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v3.25.3

Separate Account Balances (Tables) | 9 Months Ended
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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.

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