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3 hours ago
- Entertainment
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USA TODAY named a Des Moines bar one of America's best. We wish these spots made the cut
The USA TODAY Bars of the Year 2025 list, released today, features bars from dive bars and LGBTQ-friendly places to speakeasies and chic cocktail lounges. USA TODAY Network food journalists across the country pooled their expertise and local dining experiences to select the bars, which includes the places they know, love and recommend. In Des Moines, The Bartender's Handshake with its midcentury modern style and refined list of cocktails on Ingersoll Avenue, was named one of best in the country. Last year, Hello, Marjorie made the USA TODAY list of Bars of the Year. But there are so many other bars serving exceptional cocktails and showcasing hospitality that deserve to be recognized. Here are six places from the Des Moines metro, in alphabetical order, that we wish had made the Bars of the Year list. If you need an excuse to grab a drink with a friend? Maybe you want to revisit the day in the office with co-workers with a night on the town. Or maybe you want to toast a new relationship, a birthday, or another big special occasion and want to perfectly executed cocktail to go along with the night. We also included a guide to speakeasies, restaurants with good cocktail programs, and wine bars. As always, our emails are open for your suggestions at sstapleton@ More: USA TODAY named its Bars of the Year. This Des Moines neighborhood favorite made the list Bellhop If the South Pacific vibe strikes your fancy, head to this tiki bar in the East Village. Bellhop specializes in the Painkiller and Mai Tai for tropical vibes, but consider ordering a punchbowl of drinks meant to share with friends. Cocktails such as the Funky Flamingo with strawberry-infused vodka and St Germain and the Polynesian Sling with Prairie Organic Gin and Creme De Cassis come in stunning glasses (a flamingo and a grinning fish) meant for selfies. Do ask about drinks made with hemp-derived THC. Location: 440 E. Grand Ave., Des Moines Contact: Hello, Marjorie 'The prettiest girls in the world live in Des Moines,' boasts a pink LED sign hanging over a fireplace. The quote from Jack Kerouac's 1957 novel 'On the Road' defines Hello, Marjorie, a step back in time to the 1950s when midcentury modern decor ruled. The retro cocktail lounge in the former Des Moines Register & Tribune building from owner Nick Tillinghast serves some of the most creative cocktails in the Midwest. Tillinghast carved out conversational seating areas outfitted with retro couches in golds and hunter greens, low-slung chairs and buffets decorated with old books, globes and lamps. Order the namesake Marjorie, made with elderberry and spiced pear in vodka. A separate speakeasy, Good News, Darling, sits in the back of the space with its own distinctive menu and vibe. Hello, Marjorie was named one of the 27 top bars in America by USA TODAY last week. Location: 717 Locust St., Des Moines Contact: More: The best bars in America in 2024: See USA TODAY's 27 favorite spots HoQtail Lounge This small cocktail lounge requires reservations next door to HoQ, the farm-to-table mainstay in the East Village of Des Moines. HoQtail Lounge opened in the spring with a small space hiding a rich collection of high-end liquors that form the basis of the specialty menu, only available at HoQtail. Each drink comes with a bite, which could be a meatball or a sweet, specifically paired with the drink. Look for drinks such as the Burnt Passion Fruit, a Casamigos mezcal drink that leans on Bauchant orange liqueur, and a Clarified Negroni with McQueen and the Violet Fog gin, Cappelletti vino aperitivo, Muz vermut natural, and grapefruit juice in a milk-washed glass. Location: 303 E. Fifth St., Des Moines Contact: More: Meet HoQtail, the new cocktail lounge in the East Village, where drinks come with a bite The New Northwestern Cocktail & Wine Bar On the southern side of the East Village, find The New Northwestern Cocktail & Wine Bar in the historic building from 1916. The décor here celebrates the railroad and rail travel. At one time, the hotel catered to the employees and passengers of the C&NW railroad, legislators, and state fairgoers, according to the cocktail lounge's website. Try a gin and tonic flight with three gins to discover a new favorite or order a martini such as the Northwestern Railway with a basil- and tomato-infused vodka with giardiniera and olive brine. Location: 321 E. Walnut St., Des Moines Contact: More: Hungry? Check out these 31 essential restaurants in the Des Moines metro for 2025 Secret Admirer This gem is known for its patio that looks north toward the Des Moines skyline. Secret Admirer, also from Tillinghast, offers drinks such as the Nice Rum Cocktail, blueberry version, as well as the Daydream with vodka and Earl Grey tea. Grab a seat on the patio and order at the window. Look for a pop-up bar for the holidays called The Nice List, when the bar gets decorated and offers specialty cocktails for the holidays. Location: 110 S.W. Fifth St., Des Moines Contact: Winchester Public House The cocktail game got serious in West Des Moines when the Winchester Public House opened in Valley Junction in 2016. Think of this as a 'Prohibition-style pub with a signature line of cocktails while focusing on a modern twist on the classics.' Try the Butterfly Effect with Revelton honey vodka and a butterfly pea flower syrup or a Mango en Fuego with mezcal, tequila and ancho reyes. Location: 224 Fifth St., West Des Moines Contact: Where to find speakeasies in the Des Moines metro Black Sheep; Dugan's Hideaway; Good News, Darling; In Confidence; Ken's — A Not So Secret Speakeasy; The Red Monk; Revival House; Shorty's Somewhat Fancy Bar Your guide to speakeasies: Want in on a secret? Here's where to find hidden speakeasy bars in Des Moines An incomplete list of local restaurants with great cocktail programs 801 Chophouse, Alba, Aura, Bar Nico, Bubba, Centro, Ceviche Bar, Cheese Bar, Clyde's Fine Diner, Continental, Cooper's on Fifth, Django, Fresko, Guesthouse Tavern + Oyster, Harbinger, Oak Park, Prime & Providence, Republic on Grand, RoCA, Stuffed Olive, Table 128, Trostel's Greenbriar More: He goes to Asia every year for inspiration. Now his restaurant was named tops in the US Excellent wine bars in the metro The Cave, The Cork 50131, The Purveyor, WineStyles (West Des Moines and Ankeny) More: This Des Moines restaurant with innovative dishes named one of the best by USA TODAY Sign up for our new dining newsletter, Table Talk, which comes out on Wednesday mornings with all the latest news on restaurants and bars in the metro. You can sign up for free at If you see a new restaurant opening or a beloved place closing, send me some details at sstapleton@ Susan Stapleton is the entertainment editor and dining reporter at The Des Moines Register. Follow her on Facebook, Twitter, or Instagram, or drop her a line at sstapleton@ This article originally appeared on Des Moines Register: Where to find the best bars in the Des Moines metro, 2025 guide Solve the daily Crossword
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a day ago
- Business
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Merle Hay Mall's basement is frozen in 2000. Explore the mall's abandoned Garden Court.
This is the first in an occasional series taking readers inside unique places in Iowa that aren't readily accessible to the public. Stepping down into the Merle Hall Mall basement, one is greeted by the ghosts of former stores and eerie stares from dolls dressed in Christmas apparel. The 30,000-square-foot space, once the home of a McDonald's, Cost Cutters and more, is now abandoned under the feet of mall-goers. Despite being closed to the public since 2000, Des Moines residents often speculate about what's gone on down there since it was sealed off. Upon entering the space, you run into what used to be the old Disc Jockey. CD shelves have been replaced and now hold the mall's old drinking fountains, sinks and other plumbing parts. Moving into the common area where the escalators were located, empty flower beds and benches are lit by black antique street lights. A faint outline of the former McDonald's sign is still visible on the wooden panel entrance, and the old-school, brown nonslip tiling has a light layer of dust tinting the floor. Before the closure, shoppers visited the basement for the Armed Forces Recruiting Center or to make a quick 10 bucks by completing a survey for a research company. What was the original use of the Merle Hay Mall basement? What was known as the "Garden Court" could do much more than serve as a place to get a burger or a haircut. The original use for the basement was effectively a bomb shelter. The mall took advantage of the Federal Civil Defense Act of 1950, which offered matching grants to states for constructing air raid shelters. "Commercial property owners had a pretty significant incentive to build, what they would say would be, a Civil Defense-rated building," said Elizabeth Holland, the CEO of Merle Hay Investors, which owns the mall. Merle Hay Plaza opened in 1959, and it was developed by Holland's grandfather, Joseph Abbell, making her the third-generation to lead the mall in Des Moines. The mall captured the expansion of the suburbs to the north and west of Des Moines. Back then, Interstate 235 wasn't there to cut traffic through the metro. Instead, Douglas Avenue served as one of the main routes from Des Moines to the growing suburbs. The mall straddles the border of Des Moines and Urbandale, effectively serving as the epicenter for the sprawling metro. "Nowadays, they name the road after the shopping center," Holland said. "Back then, Merle Hay Road was already Merle Hay Road, and they named Merle Hay Plaza because it was on the road." When the tax credits expired, Abbell decided to take advantage of the space for commercial use. So he converted it into a bowling alley in 1972 and additional spaces for stores in the early 80s. "When those tax credits expired, rather than having bunk beds and canned foods in the basement, my grandfather developed Merle Hay Lanes," Holland said. "And so we were in the bowling alley business." Is the Merle Hay Mall basement haunted? When Holland decided to work for her grandfather 28 years ago, there were already rumblings of the basement being haunted. "I don't know the genesis of why people thought it was haunted other than 28 years ago, people already thought that," Holland said. Security officers make frequent trips down to the basement. Some of them move the Christmas dolls around to make it seem as if they are alive. Holland never experienced any paranormal activity in the basement, but as an avid horror film fan, she can't help but enjoy the speculation. "It had so many different uses that I think it was probably an urban legend that grew up around having lots of people down there," Holland said of the rumors. Why did Merle Hay Mall's basement close? After a renovation of the mall's interior, many tenants requested to move to the upstairs or out of the mall. So, investors decided it would be best to close the entrance to the Garden Court area, which was located near the mall's children's area. A separate entrance still allows access to the bowling alley. What's next for Merle Hay Mall basement? The mall is in conversation with a possible destination entertainment business that would take over the basement. One contender would develop a speakeasy-type nightclub to pair with the existing bowling alley. The basement's redevelopment project would be part of the mall's larger arena project. In April, Merle Hay Mall announced the arena would be home to Drake University's hockey team when it opens. Other tenants joining in the project at the time included the Iowa Demon Hawks professional indoor soccer team and the Central Iowa Figure Skaters. The Des Moines Buccaneers no longer plan to be part of the project. Conversations about reopening the basement are ongoing, but it is too soon to say what business or who they are with, Holland told the Register. "I don't want to say who it is with," Holland said. "It's a very strong local operator of entertainment venues, but we have had some good conversations." Kate Kealey is a general assignment reporter for the Register. Reach her at kkealey@ or follow her on Twitter at @Kkealey17. This article originally appeared on Des Moines Register: The Merle Hay Mall basement is abandoned. See inside the Garden Court. Solve the daily Crossword
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2 days ago
- Business
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Principal Financial: Q2 Earnings Snapshot
DES MOINES, Iowa (AP) — DES MOINES, Iowa (AP) — Principal Financial Group Inc. (PFG) on Monday reported second-quarter profit of $406.2 million. On a per-share basis, the Des Moines, Iowa-based company said it had profit of $1.79. Earnings, adjusted for non-recurring costs, were $2.16 per share. The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.98 per share. The financial services company posted revenue of $3.67 billion in the period. Its adjusted revenue was $3.69 billion, falling short of Street forecasts. Five analysts surveyed by Zacks expected $4 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on PFG at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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2 days ago
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Principal Financial Group® Announces Second Quarter 2025 Results
Raises third quarter 2025 common stock dividend DES MOINES, Iowa, July 28, 2025--(BUSINESS WIRE)--Principal Financial Group® (Nasdaq: PFG) announced results for second quarter 2025. Diluted earnings per common share 2Q25 Net income attributable to PFG (in millions) 2Q25 Net income attributable to PFG $1.79 Net income attributable to PFG $406 Non-GAAP net income attributable to PFG, excluding exited business1 $1.91 Non-GAAP net income attributable to PFG, excluding exited business1 $432 Non-GAAP operating earnings1 $2.16 Non-GAAP operating earnings1 $489 Second Quarter 2025 Highlights Non-GAAP operating earnings per diluted share, excluding significant variances2 of $2.07 increased 18% over prior year quarter Returned $320 million of capital to shareholders, including $150 million of share repurchases and $170 million of common stock dividends Raised third quarter 2025 common stock dividend to $0.78 per share, a 2-cent increase over the second quarter 2025 dividend, an 8% increase over third quarter 2024 dividend and an 8% increase on a trailing twelve-month basis Assets under management (AUM) of $753 billion, which is included in assets under administration (AUA) of $1.7 trillion Strong financial position with $1.4 billion of excess and available capital Deanna Strable, President and CEO of Principal® "Our continued focus on high-growth markets, competitive advantages, and execution led to strong EPS growth and continued ROE expansion in 2Q25, bringing ROE to the midpoint of our targeted range. We delivered on our commitment to return excess capital to shareholders, while maintaining our strong capital position. We are well positioned to deliver on our full year enterprise outlook across our financial metrics and enter the second half of the year with momentum in our business and confidence in our strategy." ____________________ 1 Use of non-GAAP financial measures and their reconciliations to the most directly comparable GAAP measures are included in this release. Non-GAAP operating earnings for total company is after tax. 2 The total company impacts of significant variances, is after tax. See Exhibit 1 for details on the impact of 2Q 2025 and 2Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings. Second Quarter Enterprise Results In millions except percentages, earnings per share, or otherwise noted Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Net income (loss) attributable to PFG $406.2 $353.1 15% $1,139.7 $1,260.1 (10)% Non-GAAP net income attributable to PFG, excluding exited business $432.3 $356.2 21% $1,504.3 $1,576.1 (5)% Non-GAAP operating earnings $489.3 $386.1 27% $1,763.9 $1,640.6 8% Diluted earnings per common share Net income (loss) attributable to PFG $1.79 $1.49 20% Non-GAAP net income attributable to PFG, excluding exited business $1.91 $1.50 27% Non-GAAP operating earnings $2.16 $1.63 33% Non-GAAP operating earnings, excluding significant variances2 $2.07 $1.76 18% Assets under administration (billions) $1,737.8 $1,620.3 7% Assets under management (billions) $752.7 $699.2 8% AUM net cash flow (billions) $(2.6) $(2.1) (24)% Second Quarter Segment Highlights Retirement and Income Solutions (RIS) transfer deposits increased 8% over 2Q24; small to midsized business recurring deposits up 7% from the year ago quarter Investment Management revenue increased 6% over 2Q24; margin improved 360 basis points from the year ago quarter to 38% due to increased management and performance fees and expense discipline Specialty Benefits incurred loss ratio improved 130 basis points from 2Q24 Life Insurance premium and fees growth of 5% over 2Q24 driven by 17% growth in the business market segment Segment Results In millions except percentages, or otherwise noted except percentages or otherwise noted) Retirement and Income Solutions Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating earnings3 $292.1 $267.8 9% $1,102.0 $1,099.3 0% Net revenue4 $713.9 $700.9 2% $2,846.7 $2,792.6 2% Operating margin5 40.9% 38.2% 38.7% 39.4% Pre-tax operating earnings increased $24.3 million primarily due to higher net revenue and margin expansion while investing in the business. Net revenue increased $13.0 million due to growth in the business. Investment Management Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating earnings $157.9 $133.6 18% $597.2 $544.7 10% Operating revenues less pass-through expenses6 $429.0 $406.5 6% $1,708.5 $1,626.1 5% Operating margin7 37.5% 33.9% 35.8% 34.0% Assets under management (billions) $579.6 $540.1 7% Pre-tax operating earnings increased $24.3 million primarily driven by higher operating revenues less pass-through expenses and margin expansion. Operating revenues less pass-through expenses increased $22.5 million primarily due to higher management and performance fees. ____________________ 3 Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest. 4 Net revenue = operating revenues less: benefits, claims and settlement expenses, liability for future policy benefits remeasurement (gain) loss, market risk benefit remeasurement (gain) loss, and dividends to policyholders. 5 Operating margin for Retirement and Income Solutions = pre-tax operating earnings divided by net revenue. 6 The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the release. The company has determined this measure is more representative of underlying operating revenues growth for Investment Management as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings. 7 Operating margin for Investment Management = pre-tax operating earnings adjusted for noncontrolling interest divided by operating revenues less pass-through expenses. International Pension Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating earnings $78.5 $55.7 41% $311.5 $273.4 14% Net revenue $159.2 $141.4 13% $638.1 $629.1 1% Operating margin8 49.3% 39.4% 48.8% 43.5% Assets under management (billions) $143.4 $130.5 10% Pre-tax operating earnings increased $22.8 million primarily due to higher net revenue. Net revenue increased $17.8 million primarily due to favorable encaje performance in the current quarter compared to unfavorable performance in the year ago quarter. Specialty Benefits Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating earnings $127.6 $108.7 17% $482.7 $477.8 1% Premium and fees $840.2 $813.5 3% $3,314.1 $3,177.5 4% Operating margin9 15.2% 13.4% 14.6% 15.0% Incurred loss ratio 60.2% 61.5% 60.0% 60.0% Pre-tax operating earnings increased $18.9 million due to growth in the business and more favorable underwriting experience. Premium and fees increased $26.7 million driven by growth in the business. Incurred loss ratio improved to 60.2% driven by more favorable underwriting experience primarily in group disability and group life. ____________________ 8 Operating margin for International Pension = pre-tax operating earnings divided by net revenue. 9 Operating margin for Benefits and Protection = pre-tax operating earnings divided by premium and fees. Life Insurance Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating earnings (losses) $20.0 $23.6 (15)% $3.5 $79.7 (96)% Premium and fees $238.0 $227.0 5% $939.6 $929.4 1% Operating margin 8.4% 10.4% 0.4% 8.6% Pre-tax operating earnings decreased $3.6 million driven by higher claims severity. Premium and fees increased $11.0 million as strong business market growth offset the runoff of the legacy life business. Corporate Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 % Change 2Q25 2Q24 % Change Pre-tax operating losses $(81.2) $(103.4) 21% $(370.1) $(395.6) 6% Pre-tax operating losses decreased $22.2 million primarily due to higher net investment income and lower operating expenses. Common Stock Dividend The company is announcing a third quarter cash dividend of $0.78 per share to holders of common shares. The dividend will be payable on Sept 26, 2025, to shareholders of record as of Sept 4, 2025. Exhibit 1 Principal Financial Group Impact of Significant Variances10 on Net Income Attributable to PFG; Non-GAAP Net Income Attributable to PFG, Excluding Exited Business; and Non-GAAP Operating Earnings In millions except per share data Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 2Q25 2Q24 Net income (loss) attributable to PFG $ 20.7 $ (29.4) $ (125.2) $ (80.5) (Income) loss from exited business - - 20.6 (0.1) Non-GAAP net income (loss) attributable to PFG, excluding exited business 20.7 (29.4) (104.6) (80.6) Net realized capital (gains) losses, as adjusted - - (3.7) 4.2 Non-GAAP operating earnings 20.7 (29.4) (108.3) (76.4) Income taxes 3.4 (8.9) (23.9) 48.8 Non-GAAP pre-tax operating earnings $ 24.1 $ (38.3) $ (132.2) $ (27.6) Per diluted share: Net income (loss) attributable to PFG $ 0.09 $ (0.13) (Income) loss from exited business - - Non-GAAP net income (loss) attributable to PFG, excluding exited business 0.09 (0.13) Net realized capital (gains) losses, as adjusted - - Non-GAAP operating earnings $ 0.09 $ (0.13) Weighted average diluted common shares outstanding 226.5 236.6 Segment pre-tax operating earnings (losses): Retirement and Income Solutions $ (4.1) $ (13.0) $ (87.3) $ (3.6) Investment Management 4.8 - 4.8 - International Pension 7.8 (14.3) 33.2 (5.0) Principal Asset Management 12.6 (14.3) 38.0 (5.0) Specialty Benefits 2.1 (5.0) (10.8) 5.2 Life Insurance (2.8) (6.0) (89.7) (33.4) Benefits and Protection (0.7) (11.0) (100.5) (28.2) Corporate 16.3 - 17.6 9.2 Total segment pre-tax operating earnings (losses) $ 24.1 $ (38.3) $ (132.2) $ (27.6) Income statement line item details of significant variances are available in our earnings conference call presentation on our website. ____________________ 10 Significant variances (SVs) in 2Q25 include 1) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance, partially offset by higher than expected variable investment income in Corporate; 2) impact of higher than expected encaje performance, partially offset by Latin American inflation in International Pension; 3) impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance and Corporate. SVs in 2Q24 include 1) impact of lower than expected encaje performance in International Pension; 2) lower than expected variable investment income in RIS, Specialty Benefits, and Life Insurance; 3) GAAP-only regulatory closed block dividend adjustment in Life Insurance. SVs on a trailing twelve months in 2Q25 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, and Life Insurance, partially offset by higher than expected variable investment income in Corporate; 2) impacts of 2024 actuarial assumption review; 3) higher than expected encaje performance and Latin American inflation in International Pension; 4) impact from a one-time expense accrual release in RIS, Investment Management, Specialty Benefits, Life Insurance, and Corporate.; 5) impact of GAAP-only regulatory closed block adjustment in Life Insurance; 6) impact of model refinement in Specialty Benefits. SVs on a trailing twelve months in 2Q24 include 1) lower than expected variable investment income in RIS, International Pension, Specialty Benefits, Life Insurance partially offset by higher than expected variable investment income in Corporate; 2) impacts of 2023 actuarial assumption review; 3) higher than expected encaje performance, Latin American inflation, Latin American non-economic LDTI discount rate impacts, and other items in International Pension; 4) impact of GAAP-only regulatory closed block adjustment in Life Insurance. Earnings Conference Call On Tuesday, Jul. 29, 2025, at 10:00 a.m. (ET), President and Chief Executive Officer Deanna Strable and Executive Vice President and Chief Financial Officer Joel Pitz will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference call, which can be accessed as follows: Via live Internet webcast. Please go to at least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software. Analysts who will be asking questions will be sent a dial in number and authorization code in advance of the call. Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at The company's financial supplement and slide presentation is currently available at and may be referred to during the call. Forward Looking Statements This release contains statements that constitute forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to share repurchases and planned dividends, the realization of our growth and business strategies and results from ongoing operations. Forward‑looking statements are made based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward‑looking statements are not guarantees of future performance and actual results may differ materially from the results anticipated in the forward-looking statements. We describe risks, uncertainties and factors that could cause or contribute to such material differences in our filings with the Securities and Exchange Commission, including in the "Risk Factors" and "Note Concerning Forward-Looking Statements" sections in our annual report on Form 10-K for the year ended Dec. 31, 2024, as updated or supplemented from time to time in subsequent filings. We assume no obligation to update any forward-looking statement for any reason, which speaks as of its date. Use of Non-GAAP Financial Measures The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company's financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts. About Principal®11 Principal Financial Group® (Nasdaq: PFG) is a global financial company with approximately 20,000 employees12 passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we're helping over 70 million customers12 plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce. Principal® is proud to be recognized as one of the 2025 World's Most Ethical Companies13 and named as a "Best Places to Work in Money Management14." Learn more about Principal and our commitment to building a better future at Summary of Principal Financial Group® and Segment Results Principal Financial Group, Inc. Results (in millions) Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 2Q25 2Q24 Net income (loss) attributable to PFG $ 406.2 $ 353.1 $ 1,139.7 $ 1,260.1 (Income) loss from exited business 26.1 3.1 364.6 316.0 Non-GAAP net income (loss) attributable to PFG excluding exited business $ 432.3 $ 356.2 $ 1,504.3 $ 1,576.1 Net realized capital (gains) losses, as adjusted 57.0 29.9 259.6 64.5 Non-GAAP Operating Earnings* $ 489.3 $ 386.1 $ 1,763.9 $ 1,640.6 Income taxes 105.6 100.0 362.8 438.8 Non-GAAP Pre-Tax Operating Earnings $ 594.9 $ 486.1 $ 2,126.7 $ 2,079.4 Segment Pre-Tax Operating Earnings (Losses): Retirement and Income Solutions $ 292.1 $ 267.8 $ 1,102.0 $ 1,099.3 Principal Asset Management 236.4 189.4 908.6 818.2 Benefits and Protection 147.6 132.3 486.2 557.5 Corporate (81.2) (103.4) (370.1) (395.6) Total Segment Pre-Tax Operating Earnings $ 594.9 $ 486.1 $ 2,126.7 $ 2,079.4 ____________________ 11 Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. 12 As of June 30, 2025 13 Ethisphere, 2025 14 Pensions & Investments, 2024 Per Diluted Share Three Months Ended, Six Months Ended, 2Q25 2Q24 2Q25 2Q24 Net income (loss) attributable to PFG $ 1.79 $ 1.49 $ 2.00 $ 3.72 (Income) loss from exited business 0.12 0.01 1.21 (0.64) Non-GAAP net income (loss) excluding exited business $ 1.91 $ 1.50 $ 3.21 $ 3.08 Net realized capital (gains) losses, as adjusted 0.25 0.13 0.76 0.20 Non-GAAP Operating Earnings $ 2.16 $ 1.63 $ 3.97 $ 3.28 Impact of significant variances15 (0.09) 0.13 0.02 0.23 Non-GAAP Operating Earnings, excluding significant variances $ 2.07 $ 1.76 $ 3.99 $ 3.51 Weighted-average diluted common shares outstanding (in millions) 226.5 236.6 227.6 238.0 *U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings Management uses non-GAAP operating earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, income (loss) from exited business and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal, ongoing operations of the company's businesses. Selected Balance Sheet Statistics Period Ended, 2Q25 4Q24 Total assets (in billions) $ 323.1 $ 313.7 Stockholders' equity (in millions) $ 11,467.3 $ 11,131.3 Total common equity (in millions) $ 11,415.3 $ 11,086.4 Total common equity excluding cumulative change in fair value of funds withheld embedded derivative and accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions) $ 12,269.1 $ 12,144.0 End of period common shares outstanding (in millions) 223.2 226.2 Book value per common share $ 51.14 $ 49.01 Book value per common share excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment $ 54.97 $ 53.69 ____________________ 15 See Exhibit 1 for details on the impact of 2Q 2025 and 2Q 2024 significant variances on net income attributable to PFG; non-GAAP net income attributable to PFG, excluding exited business; and non-GAAP operating earnings. Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions, except as indicated) Period Ended, 2Q25 4Q24 Stockholders' Equity, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders: Stockholders' equity $ 11,467.3 $ 11,131.3 Noncontrolling interest (52.0) (44.9) Stockholders' equity available to common stockholders 11,415.3 11,086.4 Cumulative change in fair value of funds withheld embedded derivative (2,231.7) (2,381.3) AOCI, other than foreign currency translation adjustment 3,085.5 3,438.9 Stockholders' equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders $ 12,269.1 $ 12,144.0 Book Value Per Common Share, Excluding Cumulative Change in Fair Value of Funds Withheld Embedded Derivative and AOCI Other Than Foreign Currency Translation Adjustment: Book value per common share $ 51.14 $ 49.01 Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment 3.83 4.68 Book value per common share, excluding change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment $ 54.97 $ 53.69 Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions) Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 2Q25 2Q24 Income Taxes: Total GAAP income taxes (benefit) $ 69.6 $ 87.1 $ 145.1 $ 269.0 Net realized capital gains (losses) tax adjustments 13.4 (6.3) 49.9 5.9 Exited business tax adjustments 7.0 0.8 93.1 93.2 Income taxes related to equity method investments and noncontrolling interest 15.6 18.4 74.7 70.7 Income taxes $ 105.6 $ 100.0 $ 362.8 $ 438.8 Net Realized Capital Gains (Losses): GAAP net realized capital gains (losses) $ 5.4 $ (15.2) $ (122.9) $ 50.5 Market value adjustments to fee revenues - 0.1 (0.1) 1.2 Net realized capital gains (losses) related to equity method investments (0.2) (3.6) 1.0 (13.4) Derivative and hedging-related revenue adjustments (37.3) 17.0 (39.6) 61.3 Certain variable annuity fees 16.6 18.0 68.7 72.7 Sponsored investment funds and other adjustments 8.2 6.9 32.4 24.4 Capital gains distributed – operating expenses (8.0) (11.8) (37.7) (82.2) Amortization of actuarial balances (3.1) (0.1) (6.5) (0.6) Derivative and hedging-related expense adjustments 4.4 1.1 1.6 1.5 Market value adjustments of embedded derivatives 4.3 (6.0) (32.3) (16.7) Market value adjustments of market risk benefits (23.5) (8.1) (106.5) (65.2) Capital gains distributed – cost of interest credited (11.5) (19.9) (21.4) (89.9) Net realized capital gains (losses) tax adjustments 13.4 (6.3) 49.9 5.9 Net realized capital gains (losses) attributable to noncontrolling interest, after-tax (25.7) (2.0) (46.2) (14.0) Total net realized capital gains (losses) after-tax adjustments (62.4) (14.7) (136.7) (115.0) Net realized capital gains (losses), as adjusted $ (57.0) $ (29.9) $ (259.6) $ (64.5) Income (Loss) from Exited Business: Pre-tax impacts of exited business: Amortization of reinsurance gains (losses) $ (20.4) $ (417.5) $ (208.8) $ (453.9) Other impacts of exited business (36.7) 161.7 (129.9) 55.1 Net realized capital gains (losses) on funds withheld assets 3.7 19.0 52.9 112.7 Change in fair value of funds withheld embedded derivative 20.3 232.9 (171.9) (123.1) Tax impacts of exited business 7.0 0.8 93.1 93.2 Total income (loss) from exited business $ (26.1) $ (3.1) $ (364.6) $ (316.0) Principal Financial Group, Inc. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in millions) Three Months Ended, Trailing Twelve Months, 2Q25 2Q24 2Q25 2Q24 Investment Management Operating Revenues Less Pass-Through Expenses: Operating revenues $ 467.2 $ 444.2 $ 1,861.9 $ 1,772.1 Commissions and other expenses (38.2) (37.7) (153.4) (146.0) Operating revenues less pass-through expenses $ 429.0 $ 406.5 $ 1,708.5 $ 1,626.1 View source version on Contacts INVESTOR CONTACT:Humphrey Lee877-909-1105, MEDIA CONTACT: Sara Bonney515-878-0835, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Basketball Fans Celebrating Caitlin Clark For Incredible Gesture
Basketball Fans Celebrating Caitlin Clark For Incredible Gesture originally appeared on The Spun. Indiana Fever star Caitlin Clark proved Friday that you don't need to be on the court to make an impact. Clark has been sidelined since July 15 due to a right groin strain. The Fever announced this week that there's no timetable for her return. They'll take a patient approach to this process, especially since they don't want to jeopardize the former No. 1 pick's long-term health. On Friday afternoon, the two-time WNBA All-Star took time out of her schedule to support IPS Northwest Middle School. Students received backpacks filled with school supplies and books courtesy of the Caitlin Clark Foundation. Clark's foundation wants to "uplift and improve the lives of youth and their communities through education, nutrition, and sports." We'd say she's accomplishing that goal. After Clark wrapped up her visit to IPS Northwest Middle School, fans praised her for being a true role model. "As an upcoming first year teacher this is just another reason why I love her. My students will know who she is," one fan commented. "My girl CC is amazing both on and off the court!!!!! Luv her so much," a second fan said. "Good Job Caitlin," another fan wrote. "Soo much respect for her. She is an amazing person," an Instagram user said. Earlier this year, the Caitlin Clark Foundation teamed up with Musco Lighting to provide new basketball courts at four middle schools in Des Moines, Iowa. "The Caitlin Clark Foundation is thrilled to be a partner in delivering these sport systems to the Des Moines schools and the greater community," a previous statement read. "Providing courts for local youth helps them find opportunities to play and connect with others. Sport activities provided by these courts help develop connections, foster teamwork, and improve communication. These are essential skills that complement the education journey and will have an impact beyond the court experience." Kudos to Clark for truly making an impact on the next Fans Celebrating Caitlin Clark For Incredible Gesture first appeared on The Spun on Jul 26, 2025 This story was originally reported by The Spun on Jul 26, 2025, where it first appeared.
