XML 66 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended 48 Months Ended
Jan. 07, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 07, 2025
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table  
Summary
compensation
table total
for PEO 1
1
Summary
compensation
table total
for PEO 2
2
Compensation
actually
paid to
PEO 2
2,4
Average
summary
compensation
table total
for non-PEO
NEOs
3,4
Average
compensation
actually
paid to
non-PEO
NEOs
3,4
Value of initial fixed $100
investment based on:
Non-GAAP
operating
earnings
(in millions)
6
Year
Compensation
actually paid
to PEO1
1,4
Total
shareholder
return
Peer group total
shareholder
return
5
Net
income
(in millions)
6
2025 $11,321,031 $13,186,985 $13,827,887 $15,267,075 $5,264,135 $6,038,261 $212.98 $203.47 $1,255.50 $1,865.50
2024 $16,438,184 $14,201,915 $4,519,834 $4,208,952 $170.59 $173.90 $1,597.90 $1,640.50
2023 $15,118,828 $12,277,460 $5,445,220 $4,620,616 $167.46 $141.43 $670.10 $1,602.80
2022 $13,804,149 $22,337,042 $4,697,081 $6,610,684 $172.34 $128.51 $4,852.20 $1,700.90
2021 $17,566,163 $30,384,681 $5,217,527 $7,526,148 $143.50 $136.28 $1,757.40 $1,847.60
1
Daniel J. Houston served as Chief Executive Officer until January 7, 2025 and in all prior years.
2
Deanna D. Strable-Soethout was our Chief Executive Officer beginning January 7, 2025.
3
During 2025, our non-PEO-NEOs consisted of Kamal Bhatia, Amy C. Friedrich, Christopher J. Littlefield, and Joel M. Pitz. During 2024, our non-PEO-NEOs consisted of Deanna D. Strable-Soethout, Kamal Bhatia, Amy C. Friedrich, Christopher J. Littlefield, and Joel M. Pitz. During 2023, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Vivek Agrawal. During 2022, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Natalie Lamarque. During 2021, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich and Renee Schaff.
4
Adjustments were as follows:
2025
Adjustments to determine “compensation actually paid” for PEO and non-PEO NEOs
PEO 1
PEO 2
NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change
in Pension Value and Nonqualified Deferred Compensation Earnings” Column of
the SCT
$2,533,807 $691,042 $180,843
Increase for “Service Cost” for Pension Plans $444,189 $267,653 $102,847
Increase for “Prior Service Cost” for Pension Plans $0 $0 $0
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT $4,424,919 $8,870,708 $2,111,069
Deduction for Amounts Reported under the “Option Awards” Column in the SCT $0 $0 $0
Increase for Fair Value of Awards Granted during year that Remain Unvested as of
Year-end
$4,544,473 $9,110,381 $2,168,106
Increase for Fair Value of Awards Granted during year that Vest during year $0 $0 $0
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end $1,769,311 $655,102 $354,240
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of
Awards Granted Prior to year that Vested during year
$913,293 $284,278 $169,429
Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during
year
$0 $0 $0
Increase based upon Incremental Fair Value of Awards Modified during year $0 $0 $0
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award $1,153,414 $683,524 $271,416
Total Adjustments $1,865,954 $1,439,188 $774,126
5
Peer Group used is the S&P 500 Financials Index.
6
In 2023, Principal adopted new accounting guidance that required us to recast 2021 and 2022 financial results. Amounts shown were used to determine executive compensation based on accounting policies during the period. Additional details of our implementation of the new accounting guidance can be found in Note 1 of the Notes to the Consolidated Financial Statements in Item 8 of our 2023 Form 10-K.
           
Company Selected Measure Name   Non-GAAP operating earnings            
Named Executive Officers, Footnote  
3
During 2025, our non-PEO-NEOs consisted of Kamal Bhatia, Amy C. Friedrich, Christopher J. Littlefield, and Joel M. Pitz. During 2024, our non-PEO-NEOs consisted of Deanna D. Strable-Soethout, Kamal Bhatia, Amy C. Friedrich, Christopher J. Littlefield, and Joel M. Pitz. During 2023, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Vivek Agrawal. During 2022, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Natalie Lamarque. During 2021, our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich and Renee Schaff.
2
Deanna D. Strable-Soethout was our Chief Executive Officer beginning January 7, 2025.
       
1
Daniel J. Houston served as Chief Executive Officer until January 7, 2025 and in all prior years.
Peer Group Issuers, Footnote  
5
Peer Group used is the S&P 500 Financials Index.
           
Adjustment To PEO Compensation, Footnote  
4
Adjustments were as follows:
2025
Adjustments to determine “compensation actually paid” for PEO and non-PEO NEOs
PEO 1
PEO 2
NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change
in Pension Value and Nonqualified Deferred Compensation Earnings” Column of
the SCT
$2,533,807 $691,042 $180,843
Increase for “Service Cost” for Pension Plans $444,189 $267,653 $102,847
Increase for “Prior Service Cost” for Pension Plans $0 $0 $0
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT $4,424,919 $8,870,708 $2,111,069
Deduction for Amounts Reported under the “Option Awards” Column in the SCT $0 $0 $0
Increase for Fair Value of Awards Granted during year that Remain Unvested as of
Year-end
$4,544,473 $9,110,381 $2,168,106
Increase for Fair Value of Awards Granted during year that Vest during year $0 $0 $0
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end $1,769,311 $655,102 $354,240
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of
Awards Granted Prior to year that Vested during year
$913,293 $284,278 $169,429
Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during
year
$0 $0 $0
Increase based upon Incremental Fair Value of Awards Modified during year $0 $0 $0
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award $1,153,414 $683,524 $271,416
Total Adjustments $1,865,954 $1,439,188 $774,126
           
Non-PEO NEO Average Total Compensation Amount   $ 5,264,135   $ 4,519,834 $ 5,445,220 $ 4,697,081 $ 5,217,527  
Non-PEO NEO Average Compensation Actually Paid Amount   $ 6,038,261   4,208,952 4,620,616 6,610,684 7,526,148  
Adjustment to Non-PEO NEO Compensation Footnote  
4
Adjustments were as follows:
2025
Adjustments to determine “compensation actually paid” for PEO and non-PEO NEOs
PEO 1
PEO 2
NEOs
Deduction for Change in the Actuarial Present Values reported under the “Change
in Pension Value and Nonqualified Deferred Compensation Earnings” Column of
the SCT
$2,533,807 $691,042 $180,843
Increase for “Service Cost” for Pension Plans $444,189 $267,653 $102,847
Increase for “Prior Service Cost” for Pension Plans $0 $0 $0
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT $4,424,919 $8,870,708 $2,111,069
Deduction for Amounts Reported under the “Option Awards” Column in the SCT $0 $0 $0
Increase for Fair Value of Awards Granted during year that Remain Unvested as of
Year-end
$4,544,473 $9,110,381 $2,168,106
Increase for Fair Value of Awards Granted during year that Vest during year $0 $0 $0
Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end $1,769,311 $655,102 $354,240
Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of
Awards Granted Prior to year that Vested during year
$913,293 $284,278 $169,429
Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during
year
$0 $0 $0
Increase based upon Incremental Fair Value of Awards Modified during year $0 $0 $0
Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award $1,153,414 $683,524 $271,416
Total Adjustments $1,865,954 $1,439,188 $774,126
           
Compensation Actually Paid vs. Total Shareholder Return  
Compensation actually paid vs. total shareholder return
[MISSING IMAGE: bc_tsr-pn.jpg]
           
Compensation Actually Paid vs. Net Income  
Compensation actually paid vs. net income attributable to PFG($M)
[MISSING IMAGE: bc_netincome-pn.jpg]
           
Compensation Actually Paid vs. Company Selected Measure  
Compensation actually paid vs. Non-GAAP operating earnings
[MISSING IMAGE: bc_operating-pn.jpg]
           
Total Shareholder Return Vs Peer Group  
Compensation actually paid vs. total shareholder return
[MISSING IMAGE: bc_tsr-pn.jpg]
           
Tabular List, Table  
Pay versus performance—tabular list of most important financial performance measures
Financial performance measures
Non-GAAP Operating Earnings
Non-GAAP Return on Equity
Operating Margin
           
Total Shareholder Return Amount   $ 212.98   170.59 167.46 172.34 143.5  
Peer Group Total Shareholder Return Amount   203.47   173.9 141.43 128.51 136.28  
Net Income (Loss)   $ 1,255,500,000   $ 1,597,900,000 $ 670,100,000 $ 4,852,200,000 $ 1,757,400,000  
Company Selected Measure Amount   1,865,500,000   1,640,500,000 1,602,800,000 1,700,900,000 1,847,600,000  
PEO Name Daniel J. Houston   Deanna D. Strable-Soethout          
Measure:: 1                
Pay vs Performance Disclosure                
Name   Non-GAAP Operating Earnings            
Measure:: 2                
Pay vs Performance Disclosure                
Name   Non-GAAP Return on Equity            
Measure:: 3                
Pay vs Performance Disclosure                
Name   Operating Margin            
Daniel J. Houston [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount   $ 11,321,031   $ 16,438,184 $ 15,118,828 $ 13,804,149 $ 17,566,163  
PEO Actually Paid Compensation Amount   13,186,985   $ 14,201,915 $ 12,277,460 $ 22,337,042 $ 30,384,681  
Deanna D. Strable-Soethout [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount   13,827,887            
PEO Actually Paid Compensation Amount   15,267,075            
PEO | Daniel J. Houston [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   1,865,954            
PEO | Daniel J. Houston [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (2,533,807)            
PEO | Daniel J. Houston [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   444,189            
PEO | Daniel J. Houston [Member] | Pension Adjustments Prior Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Daniel J. Houston [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (4,424,919)            
PEO | Daniel J. Houston [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   4,544,473            
PEO | Daniel J. Houston [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   1,769,311            
PEO | Daniel J. Houston [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Daniel J. Houston [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   913,293            
PEO | Daniel J. Houston [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   1,153,414            
PEO | Daniel J. Houston [Member] | Option Awards Adjustments [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Daniel J. Houston [Member] | Change In Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Daniel J. Houston [Member] | Increase Based Upon Incremental Fair ValueO f Awards Modified During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Deanna D. Strable-Soethout [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   1,439,188            
PEO | Deanna D. Strable-Soethout [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (691,042)            
PEO | Deanna D. Strable-Soethout [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   267,653            
PEO | Deanna D. Strable-Soethout [Member] | Pension Adjustments Prior Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Deanna D. Strable-Soethout [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (8,870,708)            
PEO | Deanna D. Strable-Soethout [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   9,110,381            
PEO | Deanna D. Strable-Soethout [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   655,102            
PEO | Deanna D. Strable-Soethout [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Deanna D. Strable-Soethout [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   284,278            
PEO | Deanna D. Strable-Soethout [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   683,524            
PEO | Deanna D. Strable-Soethout [Member] | Option Awards Adjustments [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Deanna D. Strable-Soethout [Member] | Change In Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Deanna D. Strable-Soethout [Member] | Increase Based Upon Incremental Fair ValueO f Awards Modified During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
Non-PEO NEO                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   774,126            
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (180,843)            
Non-PEO NEO | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   102,847            
Non-PEO NEO | Pension Adjustments Prior Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (2,111,069)            
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   2,168,106            
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   354,240            
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   169,429            
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   271,416            
Non-PEO NEO | Option Awards Adjustments [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
Non-PEO NEO | Change In Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
Non-PEO NEO | Increase Based Upon Incremental Fair ValueO f Awards Modified During Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   $ 0