Principal Financial Group, Inc.

Principal Financial Group, Inc. ( PFG ) Q3 2026 Earnings Call October 27, 2026 10:00 AM EDT Company Participants Humphrey Lee - VP & Head of Investor Relations Deanna Strable - President, CEO & Chair of the Board Joel Pitz - Executive VP & CFO Kamal Bhatia - President & CEO of Principal Asset Management Amy Friedrich - President of Benefits & Protection Christopher Littlefield - President of Retirement & Income Solutions Conference Call Participants Wesley Carmichael - Wells Fargo Securities, LLC, Research Division Joel Hurwitz - Dowling & Partners Securities, LLC Francis Matten - BMO Capital Markets Equity Research Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division Taylor Scott - Barclays Bank PLC, Research Division Michael Ward - UBS Investment Bank, Research Division Thomas Gallagher - Evercore ISI Institutional Equities, Research Division Suneet Kamath - Jefferies LLC, Research Division Presentation Operator Good morning, and welcome to the Principal Financial Group Third Quarter 2026 Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Humphrey Lee, Vice President of Investor Relations and FP&A.

Principal Financial Group NASDAQ: PFG reported third-quarter 2026 non-GAAP operating earnings of $482 million, up 2% from a year earlier, while earnings per share rose 6% to $2.22. Excluding significant variances related to lower-than-expected variable investment income and encaje performance, operating earnings were $541 million, up 3%, and adjusted EPS was $2.49, up 7%.

Principal Financial's Q3 earnings missed estimates despite higher revenues, as lower investment income, rising expenses and net cash outflows weighed on results.

While the top- and bottom-line numbers for Principal Financial (PFG) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.