Separate Account Balances (Tables)

9 Months Ended

Sep. 30, 2025

Summary of separate account assets by investment category (Table)

	September 30, 2025		December 31, 2024
	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,860.0	$	7,537.1
Non-U.S. governments		8,890.8		8,461.5
States and political subdivisions		165.4		170.1
Corporate		12,827.4		12,590.9
Residential mortgage-backed pass-through securities		4,244.6		3,746.0
Commercial mortgage-backed securities		305.0		201.4
Other debt obligations		449.5		594.1
Total fixed maturities		35,742.7		33,301.1
Equity securities		138,191.3		126,575.0
Real estate		444.9		441.3
Other investments		8,886.4		8,160.2
Cash and cash equivalents		4,812.1		4,021.7
Other assets		1,174.1		827.8
Total separate account assets per consolidated statements of financial position	$	189,251.5	$	173,327.1

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

	September 30, 2025		December 31, 2024
	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	135,296.5	$	125,103.1
Individual variable annuities		7,676.2		8,334.9
Total Retirement and Income Solutions		142,972.7		133,438.0
Principal Asset Management – International Pension:
Latin America:
Pension		38,300.6		32,802.2
Benefits and Protection - Life Insurance:
Universal life		7,668.9		6,806.7
Other balances (1)		309.3		280.2
Total separate account liabilities per consolidated statements of financial position	$	189,251.5	$	173,327.1

(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, 2025				December 31, 2024
	Group		Individual		Group		Individual
	retirement		variable		retirement		variable
	contracts		annuities		contracts		annuities
	(in millions)
Balance at beginning of period	$	125,103.1	$	8,334.9	$	117,518.5	$	9,131.9
Premiums and deposits (1)		11,249.3		122.9		16,573.1		344.5
Policy charges		(261.4)		(126.7)		(365.6)		(197.6)
Surrenders, withdrawals and benefit payments (1)		(12,155.7)		(1,357.0)		(19,191.4)		(1,977.7)
Investment performance		13,266.6		721.2		14,632.1		1,079.0
Net transfers (to) from general account (1)		(1,870.7)		(19.1)		(4,148.3)		(2.1)
Other (2)		(34.7)		—		84.7		(43.1)
Balance at end of period	$	135,296.5	$	7,676.2	$	125,103.1	$	8,334.9
Cash surrender value (3)	$	134,152.0	$	7,571.7	$	123,965.4	$	8,219.1

(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, 2025		December 31, 2024
	(in millions)
Balance at beginning of period	$	32,802.2	$	34,580.6
Premiums and deposits		2,573.5		3,347.7
Policy charges		(13.0)		(16.6)
Surrenders, withdrawals and benefit payments		(2,934.7)		(3,638.0)
Investment performance		4,751.9		2,890.1
Other		7.3		22.8
Foreign currency translation adjustment		1,113.4		(4,384.4)
Balance at end of period	$	38,300.6	$	32,802.2
Cash surrender value	$	38,300.6	$	32,802.2

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, 2025		December 31, 2024
	(in millions)
Balance at beginning of period	$	6,806.7	$	5,982.5
Premiums and deposits (1)		455.1		557.2
Policy charges		(101.6)		(132.7)
Surrenders, withdrawals and benefit payments (1)		(306.5)		(492.2)
Investment performance		814.2		880.5
Net transfers (to) from general account (1)		1.0		11.4
Balance at end of period	$	7,668.9	$	6,806.7
Cash surrender value (2)	$	7,742.2	$	6,869.5

(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.