Principal Financial Group

“Prolonged low interest rates may reduce asset yields below pricing assumptions, lowering profitability. For certain products, we cannot lower crediting rates, even when investment returns decline. In addition, guaranteed minimum interest rates on our life insurance and annuity products may constrain our ability to lower the rate we credit to customers.”

Annual report 2025A · The company itself

“Rising interest rates may also negatively affect our results of operations, financial condition and liquidity. During periods of increasing market interest rates, we may offer higher crediting rates on our insurance and annuity products to keep these products competitive. Asset returns may lag rising rates, compressing spreads and reducing profitability.”

Annual report 2025A · The company itself

“Table of Contents Profitability Our profitability depends in large part upon our amount of AUM and our ability to: ● manage the difference between the investment income we earn and the interest we credit to policyholders; ● generate fee revenues by providing trust and custody, administrative and investment management services; ● price our insurance products at a level that enables us to earn a margin over the cost of providing benefits and the related expenses; ● manage our investment portfolio to maximize investment returns and minimize risks such as interest rate changes or defaults or impairments of invested assets; ● effectively hedge fluctuations in foreign currency to U.S. dollar exchange rates on certain transactions and ● manage our operating expenses.”

Annual report 2025A · The company itself

“Table of Contents The $1,321.9 million decrease in net unrealized losses from U.S. investment operations for the year ended December 31, 2025, can be attributed to a decrease in interest rates, which was partially offset by a widening of credit spreads.”

Annual report 2025A · The company itself

“Future policy benefits and claims include reserves for individual traditional life insurance, disability insurance and individual and group annuities that provide periodic income payments. These reserves are computed using assumptions of mortality, interest, morbidity and lapse. These assumptions are based on our experience, industry results, emerging trends and future expectations. For long-duration insurance contracts, reserves for individual and group annuities are generally equal to the present value of expected future policy benefit payments, while the reserves for non-participating term life insurance and individual disability income contracts is generally equal to the present value of expected future policy benefits less the present value of expected net premiums.”

Annual report 2025A · The company itself

“The change in fair value of the funds withheld embedded derivative resulted in a loss in 2025 as compared to a gain in 2024 due to changes in interest rates and credit spreads.”

Annual report 2025A · The company itself

“These factors include: the ability of our distribution channels to generate new sales and retain existing business; pricing decisions that take account of competitive conditions, persistency, investment returns, mortality trends, and operating expense levels; investment management performance; equity market returns and interest rate changes. Profitability ultimately depends on our ability to price products and invest assets at a level that enables us to earn a margin over the cost of providing benefits and the expense of acquiring and administering those products.”

Annual report 2025A · The company itself

“Net investment income in our Specialty Benefits business increased $13.0 million due to higher yields on invested assets and $3.5 million due to growth in invested assets. Net investment income in our Life Insurance business increased $21.4 million from growth in invested assets.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates.”

Annual report 2025A · The company itself

“Lower interest rates generally result in lower profitability in the long-term. Conversely, higher interest rates generally result in higher profitability in the long-term.”

Annual report 2025A · The company itself

“If market rates increase rapidly, policy surrenders, withdrawals and requests for policy loans may increase as customers seek to achieve higher returns. Excess lapses may result in an acceleration of amortization for our DAC and other actuarial balances.”

Annual report 2025A · The company itself

“In addition, we diversify our product portfolio offerings to include products that contain features that will protect us against fluctuations in interest rates. Those features include adjustable crediting rates, policy surrender charges and market value adjustments on liquidations.”

Annual report 2025A · The company itself

“We believe small and medium-sized businesses are an underserved market, offering attractive growth opportunities in the retirement and employee benefit markets.”

Annual report 2025A · The company itself

“Our global asset management businesses serve a broad range of institutional, retirement, high net worth, and retail investors worldwide.”

Annual report 2025A · The company itself

“In the U.S., we offer a broad array of retirement and employee benefit and insurance solutions to meet the needs of the business owner and their employees. We are a leading provider of defined contribution plans, nonqualified plans, defined benefit plans and pension risk transfer services.”

Annual report 2025A · The company itself

“In addition, we are one of the largest providers of specialty benefits and insurance solutions for business owners and their employees.”

Annual report 2025A · The company itself

“As of December 31, 2025, we provided WSRS products to (a) over 42,000 defined contribution plans including $625.3 billion in assets and covering approximately 11.3 million eligible plan participants, and (b) to over 1,600 defined benefit plans, including $17.2 billion in assets and covering over 371,000 eligible plan participants.”

Annual report 2025A · The company itself

“Markets and Distribution Our target markets for individual variable annuities and RILAs include owners, executives and employees of small and medium-sized businesses and individuals seeking to accumulate and/or eventually receive distributions of assets for retirement.”

Annual report 2025A · The company itself

“Principal Asset Management Segment Our Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets.”

Annual report 2025A · The company itself

“Specialty Benefits Specialty Benefits, which includes group dental, life, disability insurance, supplemental health and individual disability insurance, is an important component of the employee benefit offering primarily at small and medium-sized businesses. We serve approximately 103,000 employer groups, providing 321,000 total coverages to more than 3,300,000 employees.”

Annual report 2025A · The company itself

“Life Insurance We specialize in providing solutions primarily for small to medium-sized businesses to protect against risk and loss, assist with succession planning and wealth transfer and to build and protect wealth for retirement. We also provide solutions to meet the personal needs of business owners, executives and key employees.”

Annual report 2025A · The company itself

“We market our group insurance products primarily to small and medium-sized businesses, through brokers and consultants.”

Annual report 2025A · The company itself

“We sell our individual life and individual disability insurance products in all 50 states and the District of Columbia, primarily targeting owners, executives and key employees of small and medium-sized businesses.”

Annual report 2025A · The company itself

“Macroeconomic factors, including consumer spending, business investment, government spending, market volatility, inflation and currency exchange rates, affect our business volume and profitability. Economic downturns may reduce demand for our financial and insurance products.”

Annual report 2025A · The company itself

“Principal Asset Management Segment Our Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets.”

Annual report 2025A · The company itself

“We distribute our asset accumulation, asset management, life insurance and specialty benefits products and services through a variety of distribution channels, including our own internal digital channels, sales representatives, independent brokers, banks, broker- dealers and other third party marketing organizations.”

Annual report 2025A · The company itself

“Our primary consolidated cash flow sources are premiums from insurance products, pension and annuity deposits, asset management fee revenues, administrative services fee revenues, income from investments and proceeds from the sales or maturity of investments. Cash outflows consist primarily of payment of benefits to policyholders and beneficiaries, income and other taxes, current operating expenses, payment of dividends to policyholders, payments in connection with investments acquired, payments made to acquire subsidiaries, payments relating to policy and contract surrenders, withdrawals, policy loans, interest payments and repayment of short-term debt and long-term debt.”

Annual report 2025A · The company itself

“(“PFG”) is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies.”

Annual report 2025A · The company itself

“Benefits and Protection Segment Our Benefits and Protection segment activities date back to 1879 when we first began selling individual life insurance products. We expanded our offering to include group insurance products in the 1940s and have continued to expand our product portfolio over time.”

Annual report 2025A · The company itself

“Overview We provide financial products and services through the following reportable segments: ● Retirement and Income Solutions; ● Principal Asset Management and ● Benefits and Protection.”

Annual report 2025A · The company itself

“Operating Revenues Premiums and fees in our Specialty Benefits business increased $105.5 million due to growth in the business.”

Annual report 2025A · The company itself

“Premiums and fees in our Life Insurance business increased $17.8 million due to growth in the business and $11.4 million due to the one-time impact of the YRT Reinsurance Transactions in 2024.”

Annual report 2025A · The company itself

“Total stockholder dividends paid by Principal Life to its parent in 2025 were $1,055.0 million, all of which was extraordinary and approved by the Commissioner.”

Annual report 2025A · The company itself

“In 2025, we implemented enterprise-wide artificial intelligence and data literacy training.”

Annual report 2025A · The company itself

“These changes, led by rapidly evolving AI capabilities, may lead to significant changes in the marketing, distribution, underwriting and pricing of financial services products. In addition, technological and societal changes may lead to changes in customers’ preferences as to how they want to interact with us and the types of products they want to buy.”

Annual report 2025A · The company itself

“Macroeconomic factors, including consumer spending, business investment, government spending, market volatility, inflation and currency exchange rates, affect our business volume and profitability.”

Annual report 2025A · The company itself

“Each year, we direct the majority of our net cash inflows into investment grade fixed maturities. Our current policy is to limit the percentage of fixed maturities invested in below investment grade assets to 15%.”

Annual report 2025A · The company itself

“In addition, we rely on local staff, including local sales forces, in those locations where there is a risk and we may encounter labor problems with local staff, especially in locations where workers’ associations and trade unions are strong.”

Annual report 2025A · The company itself

“Benefits and Protection Segment Benefits and Protection Segment Summary Financial Data Premium and fees are a key metric for growth in the Benefits and Protection segment. We receive premiums on our specialty benefits insurance products as well as our traditional life insurance products.”

Annual report 2025A · The company itself

“Our global asset management businesses serve a broad range of institutional, retirement, high net worth, and retail investors worldwide.”

Annual report 2025A · The company itself

“Markets and Distribution Our target markets for individual variable annuities and RILAs include owners, executives and employees of small and medium-sized businesses and individuals seeking to accumulate and/or eventually receive distributions of assets for retirement.”

Annual report 2025A · The company itself

“The strength of this market is dependent on debt capital market conditions.”

Annual report 2025A · The company itself

“The value of the annuity fluctuates in accordance with the experience of the mutual funds chosen by the customer. Customers have the option to allocate all or a portion of their account to our guaranteed option, in which case we credit interest at rates we determine, subject to contractual minimums.”

Annual report 2025A · The company itself

“We bear the GMWB investment risk. Our goal is to hedge the GMWB investment risk through the use of sophisticated risk management techniques.”

Annual report 2025A · The company itself

“Because the revenues of our asset accumulation and management businesses are largely based on the value of AUM and AUA, a decline in domestic and global equity, bond or real estate markets will decrease our revenues. Market turmoil leading to investor withdrawal from markets may reduce AUM, AUA, revenues and net income.”

Annual report 2025A · The company itself

“Our ability to increase and retain AUM is directly related to the performance of our investments as measured against market averages and the performance of our competitors. If we are unable to attract and retain qualified portfolio managers, we may face reduced sales and increased cash outflows in our asset accumulation and asset management businesses.”

Annual report 2025A · The company itself

“Economic Factors and Trends Positive market performance led to an increase in account values in our Retirement and Income Solutions segment in 2025. Since account values are the base by which this business generates revenues, market performance volatility may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed. Since AUM is the base by which this business generates revenues, market performance and fluctuations in foreign currency exchange rates may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“In addition, 18% of our invested asset portfolio as of December 31, 2025, was invested in privately placed fixed maturities with no readily available market quotes to determine the fair market value. The majority of these assets are valued using a matrix pricing valuation approach that utilizes observable market inputs. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on observable public market data.”

Annual report 2025A · The company itself

“These factors include: the ability of our distribution channels to generate new sales and retain existing business; pricing decisions that take account of competitive conditions, persistency, investment returns, mortality trends, and operating expense levels; investment management performance; equity market returns and interest rate changes. Profitability ultimately depends on our ability to price products and invest assets at a level that enables us to earn a margin over the cost of providing benefits and the expense of acquiring and administering those products.”

Annual report 2025A · The company itself

“Principal Asset Management Segment AUM AUM forms the basis for generating our management fee revenues. However, in Chile, the Cuprum business operates differently, as most fees are collected with each deposit made by mandatory retirement customers, based on a capped salary level rather than asset levels. AUM growth is primarily driven by two factors: market performance and net cash flow.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates.”

Annual report 2025A · The company itself

“International Pension Our International Pension operations offer pension accumulation, income annuities and life insurance accumulation products in Latin America and Asia. We focus on locations with growing middle classes and affluent segments, favorable demographics and increasing long-term savings, ideally with defined contribution retirement markets.”

Annual report 2025A · The company itself

“Our international asset management and accumulation businesses focus on the opportunities created as aging populations around the world drive increased demand for retirement accumulation, retirement asset management and retirement income management solutions.”

Annual report 2025A · The company itself

“Fraudulent claims may increase both claims and operational expenses. Customers may be targeted by fraudsters, creating financial and reputational risk. This can result in financial risks in circumstances where we make our customers and participants whole if the theft occurred by a defeat of our fraud prevention and detection processes.”

Annual report 2025A · The company itself

“Risks relating to computer cyber-terrorism, crisis on a national or global scale, climate change or other catastrophic events Interruptions in information technology, infrastructure or other internal or external systems used for our business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems, could disrupt our business, damage our reputation and adversely impact our profitability. Disruptions in information technology systems or cybersecurity breaches may impair operations and damage our reputation. In addition, we store and process confidential and proprietary business information on both company-owned and third party and/or vendor managed systems, including cloud service providers.”

Annual report 2025A · The company itself

“We face foreign currency risk from international operations and local currency investments.”

Annual report 2025A · The company itself

“Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed. Since AUM is the base by which this business generates revenues, market performance and fluctuations in foreign currency exchange rates may impact our revenues in future quarters.”

Annual report 2025A · The company itself

“Foreign currency exchange rate fluctuations create variances in our financial statement line items. The most significant impact occurs within our Principal Asset Management segment where pre-tax operating earnings were negatively impacted $4.4 million for the year ended December 31, 2025, as a result of fluctuations in foreign currency to U.S. dollar exchange rates.”

Annual report 2025A · The company itself

“Additionally, our non-U.S. results are influenced by fluctuations in foreign currency exchange rates relative to the U.S. dollar. The AUM of our foreign subsidiaries is converted to U.S. dollars at the end of the reporting period using spot exchange rates, while revenue and expenses are translated using average exchange rates for the reporting period.”

Annual report 2025A · The company itself

“Foreign Currency Risk Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency-denominated funding agreements issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity.”

Annual report 2025A · The company itself

“For our international operations, we estimate a 10% immediate unfavorable change in each of the foreign currency exchange rates to which we were exposed would have resulted in a $275.1 million, or 7%, reduction in the total equity excluding noncontrolling interests of our international operations as of December 31, 2025, as compared to an estimated $277.0 million, or 7%, reduction as of December 31, 2024. We estimate a 10% unfavorable change in the average foreign currency exchange rates to which we were exposed through our international operations would have resulted in a $46.9 million, or 5%, reduction in segment pre-tax operating earnings of our international operations for the year ended December 31, 2025, as compared to an estimated $43.7 million, or 5%, reduction for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“If we are unable to attract, develop and retain qualified employees and sales representatives and develop new distribution sources, our results of operations, financial condition, strategic growth commitments and sales of our products may be adversely impacted. We distribute our asset accumulation, asset management, life insurance and specialty benefits products and services through a variety of distribution channels, including our own internal digital channels, sales representatives, independent brokers, banks, broker- dealers and other third party marketing organizations. We must attract and retain qualified employees, including sales representatives to sell our products and digital professionals to build and enhance our customers’ digital experience. Strong competition exists among financial services companies for these roles.”

Annual report 2025A · The company itself

“Human Capital As of December 31, 2025, we employed approximately 19,700 people across the globe, including approximately 11,600 employees who work in the U.S. and 8,100 employees who work outside the U.S.”

Annual report 2025A · The company itself

“Table of Contents Operating expenses in our Specialty Benefits business increased $33.1 million due to growth in the business and $28.1 million due to higher net commissions, partially offset by a $7.1 million decrease due to a one-time expense accrual release in 2025.”

Annual report 2025A · The company itself

“Operating expenses in our Life Insurance business decreased $3.5 million due to lower net commissions and $3.2 million due to a one-time expense accrual release in 2025.”

Annual report 2025A · The company itself

“Total expenses ​ 490.0 ​ ​ 448.0 ​ ​ 42.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax operating earnings (losses) attributable to noncontrolling interest ​ (7.6) ​ ​ 4.4 ​ ​ (12.0) Pre-tax operating losses ​ $ (381.2) ​ $ (375.6) ​ $ (5.6) ​ Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Pre-Tax Operating Losses Pre-tax operating losses increased primarily due to an $18.6 million increase in compensation costs, partially offset by $8.4 million higher net investment income largely resulting from mark-to-market gains on investments and a $7.8 million increase in interest income related to tax settlements.”

Annual report 2025A · The company itself

“Regional concentration of our commercial mortgage loan portfolio in California may subject us to losses attributable to economic downturns or catastrophes in that state. Our California commercial mortgage loan concentration exposes us to regional economic and catastrophe risks, including but not limited to earthquakes, fires, drought, extreme heat, flooding and tsunamis.”

Annual report 2025A · The company itself

“Nonetheless, a natural disaster that affects one of our office locations, or the office of a key service provider, could disrupt our operations and pose a threat to the safety of our employees. Catastrophic events could adversely affect our operations, net income or financial condition. Pandemics, natural disasters, terrorist attacks or military actions may disrupt operations, reduce economic activity and adversely affect our financial condition. For example, our mortality and morbidity experience could be adversely impacted by a catastrophic event.”

Annual report 2025A · The company itself

“Commercial mortgage lending in the state of California accounted for 21% and 24% of our commercial mortgage loan portfolio before valuation allowance as of December 31, 2025 and December 31, 2024, respectively. We are, therefore, exposed to potential losses resulting from the risk of catastrophes, including but not limited to earthquakes, fires, drought, extreme heat, flooding, and tsunamis, that may affect the region. For the years ended December 31, 2025 and December 31, 2024, we did not experience any material losses due to the aforementioned catastrophe risks.”

Annual report 2025A · The company itself

“We believe our strong ratings are an important factor in marketing our products to our distributors and customers, as ratings information is broadly disseminated and generally used throughout the industry.”

Annual report 2025A · The company itself

“Securities Regulation Insurance and investment products that require registration with the SEC, such as variable annuities, RILA, variable life insurance and some funding agreements that constitute securities and mutual fund products are subject to securities laws and regulations, including U.S. state securities regulation as well as U.S. federal regulation under the SEC, FINRA and other regulatory authorities.”

Annual report 2025A · The company itself

“Regulation of International Businesses Our international businesses are supervised by regulatory authorities in the jurisdictions in which they operate, including regulation and supervision by insurance, securities, tax and privacy regulatory authorities.”

Annual report 2025A · The company itself

“Some jurisdictions mandate in-country data storage, increasing compliance costs. This may result in higher compliance and technology expenses, as well as the suboptimization of business processes.”

Annual report 2025A · The company itself

“We face risks arising from vendor failures or data breaches. Our operations increasingly depend on a network of third party vendors, many of whom rely on additional subcontractors or fourth party providers. This extended dependency can lead to a rise in service disruptions and performance failures, particularly in areas critical to financial services such as technology infrastructure, data processing and customer support.”

Annual report 2025A · The company itself

“We increasingly rely on the internet to conduct business and may be adversely impacted by outages in critical infrastructure such as electric grids, undersea cables, satellites or other communications used by us or our third parties.”

Annual report 2025A · The company itself

“In addition, reductions in employment levels of our existing employer customers may result in a reduction in membership levels and premium income for our specialty benefits products.”

Annual report 2025A · The company itself

“In our Benefits and Protection segment, premium and fee growth is a key indicator of earnings growth. Higher levels of unemployment may impact new sales in our businesses and reduce in-group growth in our Specialty Benefits business in the short-term.”

Annual report 2025A · The company itself

“Commercial Mortgage Loans. We generally report commercial mortgage loans on real estate at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Commercial mortgage loans play an important role in our investment strategy by: ● providing strong risk-adjusted relative value in comparison to other investment alternatives; ● enhancing total returns and ● providing strategic portfolio diversification.”

Annual report 2025A · The company itself

“Our portfolio is generally comprised of mortgages originated with conservative loan-to-value ratios, high debt service coverages and general purpose property types with a strong credit tenancy. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on fully or near fully leased properties. The mortgage portfolio is comprised primarily of office properties, apartments, well-anchored retail properties and general-purpose industrial properties.”

Annual report 2025A · The company itself

“Commercial mortgage lending in the state of California accounted for 21% and 24% of our commercial mortgage loan portfolio before valuation allowance as of December 31, 2025 and December 31, 2024, respectively. We are, therefore, exposed to potential losses resulting from the risk of catastrophes, including but not limited to earthquakes, fires, drought, extreme heat, flooding, and tsunamis, that may affect the region. For the years ended December 31, 2025 and December 31, 2024, we did not experience any material losses due to the aforementioned catastrophe risks.”

Annual report 2025A · The company itself

“Our financial results may be adversely impacted by environmental, social and governance requirements. Our financial and operational results could be impacted by emerging risk and changes to the regulatory landscape in areas like environmental, social and governance (“ESG”) requirements. While we closely monitor and respond to topics like social, environmental and demographic changes that include longer lifespans, income and wealth inequalities, environmental challenges and opportunities to expand global access to the financial system across all segments of the population, updated and changing regulatory and societal environment requirements could impact financial and operational results.”

Annual report 2025A · The company itself

“Our international businesses face political, legal, operational and other risks that could reduce our profitability in those businesses. Our international operations face distinct political, legal and operational risks. Risks include discriminatory regulation, asset expropriation and currency controls limiting fund transfers. Geopolitical tensions and conflicting legal regimes may adversely affect international operations.”

Annual report 2025A · The company itself

“The Chilean government is taking its first steps to reform the country’s pension system, which includes a proposed increase in contributions and modification of pension fund administration. The impact on the overall competitive environment for private pension fund managers is still to be determined.”

Annual report 2025A · The company itself

“Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates.”

Annual report 2025A · The company itself

“We offer mutual funds and investment management services to individuals and institutional investors.”

Annual report 2025A · The company itself

“Southeast Asia. We offer mutual funds, asset management services and retirement solutions through our joint ventures in Malaysia, Principal Asset Management Berhad (“PAM”) and Principal Islamic Asset Management Sdn.”

Annual report 2025A · The company itself

“Hong Kong Special Administrative Region. We offer two types of pension saving schemes, Mandatory Provident Fund (“MPF Schemes”) and Occupational Retirement Schemes Ordinance, which we distribute through third party intermediaries such as insurance companies, independent financial advisors, brokers and employee benefit consultants.”

Annual report 2025A · The company itself

“The international exposure held in our U.S. operation’s fixed maturities portfolio was 14% of total fixed maturities as of both December 31, 2025 and December 31, 2024. It is comprised of corporate and foreign government fixed maturities.”

Annual report 2025A · The company itself

“We owned 98.0% of Cuprum as of December 31, 2025, and the rest is publicly floated.”

Annual report 2025A · The company itself

“We offer pension accumulation, income annuity and life insurance accumulation products through a co-managed joint venture Brasilprev Seguros e Previdencia S.A.”

Annual report 2025A · The company itself

“We offer mandatory and voluntary pension plans through Principal Afore, S.A. de C.V., Principal Grupo Financiero.”

Annual report 2025A · The company itself

“On January 19, 2026, an agreement with Banco Santander, S.A. (“Santander”) was announced whereby Santander will acquire our annuities business in Chile, Principal Compañía de Seguros de Vida Chile S.A. (“Vida”), subject to regulatory approvals.”

Annual report 2025A · The company itself

“China. We offer mutual funds and asset management services to individuals and institutions through a joint venture, CCB Principal Asset Management Co., Ltd.”

Annual report 2025A · The company itself

“Table of Contents Asia China. We offer entrust, account services and investment management for individual and group retirement security products through a joint venture, CCB Pension Management Co., Ltd.”

Annual report 2025A · The company itself

“Of our invested assets, $86,927.3 million were held by our U.S. operations as of December 31, 2025.”

Annual report 2025A · The company itself

“The international exposure held in our U.S. operation’s fixed maturities portfolio was 14% of total fixed maturities as of both December 31, 2025 and December 31, 2024. It is comprised of corporate and foreign government fixed maturities.”

Annual report 2025A · The company itself

“Table of Contents Overall Composition of Invested Assets Invested assets as of December 31, 2025, were predominantly high quality and broadly diversified across asset class, individual credit, industry and geographic location. Asset allocation is determined based on cash flow and the risk/return requirements of our products. As shown in the following table, the major categories of invested assets are fixed maturities and mortgage loans.”

Annual report 2025A · The company itself

“Changes and uncertainty in U.S. and non-U.S. legislation, policy or regulation regarding climate risk management or other ESG practices may result in higher regulatory costs, compliance costs and increased capital expenditures.”

Annual report 2025A · The company itself

“Table of Contents Overall Composition of Invested Assets Invested assets as of December 31, 2025, were predominantly high quality and broadly diversified across asset class, individual credit, industry and geographic location. Asset allocation is determined based on cash flow and the risk/return requirements of our products. As shown in the following table, the major categories of invested assets are fixed maturities and mortgage loans.”

Annual report 2025A · The company itself

“The international exposure held in our U.S. operation’s fixed maturities portfolio was 14% of total fixed maturities as of both December 31, 2025 and December 31, 2024. It is comprised of corporate and foreign government fixed maturities.”

Annual report 2025A · The company itself

“We participate in joint ventures, primarily in our international businesses and real estate investment operations. We may lack control in joint ventures, and partner goals may diverge from ours. These factors may limit our ability to take action to protect or increase the value of our investment in the joint venture.”

Annual report 2025A · The company itself

“Table of Contents Overall Composition of Invested Assets Invested assets as of December 31, 2025, were predominantly high quality and broadly diversified across asset class, individual credit, industry and geographic location. Asset allocation is determined based on cash flow and the risk/return requirements of our products. As shown in the following table, the major categories of invested assets are fixed maturities and mortgage loans.”

Annual report 2025A · The company itself