PFG

Business Context and Reporting Period

This Form 8-K is a Regulation FD disclosure filed by Principal Financial Group, Inc. on July 17, 2024. The report provides quarterly Assets Under Management (AUM) data for the period ended June 30, 2024, prior to the release of the company's quarterly earnings.

Key Financial Metrics

Note: Revenue, profit, cash flow, margins, debt, and liquidity figures are not provided in this filing. Principal Asset Management AUM excludes assets where the company is a minority owner and assets restricted by regulatory requirements; it is not intended for modeling purposes.

Material Changes and Portfolio Exposure

The filing highlights specific portfolio exposures relevant to market conditions:

• Equity Exposure: Significant exposure to small and mid-cap products within U.S. equity AUM.
• Fixed Income Exposure: Exposure to high yield and preferred securities.
• Currency Translation: Principal International AUM is reported in U.S. dollar equivalents using end-of-period spot foreign exchange rates.

Guidance, Outlook, and Risks

The filing does not contain forward-looking guidance, management commentary on future earnings, or specific risk factors beyond the noted portfolio exposures. Management notes that during times of market dislocations and wider dispersion of returns, the company's exposure to small/mid-cap equities and high-yield fixed income is a material consideration.

Investor Verification Checklist

• Verify the full breakdown of AUM by asset class in the upcoming financial supplement (expected July 25, 2024).
• Confirm the impact of foreign exchange rates on the $171.1 billion Principal International AUM figure.
• Review the upcoming earnings release for revenue, profit, and liquidity metrics not included in this 8-K.
• Assess the performance of small/mid-cap equities and high-yield fixed income relative to the reported 0.4% market performance.