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Exhibit 21

Principal Financial Group, Inc. Member Companies

December 31, 2025

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Corporation

  ​ ​ ​

Jurisdiction of Incorporation

Administradora de Fondos de Pensiones Cuprum S.A.

​

Chile

Brasilprev Seguros e Previdencia S.A.

​

Brazil

Business Owner Ecosystem, Inc.

​

Delaware

CCB Pension Management Co., Ltd.

​

China

CCB Principal Asset Management Co., Ltd.

​

China

Ciclic Corretora de Seguros S.A.

​

Brazil

CIMB Wealth Advisors Berhad

​

Malaysia

Delaware Charter Guarantee & Trust Company

​

Delaware

Diversified Dental Services, Inc.

​

Nevada

Employers Dental Services, Inc.

​

Arizona

Equity FC, Ltd.

​

Iowa

First Dental Health

​

California

GAVI PREHC HC, LLC

​

Delaware

GAVI PREPI HC, LLC

​

Delaware

High Street Alpha, LLC

​

Delaware

Inversiones Cuprum Internacional S.A.

​

Chile

Origin Asset Management Limited Liability Partnership

​

United Kingdom

PD Frankfurt GmbH

​

Germany

Petula Associates, LLC

​

Iowa

Petula Prolix Development Company, LLC

​

Iowa

PFG Do Brasil 2 Participacoes Ltda.

​

Brazil

PFG Do Brasil LTDA.

​

Brazil

PGI Origin Holding Company Ltd

​

United Kingdom

Preferred Product Network, Inc.

​

Delaware

Principal Advised Services, LLC

​

Delaware

Principal Afore, S.A. de C.V., Principal Grupo Financiero

​

Mexico

Principal Agencia de Valores S.A.

​

Chile

Principal Ahorro e Inversiones S.A.

​

Chile

Principal Asia Pacific Investment Consulting (Beijing) Limited

​

China

Principal Asset Management (S) Pte. Ltd.

​

Singapore

Principal Asset Management Administradora General de Fondos S.A.

​

Chile

Principal Asset Management Berhad

​

Malaysia

Principal Asset Management Company (Asia) Limited

​

Hong Kong

Principal Asset Management Company Limited

​

Thailand

Principal Asset Management Ltda.

​

Brazil

Principal Bank

​

United States

Principal Bermuda Holding, LLC

​

Delaware

Principal Chile Limitada

​

Chile

Principal Commercial Acceptance, LLC

​

Delaware

Principal Commercial Funding, LLC

​

Delaware

Principal Compañía de Seguros de Vida Chile S.A.

​

Chile

Principal Consulting (India) Private Limited

​

India

Principal Corporate Secretarial Services Limited

​

United Kingdom

Principal Dental Services, Inc.

​

Arizona

Principal Development Investors, L.L.C.

​

Delaware

​


​

​

​

Principal Financial Group (Mauritius) Ltd.

  ​ ​ ​

Mauritius

Principal Financial Group, Inc.

​

Delaware

Principal Financial Group, S.A. de C.V., Grupo Financiero

​

Mexico

Principal Financial Services (Asia) Pte. Ltd.

​

Singapore

Principal Financial Services (Bermuda) Ltd.

​

Bermuda

Principal Financial Services Asia (UK) Ltd

​

United Kingdom

Principal Financial Services I (UK) LLP

​

United Kingdom

Principal Financial Services I (US), LLC

​

Delaware

Principal Financial Services II (UK) Ltd

​

United Kingdom

Principal Financial Services II (US), LLC

​

Delaware

Principal Financial Services III (UK) Ltd

​

United Kingdom

Principal Financial Services Latin America Ltd

​

United Kingdom

Principal Financial Services V (UK) Ltd

​

United Kingdom

Principal Financial Services, Inc.

​

Iowa

Principal Fondos de Inversión, S.A. de C.V., Operadora de Fondos de Inversión, Principal Grupo Financiero

​

Mexico

Principal Funds Distributor, Inc.

​

Washington

Principal Generation Plant, LLC

​

Delaware

Principal Global Financial Services (Europe) II Ltd

​

United Kingdom

Principal Global Investments China (UK) Limited

​

United Kingdom

Principal Global Investors (Australia) Limited

​

Australia

Principal Global Investors (Australia) Service Company Pty Limited

​

Australia

Principal Global Investors (Europe) Limited

​

United Kingdom

Principal Global Investors (Ireland) Limited

​

Ireland

Principal Global Investors (Japan) Ltd.

​

Japan

Principal Global Investors (Singapore) Limited

​

Singapore

Principal Global Investors (Switzerland) GmbH

​

Switzerland

Principal Global Investors Asia (UK) Ltd

​

United Kingdom

Principal Global Investors Holding Company (US), LLC

​

Delaware

Principal Global Investors Holding Company, LLC

​

Delaware

Principal Global Investors Trust Company

​

Oregon

Principal Global Investors, LLC D/B/A Principal Asset Management

​

Delaware

Principal Global Services (Philippines) LLC

​

Delaware

Principal Global Services Private Limited

​

India

Principal Holding Company Chile S.A.

​

Chile

Principal Holding Company, LLC

​

Iowa

Principal Innovación, S.A. de C.V.

​

Mexico

Principal Innovations, Inc.

​

Delaware

Principal Insurance Company (Hong Kong) Limited

​

Hong Kong

Principal International (Asia) Limited

​

Hong Kong

Principal International (South Asia) Sdn. Bhd.

​

Malaysia

Principal International de Chile S.A.

​

Chile

Principal International Holding Company, LLC

​

Delaware

Principal International Latin America Ltd

​

United Kingdom

Principal International Mexico, LLC

​

Delaware

Principal International South America I Ltd

​

United Kingdom

Principal International South America II Ltd

​

United Kingdom

Principal International, LLC

​

Iowa

Principal Investment & Retirement Services Limited

​

Hong Kong

Principal Investor Management (DIFC) Limited

​

United Arab Emirates

Principal Investor Management Korea Co., Ltd

​

Korea

​

​


Principal Islamic Asset Management Sdn. Bhd.

  ​ ​ ​

Malaysia

Principal Life Insurance Company

​

Iowa

Principal Life Insurance Company of New York

​

New York

Principal Mexico Servicios, S.A. de C.V.

​

Mexico

Principal National Life Insurance Company

​

Iowa

Principal Nominee Company (Hong Kong) Limited

​

Hong Kong

Principal Private Fund Management (Shanghai) Co., LTD.

​

China

Principal Real Asset Investments Private Fund Management (Beijing) Co., Ltd.

​

China

Principal Real Estate B.V.

​

Netherlands

Principal Real Estate Europe Limited

​

United Kingdom

Principal Real Estate Fund Investors, LLC

​

Delaware

Principal Real Estate GmbH

​

Germany

Principal Real Estate Holding Company, LLC

​

Delaware

Principal Real Estate Investors, LLC

​

Delaware

Principal Real Estate Limited

​

United Kingdom

Principal Real Estate Portfolio, Inc.

​

Delaware

Principal Real Estate S.à.r.l.

​

Luxembourg

Principal Real Estate S.L.U.

​

Spain

Principal Real Estate SAS

​

France

Principal Real Estate Spezialfondsgesellschaft mbH

​

Germany

Principal Reinsurance Company of Delaware

​

Delaware

Principal Reinsurance Company of Delaware II

​

Delaware

Principal Reinsurance Company of Vermont

​

Vermont

Principal Reinsurance Company of Vermont II

​

Vermont

Principal Securities, Inc.

​

Iowa

Principal Seguros, S.A. De C.V., Principal Grupo Financiero

​

Mexico

Principal Servicios Corporativos Chile Ltda.

​

Chile

Principal Shareholder Services, Inc.

​

Washington

Principal Trust Company (Asia) Limited

​

Hong Kong

Principal Trust Company (Hong Kong) Limited

​

Hong Kong

Principal Workforce, LLC

​

Delaware

Principal Workplace Ventures, LLC

​

Delaware

PT Principal Asset Management

​

Indonesia

PT Principal International Indonesia

​

Indonesia

SAMI Brokerage LLC

​

Delaware

Spectrum Asset Management, Inc.

​

Connecticut

​