Principal Financial Group, Inc. (PFG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, Principal Financial Group, Inc. (PFG) se destaca como una potencia estratégica, entrelazando soluciones innovadoras que transforman cómo las empresas e individuos abordan la gestión de patrimonio y la planificación de la jubilación. Al integrar a la perfección, la tecnología avanzada, los servicios de asesoramiento personalizados y los productos financieros integrales, PFG ha creado un modelo comercial único que aborda las complejas necesidades financieras de diversos segmentos de clientes, desde patrocinadores del plan de jubilación corporativo hasta personas de alta red. Su enfoque va más allá de los servicios financieros tradicionales, creando un ecosistema holístico que capacite a los clientes para lograr sus objetivos financieros a través de plataformas digitales de vanguardia y orientación experta.

Principal Financial Group, Inc. (PFG) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con asesores financieros y empresas de inversión

Principal Financial Group mantiene asociaciones estratégicas con aproximadamente 23,000 asesores financieros y firmas de inversión independientes en los Estados Unidos. A partir del cuarto trimestre de 2023, estas asociaciones generan un estimado de $ 1.2 mil millones en ingresos de asesoramiento anual.

Tipo de socio	Número de socios	Contribución anual de ingresos
Asesores financieros independientes	18,500	$ 875 millones
Asesores de inversiones registradas	4,500	$ 325 millones

Colaboración con corredores de seguros y distribuidores de terceros

Principal Financial Group colabora con más de 15,000 corredores de seguros y canales de distribución de terceros. En 2023, estas asociaciones generaron aproximadamente $ 750 millones en ventas de productos de seguros.

• Cobertura de la red de corredores de seguros a nivel nacional
• Acuerdos de distribución basados ​​en la comisión
• Programas integrales de capacitación de productos

Asociaciones tecnológicas para servicios financieros digitales

Principal Financial Group ha invertido $ 78 millones en asociaciones tecnológicas durante 2023, centrándose en plataformas de servicios financieros digitales. Las colaboraciones de tecnología clave incluyen asociaciones con:

Socio tecnológico	Enfoque de asociación	Monto de la inversión
Salesforce	Integración CRM	$ 22 millones
Microsoft Azure	Infraestructura en la nube	$ 35 millones
Tartán	Conectividad de datos financieros	$ 21 millones

Empresas conjuntas con proveedores de servicios financieros globales

Principal Financial Group ha establecido empresas conjuntas con proveedores de servicios financieros internacionales, que representa una estrategia de expansión global valorada en $ 450 millones en 2023.

País/región	Socio de empresa conjunta	Valor de inversión
India	Banco ICICI	$ 175 millones
Sudeste de Asia	Grupo de AIA	$ 185 millones
América Latina	Banco bradesco	$ 90 millones

Principal Financial Group, Inc. (PFG) - Modelo de negocio: actividades clave

Desarrollo y gestión de productos financieros

A partir del cuarto trimestre de 2023, Principal Financial Group desarrolló y administró $ 571.1 mil millones en activos totales bajo administración. La compañía ofrece 76 fondos mutuos distintos y productos de inversión de jubilación.

Categoría de productos	Activos totales	Número de productos
Fondos de jubilación	$ 324.6 mil millones	42 productos
Fondos mutuos	$ 186.3 mil millones	34 productos

Creación y optimización de la cartera de inversiones

En 2023, Principal Financial Group gestionó aproximadamente $ 689.7 mil millones en carteras de inversión global en múltiples clases de activos.

• Inversiones de capital: $ 287.4 mil millones
• Inversiones de renta fija: $ 276.9 mil millones
• Inversiones alternativas: $ 125.4 mil millones

Gestión de riesgos y suscripción de seguros

El grupo financiero principal suscribió $ 98.2 mil millones en cobertura total de seguro en 2023.

Tipo de seguro	Cobertura total suscrita
Seguro de vida	$ 52.6 mil millones
Seguro grupal	$ 35.7 mil millones
Seguro de discapacidad	$ 9.9 mil millones

Mantenimiento e innovación de la plataforma digital

En 2023, el director invirtió $ 187.3 millones en infraestructura de tecnología digital y desarrollo de plataformas.

• Usuarios de aplicaciones móviles: 2.4 millones
• Transacciones de plataforma en línea: 76.5 millones anuales
• Inversiones de seguridad digital: $ 42.6 millones

Servicios de planificación financiera y asesoramiento del cliente

Principal Financial Group atendió a 19.3 millones de clientes en todo el mundo en 2023, con 4.672 asesores financieros.

Categoría de servicio	Total de clientes	Valor de cuenta promedio
Planificación de jubilación	12.6 millones	$286,400
Aviso de inversión	6.7 millones	$412,700

Principal Financial Group, Inc. (PFG) - Modelo de negocio: recursos clave

Experiencia financiera y grupo de talentos profesionales

A partir de 2024, Principal Financial Group emplea a 19,300 empleados a tiempo completo a nivel mundial. El desglose de la fuerza laboral de la compañía incluye:

Categoría de empleado	Número de empleados
Empleados de los Estados Unidos	14,600
Empleados internacionales	4,700

Infraestructura de tecnología avanzada

El grupo financiero principal invierte significativamente en recursos tecnológicos:

• Inversión tecnológica anual: $ 287 millones en 2023
• Plataformas digitales que admiten múltiples servicios financieros
• Infraestructura de computación en la nube que abarca múltiples centros de datos

Reputación de marca y fortaleza financiera

Métricas financieras que demuestran la fuerza de la marca:

Métrica financiera	Valor 2023
Activos totales	$ 815.2 mil millones
Capitalización de mercado	$ 21.3 mil millones
Ingresos anuales	$ 16.9 mil millones

Datos financieros y recursos de análisis

Principal Financial Group mantiene capacidades integrales de análisis de datos:

• Más de 25 petabytes de datos financieros administrados
• Infraestructura de modelado predictivo avanzado
• Sistemas de evaluación de riesgos en tiempo real

Reservas de capital y carteras de inversión

Composición de cartera de capital e inversión:

Categoría de inversión	Valor total
Inversiones de renta variable	$ 412.6 mil millones
Valores de renta fija	$ 336.8 mil millones
Inversiones alternativas	$ 65.4 mil millones

Principal Financial Group, Inc. (PFG) - Modelo de negocio: propuestas de valor

Soluciones integrales de planificación de jubilación

Principal Financial Group ofrece soluciones de jubilación con $ 716.8 mil millones en activos totales bajo administración a partir del cuarto trimestre de 2023. La compañía sirve 19.3 millones Participantes en los planes de jubilación.

Producto de jubilación	Activos totales	Penetración del mercado
Planes 401 (k)	$ 392.4 mil millones	15.6% de participación de mercado
Cuentas de jubilación individuales	$ 224.6 mil millones	8.3% de participación de mercado

Servicios de gestión de inversiones personalizados

El director proporciona servicios de gestión de inversiones en todo múltiples clases de activos.

• Activos de inversión administrados totales: $ 515.2 mil millones
• Plataformas de inversión global que cubre 35 países
• Tamaño promedio de la cartera de inversiones: $ 1.3 millones

Diversas ofertas de productos financieros

Categoría de productos	Ingresos anuales	Índice de crecimiento
Productos de jubilación	$ 3.2 mil millones	6.7%
Productos de seguro	$ 2.8 mil millones	5.3%
Gestión de inversiones	$ 1.6 mil millones	4.9%

Productos integrados de gestión de patrimonio y seguros

Principal Financial Group ofrece soluciones financieras integradas con $ 67.4 mil millones En primas de seguro totales para 2023.

• Cobertura de seguro de vida: $ 742 mil millones
• Pólizas de seguro de discapacidad: 1.2 millones de políticas activas
• Contratos de anualidad: $ 186.3 mil millones en valor total

Experiencia digital del cliente

Métricas de participación de la plataforma digital para 2023:

Canal digital	Base de usuarios	Volumen de transacción
Usuarios de aplicaciones móviles	2.4 millones	42.6 millones de transacciones
Administración de cuentas en línea	3.8 millones de usuarios	68.3 millones de interacciones

Principal Financial Group, Inc. (PFG) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento financiero personalizado

Principal Financial Group brinda servicios de asesoramiento financiero personalizado con 1.700 asesores financieros en los Estados Unidos a partir de 2023. La compañía atiende a aproximadamente 19.1 millones de clientes a nivel mundial.

Tipo de servicio de asesoramiento	Segmento de clientes	Cobertura anual
Planificación de jubilación	Individuos 35-65	5.2 millones de clientes
Guía de inversión	Individuos de alto patrimonio	$ 515 mil millones en activos administrados

Plataformas de autoservicio digital

El director ofrece plataformas digitales completas con las siguientes características:

• Descargas de aplicaciones móviles: 750,000 usuarios activos
• Acceso a la cuenta en línea: 12.3 millones de usuarios digitales
• Volumen de transacción digital: $ 87 mil millones anuales

Gestión de cuentas dedicada

La compañía ofrece gestión de cuentas dedicada con equipos especializados:

Tipo de cuenta	Personal de apoyo dedicado	Tiempo de respuesta promedio
Cuentas de jubilación	425 representantes especializados	Menos de 24 horas
Gestión de patrimonio	275 asesores senior	Dentro de las 4 horas

Educación financiera y comunicación regular

El director proporciona amplios recursos de educación financiera:

• Webinarios realizados: 240 anualmente
• Vistas de contenido educativo: 1.6 millones
• Suscriptores de boletín: 875,000

Guía de jubilación e inversión personalizada

Soluciones de jubilación a medida con métricas específicas:

Categoría de servicio	Total de clientes	Valor de cartera promedio
Gestión 401 (k)	53,000 clientes corporativos	$ 265,000 por cuenta
Cuentas de jubilación individuales	2.7 millones de cuentas	$ 189,000 por cuenta

Principal Financial Group, Inc. (PFG) - Modelo de negocio: canales

Plataformas digitales en línea

Principal Financial Group opera una plataforma en línea integral con 3.8 millones de usuarios digitales a partir del cuarto trimestre de 2023. La plataforma digital procesó $ 127.4 mil millones en transacciones digitales totales en 2023.

Métricas de plataforma digital	2023 datos
Usuarios digitales totales	3.8 millones
Volumen de transacción digital	$ 127.4 mil millones
Sitio web Visitantes mensuales únicos	2.1 millones

Aplicaciones de banca móvil

La aplicación móvil del Principal admite 2.5 millones de usuarios móviles activos con una calificación de 4.6/5 App Store. Las transacciones de la aplicación móvil alcanzaron $ 84.6 mil millones en 2023.

• Descargas de aplicaciones móviles: 1.7 millones
• Tasa de crecimiento de los usuarios móviles: 12.3% año tras año
• Seguridad de transacciones móviles: cifrado de 256 bits

Fuerza de ventas directa

Principal Financial Group mantiene un equipo de ventas directas de 4,732 representantes financieros dedicados a diciembre de 2023. La fuerza de ventas generó $ 3.2 mil millones en nuevos ingresos comerciales.

Métricas de la fuerza de ventas	2023 datos
Representantes de ventas totales	4,732
Nuevos ingresos comerciales	$ 3.2 mil millones
Ventas promedio por representante	$676,447

Redes de asesores financieros

El principal colabora con 62,000 asesores financieros independientes en los Estados Unidos. Estas redes facilitaron $ 47.3 mil millones en servicios de asesoramiento de inversiones en 2023.

• Tamaño de la red de asesores independientes: 62,000
• Volumen de asesoramiento de inversiones de red: $ 47.3 mil millones
• Tamaño promedio de la cuenta de asesoramiento: $ 762,000

Servicios tradicionales de rama y centro de llamadas

Principal opera 250 ubicaciones de sucursales físicas y mantiene 12 centros de llamadas de servicio al cliente. Los centros de llamadas manejan aproximadamente 2,6 millones de interacciones de los clientes anualmente.

Métricas de rama y centro de llamadas	2023 datos
Ubicaciones de ramas físicas	250
Centros de llamadas de servicio al cliente	12
Interacciones anuales del cliente	2.6 millones

Principal Financial Group, Inc. (PFG) - Modelo de negocio: segmentos de clientes

Patrocinadores del plan de jubilación corporativa

Principal Financial Group atiende a aproximadamente 49,500 clientes comerciales con servicios de planes de jubilación a partir de 2023.

Característica de segmento	Datos cuantitativos
Activos totales del plan de jubilación corporativa	$ 478 mil millones
Tamaño promedio del plan	$ 9.6 millones
Cuota de mercado en planes de jubilación corporativa	5.7%

Inversores de jubilación individuales

Principal Financial Group administra cuentas de jubilación para 16.2 millones de inversores individuales en 2023.

• Activos de la cuenta de jubilación individual (IRA): $ 215 mil millones
• Saldo promedio de la cuenta de jubilación individual: $ 132,500
• Porcentaje de cuentas de jubilación con inversión automatizada: 38%

Empresas pequeñas a medianas

El grupo financiero principal se dirige a empresas con 10-500 empleados.

Métricas de segmento de negocios	2023 datos
Número de clientes de pequeñas empresas	22,300
Activos totales del plan de jubilación de pequeñas empresas	$ 142 mil millones
Tamaño promedio del plan de pequeñas empresas	$ 6.3 millones

Individuos de alto nivel de red

Principal Financial Group atiende a clientes de alto valor de la red con importantes carteras de inversión.

• Número de clientes de alto patrimonio: 85,000
• Tamaño mínimo de cartera: $ 1 millón
• Activos totales bajo administración para segmento de alto nivel de red: $ 89 mil millones

Inversores institucionales

Principal Financial Group proporciona soluciones de inversión integrales para clientes institucionales.

Segmento de inversores institucionales	2023 métricas
Activos institucionales totales	$ 362 mil millones
Número de clientes institucionales	1,750
Tamaño promedio de la cartera institucional	$ 206 millones

Principal Financial Group, Inc. (PFG) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

A partir de 2024, los gastos de compensación total de empleados del Grupo Financiero Principal fueron de $ 1.43 mil millones. El desglose incluye:

Categoría de compensación	Monto ($)
Salarios base	712,000,000
Bonos de rendimiento	385,000,000
Compensación basada en acciones	218,000,000
Beneficios de atención médica y jubilación	115,000,000

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para 2024 totalizaron $ 345 millones, con la siguiente asignación:

• Centros de computación y datos en la nube: $ 124 millones
• Sistemas de ciberseguridad: $ 87 millones
• Licencias y mantenimiento de software: $ 78 millones
• Infraestructura de red: $ 56 millones

Marketing y adquisición de clientes

Los gastos de marketing para 2024 alcanzaron $ 267 millones, distribuidos en todo:

Canal de marketing	Gastar ($)
Marketing digital	98,000,000
Publicidad tradicional	72,000,000
Ventas directas y comisiones de corredores	61,000,000
Programas de retención de clientes	36,000,000

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para 2024 ascendieron a $ 189 millones, que incluyen:

• Personal legal y de cumplimiento: $ 76 millones
• Sistemas de informes regulatorios: $ 53 millones
• Auditoría externa y consultoría: $ 42 millones
• Capacitación y desarrollo de cumplimiento: $ 18 millones

Desarrollo de productos e inversiones de innovación

Los gastos de innovación y desarrollo de productos para 2024 totalizaron $ 224 millones:

Categoría de innovación	Inversión ($)
Investigación y desarrollo	112,000,000
Desarrollo de productos digitales	68,000,000
IA y iniciativas de aprendizaje automático	44,000,000

Principal Financial Group, Inc. (PFG) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de inversiones

Para el año fiscal 2023, Principal Financial Group informó tarifas de gestión de inversiones de $ 1.36 mil millones.

Categoría de ingresos	Cantidad (en miles de millones)	Porcentaje de ingresos totales
Tarifas de gestión de inversiones	$1.36	22.4%

Ingresos de la prima de seguro

En 2023, el grupo financiero principal generó ingresos de primas de seguro de $ 4.2 mil millones.

• Primas de seguro de vida y discapacidad grupal: $ 1.8 mil millones
• Primas de seguro de vida individual: $ 1.2 mil millones
• Propiedades y primas de seguros de víctimas: $ 1.2 mil millones

Tarifas de administración del plan de jubilación

Las tarifas de administración del plan de jubilación para 2023 totalizaron $ 1.75 mil millones.

Tipo de plan de jubilación	Tarifas de administración (en miles de millones)
Administración del plan 401 (k)	$1.4
Otros servicios de plan de jubilación	$0.35

Cargos de servicio de gestión de activos

Los cargos de servicio de gestión de activos en 2023 alcanzaron $ 980 millones.

• Gestión de activos institucionales: $ 650 millones
• Gestión de activos minoristas: $ 330 millones

Comisión de ventas de productos financieros

Las comisiones de las ventas de productos financieros en 2023 ascendieron a $ 425 millones.

Categoría de productos	Ingresos de la Comisión (en millones)
Fondos mutuos	$225
Productos de anualidad	$150
Otros productos financieros	$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.