\n| \n Diluted earnings per common share<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n 4Q25<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Net income attributable to PFG (in millions)<\/b>\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n 4Q25<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet income attributable to PFG<\/p>\n<\/td>\n | \n \n$5.25<\/p>\n<\/td>\n | \n \n$2.32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNet income attributable to PFG<\/p>\n<\/td>\n | \n \n$1,185<\/p>\n<\/td>\n | \n \n$517<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income attributable to PFG, excluding exited business1<\/sup><\/p>\n<\/td>\n| \n \n$7.48<\/p>\n<\/td>\n | \n \n$2.20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNon-GAAP net income attributable to PFG, excluding exited business1<\/sup><\/p>\n<\/td>\n| \n \n$1,687<\/p>\n<\/td>\n | \n \n$490<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings1<\/sup><\/p>\n<\/td>\n| \n \n$8.27<\/p>\n<\/td>\n | \n \n$2.19<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNon-GAAP operating earnings1<\/sup><\/p>\n<\/td>\n| \n \n$1,866<\/p>\n<\/td>\n | \n \n$488<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings excluding significant variances2<\/sup><\/p>\n<\/td>\n| \n \n$8.55<\/p>\n<\/td>\n | \n \n$2.24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNon-GAAP operating earnings excluding significant variances2<\/sup><\/p>\n<\/td>\n| \n \n$1,930<\/p>\n<\/td>\n | \n \n$499<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\nFull Year and Fourth Quarter 2025 Highlights<\/b><\/p>\n\n- \nFull-year non-GAAP operating earnings per diluted share, excluding significant variances2<\/sup> 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%<\/p>\n<\/li>\n
- \n4Q25 non-GAAP operating earnings per diluted share, excluding significant variances2<\/sup> of $2.24 increased 7% over prior year quarter; reported 4Q25 non-GAAP operating earnings per diluted share increased 13%<\/p>\n<\/li>\n
- \nReturned 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<\/p>\n<\/li>\n
- \nReturned $448 million of capital to shareholders in 4Q25, including $275 million of share repurchases and $172 million of common stock dividends<\/p>\n<\/li>\n
- \nAnnounced 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<\/p>\n<\/li>\n
- \nAssets under management (AUM) of $781 billion, which is included in assets under administration (AUA) of $1.8 trillion<\/p>\n<\/li>\n
- \nStrong 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%<\/p>\n<\/li>\n<\/ul>\n<\/td>\n
| \n | \n\n Deanna Strable, Chair, President and CEO of Principal\u00ae<\/sup><\/b><\/p>\n\n\u00a0<\/p>\n \n\u201cPrincipal 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.<\/p>\n \n\u00a0<\/p>\n \nWe 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.\u201d<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2026 Outlook Guidance<\/b><\/p>\n\n- \n9-12% annual non-GAAP operating earnings per diluted share (EPS) growth3<\/sup><\/li>\n
- \n75-85% free capital flow conversion4<\/sup><\/li>\n
- \n15-17% non-GAAP ROE5<\/sup><\/li>\n
- \n$1.5-$1.8 billion capital deployment, which includes $0.8B – $1.1B of share repurchases and a 40% dividend ratio<\/p>\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\n| \n Fourth Quarter Enterprise Results<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIn millions except percentages, earnings per share, or otherwise noted<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income (loss) attributable to PFG<\/p>\n<\/td>\n | \n \n$517.0<\/p>\n<\/td>\n | \n \n$905.4<\/p>\n<\/td>\n | \n \n(43)%<\/p>\n<\/td>\n | \n \n$1,185.1<\/p>\n<\/td>\n | \n \n$1,571.0<\/p>\n<\/td>\n | \n \n(25)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income attributable to PFG, excluding exited business<\/p>\n<\/td>\n | \n \n$489.9<\/p>\n<\/td>\n | \n \n$353.5<\/p>\n<\/td>\n | \n \n39%<\/p>\n<\/td>\n | \n \n$1,687.2<\/p>\n<\/td>\n | \n \n$1,505.2<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings<\/p>\n<\/td>\n | \n \n$488.0<\/p>\n<\/td>\n | \n \n$448.1<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n$1,865.5<\/p>\n<\/td>\n | \n \n$1,640.5<\/p>\n<\/td>\n | \n \n14%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings, excluding significant variances2<\/sup><\/p>\n<\/td>\n| \n \n$498.6<\/p>\n<\/td>\n | \n \n$484.6<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n$1,929.7<\/p>\n<\/td>\n | \n \n$1,799.3<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Diluted earnings per common share<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income (loss) attributable to PFG<\/p>\n<\/td>\n | \n \n$2.32<\/p>\n<\/td>\n | \n \n$3.92<\/p>\n<\/td>\n | \n \n(41)%<\/p>\n<\/td>\n | \n \n$5.25<\/p>\n<\/td>\n | \n \n$6.68<\/p>\n<\/td>\n | \n \n(21)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income attributable to PFG, excluding exited business<\/p>\n<\/td>\n | \n \n$2.20<\/p>\n<\/td>\n | \n \n$1.53<\/p>\n<\/td>\n | \n \n44%<\/p>\n<\/td>\n | \n \n$7.48<\/p>\n<\/td>\n | \n \n$6.40<\/p>\n<\/td>\n | \n \n17%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings<\/p>\n<\/td>\n | \n \n$2.19<\/p>\n<\/td>\n | \n \n$1.94<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n | \n \n$8.27<\/p>\n<\/td>\n | \n \n$6.97<\/p>\n<\/td>\n | \n \n19%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating earnings, excluding significant variances2<\/sup><\/p>\n<\/td>\n| \n \n$2.24<\/p>\n<\/td>\n | \n \n$2.10<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n | \n \n$8.55<\/p>\n<\/td>\n | \n \n$7.65<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets under administration (billions)<\/p>\n<\/td>\n | \n \n$1,814.6<\/p>\n<\/td>\n | \n \n$1,663.9<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets under management (billions)<\/p>\n<\/td>\n | \n \n$781.0<\/p>\n<\/td>\n | \n \n$712.1<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAUM net cash flow (billions)<\/p>\n<\/td>\n | \n \n$(2.2)<\/p>\n<\/td>\n | \n \n$(1.2)<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n$(8.8)<\/p>\n<\/td>\n | \n \n$(5.0)<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Full Year Segment Highlights<\/b><\/p>\n\n- \nRetirement 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<\/p>\n<\/li>\n
- \nInvestment Management gross sales of $127 billion increased 16% from 2024 with non-affiliated gross sales growth of 18%; operating margin6<\/sup> of 36% expanded 90 bps over 2024<\/p>\n<\/li>\n
- \nInternational Pension AUM of $154 billion, up 24% from a year ago<\/p>\n<\/li>\n
- \nSpecialty Benefits operating margin7<\/sup> of 16% expanded 170 bps from 2024 on strong underwriting experience<\/p>\n<\/li>\n<\/ul>\n
Fourth Quarter Segment Highlights<\/b><\/p>\n\n- \nRecord RIS transfer deposits of $12 billion, up 35% from 4Q24; including over $1 billion of PRT sales; operating margin8<\/sup> of 40% expanded 130 bps over 4Q24<\/p>\n<\/li>\n
- \nInvestment Management gross sales of $35 billion increased 12% from 4Q24<\/p>\n<\/li>\n
- \nSpecialty Benefits 4Q25 operating margin of 17% driven by continued strong experience in group life and group disability and improved group dental results<\/p>\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\n| \n Segment Results<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIn millions except percentages, or otherwise noted except percentages or otherwise noted)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Retirement and Income Solutions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating earnings9<\/sup><\/p>\n<\/td>\n| \n \n$299.5<\/p>\n<\/td>\n | \n \n$280.1<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n | \n \n$1,185.6<\/p>\n<\/td>\n | \n \n$1,056.2<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet revenue10<\/sup><\/p>\n<\/td>\n| \n \n$754.1<\/p>\n<\/td>\n | \n \n$729.2<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n$2,943.9<\/p>\n<\/td>\n | \n \n$2,800.9<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n39.7%<\/p>\n<\/td>\n | \n \n38.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n40.3%<\/p>\n<\/td>\n | \n \n37.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Pre-tax operating earnings<\/b> increased $19.4 million primarily due to higher net revenue and disciplined expense management.\n<\/li>\n
- Net revenue<\/b> increased $24.9 million due to growth in the business and favorable market performance.
\n
<\/b><\/li>\n<\/ul>\n\n\u00a0<\/p>\n \n\n| \n Investment Management<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating earnings<\/p>\n<\/td>\n | \n \n$166.7<\/p>\n<\/td>\n | \n \n$163.9<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n | \n \n$614.4<\/p>\n<\/td>\n | \n \n$578.8<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating revenues less pass-through expenses11<\/sup><\/p>\n<\/td>\n| \n \n$441.8<\/p>\n<\/td>\n | \n \n$435.7<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n | \n \n$1,730.8<\/p>\n<\/td>\n | \n \n$1,668.6<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n38.3%<\/p>\n<\/td>\n | \n \n38.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.3%<\/p>\n<\/td>\n | \n \n35.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets under management (billions)<\/p>\n<\/td>\n | \n \n$593.9<\/p>\n<\/td>\n | \n \n$559.1<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Pre-tax operating earnings<\/b> increased $2.8 million primarily due to higher operating revenues less pass-through expenses.\n<\/li>\n
- Operating revenues less pass-through expenses<\/b> increased $6.1 million primarily due to higher management fees, resulting from higher AUM.\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\n| \n International Pension<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating earnings<\/p>\n<\/td>\n | \n \n$64.9<\/p>\n<\/td>\n | \n \n$52.1<\/p>\n<\/td>\n | \n \n25%<\/p>\n<\/td>\n | \n \n$315.8<\/p>\n<\/td>\n | \n \n$282.4<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet revenue<\/p>\n<\/td>\n | \n \n$152.1<\/p>\n<\/td>\n | \n \n$136.8<\/p>\n<\/td>\n | \n \n11%<\/p>\n<\/td>\n | \n \n$645.9<\/p>\n<\/td>\n | \n \n$622.9<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin12<\/sup><\/p>\n<\/td>\n| \n \n42.7%<\/p>\n<\/td>\n | \n \n38.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48.9%<\/p>\n<\/td>\n | \n \n45.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets under management (billions)<\/p>\n<\/td>\n | \n \n$153.9<\/p>\n<\/td>\n | \n \n$124.3<\/p>\n<\/td>\n | \n \n24%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Pre-tax operating earnings<\/b> increased $12.8 million due to higher net revenue and disciplined expense management.\n<\/li>\n
- Net revenue<\/b> increased $15.3 million primarily due to growth in the business and more favorable encaje returns.\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\n| \n Specialty Benefits<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating earnings<\/p>\n<\/td>\n | \n \n$142.1<\/p>\n<\/td>\n | \n \n$147.2<\/p>\n<\/td>\n | \n \n(3)%<\/p>\n<\/td>\n | \n \n$531.4<\/p>\n<\/td>\n | \n \n$459.6<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPremium and fees<\/p>\n<\/td>\n | \n \n$845.8<\/p>\n<\/td>\n | \n \n$823.6<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n$3,362.7<\/p>\n<\/td>\n | \n \n$3,257.2<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n16.8%<\/p>\n<\/td>\n | \n \n17.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.8%<\/p>\n<\/td>\n | \n \n14.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncurred loss ratio<\/p>\n<\/td>\n | \n \n57.6%<\/p>\n<\/td>\n | \n \n56.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58.7%<\/p>\n<\/td>\n | \n \n60.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Pre-tax operating earnings<\/b> decreased $5.1 million primarily due to the favorable one-time model refinement impact in 4Q24.\n<\/li>\n
- Premium and fees<\/b> increased $22.2 million driven by growth in the business.\n<\/li>\n
- Incurred loss ratio<\/b> remained below our targeted range at 57.6%, driven by continued strong experience in group life and group disability and improved group dental results.\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\n| \n Life Insurance<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating earnings (losses)<\/p>\n<\/td>\n | \n \n$27.5<\/p>\n<\/td>\n | \n \n$7.5<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n$(8.2)<\/p>\n<\/td>\n | \n \n$3.6<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPremium and fees<\/p>\n<\/td>\n | \n \n$236.2<\/p>\n<\/td>\n | \n \n$225.4<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n | \n \n$958.2<\/p>\n<\/td>\n | \n \n$927.5<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n11.6%<\/p>\n<\/td>\n | \n \n3.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.9)%<\/p>\n<\/td>\n | \n \n0.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Pre-tax operating earnings<\/b> 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.\n<\/li>\n
- Premium and fees<\/b> increased $10.8 million as strong business market growth outpaced the run-off of the legacy life business.\n<\/li>\n<\/ul>\n
\n\u00a0<\/p>\n \n\n| \n Corporate<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nThree Months Ended,<\/p>\n<\/td>\n | \n \nTrailing Twelve Months,<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n4Q25<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPre-tax operating losses<\/p>\n<\/td>\n | \n \n$(102.8)<\/p>\n<\/td>\n | \n \n$(103.9)<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n | \n \n$(381.2)<\/p>\n<\/td>\n | \n \n$(375.6)<\/p>\n<\/td>\n | \n \n(1)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |