Company Overview

Principal Financial Group, Inc. (PFG) is a global financial services company that provides retirement, asset management, and insurance solutions to individuals, businesses, and institutional clients. The company operates primarily in the insurance, asset management, and retirement services industries, with revenue driven by fees on assets under management, insurance premiums, and investment income. Its core offerings include workplace retirement plans, individual and group insurance products, and global asset management services.

The company is known for its long-standing presence in retirement and income solutions and its integrated model combining insurance and investment management. Founded in 1879 as the Bankers Life Association by Edward Temple, the company evolved from a life insurer into a diversified global financial institution, rebranding as Principal Financial Group in 2001 following its demutualization and public listing. Its strategic positioning emphasizes long-term retirement security, global asset management scale, and distribution through employer-sponsored channels.

Business Operations

Principal Financial Group operates through three primary business segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. Retirement and Income Solutions provides defined contribution, defined benefit, and nonqualified retirement plans, as well as pension risk transfer and annuity products, primarily to employers and institutional clients. Principal Asset Management, conducted through Principal Global Investors, offers investment management across equities, fixed income, real estate, and alternative assets for institutional and retail investors worldwide. Benefits and Protection delivers group life, disability, dental, vision, and individual life insurance products, mainly in the United States.

The company conducts business both domestically and internationally, generating revenue through management fees, insurance premiums, and investment returns on its general account assets. Key operating subsidiaries include Principal Life Insurance Company and Principal Global Investors. Principal maintains strategic distribution partnerships with employers, financial advisors, and institutional consultants, and it manages a broad portfolio of proprietary investment and insurance assets.

Strategic Position & Investments

Principal’s strategic direction focuses on expanding fee-based asset management, growing retirement and pension risk transfer solutions, and maintaining disciplined capital management. The company has emphasized organic growth in global asset management and selective acquisitions to enhance investment capabilities, particularly in real assets and alternative strategies. Principal Asset Management is a central growth platform, serving as the company’s primary vehicle for global investment expansion.

The firm has also invested in digital capabilities to improve plan administration, participant engagement, and data-driven investment solutions. Internationally, Principal continues to scale its retirement and asset management businesses in high-growth markets, while periodically adjusting its portfolio through divestitures or restructurings when businesses no longer align with long-term return objectives.

Geographic Footprint

Principal Financial Group is headquartered in Des Moines, Iowa, and operates across North America, Asia, Latin America, and Europe. The United States remains its largest market by revenue and assets, particularly for retirement plans and insurance products. International operations contribute a meaningful portion of earnings through asset management and retirement businesses in countries such as Brazil, Mexico, Chile, China, India, and Southeast Asia.

Through Principal Asset Management, the company maintains an investment and client presence across major global financial centers, serving institutional investors in multiple regions. Its international footprint reflects a strategy of targeting markets with growing middle-class populations, expanding retirement systems, and increasing demand for long-term savings and investment products.

Leadership & Governance

Principal Financial Group is led by an executive team with a strategic focus on long-term value creation, risk management, and retirement security. The leadership emphasizes disciplined capital allocation, client-centric product development, and sustainable growth across global markets.

Key executives include:

• Deanna Strable – President and Chief Executive Officer
• Greg Burrows – Executive Vice President and Chief Financial Officer
• Kamal Bhatia – Chief Executive Officer, Principal Asset Management
• Amy Friedrich – President, U.S. Insurance Solutions

The company operates under a board-governed structure typical of large publicly traded financial institutions, with oversight aligned to regulatory, fiduciary, and shareholder responsibilities.