Principal Financial Group · Earnings release · 8-K Exhibit 99

INVESTOR CONTACT:

MEDIA CONTACT:

Humphrey Lee

Sara Bonney

Principal

Financial Group Announces Full Year and

Fourth

Raises

first quarter 2026 common stock dividend

(Des

Moines, Iowa) – Principal Financial Group® (Nasdaq: PFG) announced results for full year and fourth quarter 2025.

Diluted earnings per common share

Net income attributable to PFG (in millions)

Net income attributable to PFG

Net income attributable to PFG

Non-GAAP net income attributable to PFG, excluding exited business1

Non-GAAP net income attributable to PFG, excluding exited business1

Non-GAAP operating earnings1

Non-GAAP operating earnings1

Non-GAAP operating earnings excluding significant variances2

Non-GAAP operating earnings excluding significant variances2

Full

Year and Fourth Quarter 2025 Highlights

·

T1Full-year non-GAAP operating earnings per diluted share, excluding significant variances2 of $8.55 increased 12%, at the high end of our 9-12% target; reported full-year non-GAAP operating earnings per diluted share increased 19%

·

4Q25 non-GAAP operating earnings per diluted share, excluding significant variances2 of $2.24 increased 7% over prior year quarter; reported 4Q25 non-GAAP operating earnings per diluted share increased 13%

·

T2Returned over $1.5 billion of capital to shareholders for full year 2025, including $0.9 billion of share repurchases and $0.7 billion of common stock dividends

·

Returned $448 million of capital to shareholders in 4Q25, including $275 million of share repurchases and $172 million of common stock dividends

·

T3Announced common stock dividend increase of $0.01 to $0.80 per share in the first quarter 2026; representing a 7% increase over the first quarter 2025 dividend

·

Assets under management (AUM) of $781 billion, which is included in assets under administration (AUA) of $1.8 trillion

·

Strong financial position with $1.6 billion of excess and available capital, including statutory risk-based capital (RBC) ratio for Principal Life Insurance Company of 406%

Deanna Strable, Chair, President and CEO of Principal®

"Principal delivered strong 2025 results. We achieved our objectives across earnings growth, return on equity, and free capital flow, supported by consistent execution, sustained momentum, and the strength of our diversified businesses.

We returned over $1.5 billion to shareholders in 2025, including $850 million in share repurchases, aligned with our diversified and disciplined capital deployment strategy. With a strong capital position and momentum across our strategic growth areas, we enter 2026 well-positioned to once again deliver against our financial targets and create long-term value for shareholders.”

1Use of non-GAAP financial measures and their reconciliations to the most directly comparable GAAP measures are included in this release.

Non-GAAP operating earnings for total company is after tax.

2The total company impacts of significant variances, is after tax. See Exhibit 1 for details on the impact of 4Q 2025 and 4Q 2024 significant

variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating

earnings.

Guidance

·

G1T49-12% annual non-GAAP operating earnings per diluted share (EPS) growth3

·

G275-85% free capital flow conversion4

·

·

G4G5T5$1.5-$1.8 billion capital deployment, which includes $0.8B - $1.1B of share repurchases and a 40% dividend ratio

Fourth

Quarter Enterprise Results

In millions

except percentages, earnings per share, or otherwise noted

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Net income (loss) attributable to PFG

Non-GAAP net income attributable to PFG, excluding exited business

Non-GAAP operating earnings

9%

Non-GAAP operating earnings, excluding significant variances2

3%

7%

Diluted earnings per common share

Net income (loss) attributable to PFG

Non-GAAP net income attributable to PFG, excluding exited business

Non-GAAP operating earnings

Non-GAAP operating earnings, excluding significant variances2

7%

Assets under administration (billions)

9%

Assets under management (billions)

AUM net cash flow (billions)

N/M

N/M

3Based on 2025 results excluding significant variances. See Exhibit 1 for details on the impact of 4Q 2025 and 4Q 2024 significant

variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP

operating earnings.

4 Based on non-GAAP

net income attributable to PFG, excluding income or loss from exited business.

5 Non-GAAP return

on equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation

adjustment.

Full Year

Segment Highlights

·

T6Retirement and Income Solutions (RIS) transfer deposits of $35 billion increased 9% from 2024; Workplace Savings and Retirement Solutions (WSRS) recurring deposits increased 5% over the same period

·

T7T8Investment Management gross sales of $127 billion increased 16% from 2024 with non-affiliated gross sales growth of 18%; operating margin6 of 36% expanded 90 bps over 2024

·

International Pension AUM of $154 billion, up 24% from a year ago

·

Specialty Benefits operating margin7 of 16% expanded 170 bps from 2024 on strong underwriting experience

Fourth

Quarter Segment Highlights

·

Record RIS transfer deposits of $12 billion, up 35% from 4Q24; including over $1 billion of PRT sales; operating margin8 of 40% expanded 130 bps over 4Q24

·

Investment Management gross sales of $35 billion increased 12% from 4Q24

·

Specialty Benefits 4Q25 operating margin of 17% driven by continued strong experience in group life and group disability and improved group dental results

Segment

Results

In millions

except percentages, or otherwise noted except percentages

or otherwise noted)

Retirement and Income Solutions

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating earnings9

7%

Net

3%

5%

Operating margin

·

Pre-tax operating earnings increased $19.4 million primarily due to higher net revenue and disciplined expense management.

·

Net

revenue increased $24.9 million due to growth in the business and favorable market performance.

6Operating margin for Investment Management = pre-tax operating earnings adjusted for noncontrolling interest divided by operating revenues

less pass-through expenses.

7Operating margin for Benefits and Protection = pre-tax operating earnings divided by premium and fees.

8Operating margin for Retirement and Income Solutions = pre-tax operating earnings divided by net revenue.

9Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

10Net revenue = operating revenues less: benefits, claims and settlement expenses, liability for future policy benefits remeasurement (gain)

loss, market risk benefit remeasurement (gain) loss, and dividends to policyholders.

Investment Management

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating earnings

2%

6%

Operating revenues less pass-through expenses11

1%

4%

Operating margin

Assets under management (billions)

6%

·

Pre-tax operating earnings increased $2.8 million primarily due to higher operating revenues less pass-through expenses.

·

Operating revenues less pass-through expenses increased $6.1 million primarily due to higher management fees, resulting from higher AUM.

International Pension

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating earnings

Net revenue

4%

Operating

Assets under management (billions)

·

Pre-tax operating earnings increased $12.8 million due to higher net revenue and disciplined expense management.

·

Net revenue increased $15.3 million primarily due to growth in the business and more favorable encaje returns.

11The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the

release. The company has determined this measure is more representative of underlying operating revenues growth for Investment Management

as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax

operating earnings.

12Operating margin for International Pension = pre-tax operating earnings divided by net revenue.

Specialty Benefits

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating earnings

(3)%

Premium and fees

3%

3%

Operating margin

Incurred loss ratio

·

Pre-tax operating earnings decreased $5.1 million primarily due to the favorable one-time model refinement impact in 4Q24.

·

Premium and fees increased $22.2 million driven by growth in the business.

·

Incurred loss ratio remained below our targeted range at 57.6%, driven by continued strong experience in group life and group disability and improved group dental results.

Life Insurance

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating earnings (losses)

N/M

N/M

Premium and fees

5%

3%

Operating margin

·

Pre-tax operating earnings increased $20.0 million driven by growth in the business, expense management discipline, and improved mortality experience. Additionally, 4Q24 was negatively impacted by a GAAP-only regulatory closed block dividend adjustment.

·

Premium and fees increased $10.8 million as strong business market growth outpaced the run-off of the legacy life business.

Corporate

Three Months Ended,

Trailing Twelve Months,

% Change

% Change

Pre-tax operating losses

1%

(1)%

·

Pre-tax operating losses decreased $1.1 million.

Common Stock Dividend

·

Announced

a first quarter cash dividend of $0.80 per share to holders on common shares. This represents: one-cent increase over fourth quarter

of 2025 and a 7% increase over the prior year quarter.

·

The

first quarter dividend will be payable on March 27, 2026, to shareholders of record as of March 11, 2026.

Exhibit

1

Principal

Financial Group

Impact

of Significant Variances13 on Net Income Attributable to PFG; Non-GAAP Net Income Attributable

to PFG, Excluding Exited Business; and Non-GAAP Operating Earnings

In millions

except per share data

Three Months Ended,

Trailing Twelve Months,

Net income (loss) attributable to PFG

$

$

$

$

(Income) loss from exited business

-

-

Non-GAAP net income (loss) attributable to PFG, excluding exited business

Net realized capital (gains) losses, as adjusted

-

-

Non-GAAP operating earnings

Income taxes

Non-GAAP pre-tax operating earnings

$

$

$

$

Per diluted share:

Net income (loss) attributable to PFG

$

$

$

$

(Income) loss from exited business

-

-

Non-GAAP net income (loss) attributable to PFG, excluding exited business

Net realized capital (gains) losses, as adjusted

-

-

Non-GAAP operating earnings

$

$

$

$

Weighted average diluted common shares outstanding

Segment pre-tax operating earnings (losses):

Retirement and Income Solutions

$

$

$

$

Investment Management

-

-

-

International Pension

-

Principal Asset Management

-

Specialty Benefits

Life Insurance

Benefits and Protection

Corporate

-

Total segment pre-tax operating earnings (losses)

$

$

$

$

Income statement

line item details of significant variances are available in our earnings conference call presentation on our website.

13 Significant variances (SVs)

in 4Q25 include 1) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance. SVs in 4Q24 include

1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, Life Insurance and Corporate; 2)

impact of lower than expected encaje performance and Latin American inflation in International Pension; 3) impact of GAAP-only regulatory

closed block adjustment in Life Insurance; 4) impact of model refinement in Specialty Benefits. SVs on a trailing twelve months in 4Q25

include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, and Life Insurance, partially

offset by higher than expected variable investment income in Corporate; 2) impacts of 2025 actuarial assumption review; 3) higher than

expected encaje performance and Latin American inflation in International Pension; 4) impact from a one-time expense accrual release

in RIS, Investment Management, Specialty Benefits, Life Insurance, and Corporate. SVs on a trailing twelve months in 4Q24 include 1)

lower than expected variable investment income in RIS, International Pension, Specialty Benefits, and Life Insurance, partially offset

by higher than expected variable investment income in Corporate; 2) impacts of 2024 actuarial assumption review; 3) higher than expected

encaje performance and Latin American inflation in International Pension; 4) impact of GAAP-only regulatory closed block adjustment in

Life Insurance; 5) impact of model refinement in Specialty Benefits.

Earnings

Conference Call

at 10:00 a.m. (ET), Chair, President and Chief Executive Officer Deanna Strable and Executive Vice President and Chief Financial Officer

Joel Pitz will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference

call, which can be accessed as follows:

·

Via live Internet webcast. Please go to investors.principal.com at least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software.

·

Analysts who will be asking questions will be sent a dial in number and authorization code in advance of the call.

·

Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at investors.principal.com.

The company’s

financial supplement and slide presentation is currently available at investors.principal.com,

and may be referred to during the call.

Forward Looking Statements

This release contains statements

that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including

statements relating to share repurchases and planned dividends, the realization of our growth and business strategies and results from

ongoing operations. Forward-looking statements are made based upon our current expectations and beliefs concerning future developments

and their potential effects on us. Such forward-looking statements are not guarantees of future performance and actual results may

differ materially from the results anticipated in the forward-looking statements. We describe risks, uncertainties and factors that could

cause or contribute to such material differences in our filings with the Securities and Exchange Commission, including in the “Risk

Factors” and “Note Concerning Forward-Looking Statements” sections in our annual report on Form 10-K for the year ended

Dec. 31, 2024, as updated or supplemented from time to time in subsequent filings. We assume no obligation to update any forward-looking

statement for any reason, which speaks as of its date.

Use of Non-GAAP Financial

Measures

The company uses a number

of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing

operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They

are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP

measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items

not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in

future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management

awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.

About

Principal Financial Group®(Nasdaq: PFG) is a global financial company with approximately 19,000 employees15 passionate

about improving the wealth and well-being of people and businesses. In business for 146 years, we’re helping over 75 million customers15plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce.

Principal® is proud to be recognized as one of the 2025 World’s Most Ethical Companies16and named as a “Best Place to Work in Money Management17.” Learn more about

Principal and our commitment to building a better future at principal.com.

###

Summary

of Principal Financial Group® and

Segment Results

(in millions)

Three Months Ended,

Trailing Twelve Months,

Principal Financial Group, Inc. Results

Net income (loss) attributable to PFG

$

$

$

$

(Income) loss from exited business

Non-GAAP net income (loss) attributable to PFG excluding exited business

$

$

$

$

Net realized capital (gains) losses, as adjusted

Non-GAAP Operating Earnings*

$

$

$

$

Income taxes

Non-GAAP Pre-Tax Operating Earnings

$

$

$

$

Segment Pre-Tax Operating Earnings (Losses):

Retirement and Income Solutions

$

$

$

$

Principal Asset Management

Benefits and Protection

Corporate

Total Segment Pre-Tax Operating Earnings

$

$

$

$

14Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services,

Inc., a member of the Principal Financial Group.

Per Diluted Share

Three Months Ended,

Twelve Months Ended,

Net income (loss) attributable to PFG

$

$

$

$

(Income) loss from exited business

Non-GAAP net income (loss) excluding exited business

$

$

$

$

Net realized capital (gains) losses, as adjusted

Non-GAAP Operating Earnings

$

$

$

$

Impact of significant variances18

Non-GAAP Operating Earnings, excluding significant variances

$

$

$

$

Weighted-average diluted common shares outstanding (in millions)

*U.S. GAAP (GAAP) net income

attributable to PFG versus non-GAAP operating earnings

Management uses non-GAAP operating

earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, income (loss)

from exited business and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting,

as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to

that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur

in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial

performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations

by highlighting earnings attributable to the normal, ongoing operations of the company’s businesses.

Selected Balance Sheet Statistics

Period Ended,

Total assets (in billions)

$

$

Stockholders’ equity (in millions)

$

$

Total common equity (in millions)

$

$

Total common equity excluding cumulative change in fair value of funds withheld embedded derivative and accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions)

$

$

End of period common shares outstanding (in millions)

Book value per common share

$

$

Book value per common share excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment

$

$

18See Exhibit 1 for details on the impact of 4Q 2025 and 4Q 2024 significant variances on net income attributable to PFG; non-GAAP net

income attributable to PFG, excluding exited business; and non-GAAP operating earnings.

Principal

Financial Group, Inc.

Reconciliation

of U.S. GAAP to Non-GAAP Financial Measures

(in

millions, except as indicated)

Period Ended,

Stockholders’ Equity, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:

Stockholders’ equity

$

$

Noncontrolling interest

Stockholders’ equity available to common stockholders

Cumulative change in fair value of funds withheld embedded derivative

AOCI, other than foreign currency translation adjustment

Stockholders’ equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders

$

$

Book Value Per Common Share, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment:

Book value per common share

$

$

Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment

Book value per common share, excluding change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment

$

$

Principal

Financial Group, Inc.

Reconciliation

of U.S. GAAP to Non-GAAP Financial Measures

(in

millions)

Three Months Ended,

Trailing Twelve Months,

Income Taxes:

Total GAAP income taxes (benefit)

$

$

$

$

Net realized capital gains (losses) tax adjustments

Exited business tax adjustments

Income taxes related to equity method investments and noncontrolling interest

Income taxes

$

$

$

$

Net Realized Capital Gains (Losses):

GAAP net realized capital gains (losses)

$

$

$

$

Market value adjustments to fee revenues

-

-

Net realized capital gains (losses) related to equity method investments

Derivative and hedging-related revenue adjustments

Certain variable annuity fees

Sponsored investment funds and other adjustments

Capital gains distributed – operating expenses

Amortization of actuarial balances

Derivative and hedging-related expense adjustments

Market value adjustments of embedded derivatives

Market value adjustments of market risk benefits

Capital gains distributed – cost of interest credited

Net realized capital gains (losses) tax adjustments

Net realized capital gains (losses) attributable to noncontrolling interest, after-tax

Total net realized capital gains (losses) after-tax adjustments

Net realized capital gains (losses), as adjusted

$

$

$

$

Income (Loss) from Exited Business:

Pre-tax impacts of exited business:

Amortization of reinsurance gains (losses)

$

$

$

$

Other impacts of reinsured business

Net realized capital gains (losses) on funds withheld assets

Change in fair value of funds withheld embedded derivative

Tax impacts of exited business

Total income (loss) from exited business

$

$

$

$

Principal

Financial Group, Inc.

Reconciliation

of U.S. GAAP to Non-GAAP Financial Measures

(in

millions)

Three Months Ended,

Trailing Twelve Months,

Investment Management Operating Revenues Less Pass-Through Expenses:

Operating revenues

$

$

$

$

Commissions and other expenses

Operating revenues less pass-through expenses

$

$

$

$