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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.