Principal Financial Group, Inc. (PFG): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen zeichnet sich Principal Financial Group, Inc. (PFG) als strategisches Kraftpaket aus, das innovative Lösungen vereint, die die Art und Weise verändern, wie Unternehmen und Einzelpersonen an die Vermögensverwaltung und Altersvorsorgeplanung herangehen. Durch die nahtlose Integration fortschrittlicher Technologie, personalisierter Beratungsdienste und umfassender Finanzprodukte hat PFG ein einzigartiges Geschäftsmodell entwickelt, das auf die komplexen finanziellen Bedürfnisse verschiedener Kundensegmente eingeht – von Sponsoren von betrieblichen Altersvorsorgeplänen bis hin zu vermögenden Privatpersonen. Ihr Ansatz geht über traditionelle Finanzdienstleistungen hinaus und schafft ein ganzheitliches Ökosystem, das es Kunden ermöglicht, ihre finanziellen Ziele durch modernste digitale Plattformen und fachkundige Beratung zu erreichen.

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Finanzberatern und Investmentfirmen

Die Principal Financial Group unterhält strategische Partnerschaften mit rund 23.000 Finanzberatern und unabhängigen Investmentfirmen in den Vereinigten Staaten. Ab dem vierten Quartal 2023 erwirtschaften diese Partnerschaften einen geschätzten jährlichen Beratungsumsatz von 1,2 Milliarden US-Dollar.

Partnertyp	Anzahl der Partner	Jährlicher Umsatzbeitrag
Unabhängige Finanzberater	18,500	875 Millionen Dollar
Registrierte Anlageberater	4,500	325 Millionen Dollar

Zusammenarbeit mit Versicherungsmaklern und Drittvertriebshändlern

Die Principal Financial Group arbeitet mit über 15.000 Versicherungsmaklern und Vertriebskanälen Dritter zusammen. Im Jahr 2023 generierten diese Partnerschaften einen Versicherungsproduktumsatz von rund 750 Millionen US-Dollar.

• Landesweite Abdeckung durch ein Versicherungsmaklernetzwerk
• Provisionsbasierte Vertriebsvereinbarungen
• Umfassende Produktschulungsprogramme

Technologiepartnerschaften für digitale Finanzdienstleistungen

Die Principal Financial Group hat im Jahr 2023 78 Millionen US-Dollar in Technologiepartnerschaften investiert, wobei der Schwerpunkt auf digitalen Finanzdienstleistungsplattformen liegt. Zu den wichtigsten Technologiekooperationen gehören Partnerschaften mit:

Technologiepartner	Partnerschaftsfokus	Investitionsbetrag
Salesforce	CRM-Integration	22 Millionen Dollar
Microsoft Azure	Cloud-Infrastruktur	35 Millionen Dollar
Kariert	Finanzdatenkonnektivität	21 Millionen Dollar

Joint Ventures mit globalen Finanzdienstleistern

Die Principal Financial Group hat Joint Ventures mit internationalen Finanzdienstleistern gegründet, was eine globale Expansionsstrategie im Wert von 450 Millionen US-Dollar im Jahr 2023 darstellt.

Land/Region	Joint-Venture-Partner	Investitionswert
Indien	ICICI-Bank	175 Millionen Dollar
Südostasien	AIA-Gruppe	185 Millionen Dollar
Lateinamerika	Banco Bradesco	90 Millionen Dollar

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management von Finanzprodukten

Im vierten Quartal 2023 entwickelte und verwaltete die Principal Financial Group ein verwaltetes Gesamtvermögen von 571,1 Milliarden US-Dollar. Das Unternehmen bietet 76 verschiedene Investmentfonds und Altersvorsorgeprodukte an.

Produktkategorie	Gesamtvermögen	Anzahl der Produkte
Altersvorsorgefonds	324,6 Milliarden US-Dollar	42 Produkte
Investmentfonds	186,3 Milliarden US-Dollar	34 Produkte

Erstellung und Optimierung von Anlageportfolios

Im Jahr 2023 verwaltete die Principal Financial Group rund 689,7 Milliarden US-Dollar an globalen Anlageportfolios über mehrere Anlageklassen hinweg.

• Aktieninvestitionen: 287,4 Milliarden US-Dollar
• Festverzinsliche Anlagen: 276,9 Milliarden US-Dollar
• Alternative Anlagen: 125,4 Milliarden US-Dollar

Risikomanagement und Versicherungs-Underwriting

Die Principal Financial Group hat im Jahr 2023 einen Gesamtversicherungsschutz in Höhe von 98,2 Milliarden US-Dollar abgeschlossen.

Versicherungsart	Vollständiger versicherter Versicherungsschutz
Lebensversicherung	52,6 Milliarden US-Dollar
Gruppenversicherung	35,7 Milliarden US-Dollar
Berufsunfähigkeitsversicherung	9,9 Milliarden US-Dollar

Wartung und Innovation digitaler Plattformen

Im Jahr 2023 investierte Principal 187,3 Millionen US-Dollar in die digitale Technologieinfrastruktur und die Plattformentwicklung.

• Nutzer mobiler Apps: 2,4 Millionen
• Online-Plattform-Transaktionen: 76,5 Millionen jährlich
• Investitionen in digitale Sicherheit: 42,6 Millionen US-Dollar

Finanzplanung und Beratung für Kunden

Die Principal Financial Group betreute im Jahr 2023 weltweit 19,3 Millionen Kunden mit 4.672 Finanzberatern.

Servicekategorie	Gesamtzahl der Kunden	Durchschnittlicher Kontowert
Ruhestandsplanung	12,6 Millionen	$286,400
Anlageberatung	6,7 Millionen	$412,700

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Schlüsselressourcen

Finanzielle Expertise und professioneller Talentpool

Im Jahr 2024 beschäftigt die Principal Financial Group weltweit 19.300 Vollzeitmitarbeiter. Die Personalaufteilung des Unternehmens umfasst:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Mitarbeiter der Vereinigten Staaten	14,600
Internationale Mitarbeiter	4,700

Fortschrittliche Technologieinfrastruktur

Die Principal Financial Group investiert erheblich in technologische Ressourcen:

• Jährliche Technologieinvestition: 287 Millionen US-Dollar im Jahr 2023
• Digitale Plattformen, die mehrere Finanzdienstleistungen unterstützen
• Cloud-Computing-Infrastruktur, die mehrere Rechenzentren umfasst

Markenreputation und Finanzkraft

Finanzkennzahlen, die die Markenstärke belegen:

Finanzkennzahl	Wert 2023
Gesamtvermögen	815,2 Milliarden US-Dollar
Marktkapitalisierung	21,3 Milliarden US-Dollar
Jahresumsatz	16,9 Milliarden US-Dollar

Finanzdaten- und Analyseressourcen

Die Principal Financial Group verfügt über umfassende Datenanalysefunktionen:

• Über 25 Petabyte verwalteter Finanzdaten
• Erweiterte Infrastruktur für prädiktive Modellierung
• Echtzeit-Risikobewertungssysteme

Kapitalreserven und Anlageportfolios

Zusammensetzung des Kapital- und Anlageportfolios:

Anlagekategorie	Gesamtwert
Beteiligungen	412,6 Milliarden US-Dollar
Festverzinsliche Wertpapiere	336,8 Milliarden US-Dollar
Alternative Investitionen	65,4 Milliarden US-Dollar

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für die Altersvorsorge

Die Principal Financial Group bietet Altersvorsorgelösungen mit 716,8 Milliarden US-Dollar im gesamten verwalteten Vermögen ab Q4 2023. Das Unternehmen bedient 19,3 Millionen Teilnehmer aller Altersvorsorgepläne.

Altersvorsorgeprodukt	Gesamtvermögen	Marktdurchdringung
401(k)-Pläne	392,4 Milliarden US-Dollar	15,6 % Marktanteil
Individuelle Altersvorsorgekonten	224,6 Milliarden US-Dollar	8,3 % Marktanteil

Personalisierte Anlageverwaltungsdienste

Principal bietet flächendeckende Anlageverwaltungsdienstleistungen an mehrere Anlageklassen.

• Gesamtes verwaltetes Anlagevermögen: 515,2 Milliarden US-Dollar
• Globale Investitionsplattformen abdecken 35 Länder
• Durchschnittliche Größe des Anlageportfolios: 1,3 Millionen US-Dollar

Vielfältige Finanzproduktangebote

Produktkategorie	Jahresumsatz	Wachstumsrate
Altersvorsorgeprodukte	3,2 Milliarden US-Dollar	6.7%
Versicherungsprodukte	2,8 Milliarden US-Dollar	5.3%
Investmentmanagement	1,6 Milliarden US-Dollar	4.9%

Integrierte Vermögensverwaltungs- und Versicherungsprodukte

Die Principal Financial Group bietet integrierte Finanzlösungen mit 67,4 Milliarden US-Dollar an gesamten Versicherungsprämien für 2023.

• Lebensversicherungsschutz: 742 Milliarden US-Dollar
• Berufsunfähigkeitsversicherungen: 1,2 Millionen aktive Policen
• Rentenverträge: 186,3 Milliarden US-Dollar im Gesamtwert

Digital-First-Kundenerlebnis

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

Digitaler Kanal	Benutzerbasis	Transaktionsvolumen
Benutzer mobiler Apps	2,4 Millionen	42,6 Millionen Transaktionen
Online-Kontoverwaltung	3,8 Millionen Nutzer	68,3 Millionen Interaktionen

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Finanzberatungsdienste

Die Principal Financial Group bietet ab 2023 personalisierte Finanzberatungsdienste mit 1.700 Finanzberatern in den Vereinigten Staaten an. Das Unternehmen betreut weltweit rund 19,1 Millionen Kunden.

Beratungsdiensttyp	Kundensegment	Jährlicher Versicherungsschutz
Ruhestandsplanung	Einzelpersonen 35-65	5,2 Millionen Kunden
Anlageberatung	Vermögende Privatpersonen	515 Milliarden US-Dollar an verwaltetem Vermögen

Digitale Self-Service-Plattformen

Principal bietet umfassende digitale Plattformen mit folgenden Funktionen:

• Downloads mobiler Apps: 750.000 aktive Benutzer
• Online-Kontozugriff: 12,3 Millionen digitale Nutzer
• Digitales Transaktionsvolumen: 87 Milliarden US-Dollar pro Jahr

Dedizierte Kontoverwaltung

Das Unternehmen bietet dediziertes Account-Management mit spezialisierten Teams:

Kontotyp	Engagiertes Support-Personal	Durchschnittliche Reaktionszeit
Altersvorsorgekonten	425 Fachvertreter	Unter 24 Stunden
Vermögensverwaltung	275 leitende Berater	Innerhalb von 4 Stunden

Regelmäßige Finanzbildung und Kommunikation

Der Schulleiter stellt umfangreiche Ressourcen zur Finanzbildung zur Verfügung:

• Durchgeführte Webinare: 240 jährlich
• Aufrufe von Bildungsinhalten: 1,6 Millionen
• Newsletter-Abonnenten: 875.000

Maßgeschneiderte Ruhestands- und Anlageberatung

Maßgeschneiderte Ruhestandslösungen mit spezifischen Kennzahlen:

Servicekategorie	Gesamtzahl der Kunden	Durchschnittlicher Portfoliowert
401(k) Management	53.000 Firmenkunden	265.000 $ pro Konto
Individuelle Altersvorsorgekonten	2,7 Millionen Konten	189.000 $ pro Konto

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Kanäle

Digitale Online-Plattformen

Die Principal Financial Group betreibt eine umfassende Online-Plattform mit 3,8 Millionen digitalen Nutzern (Stand Q4 2023). Die digitale Plattform verarbeitete im Jahr 2023 insgesamt 127,4 Milliarden US-Dollar an digitalen Transaktionen.

Kennzahlen für digitale Plattformen	Daten für 2023
Gesamtzahl der digitalen Nutzer	3,8 Millionen
Digitales Transaktionsvolumen	127,4 Milliarden US-Dollar
Einzigartige monatliche Besucher der Website	2,1 Millionen

Mobile-Banking-Anwendungen

Die mobile Anwendung von Principal unterstützt 2,5 Millionen aktive mobile Benutzer mit einer App-Store-Bewertung von 4,6/5. Die Transaktionen mit mobilen Apps erreichten im Jahr 2023 84,6 Milliarden US-Dollar.

• Mobile App-Downloads: 1,7 Millionen
• Wachstumsrate mobiler Nutzer: 12,3 % im Jahresvergleich
• Sicherheit mobiler Transaktionen: 256-Bit-Verschlüsselung

Direktvertrieb

Die Principal Financial Group unterhält ein Direktvertriebsteam von 4.732 engagierten Finanzvertretern (Stand Dezember 2023). Das Vertriebsteam erwirtschaftete einen Neugeschäftsumsatz von 3,2 Milliarden US-Dollar.

Kennzahlen für Vertriebsmitarbeiter	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	4,732
Neue Geschäftseinnahmen	3,2 Milliarden US-Dollar
Durchschnittlicher Umsatz pro Vertreter	$676,447

Finanzberaternetzwerke

Principal arbeitet mit 62.000 unabhängigen Finanzberatern in den Vereinigten Staaten zusammen. Diese Netzwerke ermöglichten im Jahr 2023 Anlageberatungsdienstleistungen in Höhe von 47,3 Milliarden US-Dollar.

• Größe des unabhängigen Beraternetzwerks: 62.000
• Network Investment Advisory-Volumen: 47,3 Milliarden US-Dollar
• Durchschnittliche Größe des Beratungskontos: 762.000 USD

Traditionelle Filial- und Callcenter-Dienste

Principal betreibt 250 physische Filialen und unterhält 12 Kundendienst-Callcenter. Die Callcenter wickeln jährlich etwa 2,6 Millionen Kundeninteraktionen ab.

Filial- und Callcenter-Metriken	Daten für 2023
Physische Zweigstellen	250
Kundendienst-Callcenter	12
Jährliche Kundeninteraktionen	2,6 Millionen

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Kundensegmente

Sponsoren von betrieblichen Altersvorsorgeplänen

Die Principal Financial Group betreut ab 2023 rund 49.500 Geschäftskunden mit Altersvorsorgedienstleistungen.

Segmentcharakteristik	Quantitative Daten
Gesamtvermögen der betrieblichen Altersvorsorge	478 Milliarden US-Dollar
Durchschnittliche Plangröße	9,6 Millionen US-Dollar
Marktanteil bei betrieblichen Altersvorsorgeplänen	5.7%

Individuelle Altersvorsorgeinvestoren

Die Principal Financial Group verwaltet im Jahr 2023 Altersvorsorgekonten für 16,2 Millionen Privatanleger.

• Vermögenswerte des individuellen Altersvorsorgekontos (IRA): 215 Milliarden US-Dollar
• Durchschnittlicher individueller Altersvorsorgekontostand: 132.500 $
• Anteil der Altersvorsorgekonten mit automatisierter Anlage: 38 %

Kleine bis mittlere Unternehmen

Die Principal Financial Group richtet sich an Unternehmen mit 10–500 Mitarbeitern.

Geschäftssegmentkennzahlen	Daten für 2023
Anzahl der Kleinunternehmenskunden	22,300
Gesamtvermögen des Altersvorsorgeplans für Kleinunternehmen	142 Milliarden US-Dollar
Durchschnittliche Plangröße für kleine Unternehmen	6,3 Millionen US-Dollar

Vermögende Privatpersonen

Die Principal Financial Group betreut vermögende Kunden mit bedeutenden Anlageportfolios.

• Anzahl vermögender Kunden: 85.000
• Mindestportfoliogröße: 1 Million US-Dollar
• Insgesamt verwaltetes Vermögen für das High-Net-Worth-Segment: 89 Milliarden US-Dollar

Institutionelle Anleger

Die Principal Financial Group bietet umfassende Anlagelösungen für institutionelle Kunden.

Segment der institutionellen Anleger	Kennzahlen für 2023
Gesamtes institutionelles Vermögen	362 Milliarden US-Dollar
Anzahl institutioneller Kunden	1,750
Durchschnittliche institutionelle Portfoliogröße	206 Millionen Dollar

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Kostenstruktur

Vergütung und Zusatzleistungen für Mitarbeiter

Im Jahr 2024 beliefen sich die gesamten Mitarbeitervergütungsaufwendungen der Principal Financial Group auf 1,43 Milliarden US-Dollar. Die Aufschlüsselung umfasst:

Vergütungskategorie	Betrag ($)
Grundgehälter	712,000,000
Leistungsprämien	385,000,000
Aktienbasierte Vergütung	218,000,000
Gesundheits- und Altersvorsorgeleistungen	115,000,000

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2024 auf insgesamt 345 Millionen US-Dollar, mit folgender Aufteilung:

• Cloud Computing und Rechenzentren: 124 Millionen US-Dollar
• Cybersicherheitssysteme: 87 Millionen US-Dollar
• Softwarelizenzierung und -wartung: 78 Millionen US-Dollar
• Netzwerkinfrastruktur: 56 Millionen US-Dollar

Marketing und Kundenakquise

Die Marketingausgaben für 2024 erreichten 267 Millionen US-Dollar, verteilt auf:

Marketingkanal	Ausgeben ($)
Digitales Marketing	98,000,000
Traditionelle Werbung	72,000,000
Direktvertrieb und Maklerprovisionen	61,000,000
Kundenbindungsprogramme	36,000,000

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2024 auf 189 Millionen US-Dollar, darunter:

• Personal für Recht und Compliance: 76 Millionen US-Dollar
• Regulatorische Meldesysteme: 53 Millionen US-Dollar
• Externe Prüfung und Beratung: 42 Millionen US-Dollar
• Compliance-Schulung und -Entwicklung: 18 Millionen US-Dollar

Produktentwicklung und Innovationsinvestitionen

Die Ausgaben für Innovation und Produktentwicklung beliefen sich im Jahr 2024 auf insgesamt 224 Millionen US-Dollar:

Kategorie „Innovation“.	Investition ($)
Forschung und Entwicklung	112,000,000
Digitale Produktentwicklung	68,000,000
Initiativen für KI und maschinelles Lernen	44,000,000

Principal Financial Group, Inc. (PFG) – Geschäftsmodell: Einnahmequellen

Gebühren für die Anlageverwaltung

Für das Geschäftsjahr 2023 meldete die Principal Financial Group Anlageverwaltungsgebühren in Höhe von 1,36 Milliarden US-Dollar.

Umsatzkategorie	Betrag (in Milliarden)	Prozentsatz des Gesamtumsatzes
Gebühren für die Anlageverwaltung	$1.36	22.4%

Einnahmen aus Versicherungsprämien

Im Jahr 2023 erwirtschaftete die Principal Financial Group Versicherungsprämieneinnahmen in Höhe von 4,2 Milliarden US-Dollar.

• Prämien für Gruppenlebens- und Invaliditätsversicherungen: 1,8 Milliarden US-Dollar
• Prämien für individuelle Lebensversicherungen: 1,2 Milliarden US-Dollar
• Schaden- und Unfallversicherungsprämien: 1,2 Milliarden US-Dollar

Verwaltungsgebühren für Altersvorsorgepläne

Die Verwaltungsgebühren für Altersvorsorgepläne beliefen sich im Jahr 2023 auf insgesamt 1,75 Milliarden US-Dollar.

Art des Altersvorsorgeplans	Verwaltungsgebühren (in Milliarden)
401(k) Planverwaltung	$1.4
Andere Dienstleistungen zur Altersvorsorge	$0.35

Gebühren für die Vermögensverwaltung

Die Gebühren für Vermögensverwaltungsdienstleistungen beliefen sich im Jahr 2023 auf 980 Millionen US-Dollar.

• Institutionelle Vermögensverwaltung: 650 Millionen US-Dollar
• Einzelhandels-Asset-Management: 330 Millionen US-Dollar

Provision aus dem Verkauf von Finanzprodukten

Die Provisionen aus dem Verkauf von Finanzprodukten beliefen sich im Jahr 2023 auf 425 Millionen US-Dollar.

Produktkategorie	Provisionseinnahmen (in Millionen)
Investmentfonds	$225
Rentenprodukte	$150
Andere Finanzprodukte	$50

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Value Propositions

You're looking at what Principal Financial Group, Inc. (PFG) promises to deliver to its customers-the core value it puts on the table. It's a multi-faceted promise built around securing different parts of a person's or business's financial life.

Holistic financial well-being (build, protect, advance)

The overarching value proposition is helping people and companies build, protect, and advance their financial well-being. This isn't just abstract; the numbers back up the operational focus. For instance, in the third quarter of 2025, the company reported total revenue of $3.90 billion, showing a solid 6.2% year-on-year growth. This operational strength translates directly to shareholder confidence, as evidenced by the Q3 2025 non-GAAP operating earnings hitting $473.7 million, marking a 15% increase year-over-year. Also, the firm returned $398 million of capital to shareholders in Q3 2025, including $225 million in share repurchases.

The commitment to advancing financial health is tangible through consistent shareholder rewards. Principal Financial Group raised its fourth quarter 2025 common stock dividend to $0.79 per share. This focus on consistent capital return is a concrete sign of their ability to generate reliable cash flow.

Comprehensive retirement solutions (401(k)s, annuities, PRT)

For retirement, Principal Financial Group offers the full ecosystem, from defined contribution plans to risk transfer solutions. You can see the demand in the Retirement and Income Solutions (RIS) segment. In the first quarter of 2025, recurring deposits for RIS increased by 9%, reaching $13.8 billion. The segment's pre-tax operating earnings grew 8% in Q3 2025, showing the value proposition is resonating with customers needing reliable retirement options.

The Pension Risk Transfer (PRT) business is also a key value driver. They hit a year-to-date total of $2.2 billion in PRT sales by Q3 2025, with Q3 sales alone reaching nearly $500 million. They are on track to meet their full-year target of $3 billion in PRT sales. The company is also actively developing in-plan annuity solutions, aiming to integrate retirement income directly into QDIA solutions like target-date funds for 2025.

Global private market and specialized asset management access

The Principal Asset Management arm provides access to specialized and private markets, which is a significant draw for institutional clients seeking differentiated returns. As of September 30, 2025, the firm's total Assets Under Management (AUM) stood at $784.3 billion. This AUM is managed across focused investment teams, including significant allocations in private markets.

Here's a look at how that AUM was distributed across the main management arms as of the end of Q3 2025:

Asset Management Division	AUM as of September 30, 2025
Principal Asset Management - Investment Management	$601.6 billion
Principal Asset Management - International Pension	$150.7 billion

This shows that the core Investment Management business controls over $600 billion of the total. To be fair, the AUM has grown steadily; it was $717.9 billion at the end of Q1 2025.

Financial security through group life, disability, and dental benefits

For employers, Principal Financial Group offers a suite of Specialty Benefits designed to protect employees from financial shocks. The underwriting performance in this area demonstrates the value being delivered. In Q3 2025, the Specialty Benefits (SBD) loss ratio improved by 340 basis points compared to the year-ago quarter. This improvement was driven by favorable underwriting in group life and group disability, alongside a 100 basis point improvement in the dental loss ratio.

The results show strong demand and profitable growth in this protection segment:

• Pre-tax operating earnings for SBD grew 28% in Q3 2025.
• The Life Insurance business saw its market premium and fees increase by 20% in Q1 2025.
• The overall SBD incurred loss ratio improved by 40 basis points in Q1 2025 due to favorable experience.

Great employee benefits help attract and keep quality employees, and these performance metrics suggest Principal Financial Group is delivering on that promise effectively.

Finance: draft 13-week cash view by Friday.

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Customer Relationships

You're looking at how Principal Financial Group, Inc. (PFG) builds and maintains its connections with clients, which is key to their diversified model.

Dedicated financial advisor and consultant support

Principal Financial Group, Inc. maintains strong distribution relationships, which are critical for delivering their product portfolio to clients. The company emphasizes combining the expertise of its distribution teams with digital intelligence to meet client demands for a more personalized experience. This approach supports the relationship with financial professionals who recommend Principal Financial Group, Inc. solutions.

• The company serves a diverse customer base, ranging from small businesses to large corporations, and individual investors.
• Principal Financial Group, Inc. provides access to financial security for nearly 62 million customers as of 2022.

Multi-year investment in enhanced digital acquisition systems

Significant, multi-year investments are underway to enhance front-end acquisition systems, particularly for the group benefits business, with new capabilities expected in late 2025 and early 2026. This modernization effort is core to the strategy for competing and winning in competitive markets. A concrete example of this infrastructure focus is the $3.64 billion capital raise for its Data Center Growth & Income Fund, dedicated to developing hyperscale data center projects. This investment underpins improved data exchange capabilities benefiting employers, brokers, and advisors.

High-touch, consultative service for institutional clients

For institutional clients, Principal Asset Management highlights deep local knowledge and global investment capabilities across more than 80 markets. This consultative approach is supported by growing assets under management, showing client trust in their specialized capabilities, including private markets. The firm is focused on building long-term relationships with institutional account holders through asset servicing and investment management products.

Metric	Value/Date	Context
Total Company-Managed Assets Under Management (AUM)	$712 billion (End of 2024)	Reflects the scale of assets under management at year-end 2024.
Investment Management AUM	$559 billion (End of 2024)	AUM for the Investment Management segment.
Total Company-Managed AUM	$784 billion (Q3 2025)	Latest reported AUM figure as of the third quarter of 2025.
Global Investment Capabilities Markets Served	More than 80 markets	Scope of Principal Asset Management's global reach.

Proactive advice model for retirement plan participants

The focus for retirement plan participants is shifting from pure saving to generating retirement income, which requires a proactive advice model. This aligns with employer interest in retaining retiree assets within the plan, with 57% of employers wanting to do so based on a December 2024 survey. The Retirement and Income Solutions (RIS) segment shows continued growth, with third quarter 2025 revenue growing 5% year-over-year. This segment also saw strong deposit growth in 2024, with transfer deposit growth at 16% over 2023.

• Employers are interested in retaining retiree assets to provide vetted investments and access to trusted advice.
• RIS segment saw recurring deposit growth of 7% in full year 2024 over 2023.
• Historical 401(k) assets held by Principal reached nearly $1 trillion, representing about 20% of the US total as of 2016.
• The company is working on legislative clarifications related to SECURE Act 2.0 provisions.

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Channels

You're looking at how Principal Financial Group, Inc. (PFG) gets its products and services to customers; it's a mix of traditional relationships and modern digital tools. The distribution strategy relies heavily on external partners, but they are clearly pushing for more direct digital engagement too.

Independent broker-dealer and third-party advisor channel

This channel is a cornerstone, relying on a vast network of external advisors. While specific numbers for Principal Financial Group, Inc.'s direct relationships aren't public in the latest filings, the industry context for the Independent Broker/Dealer (IBD) channel shows where the competition and opportunity lie as of late 2025. The IBD segment has seen significant consolidation, meaning PFG likely partners with fewer, but larger, IBDs.

Here's a look at the general IBD channel dynamics reported for 2025, which frames the environment for Principal Financial Group, Inc.'s engagement with this channel:

Metric (IBD Channel - Industry Data, Late 2025)	Value	Context/Source Year
Year-over-Year Growth in Advisor-Managed Assets	Over 21%	2025 (Source: The Cerulli Report-U.S. Broker/Dealer Marketplace 2025)
Share of Nation's Financial Advisor Headcount	Nearly 20%	2025 (Source: The Cerulli Report-U.S. Broker/Dealer Marketplace 2025)
Share of Total Industry Assets	16%	2025 (Source: The Cerulli Report-U.S. Broker/Dealer Marketplace 2025)
Number of Active IBDs (Decline from 2014)	Fell by more than one-third (from 124 to 79)	2014 to 2025
Assets Controlled by Top 5 Largest Broker/Dealers	More than 80%	2025
Advisor Motivator: Higher Payout Potential	91% of advisors cite this	2025

The Retirement and Income Solutions segment, which heavily uses these external channels, saw recurring deposits increase by 9% to $13.8 billion in the first quarter of 2025. It's defintely a core driver.

Direct sales force for large institutional and corporate clients

Principal Financial Group, Inc. serves large clients through dedicated teams, often falling under the Principal Global Investors (PGI) segment. This channel focuses on securing large mandates, which provide stable, long-term cash flows. The company noted specific success here in the third quarter of 2025.

• Principal currently manages $140 billion of institutional assets for more than 600 clients globally.
• In Q3 2025, the company reported wins in global institutional business, contributing to positive net cash flow.
• Gross sales in investment management reached $32 billion in Q3 2025, up 19% year-over-year.
• Private markets capabilities, a key institutional draw, generated net inflows of $1.7 billion in Q3 2025.

Digital platforms and mobile apps for self-service

The firm is clearly investing in its digital backbone to support both advisors and direct customer interactions. They are using technology to unify data, which helps personalize experiences at scale. This is crucial for the 70 million customers Principal Financial Group, Inc. serves around the world.

• Principal Financial Group, Inc. adopted Salesforce Data Cloud to unify customer data, aiming to power more personalized, automated digital experiences.
• The company's Assets under Administration (AUA) reached $1.8 trillion as of Q3 2025, requiring robust digital administration tools.
• In international markets like Brazil, Principal notes the success of digital systems like Pix, which reached approximately 155 million Brazilians, as a blueprint for driving nationwide digital adoption.
• The firm has an internal cross-functional team of about 70 people focused on testing and deploying generative AI use cases, which will enhance digital service offerings.

International distribution networks in Latin America and Asia

The Principal International segment is one of the company's four main reporting segments, showing a dedicated focus on global reach beyond the US. Management specifically highlighted positive momentum in these regions during the Q3 2025 results call.

• In Q1 2025, Principal Asset Management reported positive net cash flow of $0.7 billion in Mexico and SE Asia locally managed strategies.
• In Q3 2025, management noted positive net cash flow across local managed products across Asia and Latin America (LatAm).
• The institutional client base, which is served globally, includes clients located in more than 40 different countries.
• The company's overall Assets under Management (AUM) stood at $784 billion in Q3 2025.

Finance: draft 13-week cash view by Friday.

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Customer Segments

You're looking at the core groups Principal Financial Group, Inc. (PFG) serves as of late 2025, based on their latest reported figures. This segment breakdown shows where their $784.3 billion in Assets Under Management (AUM) as of September 30, 2025, is coming from, along with other key operational metrics.

The overall picture shows a strong base in asset management, with $601.6 billion managed by Principal Asset Management - Investment Management and $150.7 billion managed by Principal Asset Management - International Pension as of the third quarter of 2025. Also, their total Assets Under Administration (AUA) reached $1.8 trillion in Q3 2025.

Small to Midsized Businesses (SMBs) in the U.S.

This group is central to the Retirement and Income Solutions (RIS) segment. They are showing solid, consistent growth, which is a good sign for the stability of the business. The total company net cash flow in Q3 2025 was $400 million, but the underlying business momentum is clearer when you look at specific segments.

• Total company RIS recurring deposits grew 5% on a trailing 12-month basis as of Q3 2025.
• The SMB segment within RIS specifically outperformed, growing at 8% over the same trailing 12-month period.
• In Q1 2025, RIS recurring deposits stood at $13.8 billion, marking a 9% increase year-over-year.
• Pension Risk Transfer (PRT) volume hit $800 million in Q1 2025.

Large institutional investors (pension funds, endowments)

These clients drive significant flows, particularly in the asset management side. While the overall AUM grew 4% sequentially to $784 billion by the end of Q3 2025, institutional activity, including large withdrawals in fixed income, impacted the total net cash flow figure for the quarter.

Here's a quick look at the scale of the institutional and asset management business as of mid-to-late 2025:

Metric	Amount (as of Q3 2025)
Principal Asset Management - Investment Management AUM	$601.6 billion
Principal Asset Management - International Pension AUM	$150.7 billion
Investment Management Gross Sales (Q3 2025)	$32 billion
Investment Management Net Inflows (Private Markets, Q3 2025)	$1.7 billion

Individual retail investors seeking retirement and insurance products

Retail investors contribute through both the Retirement and Income Solutions segment and the Life Insurance segment. You see their activity reflected in the growth of deposits and premiums. For instance, the Life Insurance business market premium and fees saw a 20% increase in Q1 2025. Still, client behavior has been a bit more volatile, with some shifting toward guaranteed options amid market uncertainty.

• Life Insurance premiums and fees were $235.1 million in Q1 2025.
• Specialty Benefits premium fees grew by 4% year-over-year in Q1 2025.
• The company maintained a strong capital position with $1.6 billion of excess and available capital at the end of Q3 2025.

International pension and asset management clients

This group is explicitly captured within the International Pension AUM, which is a significant component of the total. The international business is performing well, especially in asset management flows outside the U.S. The margin in International Pension expanded by 180 basis points from Q2 2024 to Q2 2025.

The international segment is a key driver for the Investment Management division, which saw gross sales up 19% year-over-year in Q3 2025, with strong local investment management flows noted in places like Mexico and Southeast Asia.

Finance: draft 13-week cash view by Friday.

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Cost Structure

The Cost Structure for Principal Financial Group, Inc. (PFG) is heavily weighted toward personnel, technology infrastructure, and the core insurance liabilities associated with underwriting and claims management. This structure reflects a capital-intensive, service-oriented financial institution.

The reported operating expenses for the trailing twelve months (TTM) ending Q3 2025 were $13.908 billion.

Personnel costs are a major component of the fixed cost base. As of late 2024/early 2025, Principal Financial Group, Inc. maintained a workforce of approximately 19,700 to 20,000 employees globally. This figure directly translates into significant annual expenditure for employee compensation and benefits.

Investment in digital capabilities is a clear priority, driving substantial capital outlay. A recent strategic move highlighted a $3.64 billion capital raise specifically earmarked for its Data Center Growth & Income Fund, underscoring the commitment to digital infrastructure and scalable technology systems. CFO Joel Pitz noted ongoing investment in technology and business capabilities during the Q3 2025 earnings call.

The variable costs tied to the insurance segments are substantial, primarily captured through underwriting and claims expenses. These costs fluctuate based on mortality, morbidity, and the severity of claims events. For the third quarter of 2025, the incurred loss ratio for the total company was reported at 56.4%. Excluding significant variances, the TTM incurred loss ratio was 58.1%.

You can see a breakdown of the key cost drivers and related metrics below:

Cost Category/Metric	Financial Figure (Latest Available)	Period/Context
Total Operating Expenses	$13.908 billion	TTM Q3 2025
Employee Base	19,700 to 20,000	Late 2024/Early 2025
Digital Infrastructure Investment (Data Center Fund)	$3.64 billion	Capital Raise Mentioned in 2025 Context
Incurred Loss Ratio (Reported)	56.4%	Q3 2025
Incurred Loss Ratio (Excluding Variances)	58.1%	TTM Q3 2025

The company also manages expenses through disciplined cost management, which was cited as a driver for margin expansion in Q3 2025. However, some periods see higher expenses, such as the decrease in pre-tax operating earnings in Q3 2025 attributed partly to higher operating expenses in one segment.

Further detail on the variable nature of insurance costs is evident in segment performance:

• The Life Insurance segment experienced pre-tax operating losses due to less favorable mortality results in Q3 2025.
• The Specialty Benefits segment saw strong underwriting results, contributing to a 130 basis point improvement in its loss ratio in Q2 2025.

Finance: draft 13-week cash view by Friday.

Principal Financial Group, Inc. (PFG) - Canvas Business Model: Revenue Streams

The revenue streams for Principal Financial Group, Inc. (PFG) are fundamentally tied to asset management scale, insurance underwriting, and investment performance across its diversified operations as of late 2025.

Management fees are directly linked to the scale of assets managed. As of September 30, 2025, Principal Financial Group reported total Assets Under Management (AUM) of $784.3 billion. Within Principal Asset Management, Investment Management fees specifically increased 5% year-over-year for the third quarter of 2025.

Insurance-related revenue comes from premiums and associated fees across its protection lines. For the third quarter of 2025, premium and fees from the Specialty Benefits business reached $845.2 million. Separately, Life Insurance premium fees showed growth of 3% compared to the third quarter of 2024.

Investment income is a critical component, particularly from the general account portfolio, which benefits from the prevailing interest rate environment. For the first quarter of 2025, Principal Financial Group's net investment income was $1.17 billion.

Administrative and service fees are captured within the Retirement and Income Solutions (RIS) segment's net revenue. For the third quarter of 2025, RIS net revenue was reported at $751.7 million, representing an increase of 11% over the prior year period.

Here's a look at the key revenue drivers based on the latest reported figures:

Revenue Component	Latest Reported Period	Amount
Total Assets Under Management (AUM)	Q3 2025 (as of 9/30/2025)	$784.3 billion
Specialty Benefits Premium and Fees	Q3 2025	$845.2 million
Retirement and Income Solutions (RIS) Net Revenue	Q3 2025	$751.7 million
Net Investment Income (NII)	Q1 2025	$1.17 billion

The revenue generation also involves specific growth metrics across the business:

• Investment Management management fees grew 5% year-over-year in Q3 2025.
• Life Insurance premium fees increased 3% in Q3 2025 versus Q3 2024.
• Retirement and Income Solutions (RIS) recurring deposits grew 5% on a trailing 12-month basis.
• The Life Insurance business market segment saw growth of 17% in Q3 2025 over Q3 2024.