Principal Financial Group (NASDAQ: PFG) is a financial services company that provides retirement, asset management, and insurance solutions primarily to business owners and their employees in the U.S. and select international markets. It earns revenue through investment management fees, insurance premiums, and spread income on retirement and annuity products. The company targets small and medium-sized businesses as a core end market, which it identifies in its 10-K (filed 2026-02-18) as underserved in retirement and employee benefits. Its U.S. operations span defined contribution plans, defined benefit plans, nonqualified plans, pension risk transfer services, employee stock ownership plan consulting, and specialty benefits and insurance. Asset accumulation activity in the U.S. dates to the 1940s. The business is organized into reportable segments that include Retirement and Income Solutions, with additional segments disclosed in the filing. Headquarters is in Des Moines, Iowa.

Revenue model

Investment management fees, insurance premiums, and spread income on retirement and annuity products. Revenue is generated through long-duration relationships with employer plan sponsors and their employees, creating recurring fee and premium streams tied to assets under management and in-force insurance policies.

Products and services

Defined contribution plans, defined benefit plans, nonqualified plans, pension risk transfer services, employee stock ownership plan (ESOP) consulting, specialty benefits, and insurance solutions for business owners and employees. Retirement income and workplace savings products are also offered under the Retirement and Income Solutions segment.

Customers and end markets

Primary customers are small and medium-sized business owners and their employees in the U.S. End markets include employer-sponsored retirement savings, employee benefits, pension risk transfer, and group insurance.

Value-chain role

Product manufacturer, plan administrator, and asset accumulator. Sits between capital markets and end-plan participants, designing and managing retirement and insurance products distributed through employer relationships.

Geographic exposure

Primarily U.S.-focused based on filing descriptions. International operations referenced but not quantified in the provided excerpts.

Source: SEC 10-K, filed 2026-02-18

Industry: Accident & Health Insurance Peers: Aflac Inc /entities/ang-pd Brighthouse Financial Inc Globe Life Inc Lincoln National Corp MetLife Inc Prudential Financial Inc Unum Group Primerica Inc