Principal Financial Group, Inc. (PFG) is a global financial services leader, offering a wide range of financial products and services, including retirement, asset management, and workplace benefits and protection solutions. The company's core business model revolves around providing retirement savings and income solutions, asset management expertise, and employee benefit and insurance solutions. PFG serves businesses, individuals, and institutional clients worldwide. The company focuses on opportunities created by aging populations and the increasing demand for retirement solutions. PFG believes small and medium-sized businesses are an underserved market, offering attractive growth opportunities in the retirement and employee benefit markets. The competitive landscape includes various financial services companies such as banks, mutual funds, institutional trust companies, broker-dealers, insurers, recordkeepers, asset managers and wealth managers.

• Employees: 19,800 (as of December 31, 2023)
• Geographic Footprint: Over 80 countries
• Headquarters: Des Moines, Iowa
• Founded: 1879
• Number of locations/facilities: 14 offices in the U.S.
• Revenue: $13.7 billion (FY2023)
• Market Capitalization: $18.7 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Principal Global Investors, Principal International, Principal Bank

• CEO: Daniel J. Houston
• CFO: Deanna Strable-Soethout
• Other Key Executives: Vivek Agrawal (Executive Vice President and Chief Growth Officer), Kamal Bhatia (President and Chief Executive Officer of Principal Asset Management), Thomas Cheong (Executive Vice President and President, Principal Asia), Amy Friedrich (President of Benefits and Protection), Patrick Halter (Division President of Principal Asset Management), Kathleen Kay (Executive Vice President and Chief Information Officer), Natalie Lamarque (Executive Vice President and General Counsel), Christopher Littlefield (President, Retirement and Income Solutions), Kenneth McCullum (Executive Vice President and Chief Risk Officer)

Key leaders have extensive experience in financial services and related industries.

• Annual Revenue: $13.7 billion (FY2023)
• Net Income: $623.2 million
• Market Cap: $18.7 billion (as of June 30, 2023)
• Total Assets: $305.0 billion
• Number of Employees: 19,800 (as of December 31, 2023)
• Key Financial Highlights: AUM of $694.5 billion and AUA of $1,578.7 billion as of December 31, 2023

PFG offers a diverse range of financial products and services, including:

• Retirement and Income Solutions: Products and services for defined contribution plans, defined benefit plans, nonqualified executive benefit plans, stock services, and pension risk transfer services. Investment-only products such as guaranteed investment contracts (GICs) are also offered to large institutional clients. Additionally, PFG offers products for individuals to accumulate savings and provide income streams through mutual funds, individual variable annuities, registered index-linked annuities (RILAs) and bank products. Trust and custody services are also available to non-retirement businesses.
• Principal Asset Management: Global investment solutions to institutional, retirement, retail and high net worth investors, including equity, fixed income, real estate, and other alternative investments. The company also offers mutual funds and separately managed accounts.
• Benefits and Protection: Employee benefits such as nonqualified deferred compensation, employer paid and voluntary group benefits, and guaranteed standard issue life and individual disability insurance. Business owner solutions and disability solutions are also offered. Specialty benefits include group dental, vision, life, critical illness, accident, hospital indemnity, paid family and medical leave, and individual disability insurance. Individual life insurance products are also offered.

PFG organizes its businesses into the following reportable segments:

• Retirement and Income Solutions: Includes products and services for retirement savings and income.
• Principal Asset Management: Provides global investment solutions.
• Benefits and Protection: Offers employee benefits and insurance solutions.
• Corporate: Consists of assets and activities not allocated to other segments.

PFG's current strategic priorities include:

• Focusing on high-growth markets, particularly small and medium-sized businesses.
• Expanding global asset management and accumulation businesses.
• Providing comprehensive retirement and employee benefit solutions.
• Leveraging its expertise and experience to protect businesses and individuals.
• Investing in technology and digital capabilities to enhance customer experience.

The company aims to capitalize on the increasing demand for retirement solutions driven by aging populations and to differentiate itself through a targeted sales and service presence.

PFG operates in the global financial services industry, which is characterized by:

• Primary Industry: Financial services, including retirement, asset management, and insurance.
• Market Trends: Aging populations, increased demand for retirement solutions, and technological advancements.
• Major Competitors: Banks, mutual funds, institutional trust companies, broker-dealers, insurers, recordkeepers, asset managers and wealth managers.
• Market Position: PFG is a leader in global financial services with a significant presence in retirement, asset management and workplace benefits and protection solutions.

• Market Risks: Volatility in capital and credit markets, changes in interest rates, and economic downturns can affect PFG's ability to meet liquidity needs, access capital, and impact investment returns and demand for products.
• Operational Risks: Disruptions in information technology, infrastructure, or other systems, as well as loss of key vendor relationships and failure to protect customer information can impact business operations.
• Financial Risks: Changes in accounting standards, tax laws, and regulations can affect PFG's profitability and financial condition.
• Regulatory Risks: PFG is subject to extensive regulations in the U.S. and internationally, and changes in these regulations can increase compliance costs and reduce profitability.
• Business Risks: Competition, product risks, fraud, external business partner relationships and acquisitions can cause variability in demand, revenues, and net income.