Products & Liabilities
As of December 31, 2024 (FY2024 10-K, filed February 19, 2025)· Source: curated SEC 10-K filing analysis· 10 of 33 tables shown
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| # | Product | Segment | Liability Type | Balance ($M) | Risk to PFG | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Pension Risk Transfer (PRT) | RIS | FPB (LFPB) | $24,958.1 | Longevity + investment | No (GA) | Direct to plan sponsors | Actively sold -- $3,103.1M gross premiums FY2024 | Principal Financial Services Bermuda Ltd. (affiliated, PRT + term life assumed at statutory level, Q4 2023) |
| 2 | Individual Fixed Income Annuities | RIS | FPB (LFPB) | $4,504.6 gross / $35.2 net | Longevity + investment (nearly zero after reinsurance) | No (GA) | Agent / broker | Exited -- ceded to Talcott; $46.1M new issuances reflect legacy activity | Talcott Life & Annuity Re (Sixth Street) -- coinsurance w/ funds withheld; $4,469.4M ceded |
| 3 | Workplace Savings & Retirement Solutions (GIA/SIA) | RIS | PAB (Contractholder Funds) | $13,982.8 | Investment + crediting | No (GA portion) | Direct to employer retirement plans | Actively sold -- $4,945.1M deposits FY2024 | None disclosed |
| 4 | Individual Variable Annuities (incl. RILA) | RIS | PAB + Sep Acct + MRB | PAB: $1,746.0; Sep Acct: $8,334.9; MRB Asset: $199.5 / Liab: $62.1 | Market risk (policyholder) + guarantee risk (PFG via MRB) | Yes (sep acct $8,334.9) + No (GA PAB $1,746.0) | Broker-dealer / wirehouses / agent | Actively sold -- $1,686.5M RILA deposits FY2024; strong growth | None disclosed on GAAP basis |
| 5 | Individual Fixed Deferred Annuities | RIS | PAB (Contractholder Funds) | $4,462.3 | Investment + crediting (nearly zero after reinsurance -- deposit method) | No (GA) | N/A (exited) | Exited -- retail fixed annuity block ceded to Talcott | Talcott Life & Annuity Re (deposit method for contracts w/o significant insurance risk) |
| 6 | Group Retirement Contracts (Sep Acct) | RIS | Separate Account | $125,103.1 | Pass-through (market risk to participant) | Yes | Direct to employer-sponsored retirement plans (401(k), 403(b), 457, DB) | Actively sold -- dominant product line (72.2% of total sep acct) | None |
| 7 | Investment Contracts (GICs, Funding Agreements) | RIS | Contractholder Funds (Investment Contracts) | $15,805.8 | Investment + crediting spread | No (GA) | Institutional / FHLB / medium-term note programs | Actively issued | None |
| 8 | Participating Life Insurance (Closed Block) | RIS/Corp | FPB (Participating Contracts) | $2,924.2 | Mortality + investment + dividends (ring-fenced) | No (GA) | N/A -- closed since 1998 MIHC formation | Run-off -- declining in-force | None (ring-fenced, not reinsured) |
| # | Product | Segment | Liability Type | Balance ($M) | Risk to PFG | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 9 | Group Life Insurance | B&P (Specialty Benefits) | FPB (short-duration claims) | Within $1,267.4 short-duration claims + unpaid claims | Mortality | No (GA) | Employer group (direct + broker) | Actively sold | Various YRT reinsurers (unnamed); 32% of gross life insurance in force ceded ($236.6B of $741.8B) |
| 10 | Group Long-Term Disability (LTD) | B&P (Specialty Benefits) | FPB (Individual Disability LFPB) | $1,829.0 gross / $1,416.9 net | Morbidity (long-tail) | No (GA) | Employer group (direct + broker) | Actively sold -- $640.0M gross premiums FY2024 | Various; $412.1M reinsurance offset (23% ceded) |
| 11 | Group Short-Term Disability (STD) | B&P (Specialty Benefits) | FPB (short-duration claims) | Within short-duration contracts $1,267.4 | Morbidity (short-tail) | No (GA) | Employer group (direct + broker) | Actively sold | Various |
| 12 | Group Dental Insurance | B&P (Specialty Benefits) | FPB (short-duration claims) | Within short-duration contracts | Dental utilization | No (GA) | Employer group | Actively sold | Various |
| 13 | Group Vision Insurance | B&P (Specialty Benefits) | FPB (short-duration claims) | Within short-duration contracts | Vision utilization | No (GA) | Employer group | Actively sold | Various |
| 14 | Group Supplemental Products | B&P (Specialty Benefits) | FPB | Within B&P FPB | Various (accident, critical illness, hospital) | No (GA) | Employer group (voluntary worksite) | Actively sold | Various |
| 15 | Universal Life (incl. ULSG) | B&P (Life Insurance) | PAB + FPB (Additional Liability) + Sep Acct | PAB: $6,930.4; Addtl Liab (ULSG): $6,037.2; Sep Acct: $6,806.7 | Mortality + crediting + secondary guarantee | Yes (VUL sep acct $6,806.7) + No (GA PAB $6,930.4) | Agent / broker | Closed block (ULSG reinsured) -- PAB still receives $1,283.7M deposits (non-ULSG UL still sold) | Talcott Life & Annuity Re via Vermont captive chain ($10,847.6M ULSG reserves retroceded); YRT reinsurers (terminated/amended 2024, $170.4M after-tax impact) |
| 16 | Term Life Insurance | B&P (Life Insurance) | FPB (LFPB) | $1,248.0 gross / $1,267.5 net | Mortality | No (GA) | Agent / broker | Actively sold -- $673.3M gross premiums FY2024 | Principal Financial Services Bermuda Ltd. (affiliated, commenced Q4 2023); captive reinsurers (DE/VT) for statutory reserves |
| 17 | Individual Disability Insurance | B&P (Specialty Benefits) | FPB (LFPB) | $1,829.0 gross / $1,416.9 net | Morbidity | No (GA) | Agent / broker | Actively sold (or closed -- classified with disability) | Various; $412.1M reinsured (23%) |
| # | Product | Segment | Liability Type | Balance ($M) | Risk to PFG | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 18 | Group Benefits (overflow entity) | B&P | FPB | Included in consolidated B&P figures | Mortality / morbidity | No (GA) | Employer group | Actively sold (PNLIC supplements PLIC's licensing) | Various |
| # | Product | Segment | Liability Type | Balance ($M) | Risk to PFG | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 19 | Latin America Individual Fixed Income Annuities | PAM (International Pension) | FPB (LFPB) | $4,126.9 | Longevity + investment + inflation + FX | No (GA) | Direct (Chile, Brazil pension system) | Actively sold -- $29.4M new issuances FY2024 | None disclosed |
| 20 | Latin America Mandatory Pension Accumulation | PAM (International Pension) | Separate Account | $32,802.2 | Pass-through (market risk to participant) | Yes | Mandatory pension system (AFP model -- Chile, Mexico, etc.) | Actively sold | None |
| 21 | Asia Guaranteed Pension | PAM (International Pension) | MRB (was liability) | $0 (closed Q2 2024) | Market + guarantee risk | Yes (was $144.2 in 2023) | Pension system (Asia) | Closed Q2 2024 -- fully wound down | None |
| 22 | Investment Management (PGI) | PAM (Investment Management) | N/A (fee-based AUM) | ~$712B AUM (total PFG AUM) | Operational + market (fee revenue) | N/A | Institutional / retail / intermediary | Actively managed | N/A |
| # | Product | Segment | Liability Type | Balance ($M) | Risk to PFG | Sep Acct? | Distribution | Status | Reinsurer |
|---|---|---|---|---|---|---|---|---|---|
| 23 | Long-Term Care Insurance | Corporate | FPB (LFPB) | $164.8 gross / $0.0 net (100% reinsured) | Zero after reinsurance | No (GA) | N/A (closed block) | Fully reinsured closed block | Unaffiliated reinsurer(s) -- 100% ceded |
| 24 | Inter-segment Eliminations | Corporate | PAB (negative) | $(361.2) | N/A | N/A | N/A | N/A | N/A |
| Product | Balance ($M) | WA Crediting Rate | % at GMIR | % with No GMIR | Dominant GMIR Range |
|---|---|---|---|---|---|
| RIS -- Workplace Savings & Retirement | $13,982.8 | 3.26% | 26.8% ($3,753.1M at GMIR) | 13.3% ($1,857.7M no GMIR) | 1.01-2.00% ($4,783.3M) and 2.01-3.00% ($5,833.4M) |
| RIS -- Individual Variable Annuities (RILA) | $1,746.0 | 3.39% | 14.6% ($254.5M at GMIR) | 85.4% ($1,491.5M no GMIR) | Most have no GMIR (RILA products) |
| RIS -- Individual Fixed Deferred | $4,462.3 | 3.09% | 63.9% ($2,850.3M at GMIR) | 4.0% ($177.7M no GMIR) | 2.01-3.00% ($2,416.4M at GMIR) |
| B&P -- Universal Life | $6,930.4 | 4.13% | 36.1% ($2,497.8M at GMIR) | 14.5% ($1,005.3M no GMIR) | 3.01-4.00% ($1,763.3M) and 2.01-3.00% ($2,425.1M) |
| Total PAB with GMIR data | $27,121.5 | -- | -- | -- | -- |
| GMIR Range | At GMIR ($M) | Up to 0.50% Above ($M) | 0.51-1.00% Above ($M) | 1.01-2.00% Above ($M) | 2.01%+ Above ($M) | Total ($M) |
|---|---|---|---|---|---|---|
| Up to 1.00% | $-- | $-- | $-- | $1,041.7 | $445.2 | $1,486.9 |
| 1.01% - 2.00% | 3,727.0 | -- | -- | 1,056.3 | -- | 4,783.3 |
| 2.01% - 3.00% | 4.6 | 186.9 | 1.8 | 2,900.0 | 2,740.1 | 5,833.4 |
| 3.01% - 4.00% | 7.6 | -- | -- | -- | -- | 7.6 |
| 4.01%+ | 13.9 | -- | -- | -- | -- | 13.9 |
| Subtotal w/ GMIR | 3,753.1 | 186.9 | 1.8 | 4,998.0 | 3,185.3 | 12,125.1 |
| No GMIR | 1,857.7 | |||||
| Total | $13,982.8 |
| GMIR Range | At GMIR ($M) | Total ($M) |
|---|---|---|
| Up to 1.00% | $19.2 | $19.2 |
| 1.01% - 2.00% | 3.8 | 3.8 |
| 2.01% - 3.00% | 231.5 | 231.5 |
| Subtotal w/ GMIR | 254.5 | 254.5 |
| No GMIR | 1,491.5 | |
| Total | $1,746.0 |
| GMIR Range | At GMIR ($M) | Total ($M) |
|---|---|---|
| Up to 1.00% | $213.1 | $1,586.7 |
| 1.01% - 2.00% | 78.8 | 139.5 |
| 2.01% - 3.00% | 2,416.4 | 2,416.4 |
| 3.01% - 4.00% | 142.0 | 142.0 |
| Subtotal w/ GMIR | 2,850.3 | 4,284.6 |
| No GMIR | 177.7 | |
| Total | $4,462.3 |
| GMIR Range | At GMIR ($M) | Up to 0.50% Above ($M) | 0.51-1.00% Above ($M) | 1.01-2.00% Above ($M) | 2.01%+ Above ($M) | Total ($M) |
|---|---|---|---|---|---|---|
| Up to 1.00% | $-- | $-- | $1.5 | $14.9 | $4.9 | $21.3 |
| 1.01% - 2.00% | 268.6 | -- | 424.0 | 518.6 | 452.3 | 1,663.5 |
| 2.01% - 3.00% | 646.0 | 632.2 | 771.9 | 368.7 | 6.3 | 2,425.1 |
| 3.01% - 4.00% | 1,559.7 | 56.7 | 34.5 | 105.4 | 7.0 | 1,763.3 |
| 4.01%+ | 23.5 | 2.5 | 7.0 | 18.9 | -- | 51.9 |
| Subtotal w/ GMIR | 2,497.8 | 691.4 | 1,238.9 | 1,026.5 | 470.5 | 5,925.1 |
| No GMIR | 1,005.3 | |||||
| Total | $6,930.4 |