Principal Financial Group Inc

Company facts

Industry

Accident & Health Insurance

Headquarters

Des Moines, Iowa

Most recent report

10-Q, filed Oct 29, 2026

Incorporated

Delaware

Filings on record

1,009+ filings

On EDGAR

CIK 1126328

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 2 positive, 9 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Material balance-sheet shifts and credit-quality issues in commercial mortgages.
  Notable

  • Acquired Beam for $403.6M cash, adding $325.4M goodwill; expands dental/vision/ancillary benefits with AI platform.
  • Unrealized losses on fixed maturities rose to $7.9B at Sept 2026 from $5.2B at Dec 2025, driven by higher interest rates.
  • Actuarial assumption review in Q3 2026 increased LFPB for disability and term life, reducing income before taxes by $13.1M and $13.2M, respectively.
  • Issued $400M of 5.3% senior notes due 2037, increasing long-term debt to $4.3B for general corporate purposes.
  • Repurchased $741.4M of common stock in nine months under a new $1.5B authorization with no expiration.
  Negative

  • Chilean mandatory pension fund guarantee is unlimited: maximum exposure is indeterminable. That is a large uncapped liability.

• Management's Discussion (Item 2)

  Multiple material transactions (Chile sale, Beam buy), big realized losses, rising leverage, mixed segments.
  Positive

  • B&P pre-tax operating earnings up $83.2M in Q3; Life Insurance $93.4M higher vs year-ago unfav. assumption updates.
  • Operating cash flow rose to $3,791M for nine months 2026 from $2,793M, helped by mortgage loan sales.
  Notable

  • Acquired Beam (employee benefits) for $175M 2025 premiums; closed Sep 1, 2026.
  • Problem commercial mortgage loans rose to $121.3M from $61.6M, but only 0.89% of total portfolio.
  Negative

  • Net realized capital loss of $387.6M in Q3 2026 vs $85.7M gain, mostly from $276.7M Chilean sale loss.

• Market Risk (Item 3)

  Quantified interest rate, equity, and FX risk sensitivities with period-specific numbers.
  Notable

  • A 100bp rate cut impacts segment pre-tax operating earnings by -1% to +1% over next 12 months.
  • A 10% equity shock reduces annual segment pre-tax operating earnings by 5% to 8% over next 12 months.
  Negative

  • A 100bp rate rise reduces net fair value of financial assets by $2,341.9M as of Sep 30, 2026.
  • A 10% FX shock reduces international equity by $281.0M (7%) as of Sep 30, 2026, up from $275.1M.
  • A 10% equity decline cuts fair value of equity securities by $257.4M as of Sep 30, 2026, up from $223.7M.

What changed: Sep 2026 vs. Jun 2026

About 5% of PFG's Sep 2026 10-Q is new information. 51 paragraphs were added, 400 changed, and 45 removed. Below are the most important lines SECSift identified.

• Item 1 170
• Item 2 111
• Item 3 14
• Item 6 2
• Part I 1
• Item 4 1
• Item 5 1