptions at beginning of period			349.8	436.4
Balance at beginning of period at original discount rate			3,090.6	3,117.0
Effect of changes in cash flow assumptions	25.8		25.8	(22.5)
Effect of actual variances from expected experience	104.3		104.3	114.8
Adjusted beginning of period balance at original discount rate	3,220.7		3,220.7	3,209.3
Interest accrual			82.6	108.8
Net premiums collected			(227.6)	(298.0)
Issuances			51.2	70.5
Balance at end of period at original discount rate	3,126.9		3,126.9	3,090.6
Effect of changes in discount rate assumptions at end of period	(540.1)		(540.1)	(349.8)
Balance at end of period, Present value of expected net premiums	2,586.8		2,586.8	2,740.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,735.0	4,509.6
Effect of changes in discount rate assumptions at beginning of period			1,191.3	1,302.8
Balance at beginning of period at original discount rate			5,926.3	5,812.4
Effect of changes in cash flow assumptions	49.7		49.7	(42.6)
Effect of actual variances from expected experience	111.1		111.1	107.9
Adjusted beginning of period balance at original discount rate	6,087.1		6,087.1	5,877.7
Interest accrual			164.4	213.8
Benefit payments			(182.6)	(234.1)
Issuances			49.5	68.9
Balance at end of period at original discount rate	6,118.4		6,118.4	5,926.3
Effect of changes in discount rate assumptions at end of period	(1,675.1)		(1,675.1)	(1,191.3)
Balance at end of period, Present value of expected future policy benefit payments	4,443.3		4,443.3	4,735.0
Future policy benefits	1,856.5		1,856.5	1,994.2
Reinsurance impact	(405.7)		(405.7)	(430.0)
Future policy benefits after reinsurance	$ 1,450.8		$ 1,450.8	$ 1,564.2
Weighted-average duration for future policy benefits (in years)	16 years 7 months 6 days		16 years 7 months 6 days	17 years 2 months 12 days
Increase (decrease) in LFPB from actuarial assumptions	$ 23.9	(20.1)
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	$ (13.1)	$ 16.2

Stockholders' Equity - Reconciliation of Outstanding Common Shares (Details) - Common stock - USD ($) $ in Billions	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Reconciliation of Outstanding Common Shares
Outstanding shares at beginning of period			214,635,434	223,185,689	217,380,912	226,225,161
Shares issued			369,243	173,489	2,670,363	2,009,845
Treasury stock acquired			(2,239,017)	(2,842,368)	(7,285,615)	(7,718,196)
Outstanding shares at end of period			212,765,660	220,516,810	212,765,660	220,516,810
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)	$ 1.5	$ 1.5

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Common Share

Earnings Per Common Share (Table)


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions, except per share data)
Net income		$	597.1		$	233.9		$	1,440.3		$	730.3
Subtract:
Net income (loss) attributable to noncontrolling interest			(34.8)			20.1			(19.6)			62.2
Total		$	631.9		$	213.8		$	1,459.9		$	668.1
Weighted-average shares outstanding:
Basic			213.9			222.4			215.7			224.1
Dilutive effects:
Restricted stock units			2.3			1.9			2.1			1.8
Stock options			0.4			0.6			0.5			0.6
Performance share awards			0.3			0.3			0.3			0.3
Diluted			216.9			225.2			218.6			226.8
Net income per common share:
Basic		$	2.95		$	0.96		$	6.77		$	2.98
Diluted		$	2.91		$	0.95		$	6.68		$	2.95

Separate Account Balances

9 Months Ended

Sep. 30, 2026

Separate Account Balances

Separate Account Balances

7. Separate Account Balances

The separate accounts are legally segregated and are not subject to claims that arise out of any of our other business. The client, rather than us, directs the investments and bears the investment risk of these funds. The separate account assets represent the fair value of funds that are separately administered by us for contracts with equity, real estate and fixed income investments and are presented as a summary total within the consolidated statements of financial position. An equivalent amount is reported as separate account liabilities, which represent the obligation to return the monies to the client. Refer to Note 17, Fair Value Measurements, for further information on the valuation methodologies.

We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services that are included in the consolidated statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations.

The Retirement and Income Solutions segment offers variable annuity contracts that allow the policyholder to allocate deposits into various investment options in a separate account. The variable annuity contracts can also include GMWB riders and guaranteed minimum death benefit (“GMDB”) riders that are accounted for as MRBs. Retirement and Income Solutions also offers certain group annuity contracts that have separate accounts as an investment option.

The Principal Asset Management segment offers certain retirement accumulation products in Latin America where the segregated funds and associated obligation to the client are consolidated as separate account assets and liabilities within the financial statements. We have determined that summary totals are the most meaningful presentation for these funds.

The Benefits and Protection segment offers variable universal life products with separate account investment options.

Refer to Note 10, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above.

As of September 30, 2026 and December 31, 2025, the separate accounts included a separate account valued at $95.3 million and $81.7 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations.

Separate Account Assets

The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows:


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Fixed maturities:
U.S. government and agencies		$	10,145.5		$	10,027.9
Non-U.S. governments			8,249.3			9,122.1
States and political subdivisions			128.5			162.3
Corporate			12,152.4			13,404.2
Residential mortgage-backed pass-through securities			3,361.7			3,484.1
Commercial mortgage-backed securities			276.4			261.2
Other debt obligations			390.6			408.0
Total fixed maturities			34,704.4			36,869.8
Equity securities			148,382.4			141,251.0
Real estate			449.1			445.9
Other investments			7,376.8			8,848.3
Cash and cash equivalents			3,008.0			5,135.4
Other assets			895.5			1,072.2
Total separate account assets per consolidated statements of financial position		$	194,816.2		$	193,622.6

Separate Account Liabilities

The following tables summarize disaggregated separate account liability amounts and reconcile the totals to separate account liabilities reported in the consolidated statements of financial position.


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Retirement and Income Solutions:
Group retirement contracts		$	139,372.4		$	136,674.3
Individual variable annuities			6,603.8			7,364.9
Total Retirement and Income Solutions			145,976.2			144,039.2
Principal Asset Management – International Pension:
Latin America:
Pension			40,182.8			41,450.5
Benefits and Protection - Life Insurance:
Universal life			8,329.2			7,807.9
Other balances (1)			328.0			325.0
Total separate account liabilities per consolidated statements of financial position		$	194,816.2		$	193,622.6

(1)	Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

The balances and the changes in separate account liabilities were as follows:

 

For the nine months ended

For the year ended

September 30, 2026

December 31, 2025

Group

Individual

Group

Individual

retirement

variable

retirement

variable

 

contracts

 

annuities

 

contracts

 

annuities

(in millions)

Balance at beginning of period

136,674.3

7,364.9

125,103.1

8,334.9

Premiums and deposits (1)

13,894.2

97.8

15,458.7

157.1

Policy charges

(255.5)

(111.5)

(344.1)

(166.6)

Surrenders, withdrawals and benefit payments (1)

(17,653.1)

(1,149.1)

(17,649.8)

(1,790.0)

Investment performance

9,342.8

404.1

15,664.0

850.5

Net transfers (to) from general account (1)

(1,987.7)

(2.4)

(1,433.1)

(21.0)

Other (2)

(642.6)

—

(124.5)

—

Balance at end of period

139,372.4

6,603.8

136,674.3

7,364.9

Cash surrender value (3)

138,901.6

6,519.5

135,606.1

7,265.2

(1)	Within the policyholder account balances rollforwards in Note 8, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.

(2)	Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.

(3)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Principal Asset Management – International Pension

The balances and the changes in separate account liabilities for Latin America – Pension were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		(in millions)
Balance at beginning of period		$	41,450.5		$	32,802.2
Premiums and deposits			3,352.4			3,546.2
Policy charges			(15.5)			(17.7)
Surrenders, withdrawals and benefit payments			(3,300.1)			(3,962.7)
Investment performance			2,033.1			5,392.1
Other			(33.7)			2.7
Foreign currency translation adjustment			(3,303.9)			3,687.7
Balance at end of period		$	40,182.8		$	41,450.5

Cash surrender value		$	40,182.8		$	41,450.5

Benefits and Protection

The balances and the changes in separate account liabilities for Life Insurance – Universal life were as follows:


	For the nine months ended		For the year ended
	September 30, 2026		December 31, 2025

	(in millions)
Balance at beginning of period	$	7,807.9	$	6,806.7
Premiums and deposits (1)		422.8		572.7
Policy charges		(104.9)		(135.4)
Surrenders, withdrawals and benefit payments (1)		(355.0)		(374.4)
Investment performance		536.8		938.5
Net transfers (to) from general account (1)		21.6		(0.2)
Balance at end of period	$	8,329.2	$	7,807.9

Cash surrender value (2)	$	8,406.7	$	7,873.6

(1)	Within the policyholder account balances rollforwards in Note 8, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account.

(2)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.

Segment Information

9 Months Ended

Sep. 30, 2026

Segment Information

Segment Information

18. Segment Information

We provide financial products and services through the following segments: Retirement and Income Solutions, Principal Asset Management and Benefits and Protection. In addition, we have a Corporate segment. The segments are managed and reported separately because they provide different products and services, have different strategies or have different markets and distribution channels.

The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment includes workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities (including RILAs), pension risk transfer, investment only and our exited retail fixed annuities business.

The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select international markets. The segment is organized into Investment Management, which provides public, multi-asset and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives; and International Pension, which provides long-term savings and retirement solutions through pension accumulation and income annuities in Asia and Latin America.

The Benefits and Protection segment focuses on solutions primarily for small-to-mid sized businesses and their employees. The segment is organized into Specialty Benefits, which provides group dental, group life insurance, group disability insurance (including short-term disability, long-term disability and paid family and medical leave), supplemental health products (including vision, critical illness, accident and hospital indemnity) and individual disability insurance; and Life Insurance, which provides life insurance focused on the business market customer, including universal life and variable universal life (including indexed universal life) and traditional life insurance (including term life insurance). All remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life), traditional life insurance (including participating whole life, adjustable life products and term life insurance) and our exited ULSG business.

Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of our affiliated distribution businesses and our exited group medical and long-term care insurance businesses are reported in this segment. Affiliated distribution includes our retail broker-dealer and registered investment advisor (“RIA”).

Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM and management team, use segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. In addition, the financial information provided to our CODM is used in making decisions about the allocation of resources and determining annual incentive compensation paid to our employees. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax income (loss) from exited business, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. Beginning in 2026, we also exclude pre-tax actuarial assumption review impacts from segment pre-tax operating earnings. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business.

The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings:

●

Periodic settlements and accruals on derivative instruments not designated as hedging instruments,

●

Certain market value adjustments of derivatives and embedded derivatives and

●

Certain market value adjustments of derivative instruments used to economically hedge embedded derivatives.

Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for:

●

Amortization of hedge accounting book value adjustments for certain discontinued hedges,

●

Certain hedge accounting market value revenue adjustments,

●

Certain market value adjustments to fee revenues,

●

Pre-tax net realized capital gains (losses) related to equity method investments,

●

Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments,

●

Certain variable annuity fees,

●

Certain real estate-related depreciation and amortization,

●

Market value adjustments of market risk benefits,

●

Related changes in the amortization pattern of actuarial balances,

●

Certain hedge accounting market value expense adjustments and

●

Net realized capital gains (losses) distributed.

Pre-tax income (loss) from exited business includes amounts associated with our exited U.S. retail fixed annuity and ULSG businesses as well as amounts associated with other exited or divested businesses. Pre-tax income (loss) from exited business includes the change in fair value of the funds withheld embedded derivative, net realized capital gains (losses) on funds withheld assets, amortization of reinsurance gain (loss) and other impacts of exited business. Other impacts of exited business primarily includes change in reserves and DAC amortization. Other impacts of exited business in 2026 also include the net loss associated with the sale of an exited business. Other impacts of exited business in 2025 also include the impairment of assets associated with an exited business.

We periodically review and update actuarial assumptions that are inputs to the models used to project cash flows for the liability for future policy benefits for traditional limited-payment long-duration contracts and other actuarial balances. Beginning in the third quarter of 2026, the impacts of the actuarial assumption review are excluded from segment pre-tax operating earnings. The amounts are primarily included in the consolidated statements of operations line items for benefits, claims and settlement expenses and liability for future policy benefit remeasurement (gain) loss.

Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding:

●

Net realized capital gains (losses), except periodic settlements and accruals on derivatives not designated as hedging instruments and certain market value adjustments of derivative instruments used to economically hedge embedded derivatives, and their impact on:

●

Amortization of hedge accounting book value adjustments for certain discontinued hedges,

●

Certain hedge accounting market value revenue adjustments,

●

Certain variable annuity fees,

●

Certain real estate-related depreciation and amortization,

●

Certain market value adjustments to fee revenues,

●

Pre-tax net realized capital gains (losses) related to exited business,

●

Pre-tax net realized capital gains (losses) related to equity method investments and

●

Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments.

●

Pre-tax revenues from exited business,

●

Pre-tax revenues associated with actuarial assumption review,

●

Pre-tax other revenue adjustments and income taxes of equity method investments and

●

Pre-tax other revenue adjustments management believes are not indicative of overall operating trends.

Segment expenses reflect consolidated U.S. GAAP total expenses excluding:

●

Pre-tax expenses associated with net realized capital gains (losses),

●

Periodic settlements and accruals on derivatives used to hedge MRBs,

●

Pre-tax expenses from exited business

●

Pre-tax expenses associated with actuarial assumption review and

●

Pre-tax expense adjustments management believes are not indicative of overall operating trends.

The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of: (1) pension and other postretirement employee benefits (“OPEB”) cost allocations, (2) certain expenses deemed to benefit the entire organization and (3) income tax allocations. For purposes of determining pre-tax operating earnings, the segments are allocated the service component of pension and OPEB costs. The Corporate segment reflects the non-service components of pension and OPEB costs as assumptions are established and funding decisions are managed from a company-wide perspective. Additionally, the Corporate segment reflects expenses that benefit the entire organization for which the segments are not able to influence the spend. This includes expenses such as public company costs, executive management costs, acquisition and disposition costs, among others. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. For purposes of determining non-GAAP operating earnings, the segments are allocated tax adjustments consistent with the positions we took on tax returns. The Corporate segment results reflect any differences between the tax returns and the estimated resolution of any disputes.

The following tables summarize select financial information by segment and reconcile segment totals to those reported in the consolidated financial statements.

Segment Assets


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions		$	241,712.4		$	238,141.5
Principal Asset Management			46,266.8			52,267.1
Benefits and Protection			48,817.9			48,165.5
Corporate			1,945.1			2,802.4
Total assets per consolidated statements of financial position		$	338,742.2		$	341,376.5

Segment Operating Revenues

For the three months ended September 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

1,370.3

454.5

1,121.0

94.0

3,039.8

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(17.7)

—

8.0

—

(9.7)

Net investment income included in operating revenues

947.9

33.1

165.3

23.4

1,169.7

Operating revenues from equity method investments

—

75.3

—

(0.1)

75.2

Inter-segment operating revenues

(6.1)

84.5

2.1

92.1

172.6

Eliminations of inter-segment operating revenues

—

(172.6)

Segment operating revenues (3)

2,294.4

647.4

1,296.4

36.8

4,275.0

Net realized capital losses, net of related revenue adjustments

(140.5)

Revenues from exited business (4)

516.8

Adjustments related to equity method investments

(27.6)

Market risk benefit derivative settlements

(7.3)

Total revenues per consolidated statements of operations

4,616.4


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Revenue from contracts with external customers (1)		$	1,033.5		$	471.8		$	1,083.7		$	70.5		$	2,659.5
Adjustments for revenue from contracts with external customers not included in operating revenues (2)			(17.7)			—			5.8			—			(11.9)
Net investment income included in operating revenues			861.3			106.3			168.6			45.6			1,181.8
Operating revenues from equity method investments			—			68.7			—			(0.1)			68.6
Inter-segment operating revenues			9.1			80.3			2.4			77.9			169.7
Eliminations of inter-segment operating revenues			—			—			—			(169.7)			(169.7)
Segment operating revenues (3)		$	1,886.2		$	727.1		$	1,260.5		$	24.2			3,898.0
Net realized capital gains, net of related revenue adjustments															87.5
Revenues from exited business (4)															(271.3)
Adjustments related to equity method investments															(22.5)
Market risk benefit derivative settlements															(10.1)
Total revenues per consolidated statements of operations														$	3,681.6

For the nine months ended September 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

2,968.6

1,369.8

3,295.1

274.1

7,907.6

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(53.4)

—

21.8

—

(31.6)

Net investment income included in operating revenues

2,782.9

303.5

500.7

122.2

3,709.3

Operating revenues from equity method investments

—

200.2

—

(0.3)

199.9

Inter-segment operating revenues

(3.3)

248.6

6.4

250.6

502.3

Eliminations of inter-segment operating revenues

—

(502.3)

Segment operating revenues (3)

5,694.8

2,122.1

3,824.0

144.3

11,785.2

Net realized capital losses, net of related revenue adjustments

(221.0)

Revenues from exited business (4)

578.6

Adjustments related to equity method investments

(68.9)

Market risk benefit derivative settlements

(22.6)

Total revenues per consolidated statements of operations

12,051.3


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	3,181.3	$	1,382.6	$	3,204.5	$	196.3	$	7,964.7
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(52.2)		—		21.2		—		(31.0)
Net investment income included in operating revenues		2,521.8		343.0		488.9		155.5		3,509.2
Operating revenues from equity method investments		—		158.3		—		(0.3)		158.0
Inter-segment operating revenues		28.8		233.4		6.4		236.8		505.4
Eliminations of inter-segment operating revenues		—		—		—		(505.4)		(505.4)
Segment operating revenues (3)	$	5,679.7	$	2,117.3	$	3,721.0	$	82.9		11,600.9
Net realized capital losses, net of related revenue adjustments										(21.5)
Revenues from exited business (4)										(443.4)
Adjustments related to equity method investments										(55.0)
Market risk benefit derivative settlements										(32.2)
Total revenues per consolidated statements of operations									$	11,048.8

(1)	Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statements of operations.

(2)	Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses as well as fees associated with net realized capital gains (losses) and actuarial assumption review that are not included in segment operating revenues.

(3)	See Note 19, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues.

(4)	Revenues from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance gain		0.4		0.5		1.7		1.6
Other impacts of exited business (a)		(284.8)		(5.7)		(298.6)		(21.2)
Total revenues from exited business	$	516.8	$	(271.3)	$	578.6	$	(443.4)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

Segment Expenses

The expense categories within total segment expenses included:

For the three months ended September 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Benefits, claims and settlement expenses

1,530.2

31.8

725.8

(1.2)

 

Liability for future policy benefits remeasurement (gain) loss

3.2

0.3

(8.9)

—

Market risk benefit remeasurement loss

3.6

—

Dividends to policyholders

0.1

—

31.0

—

Commission expense

74.8

53.7

134.7

46.9

Capitalization of deferred acquisition costs and contract costs

(38.2)

(12.7)

(78.7)

—

Amortization of deferred acquisition costs and contract costs

25.5

9.0

65.9

—

Depreciation and amortization

19.6

13.9

5.4

3.4

Interest expense on corporate debt

—

0.1

—

49.1

Compensation and other

377.7

318.2

251.5

51.8

Total operating expenses

459.4

382.2

378.8

151.2

Total segment expenses

1,996.5

414.3

1,126.7

150.0

3,687.5

Net realized capital losses expense adjustments

46.1

Market risk benefit derivative settlements

(7.3)

Expenses from exited business (1)

44.9

Expenses related to actuarial assumption review

6.4

Total expenses per consolidated statements of operations

3,777.6


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Benefits, claims and settlement expenses		$	1,144.0		$	60.9		$	705.0		$	(1.1)
Liability for future policy benefits remeasurement (gain) loss			(10.5)			(0.8)			72.8			—
Market risk benefit remeasurement loss			0.9			—			—			—
Dividends to policyholders			0.1			—			29.9			—
Commission expense			74.9			50.9			132.4			26.9
Capitalization of deferred acquisition costs and contract costs			(41.1)			(9.7)			(74.3)			—
Amortization of deferred acquisition costs and contract costs			21.8			12.7			63.9			—
Depreciation and amortization			18.3			13.7			4.3			3.8
Interest expense on corporate debt			—			0.3			—			45.0
Compensation and other			367.4			320.0			240.0			43.5
Total operating expenses			441.3			387.9			366.3			119.2
Total segment expenses		$	1,575.8		$	448.0		$	1,174.0		$	118.1		$	3,315.9
Net realized capital losses expense adjustments															80.0
Market risk benefit derivative settlements															(10.1)
Expenses from exited business (1)															47.4
Total expenses per consolidated statements of operations														$	3,433.2

For the nine months ended September 30, 2026

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

3,403.6

225.3

2,124.4

30.1

Liability for future policy benefits remeasurement (gain) loss

2.2

0.7

(17.2)

—

Market risk benefit remeasurement loss

1.7

—

Dividends to policyholders

0.2

—

85.4

—

Commission expense

218.3

156.0

405.4

133.1

Capitalization of deferred acquisition costs and contract costs

(112.3)

(31.7)

(241.2)

—

Amortization of deferred acquisition costs and contract costs

71.4

26.3

196.0

—

Depreciation and amortization

57.4

41.5

13.9

10.3

Interest expense on corporate debt

—

0.8

—

137.7

Compensation and other

1,128.9

998.4

733.5

168.7

Total operating expenses

1,363.7

1,191.3

1,107.6

449.8

Total segment expenses

4,771.4

1,417.3

3,300.2

479.9

9,968.8

Net realized capital losses expense adjustments

140.3

Market risk benefit derivative settlements

(22.6)

Expenses from exited business (1)

141.5

Expenses related to actuarial assumption review

6.4

Total expenses per consolidated statements of operations

10,234.4


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	3,504.1	$	233.7	$	2,123.4	$	21.7
Liability for future policy benefits remeasurement (gain) loss		(18.9)		(0.9)		68.7		—
Market risk benefit remeasurement loss		4.6		—		—		—
Dividends to policyholders		0.1		—		71.9		—
Commission expense		216.9		147.2		419.1		75.6
Capitalization of deferred acquisition costs and contract costs		(122.5)		(25.8)		(236.0)		—
Amortization of deferred acquisition costs and contract costs		64.0		24.9		192.3		—
Depreciation and amortization		56.4		41.5		13.0		12.1
Interest expense on corporate debt		—		1.2		—		132.4
Compensation and other		1,088.2		983.8		715.0		125.0
Total operating expenses		1,303.0		1,172.8		1,103.4		345.1
Total segment expenses	$	4,792.9	$	1,405.6	$	3,367.4	$	366.8	$	9,932.7
Net realized capital losses expense adjustments										145.2
Market risk benefit derivative settlements										(32.2)
Expenses from exited business (1)										222.7
Total expenses per consolidated statements of operations									$	10,268.4

(1)Expenses from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Amortization of reinsurance loss	$	14.4	$	18.8	$	53.9	$	66.7
Other impacts of exited business		30.5		28.6		87.6		156.0
Total expenses from exited business	$	44.9	$	47.4	$	141.5	$	222.7

Segment Pre-Tax Operating Earnings

For the three months ended September 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Segment pre-tax operating earnings (losses)

 

297.8

230.5

169.7

(110.5)

587.5

Pre-tax net realized capital losses, as adjusted (1)

(186.6)

Pre-tax income from exited business (2)

471.9

Pre-tax loss related to actuarial assumption review

(6.4)

Adjustments related to equity method investments and noncontrolling interest

(27.6)

Total income before income taxes per consolidated statements of operations

838.8


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Segment pre-tax operating earnings (losses)		$	310.3		$	274.7		$	86.5		$	(91.6)		$	579.9
Pre-tax net realized capital gains, as adjusted (1)															7.5
Pre-tax loss from exited business (2)															(318.7)
Adjustments related to equity method investments and noncontrolling interest															(20.3)
Total income before income taxes per consolidated statements of operations														$	248.4

For the nine months ended September 30, 2026

Retirement

Principal

 

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Segment pre-tax operating earnings (losses)

923.2

695.4

523.8

(327.6)

1,814.8

Pre-tax net realized capital losses, as adjusted (1)

(361.3)

Pre-tax income from exited business (2)

437.1

Pre-tax loss related to actuarial assumption review

(6.4)

Adjustments related to equity method investments and noncontrolling interest

(67.3)

Total income before income taxes per consolidated statements of operations

1,816.9


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	886.1	$	698.6	$	353.6	$	(278.4)	$	1,659.9
Pre-tax net realized capital losses, as adjusted (1)										(166.7)
Pre-tax loss from exited business (2)										(666.1)
Adjustments related to equity method investments and noncontrolling interest										(46.7)
Total income before income taxes per consolidated statements of operations									$	780.4

(1)Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Net realized capital gains (losses)

(387.6)

85.7

(400.0)

(26.0)

Derivative and hedging-related revenue adjustments

(39.3)

(25.7)

(132.8)

(76.2)

Market value adjustments to fee revenues

0.1

—

0.2

(0.1)

Certain variable annuity fees

17.1

17.2

51.5

50.8

Net realized capital losses related to exited business

276.7

—

276.7

—

Equity method investments

4.7

1.2

4.0

5.6

Certain real estate-related depreciation and amortization

(21.0)

—

(52.0)

—

Sponsored investment funds and other adjustments

8.8

9.1

31.4

24.4

Net realized capital gains (losses), net of related revenue adjustments

(140.5)

87.5

(221.0)

(21.5)

Amortization of actuarial balances

(6.4)

(4.3)

(18.7)

(9.3)

Capital gains distributed

(18.7)

(59.0)

(46.2)

(39.0)

Derivative and hedging-related expense adjustments

(4.2)

(3.4)

(2.0)

1.5

Market value adjustments of market risk benefits

(8.3)

(13.2)

(51.5)

(80.6)

Market value adjustments of embedded derivatives

(8.5)

(0.1)

(21.9)

(17.8)

Net realized capital losses, net of related expense adjustments

(46.1)

(80.0)

(140.3)

(145.2)

Pre-tax net realized capital gains (losses), as adjusted (a)

(186.6)

7.5

(361.3)

(166.7)

(a)As adjusted before noncontrolling interest capital gains (losses).

(2)Pre-tax income (loss) from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance loss		(14.0)		(18.3)		(52.2)		(65.1)
Other impacts of exited business (a)		(315.3)		(34.3)		(386.2)		(177.2)
Total pre-tax income (loss) from exited business	$	471.9	$	(318.7)	$	437.1	$	(666.1)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
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-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

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-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Nature of Operations and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2026

Nature of Operations and Significant Accounting Policies

Basis of Presentation - Policy

Basis of Presentation

Consolidation - Policy

Consolidation

Recent Accounting Pronouncements - Policy

Recent Accounting Pronouncements


Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Accounting for internal-use software This authoritative guidance aligns the accounting for internal-use software with the method used to develop the software, which will lead to consistency in determining when software capitalization should begin.	January 1, 2028	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Disaggregation of income statement expenses This authoritative guidance expands the disclosures about a public entity’s expenses and addresses requests for more granular information about the types of expenses in commonly presented expense categories.	December 31, 2027	We are currently evaluating the impact this guidance will have on our notes to the consolidated financial statements.
Credit losses on purchased loans This authoritative guidance expands application of the gross up method for credit losses from purchased financial assets with credit deterioration to certain acquired loans categorized as purchased seasoned loans.	January 1, 2027	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Hedge accounting improvements This authoritative guidance aims to more closely align financial reporting with the economics of an entity’s risk management activities by expanding and refining the hedge accounting guidance in five key areas: 1.Similar risk assessment for cash flow hedges 2. Hedging forecasted interest payments on choose-your-rate debt 3.Cash flow hedges of non-financial forecasted transactions 4.Net written options as hedging instruments 5.Dual hedges	January 1, 2027	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Standards adopted:
Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures for annual periods primarily related to the rate reconciliation and income taxes paid information.	December 31, 2025	The enhanced disclosures can be found in Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Long-Duration Insurance Contracts Disclosures - Policy

Long-Duration Insurance Contracts Disclosures

●

Retirement and Income Solutions:

o

Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans

o

Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings

o

Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions

o

o

o

Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions

●

Principal Asset Management – International Pension

o

Latin America:

◾

Individual fixed income annuities – SPIAs offered to individuals, prior to the third quarter 2026 sale of this business

◾

●

Benefits and Protection – Specialty Benefits:

o

Individual disability – Disability insurance providing protection to individuals and/or business owners

●

Benefits and Protection – Life Insurance:

o

o

Term life – Term life insurance products offered to individuals and/or business owners

o

●

Corporate:

o

Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

Stockholders' Equity

Common Stock Dividends (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

Dividends declared per common share

0.84

0.78

2.46

2.29

Reconciliation of Outstanding Common Shares (Table)


		For the three months ended				For the nine months ended
		September 30,				September 30,
		2026		2025		2026		2025
Beginning balance		214,635,434		223,185,689		217,380,912		226,225,161
Shares issued		369,243		173,489		2,670,363		2,009,845
Treasury stock acquired		(2,239,017)		(2,842,368)		(7,285,615)		(7,718,196)
Ending balance		212,765,660		220,516,810		212,765,660		220,516,810

Other Comprehensive Income (Loss) (Table)

For the three months ended

For the nine months ended

September 30, 2026

 

Pre-Tax

 

Tax

 

After-Tax

 

Pre-Tax

 

Tax

 

After-Tax

(in millions)

Net unrealized losses on available-for-sale securities during the period

(3,037.7)

650.7

(2,387.0)

(3,649.4)

787.1

(2,862.3)

Reclassification adjustment for losses included in net income (1)

26.7

(5.7)

21.0

134.1

(28.5)

105.6

Adjustments for assumed changes in amortization patterns

2.1

(0.5)

1.6

2.5

(0.5)

2.0

Adjustments for assumed changes in policyholder liabilities

30.0

(6.3)

23.7

39.9

(8.4)

31.5

Net unrealized losses on available-for-sale securities

(2,978.9)

638.2

(2,340.7)

(3,472.9)

749.7

(2,723.2)

Net unrealized losses on derivative instruments during the period

(104.6)

22.0

(82.6)

(63.4)

13.3

(50.1)

Reclassification adjustment for losses (gains) included in net income (2)

(0.1)

—

(0.1)

0.1

—

0.1

Adjustments for assumed changes in amortization patterns

—

0.1

(0.1)

—

Net unrealized losses on derivative instruments

(104.7)

22.0

(82.7)

(63.2)

13.2

(50.0)

Liability for future policy benefits discount rate remeasurement gain (3)

2,193.2

(482.5)

1,710.7

2,788.3

(617.1)

2,171.2

Market risk benefit nonperformance risk remeasurement gain (4)

7.4

(1.5)

5.9

8.2

(1.7)

6.5

Foreign currency translation adjustment during the period

(65.7)

15.6

(50.1)

(56.9)

6.8

(50.1)

Reclassification adjustment for losses included in net income (5)

196.3

1.5

197.8

1.5

199.3

Foreign currency translation adjustment

130.6

17.1

147.7

140.9

8.3

149.2

Unrecognized postretirement benefit obligation during the period

—

(2.0)

0.5

(1.5)

Amortization of amounts included in net periodic benefit cost (6)

2.2

(0.6)

1.6

9.1

(2.4)

6.7

Net unrecognized postretirement benefit obligation

2.2

(0.6)

1.6

7.1

(1.9)

5.2

Other comprehensive loss

(750.2)

192.7

(557.5)

(591.6)

150.5

(441.1)


		For the three months ended								For the nine months ended
		September 30, 2025								September 30, 2025
		Pre-Tax			Tax			After-Tax		Pre-Tax			Tax			After-Tax

		(in millions)
Net unrealized gains on available-for-sale securities during the period		$	863.9		$	(187.0)		$	676.9	$	1,804.2		$	(385.5)		$	1,418.7
Reclassification adjustment for losses included in net income (1)			21.0			(4.3)			16.7		128.0			(26.9)			101.1
Adjustments for assumed changes in amortization patterns			(0.8)			0.1			(0.7)		(1.3)			0.3			(1.0)
Adjustments for assumed changes in policyholder liabilities			(1.7)			0.4			(1.3)		14.0			(2.9)			11.1
Net unrealized gains on available-for-sale securities			882.4			(190.8)			691.6		1,944.9			(415.0)			1,529.9

Net unrealized gains (losses) on derivative instruments during the period			90.8			(19.0)			71.8		(98.7)			20.7			(78.0)
Reclassification adjustment for gains included in net income (2)			(3.1)			0.6			(2.5)		(4.3)			0.9			(3.4)
Adjustments for assumed changes in amortization patterns			—			—			—		0.1			—			0.1
Net unrealized gains (losses) on derivative instruments			87.7			(18.4)			69.3		(102.9)			21.6			(81.3)

Liability for future policy benefits discount rate remeasurement loss (3)			(460.5)			97.2			(363.3)		(880.1)			184.5			(695.6)

Market risk benefit nonperformance risk remeasurement loss (4)			(5.9)			1.3			(4.6)		(3.7)			0.8			(2.9)

Foreign currency translation adjustment			2.8			3.4			6.2		166.5			(4.6)			161.9

Unrecognized postretirement benefit obligation during the period			0.1			(0.1)			—		(13.5)			3.4			(10.1)
Amortization of amounts included in net periodic benefit cost (6)			4.2			(1.1)			3.1		12.8			(3.3)			9.5
Net unrecognized postretirement benefit obligation			4.3			(1.2)			3.1		(0.7)			0.1			(0.6)

Other comprehensive income		$	510.8		$	(108.5)		$	402.3	$	1,124.0		$	(212.6)		$	911.4

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

(2)	See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3)	Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 9, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 10, Market Risk Benefits, for further details.

(5)	Relates to the release of cumulative translation adjustments from the dissolution of foreign subsidiaries.

(6)

Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 14, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)


							MRB
	Net unrealized		Net unrealized		LFPB		nonperformance		Foreign		Unrecognized		Accumulated
	losses on		gains (losses)		discount rate		risk		currency		postretirement		other
	available-for-sale		on derivative		remeasurement		remeasurement		translation		benefit		comprehensive
	securities (1)		instruments		gain		loss		adjustment		obligation		loss

	(in millions)
Balances as of July 1, 2025	$	(3,854.6)	$	(98.8)	$	1,105.9	$	(13.3)	$	(1,627.8)	$	(224.7)	$	(4,713.3)
Other comprehensive income during the period, net of adjustments		674.9		71.8		(363.3)		(4.6)		10.6		—		389.4
Amounts reclassified from AOCI		16.7		(2.5)		—		—		—		3.1		17.3
Other comprehensive income		691.6		69.3		(363.3)		(4.6)		10.6		3.1		406.7
Balances as of September 30, 2025	$	(3,163.0)	$	(29.5)	$	742.6	$	(17.9)	$	(1,617.2)	$	(221.6)	$	(4,306.6)

Balances as of July 1, 2026	$	(3,611.6)	$	0.8	$	1,273.0	$	(12.8)	$	(1,538.9)	$	(176.3)	$	(4,065.8)
Other comprehensive loss during the period, net of adjustments		(2,361.7)		(82.6)		1,710.7		5.9		(49.3)		—		(777.0)
Amounts reclassified from AOCI		21.0		(0.1)		—		—		177.3		1.6		199.8
Other comprehensive loss		(2,340.7)		(82.7)		1,710.7		5.9		128.0		1.6		(577.2)
Balances as of September 30, 2026	$	(5,952.3)	$	(81.9)	$	2,983.7	$	(6.9)	$	(1,410.9)	$	(174.7)	$	(4,643.0)


											MRB
		Net unrealized			Net unrealized			LFPB			nonperformance			Foreign			Unrecognized			Accumulated
		losses on			gains (losses)			discount rate			risk			currency			postretirement			other
		available-for-sale			on derivative			remeasurement			remeasurement			translation			benefit			comprehensive
		securities (1)			instruments			gain			loss			adjustment			obligation			loss

		(in millions)
Balances as of January 1, 2025		$	(4,692.9)		$	51.8		$	1,438.2		$	(15.0)		$	(1,785.9)		$	(221.0)		$	(5,224.8)
Other comprehensive income during the period, net of adjustments			1,428.8			(77.9)			(695.6)			(2.9)			168.7			(10.1)			811.0
Amounts reclassified from AOCI			101.1			(3.4)			—			—			—			9.5			107.2
Other comprehensive income			1,529.9			(81.3)			(695.6)			(2.9)			168.7			(0.6)			918.2
Balances as of September 30, 2025		$	(3,163.0)		$	(29.5)		$	742.6		$	(17.9)		$	(1,617.2)		$	(221.6)		$	(4,306.6)

Balances as of January 1, 2026		$	(3,229.1)		$	(31.9)		$	812.5		$	(13.4)		$	(1,546.6)		$	(179.9)		$	(4,188.4)
Other comprehensive loss during the period, net of adjustments			(2,828.8)			(50.1)			2,171.2			6.5			(43.0)			(1.5)			(745.7)
Amounts reclassified from AOCI			105.6			0.1			—			—			178.7			6.7			291.1
Other comprehensive loss			(2,723.2)			(50.0)			2,171.2			6.5			135.7			5.2			(454.6)
Balances as of September 30, 2026		$	(5,952.3)		$	(81.9)		$	2,983.7		$	(6.9)		$	(1,410.9)		$	(174.7)		$	(4,643.0)

(1)	Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $11.1 million and $4.7 million as of September 30, 2026 and 2025, respectively.

Redeemable Noncontrolling Interest (Table)


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Beginning balance		$	711.7		$	391.2		$	474.3		$	337.7
Net income (loss) attributable to redeemable noncontrolling interest			(34.7)			18.4			(20.5)			55.8
Redeemable noncontrolling interest of deconsolidated entities (1)			(346.7)			—			(354.2)			(22.9)
Contributions from redeemable noncontrolling interest			81.3			18.4			364.7			107.3
Distributions to redeemable noncontrolling interest			(5.5)			(11.0)			(51.5)			(56.1)
Purchase of subsidiary shares from redeemable noncontrolling interest			—			(2.9)			(0.9)			(4.5)
Stock-based compensation attributable to redeemable noncontrolling interest			—			—			—			0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest			20.5			(4.0)			14.7			(7.3)
Ending balance		$	426.6		$	410.1		$	426.6		$	410.1

(1)	We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Deferred Acquisition Costs and Other Actuarial Balances (Tables)

9 Months Ended

Sep. 30, 2026

Disaggregated DAC amounts and reconciliation (Table)


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	534.0		$	528.9
Individual variable annuities			415.8			385.3
Pension risk transfer			26.6			24.8
Individual fixed deferred annuities			54.8			66.9
Investment only			12.5			10.6
Total Retirement and Income Solutions			1,043.7			1,016.5
Benefits and Protection:
Specialty Benefits:
Individual disability			731.3			714.8
Life Insurance:
Universal life			1,506.3			1,514.3
Term life			728.0			723.5
Participating life			66.3			71.0
Total Benefits and Protection			3,031.9			3,023.6
Short-duration contracts			36.6			30.2
Other balances (1)			—			1.3
Total DAC per consolidated statements of financial position		$	4,112.2		$	4,071.6

(1)	Includes insignificant balances for long-duration contracts.

Disaggregated unearned revenue liability amounts and reconciliation (Table)


	September 30, 2026		December 31, 2025

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	549.9	$	532.9
Total unearned revenue liability	$	549.9	$	532.9

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)


	Workplace
	savings and		Individual				Individual
	retirement		variable		Pension risk		fixed deferred		Investment
	solutions		annuities		transfer		annuities		only

	(in millions)
Balances as of January 1, 2025	$	515.5	$	323.4	$	21.1	$	84.2	$	13.0
Costs deferred		50.9		96.9		5.0		—		2.6
Amortized to expense		(37.5)		(35.0)		(1.3)		(17.3)		(5.0)
Balances as of December 31, 2025		528.9		385.3		24.8		66.9		10.6
Costs deferred		33.8		61.9		2.9		—		5.7
Amortized to expense		(28.7)		(31.4)		(1.1)		(12.1)		(3.8)
Balances as of September 30, 2026	$	534.0	$	415.8	$	26.6	$	54.8	$	12.5

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)


	Specialty Benefits		Life Insurance
	Individual disability		Universal life		Term life		Participating life

	(in millions)
Balances as of January 1, 2025	$	696.9	$	1,527.7	$	710.8	$	77.8
Costs deferred		71.9		81.2		75.6		1.2
Amortized to expense		(54.0)		(94.6)		(62.9)		(8.0)
Balances as of December 31, 2025		714.8		1,514.3		723.5		71.0
Costs deferred		58.1		62.7		52.9		0.9
Amortized to expense		(41.6)		(70.7)		(48.4)		(5.6)
Balances as of September 30, 2026	$	731.3	$	1,506.3	$	728.0	$	66.3

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		(in millions)
Balance at beginning of period		$	532.9		$	510.1
Deferrals			42.9			56.0
Revenue recognized			(25.9)			(33.2)
Balance at end of period			549.9			532.9
Reinsurance impact			(211.1)			(215.6)
Balance at end of period after reinsurance		$	338.8		$	317.3

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2026

Reinsurance

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025

	(in millions)
Premiums and other considerations:
Direct	$	2,034.7	$	1,661.4	$	4,924.0	$	5,082.9
Ceded		(136.8)		(128.6)		(417.2)		(402.3)
Net premiums and other considerations	$	1,897.9	$	1,532.8	$	4,506.8	$	4,680.6

Benefits, claims and settlement expenses:
Direct	$	2,723.8	$	2,356.8	$	7,166.2	$	7,277.1
Ceded		(405.1)		(392.7)		(1,244.3)		(1,253.1)
Net benefits, claims and settlement expenses	$	2,318.7	$	1,964.1	$	5,921.9	$	6,024.0

LFPB remeasurement loss:
Direct	$	68.5	$	51.8	$	92.5	$	46.1
Ceded		(45.1)		9.1		(76.4)		12.7
Net LFPB remeasurement loss	$	23.4	$	60.9	$	16.1	$	58.8

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Cost of reinsurance asset		$	3,045.5		$	3,103.2

Cost of reinsurance liability		$	939.7		$	971.4

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Fixed maturities, available-for-sale		$	12,083.3		$	13,300.1
Fixed maturities, trading			190.7			279.3
Equity securities			0.3			0.3
Mortgage loans			1,562.6			2,002.9
Other investments			1,931.2			1,708.7
Cash and cash equivalents			747.7			547.8
Accrued interest income			149.2			159.0
Net other liabilities			(103.4)			(89.2)
Net assets		$	16,561.6		$	17,908.9

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Fixed maturities, available-for-sale		$	(5.3)		$	1.3		$	(27.3)		$	(46.2)
Fixed maturities, trading			(3.0)			—			(6.1)			0.1
Mortgage loans			—			(0.1)			(4.0)			(1.4)
Derivatives			0.3			(0.4)			1.2			(2.1)
Net realized capital gains (losses)		$	(8.0)		$	0.8		$	(36.2)		$	(49.6)

Contractholder Funds (Tables)

9 Months Ended

Sep. 30, 2026

Policyholder account balances

Schedule of disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions:	* *			* *
Workplace savings and retirement solutions		$	17,248.5		$	15,808.1
Individual variable annuities			6,232.9			4,273.0
Individual fixed deferred annuities			3,215.1			3,728.0
Total Retirement and Income Solutions			26,696.5			23,809.1
Benefits and Protection – Life Insurance:
Universal life			6,592.7			6,867.5
Corporate:
Inter-segment eliminations			(330.2)			(358.5)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue			32,959.0			30,318.1

Reconciling items:
Investment contracts without significant fee revenue (1)			14,384.4			14,662.7
Other balances (2)			403.4			399.5
Total contractholder funds per consolidated statements of financial position		$	47,746.8		$	45,380.3

(1)	Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.

(2)	Includes insignificant balances for long-duration contracts and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.

Schedule of guaranteed minimum interest rate (Table)


		September 30, 2026
		Excess of crediting rates over GMIR
					Up to 0.50%			0.51% to 1.00%			1.01% to 2.00%			2.01% or more
		At GMIR			above GMIR			above GMIR			above GMIR			above GMIR			Total

		(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%		$	—		$	—		$	—		$	—		$	—		$	—
1.01% - 2.00%			—			—			2,426.9			664.1			—			3,091.0
2.01% - 3.00%			113.8			23.9			111.5			2,681.8			8,081.3			11,012.3
3.01% - 4.00%			7.2			—			—			—			—			7.2
4.01% and above			10.3			—			—			—			—			10.3
Subtotal			131.3			23.9			2,538.4			3,345.9			8,081.3			14,120.8
No GMIR																		3,127.7
Total																	$	17,248.5

Individual variable annuities
Up to 1.00%		$	13.8		$	—		$	—		$	—		$	—		$	13.8
1.01% - 2.00%			3.3			—			—			—			—			3.3
2.01% - 3.00%			176.1			—			—			—			—			176.1
3.01% - 4.00%			—			—			—			—			—			—
4.01% and above			—			—			—			—			—			—
Subtotal			193.2			—			—			—			—			193.2
No GMIR																		6,039.7
Total																	$	6,232.9

Individual fixed deferred annuities
Up to 1.00%		$	137.7		$	7.7		$	10.9		$	27.6		$	831.2		$	1,015.1
1.01% - 2.00%			58.2			—			0.2			2.3			8.2			68.9
2.01% - 3.00%			1,886.0			—			—			—			—			1,886.0
3.01% - 4.00%			126.1			—			—			—			—			126.1
4.01% and above			—			—			—			—			—			—
Subtotal			2,208.0			7.7			11.1			29.9			839.4			3,096.1
No GMIR																		119.0
Total																	$	3,215.1

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%		$	—		$	—		$	—		$	14.4		$	39.1		$	53.5
1.01% - 2.00%			216.8			—			332.2			640.9			489.0			1,678.9
2.01% - 3.00%			724.6			348.1			661.1			406.0			0.2			2,140.0
3.01% - 4.00%			1,318.9			69.6			91.6			24.4			1.9			1,506.4
4.01% and above			18.3			27.7			1.7			1.3			—			49.0
Subtotal			2,278.6			445.4			1,086.6			1,087.0			530.2			5,427.8
No GMIR																		1,164.9
Total																	$	6,592.7


		December 31, 2025
		Excess of crediting rates over GMIR
					Up to 0.50%			0.51% to 1.00%			1.01% to 2.00%			2.01% or more
		At GMIR			above GMIR			above GMIR			above GMIR			above GMIR			Total

		(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%		$	—		$	—		$	—		$	—		$	—		$	—
1.01% - 2.00%			—			2,700.0			—			741.4			—			3,441.4
2.01% - 3.00%			195.0			189.1			673.2			3,935.8			4,471.3			9,464.4
3.01% - 4.00%			7.6			—			—			—			—			7.6
4.01% and above			11.9			—			—			—			—			11.9
Subtotal			214.5			2,889.1			673.2			4,677.2			4,471.3			12,925.3
No GMIR																		2,882.8
Total																	$	15,808.1

Individual variable annuities
Up to 1.00%		$	14.8		$	—		$	—		$	—		$	—		$	14.8
1.01% - 2.00%			3.9			—			—			—			—			3.9
2.01% - 3.00%			197.2			—			—			—			—			197.2
3.01% - 4.00%			—			—			—			—			—			—
4.01% and above			—			—			—			—			—			—
Subtotal			215.9			—			—			—			—			215.9
No GMIR																		4,057.1
Total																	$	4,273.0

Individual fixed deferred annuities
Up to 1.00%		$	166.2		$	8.9		$	25.7		$	78.8		$	969.1		$	1,248.7
1.01% - 2.00%			66.8			0.2			3.1			21.8			7.6			99.5
2.01% - 3.00%			2,101.8			—			—			—			—			2,101.8
3.01% - 4.00%			133.4			—			—			—			—			133.4
4.01% and above			—			—			—			—			—			—
Subtotal			2,468.2			9.1			28.8			100.6			976.7			3,583.4
No GMIR																		144.6
Total																	$	3,728.0

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%		$	—		$	—		$	—		$	14.8		$	31.2		$	46.0
1.01% - 2.00%			239.6			—			344.3			621.7			458.0			1,663.6
2.01% - 3.00%			566.6			592.3			711.4			391.8			4.9			2,267.0
3.01% - 4.00%			1,552.7			55.6			28.6			112.7			3.3			1,752.9
4.01% and above			17.0			9.6			16.1			7.7			—			50.4
Subtotal			2,375.9			657.5			1,100.4			1,148.7			497.4			5,779.9
No GMIR																		1,087.6
Total																	$	6,867.5

Retirement and Income Solutions

Policyholder account balances

Schedule of changes in policyholder account balances (Table)


		For the nine months ended September 30, 2026									For the year ended December 31, 2025
		Workplace						Individual			Workplace						Individual
		savings and			Individual			fixed			savings and			Individual			fixed
		retirement			variable			deferred			retirement			variable			deferred
		solutions			annuities			annuities (1)			solutions			annuities			annuities (1)

		($ in millions)
Balance at beginning of period		$	15,808.1		$	4,273.0		$	3,728.0		$	13,982.8		$	1,906.7		$	4,460.7
Premiums and deposits			4,656.8			1,404.5			21.7			5,734.4			2,296.3			24.8
Policy charges			(25.9)			—			—			(36.7)			—			—
Surrenders, withdrawals and benefit payments			(2,658.7)			(1,268.7)			(609.7)			(4,206.8)			(1,927.4)			(878.5)
Net transfers (to) from separate account (2)			(987.5)			1,053.7			—			(162.1)			1,653.9			—
Interest credited			481.3			99.3			74.0			522.5			82.7			121.9
Change in fair value of embedded derivative			—			658.4			5.8			—			236.6			5.9
Other			(25.6)			12.7			(4.7)			(26.0)			24.2			(6.8)
Balance at end of period		$	17,248.5		$	6,232.9		$	3,215.1		$	15,808.1		$	4,273.0		$	3,728.0

Weighted-average crediting rate (3)			4.05	%		3.29	%		3.18	%		3.87	%		3.37	%		3.16	%
Cash surrender value (4)		$	15,660.2		$	5,733.3		$	3,048.4		$	14,606.4		$	4,123.4		$	3,525.6

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

Within the separate account liabilities rollforwards in Note 7, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(3)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value.

(4)

Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. The cash surrender value for RILA products also includes an equity and bond adjustment that may result in cash surrender value being greater than account balance.

Benefits and Protection | Universal life | Life Insurance

Policyholder account balances

Schedule of changes in policyholder account balances (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	6,867.5		$	6,953.7
Premiums and deposits			982.6			1,305.7
Policy charges			(664.4)			(886.0)
Surrenders, withdrawals and benefit payments			(698.5)			(587.7)
Net transfers from (to) separate account (1)			(89.4)			(198.1)
Interest credited			218.0			304.2
Change in fair value of embedded derivative			14.4			17.3
Other			(37.5)			(41.6)
Balance at end of period			6,592.7			6,867.5
Reinsurance impact			(2,902.4)			(3,045.1)
Balance at end of period after reinsurance		$	3,690.3		$	3,822.4

Weighted-average crediting rate (2)			4.19	%		4.11	%
Net amount at risk (3)		$	85,508.6		$	86,094.5
Cash surrender value (4)		$	5,812.6		$	6,045.7

(1)	Within the separate account liabilities rollforwards in Note 7, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(2)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits.

(3)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.

(4)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Future Policy Benefits and Claims - Expected Future Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	$ 44,132.8	$ 42,601.7
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	5,915.7	6,221.3
Principal Asset Management \| International Pension \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments		5,945.8
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Expected discounted future gross premiums	5,297.7	5,683.8
Expected undiscounted future gross premiums	8,764.3	8,763.7
Expected undiscounted future benefit payments	10,246.3	9,951.7
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Expected discounted future gross premiums	6,474.1	6,929.2
Expected undiscounted future gross premiums	12,133.1	11,960.4
Expected undiscounted future benefit payments	9,852.2	9,653.9
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Expected discounted future gross premiums	31.8	37.4
Expected undiscounted future gross premiums	47.7	52.7
Expected undiscounted future benefit payments	$ 322.7	$ 363.1

Stock-Based Compensation Plans - Nonqualified Stock Options (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Employee Stock Option Member
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)	0.0	0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenues from Contracts with Customers - Disaggregation within Segments, Retirement and Income Solution (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	147.1	155.4	479.6	449.3
Fees and other revenues not within the scope of revenue recognition guidance	324.9	303.9	913.8	885.4
Total fees and other revenues	472.0	459.3	1,393.4	1,334.7
Premiums and other considerations	889.6	566.5	1,549.4	1,824.0
Net investment income	932.8	860.4	2,752.0	2,521.0
Total operating revenues	2,294.4	1,886.2	5,694.8	5,679.7
Operating Segments \| Retirement and Income Solutions \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	141.1	150.5	462.5	435.3
Operating Segments \| Retirement and Income Solutions \| Deposit account fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.6	3.3	10.6	9.9
Operating Segments \| Retirement and Income Solutions \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ 2.4	$ 1.6	$ 6.5	$ 4.1

Revenues from Contracts with Customers - Disaggregation within Segments, Corporate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	68.7	64.9	208.4	181.0
Fees and other revenues not within the scope of revenue recognition guidance	(66.7)	(81.4)	(205.3)	(238.4)
Total fees and other revenues	2.0	(16.5)	3.1	(57.4)
Premiums and other considerations	(1.4)	(1.3)	(4.2)	(4.0)
Net investment income	36.2	42.0	145.4	144.3
Total operating revenues	36.8	24.2	144.3	82.9
Operating Segments \| Corporate \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	120.6	133.5	366.4	396.9
Operating Segments \| Corporate \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	27.8	25.2	81.8	74.2
Operating Segments \| Corporate \| Revenue by type - Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ (79.7)	$ (93.8)	$ (239.8)	$ (290.1)

Separate Account Balances (Tables)

9 Months Ended

Sep. 30, 2026

Summary of separate account assets by investment category (Table)


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Fixed maturities:
U.S. government and agencies		$	10,145.5		$	10,027.9
Non-U.S. governments			8,249.3			9,122.1
States and political subdivisions			128.5			162.3
Corporate			12,152.4			13,404.2
Residential mortgage-backed pass-through securities			3,361.7			3,484.1
Commercial mortgage-backed securities			276.4			261.2
Other debt obligations			390.6			408.0
Total fixed maturities			34,704.4			36,869.8
Equity securities			148,382.4			141,251.0
Real estate			449.1			445.9
Other investments			7,376.8			8,848.3
Cash and cash equivalents			3,008.0			5,135.4
Other assets			895.5			1,072.2
Total separate account assets per consolidated statements of financial position		$	194,816.2		$	193,622.6

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Retirement and Income Solutions:
Group retirement contracts		$	139,372.4		$	136,674.3
Individual variable annuities			6,603.8			7,364.9
Total Retirement and Income Solutions			145,976.2			144,039.2
Principal Asset Management – International Pension:
Latin America:
Pension			40,182.8			41,450.5
Benefits and Protection - Life Insurance:
Universal life			8,329.2			7,807.9
Other balances (1)			328.0			325.0
Total separate account liabilities per consolidated statements of financial position		$	194,816.2		$	193,622.6

(1)	Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)

 

For the nine months ended

For the year ended

September 30, 2026

December 31, 2025

Group

Individual

Group

Individual

retirement

variable

retirement

variable

 

contracts

 

annuities

 

contracts

 

annuities

(in millions)

Balance at beginning of period

136,674.3

7,364.9

125,103.1

8,334.9

Premiums and deposits (1)

13,894.2

97.8

15,458.7

157.1

Policy charges

(255.5)

(111.5)

(344.1)

(166.6)

Surrenders, withdrawals and benefit payments (1)

(17,653.1)

(1,149.1)

(17,649.8)

(1,790.0)

Investment performance

9,342.8

404.1

15,664.0

850.5

Net transfers (to) from general account (1)

(1,987.7)

(2.4)

(1,433.1)

(21.0)

Other (2)

(642.6)

—

(124.5)

—

Balance at end of period

139,372.4

6,603.8

136,674.3

7,364.9

Cash surrender value (3)

138,901.6

6,519.5

135,606.1

7,265.2

(1)	Within the policyholder account balances rollforwards in Note 8, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.

(2)	Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.

(3)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Principal Asset Management | International Pension | Pension | Latin America

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		(in millions)
Balance at beginning of period		$	41,450.5		$	32,802.2
Premiums and deposits			3,352.4			3,546.2
Policy charges			(15.5)			(17.7)
Surrenders, withdrawals and benefit payments			(3,300.1)			(3,962.7)
Investment performance			2,033.1			5,392.1
Other			(33.7)			2.7
Foreign currency translation adjustment			(3,303.9)			3,687.7
Balance at end of period		$	40,182.8		$	41,450.5

Cash surrender value		$	40,182.8		$	41,450.5

Benefits and Protection | Life Insurance | Universal life

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


	For the nine months ended		For the year ended
	September 30, 2026		December 31, 2025

	(in millions)
Balance at beginning of period	$	7,807.9	$	6,806.7
Premiums and deposits (1)		422.8		572.7
Policy charges		(104.9)		(135.4)
Surrenders, withdrawals and benefit payments (1)		(355.0)		(374.4)
Investment performance		536.8		938.5
Net transfers (to) from general account (1)		21.6		(0.2)
Balance at end of period	$	8,329.2	$	7,807.9

Cash surrender value (2)	$	8,406.7	$	7,873.6

(1)	Within the policyholder account balances rollforwards in Note 8, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account.

(2)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.

Derivative Financial Instruments - Net Investment Hedges (Details) - Net investment hedging relationships - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025
Effect of derivatives in hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in AOCI on derivatives		$ (0.1)	$ (3.6)
Amount of gain (loss) reclassified from AOCI into net realized capital gains (losses)	$ (5.8)	(6.0)
Foreign exchange contracts
Effect of derivatives in hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in AOCI on derivatives		(0.1)	$ (3.6)
Amount of gain (loss) reclassified from AOCI into net realized capital gains (losses)	$ (5.8)	$ (6.0)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 4D
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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+ Details

Segment Information (Details)	9 Months Ended
Segment Information (Details)	Sep. 30, 2026
Segment Information
Number of reportable segments disclosed by definition	true

Variable Interest Entities

9 Months Ended

Sep. 30, 2026

Variable Interest Entities

Variable Interest Entities

3. Variable Interest Entities

We have relationships with various types of entities that may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended September 30, 2026 and December 31, 2025.

Consolidated Variable Interest Entities

Mandatory Retirement Savings Funds

We hold an equity interest in Chilean mandatory privatized social security funds in which we provide asset management services. We determined the mandatory privatized social security funds, which also include contributions for voluntary pension savings, voluntary non-pension savings and compensation savings accounts, are VIEs. This is because the equity holders as a group lack the power, due to voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance and also because equity investors are protected from below-average market investment returns relative to the industry’s return, due to a regulatory guarantee that we provide. Further, we concluded we are the primary beneficiary through our power to make decisions and our significant variable interest in the funds. The purpose of the funds, which reside in legally segregated entities, is to provide long-term retirement savings. The obligation to the customer is directly related to the assets held in the funds and, as such, we present the assets as separate account assets and the obligation as separate account liabilities within our consolidated statements of financial position.

Real Estate

We invest in several real estate limited partnerships and limited liability companies. The entities invest in real estate properties. Certain of these entities are VIEs based on the combination of our significant economic interest and related voting rights. We determined we are the primary beneficiary as a result of our power to control the entities through our significant ownership. Due to the nature of these real estate investments, the investment balance will fluctuate as we purchase and sell interests in the entities and as capital expenditures are made to improve the underlying real estate.

Sponsored investment funds (3)

823.1

21.4

851.4

16.3

Residential mortgage loans (4)

666.3

18.5

728.9

18.8

Collateralized loan obligations (5)

114.3

94.5

—

Asset-backed limited partnership (6)

83.2

—

256.3

—

Total

43,187.5

40,339.8

44,585.2

41,519.8

(1)	The assets primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities.

(2)	The assets primarily include real estate, other investments and cash. Liabilities primarily include other liabilities.

(3)

(4)	The assets primarily include residential mortgage loans. The liabilities primarily include other liabilities.

(5)	The assets primarily include fixed maturities, trading. The liabilities primarily include short-term debt and other liabilities.

(6)	The assets primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents, other investments and fixed maturities, trading on the consolidated statements of financial position.

Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)


			Maximum exposure to
	Asset carrying value		loss (1)

	(in millions)
September 30, 2026
Fixed maturities, available-for-sale:
Corporate	$	225.3	$	311.9
Residential mortgage-backed pass-through securities		3,398.8		3,663.6
Commercial mortgage-backed securities		5,638.3		6,049.1
Collateralized debt obligations (2)		5,798.8		5,803.4
Other debt obligations		11,839.8		13,842.7
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		7.2		7.2
Commercial mortgage-backed securities		58.6		58.6
Collateralized debt obligations (2)		206.9		206.9
Other debt obligations		244.9		244.9
Equity securities		115.8		115.8
Other investments:
Other limited partnership and fund interests (3)		3,323.6		5,124.0

December 31, 2025
Fixed maturities, available-for-sale:
Corporate	$	289.4	$	361.7
Residential mortgage-backed pass-through securities		3,805.1		3,868.4
Commercial mortgage-backed securities		5,371.6		5,659.6
Collateralized debt obligations (2)		6,422.3		6,417.4
Other debt obligations		10,681.3		12,167.2
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		8.4		8.4
Commercial mortgage-backed securities		70.7		70.7
Collateralized debt obligations (2)		211.0		211.0
Other debt obligations		338.8		338.8
Equity securities		109.5		109.5
Other investments:
Other limited partnership and fund interests (3)		3,498.4		5,500.7

(1)

(2)	Primarily consists of CLOs backed by secured corporate loans.

(3)

Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt

Short-Term Debt (Table)


			September 30, 2026
					Short-term debt
Obligor/Applicant	Financing structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility (1)	September 2031	$	900.0	$	—
Principal Life	Commercial paper (1)					149.6
Principal CLO warehouse	Secured CLO borrowings	August 2027		80.0		28.0
Total short-term debt					$	177.6


			December 31, 2025
					Short-term debt
Obligor/Applicant	Financing structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility (1)	October 2027	$	800.0	$	—
Principal Compañía de Seguros de Vida Chile S.A.	Unsecured lines of credit			85.6		24.8
Principal International de Chile S.A.	Unsecured lines of credit			24.1		2.9
Total short-term debt					$	27.7

(1)	Our revolving credit facility is committed and available for general corporate purposes. This credit facility also provides a back-stop support for our commercial paper program.

Long-Term Debt (Table)


	September 30, 2026
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	—	$	350.0
4.111% notes payable, due 2028		400.0		(6.4)		393.6
3.7% notes payable, due 2029		500.0		(1.9)		498.1
2.125% notes payable, due 2030		600.0		(2.0)		598.0
5.375% notes payable, due 2033		400.0		(2.9)		397.1
6.05% notes payable, due 2036		505.6		(1.8)		503.8
5.3% notes payable, due 2037		400.0		(4.9)		395.1
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.2)		2.7
Total long-term debt	$	4,358.5	$	(32.3)	$	4,326.2


	December 31, 2025
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	(0.4)	$	349.6
4.111% notes payable, due 2028		400.0		(9.8)		390.2
3.7% notes payable, due 2029		500.0		(2.5)		497.5
2.125% notes payable, due 2030		600.0		(2.2)		597.8
5.375% notes payable, due 2033		400.0		(3.1)		396.9
6.05% notes payable, due 2036		505.6		(1.9)		503.7
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.1)		2.8
Total long-term debt	$	3,958.5	$	(32.2)	$	3,926.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Fair Value Measurements - Fair Value Measurements - Changes in Unrealized Gains (losses) Included in Net Income (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities)	$ (33.5)	$ 20.1	$ (17.6)	$ (10.6)
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(157.0)	(214.3)	(674.9)	(219.7)
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	818.2	(266.0)	891.2	(455.3)
Fixed maturities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(16.8)	(14.6)	(32.8)	6.3
Corporate debt securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(15.1)	(14.6)	(30.8)	6.3
Commercial mortgage-backed securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(1.7)		(1.7)
Other debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets			(0.3)
Fixed maturities, trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(6.5)	(14.8)	(16.2)	(14.9)
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	0.3	0.4	0.6	4.7
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	$ 2.5	$ 32.4	$ 19.7	$ 24.6

Revenues from Contracts with Customers - Disaggregation within Segments, Benefits and Protection, Life Insurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	15.4	27.0	46.2	78.5
Operating Segments \| Benefits and Protection \| Life Insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	12.2	23.1	35.7	66.9
Fees and other revenues not within the scope of revenue recognition guidance	95.8	89.7	287.6	271.1
Total fees and other revenues	108.0	112.8	323.3	338.0
Premiums and other considerations	130.6	136.1	378.0	384.0
Net investment income	103.6	115.3	323.0	326.9
Total operating revenues	342.2	364.2	1,024.3	1,048.9
Operating Segments \| Benefits and Protection \| Life Insurance \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ 12.2	11.0	$ 35.7	32.8
Operating Segments \| Benefits and Protection \| Life Insurance \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers		$ 12.1		$ 34.1

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2026

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Revenue from contracts with customers by segment:

Retirement and Income Solutions

147.1

155.4

479.6

449.3

Principal Asset Management:

Investment Management

436.3

448.6

1,309.5

1,308.4

International Pension

90.6

88.7

282.9

272.5

Eliminations

(5.7)

(4.8)

(17.3)

(14.1)

Total Principal Asset Management

521.2

532.5

1,575.1

1,566.8

Benefits and Protection:

Specialty Benefits

3.3

4.0

10.6

11.7

Life Insurance

12.2

23.1

35.7

66.9

Eliminations

(0.1)

(0.1)

(0.1)

(0.1)

Total Benefits and Protection

15.4

27.0

46.2

78.5

Corporate

68.7

64.9

208.4

181.0

Total segment revenue from contracts with customers

752.4

779.8

2,309.3

2,275.6

Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)

374.1

331.2

1,044.7

961.1

Pre-tax other adjustments (2)

17.6

17.7

53.4

52.3

Total fees and other revenues per consolidated statements of operations

1,144.1

1,128.7

3,407.4

3,289.0

(1)	Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2)	Pre-tax other adjustments relate to revenues from exited business, actuarial assumption review, certain variable annuity fees and market value adjustments to fee revenues.

Retirement and Income Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Administrative service fee revenue

141.1

150.5

462.5

435.3

Deposit account fee revenue

3.6

3.3

10.6

9.9

Commission income

2.4

1.6

6.5

4.1

Total revenues from contracts with customers

147.1

155.4

479.6

449.3

Fees and other revenues not within the scope of revenue recognition guidance

324.9

303.9

913.8

885.4

Total fees and other revenues

472.0

459.3

1,393.4

1,334.7

Premiums and other considerations

889.6

566.5

1,549.4

1,824.0

Net investment income

932.8

860.4

2,752.0

2,521.0

Total operating revenues

2,294.4

1,886.2

5,694.8

5,679.7

Principal Asset Management | Investment Management

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Investment Management:

Management fee revenue

394.9

409.5

1,190.3

1,186.7

Other fee revenue

41.4

39.1

119.2

121.7

Total revenues from contracts with customers

436.3

448.6

1,309.5

1,308.4

Fees and other revenues not within the scope of revenue recognition guidance

14.3

8.9

32.4

21.5

Total fees and other revenues

450.6

457.5

1,341.9

1,329.9

Net investment income

26.2

26.4

73.3

74.9

Total operating revenues

476.8

483.9

1,415.2

1,404.8

Principal Asset Management | International Pension

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

International Pension:

Management fee revenue

86.7

85.2

271.2

262.0

Other fee revenue

3.9

3.5

11.7

10.5

Total revenues from contracts with customers

90.6

88.7

282.9

272.5

Fees and other revenues not within the scope of revenue recognition guidance

1.0

5.7

3.0

8.4

Total fees and other revenues

91.6

94.4

285.9

280.9

Premiums and other considerations

(0.1)

0.5

(0.4)

6.1

Net investment income

84.7

153.1

438.7

439.6

Total operating revenues

176.2

248.0

724.2

726.6

Benefits and Protection | Specialty Benefits

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Specialty Benefits:

Administrative service fees

3.3

4.0

10.6

11.7

Total revenues from contracts with customers

3.3

4.0

10.6

11.7

Fees and other revenues not within the scope of revenue recognition guidance

4.7

4.4

13.2

13.1

Total fees and other revenues

8.0

8.4

23.8

24.8

Premiums and other considerations

887.4

836.8

2,606.3

2,492.1

Net investment income

59.0

51.3

170.1

155.7

Total operating revenues

954.4

896.5

2,800.2

2,672.6

Benefits and Protection | Life Insurance

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Life Insurance:
Administrative service fees		$	12.2		$	11.0		$	35.7		$	32.8
Commission income			—			12.1			—			34.1
Total revenues from contracts with customers			12.2			23.1			35.7			66.9
Fees and other revenues not within the scope of revenue recognition guidance			95.8			89.7			287.6			271.1
Total fees and other revenues			108.0			112.8			323.3			338.0
Premiums and other considerations			130.6			136.1			378.0			384.0
Net investment income			103.6			115.3			323.0			326.9
Total operating revenues		$	342.2		$	364.2		$	1,024.3		$	1,048.9

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commission income

120.6

133.5

366.4

396.9

Other fee revenue

27.8

25.2

81.8

74.2

Eliminations

(79.7)

(93.8)

(239.8)

(290.1)

Total revenues from contracts with customers

68.7

64.9

208.4

181.0

Fees and other revenues not within the scope of revenue recognition guidance

(66.7)

(81.4)

(205.3)

(238.4)

Total fees and other revenues

2.0

(16.5)

3.1

(57.4)

Premiums and other considerations

(1.4)

(1.3)

(4.2)

(4.0)

Net investment income

36.2

42.0

145.4

144.3

Total operating revenues

36.8

24.2

144.3

82.9

Insider Trading Arrangements - Kathleen Kay	3 Months Ended
Insider Trading Arrangements - Kathleen Kay	Sep. 30, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 2, 2026, Kathleen Kay, Executive Vice President and Chief Information Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5- 1(c) for the sale of up to 17,253 shares of the Company’s common stock until April 30, 2027.
Name	Kathleen Kay
Title	Executive Vice President and Chief Information Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Sep. 02, 2026
Expiration Date	Apr. 30, 2027
Aggregate Available	17,253

Separate Account Balances - Separate Account Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Separate Account Balances
Separate account liabilities	$ 194,816.2	$ 193,622.6
Other balances
Separate Account Balances
Separate account liabilities	328.0	325.0
Retirement and Income Solutions
Separate Account Balances
Separate account liabilities	145,976.2	144,039.2
Retirement and Income Solutions \| Group retirement contracts
Separate Account Balances
Separate account liabilities	139,372.4	136,674.3	$ 125,103.1
Retirement and Income Solutions \| Individual variable annuities
Separate Account Balances
Separate account liabilities	6,603.8	7,364.9	8,334.9
Principal Asset Management \| International Pension \| Pension \| Latin America
Separate Account Balances
Separate account liabilities	40,182.8	41,450.5	32,802.2
Benefits and Protection \| Life Insurance \| Universal life
Separate Account Balances
Separate account liabilities	$ 8,329.2	$ 7,807.9	$ 6,806.7

Investments - Financing Receivable Valuation Allowance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Direct financing leases, Changes in financing receivable valuation allowance
Beginning balance, Direct financing lease valuation allowance	$ 8.0	$ 3.1	$ 8.9	$ 3.0
Provision: Direct financing lease valuation allowance	0.2	4.5	(0.5)	4.4
Deconsolidated entities: Direct financing lease valuation allowance	(8.1)		(8.1)
Foreign currency translation adjustment: Direct financing lease valuation allowance	(0.1)	(0.1)	(0.3)	0.1
Ending balance, Direct financing lease valuation allowance		7.5		7.5
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	195.2	216.9	216.1	202.2
Provision	30.1	17.3	39.6	27.7
Charge-offs		(0.2)	(30.2)	(1.6)
Deconsolidated entities	(11.0)		(11.0)
Recoveries		0.1		5.3
Foreign currency translation adjustment	(0.1)	(0.3)	(0.3)	0.2
Ending balance valuation allowance	214.2	233.8	214.2	233.8
Accrued interest income written off to net investment income			0.5	0.3
Allowance recorded	214.2	233.8	$ 214.2	233.8
Commercial mortgage loans
Financing receivable valuation allowance disclosures
Mortgage loans, Days delinquent to be analyzed for valuation allowance			60 days
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	169.4	196.1	$ 187.4	188.6
Provision: Financing receivable valuation allowance	25.3	8.5	37.5	16.7
Charge-offs: Financing receivable valuation allowance			(30.2)	(1.3)
Deconsolidated entities: Financing receivable valuation allowance	(1.1)		(1.1)
Recoveries: Financing receivable valuation allowance		0.1		0.5
Foreign currency translation adjustment: Financing receivable valuation allowance		(0.1)		0.1
Ending balance, Financing receivable valuation allowance	193.6	204.6	193.6	204.6
Total, Changes in financing receivable valuation allowance
Accrued interest income written off to net investment income			$ 0.5	0.3
Residential mortgage loans
Financing receivable valuation allowance disclosures
Mortgage loans, Days delinquent to be analyzed for valuation allowance			60 days
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	14.7	14.5	$ 16.6	7.3
Provision: Financing receivable valuation allowance	4.5	4.2	2.6	6.6
Charge-offs: Financing receivable valuation allowance		(0.2)		(0.3)
Deconsolidated entities: Financing receivable valuation allowance	(1.8)		(1.8)
Recoveries: Financing receivable valuation allowance				4.8
Foreign currency translation adjustment: Financing receivable valuation allowance		(0.1)
Ending balance, Financing receivable valuation allowance	17.4	18.4	17.4	18.4
Reinsurance recoverables
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	3.1	3.2	3.2	3.3
Provision: Financing receivable valuation allowance	0.1	0.1
Ending balance, Financing receivable valuation allowance	3.2	3.3	3.2	3.3
Other loans
Total, Changes in financing receivable valuation allowance
Ending balance valuation allowance	0.0	0.0	0.0	0.0
Allowance recorded	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Investments - Residential Mortgage Loans By Geographic Distribution (Details) - Residential mortgage loans - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 5,302.3	$ 4,697.9
Percent of mortgage loans (as a percent)	100.00%	100.00%
New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 216.9	$ 158.0
Percent of mortgage loans (as a percent)	4.10%	3.40%
Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 483.2	$ 365.8
Percent of mortgage loans (as a percent)	9.10%	7.80%
East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 284.7	$ 212.6
Percent of mortgage loans (as a percent)	5.40%	4.50%
West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 127.4	$ 95.3
Percent of mortgage loans (as a percent)	2.40%	2.00%
South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 1,160.1	$ 834.0
Percent of mortgage loans (as a percent)	21.90%	17.80%
East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 190.2	$ 124.5
Percent of mortgage loans (as a percent)	3.60%	2.70%
West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 605.9	$ 459.1
Percent of mortgage loans (as a percent)	11.40%	9.80%
Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 805.1	$ 667.8
Percent of mortgage loans (as a percent)	15.20%	14.20%
Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	$ 1,428.8	$ 1,349.4
Percent of mortgage loans (as a percent)	26.90%	28.60%
International
Mortgage loan disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments		$ 431.4
Percent of mortgage loans (as a percent)		9.20%

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Measurements

Fair Value Measurements

17. Fair Value Measurements

We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements.

Valuation Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability.

●

Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 – Fair values are based on at least one significant unobservable input for the asset or liability.

Determination of Fair Value

The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below.

Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2026.

Fixed Maturities

Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. When available, the fair value of fixed maturities is based on quoted prices of identical assets in active markets. These are reflected in Level 1 and primarily include U.S. Treasury bonds and actively traded redeemable corporate preferred securities.

When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data for specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors.

If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of September 30, 2026, approximately 2% of our total fixed maturities were Level 3 securities valued using internal pricing models.

The primary inputs, by asset class, for valuations of the majority of our Level 2 investments from third party pricing vendors or our internal pricing valuation approach are described below.

U.S. Government and Agencies/Non-U.S. Governments. Inputs include recently executed market transactions, interest rate yield curves, maturity dates, market price quotations and credit spreads relating to similar instruments.

States and Political Subdivisions. Inputs include Municipal Securities Rulemaking Board reported trades, U.S. Treasury and other benchmark curves, material event notices, new issue data and obligor credit ratings.

Corporate. Inputs include recently executed transactions, market price quotations, benchmark yields, issuer spreads and observations of equity and credit default swap curves related to the issuer. For private placement corporate securities valued through the matrix valuation approach inputs include the current Treasury curve and risk spreads based on sector, rating and average life of the issuance.

RMBS, CMBS, Collateralized Debt Obligations and Other Debt Obligations. Inputs include cash flows, priority of the tranche in the capital structure, expected time to maturity for the specific tranche, reinvestment period remaining and performance of the underlying collateral including prepayments, defaults, deferrals, loss severity of defaulted collateral and, for RMBS, prepayment speed assumptions. Other inputs include market indices and recently executed market transactions.

Equity Securities

Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. When quoted prices are not available, we may utilize internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices or the NAV, which are reflected in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities, which are reflected in Level 3.

Mortgage Loans

Mortgage loans reported at fair value included those of a consolidated VIE for which the fair value option was elected. Fair values of commercial mortgage loans were primarily determined by discounting the expected cash flows at current treasury rates plus an applicable risk spread, which reflected credit quality and maturity of the loans. The risk spread was based on market clearing levels for loans with comparable credit quality, maturities and risk. These were reflected in Level 3. The consolidated VIE was deconsolidated during 2025.

Derivatives

The fair values of exchange-traded derivatives are determined through quoted market prices, which are reflected in Level 1. Exchange-traded derivatives include futures that are settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of OTC cleared derivatives are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses utilize the secured overnight financing rate (“SOFR”) curve in their valuation. Variation margin associated with OTC cleared derivatives is settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of bilateral OTC derivative instruments are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The majority of our bilateral OTC derivatives are valued with models that use market observable inputs, which are reflected in Level 2. Significant inputs include contractual terms, interest rates, currency exchange rates, credit spread curves, equity prices and volatilities. These valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Certain bilateral OTC derivatives utilize unobservable market data, primarily independent broker quotes that are nonbinding quotes based on models that do not reflect the result of market transactions, which are reflected in Level 3.

Our non-cleared derivative contracts are generally documented under ISDA Master Agreements, which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Collateral arrangements are bilateral and based on current ratings of each entity. We utilize the SOFR curve to value our positions. Counterparty credit risk is routinely monitored to ensure our adjustment for nonperformance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the nonperformance risk on these trades.

Interest Rate Contracts. For non-cleared contracts, which include interest rate swaps and interest rate options, we use discounted cash flow valuation techniques to determine the fair value using observable swap curves as the inputs. These are reflected in Level 2. We have forward contracts for which we obtain prices from third party pricing vendors. These are reflected in Level 2. For centrally cleared contracts we use published prices from clearinghouses. These are reflected in Level 2. In addition, we had forward contracts that were valued using broker quotes. These were reflected in Level 3.

Foreign Exchange Contracts. We use discounted cash flow valuation techniques that utilize observable swap curves and exchange rates as the inputs to determine the fair value of foreign currency swaps. These are reflected in Level 2. Currency forwards are valued using observable market inputs, including forward currency exchange rates. These are reflected in Level 2.

Equity Contracts. We use an option pricing model using observable implied volatilities, dividend yields, index prices and swap curves as the inputs to determine the fair value of equity options. Certain total return swaps use an accrual method comparing both cash flows to determine fair value. These are reflected in Level 2. Certain equity option contracts are valued using broker quotes. These are reflected in Level 3.

Credit Contracts. We use either the ISDA Credit Default Swap Standard discounted cash flow model that utilizes observable default probabilities and recovery rates as inputs to determine the fair value of credit default swaps. These are reflected in Level 2. In addition, we have total return swaps and a limited number of credit default swaps that are valued using broker quotes. These are reflected within Level 3.

Other Investments

Other investments reported at fair value include invested assets of consolidated sponsored investment funds, unconsolidated sponsored investment funds, other investment funds reported at fair value, other loans of a consolidated VIE for which the fair value option was elected and certain redeemable and nonredeemable preferred stock.

Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and derivative assets, for which fair values are determined as previously described, and are reflected in Level 1 and Level 2.

The fair value of unconsolidated sponsored investment funds and other investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2.

Other loans of a consolidated VIE for which the fair value option was elected are reflected in Level 3. The fair value of these loans is estimated using a discounted cash flow valuation model that utilizes standard assumption-setting methodology accepted by market participants in the industry. The assumptions are formed based on historical performance of the loans and utilizes market data inputs such as charge-off rates, prepayment rates, recovery rates and discount rates.

Cash Equivalents

Certain cash equivalents are reported at fair value on a recurring basis and include money market instruments and other short-term investments with maturities of three months or less. Fair values of these cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2.

Separate Account Assets

Separate account assets include equity securities, debt securities, cash equivalents and derivative instruments, for which fair values are determined as previously described, and are reflected in Level 1, Level 2 and Level 3. Separate account assets also include commercial mortgage loans, for which the fair value is estimated by discounting the expected total cash flows using market rates that are applicable to the yield, credit quality and maturity of the loans. The market clearing spreads vary based on mortgage type, weighted average life, rating and liquidity. These are reflected in Level 3. Finally, separate account assets include real estate, for which the fair value is estimated using discounted cash flow valuation models that utilize various public real estate market data inputs. In addition, each property is appraised annually by an independent appraiser. The real estate included in separate account assets is recorded net of related mortgage encumbrances for which the fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The real estate within the separate accounts is reflected in Level 3.

Market Risk Benefits

MRBs are measured at fair value at the contract level on a recurring basis and are reflected in Level 3 as either an asset or a liability, depending on certain inputs at the reporting date. The key assumptions for calculating the fair value are market assumptions and policyholder behavior. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk.

The assumption for our own nonperformance risk is based on current market credit spreads for debt-like instruments we have issued and are available in the market. Refer to Note 10, Market Risk Benefits, for further information on the determination of fair value measurement of MRBs.

Investment and Universal Life Contracts

Certain universal life, annuity and other investment contracts include embedded derivatives that have been bifurcated from the host contract and are measured at fair value on a recurring basis, which are reflected in Level 3. The key assumptions for calculating the fair value of the embedded derivative liabilities are market assumptions (such as equity market returns, interest rate levels, market volatility and correlations) and policyholder behavior assumptions (such as lapse and mortality). Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The embedded derivative liabilities are valued using models that incorporate a spread reflecting our own creditworthiness.

The assumption for our own nonperformance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market.

Funds Withheld Payable Embedded Derivative

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis, which is reflected in Level 3. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments. The fair value of these assets is determined as previously described.

Other Liabilities

Derivative liabilities of consolidated sponsored investment funds are reported at fair value within other liabilities. Fair values of these derivatives are determined as previously described and are reflected in Level 1 and Level 2.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

September 30, 2026

Assets/

Amount

(liabilities)

measured

measured at

at net asset

Fair value hierarchy level

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

2,190.5

—

1,895.6

294.9

—

Non-U.S. governments

361.0

—

361.0

—

States and political subdivisions

6,783.9

—

6,720.3

63.6

Corporate

34,501.5

—

24.2

31,905.3

2,572.0

Residential mortgage-backed pass-through securities

3,398.8

—

3,398.8

—

Commercial mortgage-backed securities

5,638.3

—

5,635.7

2.6

Collateralized debt obligations (1)

5,798.8

—

5,798.8

—

Other debt obligations

11,842.8

—

10,367.3

1,475.5

Total fixed maturities, available-for-sale

70,515.6

—

1,919.8

64,482.1

4,113.7

Fixed maturities, trading

1,148.7

—

703.5

445.2

Equity securities

2,574.0

—

1,113.8

1,460.2

—

Derivative assets (2)

1,803.3

—

1,781.2

22.1

Other investments

911.3

52.1

355.1

441.8

62.3

Cash equivalents

2,680.7

—

361.1

2,319.6

—

Market risk benefit asset (3)

239.2

—

239.2

Sub-total excluding separate account assets

79,872.8

52.1

3,749.8

71,188.4

4,882.5

Separate account assets

194,816.2

7,693.9

126,295.2

60,061.5

765.6

Total assets

274,689.0

7,746.0

130,045.0

131,249.9

5,648.1

Liabilities

Investment and universal life contracts (4)

(2,432.6)

—

(2,432.6)

Market risk benefit liability (3)

(48.9)

—

(48.9)

Funds withheld payable embedded derivative (4)

3,524.6

—

3,524.6

Derivative liabilities (2)

(673.8)

—

(656.9)

(16.9)

Other liabilities

(2.7)

—

(2.7)

—

Total liabilities

366.6

—

(659.6)

1,026.2

Net assets

275,055.6

7,746.0

130,045.0

130,590.3

6,674.3


	December 31, 2025
	Assets/		Amount
	(liabilities)		measured
	measured at		at net asset		Fair value hierarchy level
	fair value		value (5)		Level 1		Level 2		Level 3

	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,867.6	$	—	$	1,515.2	$	352.4	$	—
Non-U.S. governments		517.7		—		—		517.7		—
States and political subdivisions		7,138.7		—		—		7,070.3		68.4
Corporate		37,547.5		—		27.8		35,042.0		2,477.7
Residential mortgage-backed pass-through securities		3,805.1		—		—		3,805.1		—
Commercial mortgage-backed securities		5,371.6		—		—		5,369.2		2.4
Collateralized debt obligations (1)		6,422.3		—		—		6,422.3		—
Other debt obligations		10,690.2		—		—		8,934.5		1,755.7
Total fixed maturities, available-for-sale		73,360.7		—		1,543.0		67,513.5		4,304.2
Fixed maturities, trading		1,243.8		—		0.1		786.3		457.4
Equity securities		2,237.3		—		778.6		1,458.7		—
Derivative assets (2)		1,224.5		—		—		1,199.8		24.7
Other investments		1,112.0		106.4		332.8		505.6		167.2
Cash equivalents		3,236.1		—		183.7		3,052.4		—
Market risk benefit asset (3)		197.1		—		—		—		197.1
Sub-total excluding separate account assets		82,611.5		106.4		2,838.2		74,516.3		5,150.6
Separate account assets		193,622.6		7,613.8		121,376.6		63,889.7		742.5
Total assets	$	276,234.1	$	7,720.2	$	124,214.8	$	138,406.0	$	5,893.1

Liabilities
Investment and universal life contracts (4)	$	(1,410.2)	$	—	$	—	$	—	$	(1,410.2)
Market risk benefit liability (3)		(66.9)		—		—		—		(66.9)
Funds withheld payable embedded derivative (4)		2,633.4		—		—		—		2,633.4
Derivative liabilities (2)		(552.1)		—		—		(545.3)		(6.8)
Other liabilities		(1.3)		—		—		(1.3)		—
Total liabilities	$	602.9	$	—	$	—	$	(546.6)	$	1,149.5

Net assets	$	276,837.0	$	7,720.2	$	124,214.8	$	137,859.4	$	7,042.6

(1)	Primarily consists of CLOs backed by secured corporate loans.

(2)

Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.

(3)	Refer to Note 10, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs.

(4)

Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. The funds withheld payable embedded derivative could be in either an asset or (liability) position.

(5)

Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $2.9 million and $2.9 million as of September 30, 2026 and December 31, 2025, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.

Changes in Level 3 Fair Value Measurements

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was as follows:

For the three months ended September 30, 2026

Total realized/unrealized gains

(losses)

Ending

Beginning

Included in

Net purchases,

asset/(liability)

other

sales,

balance as of

Included in

comprehensive

issuances and

Transfers into

Transfers out

September 30,

July 1, 2026

net income (2)

income (3)

settlements (4)

Level 3

of Level 3

2026

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

99.8

—

(3.9)

(0.4)

—

(31.9)

63.6

Corporate

2,516.8

(14.8)

(52.3)

46.3

76.0

—

2,572.0

Commercial mortgage-backed securities

2.2

(1.7)

—

(0.1)

2.2

—

2.6

Other debt obligations

1,432.0

—

(5.7)

49.2

—

1,475.5

Total fixed maturities, available-for-sale

4,050.8

(16.5)

(61.9)

95.0

78.2

(31.9)

4,113.7

Fixed maturities, trading

404.5

(6.5)

—

47.2

—

445.2

Other investments

88.2

(3.5)

—

(22.4)

—

62.3

Separate account assets (1)

760.4

3.7

—

1.5

—

765.6

Liabilities

Investment and universal life contracts

(2,142.5)

(156.6)

—

(133.5)

—

(2,432.6)

Funds withheld payable embedded derivative

2,706.4

818.2

—

3,524.6

Derivatives

Net derivative assets (liabilities)

23.3

(19.5)

—

1.4

—

5.2


	For the three months ended September 30, 2025
			Total realized/unrealized gains
			(losses)										Ending
	Beginning				Included in		Net purchases,						asset/(liability)
	asset/(liability)				other		sales,						balance as of
	balance as of		Included in		comprehensive		issuances and		Transfers into		Transfers out		September 30,
	July 1, 2025		net income (2)		income (3)		settlements (4)		Level 3		of Level 3		2025

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	67.8	$	—	$	0.9	$	(0.5)	$	—	$	—	$	68.2
Corporate		2,444.0		(21.5)		3.8		(10.9)		—		—		2,415.4
Commercial mortgage-backed securities		2.6		—		—		(0.1)		—		—		2.5
Other debt obligations		1,813.4		—		2.5		9.5		—		(94.2)		1,731.2
Total fixed maturities, available-for-sale		4,327.8		(21.5)		7.2		(2.0)		—		(94.2)		4,217.3
Fixed maturities, trading		491.9		(3.4)		—		11.9		—		—		500.4
Other investments		119.3		(2.5)		—		19.7		—		—		136.5
Separate account assets (1)		741.4		2.0		—		—		—		—		743.4

Liabilities
Investment and universal life contracts		(863.7)		(222.2)		—		(142.9)		—		—		(1,228.8)
Funds withheld payable embedded derivative		2,825.2		(266.0)		—		—		—		—		2,559.2

Derivatives
Net derivative assets (liabilities)		(13.1)		18.3		—		(0.3)		—		—		4.9

For the nine months ended September 30, 2026

Total realized/unrealized gains

(losses)

Ending

Beginning

Included in

Net purchases,

asset/(liability)

other

sales,

balance as of

Included in

comprehensive

issuances and

Transfers into

Transfers out

September 30,

January 1, 2026

net income (2)

income (3)

settlements (4)

Level 3

of Level 3

2026

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

68.4

—

(4.1)

(1.4)

32.6

(31.9)

63.6

Corporate

2,477.7

(46.8)

(46.0)

111.1

76.0

—

2,572.0

Commercial mortgage-backed securities

2.4

(1.7)

—

(0.3)

2.2

—

2.6

Other debt obligations

1,755.7

(2.1)

(5.7)

(207.3)

52.6

(117.7)

1,475.5

Total fixed maturities, available-for-sale

4,304.2

(50.6)

(55.8)

(97.9)

163.4

(149.6)

4,113.7

Fixed maturities, trading

457.4

(18.5)

—

6.3

—

445.2

Other investments

167.2

(10.6)

—

(94.3)

—

62.3

Separate account assets (1)

742.5

21.6

—

1.5

—

765.6

Liabilities

Investment and universal life contracts

(1,410.2)

(679.5)

—

(342.9)

—

(2,432.6)

Funds withheld payable embedded derivative

2,633.4

891.2

—

3,524.6

Derivatives

Net derivative assets (liabilities)

17.9

(15.3)

—

2.6

—

5.2


	For the nine months ended September 30, 2025
			Total realized/unrealized
			gains (losses)										Ending
	Beginning				Included in		Net purchases,						asset/(liability)
	asset/(liability)				other		sales,						balance as of
	balance as of		Included in		comprehensive		issuances and		Transfers into		Transfers out		September 30,
	January 1, 2025		net income (2)		income (3)		settlements (4)		Level 3		of Level 3		2025

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	66.8	$	—	$	2.8	$	(1.4)	$	—	$	—	$	68.2
Corporate		2,350.4		(5.6)		(4.1)		74.7		—		—		2,415.4
Commercial mortgage-backed securities		2.7		—		0.1		(0.3)		—		—		2.5
Other debt obligations		1,478.3		0.1		12.8		237.5		121.5		(119.0)		1,731.2
Total fixed maturities, available-for-sale		3,898.2		(5.5)		11.6		310.5		121.5		(119.0)		4,217.3
Fixed maturities, trading		562.6		(15.3)		—		(42.1)		—		(4.8)		500.4
Mortgage loans		140.6		—		—		(140.6)		—		—		—
Other investments		131.2		(2.7)		—		8.0		—		—		136.5
Separate account assets (1)		726.7		16.7		—		—		—		—		743.4

Liabilities
Investment and universal life contracts		(578.4)		(221.2)		—		(429.2)		—		—		(1,228.8)
Funds withheld payable embedded derivative		3,014.5		(455.3)		—		—		—		—		2,559.2

Derivatives
Net derivative assets (liabilities)		13.5		(9.5)		—		0.9		—		—		4.9

(1)

Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal Asset Management separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.

(2)

Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

(15.1)

(14.6)

(30.8)

6.3

Commercial mortgage-backed securities

(1.7)

—

(1.7)

—

Other debt obligations

—

(0.3)

—

Total fixed maturities, available-for-sale

(16.8)

(14.6)

(32.8)

6.3

Fixed maturities, trading

(6.5)

(14.8)

(16.2)

(14.9)

Other investments

0.3

0.4

0.6

4.7

Separate account assets

2.5

32.4

19.7

24.6

Liabilities

Investment and universal life contracts

(157.0)

(214.3)

(674.9)

(219.7)

Funds withheld payable embedded derivative

818.2

(266.0)

891.2

(455.3)

Derivatives

Net derivative assets (liabilities)

(33.5)

20.1

(17.6)

(10.6)

(3)	Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal Asset Management, relating to positions still held were:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Assets

 

Fixed maturities, available-for-sale:

States and political subdivisions

(3.8)

0.9

(3.4)

2.8

Corporate

(51.5)

3.5

(47.8)

(5.0)

Commercial mortgage-backed securities

—

0.1

Other debt obligations

(5.7)

2.4

(5.2)

13.5

Total fixed maturities, available-for-sale

(61.0)

6.8

(56.4)

11.4

(4)Gross purchases, sales, issuances and settlements were:

For the three months ended September 30, 2026

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(0.4)

Corporate

240.3

(18.1)

—

(175.9)

46.3

Commercial mortgage-backed securities

—

(0.1)

Other debt obligations

93.7

—

(44.5)

49.2

Total fixed maturities, available-for-sale

334.0

(18.1)

—

(220.9)

95.0

Fixed maturities, trading

95.2

(36.2)

—

(11.8)

47.2

Other investments

0.7

—

(23.1)

(22.4)

Separate account assets (5)

1.5

—

1.5

Liabilities

Investment and universal life contracts

—

(148.2)

14.7

(133.5)

Derivatives

Net derivative assets (liabilities)

1.1

0.3

—

1.4


	For the three months ended September 30, 2025
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.5)	$	(0.5)
Corporate		125.7		(28.9)		—		(107.7)		(10.9)
Commercial mortgage-backed securities		—		—		—		(0.1)		(0.1)
Other debt obligations		93.1		—		—		(83.6)		9.5
Total fixed maturities, available-for-sale		218.8		(28.9)		—		(191.9)		(2.0)
Fixed maturities, trading		68.5		(22.4)		—		(34.2)		11.9
Other investments		58.7		—		—		(39.0)		19.7
Separate account assets (5)		—		(42.6)		—		42.6		—

Liabilities
Investment and universal life contracts		—		—		(155.1)		12.2		(142.9)

Derivatives
Net derivative assets (liabilities)		(2.2)		1.9		—		—		(0.3)

For the nine months ended September 30, 2026

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(1.4)

Corporate

618.6

(88.9)

—

(418.6)

111.1

Commercial mortgage-backed securities

—

(0.3)

Other debt obligations

287.8

(222.0)

—

(273.1)

(207.3)

Total fixed maturities, available-for-sale

906.4

(310.9)

—

(693.4)

(97.9)

Fixed maturities, trading

237.4

(206.8)

—

(24.3)

6.3

Other investments

9.5

(0.7)

—

(103.1)

(94.3)

Separate account assets (5)

1.5

—

1.5

Liabilities

Investment and universal life contracts

—

(389.4)

46.5

(342.9)

Derivatives

Net derivative assets (liabilities)

1.4

1.2

—

2.6


	For the nine months ended September 30, 2025
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.4)	$	(1.4)
Corporate		449.9		(184.5)		—		(190.7)		74.7
Commercial mortgage-backed securities		—		—		—		(0.3)		(0.3)
Other debt obligations		606.7		(177.7)		—		(191.5)		237.5
Total fixed maturities, available-for-sale		1,056.6		(362.2)		—		(383.9)		310.5
Fixed maturities, trading		231.1		(144.0)		—		(129.2)		(42.1)
Mortgage loans		—		—		—		(140.6)		(140.6)
Other investments		119.6		(1.5)		—		(110.1)		8.0
Separate account assets (5)		—		(42.6)		—		42.6		—

Liabilities
Investment and universal life contracts		—		—		(469.1)		39.9		(429.2)

Derivatives
Net derivative assets (liabilities)		(1.3)		2.2		—		—		0.9

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers

Transfers of assets and liabilities measured at fair value on a recurring basis between fair value hierarchy levels were as follows:

For the three months ended September 30, 2026

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

31.9

Corporate

—

76.0

—

Commercial mortgage-backed securities

—

2.2

—

Total fixed maturities, available-for-sale

—

78.2

—

31.9

For the three months ended September 30, 2025

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Other debt obligations

—

94.2

Total fixed maturities, available-for-sale

—

94.2

For the nine months ended September 30, 2026

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

32.6

—

31.9

Corporate

—

76.0

—

Commercial mortgage-backed securities

—

2.2

—

Other debt obligations

—

52.6

—

117.7

Total fixed maturities, available-for-sale

—

163.4

—

149.6


		For the nine months ended September 30, 2025
		Transfers out			Transfers out			Transfers out			Transfers out
		of Level 1 into			of Level 2 into			of Level 3 into			of Level 3 into
		Level 3			Level 3			Level 1			Level 2

		(in millions)
Assets
Fixed maturities, available-for-sale:
Other debt obligations		$	—		$	121.5		$	—		$	119.0
Total fixed maturities, available-for-sale			—			121.5			—			119.0
Fixed maturities, trading			—			—			—			4.8

Assets transferred into Level 3 during 2026 and 2025 primarily included those assets for which we are now unable to obtain pricing from a recognized third party pricing vendor as well as assets that were previously priced using a matrix valuation approach that may no longer be relevant when applied to asset-specific situations.

Assets transferred out of Level 3 during 2026 and 2025 primarily included those assets for which we are now able to obtain pricing from a recognized third party pricing vendor or from internal models using substantially all market observable information.

Quantitative Information about Level 3 Fair Value Measurements

The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally, which primarily consists of those valued using broker quotes. The MRB asset and liability are excluded from the table. Refer to Note 10, Market Risk Benefits, for information on the unobservable inputs used for fair value measurement of MRBs. The funds withheld payable embedded derivative is excluded from the table as the determination of its fair value incorporates the fair value of the invested assets supporting the reinsurance agreement. Refer to “Assets and liabilities measured at fair value on a recurring basis” for a complete valuation hierarchy summary.


	September 30, 2026
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,955.6	Discounted cash flow	Discount rate (1)	4.3	% -	14.7	%	8.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	0.8	x -	1.7	x	1.0	x
				Illiquidity premium	30	basis points (“bps”) -	771	bps	149	bps
				Comparability adjustment	(120)	bps -	571	bps	62	bps
Other debt obligations		1,475.5	Discounted cash flow	Discount rate (1)	4.8	% -	9.3	%	5.7	%
				Illiquidity premium	(83)	bps -	415	bps	163	bps
				Comparability adjustment	(58)	bps -	323	bps	71	bps
Fixed maturities, trading		207.1	Discounted cash flow	Discount rate (1)	9.0	% -	10.7	%	9.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	0.8	x -	0.9	x	0.9	x
				Comparability adjustment	(120)	bps -	532	bps	66	bps
Other investments		62.0	Discounted cash flow	Discount rate (1)	11.5	% -	13.5	%	12.4	%
				Probability of default	6.0	% -	10.0	%	8.4	%
				Potential loss severity	87.0	% -	100.0	%	91.8	%
Separate account assets		765.6	Discounted cash flow - real estate	Discount rate (1)	6.8	% -	10.0	%	7.4	%
				Terminal capitalization rate	5.5	% -	8.0	%	6.0	%
				Average market rent growth rate	2.0	% -	3.3	%	2.7	%
			Discounted cash flow - real estate debt	Loan to value	46.3	% -	65.5	%	52.0	%
				Market interest rate	5.3	% -	7.1	%	5.9	%


Liabilities
Investment and universal life contracts (4)	(2,432.6)	Discounted cash flow	Long duration interest rate	4.3	% -	5.7	%	(2)	5.6	%
			Long-term equity market volatility	16.0	% -	30.2	%		19.9	%
			Nonperformance risk	0.5	% -	1.1	%		1.0	%
			Lapse rate	0.0	% -	77.0	%		8.7	%
			Mortality rate	See note (3)


		December 31, 2025
		Assets /
		(liabilities)
		measured at			Valuation	Unobservable	Input/range of						Weighted
		fair value			technique(s)	input description	inputs						average
		(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate		$	2,017.3		Discounted cash flow	Discount rate (1)		2.7	% -	13.1	%		8.0	%
						Earnings before interest, taxes, depreciation and amortization multiple				0.9	x		0.9	x
						Illiquidity premium		30	bps -	771	bps		146	bps
						Comparability adjustment		(120)	bps -	3,462	bps		122	bps
Other debt obligations			1,745.4		Discounted cash flow	Discount rate (1)		3.4	% -	8.6	%		4.2	%
						Illiquidity premium		(83)	bps -	415	bps		179	bps
						Comparability adjustment		(10)	bps -	285	bps		66	bps
Fixed maturities, trading			257.6		Discounted cash flow	Discount rate (1)		8.5	% -	13.0	%		9.0	%
						Earnings before interest, taxes, depreciation and amortization multiple				0.9	x		0.9	x
						Comparability adjustment		(88)	bps -	2,047	bps		114	bps
Other investments			167.1		Discounted cash flow	Discount rate (1)		12.0	% -	13.5	%		12.2	%
						Probability of default		6.0	% -	10.0	%		8.0	%
						Potential loss severity		87.0	% -	100.0	%		92.9	%
Separate account assets			742.5		Discounted cash flow - real estate	Discount rate (1)		6.8	% -	9.3	%		7.3	%
						Terminal capitalization rate		5.5	% -	8.0	%		6.0	%
						Average market rent growth rate		2.0	% -	3.3	%		2.7	%
					Discounted cash flow - real estate debt	Loan to value		47.2	% -	69.3	%		52.7	%
						Market interest rate		5.3	% -	6.4	%		5.8	%


Liabilities
Investment and universal life contracts (4)	(1,410.2)		Discounted cash flow		Long duration interest rate	3.5	% -	4.8	%	(2)	4.8	%
					Long-term equity market volatility	16.1	% -	33.4	%		21.8	%
					Nonperformance risk	0.5	% -	1.1	%		0.9	%
					Lapse rate	0.0	% -	55.0	%		8.0	%
					Mortality rate	See note (3)

(1)	Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable.

(2)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.

(3)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

(4)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. The use of a higher or lower discount rate would have caused the fair value of the assets to significantly decrease or increase, respectively. Additionally, we may adjust the base discount rate or the modeled price by applying an illiquidity premium given the highly structured nature of certain assets. The use of a higher or lower illiquidity premium would have caused significant decreases or increases, respectively, in the fair value of the asset.

Embedded derivatives within our investment and universal life contracts liability can be in either an asset or liability position, depending on certain inputs at the reporting date. Increases to an asset or decreases to a liability are described as increases to fair value. The use of a higher or lower market volatility would have caused significant decreases or increases, respectively, in the fair value of embedded derivatives in investment and universal life contracts. Long duration interest rates are used as the mean return when projecting the growth in the value of associated account value and impact the discount rate used in the discounted future cash flows valuation. The use of higher or lower risk-free rates would have caused the fair value of the embedded derivative to significantly increase or decrease, respectively. The use of a higher or lower rate for our own credit risks, which impact the rates used to discount future cash flows, would have significantly increased or decreased, respectively, the fair value of the embedded derivative. The use of a lower or higher mortality rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively. The use of a lower or higher overall lapse rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

No significant assets and liabilities were measured at fair value on a nonrecurring basis for the three and nine months ended September 30, 2026 and 2025.

Fair Value Option

We elected fair value accounting for:

●

Certain other loans of a consolidated VIE that were subject to amortized cost accounting and a valuation allowance so that credit losses are recognized within the changes in fair value in the consolidated statements of operations.

The following table presents information regarding the assets and liabilities for which the fair value option was elected.


	September 30, 2026			December 31, 2025

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	62.0		$	167.1
Aggregate contractual principal		72.5			175.8

(1)	Reported with other investments on the consolidated statements of financial position. See Note 4, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status.

The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected.

For the three months ended

For the nine months ended

September 30,

2026

2025

2026

2025

(in millions)

Other loans of consolidated VIE

Change in fair value pre-tax loss - instrument specific credit risk

(3.5)

(2.5)

(11.2)

(3.8)

Change in fair value pre-tax loss (1)

(3.5)

(2.5)

(11.2)

(3.8)

Interest income (2)

4.4

5.3

14.3

12.4

(1)	Reported in net realized capital gains (losses) on the consolidated statements of operations.

(2)	Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rate of the loans.

Financial Instruments Not Reported at Fair Value

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows:

September 30, 2026

Fair value hierarchy level

 

Carrying amount

 

Fair value

 

Level 1

 

Level 2

 

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,425.1

18,572.8

—

18,572.8

Policy loans

863.2

840.7

—

840.7

Other investments

218.3

205.3

—

34.7

170.6

Cash and cash equivalents

1,770.0

1,746.5

23.5

—

Reinsurance deposit receivable

3,509.3

3,249.2

—

3,249.2

Cash collateral receivable

0.7

—

Investment contracts

(34,827.0)

(33,711.7)

—

(8,064.8)

(25,646.9)

Short-term debt

(177.6)

—

(177.6)

—

Long-term debt

(4,326.2)

(4,144.6)

—

(3,968.3)

(176.3)

Separate account liabilities

(180,056.2)

(138,929.9)

—

(138,929.9)

Bank deposits (1)

(382.5)

(383.9)

—

(383.9)

—

Cash collateral payable

(1,393.0)

—


		December 31, 2025
								Fair value hierarchy level
		Carrying amount			Fair value			Level 1			Level 2			Level 3

		(in millions)
Assets (liabilities)
Mortgage loans		$	21,008.3		$	19,800.9		$	—		$	—		$	19,800.9
Policy loans			866.7			906.0			—			—			906.0
Other investments			265.7			255.4			—			77.6			177.8
Cash and cash equivalents			1,194.9			1,194.9			1,181.0			13.9			—
Reinsurance deposit receivable			4,076.2			3,825.7			—			—			3,825.7
Cash collateral receivable			5.4			5.4			5.4			—			—
Investment contracts			(34,139.0)			(33,655.5)			—			(8,200.1)			(25,455.4)
Short-term debt			(27.7)			(27.7)			—			(27.7)			—
Long-term debt			(3,926.3)			(3,833.5)			—			(3,830.9)			(2.6)
Separate account liabilities			(178,620.2)			(177,621.6)			—			—			(177,621.6)
Bank deposits (1)			(423.8)			(427.8)			—			(427.8)			—
Cash collateral payable			(857.6)			(857.6)			(857.6)			—			—

(1)	Excludes deposit liabilities without defined or contractual maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Contractholder Funds (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 32,959.0	$ 30,318.1
Investment contracts without significant fee revenue	14,384.4	14,662.7
Other balances	403.4	399.5
Total contractholder funds per consolidated statements of financial position	47,746.8	45,380.3
Retirement and Income Solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	26,696.5	23,809.1
Retirement and Income Solutions \| Workplace savings and retirement solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	17,248.5	15,808.1	$ 13,982.8
Retirement and Income Solutions \| Individual variable annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	6,232.9	4,273.0	1,906.7
Retirement and Income Solutions \| Individual fixed deferred annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	3,215.1	3,728.0	4,460.7
Benefits and Protection \| Life Insurance \| Universal life
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	6,592.7	6,867.5	$ 6,953.7
Corporate \| Inter-segment eliminations
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ (330.2)	$ (358.5)

Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2026

Market Risk Benefits

Summary of disaggregated MRB amounts in an asset and liability position (Table)

 

September 30, 2026

 

December 31, 2025

Net asset

 

Asset

 

Liability

 

(liability)

 

Asset

 

Liability

 

(liability)

(in millions)

Retirement and Income Solutions:

Individual variable annuities

239.2

48.9

190.3

197.1

66.9

130.2

Total MRB per consolidated statements of financial position

239.2

48.9

190.3

197.1

66.9

130.2

Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)


		September 30, 2026						December 31, 2025
						Weighted-						Weighted-
		Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)		5.64	-	5.68	%	5.66	%	4.80	-	4.84	%	4.82	%
Long-term equity market volatility		17.70	-	41.03	%	22.79	%	17.80	-	38.80	%	21.94	%
Nonperformance risk		0.51	-	1.13	%	0.97	%	0.49	-	1.12	%	0.95	%
Lapse rate		0.90	-	77.00	%	7.15	%	0.90	-	55.00	%	6.51	%

(1)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Retirement and Income Solutions

Market Risk Benefits

Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement (Table)

		For the nine months ended				For the year ended
		September 30, 2026				December 31, 2025
				Change in net				Change in net
		Change in input		MRB asset (liability)		Change in input		MRB asset (liability)
Long-term interest rate		Increased		Favorable		Increased		Favorable
Equity markets		Increased		Favorable		Increased		Favorable
Equity market volatilities		Increased		Unfavorable		Increased		Unfavorable
Own nonperformance risk		Increased		Favorable		Increased		Favorable

Retirement and Income Solutions | Individual variable annuities

Market Risk Benefits

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	130.2		$	137.4
Effect of changes in nonperformance risk at beginning of period			17.0			19.0
Adjusted balance at beginning of period			147.2			156.4
Effect of:
Interest accrual and expected policyholder behavior			(60.6)			(62.8)
Benefit payments			0.5			—
Changes in interest rates			86.0			13.0
Changes in equity markets			41.8			53.1
Changes in equity index volatility			(10.4)			(8.3)
Actual policyholder behavior different from expected behavior			(2.2)			(3.9)
Changes in future expected policyholder behavior			(3.2)			—
Changes in other future expected assumptions			—			(0.3)
Adjusted balance at end of period			199.1			147.2
Effect of changes in nonperformance risk at end of period			(8.8)			(17.0)
Balance at end of period		$	190.3		$	130.2

Weighted-average attained age of policyholders (years) (1)			66.9			67.0
Net amount at risk (2)		$	32.2		$	29.3

(1)	The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2)

The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had an increase in the net amount at risk in 2026 primarily as a result of decreases in small and mid-cap equity markets.

Investments - Mortgage Loans By Geographic Region (Details) - Commercial mortgage loans - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 15,353.7	$ 16,518.1
Percent of mortgage loans (as a percent)	100.00%	100.00%
New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 388.5	$ 440.8
Percent of mortgage loans (as a percent)	2.50%	2.70%
Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,593.6	$ 4,402.6
Percent of mortgage loans (as a percent)	29.90%	26.60%
East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 594.3	$ 463.2
Percent of mortgage loans (as a percent)	3.90%	2.80%
West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 274.0	$ 284.4
Percent of mortgage loans (as a percent)	1.80%	1.70%
South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,732.2	$ 3,068.4
Percent of mortgage loans (as a percent)	17.80%	18.60%
East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 291.2	$ 366.4
Percent of mortgage loans (as a percent)	1.90%	2.20%
West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,396.4	$ 1,422.2
Percent of mortgage loans (as a percent)	9.10%	8.60%
Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,290.4	$ 1,217.9
Percent of mortgage loans (as a percent)	8.40%	7.40%
Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,793.1	$ 4,327.1
Percent of mortgage loans (as a percent)	24.70%	26.20%
International
Mortgage loan disclosures
Mortgage loans, Total amortized cost		$ 525.1
Percent of mortgage loans (as a percent)		3.20%

Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ (750.2)	$ 510.8	$ (591.6)	$ 1,124.0
Other comprehensive income (loss), tax	192.7	(108.5)	150.5	(212.6)
Other comprehensive income (loss)	(557.5)	402.3	(441.1)	911.4
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(3,037.7)	863.9	(3,649.4)	1,804.2
Adjustments for assumed changes in amortization patterns, pre-tax	2.1	(0.8)	2.5	(1.3)
Adjustments for assumed changes in policyholder liabilities, pre-tax	30.0	(1.7)	39.9	14.0
Other comprehensive income (loss), pre-tax	(2,978.9)	882.4	(3,472.9)	1,944.9
Other comprehensive income (loss) before reclassifications, tax	650.7	(187.0)	787.1	(385.5)
Reclassification from accumulated other comprehensive income, tax	(5.7)	(4.3)	(28.5)	(26.9)
Adjustments for assumed changes in amortization patterns, tax	(0.5)	0.1	(0.5)	0.3
Adjustments for assumed changes in policyholder liabilities, tax	(6.3)	0.4	(8.4)	(2.9)
Other comprehensive income (loss), tax	638.2	(190.8)	749.7	(415.0)
Other comprehensive income (loss) before reclassifications, after-tax	(2,387.0)	676.9	(2,862.3)	1,418.7
Reclassification from accumulated other comprehensive income, after-tax	21.0	16.7	105.6	101.1
Adjustments for assumed changes in amortization patterns, after-tax	1.6	(0.7)	2.0	(1.0)
Adjustments for assumed changes in policyholder liabilities, after-tax	23.7	(1.3)	31.5	11.1
Other comprehensive income (loss)	(2,340.7)	691.6	(2,723.2)	1,529.9
Net unrealized gains (losses) on available-for-sale securities including NCI \| Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	26.7	21.0	134.1	128.0
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(104.6)	90.8	(63.4)	(98.7)
Reclassification from accumulated other comprehensive income, pre-tax	(0.1)	(3.1)	0.1	(4.3)
Adjustments for assumed changes in amortization patterns, pre-tax			0.1	0.1
Other comprehensive income (loss), pre-tax	(104.7)	87.7	(63.2)	(102.9)
Other comprehensive income (loss) before reclassifications, tax	22.0	(19.0)	13.3	20.7
Reclassification from accumulated other comprehensive income, tax		0.6		0.9
Adjustments for assumed changes in amortization patterns, tax			(0.1)
Other comprehensive income (loss), tax	22.0	(18.4)	13.2	21.6
Other comprehensive income (loss) before reclassifications, after-tax	(82.6)	71.8	(50.1)	(78.0)
Reclassification from accumulated other comprehensive income, after-tax	(0.1)	(2.5)	0.1	(3.4)
Adjustments for assumed changes in amortization patterns, after-tax				0.1
Other comprehensive income (loss)	(82.7)	69.3	(50.0)	(81.3)
Liability for future policy benefits discount rate remeasurement gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	2,193.2	(460.5)	2,788.3	(880.1)
Other comprehensive income (loss), tax	(482.5)	97.2	(617.1)	184.5
Other comprehensive income (loss)	1,710.7	(363.3)	2,171.2	(695.6)
Market risk benefit nonperformance risk remeasurement gain(loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	7.4	(5.9)	8.2	(3.7)
Other comprehensive income (loss), tax	(1.5)	1.3	(1.7)	0.8
Other comprehensive income (loss)	5.9	(4.6)	6.5	(2.9)
Foreign currency translation adjustment including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(65.7)		(56.9)
Reclassification from accumulated other comprehensive income, pre-tax	196.3		197.8
Other comprehensive income (loss), pre-tax	130.6	2.8	140.9	166.5
Other comprehensive income (loss) before reclassifications, tax	15.6		6.8
Reclassification from accumulated other comprehensive income, tax	1.5		1.5
Other comprehensive income (loss), tax	17.1	3.4	8.3	(4.6)
Other comprehensive income (loss) before reclassifications, after-tax	(50.1)		(50.1)
Reclassification from accumulated other comprehensive income, after-tax	197.8		199.3
Other comprehensive income (loss)	147.7	6.2	149.2	161.9
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax		0.1	(2.0)	(13.5)
Other comprehensive income (loss), pre-tax	2.2	4.3	7.1	(0.7)
Other comprehensive income (loss) before reclassifications, tax		(0.1)	0.5	3.4
Reclassification from accumulated other comprehensive income, tax	(0.6)	(1.1)	(2.4)	(3.3)
Other comprehensive income (loss), tax	(0.6)	(1.2)	(1.9)	0.1
Other comprehensive income (loss) before reclassifications, after-tax			(1.5)	(10.1)
Reclassification from accumulated other comprehensive income, after-tax	1.6	3.1	6.7	9.5
Other comprehensive income (loss)	1.6	3.1	5.2	(0.6)
Unrecognized postretirement benefit obligation including NCI \| Location, Statement of Income, Balance [Axis]: pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ 2.2	$ 4.2	$ 9.1	$ 12.8

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Sep. 01, 2026	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Other Intangible Assets
Goodwill		$ 1,860.6	$ 1,600.5	$ 1,549.7
Beam Benefits
Goodwill and Other Intangible Assets
Purchase of acquired business, net of cash acquired	$ 403.6
Goodwill	325.4
Customer relationships \| Beam Benefits
Goodwill and Other Intangible Assets
Finite lived intangible assets acquired	$ 30.0
Finite lived intangible assets useful life	10 years
Technology \| Beam Benefits
Goodwill and Other Intangible Assets
Finite lived intangible assets acquired	$ 20.0
Finite lived intangible assets useful life	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Market Risk Benefits

9 Months Ended

Sep. 30, 2026

Market Risk Benefits

Market Risk Benefits

10. Market Risk Benefits

Contracts or contract features that provide protection to the policyholder from capital market risk, including equity, interest rate or foreign exchange risk, and expose us to other-than-nominal capital market risk are classified as MRBs. We issue certain annuity contracts that include MRBs that have been bifurcated from the host contract. The Retirement and Income Solutions segment offers variable annuity products with GMWB riders and GMDB riders, including return-of-premium GMDB and GMWB riders for its RILA products.

MRBs are measured at fair value at the contract level and can be in either an asset or liability position, depending on certain inputs at the reporting date. MRB assets and liabilities are presented separately within the consolidated statements of financial position. Increases to an asset or decreases to a liability are described as favorable changes to fair value.

Changes in fair value are reported in MRB remeasurement (gain) loss on the consolidated statements of operations. However, the change in fair value related to our own nonperformance risk is reported in OCI. For contracts that contain multiple MRB features, the MRBs are valued on a combined basis using an integrated model.

MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk.

The assumption for our own nonperformance risk for MRBs is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Increases (decreases) in our own nonperformance risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs.

Long-term interest rates are used as the mean return when projecting the growth in the value of the associated account value and impact the discount rate used in the discounted future cash flows valuation. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals. An increase (decrease) in risk-free rates could cause a favorable (unfavorable) change in the fair value of the MRBs. A decrease (increase) in market volatilities could cause a favorable (unfavorable) change in the fair value of the MRBs.

An increase (decrease) in mortality rates or the overall lapse rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs. The lapse rate assumption may vary dynamically based on the relationship between the guarantee and associated account value. A weaker (stronger) dynamic lapse rate assumption could lead to favorable (unfavorable) changes in the fair value of the MRBs.

The utilization rate assumption includes how many contractholders will take withdrawals, when they will take them and how much of their benefit they will take. A decrease (increase) in the number of contractholders taking withdrawals, contractholders taking withdrawals earlier versus later, or contractholders taking more versus less of their benefit could lead to favorable (unfavorable) changes in the fair value of the MRBs.

The following tables summarize disaggregated MRB amounts in an asset and liability position reported in the consolidated statements of financial position.

 

September 30, 2026

 

December 31, 2025

Net asset

 

Asset

 

Liability

 

(liability)

 

Asset

 

Liability

 

(liability)

(in millions)

Retirement and Income Solutions:

Individual variable annuities

239.2

48.9

190.3

197.1

66.9

130.2

Total MRB per consolidated statements of financial position

239.2

48.9

190.3

197.1

66.9

130.2

Retirement and Income Solutions

The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	130.2		$	137.4
Effect of changes in nonperformance risk at beginning of period			17.0			19.0
Adjusted balance at beginning of period			147.2			156.4
Effect of:
Interest accrual and expected policyholder behavior			(60.6)			(62.8)
Benefit payments			0.5			—
Changes in interest rates			86.0			13.0
Changes in equity markets			41.8			53.1
Changes in equity index volatility			(10.4)			(8.3)
Actual policyholder behavior different from expected behavior			(2.2)			(3.9)
Changes in future expected policyholder behavior			(3.2)			—
Changes in other future expected assumptions			—			(0.3)
Adjusted balance at end of period			199.1			147.2
Effect of changes in nonperformance risk at end of period			(8.8)			(17.0)
Balance at end of period		$	190.3		$	130.2

Weighted-average attained age of policyholders (years) (1)			66.9			67.0
Net amount at risk (2)		$	32.2		$	29.3

(1)	The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2)

Significant changes to inputs that impacted the change in the MRB fair value measurement shown above were as follows:

		For the nine months ended				For the year ended
		September 30, 2026				December 31, 2025
				Change in net				Change in net
		Change in input		MRB asset (liability)		Change in input		MRB asset (liability)
Long-term interest rate		Increased		Favorable		Increased		Favorable
Equity markets		Increased		Favorable		Increased		Favorable
Equity market volatilities		Increased		Unfavorable		Increased		Unfavorable
Own nonperformance risk		Increased		Favorable		Increased		Favorable

The change in input increase or decrease is based on the corresponding weighted-average values. The associated change in the MRB asset (liability) fair value measurement might be non-intuitive if the range of inputs moved differently than the weighted average. See “Unobservable Inputs for Fair Value Measurement” for additional details on the inputs.

Unobservable Inputs for Fair Value Measurement

The following table provides quantitative information about the significant unobservable inputs used for fair value measurements of MRBs. The utilization rate and mortality rate inputs are omitted from the table as a range does not provide meaningful presentation. The utilization rate represents the number of contractholders taking withdrawals in addition to the amount and timing of the withdrawals. The mortality rate is an input based on an appropriate industry mortality table.


		September 30, 2026						December 31, 2025
						Weighted-						Weighted-
		Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)		5.64	-	5.68	%	5.66	%	4.80	-	4.84	%	4.82	%
Long-term equity market volatility		17.70	-	41.03	%	22.79	%	17.80	-	38.80	%	21.94	%
Nonperformance risk		0.51	-	1.13	%	0.97	%	0.49	-	1.12	%	0.95	%
Lapse rate		0.90	-	77.00	%	7.15	%	0.90	-	55.00	%	6.51	%

(1)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Measurements

Fair Value (Table)

September 30, 2026

Assets/

Amount

(liabilities)

measured

measured at

at net asset

Fair value hierarchy level

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

2,190.5

—

1,895.6

294.9

—

Non-U.S. governments

361.0

—

361.0

—

States and political subdivisions

6,783.9

—

6,720.3

63.6

Corporate

34,501.5

—

24.2

31,905.3

2,572.0

Residential mortgage-backed pass-through securities

3,398.8

—

3,398.8

—

Commercial mortgage-backed securities

5,638.3

—

5,635.7

2.6

Collateralized debt obligations (1)

5,798.8

—

5,798.8

—

Other debt obligations

11,842.8

—

10,367.3

1,475.5

Total fixed maturities, available-for-sale

70,515.6

—

1,919.8

64,482.1

4,113.7

Fixed maturities, trading

1,148.7

—

703.5

445.2

Equity securities

2,574.0

—

1,113.8

1,460.2

—

Derivative assets (2)

1,803.3

—

1,781.2

22.1

Other investments

911.3

52.1

355.1

441.8

62.3

Cash equivalents

2,680.7

—

361.1

2,319.6

—

Market risk benefit asset (3)

239.2

—

239.2

Sub-total excluding separate account assets

79,872.8

52.1

3,749.8

71,188.4

4,882.5

Separate account assets

194,816.2

7,693.9

126,295.2

60,061.5

765.6

Total assets

274,689.0

7,746.0

130,045.0

131,249.9

5,648.1

Liabilities

Investment and universal life contracts (4)

(2,432.6)

—

(2,432.6)

Market risk benefit liability (3)

(48.9)

—

(48.9)

Funds withheld payable embedded derivative (4)

3,524.6

—

3,524.6

Derivative liabilities (2)

(673.8)

—

(656.9)

(16.9)

Other liabilities

(2.7)

—

(2.7)

—

Total liabilities

366.6

—

(659.6)

1,026.2

Net assets

275,055.6

7,746.0

130,045.0

130,590.3

6,674.3


	December 31, 2025
	Assets/		Amount
	(liabilities)		measured
	measured at		at net asset		Fair value hierarchy level
	fair value		value (5)		Level 1		Level 2		Level 3

	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,867.6	$	—	$	1,515.2	$	352.4	$	—
Non-U.S. governments		517.7		—		—		517.7		—
States and political subdivisions		7,138.7		—		—		7,070.3		68.4
Corporate		37,547.5		—		27.8		35,042.0		2,477.7
Residential mortgage-backed pass-through securities		3,805.1		—		—		3,805.1		—
Commercial mortgage-backed securities		5,371.6		—		—		5,369.2		2.4
Collateralized debt obligations (1)		6,422.3		—		—		6,422.3		—
Other debt obligations		10,690.2		—		—		8,934.5		1,755.7
Total fixed maturities, available-for-sale		73,360.7		—		1,543.0		67,513.5		4,304.2
Fixed maturities, trading		1,243.8		—		0.1		786.3		457.4
Equity securities		2,237.3		—		778.6		1,458.7		—
Derivative assets (2)		1,224.5		—		—		1,199.8		24.7
Other investments		1,112.0		106.4		332.8		505.6		167.2
Cash equivalents		3,236.1		—		183.7		3,052.4		—
Market risk benefit asset (3)		197.1		—		—		—		197.1
Sub-total excluding separate account assets		82,611.5		106.4		2,838.2		74,516.3		5,150.6
Separate account assets		193,622.6		7,613.8		121,376.6		63,889.7		742.5
Total assets	$	276,234.1	$	7,720.2	$	124,214.8	$	138,406.0	$	5,893.1

Liabilities
Investment and universal life contracts (4)	$	(1,410.2)	$	—	$	—	$	—	$	(1,410.2)
Market risk benefit liability (3)		(66.9)		—		—		—		(66.9)
Funds withheld payable embedded derivative (4)		2,633.4		—		—		—		2,633.4
Derivative liabilities (2)		(552.1)		—		—		(545.3)		(6.8)
Other liabilities		(1.3)		—		—		(1.3)		—
Total liabilities	$	602.9	$	—	$	—	$	(546.6)	$	1,149.5

Net assets	$	276,837.0	$	7,720.2	$	124,214.8	$	137,859.4	$	7,042.6

(1)	Primarily consists of CLOs backed by secured corporate loans.

(2)

(3)	Refer to Note 10, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs.

(4)

(5)

Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)

For the three months ended September 30, 2026

Total realized/unrealized gains

(losses)

Ending

Beginning

Included in

Net purchases,

asset/(liability)

other

sales,

balance as of

Included in

comprehensive

issuances and

Transfers into

Transfers out

September 30,

July 1, 2026

net income (2)

income (3)

settlements (4)

Level 3

of Level 3

2026

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

99.8

—

(3.9)

(0.4)

—

(31.9)

63.6

Corporate

2,516.8

(14.8)

(52.3)

46.3

76.0

—

2,572.0

Commercial mortgage-backed securities

2.2

(1.7)

—

(0.1)

2.2

—

2.6

Other debt obligations

1,432.0

—

(5.7)

49.2

—

1,475.5

Total fixed maturities, available-for-sale

4,050.8

(16.5)

(61.9)

95.0

78.2

(31.9)

4,113.7

Fixed maturities, trading

404.5

(6.5)

—

47.2

—

445.2

Other investments

88.2

(3.5)

—

(22.4)

—

62.3

Separate account assets (1)

760.4

3.7

—

1.5

—

765.6

Liabilities

Investment and universal life contracts

(2,142.5)

(156.6)

—

(133.5)

—

(2,432.6)

Funds withheld payable embedded derivative

2,706.4

818.2

—

3,524.6

Derivatives

Net derivative assets (liabilities)

23.3

(19.5)

—

1.4

—

5.2


	For the three months ended September 30, 2025
			Total realized/unrealized gains
			(losses)										Ending
	Beginning				Included in		Net purchases,						asset/(liability)
	asset/(liability)				other		sales,						balance as of
	balance as of		Included in		comprehensive		issuances and		Transfers into		Transfers out		September 30,
	July 1, 2025		net income (2)		income (3)		settlements (4)		Level 3		of Level 3		2025

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	67.8	$	—	$	0.9	$	(0.5)	$	—	$	—	$	68.2
Corporate		2,444.0		(21.5)		3.8		(10.9)		—		—		2,415.4
Commercial mortgage-backed securities		2.6		—		—		(0.1)		—		—		2.5
Other debt obligations		1,813.4		—		2.5		9.5		—		(94.2)		1,731.2
Total fixed maturities, available-for-sale		4,327.8		(21.5)		7.2		(2.0)		—		(94.2)		4,217.3
Fixed maturities, trading		491.9		(3.4)		—		11.9		—		—		500.4
Other investments		119.3		(2.5)		—		19.7		—		—		136.5
Separate account assets (1)		741.4		2.0		—		—		—		—		743.4

Liabilities
Investment and universal life contracts		(863.7)		(222.2)		—		(142.9)		—		—		(1,228.8)
Funds withheld payable embedded derivative		2,825.2		(266.0)		—		—		—		—		2,559.2

Derivatives
Net derivative assets (liabilities)		(13.1)		18.3		—		(0.3)		—		—		4.9

For the nine months ended September 30, 2026

Total realized/unrealized gains

(losses)

Ending

Beginning

Included in

Net purchases,

asset/(liability)

other

sales,

balance as of

Included in

comprehensive

issuances and

Transfers into

Transfers out

September 30,

January 1, 2026

net income (2)

income (3)

settlements (4)

Level 3

of Level 3

2026

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

68.4

—

(4.1)

(1.4)

32.6

(31.9)

63.6

Corporate

2,477.7

(46.8)

(46.0)

111.1

76.0

—

2,572.0

Commercial mortgage-backed securities

2.4

(1.7)

—

(0.3)

2.2

—

2.6

Other debt obligations

1,755.7

(2.1)

(5.7)

(207.3)

52.6

(117.7)

1,475.5

Total fixed maturities, available-for-sale

4,304.2

(50.6)

(55.8)

(97.9)

163.4

(149.6)

4,113.7

Fixed maturities, trading

457.4

(18.5)

—

6.3

—

445.2

Other investments

167.2

(10.6)

—

(94.3)

—

62.3

Separate account assets (1)

742.5

21.6

—

1.5

—

765.6

Liabilities

Investment and universal life contracts

(1,410.2)

(679.5)

—

(342.9)

—

(2,432.6)

Funds withheld payable embedded derivative

2,633.4

891.2

—

3,524.6

Derivatives

Net derivative assets (liabilities)

17.9

(15.3)

—

2.6

—

5.2


	For the nine months ended September 30, 2025
			Total realized/unrealized
			gains (losses)										Ending
	Beginning				Included in		Net purchases,						asset/(liability)
	asset/(liability)				other		sales,						balance as of
	balance as of		Included in		comprehensive		issuances and		Transfers into		Transfers out		September 30,
	January 1, 2025		net income (2)		income (3)		settlements (4)		Level 3		of Level 3		2025

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	66.8	$	—	$	2.8	$	(1.4)	$	—	$	—	$	68.2
Corporate		2,350.4		(5.6)		(4.1)		74.7		—		—		2,415.4
Commercial mortgage-backed securities		2.7		—		0.1		(0.3)		—		—		2.5
Other debt obligations		1,478.3		0.1		12.8		237.5		121.5		(119.0)		1,731.2
Total fixed maturities, available-for-sale		3,898.2		(5.5)		11.6		310.5		121.5		(119.0)		4,217.3
Fixed maturities, trading		562.6		(15.3)		—		(42.1)		—		(4.8)		500.4
Mortgage loans		140.6		—		—		(140.6)		—		—		—
Other investments		131.2		(2.7)		—		8.0		—		—		136.5
Separate account assets (1)		726.7		16.7		—		—		—		—		743.4

Liabilities
Investment and universal life contracts		(578.4)		(221.2)		—		(429.2)		—		—		(1,228.8)
Funds withheld payable embedded derivative		3,014.5		(455.3)		—		—		—		—		2,559.2

Derivatives
Net derivative assets (liabilities)		13.5		(9.5)		—		0.9		—		—		4.9

(1)

(2)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

(15.1)

(14.6)

(30.8)

6.3

Commercial mortgage-backed securities

(1.7)

—

(1.7)

—

Other debt obligations

—

(0.3)

—

Total fixed maturities, available-for-sale

(16.8)

(14.6)

(32.8)

6.3

Fixed maturities, trading

(6.5)

(14.8)

(16.2)

(14.9)

Other investments

0.3

0.4

0.6

4.7

Separate account assets

2.5

32.4

19.7

24.6

Liabilities

Investment and universal life contracts

(157.0)

(214.3)

(674.9)

(219.7)

Funds withheld payable embedded derivative

818.2

(266.0)

891.2

(455.3)

Derivatives

Net derivative assets (liabilities)

(33.5)

20.1

(17.6)

(10.6)

(3)	Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal Asset Management, relating to positions still held were:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Assets

 

Fixed maturities, available-for-sale:

States and political subdivisions

(3.8)

0.9

(3.4)

2.8

Corporate

(51.5)

3.5

(47.8)

(5.0)

Commercial mortgage-backed securities

—

0.1

Other debt obligations

(5.7)

2.4

(5.2)

13.5

Total fixed maturities, available-for-sale

(61.0)

6.8

(56.4)

11.4

(4)Gross purchases, sales, issuances and settlements were:

For the three months ended September 30, 2026

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(0.4)

Corporate

240.3

(18.1)

—

(175.9)

46.3

Commercial mortgage-backed securities

—

(0.1)

Other debt obligations

93.7

—

(44.5)

49.2

Total fixed maturities, available-for-sale

334.0

(18.1)

—

(220.9)

95.0

Fixed maturities, trading

95.2

(36.2)

—

(11.8)

47.2

Other investments

0.7

—

(23.1)

(22.4)

Separate account assets (5)

1.5

—

1.5

Liabilities

Investment and universal life contracts

—

(148.2)

14.7

(133.5)

Derivatives

Net derivative assets (liabilities)

1.1

0.3

—

1.4


	For the three months ended September 30, 2025
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.5)	$	(0.5)
Corporate		125.7		(28.9)		—		(107.7)		(10.9)
Commercial mortgage-backed securities		—		—		—		(0.1)		(0.1)
Other debt obligations		93.1		—		—		(83.6)		9.5
Total fixed maturities, available-for-sale		218.8		(28.9)		—		(191.9)		(2.0)
Fixed maturities, trading		68.5		(22.4)		—		(34.2)		11.9
Other investments		58.7		—		—		(39.0)		19.7
Separate account assets (5)		—		(42.6)		—		42.6		—

Liabilities
Investment and universal life contracts		—		—		(155.1)		12.2		(142.9)

Derivatives
Net derivative assets (liabilities)		(2.2)		1.9		—		—		(0.3)

For the nine months ended September 30, 2026

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(1.4)

Corporate

618.6

(88.9)

—

(418.6)

111.1

Commercial mortgage-backed securities

—

(0.3)

Other debt obligations

287.8

(222.0)

—

(273.1)

(207.3)

Total fixed maturities, available-for-sale

906.4

(310.9)

—

(693.4)

(97.9)

Fixed maturities, trading

237.4

(206.8)

—

(24.3)

6.3

Other investments

9.5

(0.7)

—

(103.1)

(94.3)

Separate account assets (5)

1.5

—

1.5

Liabilities

Investment and universal life contracts

—

(389.4)

46.5

(342.9)

Derivatives

Net derivative assets (liabilities)

1.4

1.2

—

2.6


	For the nine months ended September 30, 2025
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.4)	$	(1.4)
Corporate		449.9		(184.5)		—		(190.7)		74.7
Commercial mortgage-backed securities		—		—		—		(0.3)		(0.3)
Other debt obligations		606.7		(177.7)		—		(191.5)		237.5
Total fixed maturities, available-for-sale		1,056.6		(362.2)		—		(383.9)		310.5
Fixed maturities, trading		231.1		(144.0)		—		(129.2)		(42.1)
Mortgage loans		—		—		—		(140.6)		(140.6)
Other investments		119.6		(1.5)		—		(110.1)		8.0
Separate account assets (5)		—		(42.6)		—		42.6		—

Liabilities
Investment and universal life contracts		—		—		(469.1)		39.9		(429.2)

Derivatives
Net derivative assets (liabilities)		(1.3)		2.2		—		—		0.9

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

For the three months ended September 30, 2026

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

31.9

Corporate

—

76.0

—

Commercial mortgage-backed securities

—

2.2

—

Total fixed maturities, available-for-sale

—

78.2

—

31.9

For the three months ended September 30, 2025

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Other debt obligations

—

94.2

Total fixed maturities, available-for-sale

—

94.2

For the nine months ended September 30, 2026

 

Transfers out

 

Transfers out

 

Transfers out

 

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

32.6

—

31.9

Corporate

—

76.0

—

Commercial mortgage-backed securities

—

2.2

—

Other debt obligations

—

52.6

—

117.7

Total fixed maturities, available-for-sale

—

163.4

—

149.6


		For the nine months ended September 30, 2025
		Transfers out			Transfers out			Transfers out			Transfers out
		of Level 1 into			of Level 2 into			of Level 3 into			of Level 3 into
		Level 3			Level 3			Level 1			Level 2

		(in millions)
Assets
Fixed maturities, available-for-sale:
Other debt obligations		$	—		$	121.5		$	—		$	119.0
Total fixed maturities, available-for-sale			—			121.5			—			119.0
Fixed maturities, trading			—			—			—			4.8

Quantitative Information about Level 3 Fair Value Measurements (Table)


	September 30, 2026
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,955.6	Discounted cash flow	Discount rate (1)	4.3	% -	14.7	%	8.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	0.8	x -	1.7	x	1.0	x
				Illiquidity premium	30	basis points (“bps”) -	771	bps	149	bps
				Comparability adjustment	(120)	bps -	571	bps	62	bps
Other debt obligations		1,475.5	Discounted cash flow	Discount rate (1)	4.8	% -	9.3	%	5.7	%
				Illiquidity premium	(83)	bps -	415	bps	163	bps
				Comparability adjustment	(58)	bps -	323	bps	71	bps
Fixed maturities, trading		207.1	Discounted cash flow	Discount rate (1)	9.0	% -	10.7	%	9.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	0.8	x -	0.9	x	0.9	x
				Comparability adjustment	(120)	bps -	532	bps	66	bps
Other investments		62.0	Discounted cash flow	Discount rate (1)	11.5	% -	13.5	%	12.4	%
				Probability of default	6.0	% -	10.0	%	8.4	%
				Potential loss severity	87.0	% -	100.0	%	91.8	%
Separate account assets		765.6	Discounted cash flow - real estate	Discount rate (1)	6.8	% -	10.0	%	7.4	%
				Terminal capitalization rate	5.5	% -	8.0	%	6.0	%
				Average market rent growth rate	2.0	% -	3.3	%	2.7	%
			Discounted cash flow - real estate debt	Loan to value	46.3	% -	65.5	%	52.0	%
				Market interest rate	5.3	% -	7.1	%	5.9	%


Liabilities
Investment and universal life contracts (4)	(2,432.6)	Discounted cash flow	Long duration interest rate	4.3	% -	5.7	%	(2)	5.6	%
			Long-term equity market volatility	16.0	% -	30.2	%		19.9	%
			Nonperformance risk	0.5	% -	1.1	%		1.0	%
			Lapse rate	0.0	% -	77.0	%		8.7	%
			Mortality rate	See note (3)


		December 31, 2025
		Assets /
		(liabilities)
		measured at			Valuation	Unobservable	Input/range of						Weighted
		fair value			technique(s)	input description	inputs						average
		(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate		$	2,017.3		Discounted cash flow	Discount rate (1)		2.7	% -	13.1	%		8.0	%
						Earnings before interest, taxes, depreciation and amortization multiple				0.9	x		0.9	x
						Illiquidity premium		30	bps -	771	bps		146	bps
						Comparability adjustment		(120)	bps -	3,462	bps		122	bps
Other debt obligations			1,745.4		Discounted cash flow	Discount rate (1)		3.4	% -	8.6	%		4.2	%
						Illiquidity premium		(83)	bps -	415	bps		179	bps
						Comparability adjustment		(10)	bps -	285	bps		66	bps
Fixed maturities, trading			257.6		Discounted cash flow	Discount rate (1)		8.5	% -	13.0	%		9.0	%
						Earnings before interest, taxes, depreciation and amortization multiple				0.9	x		0.9	x
						Comparability adjustment		(88)	bps -	2,047	bps		114	bps
Other investments			167.1		Discounted cash flow	Discount rate (1)		12.0	% -	13.5	%		12.2	%
						Probability of default		6.0	% -	10.0	%		8.0	%
						Potential loss severity		87.0	% -	100.0	%		92.9	%
Separate account assets			742.5		Discounted cash flow - real estate	Discount rate (1)		6.8	% -	9.3	%		7.3	%
						Terminal capitalization rate		5.5	% -	8.0	%		6.0	%
						Average market rent growth rate		2.0	% -	3.3	%		2.7	%
					Discounted cash flow - real estate debt	Loan to value		47.2	% -	69.3	%		52.7	%
						Market interest rate		5.3	% -	6.4	%		5.8	%


Liabilities
Investment and universal life contracts (4)	(1,410.2)		Discounted cash flow		Long duration interest rate	3.5	% -	4.8	%	(2)	4.8	%
					Long-term equity market volatility	16.1	% -	33.4	%		21.8	%
					Nonperformance risk	0.5	% -	1.1	%		0.9	%
					Lapse rate	0.0	% -	55.0	%		8.0	%
					Mortality rate	See note (3)

(1)	Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable.

(2)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.

(3)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

(4)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

Fair Value Option (Table)


	September 30, 2026			December 31, 2025

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	62.0		$	167.1
Aggregate contractual principal		72.5			175.8

(1)	Reported with other investments on the consolidated statements of financial position. See Note 4, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status.

The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected.

For the three months ended

For the nine months ended

September 30,

2026

2025

2026

2025

(in millions)

Other loans of consolidated VIE

Change in fair value pre-tax loss - instrument specific credit risk

(3.5)

(2.5)

(11.2)

(3.8)

Change in fair value pre-tax loss (1)

(3.5)

(2.5)

(11.2)

(3.8)

Interest income (2)

4.4

5.3

14.3

12.4

(1)	Reported in net realized capital gains (losses) on the consolidated statements of operations.

(2)	Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rate of the loans.

Financial Instruments Not Reported at Fair Value (Table)

September 30, 2026

Fair value hierarchy level

 

Carrying amount

 

Fair value

 

Level 1

 

Level 2

 

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,425.1

18,572.8

—

18,572.8

Policy loans

863.2

840.7

—

840.7

Other investments

218.3

205.3

—

34.7

170.6

Cash and cash equivalents

1,770.0

1,746.5

23.5

—

Reinsurance deposit receivable

3,509.3

3,249.2

—

3,249.2

Cash collateral receivable

0.7

—

Investment contracts

(34,827.0)

(33,711.7)

—

(8,064.8)

(25,646.9)

Short-term debt

(177.6)

—

(177.6)

—

Long-term debt

(4,326.2)

(4,144.6)

—

(3,968.3)

(176.3)

Separate account liabilities

(180,056.2)

(138,929.9)

—

(138,929.9)

Bank deposits (1)

(382.5)

(383.9)

—

(383.9)

—

Cash collateral payable

(1,393.0)

—


		December 31, 2025
								Fair value hierarchy level
		Carrying amount			Fair value			Level 1			Level 2			Level 3

		(in millions)
Assets (liabilities)
Mortgage loans		$	21,008.3		$	19,800.9		$	—		$	—		$	19,800.9
Policy loans			866.7			906.0			—			—			906.0
Other investments			265.7			255.4			—			77.6			177.8
Cash and cash equivalents			1,194.9			1,194.9			1,181.0			13.9			—
Reinsurance deposit receivable			4,076.2			3,825.7			—			—			3,825.7
Cash collateral receivable			5.4			5.4			5.4			—			—
Investment contracts			(34,139.0)			(33,655.5)			—			(8,200.1)			(25,455.4)
Short-term debt			(27.7)			(27.7)			—			(27.7)			—
Long-term debt			(3,926.3)			(3,833.5)			—			(3,830.9)			(2.6)
Separate account liabilities			(178,620.2)			(177,621.6)			—			—			(177,621.6)
Bank deposits (1)			(423.8)			(427.8)			—			(427.8)			—
Cash collateral payable			(857.6)			(857.6)			(857.6)			—			—

(1)	Excludes deposit liabilities without defined or contractual maturities.

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions

Sep. 30, 2026

Dec. 31, 2025

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

^[1]

$ 70,515.6

$ 73,360.7

Fixed maturities, trading

1,148.7

1,243.8

Equity securities

2,574.0

2,237.3

Derivative instruments, assets

1,803.3

1,224.5

Separate account assets

194,816.2

193,622.6

Investment and universal life contracts

(2,432.6)

(1,410.2)

Amount measured at net asset value

Assets (liabilities) measured at fair value on a recurring basis

Unfunded commitments of investments measured using NAV

2.9

U.S. government and agencies

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

2,190.5

1,867.6

Non-U.S. governments

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

361.0

517.7

States and political subdivisions

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

6,783.9

7,138.7

Corporate debt securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

34,501.5

37,547.5

Residential mortgage-backed pass-through securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

3,398.8

3,805.1

Commercial mortgage-backed securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,638.3

5,371.6

Collateralized debt obligations

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,798.8

6,422.3

Other debt obligations

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

11,842.8

10,690.2

Recurring Fair Value Measurements

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

70,515.6

73,360.7

Fixed maturities, trading

1,148.7

1,243.8

Equity securities

2,574.0

2,237.3

Derivative instruments, assets

1,803.3

1,224.5

Other investments

911.3

1,112.0

Cash equivalents

2,680.7

3,236.1

Market risk benefit asset

239.2

197.1

Sub-total excluding separate account assets

79,872.8

82,611.5

Separate account assets

194,816.2

193,622.6

Total assets

274,689.0

276,234.1

Investment and universal life contracts

(2,432.6)

(1,410.2)

Market risk benefit liability

(48.9)

(66.9)

Funds withheld payable embedded derivative

3,524.6

2,633.4

Derivative liabilities

(673.8)

(552.1)

Other liabilities

(2.7)

(1.3)

Total liabilities

366.6

602.9

Net assets

275,055.6

276,837.0

Recurring Fair Value Measurements | Amount measured at net asset value

Assets (liabilities) measured at fair value on a recurring basis

Other investments

52.1

106.4

Sub-total excluding separate account assets

52.1

106.4

Separate account assets

7,693.9

7,613.8

Total assets

7,746.0

7,720.2

Net assets

7,746.0

7,720.2

Recurring Fair Value Measurements | Fair value hierarchy Level 1

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

1,919.8

1,543.0

Fixed maturities, trading

0.1

Equity securities

1,113.8

778.6

Other investments

355.1

332.8

Cash equivalents

361.1

183.7

Sub-total excluding separate account assets

3,749.8

2,838.2

Separate account assets

126,295.2

121,376.6

Total assets

130,045.0

124,214.8

Net assets

130,045.0

124,214.8

Recurring Fair Value Measurements | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

64,482.1

67,513.5

Fixed maturities, trading

703.5

786.3

Equity securities

1,460.2

1,458.7

Derivative instruments, assets

1,781.2

1,199.8

Other investments

441.8

505.6

Cash equivalents

2,319.6

3,052.4

Sub-total excluding separate account assets

71,188.4

74,516.3

Separate account assets

60,061.5

63,889.7

Total assets

131,249.9

138,406.0

Derivative liabilities

(656.9)

(545.3)

Other liabilities

(2.7)

(1.3)

Total liabilities

(659.6)

(546.6)

Net assets

130,590.3

137,859.4

Recurring Fair Value Measurements | Fair value hierarchy Level 3

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

4,113.7

4,304.2

Fixed maturities, trading

445.2

457.4

Derivative instruments, assets

22.1

24.7

Other investments

62.3

167.2

Market risk benefit asset

239.2

197.1

Sub-total excluding separate account assets

4,882.5

5,150.6

Separate account assets

765.6

742.5

Total assets

5,648.1

5,893.1

Investment and universal life contracts

(2,432.6)

(1,410.2)

Market risk benefit liability

(48.9)

(66.9)

Funds withheld payable embedded derivative

3,524.6

2,633.4

Derivative liabilities

(16.9)

(6.8)

Total liabilities

1,026.2

1,149.5

Net assets

6,674.3

7,042.6

Recurring Fair Value Measurements | U.S. government and agencies

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

2,190.5

1,867.6

Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 1

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

1,895.6

1,515.2

Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

294.9

352.4

Recurring Fair Value Measurements | Non-U.S. governments

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

361.0

517.7

Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

361.0

517.7

Recurring Fair Value Measurements | States and political subdivisions

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

6,783.9

7,138.7

Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

6,720.3

7,070.3

Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 3

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

63.6

68.4

Recurring Fair Value Measurements | Corporate debt securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

34,501.5

37,547.5

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 1

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

24.2

27.8

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

31,905.3

35,042.0

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

2,572.0

2,477.7

Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

3,398.8

3,805.1

Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

3,398.8

3,805.1

Recurring Fair Value Measurements | Commercial mortgage-backed securities

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,638.3

5,371.6

Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,635.7

5,369.2

Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 3

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

2.6

2.4

Recurring Fair Value Measurements | Collateralized debt obligations

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,798.8

6,422.3

Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

5,798.8

6,422.3

Recurring Fair Value Measurements | Other debt obligations

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

11,842.8

10,690.2

Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 2

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

10,367.3

8,934.5

Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 3

Assets (liabilities) measured at fair value on a recurring basis

Fixed maturities, available-for-sale

$ 1,475.5

$ 1,755.7

[1]	See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Investments - Financing Receivable, Non-Accrual (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 172.3	$ 84.7	$ 86.1
Financing receivables, Non-accrual assets without a valuation allowance	15.9	13.4
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	149.6	58.4	70.5
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	15.1	19.9	$ 15.6
Financing receivables, Non-accrual assets without a valuation allowance	8.3	7.0
Other loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	7.6	6.4
Financing receivables, Non-accrual assets without a valuation allowance	$ 7.6	$ 6.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

Investments - Amortization by Expected Maturity (Details) - USD ($)
$ in Millions

Sep. 30, 2026

Dec. 31, 2025

Amortized cost of fixed maturities available-for-sale

Due in one year or less

$ 1,460.7

Due after one year through five years

10,799.1

Due after five years through ten years

9,587.4

Due after ten years

28,377.4

Subtotal

50,224.6

Mortgage-backed and other asset-backed securities

27,974.7

Amortized cost, excluding portfolio layer method basis adjustment

78,199.3

$ 77,582.9

Fair value of fixed maturities available-for-sale

Due in one year or less

1,428.1

Due after one year through five years

10,462.4

Due after five years through ten years

9,157.2

Due after ten years

22,789.2

Subtotal

43,836.9

Mortgage-backed and other asset-backed securities

26,678.7

Fair value, fixed maturities

^[1]

$ 70,515.6

$ 73,360.7

[1]	See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Stockholders' Equity - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Change in accumulated other comprehensive income (loss) rollforward
Balances			$ 11,883.9
Balances	$ 11,816.3		11,816.3
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(4,065.8)	$ (4,713.3)	(4,188.4)	$ (5,224.8)
Other comprehensive income (loss) during the period, net of adjustments	(777.0)	389.4	(745.7)	811.0
Amounts reclassified from AOCI	199.8	17.3	291.1	107.2
Other comprehensive income (loss)	(577.2)	406.7	(454.6)	918.2
Balances	(4,643.0)	(4,306.6)	(4,643.0)	(4,306.6)
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Balances	(3,611.6)	(3,854.6)	(3,229.1)	(4,692.9)
Other comprehensive income (loss) during the period, net of adjustments	(2,361.7)	674.9	(2,828.8)	1,428.8
Amounts reclassified from AOCI	21.0	16.7	105.6	101.1
Other comprehensive income (loss)	(2,340.7)	691.6	(2,723.2)	1,529.9
Balances	(5,952.3)	(3,163.0)	(5,952.3)	(3,163.0)
Net unrealized gains (losses) on available-for-sale debt securities with allowance for credit losses	(11.1)	(4.7)	(11.1)	(4.7)
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Balances	0.8	(98.8)	(31.9)	51.8
Other comprehensive income (loss) during the period, net of adjustments	(82.6)	71.8	(50.1)	(77.9)
Amounts reclassified from AOCI	(0.1)	(2.5)	0.1	(3.4)
Other comprehensive income (loss)	(82.7)	69.3	(50.0)	(81.3)
Balances	(81.9)	(29.5)	(81.9)	(29.5)
Liability for future policy benefits discount rate remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	1,273.0	1,105.9	812.5	1,438.2
Other comprehensive income (loss) during the period, net of adjustments	1,710.7	(363.3)	2,171.2	(695.6)
Other comprehensive income (loss)	1,710.7	(363.3)	2,171.2	(695.6)
Balances	2,983.7	742.6	2,983.7	742.6
Market risk benefit nonperformance risk remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(12.8)	(13.3)	(13.4)	(15.0)
Other comprehensive income (loss) during the period, net of adjustments	5.9	(4.6)	6.5	(2.9)
Other comprehensive income (loss)	5.9	(4.6)	6.5	(2.9)
Balances	(6.9)	(17.9)	(6.9)	(17.9)
Foreign currency translation adjustment
Change in accumulated other comprehensive income (loss) rollforward
Balances	(1,538.9)	(1,627.8)	(1,546.6)	(1,785.9)
Other comprehensive income (loss) during the period, net of adjustments	(49.3)	10.6	(43.0)	168.7
Amounts reclassified from AOCI	177.3		178.7
Other comprehensive income (loss)	128.0	10.6	135.7	168.7
Balances	(1,410.9)	(1,617.2)	(1,410.9)	(1,617.2)
Unrecognized postretirement benefit obligations
Change in accumulated other comprehensive income (loss) rollforward
Balances	(176.3)	(224.7)	(179.9)	(221.0)
Other comprehensive income (loss) during the period, net of adjustments			(1.5)	(10.1)
Amounts reclassified from AOCI	1.6	3.1	6.7	9.5
Other comprehensive income (loss)	1.6	3.1	5.2	(0.6)
Balances	$ (174.7)	$ (221.6)	$ (174.7)	$ (221.6)

Future Policy Benefits and Claims - Retirement and Income Solutions (Details) - Retirement and Income Solutions - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 27,349.3	$ 24,958.1
Effect of changes in discount rate assumptions at beginning of period	1,294.3	1,938.8
Balance at beginning of period at original discount rate	28,643.6	26,896.9
Effect of actual variances from expected experience	2.2	(17.9)
Adjusted beginning of period balance at original discount rate	28,645.8	26,879.0
Interest accrual	978.2	1,234.2
Benefit payments	(1,929.5)	(2,442.8)
Issuances	1,547.9	2,973.2
Balance at end of period at original discount rate	29,242.4	28,643.6
Effect of changes in discount rate assumptions at end of period	(3,174.0)	(1,294.3)
Balance at end of period, Present value of expected future policy benefit payments	26,068.4	27,349.3
Future policy benefits after reinsurance	$ 26,068.4	$ 27,349.3
Weighted-average duration for future policy benefits (in years)	7 years 7 months 6 days	7 years 10 months 24 days
Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 4,367.4	$ 4,504.6
Effect of changes in discount rate assumptions at beginning of period	297.6	420.4
Balance at beginning of period at original discount rate	4,665.0	4,925.0
Effect of actual variances from expected experience	2.4	2.3
Adjusted beginning of period balance at original discount rate	4,667.4	4,927.3
Interest accrual	140.9	197.2
Benefit payments	(360.5)	(490.0)
Issuances	15.8	30.5
Balance at end of period at original discount rate	4,463.6	4,665.0
Effect of changes in discount rate assumptions at end of period	(550.3)	(297.6)
Balance at end of period, Present value of expected future policy benefit payments	3,913.3	4,367.4
Reinsurance impact	(3,854.7)	(4,310.3)
Future policy benefits after reinsurance	$ 58.6	$ 57.1
Weighted-average duration for future policy benefits (in years)	6 years 8 months 12 days	7 years 1 month 6 days

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized gains (losses) on fixed maturities, available-for-sale	$ (7,594.7)	$ (4,081.8)
Net unrealized gains (losses) on derivative instruments	(103.3)	(40.0)
Adjustments for assumed changes in amortization patterns	6.8	4.2
Adjustments for assumed changes in policyholder liabilities	61.1	21.2
Net unrealized gains (losses) on other investments and noncontrolling interest adjustments	(60.7)	(58.3)
Provision for deferred income tax benefits (taxes)	1,656.6	893.7
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ (6,034.2)	$ (3,261.0)

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	$ 338,742.2	$ 341,376.5
Money Market Funds
Total assets of unconsolidated money market mutual funds	5,500.0	5,900.0
Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Carrying value used if distributions received are in excess of investment	0.0	0.0
Corporate debt securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	225.3	289.4
Maximum exposure to loss	311.9	361.7
Residential mortgage-backed pass-through securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,398.8	3,805.1
Maximum exposure to loss	3,663.6	3,868.4
Residential mortgage-backed pass-through securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	7.2	8.4
Maximum exposure to loss	7.2	8.4
Commercial mortgage-backed securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,638.3	5,371.6
Maximum exposure to loss	6,049.1	5,659.6
Commercial mortgage-backed securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	58.6	70.7
Maximum exposure to loss	58.6	70.7
Collateralized debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,798.8	6,422.3
Maximum exposure to loss	5,803.4	6,417.4
Collateralized debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	206.9	211.0
Maximum exposure to loss	206.9	211.0
Other debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	11,839.8	10,681.3
Maximum exposure to loss	13,842.7	12,167.2
Other debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	244.9	338.8
Maximum exposure to loss	244.9	338.8
Equity securities \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	115.8	109.5
Maximum exposure to loss	115.8	109.5
Other investments: Other limited partnership and fund interests \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,323.6	3,498.4
Maximum exposure to loss	5,124.0	5,500.7
Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure	$ 247.5	$ 256.1

Future Policy Benefits and Claims

9 Months Ended

Sep. 30, 2026

Future Policy Benefits and Claims

Future Policy Benefits and Claims

9. Future Policy Benefits and Claims

Future policy benefits and claims include reserves for short-duration contracts and long-duration contracts as well as certain reinsurance balances, when in a liability position.

The following tables summarize disaggregated amounts included in future policy benefit and claims and reconcile the totals to those reported in the consolidated statements of financial position.


		September 30, 2026			December 31, 2025

		(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer		$	26,068.4		$	27,349.3
Individual fixed income annuities			3,913.3			4,367.4
Total Retirement and Income Solutions			29,981.7			31,716.7
Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (2)			—			4,600.5
Benefits and Protection:
Specialty Benefits:
Individual disability			1,856.5			1,994.2
Life Insurance:
Term life			1,523.3			1,515.7
Total Benefits and Protection			3,379.8			3,509.9
Corporate:
Long-term care insurance			142.1			166.7
Total liability for future policy benefits			33,503.6			39,993.8

Additional liability for certain benefit features by segment (3):
Benefits and Protection – Life Insurance:
Universal life			7,029.3			6,604.8
Total additional liability for certain benefit features			7,029.3			6,604.8

Reconciling items:
Participating contracts			2,695.6			2,784.3
Short-duration contracts			1,139.1			1,205.2
Cost of reinsurance liability			939.7			971.4
Reinsurance recoverable liability			19.0			23.5
Other (4)			75.4			166.7
Future policy benefits and claims per consolidated statements of financial position		$	45,401.7		$	51,749.7

(1)	Amounts include the deferred profit liability.

(2)	The business was sold in third quarter 2026.

(3)	Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(4)	Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

Liability for Unpaid Claims

The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:


		For the nine months ended September 30,
		2026		2025

		(in millions)
Balance at beginning of period		$	1,342.4	$	1,379.9
Less: reinsurance recoverable			62.6		61.2
Net balance at beginning of period			1,279.8		1,318.7
Balance of operations acquired			7.2		—
Incurred:
Current year			1,379.6		1,368.5
Prior years			(112.6)		(101.9)
Total incurred			1,267.0		1,266.6
Payments:
Current year			1,007.5		984.3
Prior years			304.9		317.7
Total payments			1,312.4		1,302.0
Net balance at end of period			1,241.6		1,283.3
Plus: reinsurance recoverable			60.2		61.1
Balance at end of period		$	1,301.8	$	1,344.4

Incurred liability adjustments relating to prior years, which affected current operations during 2026 and 2025, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.

Long-Duration Contracts

Gross Premiums or Assessments and Interest Accretion

The amount of gross premiums or assessments and interest accretion recognized by segment in the consolidated statements of operations was as follows:

Gross premiums or assessments (1)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Retirement and Income Solutions:

Pension risk transfer (2)

888.5

560.0

1,541.9

1,810.1

Individual fixed income annuities

4.0

9.1

16.0

23.2

Total Retirement and Income Solutions

892.5

569.1

1,557.9

1,833.3

Principal Asset Management – International Pension:

Latin America:

Individual fixed income annuities (3)

—

0.5

—

6.4

Benefits and Protection:

Specialty Benefits:

Individual disability

170.4

169.0

496.3

489.4

Life Insurance:

Universal life

176.0

182.1

536.6

536.3

Term life

178.9

176.9

531.3

520.9

Total Benefits and Protection

525.3

528.0

1,564.2

1,546.6

Corporate:

Long-term care insurance

1.2

1.2

4.0

4.1

Total per consolidated statements of operations

1,419.0

1,098.8

3,126.1

3,390.4

(1)

Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.

(2)	Since premium received from pension risk transfer products is generally in the form of single payments, the level of premiums can fluctuate depending on the number of large-scale annuity sales in a particular quarter.

(3)	The business was sold in third quarter 2026.

Interest accretion (1)

For the three months ended

For the nine months ended

September 30,

2026

2025

2026

2025

(in millions)

Retirement and Income Solutions:

Pension risk transfer

327.6

310.8

978.2

919.4

Individual fixed income annuities

46.3

49.0

140.9

148.9

Total Retirement and Income Solutions

373.9

359.8

1,119.1

1,068.3

Principal Asset Management – International Pension:

Latin America:

Individual fixed income annuities (2)

32.4

60.9

228.7

228.1

Benefits and Protection:

Specialty Benefits:

Individual disability

27.8

26.4

81.8

78.4

Life Insurance:

Universal life

77.6

71.2

227.9

209.5

Term life

19.1

17.3

55.5

48.9

Total Benefits and Protection

124.5

114.9

365.2

336.8

Corporate:

Long-term care insurance

2.2

2.4

6.9

7.1

Total per consolidated statements of operations

533.0

538.0

1,719.9

1,640.3

(1)Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(2)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion. The business was sold in third quarter 2026.

Liability for Future Policy Benefits

The liability for future policy benefits (“LFPB”) for individual and group annuities is generally equal to the present value of expected future policy benefit payments. The reserves are computed using assumptions for mortality and interest. The LFPB for non-participating term life insurance, individual disability income contracts and individual and group long-term care contracts is generally equal to the present value of expected future policy benefit payments less the present value of expected net premiums. The reserves are computed using assumptions for mortality, interest, morbidity and lapse. Cohorts are used as the unit of account for liability measurement. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. We review and update, if necessary, assumptions used to measure cash flows for the LFPB during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income.

An interest accretion rate is determined for an identified cohort and remains unchanged after the issue year. For policies issued on or prior to December 31, 2020, the interest accretion rate is based on the assumed investment yield when the business was issued. For policies issued after December 31, 2020, the interest accretion rate is based on the upper-medium grade fixed-income instrument yields, which is generally equivalent to a single-A rated bond yield matched to the duration of our insurance liabilities, when the business was issued.

The LFPB is remeasured to reflect current upper-medium grade fixed-income instrument yields as of each reporting date. The liability is calculated by discounting cash flows using rate curves reflecting the currency and duration of the insurance liabilities. For discount rate tenors, or points on the curves, where the upper-medium grade fixed-income instrument yields are not liquid or limited observable market data is available, we use various estimation techniques consistent with fair value measurement guidance.

For our individual fixed income annuities in Latin America that were sold in third quarter 2026, the discount rate methodology was designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies were denominated. For discount rate tenors where upper-medium grade fixed-income instrument yields based on international rating standards were not liquid or limited observable market data was available, estimation techniques were used to determine a curve in the appropriate currency.

Further details regarding reference rates used are included under “Interest Accretion and Current Discount Rates.”

Retirement and Income Solutions

The balances and the changes in the present value for expected future policy benefits were as follows:

 

For the nine months ended

For the year ended

September 30, 2026

December 31, 2025

Pension

Individual

Pension

Individual

risk

fixed income

risk

fixed income

 

transfer

 

annuities

 

transfer

 

annuities

($ in millions)

Present value of expected future policy benefit payments

Balance at beginning of period

27,349.3

4,367.4

24,958.1

4,504.6

Effect of changes in discount rate assumptions at beginning of period

1,294.3

297.6

1,938.8

420.4

Balance at beginning of period at original discount rate

28,643.6

4,665.0

26,896.9

4,925.0

Effect of actual variances from expected experience

2.2

2.4

(17.9)

2.3

Adjusted beginning of period balance at original discount rate

28,645.8

4,667.4

26,879.0

4,927.3

Interest accrual

978.2

140.9

1,234.2

197.2

Benefit payments

(1,929.5)

(360.5)

(2,442.8)

(490.0)

Issuances

1,547.9

15.8

2,973.2

30.5

Balance at end of period at original discount rate

29,242.4

4,463.6

28,643.6

4,665.0

Effect of changes in discount rate assumptions at end of period

(3,174.0)

(550.3)

(1,294.3)

(297.6)

Future policy benefits

26,068.4

3,913.3

27,349.3

4,367.4

Reinsurance impact

—

(3,854.7)

—

(4,310.3)

Future policy benefits after reinsurance

26,068.4

58.6

27,349.3

57.1

Weighted-average duration for future policy benefits (years) (1)

7.6

6.7

7.9

7.1

(1)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Principal Asset Management – International Pension

The balances and the changes in the present value for expected future policy benefits for Latin America – Individual fixed income annuities were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period		$	4,600.5		$	4,126.9
Effect of changes in discount rate assumptions at beginning of period			(493.5)			(368.4)
Balance at beginning of period at original discount rate			4,107.0			3,758.5
Effect of actual variances from expected experience			0.7			(0.4)
Adjusted beginning of period balance at original discount rate			4,107.7			3,758.1
Interest accrual (1)			228.7			293.1
Benefit payments			(241.0)			(335.6)
Derecognition (2)			(3,954.5)			—
Issuances			—			6.4
Foreign currency translation adjustment			(140.9)			385.0
Balance at end of period at original discount rate			—			4,107.0
Effect of changes in discount rate assumptions at end of period			—			493.5
Future policy benefits		$	—		$	4,600.5

Weighted-average duration for future policy benefits (years) (3)			—			9.6

(1)	Includes inflation adjustments.

(2)	Relates to the sale of this business in third quarter 2026.

(3)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Benefits and Protection

The balances and the changes in the present value for expected net premiums and expected future policy benefits were as follows:


		For the nine months ended						For the year ended
		September 30, 2026						December 31, 2025
		Specialty			Life			Specialty			Life
		Benefits			Insurance			Benefits			Insurance
		Individual						Individual
	* *	disability		* *	Term life		* *	disability		* *	Term life

		($ in millions)
Present value of expected net premiums
Balance at beginning of period		$	2,740.8		$	4,392.2		$	2,680.6		$	4,107.2
Effect of changes in discount rate assumptions at beginning of period			349.8			198.4			436.4			290.1
Balance at beginning of period at original discount rate			3,090.6			4,590.6			3,117.0			4,397.3
Effect of changes in cash flow assumptions			25.8			47.6			(22.5)			163.2
Effect of actual variances from expected experience			104.3			(29.8)			114.8			11.7
Adjusted beginning of period balance at original discount rate			3,220.7			4,608.4			3,209.3			4,572.2
Interest accrual			82.6			161.6			108.8			208.7
Net premiums collected			(227.6)			(323.3)			(298.0)			(418.8)
Issuances			51.2			157.2			70.5			228.5
Balance at end of period at original discount rate			3,126.9			4,603.9			3,090.6			4,590.6
Effect of changes in discount rate assumptions at end of period			(540.1)			(529.5)			(349.8)			(198.4)
Balance at end of period		$	2,586.8		$	4,074.4		$	2,740.8		$	4,392.2

Present value of expected future policy benefit payments
Balance at beginning of period		$	4,735.0		$	5,907.9		$	4,509.6		$	5,355.2
Effect of changes in discount rate assumptions at beginning of period			1,191.3			215.7			1,302.8			366.0
Balance at beginning of period at original discount rate			5,926.3			6,123.6			5,812.4			5,721.2
Effect of changes in cash flow assumptions			49.7			63.8			(42.6)			240.4
Effect of actual variances from expected experience			111.1			(51.1)			107.9			4.1
Adjusted beginning of period balance at original discount rate			6,087.1			6,136.3			5,877.7			5,965.7
Interest accrual			164.4			217.1			213.8			275.3
Benefit payments			(182.6)			(251.2)			(234.1)			(359.7)
Issuances			49.5			166.5			68.9			242.3
Balance at end of period at original discount rate			6,118.4			6,268.7			5,926.3			6,123.6
Effect of changes in discount rate assumptions at end of period			(1,675.1)			(671.0)			(1,191.3)			(215.7)
Balance at end of period		$	4,443.3		$	5,597.7		$	4,735.0		$	5,907.9

Future policy benefits (1)		$	1,856.5		$	1,523.3		$	1,994.2		$	1,515.7
Reinsurance impact			(405.7)			(4.9)			(430.0)			9.8
Future policy benefits after reinsurance		$	1,450.8		$	1,518.4		$	1,564.2		$	1,525.5

Weighted-average duration for future policy benefits (years) (2)			16.6			7.0			17.2			7.4

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

We updated our actuarial assumptions during the third quarter of 2026, resulting in a $23.9 million increase in the LFPB and a $13.1 million decrease to income before taxes, net of reinsurance, for Individual disability. This was primarily due to updates to morbidity assumptions. The updates also resulted in a $16.2 million increase in the LFPB and a $13.2 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to updates to lapse assumptions and a refinement of how we model mortality improvement.

We updated our actuarial assumptions during the third quarter of 2025, resulting in a $20.1 million decrease in the LFPB and a $16.2 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to updates to morbidity assumptions. The updates also resulted in a $77.2 million increase in the LFPB and a $63.0 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to updates to lapse and mortality assumptions.

Additional Liability for Certain Benefit Features

The LFPB also includes an additional reserve on certain universal life contracts where benefit features result in gains in early years followed by losses in later years. The liability for these future losses is accrued in relation to estimated contract assessments. A premium deficiency exists if the net liabilities together with future premiums are determined to be insufficient to provide for expected future policy benefits. Premium deficiency testing considers, among other factors, anticipated investment income and does not include a provision for adverse deviation. We did not have a premium deficiency reserve as of September 30, 2026 or December 31, 2025.

The balances and the changes in the additional liability for certain benefit features for Life Insurance - Universal life contracts, excluding the impact of unrealized gains (losses), were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	6,604.8		$	6,037.2
Effect of changes in cash flow assumptions			25.0			6.8
Effect of actual variances from expected experience			45.7			18.5
Interest accrual			227.9			282.4
Net assessments collected			321.6			430.6
Benefit payments			(195.7)			(170.7)
Balance at end of period			7,029.3			6,604.8
Reinsurance impact			(7,019.4)			(6,593.6)
Balance at end of period after reinsurance		$	9.9		$	11.2

Weighted-average duration for additional liability (years) (1)			20.4			21.6

(1)	Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

We updated our actuarial assumptions during the third quarter of 2026, resulting in a $25.0 million increase in the additional liability for certain benefit features primarily due to premium persistency assumptions related to ULSG products, resulting in a $1.5 million decrease in income before taxes, net of reinsurance.

Corporate

The balances and the changes in the present value for expected net premiums and expected future policy benefits for long-term care insurance were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Present value of expected net premiums	* *			* *
Balance at beginning of period		$	32.4		$	30.8
Effect of changes in discount rate assumptions at beginning of period			(2.0)			(1.3)
Balance at beginning of period at original discount rate			30.4			29.5
Effect of changes in cash flow assumptions			(2.3)			3.3
Effect of actual variances from expected experience			(0.4)			0.3
Adjusted beginning of period balance at original discount rate			27.7			33.1
Interest accrual			1.2			1.8
Net premiums collected			(3.5)			(4.5)
Balance at end of period at original discount rate			25.4			30.4
Effect of changes in discount rate assumptions at end of period			—			2.0
Balance at end of period		$	25.4		$	32.4

Present value of expected future policy benefit payments
Balance at beginning of period		$	199.1		$	195.6
Effect of changes in discount rate assumptions at beginning of period			(12.7)			(8.8)
Balance at beginning of period at original discount rate			186.4			186.8
Effect of changes in cash flow assumptions			(12.3)			1.3
Effect of actual variances from expected experience			0.7			3.4
Adjusted beginning of period balance at original discount rate			174.8			191.5
Interest accrual			8.1			11.2
Benefit payments			(12.2)			(16.3)
Balance at end of period at original discount rate			170.7			186.4
Effect of changes in discount rate assumptions at end of period			(3.2)			12.7
Balance at end of period		$	167.5		$	199.1

Future policy benefits (1)		$	142.1		$	166.7
Reinsurance impact			(142.1)			(166.7)
Future policy benefits after reinsurance		$	—		$	—

Weighted-average duration for future policy benefits (years) (2)			8.8			9.7

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Expected Future Gross Premiums and Benefit Payments

The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, utilizing the current upper-medium fixed-income instrument yield, were as follows:


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments		$	44,132.8		$	42,601.7

Individual fixed income annuities
Expected undiscounted future benefit payments		$	5,915.7		$	6,221.3

Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (1)
Expected undiscounted future benefit payments		$	—		$	5,945.8

Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums		$	5,297.7		$	5,683.8
Expected undiscounted future gross premiums		$	8,764.3		$	8,763.7
Expected undiscounted future benefit payments		$	10,246.3		$	9,951.7

Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums		$	6,474.1		$	6,929.2
Expected undiscounted future gross premiums		$	12,133.1		$	11,960.4
Expected undiscounted future benefit payments		$	9,852.2		$	9,653.9

Corporate:
Long-term care insurance
Expected discounted future gross premiums		$	31.8		$	37.4
Expected undiscounted future gross premiums		$	47.7		$	52.7
Expected undiscounted future benefit payments		$	322.7		$	363.1

(1)	The business was sold in third quarter 2026.

Interest Accretion and Current Discount Rates

The interest accretion rate shown for each level of aggregation is an average of the cohort-level accretion rates weighted by the reserve balance for each cohort within that level of aggregation. The current discount rate is calculated at a cohort-level based on current upper-medium fixed-income instrument yields and weighted by the reserve balance for each cohort within each level of aggregation. The weighted-average rates were as follows:


		Interest accretion rate				Current discount rate
		September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Retirement and Income Solutions:
Pension risk transfer		4.77	%	4.70	%	6.33	%	5.28	%
Individual fixed income annuities		4.22	%	4.22	%	6.25	%	5.16	%
Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (1)		—	%	4.19	%	—	%	2.78	%
Benefits and Protection:
Specialty Benefits:
Individual disability		3.81	%	3.84	%	6.43	%	5.43	%
Life Insurance:
Universal life		4.74	%	4.74	%	See note	(2)	See note	(2)
Term life		4.81	%	4.81	%	6.10	%	4.91	%
Corporate:
Long-term care insurance		6.16	%	6.16	%	6.36	%	5.36	%

(1)	The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency. The business was sold in third quarter 2026.

(2)	The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Separate Account Balances - Retirement and Income Solutions (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in separate account liabilities
Balance at beginning of period	$ 193,622.6
Balance at end of period	194,816.2	$ 193,622.6
Retirement and Income Solutions
Changes in separate account liabilities
Balance at beginning of period	144,039.2
Balance at end of period	145,976.2	144,039.2
Retirement and Income Solutions \| Group retirement contracts
Changes in separate account liabilities
Balance at beginning of period	136,674.3	125,103.1
Premiums and deposits	13,894.2	15,458.7
Policy charges	(255.5)	(344.1)
Surrenders, withdrawals and benefit payments	(17,653.1)	(17,649.8)
Investment performance	9,342.8	15,664.0
Net transfers (to) from general account	(1,987.7)	(1,433.1)
Other	(642.6)	(124.5)
Balance at end of period	139,372.4	136,674.3
Cash surrender value	138,901.6	135,606.1
Retirement and Income Solutions \| Individual variable annuities
Changes in separate account liabilities
Balance at beginning of period	7,364.9	8,334.9
Premiums and deposits	97.8	157.1
Policy charges	(111.5)	(166.6)
Surrenders, withdrawals and benefit payments	(1,149.1)	(1,790.0)
Investment performance	404.1	850.5
Net transfers (to) from general account	(2.4)	(21.0)
Balance at end of period	6,603.8	7,364.9
Cash surrender value	$ 6,519.5	$ 7,265.2

Fair Value Measurements - Fixed Maturities (Details)	Sep. 30, 2026
Fair Value Measurements
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent)	2.00%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2026	Oct. 22, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	1-16725
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1520346
Entity Address, Address Line One	711 High Street
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50392
City Area Code	515
Local Phone Number	247-5111
Title of 12(b) Security	Common Stock
Trading Symbol	PFG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		212,376,467
Entity Central Index Key	0001126328
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Future Policy Benefits and Claims - Gross Premiums or Assessments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Future Policy Benefits and Claims
Gross premiums or assessments	$ 1,419.0	$ 1,098.8	$ 3,126.1	$ 3,390.4
Retirement and Income Solutions
Future Policy Benefits and Claims
Gross premiums or assessments	892.5	569.1	1,557.9	1,833.3
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Gross premiums or assessments	888.5	560.0	1,541.9	1,810.1
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	4.0	9.1	16.0	23.2
Principal Asset Management \| International Pension \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments		0.5		6.4
Benefits and Protection
Future Policy Benefits and Claims
Gross premiums or assessments	525.3	528.0	1,564.2	1,546.6
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Gross premiums or assessments	170.4	169.0	496.3	489.4
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Gross premiums or assessments	176.0	182.1	536.6	536.3
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Gross premiums or assessments	178.9	176.9	531.3	520.9
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Gross premiums or assessments	$ 1.2	$ 1.2	$ 4.0	$ 4.1

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in Goodwill
Beginning balance, Goodwill	$ 1,600.5	$ 1,549.7
Goodwill from acquisitions	325.4
Goodwill disposed	(41.0)
Foreign currency, Goodwill	(24.3)	50.8
Ending balance, Goodwill	1,860.6	1,600.5
Retirement and Income Solutions
Changes in Goodwill
Beginning balance, Goodwill	687.2	687.2
Ending balance, Goodwill	687.2	687.2
Principal Asset Management
Changes in Goodwill
Beginning balance, Goodwill	883.8	833.0
Goodwill disposed	(41.0)
Foreign currency, Goodwill	(24.3)	50.8
Ending balance, Goodwill	818.5	883.8
Benefits and Protection
Changes in Goodwill
Beginning balance, Goodwill	29.5	29.5
Goodwill from acquisitions	325.4
Ending balance, Goodwill	$ 354.9	$ 29.5

- Definition

+ References

+ Details

Debt

9 Months Ended

Sep. 30, 2026

Debt

Debt

12. Debt

Short-Term Debt

The components of short-term debt were as follows:


			September 30, 2026
					Short-term debt
Obligor/Applicant	Financing structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility (1)	September 2031	$	900.0	$	—
Principal Life	Commercial paper (1)					149.6
Principal CLO warehouse	Secured CLO borrowings	August 2027		80.0		28.0
Total short-term debt					$	177.6


			December 31, 2025
					Short-term debt
Obligor/Applicant	Financing structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility (1)	October 2027	$	800.0	$	—
Principal Compañía de Seguros de Vida Chile S.A.	Unsecured lines of credit			85.6		24.8
Principal International de Chile S.A.	Unsecured lines of credit			24.1		2.9
Total short-term debt					$	27.7

(1)	Our revolving credit facility is committed and available for general corporate purposes. This credit facility also provides a back-stop support for our commercial paper program.

In connection with the formation of certain CLOs, we sponsor special purpose entities that acquire senior secured leveraged loans. These acquisitions are funded through equity contributions from wholly owned subsidiaries and borrowings under short-term warehouse credit facilities. The warehouse borrowings are considered non-recourse to us and are generally repaid upon the closing of the related CLO transactions.

The weighted‑average interest rate on short-term borrowings as of September 30, 2026 and December 31, 2025, was 4.8% and 6.3%, respectively.

Long-Term Debt

The components of long-term debt were as follows:


	September 30, 2026
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	—	$	350.0
4.111% notes payable, due 2028		400.0		(6.4)		393.6
3.7% notes payable, due 2029		500.0		(1.9)		498.1
2.125% notes payable, due 2030		600.0		(2.0)		598.0
5.375% notes payable, due 2033		400.0		(2.9)		397.1
6.05% notes payable, due 2036		505.6		(1.8)		503.8
5.3% notes payable, due 2037		400.0		(4.9)		395.1
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.2)		2.7
Total long-term debt	$	4,358.5	$	(32.3)	$	4,326.2


	December 31, 2025
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	(0.4)	$	349.6
4.111% notes payable, due 2028		400.0		(9.8)		390.2
3.7% notes payable, due 2029		500.0		(2.5)		497.5
2.125% notes payable, due 2030		600.0		(2.2)		597.8
5.375% notes payable, due 2033		400.0		(3.1)		396.9
6.05% notes payable, due 2036		505.6		(1.9)		503.7
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.1)		2.8
Total long-term debt	$	3,958.5	$	(32.2)	$	3,926.3

Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method.

On May 27, 2026, we issued $400.0 million of senior notes that bear interest at 5.3% and will mature in 2037. Interest on the notes is payable semi-annually on January 15 and July 15 each year, beginning on January 15, 2027. The proceeds from these notes will be used for general corporate purposes, which may include repayment, redemption or refinancing of existing indebtedness.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segment Information - Pre-tax income (loss) from exited business (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Pre-tax income (loss) from exited business:

Change in fair value of funds withheld embedded derivative

$ 818.2

$ (265.9)

$ 891.2

$ (455.3)

Net realized capital gains (losses) on funds withheld assets

^[1]

(17.0)

(0.2)

(15.7)

31.5

Reconciling items

Pre-tax income (loss) from exited business:

Change in fair value of funds withheld embedded derivative

818.2

(265.9)

891.2

(455.3)

Net realized capital gains (losses) on funds withheld assets

(17.0)

(0.2)

(15.7)

31.5

Amortization of reinsurance gain (loss)

(14.0)

(18.3)

(52.2)

(65.1)

Other impacts of exited business

(315.3)

(34.3)

(386.2)

(177.2)

Total pre-tax income (loss) from exited business

$ 471.9

$ (318.7)

$ 437.1

$ (666.1)

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Deferred Acquisition Costs and Other Actuarial Balances - Disaggregated DAC amounts (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Deferred Acquisition Costs
Deferred acquisition costs	$ 4,112.2	$ 4,071.6
Short-duration contracts
Deferred Acquisition Costs
Deferred acquisition costs	36.6	30.2
Other balances
Deferred Acquisition Costs
Deferred acquisition costs		1.3
Retirement and Income Solutions
Deferred Acquisition Costs
Deferred acquisition costs	1,043.7	1,016.5
Retirement and Income Solutions \| Workplace savings and retirement solutions
Deferred Acquisition Costs
Deferred acquisition costs	534.0	528.9	$ 515.5
Retirement and Income Solutions \| Individual variable annuities
Deferred Acquisition Costs
Deferred acquisition costs	415.8	385.3	323.4
Retirement and Income Solutions \| Pension risk transfer
Deferred Acquisition Costs
Deferred acquisition costs	26.6	24.8	21.1
Retirement and Income Solutions \| Individual fixed deferred annuities
Deferred Acquisition Costs
Deferred acquisition costs	54.8	66.9	84.2
Retirement and Income Solutions \| Investment only
Deferred Acquisition Costs
Deferred acquisition costs	12.5	10.6	13.0
Benefits and Protection
Deferred Acquisition Costs
Deferred acquisition costs	3,031.9	3,023.6
Benefits and Protection \| Specialty Benefits \| Individual disability
Deferred Acquisition Costs
Deferred acquisition costs excluding short-duration contracts and other balances	731.3	714.8	696.9
Benefits and Protection \| Life Insurance \| Universal life
Deferred Acquisition Costs
Deferred acquisition costs excluding short-duration contracts and other balances	1,506.3	1,514.3	1,527.7
Benefits and Protection \| Life Insurance \| Term life
Deferred Acquisition Costs
Deferred acquisition costs excluding short-duration contracts and other balances	728.0	723.5	710.8
Benefits and Protection \| Life Insurance \| Participating life
Deferred Acquisition Costs
Deferred acquisition costs excluding short-duration contracts and other balances	$ 66.3	$ 71.0	$ 77.8

Revenues from Contracts with Customers - Contract Costs Asset (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Contract costs
Contract cost asset	$ 189.0	$ 183.3
Practical expedient, incremental costs of obtaining a contract	true

Segment Information - Segment Pre-Tax Operating Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Information
Income (loss) before income taxes	$ 838.8	$ 248.4	$ 1,816.9	$ 780.4
Operating Segments
Segment Information
Segment pre-tax operating earnings (losses)	587.5	579.9	1,814.8	1,659.9
Operating Segments \| Retirement and Income Solutions
Segment Information
Segment pre-tax operating earnings (losses)	297.8	310.3	923.2	886.1
Operating Segments \| Principal Asset Management
Segment Information
Segment pre-tax operating earnings (losses)	230.5	274.7	695.4	698.6
Operating Segments \| Benefits and Protection
Segment Information
Segment pre-tax operating earnings (losses)	169.7	86.5	523.8	353.6
Operating Segments \| Corporate
Segment Information
Segment pre-tax operating earnings (losses)	(110.5)	(91.6)	(327.6)	(278.4)
Reconciling items
Segment Information
Pre-tax net realized capital gains (losses), as adjusted	(186.6)	7.5	(361.3)	(166.7)
Pre-tax income (loss) from exited business	471.9	(318.7)	437.1	(666.1)
Pre-tax earnings (loss) related to actuarial assumption review	(6.4)		(6.4)
Adjustments related to equity method investments and noncontrolling interest	$ (27.6)	$ (20.3)	$ (67.3)	$ (46.7)

Fair Value Measurements - Gross Purchases, Sales, Issuances and Settlements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
05 Gross purchases, sales, issuances and settlements
Purchases, net derivative assets (liabilities)	$ 1.1	$ (2.2)	$ 1.4	$ (1.3)
Sales, net derivative assets (liabilities)	0.3	1.9	1.2	2.2
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	1.4	(0.3)	2.6	0.9
Investment and universal life contracts
05 Gross purchases, sales, issuances and settlements
Issuances, liabilities	(148.2)	(155.1)	(389.4)	(469.1)
Settlements, liabilities	14.7	12.2	46.5	39.9
Net purchases, sales, issuances and settlements, liabilities	(133.5)	(142.9)	(342.9)	(429.2)
Fixed maturities \| Available-for-sale
05 Gross purchases, sales, issuances and settlements
Purchases, assets	334.0	218.8	906.4	1,056.6
Sales, assets	(18.1)	(28.9)	(310.9)	(362.2)
Settlements, assets	(220.9)	(191.9)	(693.4)	(383.9)
Net purchases, sales, issuances and settlements, assets	95.0	(2.0)	(97.9)	310.5
States and political subdivisions \| Available-for-sale
05 Gross purchases, sales, issuances and settlements
Settlements, assets	(0.4)	(0.5)	(1.4)	(1.4)
Net purchases, sales, issuances and settlements, assets	(0.4)	(0.5)	(1.4)	(1.4)
Corporate debt securities \| Available-for-sale
05 Gross purchases, sales, issuances and settlements
Purchases, assets	240.3	125.7	618.6	449.9
Sales, assets	(18.1)	(28.9)	(88.9)	(184.5)
Settlements, assets	(175.9)	(107.7)	(418.6)	(190.7)
Net purchases, sales, issuances and settlements, assets	46.3	(10.9)	111.1	74.7
Commercial mortgage-backed securities \| Available-for-sale
05 Gross purchases, sales, issuances and settlements
Settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Other debt obligations \| Available-for-sale
05 Gross purchases, sales, issuances and settlements
Purchases, assets	93.7	93.1	287.8	606.7
Sales, assets			(222.0)	(177.7)
Settlements, assets	(44.5)	(83.6)	(273.1)	(191.5)
Net purchases, sales, issuances and settlements, assets	49.2	9.5	(207.3)	237.5
Fixed maturities, trading
05 Gross purchases, sales, issuances and settlements
Purchases, assets	95.2	68.5	237.4	231.1
Sales, assets	(36.2)	(22.4)	(206.8)	(144.0)
Settlements, assets	(11.8)	(34.2)	(24.3)	(129.2)
Net purchases, sales, issuances and settlements, assets	47.2	11.9	6.3	(42.1)
Mortgage loans
05 Gross purchases, sales, issuances and settlements
Settlements, assets				(140.6)
Net purchases, sales, issuances and settlements, assets				(140.6)
Other investments
05 Gross purchases, sales, issuances and settlements
Purchases, assets	0.7	58.7	9.5	119.6
Sales, assets			(0.7)	(1.5)
Settlements, assets	(23.1)	(39.0)	(103.1)	(110.1)
Net purchases, sales, issuances and settlements, assets	(22.4)	19.7	(94.3)	8.0
Separate account assets
05 Gross purchases, sales, issuances and settlements
Purchases, assets	1.5		1.5
Sales, assets		(42.6)		(42.6)
Settlements, assets		$ 42.6		$ 42.6
Net purchases, sales, issuances and settlements, assets	$ 1.5		$ 1.5

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 338,742.2		$ 341,376.5
Total liabilities	326,465.3		328,985.2
Redeemable noncontrolling interest	426.6	$ 711.7	474.3	$ 410.1	$ 391.2	$ 337.7
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	43,187.5		44,585.2
Total liabilities	40,339.8		41,519.8
Redeemable noncontrolling interest	414.3		440.9
Mandatory retirement savings funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	40,583.9		41,865.2
Total liabilities	40,182.8		41,450.5
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	916.7		883.4
Total liabilities	22.6		34.2
Sponsored investment funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	823.1		851.4
Total liabilities	21.4		16.3
Redeemable noncontrolling interest	414.3		440.9
Residential mortgage loans VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	666.3		728.9
Total liabilities	18.5		18.8
Collateralized loan obligations
Carrying amounts of consolidated VIE assets and liabilities
Total assets	114.3
Total liabilities	94.5
Asset-backed limited partnership
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 83.2		$ 256.3

Fair Value Measurements - VIE Assets and Liabilities (Details) - Other loans - VIE - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Fair Value Option, Quantitative Disclosures
Fair value	$ 62.0	$ 167.1
Aggregate contractual principal	$ 72.5	$ 175.8

Stockholders' Equity

9 Months Ended

Sep. 30, 2026

Stockholders' Equity

Stockholders' Equity

16. Stockholders’ Equity

Common Stock Dividends

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

Dividends declared per common share

0.84

0.78

2.46

2.29

Reconciliation of Outstanding Common Shares


		For the three months ended				For the nine months ended
		September 30,				September 30,
		2026		2025		2026		2025
Beginning balance		214,635,434		223,185,689		217,380,912		226,225,161
Shares issued		369,243		173,489		2,670,363		2,009,845
Treasury stock acquired		(2,239,017)		(2,842,368)		(7,285,615)		(7,718,196)
Ending balance		212,765,660		220,516,810		212,765,660		220,516,810

In February 2024, our Board of Directors (“Board”) authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which was completed in December 2025. In February 2025, our Board authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which has no expiration date. Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity.

Other Comprehensive Income (loss)

For the three months ended

For the nine months ended

September 30, 2026

 

Pre-Tax

 

Tax

 

After-Tax

 

Pre-Tax

 

Tax

 

After-Tax

(in millions)

Net unrealized losses on available-for-sale securities during the period

(3,037.7)

650.7

(2,387.0)

(3,649.4)

787.1

(2,862.3)

Reclassification adjustment for losses included in net income (1)

26.7

(5.7)

21.0

134.1

(28.5)

105.6

Adjustments for assumed changes in amortization patterns

2.1

(0.5)

1.6

2.5

(0.5)

2.0

Adjustments for assumed changes in policyholder liabilities

30.0

(6.3)

23.7

39.9

(8.4)

31.5

Net unrealized losses on available-for-sale securities

(2,978.9)

638.2

(2,340.7)

(3,472.9)

749.7

(2,723.2)

Net unrealized losses on derivative instruments during the period

(104.6)

22.0

(82.6)

(63.4)

13.3

(50.1)

Reclassification adjustment for losses (gains) included in net income (2)

(0.1)

—

(0.1)

0.1

—

0.1

Adjustments for assumed changes in amortization patterns

—

0.1

(0.1)

—

Net unrealized losses on derivative instruments

(104.7)

22.0

(82.7)

(63.2)

13.2

(50.0)

Liability for future policy benefits discount rate remeasurement gain (3)

2,193.2

(482.5)

1,710.7

2,788.3

(617.1)

2,171.2

Market risk benefit nonperformance risk remeasurement gain (4)

7.4

(1.5)

5.9

8.2

(1.7)

6.5

Foreign currency translation adjustment during the period

(65.7)

15.6

(50.1)

(56.9)

6.8

(50.1)

Reclassification adjustment for losses included in net income (5)

196.3

1.5

197.8

1.5

199.3

Foreign currency translation adjustment

130.6

17.1

147.7

140.9

8.3

149.2

Unrecognized postretirement benefit obligation during the period

—

(2.0)

0.5

(1.5)

Amortization of amounts included in net periodic benefit cost (6)

2.2

(0.6)

1.6

9.1

(2.4)

6.7

Net unrecognized postretirement benefit obligation

2.2

(0.6)

1.6

7.1

(1.9)

5.2

Other comprehensive loss

(750.2)

192.7

(557.5)

(591.6)

150.5

(441.1)


		For the three months ended								For the nine months ended
		September 30, 2025								September 30, 2025
		Pre-Tax			Tax			After-Tax		Pre-Tax			Tax			After-Tax

		(in millions)
Net unrealized gains on available-for-sale securities during the period		$	863.9		$	(187.0)		$	676.9	$	1,804.2		$	(385.5)		$	1,418.7
Reclassification adjustment for losses included in net income (1)			21.0			(4.3)			16.7		128.0			(26.9)			101.1
Adjustments for assumed changes in amortization patterns			(0.8)			0.1			(0.7)		(1.3)			0.3			(1.0)
Adjustments for assumed changes in policyholder liabilities			(1.7)			0.4			(1.3)		14.0			(2.9)			11.1
Net unrealized gains on available-for-sale securities			882.4			(190.8)			691.6		1,944.9			(415.0)			1,529.9

Net unrealized gains (losses) on derivative instruments during the period			90.8			(19.0)			71.8		(98.7)			20.7			(78.0)
Reclassification adjustment for gains included in net income (2)			(3.1)			0.6			(2.5)		(4.3)			0.9			(3.4)
Adjustments for assumed changes in amortization patterns			—			—			—		0.1			—			0.1
Net unrealized gains (losses) on derivative instruments			87.7			(18.4)			69.3		(102.9)			21.6			(81.3)

Liability for future policy benefits discount rate remeasurement loss (3)			(460.5)			97.2			(363.3)		(880.1)			184.5			(695.6)

Market risk benefit nonperformance risk remeasurement loss (4)			(5.9)			1.3			(4.6)		(3.7)			0.8			(2.9)

Foreign currency translation adjustment			2.8			3.4			6.2		166.5			(4.6)			161.9

Unrecognized postretirement benefit obligation during the period			0.1			(0.1)			—		(13.5)			3.4			(10.1)
Amortization of amounts included in net periodic benefit cost (6)			4.2			(1.1)			3.1		12.8			(3.3)			9.5
Net unrecognized postretirement benefit obligation			4.3			(1.2)			3.1		(0.7)			0.1			(0.6)

Other comprehensive income		$	510.8		$	(108.5)		$	402.3	$	1,124.0		$	(212.6)		$	911.4

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

(2)	See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3)	Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 9, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 10, Market Risk Benefits, for further details.

(5)	Relates to the release of cumulative translation adjustments from the dissolution of foreign subsidiaries.

(6)

Accumulated Other Comprehensive Loss


							MRB
	Net unrealized		Net unrealized		LFPB		nonperformance		Foreign		Unrecognized		Accumulated
	losses on		gains (losses)		discount rate		risk		currency		postretirement		other
	available-for-sale		on derivative		remeasurement		remeasurement		translation		benefit		comprehensive
	securities (1)		instruments		gain		loss		adjustment		obligation		loss

	(in millions)
Balances as of July 1, 2025	$	(3,854.6)	$	(98.8)	$	1,105.9	$	(13.3)	$	(1,627.8)	$	(224.7)	$	(4,713.3)
Other comprehensive income during the period, net of adjustments		674.9		71.8		(363.3)		(4.6)		10.6		—		389.4
Amounts reclassified from AOCI		16.7		(2.5)		—		—		—		3.1		17.3
Other comprehensive income		691.6		69.3		(363.3)		(4.6)		10.6		3.1		406.7
Balances as of September 30, 2025	$	(3,163.0)	$	(29.5)	$	742.6	$	(17.9)	$	(1,617.2)	$	(221.6)	$	(4,306.6)

Balances as of July 1, 2026	$	(3,611.6)	$	0.8	$	1,273.0	$	(12.8)	$	(1,538.9)	$	(176.3)	$	(4,065.8)
Other comprehensive loss during the period, net of adjustments		(2,361.7)		(82.6)		1,710.7		5.9		(49.3)		—		(777.0)
Amounts reclassified from AOCI		21.0		(0.1)		—		—		177.3		1.6		199.8
Other comprehensive loss		(2,340.7)		(82.7)		1,710.7		5.9		128.0		1.6		(577.2)
Balances as of September 30, 2026	$	(5,952.3)	$	(81.9)	$	2,983.7	$	(6.9)	$	(1,410.9)	$	(174.7)	$	(4,643.0)


											MRB
		Net unrealized			Net unrealized			LFPB			nonperformance			Foreign			Unrecognized			Accumulated
		losses on			gains (losses)			discount rate			risk			currency			postretirement			other
		available-for-sale			on derivative			remeasurement			remeasurement			translation			benefit			comprehensive
		securities (1)			instruments			gain			loss			adjustment			obligation			loss

		(in millions)
Balances as of January 1, 2025		$	(4,692.9)		$	51.8		$	1,438.2		$	(15.0)		$	(1,785.9)		$	(221.0)		$	(5,224.8)
Other comprehensive income during the period, net of adjustments			1,428.8			(77.9)			(695.6)			(2.9)			168.7			(10.1)			811.0
Amounts reclassified from AOCI			101.1			(3.4)			—			—			—			9.5			107.2
Other comprehensive income			1,529.9			(81.3)			(695.6)			(2.9)			168.7			(0.6)			918.2
Balances as of September 30, 2025		$	(3,163.0)		$	(29.5)		$	742.6		$	(17.9)		$	(1,617.2)		$	(221.6)		$	(4,306.6)

Balances as of January 1, 2026		$	(3,229.1)		$	(31.9)		$	812.5		$	(13.4)		$	(1,546.6)		$	(179.9)		$	(4,188.4)
Other comprehensive loss during the period, net of adjustments			(2,828.8)			(50.1)			2,171.2			6.5			(43.0)			(1.5)			(745.7)
Amounts reclassified from AOCI			105.6			0.1			—			—			178.7			6.7			291.1
Other comprehensive loss			(2,723.2)			(50.0)			2,171.2			6.5			135.7			5.2			(454.6)
Balances as of September 30, 2026		$	(5,952.3)		$	(81.9)		$	2,983.7		$	(6.9)		$	(1,410.9)		$	(174.7)		$	(4,643.0)

(1)	Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $11.1 million and $4.7 million as of September 30, 2026 and 2025, respectively.

Noncontrolling Interest

Interests held by unaffiliated parties in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling partners’ share of the underlying net assets of our consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the consolidated statements of financial position.

The noncontrolling interest holders in certain of our consolidated entities maintain an equity interest that is redeemable at the option of the holder, which may be exercised on varying dates. Since redemption of the noncontrolling interest is outside of our control, this interest is excluded from stockholders’ equity and reported separately as redeemable noncontrolling interest on the consolidated statements of financial position. Our redeemable noncontrolling interest primarily relates to consolidated sponsored investment funds for which interests are redeemed at fair value from the net assets of the funds.

For our redeemable noncontrolling interest related to other consolidated subsidiaries, redemptions are required to be purchased at fair value or a value based on a formula that management intended to reasonably approximate fair value based on a fixed multiple of earnings over a measurement period. The carrying value of the redeemable noncontrolling interest is compared to the redemption value at each reporting period. Any adjustments to the carrying amount of the redeemable noncontrolling interest for changes in redemption value prior to exercise of the redemption option are determined after the attribution of net income or loss of the subsidiary and are recognized in the redemption value as they occur. Adjustments to the carrying value of redeemable noncontrolling interest result in adjustments to additional paid-in capital and/or retained earnings. Adjustments are recorded in retained earnings to the extent the redemption value of the redeemable noncontrolling interest exceeds its fair value and will impact the numerator in our earnings per share calculations. All other adjustments to the redeemable noncontrolling interest are recorded in additional paid-in capital.

Following is a reconciliation of the changes in the redeemable noncontrolling interest:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Beginning balance		$	711.7		$	391.2		$	474.3		$	337.7
Net income (loss) attributable to redeemable noncontrolling interest			(34.7)			18.4			(20.5)			55.8
Redeemable noncontrolling interest of deconsolidated entities (1)			(346.7)			—			(354.2)			(22.9)
Contributions from redeemable noncontrolling interest			81.3			18.4			364.7			107.3
Distributions to redeemable noncontrolling interest			(5.5)			(11.0)			(51.5)			(56.1)
Purchase of subsidiary shares from redeemable noncontrolling interest			—			(2.9)			(0.9)			(4.5)
Stock-based compensation attributable to redeemable noncontrolling interest			—			—			—			0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest			20.5			(4.0)			14.7			(7.3)
Ending balance		$	426.6		$	410.1		$	426.6		$	410.1

(1)	We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 505
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-Name Accounting Standards Codification
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-Topic 210
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Employee and Agent Benefits (Tables)

9 Months Ended

Sep. 30, 2026

Employee and Agent Benefits

Components of Net Periodic Benefit Cost (Income) (Table)

Pension benefits

Other postretirement benefits

For the three months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Service cost

15.8

14.8

—

Interest cost

43.2

43.4

0.7

0.8

Expected return on plan assets

(45.9)

(43.0)

(1.2)

(1.2)

Amortization of prior service benefit

(3.7)

(3.9)

(0.3)

(0.2)

Recognized net actuarial (gain) loss

6.7

8.7

(0.5)

(0.4)

Net periodic benefit cost (income)

16.1

20.0

(1.3)

(1.0)


		Pension benefits						Other postretirement benefits
		For the nine months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Service cost		$	47.3		$	44.5		$	—		$	—
Interest cost			129.5			130.2			2.1			2.3
Expected return on plan assets			(137.7)			(129.0)			(3.7)			(3.5)
Amortization of prior service benefit			(11.2)			(11.4)			(0.8)			(0.8)
Recognized net actuarial (gain) loss			20.0			26.1			(1.5)			(1.1)
Settlement			2.6			—			—			—
Net periodic benefit cost (income)		$	50.5		$	60.4		$	(3.9)		$	(3.1)

Reinsurance (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Reinsurance
Reinsurance recoverable assets	$ 14,601.1	$ 14,923.9
Reinsurance recoverable liabilities	19.0	23.5
Reinsurance deposit receivable	$ 3,509.3	$ 4,076.2

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of the MRBs for Individual Variable Annuities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ 130.2
Balance at end of period, market risk benefits	190.3	$ 130.2
Retirement and Income Solutions \| Individual variable annuities
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	130.2	137.4
Effect of changes in nonperformance risk at beginning of period	17.0	19.0
Adjusted balance at beginning of period, market risk benefits	147.2	156.4
Interest accrual and expected policyholder behavior	(60.6)	(62.8)
Benefit payments	0.5
Changes in interest rates	86.0	13.0
Changes in equity markets	41.8	53.1
Changes in equity index volatility	(10.4)	(8.3)
Actual policyholder behavior different from expected behavior	(2.2)	(3.9)
Changes in future expected policyholder behavior	(3.2)
Changes in other future expected assumptions		(0.3)
Adjusted balance at end of period, market risk benefits	199.1	147.2
Effect of changes in nonperformance risk at end of period	(8.8)	(17.0)
Balance at end of period, market risk benefits	$ 190.3	$ 130.2
Weighted-average attained age of policyholders (years)	66 years 10 months 24 days	67 years
Net amount at risk	$ 32.2	$ 29.3

Stock-Based Compensation Plans - Restricted Stock Units (Details) - Restricted Stock Units $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares
Change in nonvested units outstanding
Awards or units granted (in shares) \| shares	1.1
Weighted-average grant-date fair value
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 93.26
Other award and unit disclosures
Unrecognized compensation costs \| $	$ 90.0
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 10 months 24 days

Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions		$	241,712.4		$	238,141.5
Principal Asset Management			46,266.8			52,267.1
Benefits and Protection			48,817.9			48,165.5
Corporate			1,945.1			2,802.4
Total assets per consolidated statements of financial position		$	338,742.2		$	341,376.5

Reconciliation of revenue from segments to consolidated revenues

For the three months ended September 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

1,370.3

454.5

1,121.0

94.0

3,039.8

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(17.7)

—

8.0

—

(9.7)

Net investment income included in operating revenues

947.9

33.1

165.3

23.4

1,169.7

Operating revenues from equity method investments

—

75.3

—

(0.1)

75.2

Inter-segment operating revenues

(6.1)

84.5

2.1

92.1

172.6

Eliminations of inter-segment operating revenues

—

(172.6)

Segment operating revenues (3)

2,294.4

647.4

1,296.4

36.8

4,275.0

Net realized capital losses, net of related revenue adjustments

(140.5)

Revenues from exited business (4)

516.8

Adjustments related to equity method investments

(27.6)

Market risk benefit derivative settlements

(7.3)

Total revenues per consolidated statements of operations

4,616.4


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Revenue from contracts with external customers (1)		$	1,033.5		$	471.8		$	1,083.7		$	70.5		$	2,659.5
Adjustments for revenue from contracts with external customers not included in operating revenues (2)			(17.7)			—			5.8			—			(11.9)
Net investment income included in operating revenues			861.3			106.3			168.6			45.6			1,181.8
Operating revenues from equity method investments			—			68.7			—			(0.1)			68.6
Inter-segment operating revenues			9.1			80.3			2.4			77.9			169.7
Eliminations of inter-segment operating revenues			—			—			—			(169.7)			(169.7)
Segment operating revenues (3)		$	1,886.2		$	727.1		$	1,260.5		$	24.2			3,898.0
Net realized capital gains, net of related revenue adjustments															87.5
Revenues from exited business (4)															(271.3)
Adjustments related to equity method investments															(22.5)
Market risk benefit derivative settlements															(10.1)
Total revenues per consolidated statements of operations														$	3,681.6

For the nine months ended September 30, 2026

 

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Revenue from contracts with external customers (1)

2,968.6

1,369.8

3,295.1

274.1

7,907.6

Adjustments for revenue from contracts with external customers not included in operating revenues (2)

(53.4)

—

21.8

—

(31.6)

Net investment income included in operating revenues

2,782.9

303.5

500.7

122.2

3,709.3

Operating revenues from equity method investments

—

200.2

—

(0.3)

199.9

Inter-segment operating revenues

(3.3)

248.6

6.4

250.6

502.3

Eliminations of inter-segment operating revenues

—

(502.3)

Segment operating revenues (3)

5,694.8

2,122.1

3,824.0

144.3

11,785.2

Net realized capital losses, net of related revenue adjustments

(221.0)

Revenues from exited business (4)

578.6

Adjustments related to equity method investments

(68.9)

Market risk benefit derivative settlements

(22.6)

Total revenues per consolidated statements of operations

12,051.3


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Revenue from contracts with external customers (1)	$	3,181.3	$	1,382.6	$	3,204.5	$	196.3	$	7,964.7
Adjustments for revenue from contracts with external customers not included in operating revenues (2)		(52.2)		—		21.2		—		(31.0)
Net investment income included in operating revenues		2,521.8		343.0		488.9		155.5		3,509.2
Operating revenues from equity method investments		—		158.3		—		(0.3)		158.0
Inter-segment operating revenues		28.8		233.4		6.4		236.8		505.4
Eliminations of inter-segment operating revenues		—		—		—		(505.4)		(505.4)
Segment operating revenues (3)	$	5,679.7	$	2,117.3	$	3,721.0	$	82.9		11,600.9
Net realized capital losses, net of related revenue adjustments										(21.5)
Revenues from exited business (4)										(443.4)
Adjustments related to equity method investments										(55.0)
Market risk benefit derivative settlements										(32.2)
Total revenues per consolidated statements of operations									$	11,048.8

(1)	Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statements of operations.

(2)	Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses as well as fees associated with net realized capital gains (losses) and actuarial assumption review that are not included in segment operating revenues.

(3)	See Note 19, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues.

(4)	Revenues from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance gain		0.4		0.5		1.7		1.6
Other impacts of exited business (a)		(284.8)		(5.7)		(298.6)		(21.2)
Total revenues from exited business	$	516.8	$	(271.3)	$	578.6	$	(443.4)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

Revenues from exited business (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance gain		0.4		0.5		1.7		1.6
Other impacts of exited business (a)		(284.8)		(5.7)		(298.6)		(21.2)
Total revenues from exited business	$	516.8	$	(271.3)	$	578.6	$	(443.4)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

Reconciliation of Expenses from Segments to Consolidated (Table)

For the three months ended September 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Benefits, claims and settlement expenses

1,530.2

31.8

725.8

(1.2)

 

Liability for future policy benefits remeasurement (gain) loss

3.2

0.3

(8.9)

—

Market risk benefit remeasurement loss

3.6

—

Dividends to policyholders

0.1

—

31.0

—

Commission expense

74.8

53.7

134.7

46.9

Capitalization of deferred acquisition costs and contract costs

(38.2)

(12.7)

(78.7)

—

Amortization of deferred acquisition costs and contract costs

25.5

9.0

65.9

—

Depreciation and amortization

19.6

13.9

5.4

3.4

Interest expense on corporate debt

—

0.1

—

49.1

Compensation and other

377.7

318.2

251.5

51.8

Total operating expenses

459.4

382.2

378.8

151.2

Total segment expenses

1,996.5

414.3

1,126.7

150.0

3,687.5

Net realized capital losses expense adjustments

46.1

Market risk benefit derivative settlements

(7.3)

Expenses from exited business (1)

44.9

Expenses related to actuarial assumption review

6.4

Total expenses per consolidated statements of operations

3,777.6


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Benefits, claims and settlement expenses		$	1,144.0		$	60.9		$	705.0		$	(1.1)
Liability for future policy benefits remeasurement (gain) loss			(10.5)			(0.8)			72.8			—
Market risk benefit remeasurement loss			0.9			—			—			—
Dividends to policyholders			0.1			—			29.9			—
Commission expense			74.9			50.9			132.4			26.9
Capitalization of deferred acquisition costs and contract costs			(41.1)			(9.7)			(74.3)			—
Amortization of deferred acquisition costs and contract costs			21.8			12.7			63.9			—
Depreciation and amortization			18.3			13.7			4.3			3.8
Interest expense on corporate debt			—			0.3			—			45.0
Compensation and other			367.4			320.0			240.0			43.5
Total operating expenses			441.3			387.9			366.3			119.2
Total segment expenses		$	1,575.8		$	448.0		$	1,174.0		$	118.1		$	3,315.9
Net realized capital losses expense adjustments															80.0
Market risk benefit derivative settlements															(10.1)
Expenses from exited business (1)															47.4
Total expenses per consolidated statements of operations														$	3,433.2

For the nine months ended September 30, 2026

Retirement

 

Principal

 

and Income

Asset

Benefits and

Solutions

Management

Protection

Corporate

Total

(in millions)

Benefits, claims and settlement expenses

3,403.6

225.3

2,124.4

30.1

Liability for future policy benefits remeasurement (gain) loss

2.2

0.7

(17.2)

—

Market risk benefit remeasurement loss

1.7

—

Dividends to policyholders

0.2

—

85.4

—

Commission expense

218.3

156.0

405.4

133.1

Capitalization of deferred acquisition costs and contract costs

(112.3)

(31.7)

(241.2)

—

Amortization of deferred acquisition costs and contract costs

71.4

26.3

196.0

—

Depreciation and amortization

57.4

41.5

13.9

10.3

Interest expense on corporate debt

—

0.8

—

137.7

Compensation and other

1,128.9

998.4

733.5

168.7

Total operating expenses

1,363.7

1,191.3

1,107.6

449.8

Total segment expenses

4,771.4

1,417.3

3,300.2

479.9

9,968.8

Net realized capital losses expense adjustments

140.3

Market risk benefit derivative settlements

(22.6)

Expenses from exited business (1)

141.5

Expenses related to actuarial assumption review

6.4

Total expenses per consolidated statements of operations

10,234.4


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Benefits, claims and settlement expenses	$	3,504.1	$	233.7	$	2,123.4	$	21.7
Liability for future policy benefits remeasurement (gain) loss		(18.9)		(0.9)		68.7		—
Market risk benefit remeasurement loss		4.6		—		—		—
Dividends to policyholders		0.1		—		71.9		—
Commission expense		216.9		147.2		419.1		75.6
Capitalization of deferred acquisition costs and contract costs		(122.5)		(25.8)		(236.0)		—
Amortization of deferred acquisition costs and contract costs		64.0		24.9		192.3		—
Depreciation and amortization		56.4		41.5		13.0		12.1
Interest expense on corporate debt		—		1.2		—		132.4
Compensation and other		1,088.2		983.8		715.0		125.0
Total operating expenses		1,303.0		1,172.8		1,103.4		345.1
Total segment expenses	$	4,792.9	$	1,405.6	$	3,367.4	$	366.8	$	9,932.7
Net realized capital losses expense adjustments										145.2
Market risk benefit derivative settlements										(32.2)
Expenses from exited business (1)										222.7
Total expenses per consolidated statements of operations									$	10,268.4

(1)Expenses from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Amortization of reinsurance loss	$	14.4	$	18.8	$	53.9	$	66.7
Other impacts of exited business		30.5		28.6		87.6		156.0
Total expenses from exited business	$	44.9	$	47.4	$	141.5	$	222.7

Reconciliation Expenses from exited business (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Amortization of reinsurance loss	$	14.4	$	18.8	$	53.9	$	66.7
Other impacts of exited business		30.5		28.6		87.6		156.0
Total expenses from exited business	$	44.9	$	47.4	$	141.5	$	222.7

Reconciliation of Pre-tax Operating Earnings from Segments to Consolidated (Table)

For the three months ended September 30, 2026

Retirement

Principal

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Segment pre-tax operating earnings (losses)

 

297.8

230.5

169.7

(110.5)

587.5

Pre-tax net realized capital losses, as adjusted (1)

(186.6)

Pre-tax income from exited business (2)

471.9

Pre-tax loss related to actuarial assumption review

(6.4)

Adjustments related to equity method investments and noncontrolling interest

(27.6)

Total income before income taxes per consolidated statements of operations

838.8


		For the three months ended September 30, 2025
		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Total

		(in millions)
Segment pre-tax operating earnings (losses)		$	310.3		$	274.7		$	86.5		$	(91.6)		$	579.9
Pre-tax net realized capital gains, as adjusted (1)															7.5
Pre-tax loss from exited business (2)															(318.7)
Adjustments related to equity method investments and noncontrolling interest															(20.3)
Total income before income taxes per consolidated statements of operations														$	248.4

For the nine months ended September 30, 2026

Retirement

Principal

 

and Income

Asset

Benefits and

 

Solutions

 

Management

 

Protection

 

Corporate

 

Total

(in millions)

Segment pre-tax operating earnings (losses)

923.2

695.4

523.8

(327.6)

1,814.8

Pre-tax net realized capital losses, as adjusted (1)

(361.3)

Pre-tax income from exited business (2)

437.1

Pre-tax loss related to actuarial assumption review

(6.4)

Adjustments related to equity method investments and noncontrolling interest

(67.3)

Total income before income taxes per consolidated statements of operations

1,816.9


	For the nine months ended September 30, 2025
	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Total

	(in millions)
Segment pre-tax operating earnings (losses)	$	886.1	$	698.6	$	353.6	$	(278.4)	$	1,659.9
Pre-tax net realized capital losses, as adjusted (1)										(166.7)
Pre-tax loss from exited business (2)										(666.1)
Adjustments related to equity method investments and noncontrolling interest										(46.7)
Total income before income taxes per consolidated statements of operations									$	780.4

(1)Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Net realized capital gains (losses)

(387.6)

85.7

(400.0)

(26.0)

Derivative and hedging-related revenue adjustments

(39.3)

(25.7)

(132.8)

(76.2)

Market value adjustments to fee revenues

0.1

—

0.2

(0.1)

Certain variable annuity fees

17.1

17.2

51.5

50.8

Net realized capital losses related to exited business

276.7

—

276.7

—

Equity method investments

4.7

1.2

4.0

5.6

Certain real estate-related depreciation and amortization

(21.0)

—

(52.0)

—

Sponsored investment funds and other adjustments

8.8

9.1

31.4

24.4

Net realized capital gains (losses), net of related revenue adjustments

(140.5)

87.5

(221.0)

(21.5)

Amortization of actuarial balances

(6.4)

(4.3)

(18.7)

(9.3)

Capital gains distributed

(18.7)

(59.0)

(46.2)

(39.0)

Derivative and hedging-related expense adjustments

(4.2)

(3.4)

(2.0)

1.5

Market value adjustments of market risk benefits

(8.3)

(13.2)

(51.5)

(80.6)

Market value adjustments of embedded derivatives

(8.5)

(0.1)

(21.9)

(17.8)

Net realized capital losses, net of related expense adjustments

(46.1)

(80.0)

(140.3)

(145.2)

Pre-tax net realized capital gains (losses), as adjusted (a)

(186.6)

7.5

(361.3)

(166.7)

(a)As adjusted before noncontrolling interest capital gains (losses).

(2)Pre-tax income (loss) from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance loss		(14.0)		(18.3)		(52.2)		(65.1)
Other impacts of exited business (a)		(315.3)		(34.3)		(386.2)		(177.2)
Total pre-tax income (loss) from exited business	$	471.9	$	(318.7)	$	437.1	$	(666.1)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

Pre-tax net realized capital gains (losses), as adjusted from exited business (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Net realized capital gains (losses)

(387.6)

85.7

(400.0)

(26.0)

Derivative and hedging-related revenue adjustments

(39.3)

(25.7)

(132.8)

(76.2)

Market value adjustments to fee revenues

0.1

—

0.2

(0.1)

Certain variable annuity fees

17.1

17.2

51.5

50.8

Net realized capital losses related to exited business

276.7

—

276.7

—

Equity method investments

4.7

1.2

4.0

5.6

Certain real estate-related depreciation and amortization

(21.0)

—

(52.0)

—

Sponsored investment funds and other adjustments

8.8

9.1

31.4

24.4

Net realized capital gains (losses), net of related revenue adjustments

(140.5)

87.5

(221.0)

(21.5)

Amortization of actuarial balances

(6.4)

(4.3)

(18.7)

(9.3)

Capital gains distributed

(18.7)

(59.0)

(46.2)

(39.0)

Derivative and hedging-related expense adjustments

(4.2)

(3.4)

(2.0)

1.5

Market value adjustments of market risk benefits

(8.3)

(13.2)

(51.5)

(80.6)

Market value adjustments of embedded derivatives

(8.5)

(0.1)

(21.9)

(17.8)

Net realized capital losses, net of related expense adjustments

(46.1)

(80.0)

(140.3)

(145.2)

Pre-tax net realized capital gains (losses), as adjusted (a)

(186.6)

7.5

(361.3)

(166.7)

(a)As adjusted before noncontrolling interest capital gains (losses).

Pre-tax income (loss) from exited business (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2026		2025		2026		2025

	(in millions)
Change in fair value of funds withheld embedded derivative	$	818.2	$	(265.9)	$	891.2	$	(455.3)
Net realized capital gains (losses) on funds withheld assets		(17.0)		(0.2)		(15.7)		31.5
Amortization of reinsurance loss		(14.0)		(18.3)		(52.2)		(65.1)
Other impacts of exited business (a)		(315.3)		(34.3)		(386.2)		(177.2)
Total pre-tax income (loss) from exited business	$	471.9	$	(318.7)	$	437.1	$	(666.1)

(a)

2026 includes the net loss associated with the disposition of our Chilean annuities business.

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Short-Term Debt
Short-term debt	$ 177.6	$ 27.7
Weighted-average interest rates on short-term borrowings (as a percent)	4.80%	6.30%
Commercial paper \| Principal Life Insurance Company
Short-Term Debt
Short-term debt	$ 149.6
Credit facility maturing September 2031 \| Principal Life Insurance Company
Short-Term Debt
Credit facilities	900.0
Secured CLO borrowings \| Principal CLO warehouse
Short-Term Debt
Credit facilities	80.0
Short-term debt	$ 28.0
Unsecured lines of credit \| Principal Compania de Seguros de Vida Chile S.A.
Short-Term Debt
Credit facilities		$ 85.6
Short-term debt		24.8
Unsecured lines of credit \| Principal International de Chile S.A.
Short-Term Debt
Credit facilities		24.1
Short-term debt		2.9
Credit facility maturing in October 2027 \| Principal Life Insurance Company
Short-Term Debt
Credit facilities		$ 800.0

Separate Account Balances - Principal Asset Management - International Pension (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in separate account liabilities
Balance at beginning of period	$ 193,622.6
Balance at end of period	194,816.2	$ 193,622.6
Principal Asset Management \| International Pension \| Pension \| Latin America
Changes in separate account liabilities
Balance at beginning of period	41,450.5	32,802.2
Premiums and deposits	3,352.4	3,546.2
Policy charges	(15.5)	(17.7)
Surrenders, withdrawals and benefit payments	(3,300.1)	(3,962.7)
Investment performance	2,033.1	5,392.1
Other	(33.7)	2.7
Foreign currency translation adjustment	(3,303.9)	3,687.7
Balance at end of period	40,182.8	41,450.5
Cash surrender value	$ 40,182.8	$ 41,450.5

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Assets (liabilities)
Mortgage loans	$ 20,425.1	$ 21,008.3
Policy loans	863.2	866.7
Reinsurance deposit receivable	3,509.3	4,076.2
Short-term debt	(177.6)	(27.7)
Long-term debt	(4,326.2)	(3,926.3)
Carrying amount
Assets (liabilities)
Mortgage loans	20,425.1	21,008.3
Policy loans	863.2	866.7
Other investments	218.3	265.7
Cash and cash equivalents not required to be reported at fair value	1,770.0	1,194.9
Reinsurance deposit receivable	3,509.3	4,076.2
Cash collateral receivable	0.7	5.4
Investment contracts	(34,827.0)	(34,139.0)
Short-term debt	(177.6)	(27.7)
Long-term debt	(4,326.2)	(3,926.3)
Separate account liabilities	(180,056.2)	(178,620.2)
Bank deposits	(382.5)	(423.8)
Cash collateral payable	(1,393.0)	(857.6)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	18,572.8	19,800.9
Policy loans	840.7	906.0
Other investments	205.3	255.4
Cash and cash equivalents not required to be reported at fair value	1,770.0	1,194.9
Reinsurance deposit receivable	3,249.2	3,825.7
Cash collateral receivable	0.7	5.4
Investment contracts	(33,711.7)	(33,655.5)
Short-term debt	(177.6)	(27.7)
Long-term debt	(4,144.6)	(3,833.5)
Separate account liabilities	(138,929.9)	(177,621.6)
Bank deposits	(383.9)	(427.8)
Cash collateral payable	(1,393.0)	(857.6)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 1
Assets (liabilities)
Cash and cash equivalents not required to be reported at fair value	1,746.5	1,181.0
Cash collateral receivable	0.7	5.4
Cash collateral payable	(1,393.0)	(857.6)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 2
Assets (liabilities)
Other investments	34.7	77.6
Cash and cash equivalents not required to be reported at fair value	23.5	13.9
Investment contracts	(8,064.8)	(8,200.1)
Short-term debt	(177.6)	(27.7)
Long-term debt	(3,968.3)	(3,830.9)
Bank deposits	(383.9)	(427.8)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	18,572.8	19,800.9
Policy loans	840.7	906.0
Other investments	170.6	177.8
Reinsurance deposit receivable	3,249.2	3,825.7
Investment contracts	(25,646.9)	(25,455.4)
Long-term debt	(176.3)	(2.6)
Separate account liabilities	$ (138,929.9)	$ (177,621.6)

Income Taxes

9 Months Ended

Sep. 30, 2026

Income Taxes

Income Taxes

13. Income Taxes

Effective Income Tax Rate

The provision for income taxes for interim periods is based on an estimated annual effective tax rate. Excluded from the estimated annual effective tax rate are discrete items occurring during the period, including those which do not relate to ordinary operating income.

The effective tax rate for the three and nine months ended September 30, 2026, was 29% and 21%, respectively. For the three months ended September 30, 2026, the effective tax rate differed from the U.S. federal statutory tax rate of 21% due primarily to a nondeductible loss on the disposition of our Chilean annuities business and foreign withholding taxes, partially offset by tax benefits from the dividends received deduction, interest exclusion from taxable income, foreign statutory rate differentials and the impact of equity method presentation.

The effective tax rate for both the three and nine months ended September 30, 2025, was 6%. The effective tax rate for these periods differed from the U.S. federal statutory tax rate of 21% due primarily to tax benefits from the dividends received deduction, interest exclusion from taxable income, tax credits, the impact of noncontrolling interest presentation and the impact of equity method presentation, partially offset by state income tax expense and foreign statutory rate differentials.

Pillar Two Model Rules

We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development (“OECD”), which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its deferred tax assets (“DTAs”), including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred.

Certain foreign jurisdictions have enacted, or are in the process of enacting, legislation implementing Income Inclusion Rules or Undertaxed Profits Rules, which may result in additional tax liabilities for multinational companies. On January 5, 2026, the OECD released administrative guidance for a “Side-by-Side” agreement that addresses the interaction of Pillar Two with the U.S. tax system. We recognize the effect of income tax legislation in the period of enactment; therefore, we will monitor the legislative enactment of the “Side-by-Side” agreement on a jurisdiction-by-jurisdiction basis.

Income taxes for the three and nine months ended September 30, 2026, reflect the impact of enacted Pillar Two legislation in applicable jurisdictions based on management’s current interpretation of each jurisdiction’s tax law.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2026

Goodwill and Other Intangible Assets

Goodwill (Table)


		Retirement			Principal
		and Income			Asset			Benefits and
		Solutions			Management			Protection			Corporate			Consolidated

		(in millions)
Balance as of January 1, 2025		$	687.2		$	833.0		$	29.5		$	—		$	1,549.7
Foreign currency			—			50.8			—			—			50.8
Balance as of December 31, 2025			687.2			883.8			29.5			—			1,600.5
Goodwill from acquisitions (1)			—			—			325.4			—			325.4
Goodwill disposed (2)			—			(41.0)			—			—			(41.0)
Foreign currency			—			(24.3)			—			—			(24.3)
Balance as of September 30, 2026		$	687.2		$	818.5		$	354.9		$	—		$	1,860.6

(1)Relates to the acquisition of Beam Benefits (“Beam”).

(2)Relates to the disposition of our Chilean annuities business.

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Contractholder Funds - Changes in Policyholder Account Balances, Benefits and Protection (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 30,318.1
Policyholder account balance, end of period	32,959.0	$ 30,318.1
Benefits and Protection \| Life Insurance \| Universal life
Changes in policyholder account balances
Policyholder account balance, beginning of period	6,867.5	6,953.7
Premiums and deposits	982.6	1,305.7
Policy charges	(664.4)	(886.0)
Surrenders, withdrawals and benefit payments	(698.5)	(587.7)
Net transfers from (to) separate account	(89.4)	(198.1)
Interest credited	218.0	304.2
Change in fair value of embedded derivative	14.4	17.3
Other	(37.5)	(41.6)
Policyholder account balance, end of period	6,592.7	6,867.5
Reinsurance impact	(2,902.4)	(3,045.1)
Policyholder account balance at end of period after reinsurance	$ 3,690.3	$ 3,822.4
Weighted-average crediting rate	4.19%	4.11%
Net amount at risk	$ 85,508.6	$ 86,094.5
Cash surrender value	$ 5,812.6	$ 6,045.7

Revenues from Contracts with Customers - Contract Costs Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Contract costs
Amortization expense of contract cost asset	$ 11.4	$ 10.1	$ 32.7	$ 70.8
Impairment loss for contract cost asset	$ 0.0	$ 0.0	$ 0.0	$ 45.4

Stock-Based Compensation Plans - Performance Share Awards (Details) - Performance Share Awards $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares
Change in nonvested units outstanding
Awards or units granted (in shares) \| shares	0.3
Weighted-average grant-date fair value
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 100.33
Other award and unit disclosures
Lower limit multiple of initial target awards (as a percent)	0.00%
Upper limit multiple of initial target awards (as a percent)	180.00%
Unrecognized compensation costs \| $	$ 22.1
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 8 months 12 days

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2026

Derivative Financial Instruments

Derivative Financial Instruments

5. Derivative Financial Instruments

Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication and income generation strategies.

Types of Derivative Instruments

Interest Rate Contracts

Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates.

Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/or floating rate interest amounts based upon designated market rates or rate indices and an agreed upon notional principal amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by any party. Cash is paid or received based on the terms of the swap. We use interest rate swaps primarily to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities (including duration mismatches). We also use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments; to hedge against cash variability related to forecasted transactions and to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) MRB. The GMWB rider on our variable annuity products provides for guaranteed minimum withdrawal benefits regardless of the actual performance of various equity and/or fixed income funds available with the product. Additionally, we utilize interest rate swaps to replicate the returns of floating rate assets.

Interest rate options, including interest rate caps and interest rate floors, which can be combined to form interest rate collars, are contracts that entitle the purchaser to pay or receive the amounts, if any, by which a specified market rate exceeds a cap strike interest rate, or falls below a floor strike interest rate, respectively, at specified dates. We use interest rate options to manage prepayment risks in our assets and minimum guaranteed interest rates and lapse risks in our liabilities.

In exchange-traded futures transactions, we agree to purchase or sell a specified number of contracts, the values of which are determined by the values of designated classes of securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. We enter into exchange-traded futures with regulated futures commissions merchants who are members of a trading exchange. We use exchange-traded interest rate futures to hedge against changes in value of the GMWB MRB in addition to the economic exposure to certain fund strategies.

Interest rate forwards, including bond forwards and treasury forwards, are contracts to take delivery of a fixed income security at a specified price at a future date. Bond forwards and treasury forwards deliver corporate or municipal and U.S. Treasury bonds, respectively. At inception of certain treasury forward contracts we do not intend to take physical delivery. We intend to take delivery of the bond forwards referencing corporate, municipal and certain treasury bonds. Treasury forwards are used to hedge against changes in the value of the GMWB MRB and to more closely match the interest rate characteristics of assets and liabilities. Bond forwards are used to gain leverage through synthetic exposure during the forward period and fix the purchase price of a bond at a specified date in future.

Foreign Exchange Contracts

Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency-denominated funding agreements issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity. We use various derivatives to manage our exposure to fluctuations in foreign currency exchange rates.

Currency swaps are contracts in which we agree with other parties to exchange, at specified intervals, a series of principal and interest payments in one currency for that of another currency. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party. The interest payments are primarily fixed-to-fixed rate; however, they may also be fixed-to-floating rate or floating-to-fixed rate. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by one counterparty for payments made in the same currency at each due date. We use currency swaps to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell.

Currency forwards are contracts in which we agree with other parties to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We use currency forwards to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell.

Equity Contracts

Equity risk is the risk that we will incur economic losses due to adverse fluctuations in common stock prices. We use various derivatives to manage our exposure to equity risk, which arises from products in which the return or interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees.

We purchase equity call spreads (“option collars”) to hedge the equity participation rates promised to contractholders in conjunction with our fixed deferred annuity and universal life products that credit interest based on changes in an external equity index.

We use equity put options to hedge against changes in the value of the GMWB MRB related to the GMWB rider on our variable annuity products. We also use equity options to hedge returns credited to policyholder accounts related to our RILA products. The premium associated with certain options is paid quarterly over the life of the option contract.

We use exchange-traded equity futures to hedge against changes in the value of the GMWB MRB and returns credited to policyholder accounts related to our RILA products. We have used equity futures to hedge the economic exposure to certain fund closures in process.

We use equity total return swaps to hedge for income enhancement. Total return swaps are contracts in which we agree with other parties to periodically exchange the total return on a referenced security for an agreed-upon reference rate or spread based on specified notional amounts.

Credit Contracts

Credit risk relates to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest. We use credit default swaps to enhance the return on our investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market. They are also used to hedge credit exposures in our investment portfolio. Credit derivatives are used to sell or buy credit protection on an identified name or names on an unfunded or synthetic basis in return for receiving or paying a quarterly premium. The premium generally corresponds to a referenced name’s credit spread at the time the agreement is executed.

We also use credit total return swaps for income enhancement. In the case of a predefined credit event, total return swaps require the total return receiver to pay for the decline in the price of the referenced security.

In cases where we sell protection, we also buy a quality cash bond to match against the swap, thereby entering into a synthetic transaction replicating a cash security. When selling protection, if there is an event of default by the referenced name, as defined by the agreement, we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced security in a principal amount equal to the notional value of the swap.

Other Contracts

Embedded Derivatives. We purchase or issue certain financial instruments or products that contain a derivative instrument that is embedded in the financial instrument or product. When it is determined that the embedded derivative possesses economic characteristics that are not clearly or closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host instrument for measurement purposes. The embedded derivative, which is reported with the host instrument in the consolidated statements of financial position, is carried at fair value.

We offer group annuity contracts that have guaranteed separate accounts as an investment option. We have fixed deferred annuities, RILAs and universal life products that credit interest based on changes in an external equity index.

We have a funds withheld payable associated with coinsurance with funds withheld reinsurance agreements. The funds withheld payable has an embedded total return swap as the total return of the funds withheld assets are transferred to the reinsurer, which is not based on our own creditworthiness.

Exposure

Our risk of loss is typically limited to the fair value of our derivative instruments and not to the notional or contractual amounts of these derivatives. We are also exposed to credit losses in the event of nonperformance of the counterparties. Our current credit exposure is limited to the value of derivatives that have become favorable to us. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings and by establishing and monitoring exposure limits. We also utilize various credit enhancements, including collateral and credit triggers to reduce the credit exposure to our derivative instruments.

Derivatives may be exchange-traded or they may be privately negotiated contracts, which are usually referred to as over-the-counter (“OTC”) derivatives. Certain of our OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”), while others are bilateral contracts between two counterparties (“bilateral OTC”). Our derivative transactions are generally documented under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Management believes that such agreements provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Under such agreements, in connection with an early termination of a transaction, we are permitted to set off our receivable from a counterparty against our payables to the same counterparty arising out of all included transactions. For reporting purposes, we do not offset fair value amounts of bilateral OTC derivatives for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparties under master netting agreements. OTC cleared derivatives have variation margin that is legally characterized as settlement of the derivative exposure, which reduces their fair value in the consolidated statements of financial position.

We posted $493.6 million and $491.1 million in cash and securities under collateral arrangements as of September 30, 2026 and December 31, 2025, respectively, to satisfy collateral and initial margin requirements associated with our derivative credit support agreements and FCM agreements.

Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of September 30, 2026 and December 31, 2025, was $664.7 million and $546.9 million, respectively. Cleared derivatives have contingent features that require us to post excess margin as required by the FCM. The terms surrounding excess margin vary by FCM agreement. With respect to derivatives containing collateral provisions, we posted collateral and initial margin of $493.6 million and $491.1 million as of September 30, 2026 and December 31, 2025, respectively, in the normal course of business, which reflects netting under derivative agreements. If the credit-risk-related contingent features underlying these agreements were triggered on September 30, 2026, we would be required to post up to an additional $113.1 million of collateral to our counterparties.

As of September 30, 2026 and December 31, 2025, we had received $1,323.0 million and $787.6 million, respectively, of cash collateral associated with our derivative credit support annex agreements and FCM agreements, for which we recorded a corresponding liability reflecting our obligation to return the collateral.

Notional amounts are used to express the extent of our involvement in derivative transactions and represent a standard measurement of the volume of our derivative activity. Notional amounts represent those amounts used to calculate contractual flows to be exchanged and are not paid or received, except for contracts such as currency swaps. Credit exposure represents the gross amount owed to us under derivative contracts as of the valuation date. The notional amounts and credit exposure of our derivative financial instruments by type were as follows:


		September 30, 2026			December 31, 2025

		(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps		$	64,224.9		$	60,267.1
Interest rate options			4,528.0			3,578.0
Interest rate futures			2,743.3			1,994.7
Interest rate forwards			1,837.0			1,687.0
Foreign exchange contracts:
Currency swaps			4,127.6			3,538.7
Currency forwards			928.4			914.6
Equity contracts:
Equity options			9,170.8			7,449.3
Equity futures			2,260.4			1,699.1
Equity total return swaps			858.5			499.6
Credit contracts:
Credit default swaps			702.9			531.0
Credit total return swaps			500.0			500.0
Other contracts:
Embedded derivatives			25,662.7			24,650.7
Total notional amounts at end of period		$	117,544.5		$	107,309.8

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate options		$	16.1		$	4.0
Interest rate swaps			4.7			13.2
Interest rate forwards			—			1.1
Foreign exchange contracts:
Currency swaps			152.1			190.0
Currency forwards			31.6			30.0
Equity contracts:
Equity options			1,575.6			971.5
Total return swaps			14.9			—
Credit contracts:
Total return swaps			16.5			18.8
Credit default swaps			3.2			3.4
Total gross credit exposure			1,814.7			1,232.0
Less: collateral received			1,473.2			923.7
Net credit exposure		$	341.5		$	308.3

The fair value of our derivative instruments classified as assets and liabilities was as follows:


		Derivative assets (1)						Derivative liabilities (2)
		September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025

		(in millions)
Derivatives designated as hedging instruments
Interest rate contracts		$	0.1		$	—		$	103.6		$	69.8
Foreign exchange contracts			146.3			144.6			127.4			138.8
Total derivatives designated as hedging instruments		$	146.4		$	144.6		$	231.0		$	208.6

Derivatives not designated as hedging instruments
Interest rate contracts		$	19.5		$	16.9		$	239.8		$	136.0
Foreign exchange contracts			31.7			70.3			12.7			9.4
Equity contracts			1,587.2			971.5			182.1			191.6
Credit contracts			18.5			21.2			8.2			6.4
Other contracts			—			—			(1,092.0)			(1,223.2)
Total derivatives not designated as hedging instruments			1,656.9			1,079.9			(649.2)			(879.8)

Total derivative instruments		$	1,803.3		$	1,224.5		$	(418.2)		$	(671.2)

(1)	The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2)

The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $2,432.6 million and $1,410.2 million as of September 30, 2026 and December 31, 2025, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(3,524.6) million and $(2,633.4) million as of September 30, 2026 and December 31, 2025, respectively, are reported with funds withheld payable on the consolidated statements of financial position.

Credit Derivatives Sold

When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. Our credit derivative contracts sold reference a single name or reference security (referred to as “single name credit default swaps” or “single name total return swaps”). These instruments are either referenced in an OTC credit derivative transaction or embedded within an investment structure that has been fully consolidated into our financial statements.

These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative. In certain cases, we also may have purchased credit protection with identical underlyings to certain of our sold protection transactions. As of September 30, 2026 and December 31, 2025, we did not purchase credit protection relating to our sold protection transactions. In certain circumstances, our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name.

The following tables show our derivative protection sold by types of contract, types of referenced/underlying asset class and external agency rating for the underlying reference security. The maximum future payments are undiscounted and have not been reduced by the effect of any offsetting transactions, collateral or recourse features described above.


		September 30, 2026
											Weighted
								Maximum			average
		Notional			Fair			future			expected life
		amount			value			payments			(in years)

		(in millions)
Single name credit default swaps
Corporate debt
AA		$	207.6		$	1.2		$	207.6		7.5
A			219.3			(4.0)			219.3		6.5
BBB			190.0			1.0			190.0		3.5
Total single name credit default swaps			616.9			(1.8)			616.9		5.9

Single name total return swaps
Government/municipalities
AAA			40.0			0.9			40.0		28.8
AA			195.0			2.1			195.0		19.7
A			210.0			8.6			210.0		20.9
BBB			55.0			1.6			55.0		14.5
Total single name total return swaps			500.0			13.2			500.0		20.4

Total credit derivatives sold		$	1,116.9		$	11.4		$	1,116.9		12.4


		December 31, 2025
											Weighted
								Maximum			average
		Notional			Fair			future			expected life
		amount			value			payments			(in years)

		(in millions)
Single name credit default swaps
Corporate debt
AA		$	96.7		$	1.0		$	96.7		6.4
A			219.3			(3.2)			219.3		7.2
BBB			130.0			2.3			130.0		1.5
Total single name credit default swaps			446.0			0.1			446.0		5.3

Single name total return swaps
Government/municipalities
AAA			40.0			1.2			40.0		29.6
AA			195.0			3.5			195.0		20.5
A			210.0			9.5			210.0		21.6
BBB			55.0			1.8			55.0		15.3
Total single name total return swaps			500.0			16.0			500.0		21.1

Total credit derivatives sold		$	946.0		$	16.1		$	946.0		13.7

Fair Value and Cash Flow Hedges

Fair Value Hedges

We use fixed-to-floating rate interest rate swaps to more closely align the interest rate characteristics of certain assets and also use them to align the interest rate characteristics of certain liabilities. In general, these swaps are used in asset and liability management to modify duration, which is a measure of sensitivity to interest rate changes.

We enter into currency exchange swap agreements to convert certain foreign denominated assets into U.S. dollar denominated instruments to hedge the exposure to future currency volatility on those items.

The net interest effect of interest rate swap and currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The currency related impacts of currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to net realized capital gains or losses of the underlying hedged item in our consolidated statements of operations.

The following amounts were recorded on the consolidated statements of financial position related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment.


								Cumulative amount of fair value
								hedging basis adjustment increase/
Line item in the consolidated statements								(decrease) included in the carrying
of financial position in which the		Carrying amount of hedged item						amount of the hedged item
hedged item is included		September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025

		(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships		$	3,628.0		$	2,741.8		$	(59.7)		$	(15.8)
Discontinued hedging relationships			415.3			782.9			(4.0)			(6.2)
Total fixed maturities, available-for-sale in active or discontinued hedging relationships		$	4,043.3		$	3,524.7		$	(63.7)		$	(22.0)

Mortgage loans (2):
Active hedging relationships		$	2,070.9		$	1,471.5		$	(19.8)		$	(3.6)
Discontinued hedging relationships			285.2			345.0			1.0			1.2
Total mortgage loans in active or discontinued hedging relationships		$	2,356.1		$	1,816.5		$	(18.8)		$	(2.4)

Investment contracts:
Active hedging relationships		$	5,051.1		$	3,743.8		$	101.2		$	35.4
Total investment contracts in active or discontinued hedging relationships		$	5,051.1		$	3,743.8		$	101.2		$	35.4

(1)

These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of September 30, 2026 and December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $3,097.5 million and $2,303.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(44.0) million and $(16.9) million, respectively, and the amount of the designated hedged items were $1,144.0 million and $970.0 million, respectively.

(2)

These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of September 30, 2026 and December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,070.9 million and $1,471.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(19.9) million and $(3.7) million, respectively, and the amount of the designated hedged items were $292.5 million and $220.0 million, respectively.

Derivative instruments’ gains (losses) excluded from the assessment of hedge effectiveness were $0.4 million and $2.8 million for the three months ended September 30, 2026 and 2025, respectively, and $(0.3) million and $1.5 million for the nine months ended September 30, 2026 and 2025, respectively.

Cash Flow Hedges

We utilize floating-to-fixed rate interest rate swaps to eliminate the variability in cash flows of recognized financial assets and have used them to eliminate the variability in cash flows of liabilities.

We enter into currency exchange swap agreements to convert both principal and interest payments of certain foreign denominated assets and liabilities into U.S. dollar denominated fixed rate instruments to eliminate the exposure to future currency volatility on those items.

We use bond forwards and floating-to-fixed rate interest rate swaps to hedge forecasted transactions.

The net interest effect of interest rate swap and currency swap transactions for derivatives in cash flow hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations.

The maximum length of time we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those related to the payments of variable interest on existing financial assets and liabilities, is 0.4 years. As of September 30, 2026, we had $60.9 million of net losses reported in AOCI on the consolidated statements of financial position related to active hedges of forecasted transactions. If a hedged forecasted transaction is no longer probable of occurring, cash flow hedge accounting is discontinued. If it is probable that the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income.

The following table shows the effect of derivatives in cash flow hedging relationships on the consolidated statements of financial position.

Amount of gain (loss) recognized in AOCI on derivatives

For the three months ended

For the nine months ended

Derivatives in cash

September 30,

flow hedging relationships

 

Related hedged item

 

2026

 

2025

 

2026

 

2025

(in millions)

Interest rate contracts

Fixed maturities, available-for-sale

(46.5)

10.5

(60.9)

21.0

Foreign exchange contracts

Fixed maturities, available-for-sale

(58.8)

74.8

(2.4)

(123.8)

Total

(105.3)

85.3

(63.3)

(102.8)

We expect to reclassify net gains of $26.8 million from AOCI into net income in the next twelve months, which includes both net deferred gains on discontinued hedges and net gains on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions.

Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations

The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations. Gains (losses) reflected in the table increase (decrease) the amount reported in the consolidated statement of operations revenue line items and decrease (increase) the amount reported in the expense line items.


		For the three months ended September 30, 2026
		Net investment
		income related to			Net realized capital
		hedges of fixed			gains (losses) related			Benefits, claims and
		maturities, available-			to hedges of fixed			settlement expenses
		for-sale and			maturities, available-			related to hedges of
		mortgage loans			for-sale			investment contracts

		(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported		$	1,160.8		$	(387.6)		$	2,318.7

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain (loss) recognized on hedged item		$	(35.1)		$	—		$	71.7
Gain (loss) recognized on derivatives			36.8			—			(76.0)
Amortization of hedged item basis adjustments			0.7			—			—
Amounts related to periodic settlements on derivatives			5.0			—			—

Foreign exchange contracts:
Loss recognized on hedged item			—			(7.9)			—
Gain recognized on derivatives			—			7.9			—
Amounts related to periodic settlements on derivatives			0.8			—			—
Total gain (loss) recognized for fair value hedging relationships		$	8.2		$	—		$	(4.3)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Loss reclassified from AOCI on derivatives		$	—		$	—		$	(0.1)
Amounts related to periodic settlements on derivatives			(0.2)			—			—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives			—			0.2			—
Amounts related to periodic settlements on derivatives			10.4			—			—
Total gain (loss) recognized for cash flow hedging relationships		$	10.2		$	0.2		$	(0.1)


		For the three months ended September 30, 2025
		Net investment
		income related to			Net realized capital
		hedges of fixed			gains (losses) related			Benefits, claims and
		maturities, available-			to hedges of fixed			settlement expenses
		for-sale and			maturities, available-			related to hedges of
		mortgage loans			for-sale			investment contracts

		(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported		$	1,200.5		$	85.7		$	1,964.1

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item		$	7.0		$	—		$	6.6
Loss recognized on derivatives			(7.2)			—			(3.1)
Amortization of hedged item basis adjustments			0.9			—			—
Amounts related to periodic settlements on derivatives			9.0			—			(5.6)

Foreign exchange contracts:
Gain recognized on hedged item			—			0.2			—
Loss recognized on derivatives			—			(0.2)			—
Amounts related to periodic settlements on derivatives			0.8			—			—
Total gain (loss) recognized for fair value hedging relationships		$	10.5		$	—		$	(2.1)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives		$	0.6		$	—		$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring			—			0.1			—
Amounts related to periodic settlements on derivatives			(0.1)			—			—

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives			—			(0.2)			—
Amounts related to periodic settlements on derivatives			8.2			—			—
Total gain (loss) recognized for cash flow hedging relationships		$	8.7		$	(0.1)		$	(0.1)


	For the nine months ended September 30, 2026
	Net investment
	income related to		Net realized capital		Benefits, claims and
	hedges of fixed		gains (losses)		settlement expenses
	maturities,		related to hedges of		related to hedges of
	available-for-sale		fixed maturities,		investment
	and mortgage loans		available-for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,661.6	$	(400.0)	$	5,921.9

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain (loss) recognized on hedged item	$	(45.8)	$	—	$	136.6
Gain (loss) recognized on derivatives		46.9		—		(138.6)
Amortization of hedged item basis adjustments		3.0		—		—
Amounts related to periodic settlements on derivatives		15.9		—		0.6

Foreign exchange contracts:
Loss recognized on hedged item		—		(15.4)		—
Gain recognized on derivatives		—		15.4		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	22.3	$	—	$	(1.4)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Loss reclassified from AOCI on derivatives	$	—	$	—	$	(0.2)
Amounts related to periodic settlements on derivatives		(0.5)		—		—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.1		—
Amounts related to periodic settlements on derivatives		27.8		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	27.3	$	0.1	$	(0.2)


	For the nine months ended September 30, 2025
	Net investment
	income related to		Net realized capital		Benefits, claims and
	hedges of fixed		gains (losses)		settlement expenses
	maturities,		related to hedges of		related to hedges of
	available-for-sale		fixed maturities,		investment
	and mortgage loans		available-for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,529.0	$	(26.0)	$	6,024.0

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	49.4	$	—	$	58.3
Loss recognized on derivatives		(49.7)		—		(59.7)
Amortization of hedged item basis adjustments		2.8		—		—
Amounts related to periodic settlements on derivatives		29.1		—		(15.4)

Foreign exchange contracts:
Gain recognized on hedged item		—		25.2		—
Loss recognized on derivatives		—		(25.2)		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	33.9	$	—	$	(16.8)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	1.9	$	—	$	(0.2)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.1		—
Amounts related to periodic settlements on derivatives		(0.4)		—		—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		2.5		—
Amounts related to periodic settlements on derivatives		25.8		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	27.3	$	2.6	$	(0.2)

Net Investment Hedges

We may take measures to hedge our net equity investments in our foreign operations from currency risk. This is accomplished with the use of currency forwards.

Gains and losses associated with net investment hedges are recorded in AOCI and will be released into net income if our investment in the foreign operation is sold or substantially liquidated.

The following tables show the effect of foreign exchange contracts used to hedge a portion of our net investment in certain sponsored investment funds on the consolidated financial statements.

 

Amount of loss

Amount of gain recognized

reclassified from AOCI into

in AOCI on derivatives

net realized capital gains (losses)

for the three months ended

September 30,

Derivatives in net investment hedging relationships

2026

2025

2026

2025

(in millions)

Foreign exchange contracts

—

(5.8)

—

Total

—

(5.8)

—

Amount of loss

Amount of loss recognized

reclassified from AOCI into

in AOCI on derivatives

net realized capital gains (losses)

for the nine months ended

September 30,

Derivatives in net investment hedging relationships

 

2026

 

2025

2026

 

2025

(in millions)

Foreign exchange contracts

(0.1)

(3.6)

(6.0)

—

Total

(0.1)

(3.6)

(6.0)

—

Derivatives Not Designated as Hedging Instruments

We use futures, certain swaps, option collars, options and forwards in effective economic hedges that have not been designated as hedges for financial reporting purposes. As such, periodic changes in the market value of these instruments, which includes mark-to-market gains and losses as well as periodic and final settlements, primarily flow directly into net realized capital gains (losses) on the consolidated statements of operations. However, the change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of operations. Additionally, mark-to-market gains and losses as well as periodic and final settlements for derivatives used to hedge market risk benefits are reported in market risk benefit (gain) loss on the consolidated statements of operations.

The following table shows the effect of derivatives not designated as hedging instruments, including fair value changes of embedded derivatives that have been bifurcated from the host contract, on the consolidated statements of operations and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 11, Reinsurance, for further details.

Amount of gain (loss) recognized in

Amount of gain (loss) recognized

net income on derivatives for the

in net income on derivatives for the

three months ended September 30,

nine months ended September 30,

Derivatives not designated as hedging instruments

 

2026

 

2025

 

2026

 

2025

(in millions)

Interest rate contracts

15.8

(13.6)

18.6

(200.2)

Foreign exchange contracts

7.0

(24.7)

20.5

(8.7)

Equity contracts

57.4

217.5

536.1

239.8

Credit contracts

(6.5)

19.1

1.8

(9.0)

Other contracts (1)

528.1

(631.1)

(131.2)

(1,105.7)

Total

601.8

(432.8)

445.8

(1,083.8)

(1)	Includes the change in fair value of the funds withheld embedded derivative.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Investments - Collateral Property Type (Details) - Commercial mortgage loans - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 15,353.7	$ 16,518.1
Percent of mortgage loans (as a percent)	100.00%	100.00%
Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,504.6	$ 2,798.3
Percent of mortgage loans (as a percent)	16.30%	16.90%
Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,484.1	$ 1,580.0
Percent of mortgage loans (as a percent)	9.70%	9.60%
Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,267.8	$ 4,288.0
Percent of mortgage loans (as a percent)	27.80%	26.00%
Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 6,406.8	$ 6,976.9
Percent of mortgage loans (as a percent)	41.70%	42.20%
Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 30.2	$ 31.0
Percent of mortgage loans (as a percent)	0.20%	0.20%
Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 660.2	$ 843.9
Percent of mortgage loans (as a percent)	4.30%	5.10%

Deferred Acquisition Costs and Other Actuarial Balances - Retirement and Income Solutions - Balances and changes in DAC (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 4,071.6
Ending balance, Deferred acquisition costs	4,112.2	$ 4,071.6
Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,016.5
Ending balance, Deferred acquisition costs	1,043.7	1,016.5
Workplace savings and retirement solutions \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	528.9	515.5
Costs deferred	33.8	50.9
Amortized to expense	(28.7)	(37.5)
Ending balance, Deferred acquisition costs	534.0	528.9
Individual variable annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	385.3	323.4
Costs deferred	61.9	96.9
Amortized to expense	(31.4)	(35.0)
Ending balance, Deferred acquisition costs	415.8	385.3
Pension risk transfer \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	24.8	21.1
Costs deferred	2.9	5.0
Amortized to expense	(1.1)	(1.3)
Ending balance, Deferred acquisition costs	26.6	24.8
Individual fixed deferred annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	66.9	84.2
Amortized to expense	(12.1)	(17.3)
Ending balance, Deferred acquisition costs	54.8	66.9
Investment only \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	10.6	13.0
Costs deferred	5.7	2.6
Amortized to expense	(3.8)	(5.0)
Ending balance, Deferred acquisition costs	$ 12.5	$ 10.6

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability Balances and Changes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	$ 532.9
Ending balance, Unearned Revenue Liability	549.9	$ 532.9
Universal life \| Benefits and Protection \| Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	532.9	510.1
Deferrals	42.9	56.0
Revenue recognized	(25.9)	(33.2)
Ending balance, Unearned Revenue Liability	549.9	532.9
Reinsurance impact	(211.1)	(215.6)
Balance at end of period after reinsurance	$ 338.8	$ 317.3

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan shares in Millions	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Stock-Based Compensation Plans - Disclosures
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share) \| $ / shares	$ 9.84
Shares available to be issued under employee stock purchase plan (in shares)	1.9
Share purchases under employee stock purchase plan (in shares)	0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References

+ Details

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	May 27, 2026	Dec. 31, 2025
Long-Term Debt
Long-term debt principal	$ 4,358.5		$ 3,958.5
Net unamortized discount, premium and debt issuance costs	(32.3)		(32.2)
Long-term debt carrying amount	$ 4,326.2		$ 3,926.3
3.1% notes payable, due 2026
Long-Term Debt
Interest rate (as a percent)	3.10%		3.10%
Long-term debt principal	$ 350.0		$ 350.0
Net unamortized discount, premium and debt issuance costs			(0.4)
Long-term debt carrying amount	$ 350.0		$ 349.6
4.111% notes payable, due 2028
Long-Term Debt
Interest rate (as a percent)	4.111%		4.111%
Long-term debt principal	$ 400.0		$ 400.0
Net unamortized discount, premium and debt issuance costs	(6.4)		(9.8)
Long-term debt carrying amount	$ 393.6		$ 390.2
3.7% notes payable, due 2029
Long-Term Debt
Interest rate (as a percent)	3.70%		3.70%
Long-term debt principal	$ 500.0		$ 500.0
Net unamortized discount, premium and debt issuance costs	(1.9)		(2.5)
Long-term debt carrying amount	$ 498.1		$ 497.5
2.125% notes payable, due 2030
Long-Term Debt
Interest rate (as a percent)	2.125%		2.125%
Long-term debt principal	$ 600.0		$ 600.0
Net unamortized discount, premium and debt issuance costs	(2.0)		(2.2)
Long-term debt carrying amount	$ 598.0		$ 597.8
5.375% notes payable, due 2033
Long-Term Debt
Interest rate (as a percent)	5.375%		5.375%
Long-term debt principal	$ 400.0		$ 400.0
Net unamortized discount, premium and debt issuance costs	(2.9)		(3.1)
Long-term debt carrying amount	$ 397.1		$ 396.9
6.05% notes payable, due 2036
Long-Term Debt
Interest rate (as a percent)	6.05%		6.05%
Long-term debt principal	$ 505.6		$ 505.6
Net unamortized discount, premium and debt issuance costs	(1.8)		(1.9)
Long-term debt carrying amount	$ 503.8		$ 503.7
5.3% notes payable, due 2037
Long-Term Debt
Interest rate (as a percent)	5.30%
Long-term debt principal	$ 400.0
Net unamortized discount, premium and debt issuance costs	(4.9)
Long-term debt carrying amount	$ 395.1
5.3% notes payable, due 2037 \| Senior notes
Long-Term Debt
Interest rate (as a percent)		5.30%
Long-term debt issued		$ 400.0
4.625% notes payable, due 2042
Long-Term Debt
Interest rate (as a percent)	4.625%		4.625%
Long-term debt principal	$ 300.0		$ 300.0
Net unamortized discount, premium and debt issuance costs	(2.6)		(2.6)
Long-term debt carrying amount	$ 297.4		$ 297.4
4.35% notes payable, due 2043
Long-Term Debt
Interest rate (as a percent)	4.35%		4.35%
Long-term debt principal	$ 300.0		$ 300.0
Net unamortized discount, premium and debt issuance costs	(2.6)		(2.6)
Long-term debt carrying amount	$ 297.4		$ 297.4
4.3% notes payable, due 2046
Long-Term Debt
Interest rate (as a percent)	4.30%		4.30%
Long-term debt principal	$ 300.0		$ 300.0
Net unamortized discount, premium and debt issuance costs	(2.8)		(2.8)
Long-term debt carrying amount	$ 297.2		$ 297.2
5.5% notes payable, due 2053
Long-Term Debt
Interest rate (as a percent)	5.50%		5.50%
Long-term debt principal	$ 300.0		$ 300.0
Net unamortized discount, premium and debt issuance costs	(4.2)		(4.2)
Long-term debt carrying amount	295.8		295.8
Mortgages and notes payable \| Non-recourse
Long-Term Debt
Long-term debt principal	2.9		2.9
Net unamortized discount, premium and debt issuance costs	(0.2)		(0.1)
Long-term debt carrying amount	$ 2.7		$ 2.8

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Fixed maturities, trading
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2				$ 4.8
Available-for-sale \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	$ 78.2		$ 163.4	121.5
Transfers out of Level 3 into Level 2	31.9	$ 94.2	149.6	119.0
Available-for-sale \| Corporate
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	76.0		76.0
Available-for-sale \| Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	2.2		2.2
Available-for-sale \| States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			32.6
Transfers out of Level 3 into Level 2	$ 31.9		31.9
Available-for-sale \| Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			52.6	121.5
Transfers out of Level 3 into Level 2		$ 94.2	$ 117.7	$ 119.0

Investments - Fixed Maturities (Details) - USD ($)
$ in Millions

Sep. 30, 2026

Jun. 30, 2026

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Dec. 31, 2024

Available-for-sale securities

Amortized cost, fixed maturities

$ 78,155.3

$ 77,566.0

Gross unrealized gains, fixed maturities

286.1

1,052.6

Gross unrealized losses, fixed maturities

7,881.0

5,231.0

Allowance, fixed maturities

44.8

$ 45.6

26.9

$ 18.7

$ 3.1

$ 18.7

Fair value, fixed maturities

^[1]

70,515.6

73,360.7

Amortized cost, excluding portfolio layer method basis adjustment

78,199.3

77,582.9

Gross unrealized gains, excluding portfolio layer method basis adjustment

242.1

1,035.7

Gross unrealized losses, excluding portfolio layer method basis adjustment

7,881.0

5,231.0

Allowance, excluding portfolio layer method basis adjustment

44.8

26.9

Fair value, excluding portfolio layer method basis adjustment

70,515.6

73,360.7

Amortized cost, unallocated portfolio layer method basis adjustment

(44.0)

(16.9)

Gross unrealized gains, unallocated portfolio layer method basis adjustment

44.0

16.9

U.S. government and agencies

Available-for-sale securities

Amortized cost, fixed maturities

2,609.4

2,126.2

Gross unrealized gains, fixed maturities

9.6

Gross unrealized losses, fixed maturities

418.9

268.1

Allowance, fixed maturities

0.1

Fair value, fixed maturities

2,190.5

1,867.6

Non-U.S. governments

Available-for-sale securities

Amortized cost, fixed maturities

411.4

554.7

Gross unrealized gains, fixed maturities

8.1

17.6

Gross unrealized losses, fixed maturities

58.5

54.6

Fair value, fixed maturities

361.0

517.7

States and political subdivisions

Available-for-sale securities

Amortized cost, fixed maturities

8,289.2

8,107.8

Gross unrealized gains, fixed maturities

0.1

42.8

Gross unrealized losses, fixed maturities

1,505.4

1,011.9

Fair value, fixed maturities

6,783.9

7,138.7

Corporate debt securities

Available-for-sale securities

Amortized cost, fixed maturities

38,914.6

39,867.6

Gross unrealized gains, fixed maturities

199.2

777.7

Gross unrealized losses, fixed maturities

4,571.7

3,072.8

Allowance, fixed maturities

40.6

43.6

25.0

17.3

2.5

18.5

Fair value, fixed maturities

34,501.5

37,547.5

Residential mortgage-backed pass-through securities

Available-for-sale securities

Amortized cost, fixed maturities

3,663.6

3,868.4

Gross unrealized gains, fixed maturities

0.8

54.7

Gross unrealized losses, fixed maturities

265.6

118.0

Fair value, fixed maturities

3,398.8

3,805.1

Commercial mortgage-backed securities

Available-for-sale securities

Amortized cost, fixed maturities

6,049.1

5,659.6

Gross unrealized gains, fixed maturities

3.1

19.4

Gross unrealized losses, fixed maturities

410.0

306.0

Allowance, fixed maturities

3.9

1.7

1.4

1.1

0.3

Fair value, fixed maturities

5,638.3

5,371.6

Collateralized debt obligations

Available-for-sale securities

Amortized cost, fixed maturities

5,803.4

6,417.4

Gross unrealized gains, fixed maturities

5.5

14.6

Gross unrealized losses, fixed maturities

10.1

9.7

Allowance, fixed maturities

0.1

Fair value, fixed maturities

5,798.8

6,422.3

Other debt obligations

Available-for-sale securities

Amortized cost, fixed maturities

12,458.6

10,981.2

Gross unrealized gains, fixed maturities

25.3

99.3

Gross unrealized losses, fixed maturities

640.8

389.9

Allowance, fixed maturities

0.3

$ 0.3

0.4

$ 0.3

$ 0.2

Fair value, fixed maturities

11,842.8

10,690.2

Fixed maturities

Available-for-sale securities

Accrued interest receivable

$ 686.3

$ 473.8

[1]	See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Securities Posted as Collateral
Mortgage loans	$ 20,425.1	$ 21,008.3
Pledged as collateral
Securities Posted as Collateral
Fixed maturities available-for-sale and trading securities posted as collateral for a reinsurance arrangement, derivative credit support annex (collateral) agreements, Futures Commission Merchant agreements, a lending arrangement and an obligation under funding agreements with Federal Home Loan Bank of Des Moines	3,797.4	3,610.4
Pledged as collateral \| Funding agreements with Federal Home Loan Bank
Securities Posted as Collateral
Mortgage loans	6,669.5	6,587.5
Pledged as collateral with right to be sold or repledged
Securities Posted as Collateral
Securities posted as collateral eligible to be sold or repledged	$ 534.1	$ 485.0

Investments - Net Realized Capital Gains and Losses (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Major components of net realized capital gains (losses) on investments

Fixed maturities, available-for-sale: Gross gains

$ 1.0

$ 4.0

$ 3.5

$ 9.6

Fixed maturities, available-for-sale: Gross losses

(7.7)

(3.0)

(53.5)

(56.8)

Fixed maturities, available-for-sale: Net credit recoveries (losses)

(17.5)

(23.2)

(59.7)

(32.0)

Fixed maturities, available-for-sale: Hedging, net

(5.0)

0.2

(12.3)

22.5

Fixed maturities, trading

(6.9)

2.0

(13.9)

(1.0)

Equity securities

33.6

59.9

96.0

98.3

Mortgage loans gains (losses)

(33.1)

(7.0)

(53.5)

(24.1)

Derivative net realized capital gains (losses)

(38.4)

(5.2)

(20.7)

(76.4)

Other gains (losses)

(313.6)

58.0

(285.9)

33.9

Net realized capital gains (losses)

^[1]

(387.6)

85.7

(400.0)

(26.0)

Unrealized gains (losses) on fixed maturities, trading

(5.3)

1.7

(9.6)

0.4

Unrealized gains (losses) on fixed maturities, trading still held at reported in market risk benefit remeasurement (gain) loss

(5.9)

1.7

(9.6)

7.5

Unrealized gains (losses) on fixed maturities, trading, reported in net realized capital gains (losses) on funds withheld assets

(2.9)

(1.9)

(10.4)

(12.4)

Unrealized gains (losses) on equity securities

(41.0)

54.8

14.0

29.0

Unrealized gains (losses) on equity securities reported in net investment income

(10.4)

30.2

26.7

58.5

Unrealized gains (losses) on equity securities reported in net realized capital gains (losses) on funds withheld assets

0.0

Proceeds from sales of investments

Proceeds from sales of investments in fixed maturities, available-for-sale

$ 1,556.7

$ 798.8

$ 2,955.6

$ 2,392.7

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Revenues from Contracts with Customers - Disaggregation within Segments, Principal Asset Management, International Pension (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	521.2	532.5	1,575.1	1,566.8
Operating Segments \| Principal Asset Management \| International Pension
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	90.6	88.7	282.9	272.5
Fees and other revenues not within the scope of revenue recognition guidance	1.0	5.7	3.0	8.4
Total fees and other revenues	91.6	94.4	285.9	280.9
Premiums and other considerations	(0.1)	0.5	(0.4)	6.1
Net investment income	84.7	153.1	438.7	439.6
Total operating revenues	176.2	248.0	724.2	726.6
Operating Segments \| Principal Asset Management \| International Pension \| Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	86.7	85.2	271.2	262.0
Operating Segments \| Principal Asset Management \| International Pension \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ 3.9	$ 3.5	$ 11.7	$ 10.5

Reinsurance - Cost of Reinsurance, Asset and Liability (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Reinsurance
Cost of reinsurance asset	$ 3,045.5	$ 3,103.2
Cost of reinsurance liability	$ 939.7	$ 971.4

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Rollforward of the allowance for credit loss by major security type
Beginning balance	$ 45.6	$ 3.1	$ 26.9	$ 18.7
Additions for credit losses not previously recorded	10.0	15.7	42.9	16.1
Reductions for securities sold during the period			(0.9)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	7.0		12.8	0.1
Write-offs charged against allowance	(13.6)		(32.7)	(16.2)
Allowance of deconsolidated entities	(4.1)		(4.1)
Foreign currency translation adjustment	(0.1)	(0.1)	(0.1)
Ending balance	44.8	18.7	44.8	18.7
Accrued interest written off to net investment income		0.4	1.6	0.4
U.S. government and agencies
Rollforward of the allowance for credit loss by major security type
Beginning balance			0.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			(0.1)
Corporate debt securities
Rollforward of the allowance for credit loss by major security type
Beginning balance	43.6	2.5	25.0	18.5
Additions for credit losses not previously recorded	9.9	14.9	42.5	14.9
Reductions for securities sold during the period			(0.9)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	4.9		10.5	0.1
Write-offs charged against allowance	(13.6)		(32.3)	(16.2)
Allowance of deconsolidated entities	(4.1)		(4.1)
Foreign currency translation adjustment	(0.1)	(0.1)	(0.1)
Ending balance	40.6	17.3	40.6	17.3
Accrued interest written off to net investment income		0.4	1.6	0.4
Commercial mortgage-backed securities
Rollforward of the allowance for credit loss by major security type
Beginning balance	1.7	0.3	1.4
Additions for credit losses not previously recorded	0.1	0.8	0.4	1.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	2.1		2.5
Write-offs charged against allowance			(0.4)
Ending balance	3.9	1.1	3.9	1.1
Collateralized debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance		0.1
Additions for credit losses not previously recorded				0.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		(0.1)		(0.1)
Other debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance	0.3	0.2	0.4	0.2
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		0.1	(0.1)	0.1
Ending balance	$ 0.3	$ 0.3	$ 0.3	$ 0.3

Condensed Consolidated Statements of Financial Position - USD ($)
$ in Millions

Sep. 30, 2026

Dec. 31, 2025

Assets

Fixed maturities, available-for-sale

^[1]

$ 70,515.6

$ 73,360.7

Fixed maturities, trading (2026 and 2025 include $260.8 million and $185.0 million related to consolidated variable interest entities)

1,148.7

1,243.8

Equity securities (2026 and 2025 include $401.1 million and $428.6 million related to consolidated variable interest entities)

2,574.0

2,237.3

Mortgage loans (2026 and 2025 include $664.2 million and $726.5 million related to consolidated variable interest entities)

20,425.1

21,008.3

Real estate (2026 and 2025 include $850.6 million and $819.4 million related to consolidated variable interest entities)

2,373.0

2,409.7

Policy loans

863.2

866.7

Other investments (2026 and 2025 include $674.7 million and $838.4 million related to consolidated variable interest entities and $88.2 million and $167.1 million measured at fair value under the fair value option)

9,815.3

9,775.0

Total investments

107,714.9

110,901.5

Cash and cash equivalents (2026 and 2025 include $101.4 million and $89.1 million related to consolidated variable interest entities)

4,450.7

4,431.0

Accrued investment income (2026 and 2025 include $42.9 million and $43.8 million related to consolidated variable interest entities)

929.5

870.9

Reinsurance recoverable and deposit receivable

18,110.4

19,000.1

Premiums due and other receivables

3,616.9

3,894.5

Deferred acquisition costs

4,112.2

4,071.6

Market risk benefit asset

239.2

197.1

Property and equipment

803.0

701.4

Goodwill

1,860.6

1,600.5

Other intangibles

1,291.6

1,267.0

Separate account assets (2026 and 2025 include $40,182.8 million and $41,450.5 million related to consolidated variable interest entities)

194,816.2

193,622.6

Other assets

797.0

818.3

Total assets

338,742.2

341,376.5

Liabilities

Contractholder funds

47,746.8

45,380.3

Future policy benefits and claims

45,401.7

51,749.7

Market risk benefit liability

48.9

66.9

Other policyholder funds

949.1

940.8

Short-term debt (2026 and 2025 include $28.0 million and $0.0 million related to consolidated variable interest entities)

177.6

27.7

Long-term debt

4,326.2

3,926.3

Income taxes currently payable

17.4

29.5

Deferred income taxes

1,800.0

1,856.4

Separate account liabilities (2026 and 2025 include $40,182.8 million and $41,450.5 million related to consolidated variable interest entities)

194,816.2

193,622.6

Funds withheld payable

16,386.2

17,783.4

Other liabilities (2026 and 2025 include $129.2 million and $69.4 million related to consolidated variable interest entities)

14,795.2

13,601.6

Total liabilities

326,465.3

328,985.2

Redeemable noncontrolling interest (2026 and 2025 include $414.3 million and $440.9 million related to consolidated variable interest entities)

426.6

474.3

Stockholders' equity

Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 499,554,595 and 496,884,232 shares issued as of 2026 and 2025; 212,765,660 and 217,380,912 shares outstanding as of 2026 and 2025

5.0

Additional paid-in capital

11,483.6

11,275.4

Retained earnings (accumulated losses)

18,991.5

18,071.3

Accumulated other comprehensive loss

(4,643.0)

(4,188.4)

Treasury stock, at cost; 286,788,935 and 279,503,320 shares as of 2026 and 2025

(14,020.8)

(13,279.4)

Total stockholders' equity attributable to Principal Financial Group, Inc.

11,816.3

11,883.9

Noncontrolling interest

34.0

33.1

Total stockholders' equity

11,850.3

11,917.0

Total liabilities and stockholders' equity

$ 338,742.2

$ 341,376.5

[1]	See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Stockholders' Equity - Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Change in redeemable noncontrolling interest rollforward
Redeemable noncontrolling interest, balance at beginning of period	$ 711.7	$ 391.2	$ 474.3	$ 337.7
Net income (loss) attributable to redeemable noncontrolling interest	(34.7)	18.4	(20.5)	55.8
Redeemable noncontrolling interest of deconsolidated entities	(346.7)		(354.2)	(22.9)
Contributions from redeemable noncontrolling interest	81.3	18.4	364.7	107.3
Distributions to redeemable noncontrolling interest	(5.5)	(11.0)	(51.5)	(56.1)
Purchase of subsidiary shares from redeemable noncontrolling interest		(2.9)	(0.9)	(4.5)
Stock-based compensation attributable to redeemable noncontrolling interest				0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	20.5	(4.0)	14.7	(7.3)
Redeemable noncontrolling interest, balance at end of period	$ 426.6	$ 410.1	$ 426.6	$ 410.1

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References

+ Details

Revenues from Contracts with Customers - Disaggregation within Segments, Benefits and Protection, Specialty Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	15.4	27.0	46.2	78.5
Operating Segments \| Benefits and Protection \| Specialty Benefits
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.3	4.0	10.6	11.7
Fees and other revenues not within the scope of revenue recognition guidance	4.7	4.4	13.2	13.1
Total fees and other revenues	8.0	8.4	23.8	24.8
Premiums and other considerations	887.4	836.8	2,606.3	2,492.1
Net investment income	59.0	51.3	170.1	155.7
Total operating revenues	954.4	896.5	2,800.2	2,672.6
Operating Segments \| Benefits and Protection \| Specialty Benefits \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ 3.3	$ 4.0	$ 10.6	$ 11.7

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Vintage year, Direct financing leases
2025		$ 44.6
2024		10.6
2023		2.1
2022		127.7
2021		48.7
Prior (prior period)		342.8
Direct financing leases, Total amortized cost		576.5
Reinsurance recoverable and deposit receivable	$ 18,113.6	19,003.3
Mortgage and other loans
Accrued interest receivable on direct financing leases	0.0	1.5
A- and above
Vintage year, Direct financing leases
2022		32.7
2021		11.7
Prior (prior period)		213.1
Direct financing leases, Total amortized cost		257.5
BBB+ thru BBB-
Vintage year, Direct financing leases
2024		10.6
2022		94.5
2021		22.0
Prior (prior period)		97.5
Direct financing leases, Total amortized cost		224.6
BB+ thru BB-
Vintage year, Direct financing leases
2023		2.1
2022		0.5
2021		5.6
Prior (prior period)		32.2
Direct financing leases, Total amortized cost		40.4
B+ and below
Vintage year, Direct financing leases
2025		44.6
2021		9.4
Direct financing leases, Total amortized cost		54.0
Commercial mortgage loans
Vintage year, Mortgage loans and Other loans
2026	1,267.4
2025	1,941.6	1,880.4
2024	1,402.4	1,569.5
2023	808.2	1,194.4
2022	1,054.1	1,467.6
2021		1,866.1
Prior (current period)	8,880.0
Prior (prior period)		8,540.1
Mortgage loans and Other loans, Total amortized cost	15,353.7	16,518.1
Mortgage and other loans
Accrued interest receivable	68.9	65.2
Commercial mortgage loans \| A- and above
Vintage year, Mortgage loans and Other loans
2026	883.6
2025	1,691.2	1,568.5
2024	1,123.4	1,315.6
2023	730.1	900.9
2022	942.7	1,079.7
2021		1,738.8
Prior (current period)	7,406.1
Prior (prior period)		6,878.7
Mortgage loans and Other loans, Total amortized cost	12,777.1	13,482.2
Commercial mortgage loans \| BBB+ thru BBB-
Vintage year, Mortgage loans and Other loans
2026	284.8
2025	152.3	200.9
2024	199.5	189.7
2023	24.9	151.6
2022	51.2	172.1
2021		116.2
Prior (current period)	1,056.4
Prior (prior period)		1,187.9
Mortgage loans and Other loans, Total amortized cost	1,769.1	2,018.4
Commercial mortgage loans \| BB+ thru BB-
Vintage year, Mortgage loans and Other loans
2026	99.0
2025	98.1	111.0
2024	79.5	64.2
2023	44.3	109.5
2022	60.2	215.8
2021		11.1
Prior (current period)	145.5
Prior (prior period)		120.7
Mortgage loans and Other loans, Total amortized cost	526.6	632.3
Commercial mortgage loans \| B+ and below
Vintage year, Mortgage loans and Other loans
2023	8.9	32.4
Prior (current period)	272.0
Prior (prior period)		352.8
Mortgage loans and Other loans, Total amortized cost	280.9	385.2
Residential mortgage loans
Vintage year, Mortgage loans and Other loans
2026 mortgage loans excluding portfolio layer method basis adjustments	1,253.1
2025 mortgage loans excluding portfolio layer method basis adjustments	1,228.3	1,304.3
2024 mortgage loans excluding portfolio layer method basis adjustments	280.4	367.6
2023 mortgage loans excluding portfolio layer method basis adjustments	271.5	386.6
2022 mortgage loans excluding portfolio layer method basis adjustments	895.4	927.2
2021 mortgage loans excluding portfolio layer method basis adjustments		1,144.5
Prior mortgage loans excluding portfolio layer method basis adjustments (prior period)		567.7
Prior mortgage loans excluding portfolio layer method basis adjustments (current period)	1,373.6
Total mortgage loans excluding portfolio layer method basis adjustments	5,302.3	4,697.9
Unallocated portfolio layer method basis adjustment	(19.9)	(3.7)
Mortgage loans and Other loans, Total amortized cost	5,282.4	4,694.2
Mortgage and other loans
Accrued interest receivable	29.0	20.0
Residential mortgage loans \| Performing
Vintage year, Mortgage loans and Other loans
2026	1,253.1
2025	1,227.8	1,304.3
2024	280.4	366.3
2023	265.1	381.3
2022	890.1	919.1
2021		1,137.6
Prior (current period)	1,364.1
Prior (prior period)		564.3
Mortgage loans and Other loans, Total amortized cost	5,280.6	4,672.9
Residential mortgage loans \| Non-performing
Vintage year, Mortgage loans and Other loans
2025	0.5
2024		1.3
2023	6.4	5.3
2022	5.3	8.1
2021		6.9
Prior (current period)	9.5
Prior (prior period)		3.4
Mortgage loans and Other loans, Total amortized cost	$ 21.7	25.0
Mortgage and other loans
Mortgage loans, delinquent to be considered non-performing (in days)	90 days
Other loans
Vintage year, Mortgage loans and Other loans
2025	$ 47.0	124.5
2024	21.0	32.0
2023	16.2	29.4
Mortgage loans and Other loans, Total amortized cost	84.2	185.9
Mortgage and other loans
Accrued interest receivable	1.1	1.4
Other loans \| Performing
Vintage year, Mortgage loans and Other loans
2025	43.8	123.1
2024	17.7	28.4
2023	15.1	27.9
Mortgage loans and Other loans, Total amortized cost	76.6	179.4
Other loans \| Non-performing
Vintage year, Mortgage loans and Other loans
2025	3.2	1.4
2024	3.3	3.6
2023	1.1	1.5
Mortgage loans and Other loans, Total amortized cost	$ 7.6	$ 6.5

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Financial Liabilities Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 673.6	$ 552.0
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(378.2)	(331.7)
Collateral pledged, financial liabilities	(284.6)	(209.1)
Net amount of liabilities subject to netting agreements	$ 10.8	$ 11.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-12

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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+ Details

Condensed Consolidated Statements of Operations - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Revenues

Premiums and other considerations

$ 1,897.9

$ 1,532.8

$ 4,506.8

$ 4,680.6

Fees and other revenues

1,144.1

1,128.7

3,407.4

3,289.0

Net investment income (loss)

1,160.8

1,200.5

3,661.6

3,529.0

Net realized capital gains (losses)

^[1]

(387.6)

85.7

(400.0)

(26.0)

Net realized capital gains (losses) on funds withheld assets

^[1]

(17.0)

(0.2)

(15.7)

31.5

Change in fair value of funds withheld embedded derivative

818.2

(265.9)

891.2

(455.3)

Total revenues

4,616.4

3,681.6

12,051.3

11,048.8

Expenses

Benefits, claims and settlement expenses

2,318.7

1,964.1

5,921.9

6,024.0

Liability for future policy benefits remeasurement (gain) loss

23.4

60.9

16.1

58.8

Market risk benefit remeasurement (gain) loss

7.8

4.0

33.8

53.0

Dividends to policyholders

29.7

30.0

84.2

72.0

Operating expenses

1,398.0

1,374.2

4,178.4

4,060.6

Total expenses

3,777.6

3,433.2

10,234.4

10,268.4

Income (loss) before income taxes

838.8

248.4

1,816.9

780.4

Income taxes (benefits)

241.7

14.5

376.6

50.1

Net income (loss)

597.1

233.9

1,440.3

730.3

Net income (loss) attributable to noncontrolling interest

(34.8)

20.1

(19.6)

62.2

Net income (loss) attributable to Principal Financial Group, Inc.

$ 631.9

$ 213.8

$ 1,459.9

$ 668.1

Earnings per common share

Basic earnings per common share (in dollars per share)

$ 2.95

$ 0.96

$ 6.77

$ 2.98

Diluted earnings per common share (in dollars per share)

$ 2.91

$ 0.95

$ 6.68

$ 2.95

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Contractholder Funds

9 Months Ended

Sep. 30, 2026

Contractholder Funds

Contractholder Funds

8. Contractholder Funds

Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts.

The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position.


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions:	* *			* *
Workplace savings and retirement solutions		$	17,248.5		$	15,808.1
Individual variable annuities			6,232.9			4,273.0
Individual fixed deferred annuities			3,215.1			3,728.0
Total Retirement and Income Solutions			26,696.5			23,809.1
Benefits and Protection – Life Insurance:
Universal life			6,592.7			6,867.5
Corporate:
Inter-segment eliminations			(330.2)			(358.5)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue			32,959.0			30,318.1

Reconciling items:
Investment contracts without significant fee revenue (1)			14,384.4			14,662.7
Other balances (2)			403.4			399.5
Total contractholder funds per consolidated statements of financial position		$	47,746.8		$	45,380.3

(1)	Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.

(2)	Includes insignificant balances for long-duration contracts and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.

Policyholder Account Balances

Retirement and Income Solutions

The changes in policyholder account balances were as follows:


		For the nine months ended September 30, 2026									For the year ended December 31, 2025
		Workplace						Individual			Workplace						Individual
		savings and			Individual			fixed			savings and			Individual			fixed
		retirement			variable			deferred			retirement			variable			deferred
		solutions			annuities			annuities (1)			solutions			annuities			annuities (1)

		($ in millions)
Balance at beginning of period		$	15,808.1		$	4,273.0		$	3,728.0		$	13,982.8		$	1,906.7		$	4,460.7
Premiums and deposits			4,656.8			1,404.5			21.7			5,734.4			2,296.3			24.8
Policy charges			(25.9)			—			—			(36.7)			—			—
Surrenders, withdrawals and benefit payments			(2,658.7)			(1,268.7)			(609.7)			(4,206.8)			(1,927.4)			(878.5)
Net transfers (to) from separate account (2)			(987.5)			1,053.7			—			(162.1)			1,653.9			—
Interest credited			481.3			99.3			74.0			522.5			82.7			121.9
Change in fair value of embedded derivative			—			658.4			5.8			—			236.6			5.9
Other			(25.6)			12.7			(4.7)			(26.0)			24.2			(6.8)
Balance at end of period		$	17,248.5		$	6,232.9		$	3,215.1		$	15,808.1		$	4,273.0		$	3,728.0

Weighted-average crediting rate (3)			4.05	%		3.29	%		3.18	%		3.87	%		3.37	%		3.16	%
Cash surrender value (4)		$	15,660.2		$	5,733.3		$	3,048.4		$	14,606.4		$	4,123.4		$	3,525.6

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

(3)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value.

(4)

The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 10, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances.

Benefits and Protection

The changes in policyholder account balances for Life Insurance – Universal life were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	6,867.5		$	6,953.7
Premiums and deposits			982.6			1,305.7
Policy charges			(664.4)			(886.0)
Surrenders, withdrawals and benefit payments			(698.5)			(587.7)
Net transfers from (to) separate account (1)			(89.4)			(198.1)
Interest credited			218.0			304.2
Change in fair value of embedded derivative			14.4			17.3
Other			(37.5)			(41.6)
Balance at end of period			6,592.7			6,867.5
Reinsurance impact			(2,902.4)			(3,045.1)
Balance at end of period after reinsurance		$	3,690.3		$	3,822.4

Weighted-average crediting rate (2)			4.19	%		4.11	%
Net amount at risk (3)		$	85,508.6		$	86,094.5
Cash surrender value (4)		$	5,812.6		$	6,045.7

(1)	Within the separate account liabilities rollforwards in Note 7, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(2)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits.

(3)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.

(4)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Guaranteed Minimum Interest Rate

The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses.


		September 30, 2026
		Excess of crediting rates over GMIR
					Up to 0.50%			0.51% to 1.00%			1.01% to 2.00%			2.01% or more
		At GMIR			above GMIR			above GMIR			above GMIR			above GMIR			Total

		(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%		$	—		$	—		$	—		$	—		$	—		$	—
1.01% - 2.00%			—			—			2,426.9			664.1			—			3,091.0
2.01% - 3.00%			113.8			23.9			111.5			2,681.8			8,081.3			11,012.3
3.01% - 4.00%			7.2			—			—			—			—			7.2
4.01% and above			10.3			—			—			—			—			10.3
Subtotal			131.3			23.9			2,538.4			3,345.9			8,081.3			14,120.8
No GMIR																		3,127.7
Total																	$	17,248.5

Individual variable annuities
Up to 1.00%		$	13.8		$	—		$	—		$	—		$	—		$	13.8
1.01% - 2.00%			3.3			—			—			—			—			3.3
2.01% - 3.00%			176.1			—			—			—			—			176.1
3.01% - 4.00%			—			—			—			—			—			—
4.01% and above			—			—			—			—			—			—
Subtotal			193.2			—			—			—			—			193.2
No GMIR																		6,039.7
Total																	$	6,232.9

Individual fixed deferred annuities
Up to 1.00%		$	137.7		$	7.7		$	10.9		$	27.6		$	831.2		$	1,015.1
1.01% - 2.00%			58.2			—			0.2			2.3			8.2			68.9
2.01% - 3.00%			1,886.0			—			—			—			—			1,886.0
3.01% - 4.00%			126.1			—			—			—			—			126.1
4.01% and above			—			—			—			—			—			—
Subtotal			2,208.0			7.7			11.1			29.9			839.4			3,096.1
No GMIR																		119.0
Total																	$	3,215.1

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%		$	—		$	—		$	—		$	14.4		$	39.1		$	53.5
1.01% - 2.00%			216.8			—			332.2			640.9			489.0			1,678.9
2.01% - 3.00%			724.6			348.1			661.1			406.0			0.2			2,140.0
3.01% - 4.00%			1,318.9			69.6			91.6			24.4			1.9			1,506.4
4.01% and above			18.3			27.7			1.7			1.3			—			49.0
Subtotal			2,278.6			445.4			1,086.6			1,087.0			530.2			5,427.8
No GMIR																		1,164.9
Total																	$	6,592.7


		December 31, 2025
		Excess of crediting rates over GMIR
					Up to 0.50%			0.51% to 1.00%			1.01% to 2.00%			2.01% or more
		At GMIR			above GMIR			above GMIR			above GMIR			above GMIR			Total

		(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%		$	—		$	—		$	—		$	—		$	—		$	—
1.01% - 2.00%			—			2,700.0			—			741.4			—			3,441.4
2.01% - 3.00%			195.0			189.1			673.2			3,935.8			4,471.3			9,464.4
3.01% - 4.00%			7.6			—			—			—			—			7.6
4.01% and above			11.9			—			—			—			—			11.9
Subtotal			214.5			2,889.1			673.2			4,677.2			4,471.3			12,925.3
No GMIR																		2,882.8
Total																	$	15,808.1

Individual variable annuities
Up to 1.00%		$	14.8		$	—		$	—		$	—		$	—		$	14.8
1.01% - 2.00%			3.9			—			—			—			—			3.9
2.01% - 3.00%			197.2			—			—			—			—			197.2
3.01% - 4.00%			—			—			—			—			—			—
4.01% and above			—			—			—			—			—			—
Subtotal			215.9			—			—			—			—			215.9
No GMIR																		4,057.1
Total																	$	4,273.0

Individual fixed deferred annuities
Up to 1.00%		$	166.2		$	8.9		$	25.7		$	78.8		$	969.1		$	1,248.7
1.01% - 2.00%			66.8			0.2			3.1			21.8			7.6			99.5
2.01% - 3.00%			2,101.8			—			—			—			—			2,101.8
3.01% - 4.00%			133.4			—			—			—			—			133.4
4.01% and above			—			—			—			—			—			—
Subtotal			2,468.2			9.1			28.8			100.6			976.7			3,583.4
No GMIR																		144.6
Total																	$	3,728.0

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%		$	—		$	—		$	—		$	14.8		$	31.2		$	46.0
1.01% - 2.00%			239.6			—			344.3			621.7			458.0			1,663.6
2.01% - 3.00%			566.6			592.3			711.4			391.8			4.9			2,267.0
3.01% - 4.00%			1,552.7			55.6			28.6			112.7			3.3			1,752.9
4.01% and above			17.0			9.6			16.1			7.7			—			50.4
Subtotal			2,375.9			657.5			1,100.4			1,148.7			497.4			5,779.9
No GMIR																		1,087.6
Total																	$	6,867.5

Future Policy Benefits and Claims - Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Changes in the additional liability for certain benefit features
Balance at end of period	$ 7,029.3	$ 7,029.3	$ 6,604.8
Benefits and Protection \| Life Insurance \| Universal life
Changes in the additional liability for certain benefit features
Balance at beginning of period		6,604.8	6,037.2
Effect of changes in cash flow assumptions	25.0	25.0	6.8
Effect of actual variances from expected experience	45.7	45.7	18.5
Interest accrual		227.9	282.4
Net assessments collected		321.6	430.6
Benefit payments		(195.7)	(170.7)
Balance at end of period	7,029.3	7,029.3	6,604.8
Reinsurance impact	(7,019.4)	(7,019.4)	(6,593.6)
Balance at end of period after reinsurance	$ 9.9	$ 9.9	$ 11.2
Weighted-average duration for additional liability (in years)	20 years 4 months 24 days	20 years 4 months 24 days	21 years 7 months 6 days
Additional liability for certain benefit features increase (decrease) from update of actuarial assumptions	$ 25.0
Income before taxes, net of reinsurance increase (decrease) due to updating actuarial assumptions related to the additional liability for certain benefit features	$ (1.5)

Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring basis (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, net derivative assets (liabilities)	$ 23.3	$ (13.1)	$ 17.9	$ 13.5
Total realized/unrealized gains (losses) included in net income, net derivative assets (liabilities)	$ (19.5)	$ 18.3	$ (15.3)	$ (9.5)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	$ 1.4	$ (0.3)	$ 2.6	$ 0.9
Ending balance, net derivative assets (liabilities)	5.2	4.9	5.2	4.9
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(2,142.5)	(863.7)	(1,410.2)	(578.4)
Total realized/unrealized gains (losses) included in net income, liabilities	$ (156.6)	$ (222.2)	$ (679.5)	$ (221.2)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Net purchases, sales, issuances and settlements, liabilities	$ (133.5)	$ (142.9)	$ (342.9)	$ (429.2)
Ending balance, liabilities	(2,432.6)	(1,228.8)	(2,432.6)	(1,228.8)
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	2,706.4	2,825.2	2,633.4	3,014.5
Total realized/unrealized gains (losses) included in net income, liabilities	$ 818.2	$ (266.0)	$ 891.2	$ (455.3)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Ending balance, liabilities	$ 3,524.6	$ 2,559.2	$ 3,524.6	$ 2,559.2
Fixed maturities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	4,050.8	4,327.8	4,304.2	3,898.2
Total realized/unrealized gains (losses) included in net income, assets	$ (16.5)	$ (21.5)	$ (50.6)	$ (5.5)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, assets	$ (61.9)	$ 7.2	$ (55.8)	$ 11.6
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, assets	$ 95.0	$ (2.0)	$ (97.9)	$ 310.5
Transfers into Level 3, assets	78.2		163.4	121.5
Transfers out of Level 3, assets	(31.9)	(94.2)	(149.6)	(119.0)
Ending balance, assets	4,113.7	4,217.3	4,113.7	4,217.3
States and political subdivisions \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	99.8	67.8	68.4	66.8
Total realized/unrealized gains (losses) included in other comprehensive income, assets	$ (3.9)	$ 0.9	$ (4.1)	$ 2.8
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, assets	$ (0.4)	$ (0.5)	$ (1.4)	$ (1.4)
Transfers into Level 3, assets			32.6
Transfers out of Level 3, assets	(31.9)		(31.9)
Ending balance, assets	63.6	68.2	63.6	68.2
Corporate debt securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2,516.8	2,444.0	2,477.7	2,350.4
Total realized/unrealized gains (losses) included in net income, assets	$ (14.8)	$ (21.5)	$ (46.8)	$ (5.6)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, assets	$ (52.3)	$ 3.8	$ (46.0)	$ (4.1)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, assets	$ 46.3	$ (10.9)	$ 111.1	$ 74.7
Transfers into Level 3, assets	76.0		76.0
Ending balance, assets	2,572.0	2,415.4	2,572.0	2,415.4
Commercial mortgage-backed securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2.2	2.6	2.4	2.7
Total realized/unrealized gains (losses) included in net income, assets	(1.7)		(1.7)
Total realized/unrealized gains (losses) included in other comprehensive income, assets				0.1
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Transfers into Level 3, assets	2.2		2.2
Ending balance, assets	2.6	2.5	2.6	2.5
Other debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,432.0	1,813.4	1,755.7	1,478.3
Total realized/unrealized gains (losses) included in net income, assets			$ (2.1)	$ 0.1
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, assets	$ (5.7)	$ 2.5	$ (5.7)	$ 12.8
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax		Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, assets	$ 49.2	$ 9.5	(207.3)	$ 237.5
Transfers into Level 3, assets			52.6	121.5
Transfers out of Level 3, assets		(94.2)	(117.7)	(119.0)
Ending balance, assets	1,475.5	1,731.2	1,475.5	1,731.2
Fixed maturities, trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	404.5	491.9	457.4	562.6
Total realized/unrealized gains (losses) included in net income, assets	$ (6.5)	$ (3.4)	$ (18.5)	$ (15.3)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Net purchases, sales, issuances and settlements, assets	$ 47.2	$ 11.9	$ 6.3	$ (42.1)
Transfers out of Level 3, assets				(4.8)
Ending balance, assets	445.2	500.4	445.2	500.4
Mortgage loans
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets				140.6
Net purchases, sales, issuances and settlements, assets				(140.6)
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	88.2	119.3	167.2	131.2
Total realized/unrealized gains (losses) included in net income, assets	$ (3.5)	$ (2.5)	$ (10.6)	$ (2.7)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Net purchases, sales, issuances and settlements, assets	$ (22.4)	$ 19.7	$ (94.3)	$ 8.0
Ending balance, assets	62.3	136.5	62.3	136.5
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	760.4	741.4	742.5	726.7
Total realized/unrealized gains (losses) included in net income, assets	$ 3.7	$ 2.0	$ 21.6	$ 16.7
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Net purchases, sales, issuances and settlements, assets	$ 1.5		$ 1.5
Ending balance, assets	$ 765.6	$ 743.4	$ 765.6	$ 743.4

Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Credit derivatives sold disclosures
Notional amount	$ 1,116.9	$ 946.0
Fair value	11.4	16.1
Maximum future payments	$ 1,116.9	$ 946.0
Weighted average expected life	12 years 4 months 24 days	13 years 8 months 12 days
Single name credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 616.9	$ 446.0
Fair value	(1.8)	0.1
Maximum future payments	$ 616.9	$ 446.0
Weighted average expected life	5 years 10 months 24 days	5 years 3 months 18 days
Single name credit default swaps \| Corporate debt securities \| AA
Credit derivatives sold disclosures
Notional amount	$ 207.6	$ 96.7
Fair value	1.2	1.0
Maximum future payments	$ 207.6	$ 96.7
Weighted average expected life	7 years 6 months	6 years 4 months 24 days
Single name credit default swaps \| Corporate debt securities \| A
Credit derivatives sold disclosures
Notional amount	$ 219.3	$ 219.3
Fair value	(4.0)	(3.2)
Maximum future payments	$ 219.3	$ 219.3
Weighted average expected life	6 years 6 months	7 years 2 months 12 days
Single name credit default swaps \| Corporate debt securities \| BBB
Credit derivatives sold disclosures
Notional amount	$ 190.0	$ 130.0
Fair value	1.0	2.3
Maximum future payments	$ 190.0	$ 130.0
Weighted average expected life	3 years 6 months	1 year 6 months
Single name total return swaps
Credit derivatives sold disclosures
Notional amount	$ 500.0	$ 500.0
Fair value	13.2	16.0
Maximum future payments	$ 500.0	$ 500.0
Weighted average expected life	20 years 4 months 24 days	21 years 1 month 6 days
Single name total return swaps \| Government/municipalities \| AAA
Credit derivatives sold disclosures
Notional amount	$ 40.0	$ 40.0
Fair value	0.9	1.2
Maximum future payments	$ 40.0	$ 40.0
Weighted average expected life	28 years 9 months 18 days	29 years 7 months 6 days
Single name total return swaps \| Government/municipalities \| AA
Credit derivatives sold disclosures
Notional amount	$ 195.0	$ 195.0
Fair value	2.1	3.5
Maximum future payments	$ 195.0	$ 195.0
Weighted average expected life	19 years 8 months 12 days	20 years 6 months
Single name total return swaps \| Government/municipalities \| A
Credit derivatives sold disclosures
Notional amount	$ 210.0	$ 210.0
Fair value	8.6	9.5
Maximum future payments	$ 210.0	$ 210.0
Weighted average expected life	20 years 10 months 24 days	21 years 7 months 6 days
Single name total return swaps \| Government/municipalities \| BBB
Credit derivatives sold disclosures
Notional amount	$ 55.0	$ 55.0
Fair value	1.6	1.8
Maximum future payments	$ 55.0	$ 55.0
Weighted average expected life	14 years 6 months	15 years 3 months 18 days

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ 601.8	$ (432.8)	$ 445.8	$ (1,083.8)
Interest rate contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	15.8	(13.6)	18.6	(200.2)
Foreign exchange contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	7.0	(24.7)	20.5	(8.7)
Equity contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	57.4	217.5	536.1	239.8
Credit contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(6.5)	19.1	1.8	(9.0)
Other contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ 528.1	$ (631.1)	$ (131.2)	$ (1,105.7)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Deferred Acquisition Costs and Other Actuarial Balances

9 Months Ended

Sep. 30, 2026

Deferred Acquisition Costs and Other Actuarial Balances

Deferred Acquisition Costs and Other Actuarial Balances

6. Deferred Acquisition Costs and Other Actuarial Balances

Deferred Acquisition Costs

Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contracts are capitalized in the period they are incurred. Maintenance costs and acquisition costs that are not deferrable are charged to operating expenses as incurred.

For our long-duration insurance products and certain investment contracts, DAC is amortized on a constant level basis over the expected life of the contracts using groupings and assumptions consistent with those used in computing policyholder liabilities. For each of our long-duration insurance products, we select an inforce measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. If our actual contract terminations differ from our expectation, the amortization pattern is adjusted on a prospective basis.

Some of our life and disability products within the Benefits and Protection segment have renewal commissions resulting in new DAC capitalizations in the years following the initial capitalization. We also have life products that allow for underwritten death benefit increases and cost of living adjustments, resulting in an immaterial amount of new DAC capitalizations each year. The new capitalizations are added to the existing DAC balance when incurred and amortized over the remaining life of the business.

DAC on short-duration group benefits contracts is amortized over the estimated life of the underlying contracts.

We review and update actuarial experience assumptions (such as mortality, surrenders, lapse, and premium persistency) serving as inputs to the models that establish the expected life for DAC and other actuarial balances during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. We make model refinements as necessary, and any changes resulting from these assumption updates are applied prospectively.

DAC amortization expense of $103.1 million and $103.4 million for the three months ended September 30, 2026 and 2025, and $303.6 million and $300.6 million for the nine months ended September 30, 2026 and 2025, respectively, related to our long-duration and short-duration contracts was recorded in operating expenses on the consolidated statements of operations.

The following tables summarize disaggregated DAC amounts and reconcile the totals to those reported in the consolidated statements of financial position.


	* *	September 30, 2026		* *	December 31, 2025

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	534.0		$	528.9
Individual variable annuities			415.8			385.3
Pension risk transfer			26.6			24.8
Individual fixed deferred annuities			54.8			66.9
Investment only			12.5			10.6
Total Retirement and Income Solutions			1,043.7			1,016.5
Benefits and Protection:
Specialty Benefits:
Individual disability			731.3			714.8
Life Insurance:
Universal life			1,506.3			1,514.3
Term life			728.0			723.5
Participating life			66.3			71.0
Total Benefits and Protection			3,031.9			3,023.6
Short-duration contracts			36.6			30.2
Other balances (1)			—			1.3
Total DAC per consolidated statements of financial position		$	4,112.2		$	4,071.6

(1)	Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

The balances and changes in DAC were as follows:


	Workplace
	savings and		Individual				Individual
	retirement		variable		Pension risk		fixed deferred		Investment
	solutions		annuities		transfer		annuities		only

	(in millions)
Balances as of January 1, 2025	$	515.5	$	323.4	$	21.1	$	84.2	$	13.0
Costs deferred		50.9		96.9		5.0		—		2.6
Amortized to expense		(37.5)		(35.0)		(1.3)		(17.3)		(5.0)
Balances as of December 31, 2025		528.9		385.3		24.8		66.9		10.6
Costs deferred		33.8		61.9		2.9		—		5.7
Amortized to expense		(28.7)		(31.4)		(1.1)		(12.1)		(3.8)
Balances as of September 30, 2026	$	534.0	$	415.8	$	26.6	$	54.8	$	12.5

Benefits and Protection

The balances and changes in DAC were as follows:


	Specialty Benefits		Life Insurance
	Individual disability		Universal life		Term life		Participating life

	(in millions)
Balances as of January 1, 2025	$	696.9	$	1,527.7	$	710.8	$	77.8
Costs deferred		71.9		81.2		75.6		1.2
Amortized to expense		(54.0)		(94.6)		(62.9)		(8.0)
Balances as of December 31, 2025		714.8		1,514.3		723.5		71.0
Costs deferred		58.1		62.7		52.9		0.9
Amortized to expense		(41.6)		(70.7)		(48.4)		(5.6)
Balances as of September 30, 2026	$	731.3	$	1,506.3	$	728.0	$	66.3

Unearned Revenue Liability

An unearned revenue liability is established when we collect fees or other policyholder assessments, inclusive of cost of insurance charges, administrative charges and other similar fees, for services to be provided in future periods. These unearned front-end fees are deferred and the amortization is recorded using an approach consistent with DAC.

The unearned revenue liability is included within other policyholder funds in the consolidated statements of financial position. The following table summarizes disaggregated unearned revenue liability amounts and reconciles the totals to those reported in the consolidated statements of financial position.


	September 30, 2026		December 31, 2025

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	549.9	$	532.9
Total unearned revenue liability	$	549.9	$	532.9

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		(in millions)
Balance at beginning of period		$	532.9		$	510.1
Deferrals			42.9			56.0
Revenue recognized			(25.9)			(33.2)
Balance at end of period			549.9			532.9
Reinsurance impact			(211.1)			(215.6)
Balance at end of period after reinsurance		$	338.8		$	317.3

Employee and Agent Benefits - Contributions (Details) - Pension benefits $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)
Defined Benefit Plan Disclosures
Contributions made by employer to fund qualified and nonqualified pension plans	$ 25.5	$ 58.5
Maximum
Defined Benefit Plan Disclosures
Amount of possible contributions to be made during the current fiscal year to the qualified and nonqualified pension plans combined	$ 70.0	$ 70.0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

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- Definition

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Contractholder Funds - Changes in Policyholder Account Balances, Retirement and Income Solutions (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 30,318.1
Policyholder account balance, end of period	32,959.0	$ 30,318.1
Retirement and Income Solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	23,809.1
Policyholder account balance, end of period	26,696.5	23,809.1
Retirement and Income Solutions \| Workplace savings and retirement solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	15,808.1	13,982.8
Premiums and deposits	4,656.8	5,734.4
Policy charges	(25.9)	(36.7)
Surrenders, withdrawals and benefit payments	(2,658.7)	(4,206.8)
Net transfers from (to) separate account	(987.5)	(162.1)
Interest credited	481.3	522.5
Other	(25.6)	(26.0)
Policyholder account balance, end of period	$ 17,248.5	$ 15,808.1
Weighted-average crediting rate	4.05%	3.87%
Cash surrender value	$ 15,660.2	$ 14,606.4
Retirement and Income Solutions \| Individual variable annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	4,273.0	1,906.7
Premiums and deposits	1,404.5	2,296.3
Surrenders, withdrawals and benefit payments	(1,268.7)	(1,927.4)
Net transfers from (to) separate account	1,053.7	1,653.9
Interest credited	99.3	82.7
Change in fair value of embedded derivative	658.4	236.6
Other	12.7	24.2
Policyholder account balance, end of period	$ 6,232.9	$ 4,273.0
Weighted-average crediting rate	3.29%	3.37%
Cash surrender value	$ 5,733.3	$ 4,123.4
Retirement and Income Solutions \| Individual fixed deferred annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	3,728.0	4,460.7
Premiums and deposits	21.7	24.8
Surrenders, withdrawals and benefit payments	(609.7)	(878.5)
Interest credited	74.0	121.9
Change in fair value of embedded derivative	5.8	5.9
Other	(4.7)	(6.8)
Policyholder account balance, end of period	$ 3,215.1	$ 3,728.0
Weighted-average crediting rate	3.18%	3.16%
Cash surrender value	$ 3,048.4	$ 3,525.6

Contingencies, Guarantees and Indemnifications

9 Months Ended

Sep. 30, 2026

Contingencies, Guarantees and Indemnifications

Contingencies, Guarantees and Indemnifications

15. Contingencies, Guarantees and Indemnifications

Litigation and Regulatory Contingencies

We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages.

We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses.

In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and other regulatory agencies in the U.S. and in international locations in which we do business, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future.

While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe any such matter will have a material adverse effect on our business or financial position. To the extent such matters present a reasonably possible chance of loss, we are generally not able to estimate the possible loss or range of loss associated therewith. The outcome of such matters is always uncertain and unforeseen results can occur. It is possible that such outcomes could require us to pay damages or make other expenditures or establish accruals in amounts that we could not estimate as of September 30, 2026.

Guarantees and Indemnifications

In the normal course of business, we have provided guarantees to third parties primarily related to former subsidiaries and joint ventures. The terms of these agreements range in duration and often are not explicitly defined. The maximum exposure under these agreements as of September 30, 2026, was approximately $74.0 million. At inception, the fair value of such guarantees was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. Should we be required to perform under these guarantees, we generally could recover a portion of the loss from third parties through recourse provisions included in agreements with such parties, the sale of assets held as collateral that can be liquidated in the event performance is required under the guarantees or other recourse generally available to us; therefore, such guarantees are not expected to result in a material adverse effect on our business or financial position. While the likelihood is remote, such outcomes could materially affect net income in a particular quarter or annual period. Furthermore, in connection with our contingent funding agreements, we are required to purchase any principal and interest strips of U.S. Treasury securities that are due and not paid from the associated unconsolidated trusts. The maximum exposure under these agreements as of September 30, 2026, was $850.0 million.

We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable.

We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions, financing and reinsurance transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period.

Investments - Financing Receivable, Aging (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		$ 576.5
Mortgage loans and direct financing leases and other loans, Total amortized cost	$ 20,740.2	21,978.4
Mortgage loans and direct financing leases and other loans, Recorded investment 90 days or more past due and accruing	8.3	56.7
Reinsurance recoverable and deposit receivable	18,113.6	19,003.3
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		3.9
Mortgage loans and direct financing leases and other loans, Total amortized cost	23.4	76.9
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		0.9
Mortgage loans and direct financing leases and other loans, Total amortized cost	4.5	24.1
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and direct financing leases and other loans, Total amortized cost	173.9	135.7
Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		4.8
Mortgage loans and direct financing leases and other loans, Total amortized cost	201.8	236.7
Reinsurance recoverable and deposit receivable	0.0	0.0
Current
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		571.7
Mortgage loans and direct financing leases and other loans, Total amortized cost	20,538.4	21,741.7
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	15,353.7	16,518.1
Mortgage loans, Recorded investment 90 days or more past due and accruing		42.6
Commercial mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost		5.9
Commercial mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost		1.4
Commercial mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	149.6	101.0
Commercial mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	149.6	108.3
Commercial mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	15,204.1	16,409.8
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	5,282.4	4,694.2
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	5,302.3	4,697.9
Mortgage loans, Recorded investment 90 days or more past due and accruing, Excludes unallocated basis adjustments	6.6	12.1
Residential mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	21.8	64.8
Residential mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	2.8	20.3
Residential mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	15.0	26.3
Residential mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	39.6	111.4
Residential mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	5,262.7	4,586.5
Other loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	84.2	185.9
Mortgage loans and direct financing leases and other loans, Recorded investment 90 days or more past due and accruing	1.7	2.0
Other loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	1.6	2.3
Other loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	1.7	1.5
Other loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	9.3	8.4
Other loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	12.6	12.2
Other loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans and Other loans, Total amortized cost	$ 71.6	$ 173.7

Reinsurance - Funds Withheld (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	$ 16,561.6		$ 16,561.6		$ 17,908.9
Funds withheld payable	16,386.2		16,386.2		17,783.4
Embedded derivative asset	3,524.6		3,524.6		2,633.4
Change in fair value of funds withheld embedded derivative	818.2	$ (265.9)	891.2	$ (455.3)
Fixed maturities, available-for-sale
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	12,083.3		12,083.3		13,300.1
Fixed maturities, trading
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	190.7		190.7		279.3
Equity securities
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	0.3		0.3		0.3
Mortgage loans
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,562.6		1,562.6		2,002.9
Other investments
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,931.2		1,931.2		1,708.7
Cash and cash equivalents
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	747.7		747.7		547.8
Accrued interest income
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	149.2		149.2		159.0
Net other assets (liabilities)
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net asset (liability)	$ (103.4)		$ (103.4)		$ (89.2)

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Segment Information
Total assets	$ 338,742.2	$ 341,376.5
Retirement and Income Solutions
Segment Information
Total assets	241,712.4	238,141.5
Principal Asset Management
Segment Information
Total assets	46,266.8	52,267.1
Benefits and Protection
Segment Information
Total assets	48,817.9	48,165.5
Corporate
Segment Information
Total assets	$ 1,945.1	$ 2,802.4

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1A
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Future Policy Benefits and Claims (Tables)

9 Months Ended

Sep. 30, 2026

Future Policy Benefits and Claims

Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer		$	26,068.4		$	27,349.3
Individual fixed income annuities			3,913.3			4,367.4
Total Retirement and Income Solutions			29,981.7			31,716.7
Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (2)			—			4,600.5
Benefits and Protection:
Specialty Benefits:
Individual disability			1,856.5			1,994.2
Life Insurance:
Term life			1,523.3			1,515.7
Total Benefits and Protection			3,379.8			3,509.9
Corporate:
Long-term care insurance			142.1			166.7
Total liability for future policy benefits			33,503.6			39,993.8

Additional liability for certain benefit features by segment (3):
Benefits and Protection – Life Insurance:
Universal life			7,029.3			6,604.8
Total additional liability for certain benefit features			7,029.3			6,604.8

Reconciling items:
Participating contracts			2,695.6			2,784.3
Short-duration contracts			1,139.1			1,205.2
Cost of reinsurance liability			939.7			971.4
Reinsurance recoverable liability			19.0			23.5
Other (4)			75.4			166.7
Future policy benefits and claims per consolidated statements of financial position		$	45,401.7		$	51,749.7

(1)	Amounts include the deferred profit liability.

(2)	The business was sold in third quarter 2026.

(3)	Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(4)	Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

Schedule of Liability for Unpaid Claims (Table)


		For the nine months ended September 30,
		2026		2025

		(in millions)
Balance at beginning of period		$	1,342.4	$	1,379.9
Less: reinsurance recoverable			62.6		61.2
Net balance at beginning of period			1,279.8		1,318.7
Balance of operations acquired			7.2		—
Incurred:
Current year			1,379.6		1,368.5
Prior years			(112.6)		(101.9)
Total incurred			1,267.0		1,266.6
Payments:
Current year			1,007.5		984.3
Prior years			304.9		317.7
Total payments			1,312.4		1,302.0
Net balance at end of period			1,241.6		1,283.3
Plus: reinsurance recoverable			60.2		61.1
Balance at end of period		$	1,301.8	$	1,344.4

Summary of gross premiums or assessments and interest accretion recognized by segment (Table)

Gross premiums or assessments (1)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Retirement and Income Solutions:

Pension risk transfer (2)

888.5

560.0

1,541.9

1,810.1

Individual fixed income annuities

4.0

9.1

16.0

23.2

Total Retirement and Income Solutions

892.5

569.1

1,557.9

1,833.3

Principal Asset Management – International Pension:

Latin America:

Individual fixed income annuities (3)

—

0.5

—

6.4

Benefits and Protection:

Specialty Benefits:

Individual disability

170.4

169.0

496.3

489.4

Life Insurance:

Universal life

176.0

182.1

536.6

536.3

Term life

178.9

176.9

531.3

520.9

Total Benefits and Protection

525.3

528.0

1,564.2

1,546.6

Corporate:

Long-term care insurance

1.2

1.2

4.0

4.1

Total per consolidated statements of operations

1,419.0

1,098.8

3,126.1

3,390.4

(1)

(2)	Since premium received from pension risk transfer products is generally in the form of single payments, the level of premiums can fluctuate depending on the number of large-scale annuity sales in a particular quarter.

(3)	The business was sold in third quarter 2026.

Interest accretion (1)

For the three months ended

For the nine months ended

September 30,

2026

2025

2026

2025

(in millions)

Retirement and Income Solutions:

Pension risk transfer

327.6

310.8

978.2

919.4

Individual fixed income annuities

46.3

49.0

140.9

148.9

Total Retirement and Income Solutions

373.9

359.8

1,119.1

1,068.3

Principal Asset Management – International Pension:

Latin America:

Individual fixed income annuities (2)

32.4

60.9

228.7

228.1

Benefits and Protection:

Specialty Benefits:

Individual disability

27.8

26.4

81.8

78.4

Life Insurance:

Universal life

77.6

71.2

227.9

209.5

Term life

19.1

17.3

55.5

48.9

Total Benefits and Protection

124.5

114.9

365.2

336.8

Corporate:

Long-term care insurance

2.2

2.4

6.9

7.1

Total per consolidated statements of operations

533.0

538.0

1,719.9

1,640.3

(1)Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(2)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion. The business was sold in third quarter 2026.

Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments		$	44,132.8		$	42,601.7

Individual fixed income annuities
Expected undiscounted future benefit payments		$	5,915.7		$	6,221.3

Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (1)
Expected undiscounted future benefit payments		$	—		$	5,945.8

Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums		$	5,297.7		$	5,683.8
Expected undiscounted future gross premiums		$	8,764.3		$	8,763.7
Expected undiscounted future benefit payments		$	10,246.3		$	9,951.7

Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums		$	6,474.1		$	6,929.2
Expected undiscounted future gross premiums		$	12,133.1		$	11,960.4
Expected undiscounted future benefit payments		$	9,852.2		$	9,653.9

Corporate:
Long-term care insurance
Expected discounted future gross premiums		$	31.8		$	37.4
Expected undiscounted future gross premiums		$	47.7		$	52.7
Expected undiscounted future benefit payments		$	322.7		$	363.1

(1)	The business was sold in third quarter 2026.

Summary of weighted-average rates of interest accretion and current discount (Table)


		Interest accretion rate				Current discount rate
		September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Retirement and Income Solutions:
Pension risk transfer		4.77	%	4.70	%	6.33	%	5.28	%
Individual fixed income annuities		4.22	%	4.22	%	6.25	%	5.16	%
Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (1)		—	%	4.19	%	—	%	2.78	%
Benefits and Protection:
Specialty Benefits:
Individual disability		3.81	%	3.84	%	6.43	%	5.43	%
Life Insurance:
Universal life		4.74	%	4.74	%	See note	(2)	See note	(2)
Term life		4.81	%	4.81	%	6.10	%	4.91	%
Corporate:
Long-term care insurance		6.16	%	6.16	%	6.36	%	5.36	%

(1)	The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency. The business was sold in third quarter 2026.

(2)	The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Retirement and Income Solutions

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits (Table)

 

For the nine months ended

For the year ended

September 30, 2026

December 31, 2025

Pension

Individual

Pension

Individual

risk

fixed income

risk

fixed income

 

transfer

 

annuities

 

transfer

 

annuities

($ in millions)

Present value of expected future policy benefit payments

Balance at beginning of period

27,349.3

4,367.4

24,958.1

4,504.6

Effect of changes in discount rate assumptions at beginning of period

1,294.3

297.6

1,938.8

420.4

Balance at beginning of period at original discount rate

28,643.6

4,665.0

26,896.9

4,925.0

Effect of actual variances from expected experience

2.2

2.4

(17.9)

2.3

Adjusted beginning of period balance at original discount rate

28,645.8

4,667.4

26,879.0

4,927.3

Interest accrual

978.2

140.9

1,234.2

197.2

Benefit payments

(1,929.5)

(360.5)

(2,442.8)

(490.0)

Issuances

1,547.9

15.8

2,973.2

30.5

Balance at end of period at original discount rate

29,242.4

4,463.6

28,643.6

4,665.0

Effect of changes in discount rate assumptions at end of period

(3,174.0)

(550.3)

(1,294.3)

(297.6)

Future policy benefits

26,068.4

3,913.3

27,349.3

4,367.4

Reinsurance impact

—

(3,854.7)

—

(4,310.3)

Future policy benefits after reinsurance

26,068.4

58.6

27,349.3

57.1

Weighted-average duration for future policy benefits (years) (1)

7.6

6.7

7.9

7.1

(1)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Principal Asset Management | International Pension

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period		$	4,600.5		$	4,126.9
Effect of changes in discount rate assumptions at beginning of period			(493.5)			(368.4)
Balance at beginning of period at original discount rate			4,107.0			3,758.5
Effect of actual variances from expected experience			0.7			(0.4)
Adjusted beginning of period balance at original discount rate			4,107.7			3,758.1
Interest accrual (1)			228.7			293.1
Benefit payments			(241.0)			(335.6)
Derecognition (2)			(3,954.5)			—
Issuances			—			6.4
Foreign currency translation adjustment			(140.9)			385.0
Balance at end of period at original discount rate			—			4,107.0
Effect of changes in discount rate assumptions at end of period			—			493.5
Future policy benefits		$	—		$	4,600.5

Weighted-average duration for future policy benefits (years) (3)			—			9.6

(1)	Includes inflation adjustments.

(2)	Relates to the sale of this business in third quarter 2026.

(3)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Benefits and Protection

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits (Table)


		For the nine months ended						For the year ended
		September 30, 2026						December 31, 2025
		Specialty			Life			Specialty			Life
		Benefits			Insurance			Benefits			Insurance
		Individual						Individual
	* *	disability		* *	Term life		* *	disability		* *	Term life

		($ in millions)
Present value of expected net premiums
Balance at beginning of period		$	2,740.8		$	4,392.2		$	2,680.6		$	4,107.2
Effect of changes in discount rate assumptions at beginning of period			349.8			198.4			436.4			290.1
Balance at beginning of period at original discount rate			3,090.6			4,590.6			3,117.0			4,397.3
Effect of changes in cash flow assumptions			25.8			47.6			(22.5)			163.2
Effect of actual variances from expected experience			104.3			(29.8)			114.8			11.7
Adjusted beginning of period balance at original discount rate			3,220.7			4,608.4			3,209.3			4,572.2
Interest accrual			82.6			161.6			108.8			208.7
Net premiums collected			(227.6)			(323.3)			(298.0)			(418.8)
Issuances			51.2			157.2			70.5			228.5
Balance at end of period at original discount rate			3,126.9			4,603.9			3,090.6			4,590.6
Effect of changes in discount rate assumptions at end of period			(540.1)			(529.5)			(349.8)			(198.4)
Balance at end of period		$	2,586.8		$	4,074.4		$	2,740.8		$	4,392.2

Present value of expected future policy benefit payments
Balance at beginning of period		$	4,735.0		$	5,907.9		$	4,509.6		$	5,355.2
Effect of changes in discount rate assumptions at beginning of period			1,191.3			215.7			1,302.8			366.0
Balance at beginning of period at original discount rate			5,926.3			6,123.6			5,812.4			5,721.2
Effect of changes in cash flow assumptions			49.7			63.8			(42.6)			240.4
Effect of actual variances from expected experience			111.1			(51.1)			107.9			4.1
Adjusted beginning of period balance at original discount rate			6,087.1			6,136.3			5,877.7			5,965.7
Interest accrual			164.4			217.1			213.8			275.3
Benefit payments			(182.6)			(251.2)			(234.1)			(359.7)
Issuances			49.5			166.5			68.9			242.3
Balance at end of period at original discount rate			6,118.4			6,268.7			5,926.3			6,123.6
Effect of changes in discount rate assumptions at end of period			(1,675.1)			(671.0)			(1,191.3)			(215.7)
Balance at end of period		$	4,443.3		$	5,597.7		$	4,735.0		$	5,907.9

Future policy benefits (1)		$	1,856.5		$	1,523.3		$	1,994.2		$	1,515.7
Reinsurance impact			(405.7)			(4.9)			(430.0)			9.8
Future policy benefits after reinsurance		$	1,450.8		$	1,518.4		$	1,564.2		$	1,525.5

Weighted-average duration for future policy benefits (years) (2)			16.6			7.0			17.2			7.4

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Summary of balances and the changes in the additional liability for certain benefit features (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Balance at beginning of period		$	6,604.8		$	6,037.2
Effect of changes in cash flow assumptions			25.0			6.8
Effect of actual variances from expected experience			45.7			18.5
Interest accrual			227.9			282.4
Net assessments collected			321.6			430.6
Benefit payments			(195.7)			(170.7)
Balance at end of period			7,029.3			6,604.8
Reinsurance impact			(7,019.4)			(6,593.6)
Balance at end of period after reinsurance		$	9.9		$	11.2

Weighted-average duration for additional liability (years) (1)			20.4			21.6

(1)	Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

Corporate

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits (Table)


		For the nine months ended			For the year ended
		September 30, 2026			December 31, 2025

		($ in millions)
Present value of expected net premiums	* *			* *
Balance at beginning of period		$	32.4		$	30.8
Effect of changes in discount rate assumptions at beginning of period			(2.0)			(1.3)
Balance at beginning of period at original discount rate			30.4			29.5
Effect of changes in cash flow assumptions			(2.3)			3.3
Effect of actual variances from expected experience			(0.4)			0.3
Adjusted beginning of period balance at original discount rate			27.7			33.1
Interest accrual			1.2			1.8
Net premiums collected			(3.5)			(4.5)
Balance at end of period at original discount rate			25.4			30.4
Effect of changes in discount rate assumptions at end of period			—			2.0
Balance at end of period		$	25.4		$	32.4

Present value of expected future policy benefit payments
Balance at beginning of period		$	199.1		$	195.6
Effect of changes in discount rate assumptions at beginning of period			(12.7)			(8.8)
Balance at beginning of period at original discount rate			186.4			186.8
Effect of changes in cash flow assumptions			(12.3)			1.3
Effect of actual variances from expected experience			0.7			3.4
Adjusted beginning of period balance at original discount rate			174.8			191.5
Interest accrual			8.1			11.2
Benefit payments			(12.2)			(16.3)
Balance at end of period at original discount rate			170.7			186.4
Effect of changes in discount rate assumptions at end of period			(3.2)			12.7
Balance at end of period		$	167.5		$	199.1

Future policy benefits (1)		$	142.1		$	166.7
Reinsurance impact			(142.1)			(166.7)
Future policy benefits after reinsurance		$	—		$	—

Weighted-average duration for future policy benefits (years) (2)			8.8			9.7

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Financial Instruments

Derivative Financial Instruments, Exposure (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps		$	64,224.9		$	60,267.1
Interest rate options			4,528.0			3,578.0
Interest rate futures			2,743.3			1,994.7
Interest rate forwards			1,837.0			1,687.0
Foreign exchange contracts:
Currency swaps			4,127.6			3,538.7
Currency forwards			928.4			914.6
Equity contracts:
Equity options			9,170.8			7,449.3
Equity futures			2,260.4			1,699.1
Equity total return swaps			858.5			499.6
Credit contracts:
Credit default swaps			702.9			531.0
Credit total return swaps			500.0			500.0
Other contracts:
Embedded derivatives			25,662.7			24,650.7
Total notional amounts at end of period		$	117,544.5		$	107,309.8

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate options		$	16.1		$	4.0
Interest rate swaps			4.7			13.2
Interest rate forwards			—			1.1
Foreign exchange contracts:
Currency swaps			152.1			190.0
Currency forwards			31.6			30.0
Equity contracts:
Equity options			1,575.6			971.5
Total return swaps			14.9			—
Credit contracts:
Total return swaps			16.5			18.8
Credit default swaps			3.2			3.4
Total gross credit exposure			1,814.7			1,232.0
Less: collateral received			1,473.2			923.7
Net credit exposure		$	341.5		$	308.3

Derivative Financial Instruments, Fair Value Disclosures (Table)


		Derivative assets (1)						Derivative liabilities (2)
		September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025

		(in millions)
Derivatives designated as hedging instruments
Interest rate contracts		$	0.1		$	—		$	103.6		$	69.8
Foreign exchange contracts			146.3			144.6			127.4			138.8
Total derivatives designated as hedging instruments		$	146.4		$	144.6		$	231.0		$	208.6

Derivatives not designated as hedging instruments
Interest rate contracts		$	19.5		$	16.9		$	239.8		$	136.0
Foreign exchange contracts			31.7			70.3			12.7			9.4
Equity contracts			1,587.2			971.5			182.1			191.6
Credit contracts			18.5			21.2			8.2			6.4
Other contracts			—			—			(1,092.0)			(1,223.2)
Total derivatives not designated as hedging instruments			1,656.9			1,079.9			(649.2)			(879.8)

Total derivative instruments		$	1,803.3		$	1,224.5		$	(418.2)		$	(671.2)

(1)	The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2)

Credit Derivatives Sold (Table)


		September 30, 2026
											Weighted
								Maximum			average
		Notional			Fair			future			expected life
		amount			value			payments			(in years)

		(in millions)
Single name credit default swaps
Corporate debt
AA		$	207.6		$	1.2		$	207.6		7.5
A			219.3			(4.0)			219.3		6.5
BBB			190.0			1.0			190.0		3.5
Total single name credit default swaps			616.9			(1.8)			616.9		5.9

Single name total return swaps
Government/municipalities
AAA			40.0			0.9			40.0		28.8
AA			195.0			2.1			195.0		19.7
A			210.0			8.6			210.0		20.9
BBB			55.0			1.6			55.0		14.5
Total single name total return swaps			500.0			13.2			500.0		20.4

Total credit derivatives sold		$	1,116.9		$	11.4		$	1,116.9		12.4


		December 31, 2025
											Weighted
								Maximum			average
		Notional			Fair			future			expected life
		amount			value			payments			(in years)

		(in millions)
Single name credit default swaps
Corporate debt
AA		$	96.7		$	1.0		$	96.7		6.4
A			219.3			(3.2)			219.3		7.2
BBB			130.0			2.3			130.0		1.5
Total single name credit default swaps			446.0			0.1			446.0		5.3

Single name total return swaps
Government/municipalities
AAA			40.0			1.2			40.0		29.6
AA			195.0			3.5			195.0		20.5
A			210.0			9.5			210.0		21.6
BBB			55.0			1.8			55.0		15.3
Total single name total return swaps			500.0			16.0			500.0		21.1

Total credit derivatives sold		$	946.0		$	16.1		$	946.0		13.7

Fair Value Hedges (Table)


								Cumulative amount of fair value
								hedging basis adjustment increase/
Line item in the consolidated statements								(decrease) included in the carrying
of financial position in which the		Carrying amount of hedged item						amount of the hedged item
hedged item is included		September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025

		(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships		$	3,628.0		$	2,741.8		$	(59.7)		$	(15.8)
Discontinued hedging relationships			415.3			782.9			(4.0)			(6.2)
Total fixed maturities, available-for-sale in active or discontinued hedging relationships		$	4,043.3		$	3,524.7		$	(63.7)		$	(22.0)

Mortgage loans (2):
Active hedging relationships		$	2,070.9		$	1,471.5		$	(19.8)		$	(3.6)
Discontinued hedging relationships			285.2			345.0			1.0			1.2
Total mortgage loans in active or discontinued hedging relationships		$	2,356.1		$	1,816.5		$	(18.8)		$	(2.4)

Investment contracts:
Active hedging relationships		$	5,051.1		$	3,743.8		$	101.2		$	35.4
Total investment contracts in active or discontinued hedging relationships		$	5,051.1		$	3,743.8		$	101.2		$	35.4

(1)

(2)

These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of September 30, 2026 and December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,070.9 million and $1,471.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(19.9) million and $(3.7) million, respectively, and the amount of the designated hedged items were $292.5 million and $220.0 million, respectively.

Cash Flow Hedges (Table)

Amount of gain (loss) recognized in AOCI on derivatives

For the three months ended

For the nine months ended

Derivatives in cash

September 30,

flow hedging relationships

 

Related hedged item

 

2026

 

2025

 

2026

 

2025

(in millions)

Interest rate contracts

Fixed maturities, available-for-sale

(46.5)

10.5

(60.9)

21.0

Foreign exchange contracts

Fixed maturities, available-for-sale

(58.8)

74.8

(2.4)

(123.8)

Total

(105.3)

85.3

(63.3)

(102.8)

Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)


		For the three months ended September 30, 2026
		Net investment
		income related to			Net realized capital
		hedges of fixed			gains (losses) related			Benefits, claims and
		maturities, available-			to hedges of fixed			settlement expenses
		for-sale and			maturities, available-			related to hedges of
		mortgage loans			for-sale			investment contracts

		(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported		$	1,160.8		$	(387.6)		$	2,318.7

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain (loss) recognized on hedged item		$	(35.1)		$	—		$	71.7
Gain (loss) recognized on derivatives			36.8			—			(76.0)
Amortization of hedged item basis adjustments			0.7			—			—
Amounts related to periodic settlements on derivatives			5.0			—			—

Foreign exchange contracts:
Loss recognized on hedged item			—			(7.9)			—
Gain recognized on derivatives			—			7.9			—
Amounts related to periodic settlements on derivatives			0.8			—			—
Total gain (loss) recognized for fair value hedging relationships		$	8.2		$	—		$	(4.3)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Loss reclassified from AOCI on derivatives		$	—		$	—		$	(0.1)
Amounts related to periodic settlements on derivatives			(0.2)			—			—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives			—			0.2			—
Amounts related to periodic settlements on derivatives			10.4			—			—
Total gain (loss) recognized for cash flow hedging relationships		$	10.2		$	0.2		$	(0.1)


		For the three months ended September 30, 2025
		Net investment
		income related to			Net realized capital
		hedges of fixed			gains (losses) related			Benefits, claims and
		maturities, available-			to hedges of fixed			settlement expenses
		for-sale and			maturities, available-			related to hedges of
		mortgage loans			for-sale			investment contracts

		(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported		$	1,200.5		$	85.7		$	1,964.1

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item		$	7.0		$	—		$	6.6
Loss recognized on derivatives			(7.2)			—			(3.1)
Amortization of hedged item basis adjustments			0.9			—			—
Amounts related to periodic settlements on derivatives			9.0			—			(5.6)

Foreign exchange contracts:
Gain recognized on hedged item			—			0.2			—
Loss recognized on derivatives			—			(0.2)			—
Amounts related to periodic settlements on derivatives			0.8			—			—
Total gain (loss) recognized for fair value hedging relationships		$	10.5		$	—		$	(2.1)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives		$	0.6		$	—		$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring			—			0.1			—
Amounts related to periodic settlements on derivatives			(0.1)			—			—

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives			—			(0.2)			—
Amounts related to periodic settlements on derivatives			8.2			—			—
Total gain (loss) recognized for cash flow hedging relationships		$	8.7		$	(0.1)		$	(0.1)


	For the nine months ended September 30, 2026
	Net investment
	income related to		Net realized capital		Benefits, claims and
	hedges of fixed		gains (losses)		settlement expenses
	maturities,		related to hedges of		related to hedges of
	available-for-sale		fixed maturities,		investment
	and mortgage loans		available-for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,661.6	$	(400.0)	$	5,921.9

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain (loss) recognized on hedged item	$	(45.8)	$	—	$	136.6
Gain (loss) recognized on derivatives		46.9		—		(138.6)
Amortization of hedged item basis adjustments		3.0		—		—
Amounts related to periodic settlements on derivatives		15.9		—		0.6

Foreign exchange contracts:
Loss recognized on hedged item		—		(15.4)		—
Gain recognized on derivatives		—		15.4		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	22.3	$	—	$	(1.4)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Loss reclassified from AOCI on derivatives	$	—	$	—	$	(0.2)
Amounts related to periodic settlements on derivatives		(0.5)		—		—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.1		—
Amounts related to periodic settlements on derivatives		27.8		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	27.3	$	0.1	$	(0.2)


	For the nine months ended September 30, 2025
	Net investment
	income related to		Net realized capital		Benefits, claims and
	hedges of fixed		gains (losses)		settlement expenses
	maturities,		related to hedges of		related to hedges of
	available-for-sale		fixed maturities,		investment
	and mortgage loans		available-for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,529.0	$	(26.0)	$	6,024.0

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	49.4	$	—	$	58.3
Loss recognized on derivatives		(49.7)		—		(59.7)
Amortization of hedged item basis adjustments		2.8		—		—
Amounts related to periodic settlements on derivatives		29.1		—		(15.4)

Foreign exchange contracts:
Gain recognized on hedged item		—		25.2		—
Loss recognized on derivatives		—		(25.2)		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	33.9	$	—	$	(16.8)

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	1.9	$	—	$	(0.2)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.1		—
Amounts related to periodic settlements on derivatives		(0.4)		—		—

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		2.5		—
Amounts related to periodic settlements on derivatives		25.8		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	27.3	$	2.6	$	(0.2)

Net Investment Hedges (Table)

 

Amount of loss

Amount of gain recognized

reclassified from AOCI into

in AOCI on derivatives

net realized capital gains (losses)

for the three months ended

September 30,

Derivatives in net investment hedging relationships

2026

2025

2026

2025

(in millions)

Foreign exchange contracts

—

(5.8)

—

Total

—

(5.8)

—

Amount of loss

Amount of loss recognized

reclassified from AOCI into

in AOCI on derivatives

net realized capital gains (losses)

for the nine months ended

September 30,

Derivatives in net investment hedging relationships

 

2026

 

2025

2026

 

2025

(in millions)

Foreign exchange contracts

(0.1)

(3.6)

(6.0)

—

Total

(0.1)

(3.6)

(6.0)

—

Derivatives Not Designated as Hedging Instruments (Table)

Amount of gain (loss) recognized in

Amount of gain (loss) recognized

net income on derivatives for the

in net income on derivatives for the

three months ended September 30,

nine months ended September 30,

Derivatives not designated as hedging instruments

 

2026

 

2025

 

2026

 

2025

(in millions)

Interest rate contracts

15.8

(13.6)

18.6

(200.2)

Foreign exchange contracts

7.0

(24.7)

20.5

(8.7)

Equity contracts

57.4

217.5

536.1

239.8

Credit contracts

(6.5)

19.1

1.8

(9.0)

Other contracts (1)

528.1

(631.1)

(131.2)

(1,105.7)

Total

601.8

(432.8)

445.8

(1,083.8)

(1)	Includes the change in fair value of the funds withheld embedded derivative.

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

Derivative Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Fair Value Hedges
Carrying amount of hedged liability - Active hedging relationships	$ 5,051.1		$ 5,051.1		$ 3,743.8
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Contractholder Funds.		Contractholder Funds.		Contractholder Funds.
Carrying amount of hedged liability - Active or discontinued hedging relationships	$ 5,051.1		$ 5,051.1		$ 3,743.8
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	101.2		101.2		35.4
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	101.2		101.2		35.4
Gains (losses) from components excluded from assessment of fair value hedge effectiveness	0.4	$ 2.8	(0.3)	$ 1.5
Location, Statement of Financial Position, Balance [Axis]: us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterest
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	$ 3,628.0		$ 3,628.0		$ 2,741.8
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Debt Securities, Available-for-Sale, Excluding Accrued Interest		Debt Securities, Available-for-Sale, Excluding Accrued Interest		Debt Securities, Available-for-Sale, Excluding Accrued Interest
Carrying amount of hedged asset - Discontinued hedging relationships	$ 415.3		$ 415.3		$ 782.9
Carrying amount of hedged asset - Active or discontinued hedging relationships	4,043.3		4,043.3		3,524.7
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(59.7)		(59.7)		(15.8)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	(4.0)		(4.0)		(6.2)
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(63.7)		(63.7)		(22.0)
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	3,097.5		3,097.5		2,303.5
Cumulative basis adjustments associated with portfolio layer hedging relationship	(44.0)		(44.0)		(16.9)
Amount of hedged item in portfolio layer hedging relationship	1,144.0		1,144.0		970.0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:MortgageLoansOnRealEstateCommercialAndConsumerNet
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	$ 2,070.9		$ 2,070.9		$ 1,471.5
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Mortgage Loans on Real Estate, Commercial and Consumer, Net		Mortgage Loans on Real Estate, Commercial and Consumer, Net		Mortgage Loans on Real Estate, Commercial and Consumer, Net
Carrying amount of hedged asset - Discontinued hedging relationships	$ 285.2		$ 285.2		$ 345.0
Carrying amount of hedged asset - Active or discontinued hedging relationships	2,356.1		2,356.1		1,816.5
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(19.8)		(19.8)		(3.6)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	1.0		1.0		1.2
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(18.8)		(18.8)		(2.4)
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	2,070.9		2,070.9		1,471.5
Cumulative basis adjustments associated with portfolio layer hedging relationship	(19.9)		(19.9)		(3.7)
Amount of hedged item in portfolio layer hedging relationship	$ 292.5		$ 292.5		$ 220.0

Contingencies, Guarantees and Indemnifications (Details) $ in Millions	Sep. 30, 2026 USD ($)
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 74.0
Guarantees related to P-Caps contingent funding agreements
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 850.0

Investments - Financing Receivable, Interest Income on Non-Accrual Receivables (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Financing receivables, non-accrual and aging disclosures
Financing receivables, Nonaccrual, Interest Income	$ 1.4	$ 0.2	$ 2.2	$ 1.3
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Nonaccrual, Interest Income	1.2		1.7	0.8
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Nonaccrual, Interest Income	$ 0.2	$ 0.2	$ 0.5	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 597.1	$ 233.9	$ 1,440.3	$ 730.3
Subtract:
Net income (loss) attributable to noncontrolling interest	(34.8)	20.1	(19.6)	62.2
Total net income (loss), basic	631.9	213.8	1,459.9	668.1
Total net income (loss), diluted	$ 631.9	$ 213.8	$ 1,459.9	$ 668.1
Weighted-average shares outstanding:
Basic	213.9	222.4	215.7	224.1
Dilutive effects:
Diluted	216.9	225.2	218.6	226.8
Net income (loss) per common share:
Basic	$ 2.95	$ 0.96	$ 6.77	$ 2.98
Diluted	$ 2.91	$ 0.95	$ 6.68	$ 2.95
Restricted Stock Units
Dilutive effects:
Stock-based compensation awards	2.3	1.9	2.1	1.8
Stock Options
Dilutive effects:
Stock-based compensation awards	0.4	0.6	0.5	0.6
Performance Share Awards
Dilutive effects:
Stock-based compensation awards	0.3	0.3	0.3	0.3

Income Taxes - Effective Income Tax Rate (Details)	3 Months Ended		9 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Taxes
Effective income tax rate (as a percent)	29.00%	6.00%	21.00%	6.00%
U.S. federal statutory tax rate (as a percent)	21.00%	21.00%		21.00%

Segment Information - Reconciliation of Segment Operating Revenues Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Information
Total revenues	$ 4,616.4	$ 3,681.6	$ 12,051.3	$ 11,048.8
Operating Segments
Segment Information
Revenue from contracts with external customers	3,039.8	2,659.5	7,907.6	7,964.7
Adjustments for revenue from contracts with external customers not included in operating revenues	(9.7)	(11.9)	(31.6)	(31.0)
Net investment income included in operating revenues	1,169.7	1,181.8	3,709.3	3,509.2
Operating revenues from equity method investments	75.2	68.6	199.9	158.0
Total revenues	4,275.0	3,898.0	11,785.2	11,600.9
Operating Segments \| Retirement and Income Solutions
Segment Information
Revenue from contracts with external customers	1,370.3	1,033.5	2,968.6	3,181.3
Adjustments for revenue from contracts with external customers not included in operating revenues	(17.7)	(17.7)	(53.4)	(52.2)
Net investment income included in operating revenues	947.9	861.3	2,782.9	2,521.8
Total revenues	2,294.4	1,886.2	5,694.8	5,679.7
Operating Segments \| Principal Asset Management
Segment Information
Revenue from contracts with external customers	454.5	471.8	1,369.8	1,382.6
Net investment income included in operating revenues	33.1	106.3	303.5	343.0
Operating revenues from equity method investments	75.3	68.7	200.2	158.3
Total revenues	647.4	727.1	2,122.1	2,117.3
Operating Segments \| Benefits and Protection
Segment Information
Revenue from contracts with external customers	1,121.0	1,083.7	3,295.1	3,204.5
Adjustments for revenue from contracts with external customers not included in operating revenues	8.0	5.8	21.8	21.2
Net investment income included in operating revenues	165.3	168.6	500.7	488.9
Total revenues	1,296.4	1,260.5	3,824.0	3,721.0
Operating Segments \| Corporate
Segment Information
Revenue from contracts with external customers	94.0	70.5	274.1	196.3
Net investment income included in operating revenues	23.4	45.6	122.2	155.5
Operating revenues from equity method investments	(0.1)	(0.1)	(0.3)	(0.3)
Total revenues	36.8	24.2	144.3	82.9
Inter-segment eliminations
Segment Information
Inter-segment revenues	172.6	169.7	502.3	505.4
Total revenues	(172.6)	(169.7)	(502.3)	(505.4)
Inter-segment eliminations \| Retirement and Income Solutions
Segment Information
Inter-segment revenues	(6.1)	9.1	(3.3)	28.8
Inter-segment eliminations \| Principal Asset Management
Segment Information
Inter-segment revenues	84.5	80.3	248.6	233.4
Inter-segment eliminations \| Benefits and Protection
Segment Information
Inter-segment revenues	2.1	2.4	6.4	6.4
Inter-segment eliminations \| Corporate
Segment Information
Inter-segment revenues	92.1	77.9	250.6	236.8
Total revenues	(172.6)	(169.7)	(502.3)	(505.4)
Reconciling items
Segment Information
Net realized capital gains (losses), net of related revenue adjustments	(140.5)	87.5	(221.0)	(21.5)
Revenues from exited business	516.8	(271.3)	578.6	(443.4)
Adjustments related to equity method investments	(27.6)	(22.5)	(68.9)	(55.0)
Market risk benefit derivative settlements	$ (7.3)	$ (10.1)	$ (22.6)	$ (32.2)

Deferred Acquisition Costs and Other Actuarial Balances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Long-duration and short-duration insurance
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 103.1	$ 103.4	$ 303.6	$ 300.6

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479868/944-20-45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479401/944-30-55-2

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-2B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(7)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479432/944-30-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (u)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-22

+ Details

Investments

9 Months Ended

Sep. 30, 2026

Investments

Investments

4. Investments

Our investments include assets backing reserves as part of a coinsurance with funds withheld agreement. The funds withheld invested assets are reported within their respective line items, primarily consisting of fixed maturities available-for-sale, mortgage loans and other investments. See Note 11, Reinsurance, for more information on the funds withheld invested assets.

Fixed Maturities

Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 17, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to fixed maturities, available-for-sale, excluding those in fair value hedging relationships, are reflected in stockholders’ equity, net of adjustments associated with related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on certain equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Mark-to-market adjustments on certain fixed maturities, trading are reflected in market risk benefit remeasurement (gain) loss. Unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships are reflected in net investment income. Mark-to-market adjustments related to certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reflected in net investment income.

The amortized cost of fixed maturities includes cost adjusted for amortization of premiums and discounts, computed using the interest method. The amortized cost of fixed maturities, available-for-sale is adjusted for changes in fair value of the hedged portions of securities in fair value hedging relationships and excludes accrued interest receivable. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Fixed maturities, available-for-sale are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized capital gains (losses). Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows.

The amortized cost, gross unrealized gains and losses, allowance for credit loss and fair value of fixed maturities, available-for-sale were as follows:

Gross

Amortized

unrealized

Allowance for

cost (1)

gains

losses

credit loss

Fair value

(in millions)

September 30, 2026

Fixed maturities, available-for-sale:

U.S. government and agencies

2,609.4

—

418.9

—

2,190.5

Non-U.S. governments

411.4

8.1

58.5

—

361.0

States and political subdivisions

8,289.2

0.1

1,505.4

—

6,783.9

Corporate

38,914.6

199.2

4,571.7

40.6

34,501.5

Residential mortgage-backed pass-through securities

3,663.6

0.8

265.6

—

3,398.8

Commercial mortgage-backed securities

6,049.1

3.1

410.0

3.9

5,638.3

Collateralized debt obligations (2)

5,803.4

5.5

10.1

—

5,798.8

Other debt obligations

12,458.6

25.3

640.8

0.3

11,842.8

Total excluding portfolio layer method basis adjustment

78,199.3

242.1

7,881.0

44.8

70,515.6

Unallocated portfolio layer method basis adjustment (3)

(44.0)

44.0

—

Total fixed maturities, available-for-sale

78,155.3

286.1

7,881.0

44.8

70,515.6


			Gross		Gross
	Amortized		unrealized		unrealized		Allowance for
	cost (1)		gains		losses		credit loss		Fair value

	(in millions)
December 31, 2025
Fixed maturities, available-for-sale:
U.S. government and agencies	$	2,126.2	$	9.6	$	268.1	$	0.1	$	1,867.6
Non-U.S. governments		554.7		17.6		54.6		—		517.7
States and political subdivisions		8,107.8		42.8		1,011.9		—		7,138.7
Corporate		39,867.6		777.7		3,072.8		25.0		37,547.5
Residential mortgage-backed pass-through securities		3,868.4		54.7		118.0		—		3,805.1
Commercial mortgage-backed securities		5,659.6		19.4		306.0		1.4		5,371.6
Collateralized debt obligations (2)		6,417.4		14.6		9.7		—		6,422.3
Other debt obligations		10,981.2		99.3		389.9		0.4		10,690.2
Total excluding portfolio layer method basis adjustment		77,582.9		1,035.7		5,231.0		26.9		73,360.7
Unallocated portfolio layer method basis adjustment (3)		(16.9)		16.9		—		—		—
Total fixed maturities, available-for-sale	$	77,566.0	$	1,052.6	$	5,231.0	$	26.9	$	73,360.7

(1)	Amortized cost excludes accrued interest receivable of $686.3 million and $473.8 million as of September 30, 2026 and December 31, 2025, respectively.

(2)	Primarily consists of CLOs backed by secured corporate loans.

(3)	Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

The amortized cost and fair value of fixed maturities, available-for-sale as of September 30, 2026, by expected maturity, were as follows:


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,460.7	$	1,428.1
Due after one year through five years		10,799.1		10,462.4
Due after five years through ten years		9,587.4		9,157.2
Due after ten years		28,377.4		22,789.2
Subtotal		50,224.6		43,836.9
Mortgage-backed and other asset-backed securities		27,974.7		26,678.7
Total	$	78,199.3	$	70,515.6

(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits.

Net Realized Capital Gains and Losses

Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on certain equity securities, mark-to-market adjustments on certain fixed maturities, trading, mark-to-market adjustments on sponsored investment funds, mark-to-market adjustments on derivatives not designated as hedges, cash flow hedge gains (losses) when the hedged item impacts realized capital gains (losses), changes in the valuation allowance for fixed maturities available-for-sale and certain financing receivables, impairments of real estate held for investment and impairments on equity method investments. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses).

The major components of net realized capital gains (losses) on investments are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 11, Reinsurance, for further details. The amounts below do not include net realized capital gains (losses) on funds withheld assets that are not passed to the reinsurer, which are separately reported on the consolidated statements of operations. Net realized capital gains (losses) on funds withheld assets includes gains (losses) realized upon sale of assets put into the funds withheld at the start of a reinsurance transaction for the unrealized gain (losses) on the date of transfer into the funds withheld, the change in the valuation allowance on funds withheld commercial mortgage loans and unrealized gains and losses related to the change in fair value of funds withheld fixed maturities, trading, equity securities and derivatives.


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025

	(in millions)
Fixed maturities, available for sale:
Gross gains	$	1.0	$	4.0	$	3.5	$	9.6
Gross losses		(7.7)		(3.0)		(53.5)		(56.8)
Net credit losses (1)		(17.5)		(23.2)		(59.7)		(32.0)
Hedging, net (2)		(5.0)		0.2		(12.3)		22.5
Fixed maturities, trading (3)		(6.9)		2.0		(13.9)		(1.0)
Equity securities (4)		33.6		59.9		96.0		98.3
Mortgage loans		(33.1)		(7.0)		(53.5)		(24.1)
Derivatives (2)		(38.4)		(5.2)		(20.7)		(76.4)
Other (5)		(313.6)		58.0		(285.9)		33.9
Net realized capital gains (losses)	$	(387.6)	$	85.7	$	(400.0)	$	(26.0)

(1)	Includes credit sales, adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).

(3)

Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(5.3) million and $1.7 million for the three months ended September 30, 2026 and 2025, respectively, and $(9.6) million and $0.4 million for the nine months ended September 30, 2026 and 2025, respectively. This excludes $(5.9) million and $1.7 million for the three months ended September 30, 2026 and 2025, respectively, and $(9.6) million and $7.5 million for the nine months ended September 30, 2026 and 2025, respectively, of unrealized gains (losses) that were reported in market risk benefit remeasurement (gain) loss. In addition, this excludes $(2.9) million and $(1.9) million for the three months ended September 30, 2026 and 2025, respectively, and $(10.4) million and $(12.4) million for the nine months ended September 30, 2026 and 2025, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(4)

Unrealized gains (losses) on equity securities still held at the reporting date were $(41.0) million and $54.8 million for the three months ended September 30, 2026 and 2025, respectively, and $14.0 million and $29.0 million for the nine months ended September 30, 2026 and 2025, respectively. This excludes $(10.4) million and $30.2 million for the three months ended September 30, 2026 and 2025, respectively, and $26.7 million and $58.5 million for the nine months ended September 30, 2026 and 2025, respectively, of unrealized gains (losses) that were reported in net investment income. In addition, this excludes $0.0 million and $0.0 million for the three months ended September 30, 2026 and 2025, respectively, and $0.0 million and $0.0 million for the nine months ended September 30, 2026 and 2025, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(5)	Includes a loss on the disposition of our Chilean annuities business in 2026 and a held for sale write-down of an intangible asset in 2025.

Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $1,556.7 million and $798.8 million for the three months ended September 30, 2026 and 2025, and $2,955.6 million and $2,392.7 million for the nine months ended September 30, 2026 and 2025, respectively.

Allowance for Credit Loss

We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues.

Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income.

We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability.

Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity.

A rollforward of the allowance for credit loss by major security type was as follows.

For the three months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

—

43.6

—

1.7

—

0.3

45.6

Additions for credit losses not previously recorded

—

9.9

—

0.1

—

10.0

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

4.9

—

2.1

—

7.0

Write-offs charged against allowance

—

(13.6)

—

(13.6)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

40.6

—

3.9

—

0.3

44.8

Accrued interest written off to net investment income

—


	For the three months ended September 30, 2025
									Residential
									mortgage-		Commercial
	U.S.				States and				backed pass-		mortgage-		Collateralized
	government		Non-U.S.		political				through		backed		debt obligations		Other debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	2.5	$	—	$	0.3	$	0.1	$	0.2	$	3.1
Additions for credit losses not previously recorded		—		—		—		14.9		—		0.8		—		—		15.7
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		—		(0.1)		0.1		—
Foreign currency translation adjustment		—		—		—		(0.1)		—		—		—		—		(0.1)
Ending balance	$	—	$	—	$	—	$	17.3	$	—	$	1.1	$	—	$	0.3	$	18.7

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.4	$	—	$	—	$	—	$	—	$	0.4

For the nine months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

 

and agencies

 

governments

 

subdivisions

 

Corporate

 

securities

 

securities

 

(1)

 

obligations

 

Total

(in millions)

Beginning balance

0.1

—

25.0

—

1.4

—

0.4

26.9

Additions for credit losses not previously recorded

—

42.5

—

0.4

—

42.9

Reductions for securities sold during the period

—

(0.9)

—

(0.9)

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

(0.1)

—

10.5

—

2.5

—

(0.1)

12.8

Write-offs charged against allowance

—

(32.3)

—

(0.4)

—

(32.7)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

40.6

—

3.9

—

0.3

44.8

Accrued interest written off to net investment income

—

1.6

—

1.6


		For the nine months ended September 30, 2025
														Residential
														mortgage-			Commercial
		U.S.						States and						backed pass-			mortgage-			Collateralized
		government			Non-U.S.			political						through			backed			debt obligations			Other debt
		and agencies			governments			subdivisions			Corporate			securities			securities			(1)			obligations			Total

		(in millions)
Beginning balance		$	—		$	—		$	—		$	18.5		$	—		$	—		$	—		$	0.2		$	18.7
Additions for credit losses not previously recorded			—			—			—			14.9			—			1.1			0.1			—			16.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			—			—			—			0.1			—			—			(0.1)			0.1			0.1
Write-offs charged against allowance			—			—			—			(16.2)			—			—			—			—			(16.2)
Ending balance		$	—		$	—		$	—		$	17.3		$	—		$	1.1		$	—		$	0.3		$	18.7

Accrued interest written off to net investment income		$	—		$	—		$	—		$	0.4		$	—		$	—		$	—		$	—		$	0.4

(1)	Primarily consists of CLOs backed by secured corporate loans.

(2)	Relates to the disposition of our Chilean annuities business in third quarter 2026.

Available-For-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss

For available-for-sale securities with unrealized losses for which an allowance for credit loss has not been recorded, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

September 30, 2026

Greater than or equal to

Less than twelve months

twelve months

Total

Gross

unrealized

Fair value

losses

Fair value

losses

Fair value

losses

(in millions)

Fixed maturities, available-for-sale (1):

U.S. government and agencies

1,380.0

77.3

752.2

341.6

2,132.2

418.9

Non-U.S. governments

57.3

2.8

180.0

55.7

237.3

58.5

States and political subdivisions

2,237.9

147.6

4,322.0

1,357.8

6,559.9

1,505.4

Corporate

10,723.9

459.1

16,048.5

4,109.4

26,772.4

4,568.5

Residential mortgage-backed pass-through securities

2,426.1

107.4

892.1

158.2

3,318.2

265.6

Commercial mortgage-backed securities

2,081.6

62.2

2,971.0

340.2

5,052.6

402.4

Collateralized debt obligations (2)

2,196.6

5.2

46.3

4.9

2,242.9

10.1

Other debt obligations

6,227.7

138.1

2,803.9

502.4

9,031.6

640.5

Total fixed maturities, available-for-sale

27,331.1

999.7

28,016.0

6,870.2

55,347.1

7,869.9

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

(2)	Primarily consists of CLOs backed by secured corporate loans.

Of the total amounts, Principal Life Insurance Company’s (“Principal Life’s”) consolidated portfolio represented $54,862.4 million in available-for-sale fixed maturities with gross unrealized losses of $7,809.6 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 97% were investment grade (rated AAA through BBB-) with an average price of 88 (carrying value/amortized cost) as of September 30, 2026. Gross unrealized losses in our fixed maturities portfolio increased during the nine months ended September 30, 2026, primarily due to an increase in interest rates.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life’s consolidated portfolio held 3,132 securities with a carrying value of $26,978.0 million and unrealized losses of $981.6 million reflecting an average price of 96 as of September 30, 2026. Of this portfolio, 96% was investment grade (rated AAA through BBB-) as of September 30, 2026, with associated unrealized losses of $941.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio held 5,345 securities with a carrying value of $27,884.4 million and unrealized losses of $6,828.0 million as of September 30, 2026. The average credit rating of this portfolio was A with an average price of 80 as of September 30, 2026. Of the $6,828.0 million in unrealized losses, the corporate sector accounts for $4,085.6 million in unrealized losses with an average price of 80 and an average credit rating of A-. Furthermore, unrealized losses include $1,345.0 million within the states and political subdivisions sector with an average price of 76 and an average credit rating of AA-; $471.2 million within the collateralized mortgage obligation security sector with an average price of 81 and an average credit rating of AA+; and $339.4 million within the CMBS sector with an average price of 90 and an average credit rating of AA-. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of September 30, 2026. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value.


		December 31, 2025
								Greater than or
		Less than twelve months						equal to twelve months						Total
					Gross						Gross						Gross
					unrealized						unrealized						unrealized
		Fair value			losses			Fair value			losses			Fair value			losses

		(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies		$	484.1		$	11.0		$	734.1		$	257.1		$	1,218.2		$	268.1
Non-U.S. governments			12.8			0.3			310.9			54.3			323.7			54.6
States and political subdivisions			639.4			8.9			4,903.5			1,003.0			5,542.9			1,011.9
Corporate			1,889.9			95.7			19,474.6			2,970.8			21,364.5			3,066.5
Residential mortgage-backed pass-through securities			201.2			0.7			1,147.6			117.3			1,348.8			118.0
Commercial mortgage-backed securities			342.0			2.5			3,465.9			301.6			3,807.9			304.1
Collateralized debt obligations (2)			1,919.9			4.7			20.2			5.0			1,940.1			9.7
Other debt obligations			567.0			1.9			3,514.2			387.2			4,081.2			389.1
Total fixed maturities, available-for-sale		$	6,056.3		$	125.7		$	33,571.0		$	5,096.3		$	39,627.3		$	5,222.0

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

(2)	Primarily consists of CLOs backed by secured corporate loans.

Of the total amounts, Principal Life’s consolidated portfolio represented $38,748.0 million in available-for-sale fixed maturities with gross unrealized losses of $5,149.9 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 97% were investment grade (rated AAA through BBB-) with an average price of 88 (carrying value/amortized cost) as of December 31, 2025. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2025, primarily due to a decrease in interest rates, which was partially offset by a widening of credit spreads.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life’s consolidated portfolio held 870 securities with a carrying value of $5,888.1 million and unrealized losses of $117.8 million reflecting an average price of 98 as of December 31, 2025. Of this portfolio, 93% was investment grade (rated AAA through BBB-) as of December 31, 2025, with associated unrealized losses of $96.7 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio held 5,758 securities with a carrying value of $32,859.9 million and unrealized losses of $5,032.1 million as of December 31, 2025. The average credit rating of this portfolio was A with an average price of 87 as of December 31, 2025. Of the $5,032.1 million in unrealized losses, the corporate sector accounts for $2,919.0 million in unrealized losses with an average price of 87 and an average credit rating of A-. Furthermore, unrealized losses include $996.0 million within the states and political subdivisions sector with an average price of 83 and an average credit rating of AA-; $356.7 million within the collateralized mortgage obligation security sector with an average price of 87 and an average credit rating of AA+; and $301.0 million within the CMBS sector with an average price of 92 and an average credit rating of AA. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2025. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value.

Net Unrealized Gains and Losses on Available-For-Sale Securities and Derivative Instruments

The net unrealized gains and losses on investments in available-for-sale securities and the net unrealized gains and losses on derivative instruments in cash flow hedge relationships are reported as separate components of stockholders’ equity. The cumulative amount of net unrealized gains and losses on available-for-sale securities and derivative instruments in cash flow hedge relationships net of adjustments related to actuarial balances, policyholder liabilities, noncontrolling interest and applicable income taxes was as follows:


		September 30, 2026			December 31, 2025

		(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)		$	(7,594.7)		$	(4,081.8)
Net unrealized losses on derivative instruments			(103.3)			(40.0)
Adjustments for assumed changes in amortization patterns			6.8			4.2
Adjustments for assumed changes in policyholder liabilities			61.1			21.2
Net unrealized losses on other investments and noncontrolling interest adjustments			(60.7)			(58.3)
Provision for deferred income tax benefits			1,656.6			893.7
Net unrealized losses on available-for-sale securities and derivative instruments		$	(6,034.2)		$	(3,261.0)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Financing Receivables

Mortgage Loans

Mortgage loans consist of commercial and residential mortgage loans. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on stabilized properties. Our residential mortgage loan portfolio is composed of first lien mortgages concentrated in the United States. We had mortgage loans in our Chilean operations prior to third quarter 2026.

Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Mortgage loans expected to be disposed are classified as held for sale and carried at the lower of amortized cost or estimated fair value. The amortized cost of our residential mortgage loans also includes basis adjustments related to fair value hedges in a closed portfolio. See Note 5, Derivative Financial Instruments, for further information. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. Further details relating to our valuation allowance are included under the caption “Financing Receivables Valuation Allowance.”

Direct Financing Leases

Prior to the third quarter 2026, our Chilean operations had direct financing leases. The Chilean operations entered into private placement contracts for commercial, industrial and office space properties whereby the real estate and/or building was purchased from the seller-lessee but then leased back to the seller-lessee. Ownership of the property was transferred to the lessee by the end of the lease term. Direct financing leases were reported as a component of other investments in the consolidated statements of financial position.

Reinsurance Recoverable and Deposit Receivable

Our reinsurance recoverables include amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported or policy benefits. We cede life, disability, medical and long-term care insurance as well as fixed annuity contracts with significant life insurance risk to other insurance companies through reinsurance. Deposit receivables include amounts due from the reinsurer for fixed annuity contracts without significant life insurance risk recorded using the deposit method of accounting.

Other Loans

Our other loans include consumer, auto and other loans (“other loans”) of a consolidated VIE for which the fair value option was elected as well as consumer loans for which the fair value option was not elected. Other loans are generally subject to amortized cost accounting and a valuation allowance if the fair value option is not elected. Other loans are reported as a component of other investments in the consolidated statements of financial position.

Credit Quality Information for Financing Receivables

The amortized cost of our financing receivables by credit risk and vintage was as follows:

September 30, 2026

 

2026

 

2025

 

2024

 

2023

 

2022

 

Prior

 

Total

(in millions)

Commercial mortgage loans:

A- and above

883.6

1,691.2

1,123.4

730.1

942.7

7,406.1

12,777.1

BBB+ thru BBB-

284.8

152.3

199.5

24.9

51.2

1,056.4

1,769.1

BB+ thru BB-

99.0

98.1

79.5

44.3

60.2

145.5

526.6

B+ and below

—

8.9

—

272.0

280.9

Total

1,267.4

1,941.6

1,402.4

808.2

1,054.1

8,880.0

15,353.7

Residential mortgage loans:

Performing

1,253.1

1,227.8

280.4

265.1

890.1

1,364.1

5,280.6

Non-performing

—

0.5

—

6.4

5.3

9.5

21.7

Total excluding portfolio layer method basis adjustments

1,253.1

1,228.3

280.4

271.5

895.4

1,373.6

5,302.3

Unallocated portfolio layer method basis adjustment (1)

(19.9)

Total

5,282.4

Other loans:

Performing

—

43.8

17.7

15.1

—

76.6

Non-performing

—

3.2

3.3

1.1

—

7.6

Total

—

47.0

21.0

16.2

—

84.2

Reinsurance recoverable and deposit receivable

18,113.6


		December 31, 2025
		2025			2024			2023			2022			2021			Prior			Total

		(in millions)
Commercial mortgage loans:
A- and above		$	1,568.5		$	1,315.6		$	900.9		$	1,079.7		$	1,738.8		$	6,878.7		$	13,482.2
BBB+ thru BBB-			200.9			189.7			151.6			172.1			116.2			1,187.9			2,018.4
BB+ thru BB-			111.0			64.2			109.5			215.8			11.1			120.7			632.3
B+ and below			—			—			32.4			—			—			352.8			385.2
Total		$	1,880.4		$	1,569.5		$	1,194.4		$	1,467.6		$	1,866.1		$	8,540.1		$	16,518.1

Direct financing leases:
A- and above		$	—		$	—		$	—		$	32.7		$	11.7		$	213.1		$	257.5
BBB+ thru BBB-			—			10.6			—			94.5			22.0			97.5			224.6
BB+ thru BB-			—			—			2.1			0.5			5.6			32.2			40.4
B+ and below			44.6			—			—			—			9.4			—			54.0
Total		$	44.6		$	10.6		$	2.1		$	127.7		$	48.7		$	342.8		$	576.5

Residential mortgage loans:
Performing		$	1,304.3		$	366.3		$	381.3		$	919.1		$	1,137.6		$	564.3		$	4,672.9
Non-performing			—			1.3			5.3			8.1			6.9			3.4			25.0
Total excluding portfolio layer method basis adjustments		$	1,304.3		$	367.6		$	386.6		$	927.2		$	1,144.5		$	567.7			4,697.9
Unallocated portfolio layer method basis adjustment (1)																					(3.7)
Total																				$	4,694.2

Other loans:
Performing		$	123.1		$	28.4		$	27.9		$	—		$	—		$	—		$	179.4
Non-performing			1.4			3.6			1.5			—			—			—			6.5
Total		$	124.5		$	32.0		$	29.4		$	—		$	—		$	—		$	185.9

Reinsurance recoverable and deposit receivable																				$	19,003.3

(1)	Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

The amortized cost of commercial mortgage loans, direct financing leases, residential mortgage loans and other loans excluded accrued interest receivable of $68.9 million, $0.0 million, $29.0 million and $1.1 million, respectively, as of September 30, 2026, and $65.2 million, $1.5 million, $20.0 million and $1.4 million, respectively, as of December 31, 2025.

Financing Receivables Credit Monitoring

Commercial Mortgage Loan Credit Risk Profile Based on Internal Rating

We actively monitor and manage our commercial mortgage loan portfolios. All commercial mortgage loans are analyzed regularly and substantially all are internally rated, based on a proprietary risk rating cash flow model, in order to monitor the financial quality of these assets. The models stress expected cash flows at various levels and at different points in time depending on the durability of the income stream, which includes our assessment of factors such as location (macro and micro markets), tenant quality and lease expirations. Our internal rating analysis presents expected losses in terms of an S&P Global (“S&P”) bond equivalent rating for domestic commercial mortgage loans. As the credit risk for commercial mortgage loans increases, we adjust our internal ratings downward with loans in the category “B+ and below” having the highest risk for credit loss. Internal ratings on commercial mortgage loans are updated at least annually and potentially more often for certain investments with material changes in collateral value or occupancy and for investments on an internal “watch list”.

Commercial mortgage loans that require more frequent and detailed attention are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests. Prior to third quarter 2026, a similar process was used to monitor and manage Chilean commercial mortgage loans and direct financing leases, which used a Feller rate equivalent for internal rating analysis.

Residential Mortgage Loan Credit Risk Profile Based on Performance Status

Our residential mortgage loan portfolio is monitored based on performance of the loans. Monitoring on a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of potential impairment. We define non-performing domestic residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status. Prior to third quarter 2026, we defined non-performing residential first lien mortgages in the Chilean market as loans that had missed a specified number of coupon payments based on the nature of the loans and collection practices in that market.

Other Loans Credit Risk Profile Based on Performance Status

Our other loans are monitored based on performance of the loans. Monitoring on other loans increases when the loan is delinquent or earlier if there is an indication of potential impairment.

Non-Accrual Financing Receivables

Financing receivables are placed on non-accrual status if we have concern regarding the collectability of future payments or if a financing receivable has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow for commercial mortgage loans and direct financing leases or number of days past due and other circumstances for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal, against the valuation allowance or according to the contractual terms. When a financing receivable is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. Prior to third quarter 2026, financing receivables in the Chilean market were carried on accrual for a longer period of delinquency than domestic financing receivables, as assessment of collectability was based on the nature of the financing receivables and collection practices in that market.

The amortized cost of financing receivables on non-accrual status was as follows:


		September 30, 2026
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	58.4		$	149.6		$	—
Residential mortgage loans			19.9			15.1			8.3
Other loans			6.4			7.6			7.6
Total		$	84.7		$	172.3		$	15.9


		December 31, 2025
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	70.5		$	58.4		$	—
Residential mortgage loans			15.6			19.9			7.0
Other loans			—			6.4			6.4
Total		$	86.1		$	84.7		$	13.4

Interest income recognized on non-accrual financing receivables was as follows:


		For the three months ended September 30,					For the nine months ended September 30,
		2026		2025			2026			2025

		(in millions)
Commercial mortgage loans		$	1.2	$	—		$	1.7		$	0.8
Residential mortgage loans			0.2		0.2			0.5			0.5
Total		$	1.4	$	0.2		$	2.2		$	1.3

The aging of our financing receivables, based on amortized cost, was as follows:

 

September 30, 2026

 

Amortized

90 days or

cost 90 days

30-59 days

60-89 days

more past

Total past

or more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

—

149.6

15,204.1

15,353.7

—

Residential mortgage loans (2)

21.8

2.8

15.0

39.6

5,262.7

5,302.3

6.6

Other loans

1.6

1.7

9.3

12.6

71.6

84.2

1.7

Total

23.4

4.5

173.9

201.8

20,538.4

20,740.2

8.3


		December 31, 2025
																				Amortized
								90 days or												cost 90 days
		30-59 days			60-89 days			more past			Total past									or more and
		past due			past due			due			due			Current			Total (1)			accruing

		(in millions)
Commercial mortgage loans		$	5.9		$	1.4		$	101.0		$	108.3		$	16,409.8		$	16,518.1		$	42.6
Direct financing leases			3.9			0.9			—			4.8			571.7			576.5			—
Residential mortgage loans (2)			64.8			20.3			26.3			111.4			4,586.5			4,697.9			12.1
Other loans			2.3			1.5			8.4			12.2			173.7			185.9			2.0
Total		$	76.9		$	24.1		$	135.7		$	236.7		$	21,741.7		$	21,978.4		$	56.7

(1)	As of both September 30, 2026 and December 31, 2025, no reinsurance recoverables or deposit receivables were considered past due.

(2)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Financing Receivables Valuation Allowance

We establish a valuation allowance to provide for the risk of credit losses inherent in our financing receivables. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost excluding accrued interest receivable and includes reserves for pools of financing receivables with similar risk characteristics. We do not measure a credit loss allowance on accrued interest receivable because we write off the uncollectible accrued interest receivable balance to net investment income in a timely manner, generally within 90 days domestically.

For commercial and residential mortgage loans, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks in the portfolio, adverse situations that may affect a borrower’s ability to repay, the estimated value of the underlying collateral, composition of the portfolio, portfolio delinquency information, underwriting standards, peer group information, current and forecasted economic conditions, loss experience and other relevant factors. For reinsurance recoverables and deposit receivables, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks, adverse situations that may affect a reinsurer’s ability to repay, current and forecasted economic conditions, industry loss experience and other relevant factors.

Our commercial mortgage loans are pooled by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historical loss experience for each risk rating level as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for two years or less with immediate reversion to historical experience. A commercial mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic commercial mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually.

We estimate expected credit losses for certain commercial mortgage loan commitments where we have a contractual obligation to extend credit. The expected credit losses are estimated based on the commercial mortgage loan valuation allowance process described previously, adjusted for probability of funding. The estimated expected credit losses for commercial mortgage loan commitments are reported in other liabilities on the consolidated statements of financial position. The change in the credit loss liability for commitments is included in net realized capital gains (losses) on the consolidated statements of operations. Once funded, expected credit losses for commercial mortgage loans are included within the commercial mortgage loan valuation allowance described previously.

We evaluate residential mortgage loans based on aggregated risk factors and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present and forecasted conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. A residential mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic residential mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually.

Prior to third quarter 2026, we had a valuation allowance for commercial mortgage loans, direct financing leases and residential mortgage loans in the Chilean market that was determined as described above, considering collection practices in the Chilean market and the nature of the loan or lease. The allowance for direct financing leases was also adjusted for the residual value of the leased assets.

As discussed previously, commercial and residential mortgage loans are evaluated individually if the asset does not continue to share similar risk characteristics of a pool. When we determine a commercial or residential mortgage loan is probable of foreclosure, a valuation allowance is established equal to the difference between the carrying amount of the mortgage loan and the estimated value of the collateral reduced by the cost to sell or for certain residential mortgage loans, the present value of the loan’s expected future cash flows. For certain commercial mortgage loans where repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we elect to establish a valuation allowance equal to the difference between the carrying amount of the mortgage loan and the estimated value of the real estate collateral, which may be reduced by the cost to sell. Estimated value may also be based on either the present value of the expected future cash flows discounted at the asset’s effective interest rate or the asset’s observable market price. Subsequent changes in the estimated value are reflected in the valuation allowance. Amounts on financing receivables deemed to be uncollectible are charged off and removed from the valuation allowance. The change in the valuation allowance is included in net realized capital gains (losses) on the consolidated statements of operations.

Our reinsurance recoverables and deposit receivable are pooled by reinsurer risk rating with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon industry historical loss experience and expected recovery timing as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for five years or less with immediate reversion to industry historical experience. A reinsurance recoverable or deposit receivable is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any reinsurance recoverable or deposit receivable based on past due payments and changes in reinsurer risk ratings. The change in the valuation allowance for reinsurance recoverables and deposit receivable is included in benefits, claims and settlement expenses on the consolidated statements of operations.

A rollforward of our valuation allowance was as follows:

For the three months ended September 30, 2026

Commercial

Direct

Residential

Reinsurance

 

mortgage loans

 

financing leases

 

mortgage loans

 

recoverables

 

Total

(in millions)

Beginning balance

169.4

8.0

14.7

3.1

195.2

Provision

25.3

0.2

4.5

0.1

30.1

Deconsolidated entities (1)

(1.1)

(8.1)

(1.8)

—

(11.0)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

193.6

—

17.4

3.2

214.2

Accrued interest income written off to net investment income

—


	For the three months ended September 30, 2025
	Commercial		Direct		Residential		Reinsurance
	mortgage loans		financing leases		mortgage loans		recoverables		Total

	(in millions)
Beginning balance	$	196.1	$	3.1	$	14.5	$	3.2	$	216.9
Provision		8.5		4.5		4.2		0.1		17.3
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		0.1		—		—		—		0.1
Foreign currency translation adjustment		(0.1)		(0.1)		(0.1)		—		(0.3)
Ending balance	$	204.6	$	7.5	$	18.4	$	3.3	$	233.8

Accrued interest income written off to net investment income	$	—	$	—	$	—	$	—	$	—

For the nine months ended September 30, 2026

Commercial

Direct

Residential

Reinsurance

 

mortgage loans

 

financing leases

 

mortgage loans

 

recoverables

 

Total

(in millions)

Beginning balance

187.4

8.9

16.6

3.2

216.1

Provision

37.5

(0.5)

2.6

—

39.6

Charge-offs

(30.2)

—

(30.2)

Deconsolidated entities (1)

(1.1)

(8.1)

(1.8)

—

(11.0)

Foreign currency translation adjustment

—

(0.3)

—

(0.3)

Ending balance

193.6

—

17.4

3.2

214.2

Accrued interest income written off to net investment income

0.5

—

0.5


		For the nine months ended September 30, 2025
		Commercial			Direct			Residential			Reinsurance
		mortgage loans			financing leases			mortgage loans			recoverables			Total

		(in millions)
Beginning balance		$	188.6		$	3.0		$	7.3		$	3.3		$	202.2
Provision			16.7			4.4			6.6			—			27.7
Charge-offs			(1.3)			—			(0.3)			—			(1.6)
Recoveries			0.5			—			4.8			—			5.3
Foreign currency translation adjustment			0.1			0.1			—			—			0.2
Ending balance		$	204.6		$	7.5		$	18.4		$	3.3		$	233.8

Accrued interest income written off to net investment income		$	0.3		$	—		$	—		$	—		$	0.3

(1)	Relates to the disposition of our Chilean annuities business in third quarter 2026.

For both the three and nine months ended September 30, 2026 and 2025, no allowance was recorded for other loans.

Mortgage Loans

We periodically purchase mortgage loans as well as sell mortgage loans we have originated. Mortgage loans purchased and sold were as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commercial mortgage loans:

Purchased (1)

141.2

1.4

265.8

71.7

Sold (2)

—

0.1

356.6

109.3

Residential mortgage loans:

Purchased

716.7

376.7

1,601.5

1,027.6

Sold

12.1

11.1

22.6

20.9

(1)	2026 primarily includes loans purchased within the general account to align with diversification, risk-return and long-term asset-liability management objectives.

(2)	Includes $0.0 million and $300.6 million of mortgage loans that were previously held for sale within the funds withheld assets for the three and nine months ended September 30, 2026, respectively.

Commercial Mortgage Loans

Our commercial mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:


		September 30, 2026					December 31, 2025
		Amortized			Percent		Amortized			Percent
		cost			of total		cost			of total

		($ in millions)
Geographic distribution
New England		$	388.5		2.5	%	$	440.8		2.7	%
Middle Atlantic			4,593.6		29.9			4,402.6		26.6
East North Central			594.3		3.9			463.2		2.8
West North Central			274.0		1.8			284.4		1.7
South Atlantic			2,732.2		17.8			3,068.4		18.6
East South Central			291.2		1.9			366.4		2.2
West South Central			1,396.4		9.1			1,422.2		8.6
Mountain			1,290.4		8.4			1,217.9		7.4
Pacific			3,793.1		24.7			4,327.1		26.2
International			—		—			525.1		3.2
Total		$	15,353.7		100.0	%	$	16,518.1		100.0	%

Property type distribution
Office		$	2,504.6		16.3	%	$	2,798.3		16.9	%
Retail			1,484.1		9.7			1,580.0		9.6
Industrial			4,267.8		27.8			4,288.0		26.0
Apartments			6,406.8		41.7			6,976.9		42.2
Hotel			30.2		0.2			31.0		0.2
Mixed use/other			660.2		4.3			843.9		5.1
Total		$	15,353.7		100.0	%	$	16,518.1		100.0	%

Residential Mortgage Loans

Our residential mortgage loan portfolio is diversified by geographic region as follows:


		September 30, 2026					December 31, 2025
		Amortized			Percent of		Amortized			Percent of
		cost			total		cost			total

		($ in millions)
Geographic distribution
New England		$	216.9		4.1	%	$	158.0		3.4	%
Middle Atlantic			483.2		9.1			365.8		7.8
East North Central			284.7		5.4			212.6		4.5
West North Central			127.4		2.4			95.3		2.0
South Atlantic			1,160.1		21.9			834.0		17.8
East South Central			190.2		3.6			124.5		2.7
West South Central			605.9		11.4			459.1		9.8
Mountain			805.1		15.2			667.8		14.2
Pacific			1,428.8		26.9			1,349.4		28.6
International			—		—			431.4		9.2
Total (1)		$	5,302.3		100.0	%	$	4,697.9		100.0	%

(1)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Mortgage Loan Modifications

Our commercial and residential mortgage loan portfolios include loans that have been modified. We assess loan modifications that are related to our borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension (or a combination thereof). Generally, an assessment of whether a borrower is experiencing financial difficulty is made on the date of the modification.

The financing receivables valuation allowance utilizes an estimate of lifetime expected credit losses and it is recorded on each loan upon origination or acquisition. The starting point for the estimate of the valuation allowance is historical loss information, which includes losses from modification of receivables to borrowers experiencing financial difficulty. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the valuation allowance because of the measurement methodologies used to estimate the allowance, a change to the valuation allowance is generally not recorded upon modification.

Occasionally, a modification of a loan from a borrower experiencing financial difficulty is in the form of principal forgiveness. When principal forgiveness is provided as a modification, the amount of the principal forgiven is deemed uncollectible. Therefore, that portion of the loan is written off, which results in a reduction of the amortized cost and a corresponding adjustment to the valuation allowance.

In some cases, we modify a loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness may be granted.

We did not have any significant mortgage loans that were modified for both the three and nine months ended September 30, 2026 and 2025.

Securities Posted as Collateral

As of September 30, 2026 and December 31, 2025, we posted $6,669.5 million and $6,587.5 million, respectively, in commercial mortgage loans and residential first lien mortgages to satisfy collateral requirements associated with our obligation under funding agreements with Federal Home Loan Bank of Des Moines (“FHLB Des Moines”). In addition, as of September 30, 2026 and December 31, 2025, we posted $3,797.4 million and $3,610.4 million, respectively, in fixed maturities, available-for-sale and trading securities to satisfy collateral requirements primarily associated with a reinsurance arrangement, our derivative credit support annex (collateral) agreements, Futures Commission Merchant (“FCM”) agreements, a lending arrangement and our obligation under funding agreements with FHLB Des Moines. Since we did not relinquish ownership rights on these instruments, they are reported as mortgage loans, fixed maturities, available-for-sale and fixed maturities, trading, respectively, on our consolidated statements of financial position. Of the securities posted as collateral, as of September 30, 2026 and December 31, 2025, $534.1 million and $485.0 million, respectively, could be sold or repledged by the secured party.

Balance Sheet Offsetting

Financial assets subject to master netting agreements or similar agreements were as follows:


					Gross amounts not offset in the
					consolidated statements of financial
					position
		Gross amount of
		recognized			Financial
		assets (1)			instruments (2)			Collateral received			Net amount

		(in millions)
September 30, 2026
Derivative assets		$	1,803.3		$	(378.2)		$	(1,423.0)		$	2.1
Reverse repurchase agreements			23.5			—			(23.5)			—
Total		$	1,826.8		$	(378.2)		$	(1,446.5)		$	2.1

December 31, 2025
Derivative assets		$	1,224.5		$	(331.7)		$	(881.6)		$	11.2
Reverse repurchase agreements			57.5			—			(57.5)			—
Total		$	1,282.0		$	(331.7)		$	(939.1)		$	11.2

(1)

The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial liabilities subject to master netting agreements or similar agreements were as follows:

Gross amounts not offset in the

consolidated statements of financial

position

Gross amount of

recognized

Financial

 

liabilities (1)

 

instruments (2)

 

Collateral pledged

 

Net amount

(in millions)

September 30, 2026

Derivative liabilities

673.6

(378.2)

(284.6)

10.8

December 31, 2025

Derivative liabilities

552.0

(331.7)

(209.1)

11.2

(1)

The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

The financial instruments that are subject to master netting agreements or similar agreements include right of setoff provisions. Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral or variation margin provisions, which are generally settled daily with each counterparty. See Note 5, Derivative Financial Instruments, for further details.

Repurchase and reverse repurchase agreements include provisions to setoff other repurchase and reverse repurchase balances with the same counterparty. Repurchase and reverse repurchase agreements also include collateral provisions with the counterparties. For reverse repurchase agreements we require the counterparties to pledge collateral with a value greater than the amount of cash transferred. We have the right but do not sell or repledge collateral received in reverse repurchase agreements. Repurchase agreements are structured as secured borrowings for all counterparties. We pledge fixed maturities available-for-sale, which the counterparties have the right to sell or repledge. Interest incurred on repurchase agreements is reported as part of operating expenses on the consolidated statements of operations. Net proceeds related to repurchase agreements are reported as a component of financing activities on the consolidated statements of cash flows. We did not have any outstanding repurchase agreements as of September 30, 2026 and December 31, 2025.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Operating activities
Net cash provided by operating activities	$ 3,791.2	$ 2,793.0
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(14,409.7)	(10,083.6)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	4,193.8	4,128.5
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	6,802.6	5,784.8
Mortgage loans acquired or originated	(3,113.5)	(2,671.8)
Mortgage loans sold or repaid	2,443.9	2,384.6
Real estate acquired	(105.2)	(88.3)
Real estate sold	108.7	152.4
Net purchases of property and equipment	(148.5)	(63.6)
Purchase of business or interests in subsidiaries, net of cash acquired	(418.1)
Sale of interests in subsidiaries, net of cash divested	260.1
Net change in other investments	(418.4)	(577.6)
Net cash provided by (used in) investing activities	(4,804.3)	(1,034.6)
Financing activities
Issuance of common stock	91.8	33.6
Acquisition of treasury stock	(743.7)	(627.3)
Payments for financing element derivatives	(28.0)	(31.5)
Purchase of subsidiary shares from noncontrolling interest	(0.3)	(4.3)
Dividends to common stockholders	(528.8)	(511.6)
Issuance of long-term debt	394.9
Principal repayments of long-term debt	(0.1)	(400.1)
Net proceeds from (repayments of) short-term borrowings	163.2	(22.1)
Investment contract deposits	9,216.2	8,819.1
Investment contract withdrawals	(7,934.2)	(8,207.9)
Net increase (decrease) in banking operation deposits	401.8	120.0
Other		(1.1)
Net cash provided by (used in) financing activities	1,032.8	(833.2)
Net increase (decrease) in cash and cash equivalents	19.7	925.2
Cash and cash equivalents at beginning of period	4,431.0	4,211.9
Cash and cash equivalents at end of period	$ 4,450.7	5,137.1
Supplemental disclosure of non-cash activities:
Assets received in kind from pension risk transfer transactions		152.7
Pre-capitalized contingent funding agreement exercise:
Increase in fixed maturities, trading		388.3
Increase in long-term debt, net of discount		(388.3)
Changes resulting from deconsolidation of an investment:
Decrease in mortgage loans		(140.6)
Decrease in short-term debt		54.0
Decrease in long-term debt		$ 86.7

Employee and Agent Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	$ 15.8	$ 14.8	$ 47.3	$ 44.5
Interest cost	$ 43.2	$ 43.4	$ 129.5	$ 130.2
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (45.9)	$ (43.0)	$ (137.7)	$ (129.0)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service benefit	$ (3.7)	$ (3.9)	$ (11.2)	$ (11.4)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ 6.7	$ 8.7	$ 20.0	$ 26.1
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Settlement			$ 2.6
Net periodic benefit cost (income)	$ 16.1	$ 20.0	50.5	$ 60.4
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 0.7	$ 0.8	$ 2.1	$ 2.3
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (1.2)	$ (1.2)	$ (3.7)	$ (3.5)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service benefit	$ (0.3)	$ (0.2)	$ (0.8)	$ (0.8)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ (0.5)	$ (0.4)	$ (1.5)	$ (1.1)
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ (1.3)	$ (1.0)	$ (3.9)	$ (3.1)

Segment Information - Revenues from exited business (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Revenues from exited business:

Change in fair value of funds withheld embedded derivative

$ 818.2

$ (265.9)

$ 891.2

$ (455.3)

Net realized capital gains (losses) on funds withheld assets

^[1]

(17.0)

(0.2)

(15.7)

31.5

Reconciling items

Revenues from exited business:

Change in fair value of funds withheld embedded derivative

818.2

(265.9)

891.2

(455.3)

Net realized capital gains (losses) on funds withheld assets

(17.0)

(0.2)

(15.7)

31.5

Amortization of reinsurance gain

0.4

0.5

1.7

1.6

Other impacts of exited business

(284.8)

(5.7)

(298.6)

(21.2)

Total revenues from exited business

$ 516.8

$ (271.3)

$ 578.6

$ (443.4)

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	147.1	155.4	479.6	449.3
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	324.9	303.9	913.8	885.4
Total fees and other revenues per consolidated statements of operations	472.0	459.3	1,393.4	1,334.7
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	521.2	532.5	1,575.1	1,566.8
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	15.4	27.0	46.2	78.5
Operating Segments \| Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	68.7	64.9	208.4	181.0
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	(66.7)	(81.4)	(205.3)	(238.4)
Total fees and other revenues per consolidated statements of operations	2.0	(16.5)	3.1	(57.4)
Operating Segments \| Investment Management \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	436.3	448.6	1,309.5	1,308.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	14.3	8.9	32.4	21.5
Total fees and other revenues per consolidated statements of operations	450.6	457.5	1,341.9	1,329.9
Operating Segments \| International Pension \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	90.6	88.7	282.9	272.5
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1.0	5.7	3.0	8.4
Total fees and other revenues per consolidated statements of operations	91.6	94.4	285.9	280.9
Operating Segments \| Specialty Benefits \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	3.3	4.0	10.6	11.7
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	4.7	4.4	13.2	13.1
Total fees and other revenues per consolidated statements of operations	8.0	8.4	23.8	24.8
Operating Segments \| Life Insurance \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	12.2	23.1	35.7	66.9
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	95.8	89.7	287.6	271.1
Total fees and other revenues per consolidated statements of operations	108.0	112.8	323.3	338.0
Operating Segments \| Benefits And Protection Eliminations \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(0.1)	(0.1)	(0.1)	(0.1)
Operating Segments \| Principal Asset Management Eliminations \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(5.7)	(4.8)	(17.3)	(14.1)
Reconciling items
Revenues from Contracts with Customers - Disaggregation of Revenues
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	374.1	331.2	1,044.7	961.1
Pre-tax other adjustments	$ 17.6	$ 17.7	$ 53.4	$ 52.3

Separate Account Balances - Benefits and Protection (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Changes in separate account liabilities
Balance at beginning of period	$ 193,622.6
Balance at end of period	194,816.2	$ 193,622.6
Benefits and Protection \| Life Insurance \| Universal life
Changes in separate account liabilities
Balance at beginning of period	7,807.9	6,806.7
Premiums and deposits	422.8	572.7
Policy charges	(104.9)	(135.4)
Surrenders, withdrawals and benefit payments	(355.0)	(374.4)
Investment performance	536.8	938.5
Net transfers (to) from general account	21.6	(0.2)
Balance at end of period	8,329.2	7,807.9
Cash surrender value	$ 8,406.7	$ 7,873.6

Stock-Based Compensation Plans - Expense (Details) - Stock-Based Compensation Plans - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 105.9	$ 92.6
Related income tax benefit	24.7	21.1
Capitalized as part of an asset	$ 0.9	$ 0.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions

Common stock

Additional paid-in capital

Retained earnings (accumulated losses)

Accumulated other comprehensive income (loss)

Treasury stock

Noncontrolling interest

Total

Balances at Dec. 31, 2024

$ 4.9

$ 11,100.9

$ 17,583.5

$ (5,224.8)

$ (12,378.1)

$ 44.9

$ 11,131.3

Increase (decrease) in stockholders' equity

Common stock issued

0.1

33.5

33.6

Stock-based compensation

103.9

(10.0)

0.3

94.2

Treasury stock acquired, common

(623.3)

Dividends to common stockholders

(511.6)

Distributions to noncontrolling interest

(3.9)

Contributions from noncontrolling interest

4.2

Purchase of subsidiary shares from noncontrolling interest

^[1]

0.2

Net income (loss)

^[1]

668.1

6.4

674.5

Other comprehensive income (loss)

^[1]

918.2

0.5

918.7

Balances at Sep. 30, 2025

5.0

11,238.5

17,730.0

(4,306.6)

(13,001.4)

52.4

11,717.9

Balances at Jun. 30, 2025

5.0

11,202.6

17,692.6

(4,713.3)

(12,771.6)

52.0

11,467.3

Increase (decrease) in stockholders' equity

Common stock issued

6.3

Stock-based compensation

29.6

(3.5)

0.1

26.2

Treasury stock acquired, common

(229.8)

Dividends to common stockholders

(172.9)

Distributions to noncontrolling interest

(1.1)

Contributions from noncontrolling interest

0.1

Net income (loss)

^[1]

213.8

1.7

215.5

Other comprehensive income (loss)

^[1]

406.7

(0.4)

406.3

Balances at Sep. 30, 2025

5.0

11,238.5

17,730.0

(4,306.6)

(13,001.4)

52.4

11,717.9

Balances at Dec. 31, 2025

5.0

11,275.4

18,071.3

(4,188.4)

(13,279.4)

33.1

11,917.0

Increase (decrease) in stockholders' equity

Common stock issued

91.8

Stock-based compensation

116.7

(10.9)

105.8

Treasury stock acquired, common

(741.4)

Dividends to common stockholders

(528.8)

Distributions to noncontrolling interest

(1.6)

Contributions from noncontrolling interest

2.9

Purchase of subsidiary shares from noncontrolling interest

^[1]

(0.3)

Noncontrolling interest of deconsolidated entities

(0.1)

Net income (loss)

^[1]

1,459.9

0.9

1,460.8

Other comprehensive income (loss)

^[1]

(454.6)

(1.2)

(455.8)

Balances at Sep. 30, 2026

5.0

11,483.6

18,991.5

(4,643.0)

(14,020.8)

34.0

11,850.3

Balances at Jun. 30, 2026

5.0

11,429.0

18,542.2

(4,065.8)

(13,767.6)

35.0

12,177.8

Increase (decrease) in stockholders' equity

Common stock issued

22.8

Stock-based compensation

31.8

(3.8)

28.0

Treasury stock acquired, common

(253.2)

Dividends to common stockholders

(178.8)

Distributions to noncontrolling interest

(0.1)

Contributions from noncontrolling interest

0.1

Noncontrolling interest of deconsolidated entities

(0.1)

Net income (loss)

^[1]

631.9

(0.1)

631.8

Other comprehensive income (loss)

^[1]

(577.2)

(0.8)

(578.0)

Balances at Sep. 30, 2026

$ 5.0

$ 11,483.6

$ 18,991.5

$ (4,643.0)

$ (14,020.8)

$ 34.0

$ 11,850.3

[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 16, Stockholders’ Equity, for further details.

Revenues from Contracts with Customers - Disaggregation within Segments, Principal Asset Management, Investment Management (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,144.1	$ 1,128.7	$ 3,407.4	$ 3,289.0
Premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Net investment income	1,160.8	1,200.5	3,661.6	3,529.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	752.4	779.8	2,309.3	2,275.6
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	521.2	532.5	1,575.1	1,566.8
Operating Segments \| Principal Asset Management \| Investment Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	436.3	448.6	1,309.5	1,308.4
Fees and other revenues not within the scope of revenue recognition guidance	14.3	8.9	32.4	21.5
Total fees and other revenues	450.6	457.5	1,341.9	1,329.9
Net investment income	26.2	26.4	73.3	74.9
Total operating revenues	476.8	483.9	1,415.2	1,404.8
Operating Segments \| Principal Asset Management \| Investment Management \| Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	394.9	409.5	1,190.3	1,186.7
Operating Segments \| Principal Asset Management \| Investment Management \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ 41.4	$ 39.1	$ 119.2	$ 121.7

Derivative Financial Instruments - Notional (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative Financial Instruments, exposure
Notional amount	$ 117,544.5	$ 107,309.8
Gross credit exposure	1,814.7	1,232.0
Less: collateral received	1,473.2	923.7
Net credit exposure	341.5	308.3
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	4,528.0	3,578.0
Gross credit exposure	16.1	4.0
Interest rate swaps
Derivative Financial Instruments, exposure
Notional amount	64,224.9	60,267.1
Gross credit exposure	4.7	13.2
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	2,743.3	1,994.7
Interest rate forwards
Derivative Financial Instruments, exposure
Notional amount	1,837.0	1,687.0
Gross credit exposure		1.1
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	4,127.6	3,538.7
Gross credit exposure	152.1	190.0
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	928.4	914.6
Gross credit exposure	31.6	30.0
Equity options
Derivative Financial Instruments, exposure
Notional amount	9,170.8	7,449.3
Gross credit exposure	1,575.6	971.5
Total return swaps
Derivative Financial Instruments, exposure
Gross credit exposure	16.5	18.8
Total return swaps \| Equity contracts
Derivative Financial Instruments, exposure
Gross credit exposure	14.9
Equity futures
Derivative Financial Instruments, exposure
Notional amount	2,260.4	1,699.1
Equity total return swaps \| Equity contracts
Derivative Financial Instruments, exposure
Notional amount	858.5	499.6
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	702.9	531.0
Credit default swaps \| Credit contracts
Derivative Financial Instruments, exposure
Gross credit exposure	3.2	3.4
Credit total return swaps \| Credit contracts
Derivative Financial Instruments, exposure
Notional amount	500.0	500.0
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 25,662.7	$ 24,650.7

Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Fixed maturities, trading	$ 1,148.7	$ 1,243.8
Equity securities	2,574.0	2,237.3
Mortgage loans	20,425.1	21,008.3
Real estate	2,373.0	2,409.7
Other investments	9,815.3	9,775.0
Other investments measured at fair value under fair value option	62.0	167.1
Cash and cash equivalents	4,450.7	4,431.0
Accrued investment income	929.5	870.9
Separate account assets	194,816.2	193,622.6
Short-term debt	177.6	27.7
Separate account liabilities	194,816.2	193,622.6
Other liabilities	14,795.2	13,601.6
Redeemable noncontrolling interest	$ 426.6	$ 474.3
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	499,554,595	496,884,232
Common stock, outstanding (in shares)	212,765,660	217,380,912
Treasury stock (in shares)	286,788,935	279,503,320
Aggregate consolidated variable interest entities
Fixed maturities, trading	$ 260.8	$ 185.0
Equity securities	401.1	428.6
Mortgage loans	664.2	726.5
Real estate	850.6	819.4
Other investments	674.7	838.4
Cash and cash equivalents	101.4	89.1
Accrued investment income	42.9	43.8
Separate account assets	40,182.8	41,450.5
Short-term debt	28.0	0.0
Separate account liabilities	40,182.8	41,450.5
Other liabilities	129.2	69.4
Redeemable noncontrolling interest	$ 414.3	$ 440.9

Earnings Per Common Share

9 Months Ended

Sep. 30, 2026

Earnings Per Common Share

Earnings Per Common Share

21. Earnings Per Common Share

The computations of the basic and diluted per share amounts were as follows:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions, except per share data)
Net income		$	597.1		$	233.9		$	1,440.3		$	730.3
Subtract:
Net income (loss) attributable to noncontrolling interest			(34.8)			20.1			(19.6)			62.2
Total		$	631.9		$	213.8		$	1,459.9		$	668.1
Weighted-average shares outstanding:
Basic			213.9			222.4			215.7			224.1
Dilutive effects:
Restricted stock units			2.3			1.9			2.1			1.8
Stock options			0.4			0.6			0.5			0.6
Performance share awards			0.3			0.3			0.3			0.3
Diluted			216.9			225.2			218.6			226.8
Net income per common share:
Basic		$	2.95		$	0.96		$	6.77		$	2.98
Diluted		$	2.91		$	0.95		$	6.68		$	2.95

The calculation of diluted earnings per share for the three and nine months ended September 30, 2026 and 2025, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. When a net loss is reported, our basic weighted-average shares are used to calculate diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.

Revenues from Contracts with Customers

9 Months Ended

Sep. 30, 2026

Revenues from Contracts with Customers

Revenues from Contracts with Customers

19. Revenues from Contracts with Customers

The following tables summarize disaggregation of revenues from contracts with customers, including select financial information by segment, and reconcile totals to those reported in the consolidated financial statements. Revenues from contracts with customers are included in fees and other revenues on the consolidated statements of operations.

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Revenue from contracts with customers by segment:

Retirement and Income Solutions

147.1

155.4

479.6

449.3

Principal Asset Management:

Investment Management

436.3

448.6

1,309.5

1,308.4

International Pension

90.6

88.7

282.9

272.5

Eliminations

(5.7)

(4.8)

(17.3)

(14.1)

Total Principal Asset Management

521.2

532.5

1,575.1

1,566.8

Benefits and Protection:

Specialty Benefits

3.3

4.0

10.6

11.7

Life Insurance

12.2

23.1

35.7

66.9

Eliminations

(0.1)

(0.1)

(0.1)

(0.1)

Total Benefits and Protection

15.4

27.0

46.2

78.5

Corporate

68.7

64.9

208.4

181.0

Total segment revenue from contracts with customers

752.4

779.8

2,309.3

2,275.6

Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)

374.1

331.2

1,044.7

961.1

Pre-tax other adjustments (2)

17.6

17.7

53.4

52.3

Total fees and other revenues per consolidated statements of operations

1,144.1

1,128.7

3,407.4

3,289.0

(1)	Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2)	Pre-tax other adjustments relate to revenues from exited business, actuarial assumption review, certain variable annuity fees and market value adjustments to fee revenues.

Retirement and Income Solutions

Retirement and Income Solutions offers service and trust agreements for defined contribution retirement plans, including 401(k) plans, 403(b) plans, and employee stock ownership plans. The investment components of these service agreements are in the form of mutual fund offerings. In addition, plan sponsor retirement plan trust and custody services are also available through our trust company. Individual retirement accounts (“IRAs”) are offered through Principal Bank. Furthermore, services and trust agreements are offered to non-retirement customers including insurance companies, endowments and other financial institutions.

Administrative service fee revenues are earned for administrative activities performed for the defined contribution retirement plans including recordkeeping and reporting as well as trust and custody, asset management and investment services. Administrative service fee revenues are earned for administrative activities performed for non-retirement plan customers including trust and custody services, defined benefit administration and investment management activities. The majority of these activities are performed daily over time. Fee-for-service transactions are also provided upon client request. These services are considered distinct or grouped into a bundle until a distinct performance obligation is identified. Some performance obligations are considered a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer.

Administrative service fee revenues can be based on a fixed contractual rate for these services or can be variable based upon contractual rates applied to the market value of the client’s investments or assets under administration. If the consideration for this series of performance obligations is based on market value, it is considered variable during the billing period as the services are performed over time. The consideration becomes unconstrained and thus recognized as revenue for each billing period’s series of distinct services once the market value of the client’s investments or assets under administration is determined at market close. Additionally, fixed fees and other revenues are recognized point-in-time as fee-for-service transactions upon completion.

IRAs are primarily funded by retirement savings rolled over from qualified retirement plans. The IRAs are held in savings accounts, money market accounts and certificates of deposit. Deposit account fee revenues are earned as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. Additionally, commission income is earned on advisory services provided to customers. The revenues are earned over time as the service is performed based upon contractual rates applied to the market value of the clients’ portfolios.

The types of revenues from contracts with customers were as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Administrative service fee revenue

141.1

150.5

462.5

435.3

Deposit account fee revenue

3.6

3.3

10.6

9.9

Commission income

2.4

1.6

6.5

4.1

Total revenues from contracts with customers

147.1

155.4

479.6

449.3

Fees and other revenues not within the scope of revenue recognition guidance

324.9

303.9

913.8

885.4

Total fees and other revenues

472.0

459.3

1,393.4

1,334.7

Premiums and other considerations

889.6

566.5

1,549.4

1,824.0

Net investment income

932.8

860.4

2,752.0

2,521.0

Total operating revenues

2,294.4

1,886.2

5,694.8

5,679.7

Principal Asset Management

Fees and other revenues earned for asset management, investment advisory and distribution services provided to institutional and retail clients in addition to trustee and/or administrative services performed for retirement savings plans. Fees are based largely upon contractual rates applied to the specified amounts of the clients’ portfolios. Each service is a distinct performance obligation; however, if the services are not distinct on their own, we combine them into a distinct bundle or we have a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Fees and other revenues received for performance obligations such as asset management and other services are typically recognized over time utilizing the output method as the service is performed. Performance fees and transaction fees on certain accounts are recognized in income when the probability of significant reversal will not occur upon resolution of the uncertainty, which could be based on a variety of factors such as market performance or other internal metrics. Asset management fees are accrued each month based on the fee terms within the applicable agreement and are generally billed quarterly when values used for the calculation are available. Management fees and performance fees are variable consideration as they are subject to fluctuation based on assets under management (“AUM”) and other constraints. These fees are not recognized until unconstrained at the end of each reporting period.

Incentive-based fees are recognized in income when the probability of significant reversal will not occur upon the resolution of the uncertainty, which is based on market performance.

Fees for managing customers’ mandatory retirement savings accounts in Chile are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these contracts as services are performed over the life of the contract and review annually.

The types of revenues from contracts with customers were as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Investment Management:

Management fee revenue

394.9

409.5

1,190.3

1,186.7

Other fee revenue

41.4

39.1

119.2

121.7

Total revenues from contracts with customers

436.3

448.6

1,309.5

1,308.4

Fees and other revenues not within the scope of revenue recognition guidance

14.3

8.9

32.4

21.5

Total fees and other revenues

450.6

457.5

1,341.9

1,329.9

Net investment income

26.2

26.4

73.3

74.9

Total operating revenues

476.8

483.9

1,415.2

1,404.8

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

International Pension:

Management fee revenue

86.7

85.2

271.2

262.0

Other fee revenue

3.9

3.5

11.7

10.5

Total revenues from contracts with customers

90.6

88.7

282.9

272.5

Fees and other revenues not within the scope of revenue recognition guidance

1.0

5.7

3.0

8.4

Total fees and other revenues

91.6

94.4

285.9

280.9

Premiums and other considerations

(0.1)

0.5

(0.4)

6.1

Net investment income

84.7

153.1

438.7

439.6

Total operating revenues

176.2

248.0

724.2

726.6

Benefits and Protection

Fees and other revenues are earned for administrative services performed including recordkeeping and reporting services for fee-for-service products, nonqualified benefit plans, separate accounts and dental networks. Services within contracts are not distinct on their own; however, we combine the services into a distinct bundle and account for the bundle as a single performance obligation, which is satisfied over time utilizing the output method as services are rendered. The transaction price corresponds with the performance completed to date, for which the value is recognized as revenue during the period. Variability of consideration is resolved at the end of each period and payments are due when billed.

Beginning in 2026, commission income earned through sponsored brokerage services is reported within the Corporate segment due to affiliated distribution realignment. Prior to 2026, performance obligations were satisfied at a point in time, upon delivery of a placed case, and the transaction price calculated per the compensation schedule was recognized as revenue.

The types of revenues from contracts with customers were as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Specialty Benefits:

Administrative service fees

3.3

4.0

10.6

11.7

Total revenues from contracts with customers

3.3

4.0

10.6

11.7

Fees and other revenues not within the scope of revenue recognition guidance

4.7

4.4

13.2

13.1

Total fees and other revenues

8.0

8.4

23.8

24.8

Premiums and other considerations

887.4

836.8

2,606.3

2,492.1

Net investment income

59.0

51.3

170.1

155.7

Total operating revenues

954.4

896.5

2,800.2

2,672.6


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Life Insurance:
Administrative service fees		$	12.2		$	11.0		$	35.7		$	32.8
Commission income			—			12.1			—			34.1
Total revenues from contracts with customers			12.2			23.1			35.7			66.9
Fees and other revenues not within the scope of revenue recognition guidance			95.8			89.7			287.6			271.1
Total fees and other revenues			108.0			112.8			323.3			338.0
Premiums and other considerations			130.6			136.1			378.0			384.0
Net investment income			103.6			115.3			323.0			326.9
Total operating revenues		$	342.2		$	364.2		$	1,024.3		$	1,048.9

Corporate

Fees and other revenues are earned on the performance of selling and servicing of securities and related products offered through our introducing broker-dealer registered with the FINRA, which is part of our affiliated distribution function.

Our affiliated distribution function enters into selling and distribution agreements with the obligation to sell or distribute the securities products, such as mutual funds, annuities and products sold through RIAs, to individual clients in return for front-end sales charges, 12b-1 service fees, annuity fees and asset-based fees. Front-end sales charges, 12b-1 fees and annuity fees are related to a single sale and are earned at the time of sale. Our affiliated distribution function also enters into agreements with individual customers to provide securities trade execution and custody through a brokerage services platform in return for ticket charge and other service fee revenue. These services are bundled as one single distinct service referred to as brokerage services. This revenue is related to distinct transactions and is earned at a point in time.

We also enter into agreements with individual customers to provide trade execution, clearing services, custody services and investment research services through our proprietary offered fee-based products. These services are bundled as one single distinct service referred to as advisory services. In addition, for outside RIA business our affiliated distribution function performs sales and distribution services only. The revenues are earned over time as the service is performed utilizing the output method.

A majority of our revenue is based upon contractual rates applied to the market value of the clients’ portfolios and considered variable consideration.

Commission income is also earned through sponsored brokerage services. Performance obligations are satisfied at a point in time, upon delivery of a placed case, and the transaction price calculated per the compensation schedule is recognized as revenue.

The Corporate segment also includes inter-segment eliminations of fees and other revenues. The types of revenues from contracts with customers were as follows:

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commission income

120.6

133.5

366.4

396.9

Other fee revenue

27.8

25.2

81.8

74.2

Eliminations

(79.7)

(93.8)

(239.8)

(290.1)

Total revenues from contracts with customers

68.7

64.9

208.4

181.0

Fees and other revenues not within the scope of revenue recognition guidance

(66.7)

(81.4)

(205.3)

(238.4)

Total fees and other revenues

2.0

(16.5)

3.1

(57.4)

Premiums and other considerations

(1.4)

(1.3)

(4.2)

(4.0)

Net investment income

36.2

42.0

145.4

144.3

Total operating revenues

36.8

24.2

144.3

82.9

Contract Costs

Sales compensation and other incremental costs of obtaining a contract are capitalized and amortized over the period of contract benefit if the costs are expected to be recovered. The contract cost asset, which is included in other assets on the consolidated statements of financial position, was $189.0 million and $183.3 million as of September 30, 2026 and December 31, 2025, respectively.

We apply the practical expedient for certain costs where we recognize the incremental costs of obtaining these contracts as an expense when incurred if the amortization period of the assets is one year or less. These costs, along with costs that are not deferrable, are included in operating expenses on the consolidated statements of operations.

Deferred contract costs consist primarily of commissions and variable compensation. We amortize capitalized contract costs on a straight-line basis over the expected contract life, reflecting lapses as they are incurred. Deferred contract costs are subject to impairment testing on an annual basis, or when a triggering event occurs that could warrant an impairment. To the extent future revenues less future maintenance expenses are not adequate to cover the asset balance, an impairment is recognized. Amortization expense of $11.4 million and $10.1 million for the three months ended September 30, 2026 and 2025 and $32.7 million and $70.8 million for the nine months ended September 30, 2026 and 2025, respectively, was recorded in operating expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2025, amortization expense included $0.0 million and $45.4 million, respectively, of impairment loss in relation to the costs capitalized. We did not have any impairment losses in 2026.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Reinsurance

9 Months Ended

Sep. 30, 2026

Reinsurance

Reinsurance

11. Reinsurance

We reinsure a portion of the insurance risks associated with our individual disability, traditional life, universal life, medical and long-term care insurance as well as retail fixed annuity contracts with significant life insurance risk through reinsurance agreements with unaffiliated reinsurance companies, primarily on a quota share, excess loss, yearly renewable term (“YRT”) or coinsurance basis. We have coinsurance with funds withheld reinsurance agreements in which we cede our U.S. retail fixed annuity and ULSG blocks of business using both the reinsurance and deposit methods of accounting.

We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of September 30, 2026, and December 31, 2025, we had $14,601.1 million and $14,923.9 million of reinsurance recoverable assets, respectively, included in reinsurance recoverable and deposit receivable on the consolidated statements of financial position, which does not reflect potentially offsetting impacts of collateral. As of September 30, 2026, and December 31, 2025, we had $19.0 million and $23.5 million of reinsurance recoverable liabilities, respectively, included in future policy benefits and claims on the consolidated statements of financial position.

The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025

	(in millions)
Premiums and other considerations:
Direct	$	2,034.7	$	1,661.4	$	4,924.0	$	5,082.9
Ceded		(136.8)		(128.6)		(417.2)		(402.3)
Net premiums and other considerations	$	1,897.9	$	1,532.8	$	4,506.8	$	4,680.6

Benefits, claims and settlement expenses:
Direct	$	2,723.8	$	2,356.8	$	7,166.2	$	7,277.1
Ceded		(405.1)		(392.7)		(1,244.3)		(1,253.1)
Net benefits, claims and settlement expenses	$	2,318.7	$	1,964.1	$	5,921.9	$	6,024.0

LFPB remeasurement loss:
Direct	$	68.5	$	51.8	$	92.5	$	46.1
Ceded		(45.1)		9.1		(76.4)		12.7
Net LFPB remeasurement loss	$	23.4	$	60.9	$	16.1	$	58.8

As of September 30, 2026 and December 31, 2025, we had a $3,509.3 million and $4,076.2 million reinsurance deposit receivable, respectively.

Refer to Note 4, Investments, for information on our financing receivables valuation allowance related to the reinsurance recoverable and deposit receivable.

Cost of Reinsurance

A reinsurance asset or liability is established to spread the expected net reinsurance costs or profits over the expected term of the contracts. The cost of reinsurance asset and liability are reported in premiums due and other receivables and liability for future policy benefits and claims, respectively, on the consolidated statements of financial position. The cost of reinsurance asset and liability included on the consolidated statements of financial position were as follows:


		September 30, 2026			December 31, 2025

		(in millions)
Cost of reinsurance asset		$	3,045.5		$	3,103.2

Cost of reinsurance liability		$	939.7		$	971.4

Cost of reinsurance amortization, including the impacts of remeasurement, of $4.1 million and $39.7 million for the three months ended September 30, 2026 and 2025, and $28.4 million and $84.3 million for the nine months ended September 30, 2026 and 2025, respectively, was reported in benefits, claims and settlement expenses and liability for future policy benefits remeasurement (gain) loss on the consolidated statements of operations.

Funds Withheld

The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown on the consolidated statements of financial position.


		September 30, 2026			December 31, 2025

		(in millions)
Fixed maturities, available-for-sale		$	12,083.3		$	13,300.1
Fixed maturities, trading			190.7			279.3
Equity securities			0.3			0.3
Mortgage loans			1,562.6			2,002.9
Other investments			1,931.2			1,708.7
Cash and cash equivalents			747.7			547.8
Accrued interest income			149.2			159.0
Net other liabilities			(103.4)			(89.2)
Net assets		$	16,561.6		$	17,908.9

Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. As of September 30, 2026 and December 31, 2025, we had a $16,386.2 million and $17,783.4 million funds withheld payable, which was net of a $3,524.6 million and $2,633.4 million embedded derivative asset, respectively. The change in fair value of the embedded derivative was a gain (loss) of $818.2 million and $(265.9) million for the three months ended September 30, 2026 and 2025, respectively, and $891.2 million and $(455.3) million for the nine months ended September 30, 2026 and 2025, respectively.

While the economic benefits of the funds withheld assets flow to the reinsurer, we retain legal ownership of the assets within the funds withheld account. Guidelines are in place to ensure the investment risk is appropriately managed. Net investment income and net realized capital gains (losses) related to the assets on the consolidated statements of operations is reported net of the amounts that flow to the reinsurer. The realized gains and losses that do not flow to the reinsurer are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

Following are the components of net realized capital gains (losses) on the funds withheld assets that were passed to the reinsurer.


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Fixed maturities, available-for-sale		$	(5.3)		$	1.3		$	(27.3)		$	(46.2)
Fixed maturities, trading			(3.0)			—			(6.1)			0.1
Mortgage loans			—			(0.1)			(4.0)			(1.4)
Derivatives			0.3			(0.4)			1.2			(2.1)
Net realized capital gains (losses)		$	(8.0)		$	0.8		$	(36.2)		$	(49.6)

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2026

Stock-Based Compensation Plans

Stock-Based Compensation Plans

20. Stock-Based Compensation Plans

As of September 30, 2026, we had the 2026 Stock Incentive Plan, 2021 Stock Incentive Plan, the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the Employee Stock Purchase Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan and the Directors Stock Plan (“Stock-Based Compensation Plans”). No new grants will be made under the 2021 Stock Incentive Plan, the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan. Under the terms of the 2026 Stock Incentive Plan and 2021 Stock Incentive Plan, grants may be nonqualified stock options, incentive stock options qualifying under Section 422 of the Internal Revenue Code, restricted stock, restricted stock units, stock appreciation rights, performance shares, performance units or other stock-based awards. To date, we have not granted any incentive stock options, restricted stock or performance units under any plans. As part of our fair value process, we assess the impact of material nonpublic information on our share price or expected volatility, as applicable, at the time of grant. No awards in 2026 required a fair value adjustment.

As of September 30, 2026, the maximum number of new shares of common stock available for grant under the 2026 Stock Incentive Plan was 6.5 million.

For awards with graded vesting, we use an accelerated expense attribution method. The compensation cost that was charged against net income for stock-based awards granted under the Stock-Based Compensation Plans was as follows:


		For the nine months ended September 30,
		2026			2025

		(in millions)
Compensation cost		$	105.9		$	92.6
Related income tax benefit			24.7			21.1
Capitalized as part of an asset			0.9			0.8

Nonqualified Stock Options

No nonqualified stock options were granted to employees during both the nine months ended September 30, 2026 and 2025. All outstanding nonqualified stock options are vested and have been fully expensed.

Performance Share Awards

Performance share awards were granted to certain employees under the 2021 Stock Incentive Plan. Total performance share awards granted were 0.3 million for the nine months ended September 30, 2026. The performance share awards granted represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results to be determined at the end of the performance period. The performance share awards include a relative total shareholder return modifier under which the number of shares ultimately awarded is also impacted by our actual shareholder return relative to our S&P 500 Financial Sector Index peer group. The actual number of common shares to be awarded at the end of each performance period will range between 0% and 180% of the initial target awards. The fair value of performance share awards is determined using a Monte Carlo simulation model. The weighted-average grant date fair value of these performance share awards granted was $100.33 per common share.

As of September 30, 2026, we had $22.1 million of total unrecognized compensation cost related to nonvested performance share awards granted. The cost is expected to be recognized over a weighted-average service period of approximately 1.7 years.

Restricted Stock Units

Restricted stock units were issued to certain employees and non-employee directors pursuant to the 2026 Stock Incentive Plan and the 2021 Stock Incentive Plan. Total restricted stock units granted were 1.1 million for the nine months ended September 30, 2026. The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant date fair value of these restricted stock units granted was $93.26 per common share.

As of September 30, 2026, we had $90.0 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted. The cost is expected to be recognized over a weighted-average period of approximately 1.9 years.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, employees purchased 0.3 million shares for the nine months ended September 30, 2026. The weighted average fair value of the discount on the stock purchased was $9.84 per share.

As of September 30, 2026, a total of 1.9 million of new shares were available to be made issuable by us for this plan.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Condensed Consolidated Statements of Comprehensive Income
Net income (loss)	$ 597.1	$ 233.9	$ 1,440.3	$ 730.3
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	(2,340.7)	691.6	(2,723.2)	1,529.9
Net unrealized gains (losses) on derivative instruments	(82.7)	69.3	(50.0)	(81.3)
Liability for future policy benefits discount rate remeasurement gain (loss)	1,710.7	(363.3)	2,171.2	(695.6)
Market risk benefit nonperformance risk remeasurement gain (loss)	5.9	(4.6)	6.5	(2.9)
Foreign currency translation adjustment	147.7	6.2	149.2	161.9
Net unrecognized postretirement benefit obligation	1.6	3.1	5.2	(0.6)
Other comprehensive income (loss)	(557.5)	402.3	(441.1)	911.4
Comprehensive income (loss)	39.6	636.2	999.2	1,641.7
Comprehensive income (loss) attributable to noncontrolling interest	(15.1)	15.7	(6.1)	55.4
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 54.7	$ 620.5	$ 1,005.3	$ 1,586.3

Segment Information - Expenses from exited business (Details) - Reconciling items - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Expenses from exited business included:
Amortization of reinsurance loss	$ 14.4	$ 18.8	$ 53.9	$ 66.7
Other impacts of exited business	30.5	28.6	87.6	156.0
Total expenses from exited business	$ 44.9	$ 47.4	$ 141.5	$ 222.7

Stock-Based Compensation Plans - Stock-Based Awards (Details) shares in Millions	Sep. 30, 2026 shares
2021 Stock Incentive Plan, 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted	0.0
2026 Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Maximum number of new shares of common stock available for grant (in shares)	6.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Gains (losses) recognized for hedging relationships

Net investment income (loss)

$ 1,160.8

$ 1,200.5

$ 3,661.6

$ 3,529.0

Net realized capital gains (losses)

^[1]

(387.6)

85.7

(400.0)

(26.0)

Benefits, claims and settlement expenses

2,318.7

1,964.1

5,921.9

6,024.0

Fair Value Hedges | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

8.2

10.5

22.3

33.9

Fair Value Hedges | Location, Statement of Income, Balance [Axis]: us-gaap:PolicyholderBenefitsAndClaimsIncurredNet

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

(4.3)

(2.1)

(1.4)

(16.8)

Fair Value Hedges | Interest rate contracts | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

(35.1)

7.0

(45.8)

49.4

Gain (loss) recognized on derivatives

36.8

(7.2)

46.9

(49.7)

Amortization of hedged item basis adjustments

0.7

0.9

3.0

2.8

5.0

9.0

15.9

29.1

Fair Value Hedges | Interest rate contracts | Location, Statement of Income, Balance [Axis]: us-gaap:PolicyholderBenefitsAndClaimsIncurredNet

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

71.7

6.6

136.6

58.3

Gain (loss) recognized on derivatives

(76.0)

(3.1)

(138.6)

(59.7)

(5.6)

0.6

(15.4)

Fair Value Hedges | Foreign exchange contracts | Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

(7.9)

0.2

(15.4)

25.2

Gain (loss) recognized on derivatives

7.9

(0.2)

15.4

(25.2)

Fair Value Hedges | Foreign exchange contracts | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

0.8

2.3

Cash Flow Hedges | Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

0.2

(0.1)

0.1

2.6

Cash Flow Hedges | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

10.2

8.7

27.3

Cash Flow Hedges | Location, Statement of Income, Balance [Axis]: us-gaap:PolicyholderBenefitsAndClaimsIncurredNet

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

(0.1)

(0.2)

Cash Flow Hedges | Interest rate contracts | Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments

Gains (losses) recognized for hedging relationships

Gain (loss) reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring

0.1

Cash Flow Hedges | Interest rate contracts | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

(0.2)

(0.1)

(0.5)

(0.4)

Gain (loss) reclassified from AOCI on derivatives

0.6

1.9

Cash Flow Hedges | Interest rate contracts | Location, Statement of Income, Balance [Axis]: us-gaap:PolicyholderBenefitsAndClaimsIncurredNet

Gains (losses) recognized for hedging relationships

Gain (loss) reclassified from AOCI on derivatives

(0.1)

(0.2)

Cash Flow Hedges | Foreign exchange contracts | Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments

Gains (losses) recognized for hedging relationships

Gain (loss) reclassified from AOCI on derivatives

0.2

(0.2)

0.1

2.5

Cash Flow Hedges | Foreign exchange contracts | Location, Statement of Income, Balance [Axis]: us-gaap:NetInvestmentIncome

Gains (losses) recognized for hedging relationships

$ 10.4

$ 8.2

$ 27.8

$ 25.8

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Other Actuarial Balances
Total unearned revenue liability	$ 549.9	$ 532.9
Universal life \| Benefits and Protection \| Life Insurance
Other Actuarial Balances
Total unearned revenue liability	$ 549.9	$ 532.9	$ 510.1

Fair Value Measurements - VIE Impact of Assets Fair Value Option on Statements of Operations (Details) - Other loans - VIE - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Fair Value Option, Quantitative Disclosures
Change in fair value pre-tax gain (loss) - instrument specific credit risk	$ (3.5)	$ (2.5)	$ (11.2)	$ (3.8)
Change in fair value pre-tax gain (loss)	(3.5)	(2.5)	(11.2)	(3.8)
Interest income (expense)	$ 4.4	$ 5.3	$ 14.3	$ 12.4

Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments

Available-for-Sale Securities (Table)

Gross

Amortized

unrealized

Allowance for

cost (1)

gains

losses

credit loss

Fair value

(in millions)

September 30, 2026

Fixed maturities, available-for-sale:

U.S. government and agencies

2,609.4

—

418.9

—

2,190.5

Non-U.S. governments

411.4

8.1

58.5

—

361.0

States and political subdivisions

8,289.2

0.1

1,505.4

—

6,783.9

Corporate

38,914.6

199.2

4,571.7

40.6

34,501.5

Residential mortgage-backed pass-through securities

3,663.6

0.8

265.6

—

3,398.8

Commercial mortgage-backed securities

6,049.1

3.1

410.0

3.9

5,638.3

Collateralized debt obligations (2)

5,803.4

5.5

10.1

—

5,798.8

Other debt obligations

12,458.6

25.3

640.8

0.3

11,842.8

Total excluding portfolio layer method basis adjustment

78,199.3

242.1

7,881.0

44.8

70,515.6

Unallocated portfolio layer method basis adjustment (3)

(44.0)

44.0

—

Total fixed maturities, available-for-sale

78,155.3

286.1

7,881.0

44.8

70,515.6


			Gross		Gross
	Amortized		unrealized		unrealized		Allowance for
	cost (1)		gains		losses		credit loss		Fair value

	(in millions)
December 31, 2025
Fixed maturities, available-for-sale:
U.S. government and agencies	$	2,126.2	$	9.6	$	268.1	$	0.1	$	1,867.6
Non-U.S. governments		554.7		17.6		54.6		—		517.7
States and political subdivisions		8,107.8		42.8		1,011.9		—		7,138.7
Corporate		39,867.6		777.7		3,072.8		25.0		37,547.5
Residential mortgage-backed pass-through securities		3,868.4		54.7		118.0		—		3,805.1
Commercial mortgage-backed securities		5,659.6		19.4		306.0		1.4		5,371.6
Collateralized debt obligations (2)		6,417.4		14.6		9.7		—		6,422.3
Other debt obligations		10,981.2		99.3		389.9		0.4		10,690.2
Total excluding portfolio layer method basis adjustment		77,582.9		1,035.7		5,231.0		26.9		73,360.7
Unallocated portfolio layer method basis adjustment (3)		(16.9)		16.9		—		—		—
Total fixed maturities, available-for-sale	$	77,566.0	$	1,052.6	$	5,231.0	$	26.9	$	73,360.7

(1)	Amortized cost excludes accrued interest receivable of $686.3 million and $473.8 million as of September 30, 2026 and December 31, 2025, respectively.

(2)	Primarily consists of CLOs backed by secured corporate loans.

(3)	Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,460.7	$	1,428.1
Due after one year through five years		10,799.1		10,462.4
Due after five years through ten years		9,587.4		9,157.2
Due after ten years		28,377.4		22,789.2
Subtotal		50,224.6		43,836.9
Mortgage-backed and other asset-backed securities		27,974.7		26,678.7
Total	$	78,199.3	$	70,515.6

(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Net Realized Capital Gains and Losses (Table)


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025

	(in millions)
Fixed maturities, available for sale:
Gross gains	$	1.0	$	4.0	$	3.5	$	9.6
Gross losses		(7.7)		(3.0)		(53.5)		(56.8)
Net credit losses (1)		(17.5)		(23.2)		(59.7)		(32.0)
Hedging, net (2)		(5.0)		0.2		(12.3)		22.5
Fixed maturities, trading (3)		(6.9)		2.0		(13.9)		(1.0)
Equity securities (4)		33.6		59.9		96.0		98.3
Mortgage loans		(33.1)		(7.0)		(53.5)		(24.1)
Derivatives (2)		(38.4)		(5.2)		(20.7)		(76.4)
Other (5)		(313.6)		58.0		(285.9)		33.9
Net realized capital gains (losses)	$	(387.6)	$	85.7	$	(400.0)	$	(26.0)

(1)	Includes credit sales, adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

(3)

(4)

(5)	Includes a loss on the disposition of our Chilean annuities business in 2026 and a held for sale write-down of an intangible asset in 2025.

Allowance for credit loss (Tables)

For the three months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

—

43.6

—

1.7

—

0.3

45.6

Additions for credit losses not previously recorded

—

9.9

—

0.1

—

10.0

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

4.9

—

2.1

—

7.0

Write-offs charged against allowance

—

(13.6)

—

(13.6)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

40.6

—

3.9

—

0.3

44.8

Accrued interest written off to net investment income

—


	For the three months ended September 30, 2025
									Residential
									mortgage-		Commercial
	U.S.				States and				backed pass-		mortgage-		Collateralized
	government		Non-U.S.		political				through		backed		debt obligations		Other debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	2.5	$	—	$	0.3	$	0.1	$	0.2	$	3.1
Additions for credit losses not previously recorded		—		—		—		14.9		—		0.8		—		—		15.7
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		—		(0.1)		0.1		—
Foreign currency translation adjustment		—		—		—		(0.1)		—		—		—		—		(0.1)
Ending balance	$	—	$	—	$	—	$	17.3	$	—	$	1.1	$	—	$	0.3	$	18.7

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.4	$	—	$	—	$	—	$	—	$	0.4

For the nine months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

 

and agencies

 

governments

 

subdivisions

 

Corporate

 

securities

 

securities

 

(1)

 

obligations

 

Total

(in millions)

Beginning balance

0.1

—

25.0

—

1.4

—

0.4

26.9

Additions for credit losses not previously recorded

—

42.5

—

0.4

—

42.9

Reductions for securities sold during the period

—

(0.9)

—

(0.9)

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

(0.1)

—

10.5

—

2.5

—

(0.1)

12.8

Write-offs charged against allowance

—

(32.3)

—

(0.4)

—

(32.7)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

40.6

—

3.9

—

0.3

44.8

Accrued interest written off to net investment income

—

1.6

—

1.6


		For the nine months ended September 30, 2025
														Residential
														mortgage-			Commercial
		U.S.						States and						backed pass-			mortgage-			Collateralized
		government			Non-U.S.			political						through			backed			debt obligations			Other debt
		and agencies			governments			subdivisions			Corporate			securities			securities			(1)			obligations			Total

		(in millions)
Beginning balance		$	—		$	—		$	—		$	18.5		$	—		$	—		$	—		$	0.2		$	18.7
Additions for credit losses not previously recorded			—			—			—			14.9			—			1.1			0.1			—			16.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			—			—			—			0.1			—			—			(0.1)			0.1			0.1
Write-offs charged against allowance			—			—			—			(16.2)			—			—			—			—			(16.2)
Ending balance		$	—		$	—		$	—		$	17.3		$	—		$	1.1		$	—		$	0.3		$	18.7

Accrued interest written off to net investment income		$	—		$	—		$	—		$	0.4		$	—		$	—		$	—		$	—		$	0.4

(1)	Primarily consists of CLOs backed by secured corporate loans.

(2)	Relates to the disposition of our Chilean annuities business in third quarter 2026.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)

September 30, 2026

Greater than or equal to

Less than twelve months

twelve months

Total

Gross

unrealized

Fair value

losses

Fair value

losses

Fair value

losses

(in millions)

Fixed maturities, available-for-sale (1):

U.S. government and agencies

1,380.0

77.3

752.2

341.6

2,132.2

418.9

Non-U.S. governments

57.3

2.8

180.0

55.7

237.3

58.5

States and political subdivisions

2,237.9

147.6

4,322.0

1,357.8

6,559.9

1,505.4

Corporate

10,723.9

459.1

16,048.5

4,109.4

26,772.4

4,568.5

Residential mortgage-backed pass-through securities

2,426.1

107.4

892.1

158.2

3,318.2

265.6

Commercial mortgage-backed securities

2,081.6

62.2

2,971.0

340.2

5,052.6

402.4

Collateralized debt obligations (2)

2,196.6

5.2

46.3

4.9

2,242.9

10.1

Other debt obligations

6,227.7

138.1

2,803.9

502.4

9,031.6

640.5

Total fixed maturities, available-for-sale

27,331.1

999.7

28,016.0

6,870.2

55,347.1

7,869.9

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

(2)	Primarily consists of CLOs backed by secured corporate loans.


		December 31, 2025
								Greater than or
		Less than twelve months						equal to twelve months						Total
					Gross						Gross						Gross
					unrealized						unrealized						unrealized
		Fair value			losses			Fair value			losses			Fair value			losses

		(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies		$	484.1		$	11.0		$	734.1		$	257.1		$	1,218.2		$	268.1
Non-U.S. governments			12.8			0.3			310.9			54.3			323.7			54.6
States and political subdivisions			639.4			8.9			4,903.5			1,003.0			5,542.9			1,011.9
Corporate			1,889.9			95.7			19,474.6			2,970.8			21,364.5			3,066.5
Residential mortgage-backed pass-through securities			201.2			0.7			1,147.6			117.3			1,348.8			118.0
Commercial mortgage-backed securities			342.0			2.5			3,465.9			301.6			3,807.9			304.1
Collateralized debt obligations (2)			1,919.9			4.7			20.2			5.0			1,940.1			9.7
Other debt obligations			567.0			1.9			3,514.2			387.2			4,081.2			389.1
Total fixed maturities, available-for-sale		$	6,056.3		$	125.7		$	33,571.0		$	5,096.3		$	39,627.3		$	5,222.0

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

(2)	Primarily consists of CLOs backed by secured corporate loans.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)		$	(7,594.7)		$	(4,081.8)
Net unrealized losses on derivative instruments			(103.3)			(40.0)
Adjustments for assumed changes in amortization patterns			6.8			4.2
Adjustments for assumed changes in policyholder liabilities			61.1			21.2
Net unrealized losses on other investments and noncontrolling interest adjustments			(60.7)			(58.3)
Provision for deferred income tax benefits			1,656.6			893.7
Net unrealized losses on available-for-sale securities and derivative instruments		$	(6,034.2)		$	(3,261.0)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Financing Receivable Credit Quality Indicators (Table)

September 30, 2026

 

2026

 

2025

 

2024

 

2023

 

2022

 

Prior

 

Total

(in millions)

Commercial mortgage loans:

A- and above

883.6

1,691.2

1,123.4

730.1

942.7

7,406.1

12,777.1

BBB+ thru BBB-

284.8

152.3

199.5

24.9

51.2

1,056.4

1,769.1

BB+ thru BB-

99.0

98.1

79.5

44.3

60.2

145.5

526.6

B+ and below

—

8.9

—

272.0

280.9

Total

1,267.4

1,941.6

1,402.4

808.2

1,054.1

8,880.0

15,353.7

Residential mortgage loans:

Performing

1,253.1

1,227.8

280.4

265.1

890.1

1,364.1

5,280.6

Non-performing

—

0.5

—

6.4

5.3

9.5

21.7

Total excluding portfolio layer method basis adjustments

1,253.1

1,228.3

280.4

271.5

895.4

1,373.6

5,302.3

Unallocated portfolio layer method basis adjustment (1)

(19.9)

Total

5,282.4

Other loans:

Performing

—

43.8

17.7

15.1

—

76.6

Non-performing

—

3.2

3.3

1.1

—

7.6

Total

—

47.0

21.0

16.2

—

84.2

Reinsurance recoverable and deposit receivable

18,113.6


		December 31, 2025
		2025			2024			2023			2022			2021			Prior			Total

		(in millions)
Commercial mortgage loans:
A- and above		$	1,568.5		$	1,315.6		$	900.9		$	1,079.7		$	1,738.8		$	6,878.7		$	13,482.2
BBB+ thru BBB-			200.9			189.7			151.6			172.1			116.2			1,187.9			2,018.4
BB+ thru BB-			111.0			64.2			109.5			215.8			11.1			120.7			632.3
B+ and below			—			—			32.4			—			—			352.8			385.2
Total		$	1,880.4		$	1,569.5		$	1,194.4		$	1,467.6		$	1,866.1		$	8,540.1		$	16,518.1

Direct financing leases:
A- and above		$	—		$	—		$	—		$	32.7		$	11.7		$	213.1		$	257.5
BBB+ thru BBB-			—			10.6			—			94.5			22.0			97.5			224.6
BB+ thru BB-			—			—			2.1			0.5			5.6			32.2			40.4
B+ and below			44.6			—			—			—			9.4			—			54.0
Total		$	44.6		$	10.6		$	2.1		$	127.7		$	48.7		$	342.8		$	576.5

Residential mortgage loans:
Performing		$	1,304.3		$	366.3		$	381.3		$	919.1		$	1,137.6		$	564.3		$	4,672.9
Non-performing			—			1.3			5.3			8.1			6.9			3.4			25.0
Total excluding portfolio layer method basis adjustments		$	1,304.3		$	367.6		$	386.6		$	927.2		$	1,144.5		$	567.7			4,697.9
Unallocated portfolio layer method basis adjustment (1)																					(3.7)
Total																				$	4,694.2

Other loans:
Performing		$	123.1		$	28.4		$	27.9		$	—		$	—		$	—		$	179.4
Non-performing			1.4			3.6			1.5			—			—			—			6.5
Total		$	124.5		$	32.0		$	29.4		$	—		$	—		$	—		$	185.9

Reinsurance recoverable and deposit receivable																				$	19,003.3

(1)	Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

Non-Accrual Financing Receivables (Table)


		September 30, 2026
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	58.4		$	149.6		$	—
Residential mortgage loans			19.9			15.1			8.3
Other loans			6.4			7.6			7.6
Total		$	84.7		$	172.3		$	15.9


		December 31, 2025
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	70.5		$	58.4		$	—
Residential mortgage loans			15.6			19.9			7.0
Other loans			—			6.4			6.4
Total		$	86.1		$	84.7		$	13.4

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)


		For the three months ended September 30,					For the nine months ended September 30,
		2026		2025			2026			2025

		(in millions)
Commercial mortgage loans		$	1.2	$	—		$	1.7		$	0.8
Residential mortgage loans			0.2		0.2			0.5			0.5
Total		$	1.4	$	0.2		$	2.2		$	1.3

Financing Receivables Aging (Table)

 

September 30, 2026

 

Amortized

90 days or

cost 90 days

30-59 days

60-89 days

more past

Total past

or more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

—

149.6

15,204.1

15,353.7

—

Residential mortgage loans (2)

21.8

2.8

15.0

39.6

5,262.7

5,302.3

6.6

Other loans

1.6

1.7

9.3

12.6

71.6

84.2

1.7

Total

23.4

4.5

173.9

201.8

20,538.4

20,740.2

8.3


		December 31, 2025
																				Amortized
								90 days or												cost 90 days
		30-59 days			60-89 days			more past			Total past									or more and
		past due			past due			due			due			Current			Total (1)			accruing

		(in millions)
Commercial mortgage loans		$	5.9		$	1.4		$	101.0		$	108.3		$	16,409.8		$	16,518.1		$	42.6
Direct financing leases			3.9			0.9			—			4.8			571.7			576.5			—
Residential mortgage loans (2)			64.8			20.3			26.3			111.4			4,586.5			4,697.9			12.1
Other loans			2.3			1.5			8.4			12.2			173.7			185.9			2.0
Total		$	76.9		$	24.1		$	135.7		$	236.7		$	21,741.7		$	21,978.4		$	56.7

(1)	As of both September 30, 2026 and December 31, 2025, no reinsurance recoverables or deposit receivables were considered past due.

(2)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Financing Receivables Valuation Allowance (Table)

For the three months ended September 30, 2026

Commercial

Direct

Residential

Reinsurance

 

mortgage loans

 

financing leases

 

mortgage loans

 

recoverables

 

Total

(in millions)

Beginning balance

169.4

8.0

14.7

3.1

195.2

Provision

25.3

0.2

4.5

0.1

30.1

Deconsolidated entities (1)

(1.1)

(8.1)

(1.8)

—

(11.0)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

193.6

—

17.4

3.2

214.2

Accrued interest income written off to net investment income

—


	For the three months ended September 30, 2025
	Commercial		Direct		Residential		Reinsurance
	mortgage loans		financing leases		mortgage loans		recoverables		Total

	(in millions)
Beginning balance	$	196.1	$	3.1	$	14.5	$	3.2	$	216.9
Provision		8.5		4.5		4.2		0.1		17.3
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		0.1		—		—		—		0.1
Foreign currency translation adjustment		(0.1)		(0.1)		(0.1)		—		(0.3)
Ending balance	$	204.6	$	7.5	$	18.4	$	3.3	$	233.8

Accrued interest income written off to net investment income	$	—	$	—	$	—	$	—	$	—

For the nine months ended September 30, 2026

Commercial

Direct

Residential

Reinsurance

 

mortgage loans

 

financing leases

 

mortgage loans

 

recoverables

 

Total

(in millions)

Beginning balance

187.4

8.9

16.6

3.2

216.1

Provision

37.5

(0.5)

2.6

—

39.6

Charge-offs

(30.2)

—

(30.2)

Deconsolidated entities (1)

(1.1)

(8.1)

(1.8)

—

(11.0)

Foreign currency translation adjustment

—

(0.3)

—

(0.3)

Ending balance

193.6

—

17.4

3.2

214.2

Accrued interest income written off to net investment income

0.5

—

0.5


		For the nine months ended September 30, 2025
		Commercial			Direct			Residential			Reinsurance
		mortgage loans			financing leases			mortgage loans			recoverables			Total

		(in millions)
Beginning balance		$	188.6		$	3.0		$	7.3		$	3.3		$	202.2
Provision			16.7			4.4			6.6			—			27.7
Charge-offs			(1.3)			—			(0.3)			—			(1.6)
Recoveries			0.5			—			4.8			—			5.3
Foreign currency translation adjustment			0.1			0.1			—			—			0.2
Ending balance		$	204.6		$	7.5		$	18.4		$	3.3		$	233.8

Accrued interest income written off to net investment income		$	0.3		$	—		$	—		$	—		$	0.3

(1)	Relates to the disposition of our Chilean annuities business in third quarter 2026.

Mortgage Loans Purchased and Sold (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commercial mortgage loans:

Purchased (1)

141.2

1.4

265.8

71.7

Sold (2)

—

0.1

356.6

109.3

Residential mortgage loans:

Purchased

716.7

376.7

1,601.5

1,027.6

Sold

12.1

11.1

22.6

20.9

(1)	2026 primarily includes loans purchased within the general account to align with diversification, risk-return and long-term asset-liability management objectives.

(2)	Includes $0.0 million and $300.6 million of mortgage loans that were previously held for sale within the funds withheld assets for the three and nine months ended September 30, 2026, respectively.

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)


		September 30, 2026					December 31, 2025
		Amortized			Percent		Amortized			Percent
		cost			of total		cost			of total

		($ in millions)
Geographic distribution
New England		$	388.5		2.5	%	$	440.8		2.7	%
Middle Atlantic			4,593.6		29.9			4,402.6		26.6
East North Central			594.3		3.9			463.2		2.8
West North Central			274.0		1.8			284.4		1.7
South Atlantic			2,732.2		17.8			3,068.4		18.6
East South Central			291.2		1.9			366.4		2.2
West South Central			1,396.4		9.1			1,422.2		8.6
Mountain			1,290.4		8.4			1,217.9		7.4
Pacific			3,793.1		24.7			4,327.1		26.2
International			—		—			525.1		3.2
Total		$	15,353.7		100.0	%	$	16,518.1		100.0	%

Property type distribution
Office		$	2,504.6		16.3	%	$	2,798.3		16.9	%
Retail			1,484.1		9.7			1,580.0		9.6
Industrial			4,267.8		27.8			4,288.0		26.0
Apartments			6,406.8		41.7			6,976.9		42.2
Hotel			30.2		0.2			31.0		0.2
Mixed use/other			660.2		4.3			843.9		5.1
Total		$	15,353.7		100.0	%	$	16,518.1		100.0	%

Residential Mortgage Loans by Geographic Distribution (Table)


		September 30, 2026					December 31, 2025
		Amortized			Percent of		Amortized			Percent of
		cost			total		cost			total

		($ in millions)
Geographic distribution
New England		$	216.9		4.1	%	$	158.0		3.4	%
Middle Atlantic			483.2		9.1			365.8		7.8
East North Central			284.7		5.4			212.6		4.5
West North Central			127.4		2.4			95.3		2.0
South Atlantic			1,160.1		21.9			834.0		17.8
East South Central			190.2		3.6			124.5		2.7
West South Central			605.9		11.4			459.1		9.8
Mountain			805.1		15.2			667.8		14.2
Pacific			1,428.8		26.9			1,349.4		28.6
International			—		—			431.4		9.2
Total (1)		$	5,302.3		100.0	%	$	4,697.9		100.0	%

(1)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Financial Assets Subject to Netting Agreements (Table)


					Gross amounts not offset in the
					consolidated statements of financial
					position
		Gross amount of
		recognized			Financial
		assets (1)			instruments (2)			Collateral received			Net amount

		(in millions)
September 30, 2026
Derivative assets		$	1,803.3		$	(378.2)		$	(1,423.0)		$	2.1
Reverse repurchase agreements			23.5			—			(23.5)			—
Total		$	1,826.8		$	(378.2)		$	(1,446.5)		$	2.1

December 31, 2025
Derivative assets		$	1,224.5		$	(331.7)		$	(881.6)		$	11.2
Reverse repurchase agreements			57.5			—			(57.5)			—
Total		$	1,282.0		$	(331.7)		$	(939.1)		$	11.2

(1)

(2)	Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial Liabilities Subject to Netting Agreements (Table)

Gross amounts not offset in the

consolidated statements of financial

position

Gross amount of

recognized

Financial

 

liabilities (1)

 

instruments (2)

 

Collateral pledged

 

Net amount

(in millions)

September 30, 2026

Derivative liabilities

673.6

(378.2)

(284.6)

10.8

December 31, 2025

Derivative liabilities

552.0

(331.7)

(209.1)

11.2

(1)

(2)	Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

Derivative Financial Instruments - Exposure (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative Financial Instruments
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 493.6	$ 491.1
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	664.7	546.9
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	493.6	491.1
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	113.1
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	$ 1,323.0	$ 787.6

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Sep. 30, 2026 USD ($) item	Dec. 31, 2025 USD ($) item
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 27,331.1	$ 6,056.3
Fixed maturities, Less than twelve months, Gross unrealized losses	999.7	125.7
Fixed maturities, Greater than or equal to twelve months, Fair value	28,016.0	33,571.0
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	6,870.2	5,096.3
Fixed maturities, Total, Fair value	55,347.1	39,627.3
Fixed maturities, Total, Gross unrealized losses	7,869.9	5,222.0
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	1,380.0	484.1
Fixed maturities, Less than twelve months, Gross unrealized losses	77.3	11.0
Fixed maturities, Greater than or equal to twelve months, Fair value	752.2	734.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	341.6	257.1
Fixed maturities, Total, Fair value	2,132.2	1,218.2
Fixed maturities, Total, Gross unrealized losses	418.9	268.1
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	57.3	12.8
Fixed maturities, Less than twelve months, Gross unrealized losses	2.8	0.3
Fixed maturities, Greater than or equal to twelve months, Fair value	180.0	310.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	55.7	54.3
Fixed maturities, Total, Fair value	237.3	323.7
Fixed maturities, Total, Gross unrealized losses	58.5	54.6
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,237.9	639.4
Fixed maturities, Less than twelve months, Gross unrealized losses	147.6	8.9
Fixed maturities, Greater than or equal to twelve months, Fair value	4,322.0	4,903.5
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	1,357.8	1,003.0
Fixed maturities, Total, Fair value	6,559.9	5,542.9
Fixed maturities, Total, Gross unrealized losses	1,505.4	1,011.9
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	10,723.9	1,889.9
Fixed maturities, Less than twelve months, Gross unrealized losses	459.1	95.7
Fixed maturities, Greater than or equal to twelve months, Fair value	16,048.5	19,474.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	4,109.4	2,970.8
Fixed maturities, Total, Fair value	26,772.4	21,364.5
Fixed maturities, Total, Gross unrealized losses	4,568.5	3,066.5
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,426.1	201.2
Fixed maturities, Less than twelve months, Gross unrealized losses	107.4	0.7
Fixed maturities, Greater than or equal to twelve months, Fair value	892.1	1,147.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	158.2	117.3
Fixed maturities, Total, Fair value	3,318.2	1,348.8
Fixed maturities, Total, Gross unrealized losses	265.6	118.0
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,081.6	342.0
Fixed maturities, Less than twelve months, Gross unrealized losses	62.2	2.5
Fixed maturities, Greater than or equal to twelve months, Fair value	2,971.0	3,465.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	340.2	301.6
Fixed maturities, Total, Fair value	5,052.6	3,807.9
Fixed maturities, Total, Gross unrealized losses	402.4	304.1
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,196.6	1,919.9
Fixed maturities, Less than twelve months, Gross unrealized losses	5.2	4.7
Fixed maturities, Greater than or equal to twelve months, Fair value	46.3	20.2
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	4.9	5.0
Fixed maturities, Total, Fair value	2,242.9	1,940.1
Fixed maturities, Total, Gross unrealized losses	10.1	9.7
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	6,227.7	567.0
Fixed maturities, Less than twelve months, Gross unrealized losses	138.1	1.9
Fixed maturities, Greater than or equal to twelve months, Fair value	2,803.9	3,514.2
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	502.4	387.2
Fixed maturities, Total, Fair value	9,031.6	4,081.2
Fixed maturities, Total, Gross unrealized losses	640.5	389.1
Principal Life Insurance Company
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	26,978.0	5,888.1
Fixed maturities, Less than twelve months, Gross unrealized losses	981.6	117.8
Fixed maturities, Greater than or equal to twelve months, Fair value	27,884.4	32,859.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	6,828.0	5,032.1
Fixed maturities, Total, Fair value	54,862.4	38,748.0
Fixed maturities, Total, Gross unrealized losses	$ 7,809.6	$ 5,149.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent)	97.00%	97.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost)	88.00%	88.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months \| item	3,132	870
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost)	96.00%	98.00%
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	96.00%	93.00%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 941.4	$ 96.7
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer \| item	5,345	5,758
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	80.00%	87.00%
Principal Life Insurance Company \| States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 1,345.0	$ 996.0
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	76.00%	83.00%
Principal Life Insurance Company \| Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 4,085.6	$ 2,919.0
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	80.00%	87.00%
Principal Life Insurance Company \| Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 339.4	$ 301.0
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	90.00%	92.00%
Principal Life Insurance Company \| Collateralized mortgage obligation security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 471.2	$ 356.7
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	81.00%	87.00%

Future Policy Benefits and Claims - Interest Accretion and Current Discount Rates (Details)	Sep. 30, 2026	Dec. 31, 2025
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Interest accretion rate	4.77%	4.70%
Current discount rate	6.33%	5.28%
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.22%
Current discount rate	6.25%	5.16%
Principal Asset Management \| International Pension \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate		4.19%
Current discount rate		2.78%
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Interest accretion rate	3.81%	3.84%
Current discount rate	6.43%	5.43%
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Interest accretion rate	4.74%	4.74%
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Interest accretion rate	4.81%	4.81%
Current discount rate	6.10%	4.91%
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Interest accretion rate	6.16%	6.16%
Current discount rate	6.36%	5.36%

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 1,826.8	$ 1,282.0
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(378.2)	(331.7)
Collateral received, financial assets	(1,446.5)	(939.1)
Net amount of assets subject to netting agreements	2.1	11.2
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	1,803.3	1,224.5
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(378.2)	(331.7)
Collateral received, financial assets	(1,423.0)	(881.6)
Net amount of assets subject to netting agreements	2.1	11.2
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	23.5	57.5
Collateral received, financial assets	$ (23.5)	$ (57.5)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-12

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-8

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-8

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-16

+ Details

Reinsurance - Effects Of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Premiums and other considerations:
Premiums and other considerations, Direct	$ 2,034.7	$ 1,661.4	$ 4,924.0	$ 5,082.9
Premiums and other considerations, Ceded	(136.8)	(128.6)	(417.2)	(402.3)
Net premiums and other considerations	1,897.9	1,532.8	4,506.8	4,680.6
Benefits, claims and settlement expenses:
Benefits, claims and settlement expenses, Direct	2,723.8	2,356.8	7,166.2	7,277.1
Benefits, claims and settlement expenses, Ceded	(405.1)	(392.7)	(1,244.3)	(1,253.1)
Net benefits, claims and settlement expenses	2,318.7	1,964.1	5,921.9	6,024.0
LFPB remeasurement (gain) loss:
LFPB remeasurement (gain) loss, Direct	68.5	51.8	92.5	46.1
LFPB remeasurement (gain) loss, Ceded	(45.1)	9.1	(76.4)	12.7
Net LFPB remeasurement (gain) loss	$ 23.4	$ 60.9	$ 16.1	$ 58.8

Separate Account Balances (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Separate Account Balances
Separate account that primarily includes shares of Principal Financial Group, Inc. stock that were allocated and issued to eligible participants of qualified employee benefit plans as part of the 2001 demutualization	$ 95.3	$ 81.7

Stockholders' Equity - Common Stock Dividends (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Common Stock Dividends
Dividends declared per common share (in dollars per share)	$ 0.84	$ 0.78	$ 2.46	$ 2.29

Future Policy Benefits and Claims - Interest Accretion (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Future Policy Benefits and Claims
Interest accretion	$ 533.0	$ 538.0	$ 1,719.9	$ 1,640.3
Retirement and Income Solutions
Future Policy Benefits and Claims
Interest accretion	373.9	359.8	1,119.1	1,068.3
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Interest accretion	327.6	310.8	978.2	919.4
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion	46.3	49.0	140.9	148.9
Principal Asset Management \| International Pension \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion	32.4	60.9	228.7	228.1
Benefits and Protection
Future Policy Benefits and Claims
Interest accretion	124.5	114.9	365.2	336.8
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Interest accretion	27.8	26.4	81.8	78.4
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Interest accretion	77.6	71.2	227.9	209.5
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Interest accretion	19.1	17.3	55.5	48.9
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Interest accretion	$ 2.2	$ 2.4	$ 6.9	$ 7.1

Fair Value Measurements - Changes in Unrealized Gains (losses) Included in OCI (Details) - Recurring Fair Value Measurements - Available-for-sale - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Fixed maturities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
04 Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	$ (61.0)	$ 6.8	$ (56.4)	$ 11.4
States and political subdivisions
Changes in Level 3 fair value measurements rollforward, assets and liabilities
04 Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(3.8)	0.9	(3.4)	2.8
Corporate debt securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
04 Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(51.5)	3.5	(47.8)	(5.0)
Commercial mortgage-backed securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
04 Changes in unrealized gains (losses) included in OCI relating to positions still held, assets				0.1
Other debt obligations
Changes in Level 3 fair value measurements rollforward, assets and liabilities
04 Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	$ (5.7)	$ 2.4	$ (5.2)	$ 13.5

Future Policy Benefits and Claims - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 1,342.4	$ 1,379.9
Balance at beginning of period, reinsurance recoverables for unpaid claims	62.6	61.2
Net balance at beginning of period, unpaid claims	1,279.8	1,318.7
Balance of operations acquired	7.2
Incurred:
Incurred: Current year	1,379.6	1,368.5
Incurred: Prior years	(112.6)	(101.9)
Total incurred	1,267.0	1,266.6
Payments:
Payments: Current year	1,007.5	984.3
Payments: Prior years	304.9	317.7
Total payments	1,312.4	1,302.0
Net balance at end of period, unpaid claims	1,241.6	1,283.3
Balance at end of period, reinsurance recoverables for unpaid claims	60.2	61.1
Balance at end of period, unpaid claims	$ 1,301.8	$ 1,344.4

Segment Information - Reconciliation of Segment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Information
Benefits, claims and settlement expenses	$ 2,318.7	$ 1,964.1	$ 5,921.9	$ 6,024.0
Liability for future policy benefit remeasurement (gain) loss	(23.4)	(60.9)	(16.1)	(58.8)
Market risk benefit remeasurement (gain) loss	(7.8)	(4.0)	(33.8)	(53.0)
Dividends to policyholders	29.7	30.0	84.2	72.0
Operating expenses	1,398.0	1,374.2	4,178.4	4,060.6
Total expenses	3,777.6	3,433.2	10,234.4	10,268.4
Operating Segments
Segment Information
Total segment expenses	3,687.5	3,315.9	9,968.8	9,932.7
Operating Segments \| Retirement and Income Solutions
Segment Information
Benefits, claims and settlement expenses	1,530.2	1,144.0	3,403.6	3,504.1
Liability for future policy benefit remeasurement (gain) loss	3.2	(10.5)	2.2	(18.9)
Market risk benefit remeasurement (gain) loss	3.6	0.9	1.7	4.6
Dividends to policyholders	0.1	0.1	0.2	0.1
Commission expense	74.8	74.9	218.3	216.9
Capitalization of deferred acquisition costs and contract costs	(38.2)	(41.1)	(112.3)	(122.5)
Amortization of deferred acquisition costs and contract costs	25.5	21.8	71.4	64.0
Depreciation and amortization	19.6	18.3	57.4	56.4
Compensation and other	377.7	367.4	1,128.9	1,088.2
Operating expenses	459.4	441.3	1,363.7	1,303.0
Total segment expenses	1,996.5	1,575.8	4,771.4	4,792.9
Operating Segments \| Principal Asset Management
Segment Information
Benefits, claims and settlement expenses	31.8	60.9	225.3	233.7
Liability for future policy benefit remeasurement (gain) loss	0.3	(0.8)	0.7	(0.9)
Commission expense	53.7	50.9	156.0	147.2
Capitalization of deferred acquisition costs and contract costs	(12.7)	(9.7)	(31.7)	(25.8)
Amortization of deferred acquisition costs and contract costs	9.0	12.7	26.3	24.9
Depreciation and amortization	13.9	13.7	41.5	41.5
Interest expense on corporate debt	0.1	0.3	0.8	1.2
Compensation and other	318.2	320.0	998.4	983.8
Operating expenses	382.2	387.9	1,191.3	1,172.8
Total segment expenses	414.3	448.0	1,417.3	1,405.6
Operating Segments \| Benefits and Protection
Segment Information
Benefits, claims and settlement expenses	725.8	705.0	2,124.4	2,123.4
Liability for future policy benefit remeasurement (gain) loss	(8.9)	72.8	(17.2)	68.7
Dividends to policyholders	31.0	29.9	85.4	71.9
Commission expense	134.7	132.4	405.4	419.1
Capitalization of deferred acquisition costs and contract costs	(78.7)	(74.3)	(241.2)	(236.0)
Amortization of deferred acquisition costs and contract costs	65.9	63.9	196.0	192.3
Depreciation and amortization	5.4	4.3	13.9	13.0
Compensation and other	251.5	240.0	733.5	715.0
Operating expenses	378.8	366.3	1,107.6	1,103.4
Total segment expenses	1,126.7	1,174.0	3,300.2	3,367.4
Operating Segments \| Corporate
Segment Information
Benefits, claims and settlement expenses	(1.2)	(1.1)	30.1	21.7
Commission expense	46.9	26.9	133.1	75.6
Depreciation and amortization	3.4	3.8	10.3	12.1
Interest expense on corporate debt	49.1	45.0	137.7	132.4
Compensation and other	51.8	43.5	168.7	125.0
Operating expenses	151.2	119.2	449.8	345.1
Total segment expenses	150.0	118.1	479.9	366.8
Reconciling items
Segment Information
Net realized capital gains (losses) expense adjustments	46.1	80.0	140.3	145.2
Market risk benefit derivative settlements	(7.3)	(10.1)	(22.6)	(32.2)
Expenses from exited business	44.9	47.4	141.5	222.7
Expenses related to actuarial assumption review	6.4		6.4
Total expenses	$ 3,777.6	$ 3,433.2	$ 10,234.4	$ 10,268.4

Segment Information - Pre-tax net Realized Capital Gains (Losses) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Segment Information: Net realized capital gains (losses), as adjusted

Net realized capital gains (losses)

^[1]

$ (387.6)

$ 85.7

$ (400.0)

$ (26.0)

Reconciling items

Segment Information: Net realized capital gains (losses), as adjusted

Net realized capital gains (losses)

(387.6)

85.7

(400.0)

(26.0)

Derivative and hedging-related revenue adjustments

(39.3)

(25.7)

(132.8)

(76.2)

Market value adjustments to fee revenues

0.1

0.2

(0.1)

Certain variable annuity fees

17.1

17.2

51.5

50.8

Net realized capital (gains) losses related to exited business

276.7

Equity method investments

4.7

1.2

4.0

5.6

Certain real estate-related depreciation and amortization

(21.0)

(52.0)

Sponsored investment funds and other adjustments

8.8

9.1

31.4

24.4

Net realized capital gains (losses), net of related revenue adjustments

(140.5)

87.5

(221.0)

(21.5)

Amortization of deferred acquisition costs and other actuarial balances

(6.4)

(4.3)

(18.7)

(9.3)

Capital (gains) losses distributed

(18.7)

(59.0)

(46.2)

(39.0)

Derivative and hedging-related expense adjustments

(4.2)

(3.4)

(2.0)

1.5

Market value adjustments of market risk benefits

(8.3)

(13.2)

(51.5)

(80.6)

Market value adjustments of embedded derivatives

(8.5)

(0.1)

(21.9)

(17.8)

Net realized capital gains (losses), net of related expense adjustments

(46.1)

(80.0)

(140.3)

(145.2)

Pre-tax net realized capital gains (losses), as adjusted

$ (186.6)

$ 7.5

$ (361.3)

$ (166.7)

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Market Risk Benefits - Asset and Liability Position and Reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Market Risk Benefits
Market risk benefit asset	$ 239.2	$ 197.1
Market risk benefit liability	48.9	66.9
Net asset (liability)	190.3	130.2
Retirement and Income Solutions \| Individual variable annuities
Market Risk Benefits
Market risk benefit asset	239.2	197.1
Market risk benefit liability	48.9	66.9
Net asset (liability)	$ 190.3	$ 130.2	$ 137.4

Employee and Agent Benefits

9 Months Ended

Sep. 30, 2026

Employee and Agent Benefits

Employee and Agent Benefits

14. Employee and Agent Benefits

Components of Net Periodic Benefit Cost

Pension benefits

Other postretirement benefits

For the three months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Service cost

15.8

14.8

—

Interest cost

43.2

43.4

0.7

0.8

Expected return on plan assets

(45.9)

(43.0)

(1.2)

(1.2)

Amortization of prior service benefit

(3.7)

(3.9)

(0.3)

(0.2)

Recognized net actuarial (gain) loss

6.7

8.7

(0.5)

(0.4)

Net periodic benefit cost (income)

16.1

20.0

(1.3)

(1.0)


		Pension benefits						Other postretirement benefits
		For the nine months ended						For the nine months ended
		September 30,						September 30,
		2026			2025			2026			2025

		(in millions)
Service cost		$	47.3		$	44.5		$	—		$	—
Interest cost			129.5			130.2			2.1			2.3
Expected return on plan assets			(137.7)			(129.0)			(3.7)			(3.5)
Amortization of prior service benefit			(11.2)			(11.4)			(0.8)			(0.8)
Recognized net actuarial (gain) loss			20.0			26.1			(1.5)			(1.1)
Settlement			2.6			—			—			—
Net periodic benefit cost (income)		$	50.5		$	60.4		$	(3.9)		$	(3.1)

The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations.

Contributions

Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”) and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan in 2026; however, it is possible that we may fund both the qualified and nonqualified pension plans in 2026 for a combined total of up to $70.0 million. During the three and nine months ended September 30, 2026, we contributed $25.5 million and $58.5 million, respectively, to these plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Reinsurance - Components of Net Realized Capital Gains (Losses) on Funds Withheld Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Reinsurance
Net realized capital gains (losses)	$ (8.0)	$ 0.8	$ (36.2)	$ (49.6)
Fixed maturities, available-for-sale
Reinsurance
Net realized capital gains (losses)	(5.3)	1.3	(27.3)	(46.2)
Fixed maturities, trading
Reinsurance
Net realized capital gains (losses)	(3.0)		(6.1)	0.1
Mortgage loans
Reinsurance
Net realized capital gains (losses)		(0.1)	(4.0)	(1.4)
Derivatives
Reinsurance
Net realized capital gains (losses)	$ 0.3	$ (0.4)	$ 1.2	$ (2.1)

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Unobservable inputs
Assets measured at fair value	$ 274,689.0	$ 276,234.1
Liabilities measured at fair value	366.6	602.9
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value	5,648.1	5,893.1
Liabilities measured at fair value	1,026.2	1,149.5
Fair value hierarchy Level 3 \| Investment and universal life contracts
Unobservable inputs
Liabilities measured at fair value	$ (2,432.6)	$ (1,410.2)
Embedded derivative, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Minimum
Unobservable inputs
Embedded derivative, Input	0.043	0.035
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Maximum
Unobservable inputs
Embedded derivative, Input	0.057	0.048
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.056	0.048
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Minimum
Unobservable inputs
Embedded derivative, Input	0.16	0.161
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Maximum
Unobservable inputs
Embedded derivative, Input	0.302	0.334
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.199	0.218
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Minimum
Unobservable inputs
Embedded derivative, Input	0.005	0.005
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Maximum
Unobservable inputs
Embedded derivative, Input	0.011	0.011
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.01	0.009
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Minimum
Unobservable inputs
Embedded derivative, Input	0	0
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Maximum
Unobservable inputs
Embedded derivative, Input	0.77	0.55
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.087	0.08
Fair value hierarchy Level 3 \| Fixed maturities \| Trading
Unobservable inputs
Assets measured at fair value	$ 207.1	$ 257.6
Fixed maturities, trading, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, trading, Input	0.09	0.085
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.107	0.13
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.09	0.09
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, trading, Input		0.9
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Minimum
Unobservable inputs
Fixed maturities, trading, Input	0.8
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.9
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.9	0.9
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Comparability adjustment \| Minimum
Unobservable inputs
Fixed maturities, trading, Input	(0.0120)	(0.0088)
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Comparability adjustment \| Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.0532	0.2047
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.0066	0.0114
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale
Unobservable inputs
Assets measured at fair value	$ 1,955.6	$ 2,017.3
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.043	0.027
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.147	0.131
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.08	0.08
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.9
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.8
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	1.7
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	1	0.9
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0030	0.0030
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0771	0.0771
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0149	0.0146
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0120)	(0.0120)
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0571	0.3462
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0062	0.0122
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale
Unobservable inputs
Assets measured at fair value	$ 1,475.5	$ 1,745.4
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.048	0.034
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.093	0.086
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.057	0.042
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0083)	(0.0083)
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0415	0.0415
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0163	0.0179
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0058)	(0.0010)
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0323	0.0285
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0071	0.0066
Fair value hierarchy Level 3 \| Other investments
Unobservable inputs
Assets measured at fair value	$ 62.0	$ 167.1
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Other investments, Input	0.115	0.12
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Other investments, Input	0.135	0.135
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Other investments, Input	0.124	0.122
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Minimum
Unobservable inputs
Other investments, Input	0.06	0.06
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Maximum
Unobservable inputs
Other investments, Input	0.10	0.10
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Weighted average input
Unobservable inputs
Other investments, Input	0.084	0.08
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Minimum
Unobservable inputs
Other investments, Input	0.87	0.87
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Maximum
Unobservable inputs
Other investments, Input	1	1
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Weighted average input
Unobservable inputs
Other investments, Input	0.918	0.929
Fair value hierarchy Level 3 \| Separate account assets
Unobservable inputs
Assets measured at fair value	$ 765.6	$ 742.5
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.068	0.068
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.10	0.093
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.074	0.073
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.055	0.055
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.08	0.08
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.06	0.06
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.02	0.02
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.033	0.033
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.027	0.027
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Minimum
Unobservable inputs
Separate account assets, Input	0.463	0.472
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Maximum
Unobservable inputs
Separate account assets, Input	0.655	0.693
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.52	0.527
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.053	0.053
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.071	0.064
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.059	0.058

Contractholder Funds - Guaranteed Minimum Interest Rate (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Excess of crediting rates over GMIR
Total policyholder account value	$ 32,959.0	$ 30,318.1
Retirement and Income Solutions
Excess of crediting rates over GMIR
Total policyholder account value	26,696.5	23,809.1
Workplace savings and retirement solutions \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	14,120.8	12,925.3
Policyholder account value without GMIR	3,127.7	2,882.8
Total policyholder account value	17,248.5	15,808.1	$ 13,982.8
Workplace savings and retirement solutions \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,091.0	3,441.4
Workplace savings and retirement solutions \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	11,012.3	9,464.4
Workplace savings and retirement solutions \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.2	7.6
Workplace savings and retirement solutions \| 4.01% and above \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	10.3	11.9
Workplace savings and retirement solutions \| At GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	131.3	214.5
Workplace savings and retirement solutions \| At GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	113.8	195.0
Workplace savings and retirement solutions \| At GMIR \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.2	7.6
Workplace savings and retirement solutions \| At GMIR \| 4.01% and above \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	10.3	11.9
Workplace savings and retirement solutions \| Up to 0.50% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	23.9	2,889.1
Workplace savings and retirement solutions \| Up to 0.50% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		2,700.0
Workplace savings and retirement solutions \| Up to 0.50% above GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	23.9	189.1
Workplace savings and retirement solutions \| 0.51% to 1.00% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,538.4	673.2
Workplace savings and retirement solutions \| 0.51% to 1.00% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,426.9
Workplace savings and retirement solutions \| 0.51% to 1.00% above GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	111.5	673.2
Workplace savings and retirement solutions \| 1.01% to 2.00% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,345.9	4,677.2
Workplace savings and retirement solutions \| 1.01% to 2.00% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	664.1	741.4
Workplace savings and retirement solutions \| 1.01% to 2.00% above GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,681.8	3,935.8
Workplace savings and retirement solutions \| 2.01% or more above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	8,081.3	4,471.3
Workplace savings and retirement solutions \| 2.01% or more above GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 8,081.3	$ 4,471.3
Workplace savings and retirement solutions \| Minimum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Workplace savings and retirement solutions \| Minimum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Workplace savings and retirement solutions \| Minimum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Workplace savings and retirement solutions \| Minimum \| 4.01% and above \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Workplace savings and retirement solutions \| Maximum \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.00%	1.00%
Workplace savings and retirement solutions \| Maximum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.00%	2.00%
Workplace savings and retirement solutions \| Maximum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.00%	3.00%
Workplace savings and retirement solutions \| Maximum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.00%	4.00%
Individual variable annuities \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 193.2	$ 215.9
Policyholder account value without GMIR	6,039.7	4,057.1
Total policyholder account value	6,232.9	4,273.0	1,906.7
Individual variable annuities \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	13.8	14.8
Individual variable annuities \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.3	3.9
Individual variable annuities \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	176.1	197.2
Individual variable annuities \| At GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	193.2	215.9
Individual variable annuities \| At GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	13.8	14.8
Individual variable annuities \| At GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.3	3.9
Individual variable annuities \| At GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 176.1	$ 197.2
Individual variable annuities \| Minimum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual variable annuities \| Minimum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual variable annuities \| Minimum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual variable annuities \| Minimum \| 4.01% and above \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual variable annuities \| Maximum \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.00%	1.00%
Individual variable annuities \| Maximum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.00%	2.00%
Individual variable annuities \| Maximum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.00%	3.00%
Individual variable annuities \| Maximum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.00%	4.00%
Individual fixed deferred annuities \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 3,096.1	$ 3,583.4
Policyholder account value without GMIR	119.0	144.6
Total policyholder account value	3,215.1	3,728.0	4,460.7
Individual fixed deferred annuities \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,015.1	1,248.7
Individual fixed deferred annuities \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	68.9	99.5
Individual fixed deferred annuities \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,886.0	2,101.8
Individual fixed deferred annuities \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	126.1	133.4
Individual fixed deferred annuities \| At GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,208.0	2,468.2
Individual fixed deferred annuities \| At GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	137.7	166.2
Individual fixed deferred annuities \| At GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	58.2	66.8
Individual fixed deferred annuities \| At GMIR \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,886.0	2,101.8
Individual fixed deferred annuities \| At GMIR \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	126.1	133.4
Individual fixed deferred annuities \| Up to 0.50% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.7	9.1
Individual fixed deferred annuities \| Up to 0.50% above GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.7	8.9
Individual fixed deferred annuities \| Up to 0.50% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		0.2
Individual fixed deferred annuities \| 0.51% to 1.00% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	11.1	28.8
Individual fixed deferred annuities \| 0.51% to 1.00% above GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	10.9	25.7
Individual fixed deferred annuities \| 0.51% to 1.00% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.2	3.1
Individual fixed deferred annuities \| 1.01% to 2.00% above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	29.9	100.6
Individual fixed deferred annuities \| 1.01% to 2.00% above GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	27.6	78.8
Individual fixed deferred annuities \| 1.01% to 2.00% above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2.3	21.8
Individual fixed deferred annuities \| 2.01% or more above GMIR \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	839.4	976.7
Individual fixed deferred annuities \| 2.01% or more above GMIR \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	831.2	969.1
Individual fixed deferred annuities \| 2.01% or more above GMIR \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 8.2	$ 7.6
Individual fixed deferred annuities \| Minimum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual fixed deferred annuities \| Minimum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual fixed deferred annuities \| Minimum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual fixed deferred annuities \| Minimum \| 4.01% and above \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual fixed deferred annuities \| Maximum \| Up to 1.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.00%	1.00%
Individual fixed deferred annuities \| Maximum \| 1.01% - 2.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.00%	2.00%
Individual fixed deferred annuities \| Maximum \| 2.01% - 3.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.00%	3.00%
Individual fixed deferred annuities \| Maximum \| 3.01% - 4.00% \| Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.00%	4.00%
Universal life \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 5,427.8	$ 5,779.9
Policyholder account value without GMIR	1,164.9	1,087.6
Total policyholder account value	6,592.7	6,867.5	$ 6,953.7
Universal life \| Up to 1.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	53.5	46.0
Universal life \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,678.9	1,663.6
Universal life \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,140.0	2,267.0
Universal life \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,506.4	1,752.9
Universal life \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	49.0	50.4
Universal life \| At GMIR \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,278.6	2,375.9
Universal life \| At GMIR \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	216.8	239.6
Universal life \| At GMIR \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	724.6	566.6
Universal life \| At GMIR \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,318.9	1,552.7
Universal life \| At GMIR \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	18.3	17.0
Universal life \| Up to 0.50% above GMIR \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	445.4	657.5
Universal life \| Up to 0.50% above GMIR \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	348.1	592.3
Universal life \| Up to 0.50% above GMIR \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	69.6	55.6
Universal life \| Up to 0.50% above GMIR \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	27.7	9.6
Universal life \| 0.51% to 1.00% above GMIR \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,086.6	1,100.4
Universal life \| 0.51% to 1.00% above GMIR \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	332.2	344.3
Universal life \| 0.51% to 1.00% above GMIR \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	661.1	711.4
Universal life \| 0.51% to 1.00% above GMIR \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	91.6	28.6
Universal life \| 0.51% to 1.00% above GMIR \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.7	16.1
Universal life \| 1.01% to 2.00% above GMIR \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,087.0	1,148.7
Universal life \| 1.01% to 2.00% above GMIR \| Up to 1.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	14.4	14.8
Universal life \| 1.01% to 2.00% above GMIR \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	640.9	621.7
Universal life \| 1.01% to 2.00% above GMIR \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	406.0	391.8
Universal life \| 1.01% to 2.00% above GMIR \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	24.4	112.7
Universal life \| 1.01% to 2.00% above GMIR \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.3	7.7
Universal life \| 2.01% or more above GMIR \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	530.2	497.4
Universal life \| 2.01% or more above GMIR \| Up to 1.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	39.1	31.2
Universal life \| 2.01% or more above GMIR \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	489.0	458.0
Universal life \| 2.01% or more above GMIR \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.2	4.9
Universal life \| 2.01% or more above GMIR \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 1.9	$ 3.3
Universal life \| Minimum \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Universal life \| Minimum \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Universal life \| Minimum \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Universal life \| Minimum \| 4.01% and above \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Universal life \| Maximum \| Up to 1.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	1.00%	1.00%
Universal life \| Maximum \| 1.01% - 2.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	2.00%	2.00%
Universal life \| Maximum \| 2.01% - 3.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	3.00%	3.00%
Universal life \| Maximum \| 3.01% - 4.00% \| Benefits and Protection \| Life Insurance
Excess of crediting rates over GMIR
GMIR	4.00%	4.00%