Logo: Principal Financial Group, Inc., Public domain, via Wikimedia Commons6
American global financial investment management and insurance company
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa.3 Its revenue was $17.5 billion in 2022.1Wikipedia text CC BY-SA 4.0
$108.74down 0.22 (0.20%)Price as of Oct 16, 2026 at 19:58 UTC
Revenue1516171814$15.6B in 2025−4% since 2019Net income1516171814$1.2B in 2025−15% since 2019
Revenue192021$3.5B in Q1 FY2026−4% since Q2 FY2025Net income192021$424.6M in Q1 FY2026+5% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.14
Period ending
2025-12-31
2024-12-31
2023-12-31
Premiums and other considerations
$6.8B
$6.9B
$6.5B
Fees and other revenues
$4.4B
$4.3B
$4.1B
Net investment income (loss)
$4.7B
$4.4B
$4.1B
Net realized capital gains (losses)
$27.7M
-$27.3M
-$72.2M
Net realized capital gains (losses) on funds withheld assets
$43.2M
$87.7M
$165.0M
Change in fair value of funds withheld embedded derivative
-$381.1M
$447.4M
-$1.1B
Total revenues
$15.6B
$16.1B
$13.7B
Benefits, claims and settlement expenses
$8.6B
$8.1B
$7.8B
Liability for future policy benefits remeasurement (gain) loss
$56.4M
$671.4M
-$51.6M
Market risk benefit remeasurement (gain) loss
$63.1M
$30.3M
$29.1M
Dividends to policyholders
$91.7M
$99.9M
$89.2M
Operating expenses
$5.4B
$5.4B
$5.1B
Total expenses
$14.2B
$14.2B
$12.9B
Income (loss) before income taxes
$1.4B
$1.9B
$738.8M
Income taxes (benefits)
$160.5M
$291.7M
$68.7M
Net income (loss)
$1.3B
$1.6B
$670.1M
Net income (loss) attributable to noncontrolling interest
$70.4M
$26.9M
$46.9M
Net income (loss) attributable to Principal Financial Group, Inc.
$1.2B
$1.6B
$623.2M
Basic earnings per common share (in dollars per share)
$5.32
$6.77
$2.58
Diluted earnings per common share (in dollars per share)
$5.25
$6.68
$2.55
No quarter-by-quarter statement was filed.
Total assets221516171814$341.4B in 2025+24% since 2019Total liabilities221516171814$329.0B in 2025+26% since 2019Shareholders’ equity221516171814$11.9B in 2025−19% since 2019Cash221516171814$4.4B in 2025+76% since 2019Long-term debt221516171814$3.9B in 2025+5% since 2019
Total assets192021$332.7B in Q1 FY2026+3% since Q2 FY2025Total liabilities192021$320.3B in Q1 FY2026+3% since Q2 FY2025Shareholders’ equity192021$11.8B in Q1 FY2026+4% since Q2 FY2025Cash192021$4.1B in Q1 FY2026+11% since Q2 FY2025Long-term debt192021$3.9B in Q1 FY2026+0% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.14
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturities, available-for-sale
$73.4B
$68.3B
Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities)
$1.2B
$1.0B
Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities)
$2.2B
$2.3B
Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities)
$2.4B
$2.5B
Policy loans
$866.7M
$867.5M
Other investments (2025 and 2024 include $838.4 million and $625.6 million related to consolidated variable interest entities and $167.1 million and $129.0 million measured at fair value under the fair value option)
$9.8B
$8.0B
Total investments
$110.9B
$103.4B
Cash and cash equivalents (2025 and 2024 include $89.1 million and $86.1 million related to consolidated variable interest entities)
$4.4B
$4.2B
Reinsurance recoverable and deposit receivable
$19.0B
$19.5B
Premiums due and other receivables
$3.9B
$3.8B
Deferred acquisition costs
$4.1B
$4.0B
Market risk benefit asset
$197.1M
$199.5M
Property and equipment
$701.4M
$769.4M
Goodwill
$1.6B
$1.5B
$1.6B
Other intangibles
$1.3B
$1.4B
Separate account assets (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities)
$193.6B
$173.3B
Other assets
$818.3M
$743.2M
Total assets
$341.4B
$313.7B
Contractholder funds
$45.4B
$43.1B
Future policy benefits and claims
$51.7B
$48.2B
Market risk benefit liability
$66.9M
$62.1M
Other policyholder funds
$940.8M
$966.4M
Short-term debt (2025 and 2024 include $0.0 million and $119.0 million related to consolidated variable interest entities)
$27.7M
$152.7M
Long-term debt
$3.9B
$4.0B
Income taxes currently payable
$29.5M
$8.6M
Deferred income taxes
$1.9B
$1.7B
Funds withheld payable
$17.8B
$18.1B
Other liabilities (2025 and 2024 include $69.4 million and $108.8 million related to consolidated variable interest entities)
$13.6B
$12.6B
Total liabilities
$329.0B
$302.2B
Redeemable noncontrolling interest (2025 and 2024 include $440.9 million and $309.9 million related to consolidated variable interest entities)
$474.3M
$337.7M
$248.9M
$262.0M
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 496,884,232 and 494,734,908 shares issued as of 2025 and 2024; 217,380,912 and 226,225,161 shares outstanding as of 2025 and 2024
$5.0M
$4.9M
Additional paid-in capital
$11.3B
$11.1B
Retained earnings (accumulated deficit)
$18.1B
$17.6B
Accumulated other comprehensive loss
-$4.2B
-$5.2B
Treasury stock, at cost (279,503,320 and 268,509,747 shares as of 2025 and 2024)
-$13.3B
-$12.4B
Total stockholders' equity attributable to Principal Financial Group, Inc.
$11.9B
$11.1B
Noncontrolling interest
$33.1M
$44.9M
Total stockholders' equity
$11.9B
$11.1B
$11.0B
$10.0B
Total liabilities and stockholders' equity
$341.4B
$313.7B
Mortgage loans
$21.0B
$20.5B
Mortgage loans measured at fair value under fair value option
$0
$140.6M
Other investments measured at fair value under fair value option
$167.1M
$129.0M
Accrued investment income
$870.9M
$828.6M
Separate account liabilities
$193.6B
$173.3B
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, authorized (in shares)
2.5B shares
2.5B shares
Common stock, issued (in shares)
496.9M shares
494.7M shares
Common stock, outstanding (in shares)
217.4M shares
226.2M shares
Treasury stock (in shares)
279.5M shares
268.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Fixed maturities, available-for-sale
$73.4B
$68.3B
Fixed maturities, trading (2025 and 2024 include $185.0 million and $205.9 million related to consolidated variable interest entities)
$1.2B
$1.0B
Equity securities (2025 and 2024 include $428.6 million and $367.9 million related to consolidated variable interest entities)
$2.2B
$2.3B
Real estate (2025 and 2024 include $819.4 million and $781.8 million related to consolidated variable interest entities)
$2.4B
$2.5B
Policy loans
$866.7M
$867.5M
Other investments (2025 and 2024 include $838.4 million and $625.6 million related to consolidated variable interest entities and $167.1 million and $129.0 million measured at fair value under the fair value option)
$9.8B
$8.0B
Total investments
$110.9B
$103.4B
Cash and cash equivalents (2025 and 2024 include $89.1 million and $86.1 million related to consolidated variable interest entities)
$4.4B
$4.2B
Reinsurance recoverable and deposit receivable
$19.0B
$19.5B
Premiums due and other receivables
$3.9B
$3.8B
Deferred acquisition costs
$4.1B
$4.0B
Market risk benefit asset
$197.1M
$199.5M
Property and equipment
$701.4M
$769.4M
Goodwill
$1.6B
$1.5B
$1.6B
Other intangibles
$1.3B
$1.4B
Separate account assets (2025 and 2024 include $41,450.5 million and $32,802.2 million related to consolidated variable interest entities)
$193.6B
$173.3B
Other assets
$818.3M
$743.2M
Total assets
$341.4B
$313.7B
Contractholder funds
$45.4B
$43.1B
Future policy benefits and claims
$51.7B
$48.2B
Market risk benefit liability
$66.9M
$62.1M
Other policyholder funds
$940.8M
$966.4M
Short-term debt (2025 and 2024 include $0.0 million and $119.0 million related to consolidated variable interest entities)
$27.7M
$152.7M
Long-term debt
$3.9B
$4.0B
Income taxes currently payable
$29.5M
$8.6M
Deferred income taxes
$1.9B
$1.7B
Funds withheld payable
$17.8B
$18.1B
Other liabilities (2025 and 2024 include $69.4 million and $108.8 million related to consolidated variable interest entities)
$13.6B
$12.6B
Total liabilities
$329.0B
$302.2B
Redeemable noncontrolling interest (2025 and 2024 include $440.9 million and $309.9 million related to consolidated variable interest entities)
$474.3M
$337.7M
$248.9M
$262.0M
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 496,884,232 and 494,734,908 shares issued as of 2025 and 2024; 217,380,912 and 226,225,161 shares outstanding as of 2025 and 2024
$5.0M
$4.9M
Additional paid-in capital
$11.3B
$11.1B
Retained earnings (accumulated deficit)
$18.1B
$17.6B
Accumulated other comprehensive loss
-$4.2B
-$5.2B
Treasury stock, at cost (279,503,320 and 268,509,747 shares as of 2025 and 2024)
-$13.3B
-$12.4B
Total stockholders' equity attributable to Principal Financial Group, Inc.
$11.9B
$11.1B
Noncontrolling interest
$33.1M
$44.9M
Total stockholders' equity
$11.9B
$11.1B
$11.0B
$10.0B
Total liabilities and stockholders' equity
$341.4B
$313.7B
Mortgage loans
$21.0B
$20.5B
Mortgage loans measured at fair value under fair value option
$0
$140.6M
Other investments measured at fair value under fair value option
$167.1M
$129.0M
Accrued investment income
$870.9M
$828.6M
Separate account liabilities
$193.6B
$173.3B
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, authorized (in shares)
2.5B shares
2.5B shares
Common stock, issued (in shares)
496.9M shares
494.7M shares
Common stock, outstanding (in shares)
217.4M shares
226.2M shares
Treasury stock (in shares)
279.5M shares
268.5M shares
Cash from operations1516171814$4.5B in 2025−17% since 2019Dividends paid1516171814$684.0M in 2025+13% since 2019Share buybacks1516171814$902.7M in 2025+221% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.14
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$1.3B
$1.6B
$670.1M
Net realized capital (gains) losses
-$27.7M
$27.3M
$72.2M
Net realized capital (gains) losses on funds withheld assets
-$43.2M
-$87.7M
-$165.0M
Change in fair value of funds withheld embedded derivative
$381.1M
-$447.4M
$1.1B
Depreciation and amortization expense
$251.4M
$256.2M
$272.7M
Amortization of deferred acquisition costs and contract costs
$480.5M
$431.0M
$428.1M
Additions to deferred acquisition costs and contract costs
-$512.8M
-$490.6M
-$429.3M
Amortization of reinsurance (gain) loss
$96.9M
$631.6M
$17.7M
Market risk benefit remeasurement (gain) loss
$63.1M
$30.3M
$29.1M
Stock-based compensation
$109.9M
$108.7M
$99.4M
(Income) loss from equity method investments, net of dividends received
-$127.7M
$10.9M
-$110.2M
Accrued investment income
-$43.3M
-$42.4M
-$44.1M
Net cash flows for trading securities and equity securities with operating intent
$79.3M
-$97.5M
-$56.0M
Premiums due and other receivables
-$181.0M
$53.1M
-$36.7M
Contractholder and policyholder liabilities and dividends
$2.5B
$2.7B
$2.6B
Current and deferred income taxes (benefits)
-$96.4M
$106.1M
-$40.5M
Real estate acquired through operating activities
-$4.2M
-$82.4M
-$130.8M
Real estate sold through operating activities
$131.9M
$164.8M
Funds withheld, net of reinsurance recoverable and deposit receivable
$59.4M
-$33.4M
-$665.2M
Other assets and liabilities
$254.1M
$1.7M
$214.9M
Other
$11.8M
-$207.2M
-$146.5M
Net adjustments
$3.3B
$3.0B
$3.1B
Net cash provided by (used in) operating activities
$4.5B
$4.6B
$3.8B
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases
-$15.7B
-$15.0B
-$11.4B
Fixed maturities available-for-sale and equity securities with intent to hold: Sales
$4.6B
$3.5B
$5.9B
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities
$8.2B
$7.4B
$5.2B
Mortgage loans acquired or originated
-$3.9B
-$2.4B
-$2.0B
Mortgage loans sold or repaid
$3.3B
$1.9B
$2.1B
Real estate acquired
-$135.5M
-$167.8M
-$187.5M
Real estate sold
$201.0M
$125.8M
$132.0M
Net purchases of property and equipment
-$98.0M
-$68.8M
-$102.0M
Purchase of business or interests in subsidiaries, net of cash acquired
-$27.1M
Sale of interests in subsidiaries, net of cash divested
-$5.6M
Net change in other investments
-$672.0M
-$692.7M
-$919.3M
Net cash provided by (used in) investing activities
-$4.1B
-$5.4B
-$1.3B
Issuance of common stock
$43.7M
$67.7M
$57.8M
Acquisition of treasury stock
-$902.7M
-$1.0B
-$740.4M
Payments for financing element derivatives
-$41.9M
-$43.1M
-$42.1M
Purchase of subsidiary shares from noncontrolling interest
-$7.6M
-$900.0K
-$2.8M
Dividends to common stockholders
-$684.0M
-$658.4M
-$625.5M
Issuance of long-term debt
$21.8M
$691.5M
Principal repayments of long-term debt
-$400.1M
-$100.0K
-$764.0M
Net proceeds from (repayments of) short-term borrowings
-$9.0M
$97.9M
-$18.5M
Investment contract deposits
$12.0B
$12.2B
$8.6B
Investment contract withdrawals
-$10.6B
-$11.0B
-$9.4B
Net increase (decrease) in banking operation deposits
$442.8M
$571.2M
-$338.6M
Other
-$1.3M
$400.0K
$300.0K
Net cash provided by (used in) financing activities
-$181.8M
$300.3M
-$2.6B
Net increase (decrease) in cash and cash equivalents
$219.1M
-$495.8M
-$140.3M
Cash paid for interest
$172.6M
$170.3M
$170.7M
Cash paid for income taxes
$220.7M
$117.7M
$68.1M
Assets received in kind from pension risk transfer transactions
Principal Financial Group sits at the top of its group. 524 entities, 22 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (24 companies). Each entity in the chart links to its source.
What it owns
What Principal Financial Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we owned properties at our world headquarters complex in Des Moines, Iowa, and leased space for various offices located throughout the U.S. and internationally. We believe that our owned and leased properties are suitable and adequate for our current business operations.
PFG was first founded under the name Bankers Life Insurance Company. Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady. The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.
In 2019, Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business) for $1.2 billion. The deal was financed with cash and senior debt financing.
In 2021, activist investor firm Elliott Investment Management took a stake in Principal, saying it will push for changes at the company. Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its board of directors.
In 2024, Principal agreed to acquire the employee stock-option plan (ESOP) business from Ascensus. The transaction was expected to add 800 plans and over 165,000 participants to Principal's book of business.
Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.
As of December 2021, Principal employed 18,600 employees worldwide, with 7,100 of those based outside the US. The company employs roughly 9,000 people in Des Moines, Iowa, and owns and operates several buildings in the downtown area. The tallest, known as 801 Grand, is 45 stories tall (192 m/630 ft), and houses many other companies in addition to Principal. Its Global Delivery center, Principal Global Services, is located in Pune, Maharashtra, India.
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
Sep 10, 20268-K Entered a material agreement; New debt or obligation105
Oct 26, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $2.10 a share, on Oct 27, 2025.117
When it reported results
Jul 27, 2026Reported quarterly or annual results106
Apr 23, 2026Reported quarterly or annual results110
Feb 9, 2026Reported quarterly or annual results112
Oct 27, 2025Reported quarterly or annual results114
Jul 28, 2025Reported quarterly or annual results118
Apr 24, 2025Reported quarterly or annual results119
Feb 6, 2025Reported quarterly or annual results120
Oct 24, 2024Reported quarterly or annual results121
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
857 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 670 insider forms, 18 large holders, 86 other. The latest 20:
27 open-market trades by officers, directors and large owners since October 2021: 2 buys and 25 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Deanna D. Strable-SoethoutChair, President and Chief Executive Officer
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Principal Financial Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).23
Risk factors and legal proceedings
The risks Principal Financial Group names in Item 1A of its 10-K filed Feb 18, 2026: 57 risks under these headings, as written.23
Risks relating to economic conditions, market conditions and investments
Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs, as well as our access to capital and cost of capital.
Conditions in the global capital markets, including the equity, bond or real estate markets and the economy generally may materially and adversely affect our business and results of operations.
Changes in interest rates or credit spreads or a prolonged low interest rate environment may adversely affect our results of operations, financial condition and liquidity and our net income can vary from period to period.
Our investment portfolio’s risks may reduce asset values, credited returns and overall financial performance.
An increase in defaults or write-downs on our fixed maturities portfolio may reduce our profitability.
An increase in the default rate of fixed maturity issuers could harm our financial strength and decrease our profitability. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — U.S. Investment Operations — Fixed Maturities.”
An increased rate of delinquency and defaults on our commercial mortgage loans, including balloon maturities with and without amortizing payments, may adversely affect our profitability.
Mark-to-market adjustments on equity securities, trading securities and derivative instruments may reduce our profitability or cause volatility in our net income.
We may have difficulty selling our privately placed fixed maturities, mortgage loans and real estate investments because they are less liquid than our publicly traded fixed maturities.
The impairment of derivative counterparties could adversely affect us.
Our requirements to post collateral or make payments related to declines in market value of specified assets may adversely affect our liquidity and expose us to counterparty credit risk.
The other 46 risks
Environmental liability exposure may result from our commercial mortgage loan portfolio and real estate investments.
Regional concentration of our commercial mortgage loan portfolio in California may subject us to losses attributable to economic downturns or catastrophes in that state.
Gross unrealized losses may be realized or result in future credit losses, resulting in a reduction in our net income.
Fluctuations in foreign currency exchange rates could adversely impact our profitability and financial condition.
Risks relating to estimates, assumptions and valuations
Our valuation of investments and the determinations of the amount of allowances and impairments taken on our investments may include methodologies, estimations and assumptions that are subject to differing interpretations and, if changed, could materially adversely affect our results of operations or financial condition.
Any impairments of, or valuation allowances against, our deferred tax assets could adversely affect our results of operations and financial condition.
We may face losses on our insurance and annuity products if our actual experience differs significantly from our pricing and reserving assumptions.
The pattern of amortizing our DAC asset and other actuarial balances may change, impacting both the level of our DAC asset and other actuarial balances and the timing of our net income.
Risks relating to laws, regulations and taxation
Changes in laws or regulations may reduce our profitability or impact how we do business.
Changes in insurance regulations may reduce our profitability.
The NAIC has adopted a group capital calculation. This calculation is not intended to be a regulatory capital requirement, but it will be used by regulators in their supervisory process and could create an additional data point for regulators to consider in evaluating our capital position.
Our international insurance businesses are also subject to comprehensive regulation and supervision from central and/or local governmental authorities in each country in which we operate. New interpretations of existing laws and regulations or the adoption of new laws and regulations may harm our international businesses, increase the cost of compliance and reduce our profitability in those businesses.
The International Association of Insurance Supervisors has adopted its common framework for the supervision of Internationally Active Insurance Groups (“IAIGs”). Currently we are not designated as an IAIG. If we were designated in the future, we may be subject to supervision and capital requirements beyond those applicable to any competitors without those designations. These international frameworks may influence the regulatory capital requirements in the jurisdictions in which we operate, potentially leading to an increase in our capital requirements.
Changes in federal, state and international securities laws may reduce our profitability.
Changes in employee benefit regulations may reduce our profitability.
Changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny.
Restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services.
Additional legislative or regulatory action in the United States and globally could further regulate our collection, use, sharing and other processing of personal data. Evolving privacy laws may raise compliance costs and increase reputational and regulatory risks.
Our financial results may be adversely impacted by environmental, social and governance requirements.
Changes in tax laws could increase our tax costs and reduce sales of our insurance, annuity and investment products.
For a further discussion of tax matters, see Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes.”
Our ability to pay stockholder dividends, make share repurchases and meet our obligations may be constrained by the limitations on dividends or other distributions Iowa insurance laws impose on Principal Life.
Changes in accounting standards may adversely affect our reported results of operations and financial condition.
Litigation and regulatory investigations may affect our financial strength or reduce our profitability.
Damage to our reputation may adversely affect our revenues and profitability.
We may not be able to protect our intellectual property and may be subject to infringement claims.
From time to time, we may become subject to tax audits, tax litigation or similar proceedings, and as a result we may owe additional taxes, interest and penalties in amounts that may be material.
Applicable laws and our certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests.
Risks relating to our business
Our risk management framework may not identify or mitigate all risks, potentially leading to unexpected losses.
Competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance, may impair our ability to retain existing customers, attract new customers and maintain our profitability.
A downgrade in our financial strength or credit ratings may increase policy surrenders and withdrawals, reduce new sales, terminate relationships with distributors, impact existing liabilities and increase our cost of capital, any of which could adversely affect our profitability and financial condition.
Client terminations or withdrawals or changes in investor preferences may lead to a reduction in revenues for our asset management and accumulation businesses.
Guarantees within certain of our products that protect policyholders may decrease our net income or increase the volatility of our results of operations or financial position under U.S. GAAP if our hedging or risk management strategies prove ineffective or insufficient.
Our international businesses face political, legal, operational and other risks that could reduce our profitability in those businesses.
We face risks arising from fraudulent activities.
We face risks arising from vendor failures or data breaches.
We face risks arising from our participation in joint ventures.
We may need to fund deficiencies in our Closed Block assets.
Our reinsurers could default on their obligations or increase their rates, which could adversely impact our net income and financial condition.
We face risks arising from future acquisitions of businesses.
We face risks in administering coinsurance with funds withheld reinsurance agreements.
If we are unable to attract, develop and retain qualified employees and sales representatives and develop new distribution sources, our results of operations, financial condition, strategic growth commitments and sales of our products may be adversely impacted.
Risks relating to computer cyber-terrorism, crisis on a national or global scale, climate change or other catastrophic events
Interruptions in information technology, infrastructure or other internal or external systems used for our business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems, could disrupt our business, damage our reputation and adversely impact our profitability.
Our financial results may be adversely impacted by global climate changes.
Catastrophic events could adversely affect our operations, net income or financial condition.
Legal proceedings
Disclosure concerning legal proceedings can be found in Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 16, Contingencies, Guarantees, Indemnifications and Leases” under the caption, “Litigation and Regulatory Contingencies” and Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes” under the caption, “Other Tax Information,” which are incorporated here by this reference.
Information about our Executive Officers
The following information is furnished with respect to our executive officers, each of whom is elected by and serves at the pleasure of the Board.
Vivek Agrawal, 58, has been Executive Vice President and Chief Growth Officer of the Company and Principal Life since March 2023. Prior to joining the Company and Principal Life, he was a senior partner at McKinsey & Company, where he led consulting practices in both the United States and Asia and contributed to the growth of top-tier asset management, retirement, wealth management and insurance organizations.
