Principal Financial Group Inc

Principal Financial Group is a U.S.-based financial services company organized around retirement, asset management, and insurance businesses. Its operating platform includes retirement plan services, investment management, individual life and disability insurance, annuities, trust and custody services, and banking products through affiliated entities and subsidiaries.

7,6 %

−3,1 %

— Principal Financial Group Inc
%
Retirement and Income Solutions35% Retirement plan services, annuities, and related income products for employers and individuals.
Principal Asset Management25% Fee-based investment management and advisory services across public and private asset classes.
Benefits and Protection15% Individual life, disability, and specialty benefits insurance products.
Principal Bank and Trust Services15% Banking, custody, trustee, and cash management services tied to retirement and institutional clients.
Corporate and Other10% Corporate investments, broker-dealer activities, and exited or non-core businesses.

Principal Financial Group serves employers sponsoring retirement plans, individual savers, and institutional investors...

  • Employer-sponsored retirement plansprimary

    Buy recordkeeping, administration, and participant services for defined contribution and other plans

  • Individual retirement saversprimary

    Buy IRAs, annuities, and rollover-oriented cash solutions for retirement accumulation and income

  • Institutional and retail asset management clientsprimary

    Buy investment management across equity, fixed income, real estate, and alternatives

  • Insurance policyholderssecondary

    Buy individual life, disability, and specialty benefits protection products

  • Trust and custody clientssecondary

    Buy trustee, custodial, and administrative services for retirement and non-retirement assets

Principal Financial Group is headquartered in the United States and generates most of its business there through...

  • •U.S. is the core market for retirement, insurance, and asset management
  • •Select emerging markets add international retirement and asset management exposure
  • •Chile is a meaningful non-U.S. market with a distinct fee model
  • •Mexico and other international businesses add regulatory and currency risk
  • •Foreign subsidiaries contribute AUM and fee revenue translated into U.S. dollars

Principal Financial Group’s strategy centers on growing retirement-related assets and fee-based businesses while using...

01
Increase retirement and rollover asset gatheringmedium-term

Retirement assets create recurring fees, deposits, and cross-sell opportunities

02
Expand fee-based asset managementmedium-term

AUM-driven fees diversify earnings away from pure insurance risk

03
Strengthen distribution partnershipsshort-term

Access to brokers, advisers, and broker-dealers broadens product reach

04
Maintain investment and liquidity discipline

Insurance and retirement liabilities require stable asset returns and liquidity

Principal Financial Group is exposed to market, credit, interest-rate, and insurance underwriting risk because many...

high

Interest rate and credit spread risk

Insurance and retirement products rely on investment income and asset-liability matching

Scope
Investment portfolio and policy liabilities
Materiality
high
high

Cybersecurity and technology disruption

The company stores sensitive customer and plan data across internal and third-party systems

Scope
Customer records, payments, and service continuity
Materiality
high
high

Insurance reserve and claim experience risk

Benefits, claims, and policyholder behavior depend on actuarial assumptions and experience

Scope
Life, disability, annuity, and closed blocks
Materiality
high
medium

International political and regulatory risk

Emerging-market operations can be affected by local reforms, capital controls, and legal changes

Scope
Chile, Mexico, and other non-U.S. businesses
Materiality
medium
medium

Fraud and vendor dependency

Third-party service providers and fraudsters can create losses, delays, and reputational damage

Scope
Claims processing, administration, and customer support
Materiality
medium
Insurance reserves and policy benefit liabilities
Life, disability, annuity, and long-term policy liabilities
Fair value of funds withheld embedded derivative
Net realized gains/losses and net income
Goodwill and intangible asset impairment
Balance sheet carrying values and impairment charges
Deferred tax asset valuation allowance
Income tax expense and equity
Credit loss allowance on fixed income investments
Investment income and capital position

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: 11/08/2026