PFG · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

PRINCIPAL FINANCIAL GROUP INC · 2026-10-29 · Importance 53 · Surprise 60 · Contradicted

On September 1, 2026, Principal closed its acquisition of Beam Benefits, which serves more than 26,000 small businesses and generated approximately $175.0 million in premiums in 2025. Beam offers dental, vision and ancillary benefits supported by a cloud-native technology stack, and its results are reported in the Benefits and Protection segment. On the same date, Principal sold its Chilean annuities business, Principal Compañía de Seguros de Vida Chile S.A. (Vida), to Banco Santander, excluding universal life and asset management businesses carved out before the sale. The Vida disposal produced a $276.7 million pre-tax net realized capital loss, primarily from recognizing accumulated foreign currency translation adjustments in a loss position; the transaction did not materially affect Principal Asset Management pre-tax operating earnings.

Key facts

• Principal Financial Group incurred a $276.7 million pre-tax net realized capital loss on the Vida disposal, primarily from recognizing accumulated foreign currency translation adjustment in a loss position. source
• Before the BCT transaction closed, Principal Financial Group recognized a $65.4 million impairment of its distribution agreement intangible asset and contract cost asset in the first quarter of 2025. source
• In connection with the BCT transaction, Principal Financial Group classified its customer relationship intangible asset as held for sale, resulting in a $77.0 million loss. source
• Beam offers dental, vision and ancillary benefits supported by a cloud-native technology stack with artificial intelligence at its core, and generated approximately $175.0 million in premiums in 2025. source
• Principal Financial Group sold Vida excluding its universal life and asset management business, which it carved out before the sale. source
• On September 1, 2026, Principal Financial Group closed its agreement to acquire Beam, an employee benefits company serving over 26,000 small businesses. source
• On September 1, 2026, Principal Financial Group closed its agreement with Banco Santander, S.A. to sell its Chilean annuities business, Principal Compañía de Seguros de Vida Chile S.A. (Vida). source
• On January 16, 2025, Principal Financial Group announced the signing of an agreement with BCT to expand investment management capabilities and exit its sponsor and trustee (pension) roles in Hong Kong for MPF Schemes. source

Impact estimates