Principal Financial Group, Inc. (PFG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Principal Financial Group, Inc. (PFG) se distingue comme une puissance stratégique, tissant des solutions innovantes qui transforment la façon dont les entreprises et les particuliers abordent la gestion de la patrimoine et la planification de la retraite. En intégrant de manière transparente les technologies de pointe, les services de conseil personnalisés et les produits financiers complets, PFG a conçu un modèle commercial unique qui répond aux besoins financiers complexes des divers segments de clientèle - des sponsors du régime de retraite d'entreprise à des personnes à haute teneur. Leur approche va au-delà des services financiers traditionnels, créant un écosystème holistique qui permet aux clients d'atteindre leurs objectifs financiers grâce à des plateformes numériques de pointe et à des conseils d'experts.

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des conseillers financiers et des sociétés d'investissement

Le principal groupe financier maintient des partenariats stratégiques avec environ 23 000 conseillers financiers et des sociétés d'investissement indépendantes aux États-Unis. Au quatrième trimestre 2023, ces partenariats génèrent environ 1,2 milliard de dollars de revenus consultatifs annuels.

Type de partenaire	Nombre de partenaires	Contribution annuelle des revenus
Conseillers financiers indépendants	18,500	875 millions de dollars
Conseillers en investissement enregistrés	4,500	325 millions de dollars

Collaboration avec les courtiers d'assurance et les distributeurs tiers

Le groupe financier principal collabore avec plus de 15 000 courtiers d'assurance et des canaux de distribution tiers. En 2023, ces partenariats ont généré environ 750 millions de dollars de ventes de produits d'assurance.

• Couverture du réseau d'assurance nationale
• Accords de distribution basés sur la commission
• Programmes de formation des produits complets

Partenariats technologiques pour les services financiers numériques

Principal Financial Group a investi 78 millions de dollars dans des partenariats technologiques au cours de 2023, en se concentrant sur les plateformes de services financiers numériques. Les principales collaborations technologiques incluent des partenariats avec:

Partenaire technologique	Focus de partenariat	Montant d'investissement
Salesforce	Intégration CRM	22 millions de dollars
Microsoft Azure	Infrastructure cloud	35 millions de dollars
Plaid	Connectivité de données financières	21 millions de dollars

Coentreprises avec des fournisseurs de services financiers mondiaux

Le principal groupe financier a créé des coentreprises avec des prestataires de services financiers internationaux, représentant une stratégie d'expansion mondiale d'une valeur de 450 millions de dollars en 2023.

Pays / région	Coentreprise	Valeur d'investissement
Inde	Banque ICICI	175 millions de dollars
Asie du Sud-Est	Groupe AIA	185 millions de dollars
l'Amérique latine	Banco Bradesco	90 millions de dollars

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: activités clés

Développement et gestion des produits financiers

Au quatrième trimestre 2023, le principal groupe financier a développé et géré 571,1 milliards de dollars d'actifs totaux sous gestion. L'entreprise propose 76 fonds communs de placement distincts et produits d'investissement en retraite.

Catégorie de produits	Actif total	Nombre de produits
Fonds de retraite	324,6 milliards de dollars	42 produits
Fonds communs de placement	186,3 milliards de dollars	34 produits

Création et optimisation du portefeuille d'investissement

En 2023, le principal groupe financier a géré environ 689,7 milliards de dollars de portefeuilles d'investissement mondiaux dans plusieurs classes d'actifs.

• Investissements en actions: 287,4 milliards de dollars
• Investissements à revenu fixe: 276,9 milliards de dollars
• Investissements alternatifs: 125,4 milliards de dollars

Gestion des risques et souscription d'assurance

Principal Financial Group a souscrit 98,2 milliards de dollars de couverture d'assurance totale en 2023.

Type d'assurance	Couverture totale souscript
Assurance-vie	52,6 milliards de dollars
Assurance de groupe	35,7 milliards de dollars
Assurance handicapée	9,9 milliards de dollars

Maintenance et innovation de la plate-forme numérique

En 2023, le directeur a investi 187,3 millions de dollars dans l'infrastructure technologique numérique et le développement de plateformes.

• Utilisateurs d'applications mobiles: 2,4 millions
• Transactions de plate-forme en ligne: 76,5 millions par an
• Investissements de sécurité numérique: 42,6 millions de dollars

Services de planification financière et de conseil du client

Le principal groupe financier a servi 19,3 millions de clients dans le monde en 2023, avec 4 672 conseillers financiers.

Catégorie de service	Total des clients	Valeur moyenne du compte
Planification de la retraite	12,6 millions	$286,400
Avis d'investissement	6,7 millions	$412,700

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: Ressources clés

Expertise financière et bassin de talents professionnels

En 2024, le principal groupe financier emploie 19 300 employés à temps plein dans le monde. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie des employés	Nombre d'employés
Employés américains	14,600
Employés internationaux	4,700

Infrastructure de technologie avancée

Le principal groupe financier investit considérablement dans les ressources technologiques:

• Investissement technologique annuel: 287 millions de dollars en 2023
• Plateformes numériques soutenant plusieurs services financiers
• Infrastructure de cloud computing couvrant plusieurs centres de données

Réputation de la marque et force financière

Métriques financières démontrant la force de la marque:

Métrique financière	Valeur 2023
Actif total	815,2 milliards de dollars
Capitalisation boursière	21,3 milliards de dollars
Revenus annuels	16,9 milliards de dollars

Données financières et ressources d'analyse

Le principal groupe financier maintient des capacités complètes d'analyse des données:

• Plus de 25 pétaoctets de données financières gérées
• Infrastructure de modélisation prédictive avancée
• Systèmes d'évaluation des risques en temps réel

Réserves de capital et portefeuilles d'investissement

Composition du portefeuille des capitaux et des investissements:

Catégorie d'investissement	Valeur totale
Investissements en actions	412,6 milliards de dollars
Titres à revenu fixe	336,8 milliards de dollars
Investissements alternatifs	65,4 milliards de dollars

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: propositions de valeur

Solutions complètes de planification de la retraite

Le principal groupe financier propose des solutions de retraite avec 716,8 milliards de dollars dans le total des actifs sous gestion au quatrième trimestre 2023. La société dessert 19,3 millions Participants dans les plans de retraite.

Produit de retraite	Actif total	Pénétration du marché
Plans 401 (k)	392,4 milliards de dollars	15,6% de part de marché
Comptes de retraite individuels	224,6 milliards de dollars	8,3% de part de marché

Services de gestion des investissements personnalisés

Le directeur fournit des services de gestion des investissements à travers plusieurs classes d'actifs.

• Actifs d'investissement gérés totaux: 515,2 milliards de dollars
• Plates-formes d'investissement mondiales couvrant 35 pays
• Taille moyenne du portefeuille d'investissement: 1,3 million de dollars

Diverses offres de produits financiers

Catégorie de produits	Revenus annuels	Taux de croissance
Produits de retraite	3,2 milliards de dollars	6.7%
Produits d'assurance	2,8 milliards de dollars	5.3%
Gestion des investissements	1,6 milliard de dollars	4.9%

Produits intégrés de gestion de patrimoine et d'assurance

Le principal groupe financier propose des solutions financières intégrées avec 67,4 milliards de dollars dans les primes d'assurance totales pour 2023.

• Couverture d'assurance-vie: 742 milliards de dollars
• Polices d'assurance handicapée: 1,2 million de politiques actives
• Contrats de rente: 186,3 milliards de dollars en valeur totale

Expérience client d'abord numérique

Métriques d'engagement de la plate-forme numérique pour 2023:

Canal numérique	Base d'utilisateurs	Volume de transaction
Utilisateurs d'applications mobiles	2,4 millions	42,6 millions de transactions
Gestion de compte en ligne	3,8 millions d'utilisateurs	68,3 millions d'interactions

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: relations avec les clients

Services de conseil financier personnalisés

Principal Financial Group fournit des services de conseil financier personnalisés avec 1 700 conseillers financiers aux États-Unis à partir de 2023. La société dessert environ 19,1 millions de clients dans le monde.

Type de service consultatif	Segment de clientèle	Couverture annuelle
Planification de la retraite	Individus 35-65	5,2 millions de clients
Guidage d'investissement	Individus de valeur nette élevée	515 milliards de dollars d'actifs gérés

Plates-formes de libre-service numériques

Le directeur propose des plateformes numériques complètes avec les fonctionnalités suivantes:

• Téléchargements d'applications mobiles: 750 000 utilisateurs actifs
• Accès du compte en ligne: 12,3 millions d'utilisateurs numériques
• Volume de transaction numérique: 87 milliards de dollars par an

Gestion de compte dédiée

L'entreprise fournit une gestion des comptes dédiée avec des équipes spécialisées:

Type de compte	Personnel de soutien dédié	Temps de réponse moyen
Comptes de retraite	425 représentants spécialisés	Moins de 24 heures
Gestion de la richesse	275 conseillers supérieurs	Dans les 4 heures

Éducation financière et communication régulières

Le directeur fournit des ressources éducatives financières approfondies:

• Webinaires réalisés: 240 par an
• Vues de contenu éducatif: 1,6 million
• Abonders de newsletter: 875 000

Conseils de retraite et d'investissement personnalisés

Solutions de retraite sur mesure avec des mesures spécifiques:

Catégorie de service	Total des clients	Valeur de portefeuille moyenne
401 (k) Gestion	53 000 clients d'entreprise	265 000 $ par compte
Comptes de retraite individuels	2,7 millions de comptes	189 000 $ par compte

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Le principal groupe financier exploite une plate-forme en ligne complète avec 3,8 millions d'utilisateurs numériques au quatrième trimestre 2023. La plate-forme numérique a traité 127,4 milliards de dollars de transactions numériques totales en 2023.

Métriques de plate-forme numérique	2023 données
Total des utilisateurs numériques	3,8 millions
Volume de transaction numérique	127,4 milliards de dollars
Site Web Visiteurs mensuels uniques	2,1 millions

Applications bancaires mobiles

L'application mobile de Principal prend en charge 2,5 millions d'utilisateurs mobiles actifs avec une note de 4,6 / 5 App Store. Les transactions d'application mobile ont atteint 84,6 milliards de dollars en 2023.

• Téléchargements d'applications mobiles: 1,7 million
• Taux de croissance des utilisateurs mobiles: 12,3% en glissement annuel
• Sécurité des transactions mobiles: cryptage 256 bits

Force de vente directe

Le principal groupe financier maintient une équipe de vente directe de 4 732 représentants financiers dévoués en décembre 2023. La force de vente a généré 3,2 milliards de dollars de revenus de nouvelles entreprises.

Métriques de la force de vente	2023 données
Représentants des ventes totales	4,732
Revenus de nouveaux activités	3,2 milliards de dollars
Ventes moyennes par représentant	$676,447

Réseaux de conseillers financiers

Le principal collabore avec 62 000 conseillers financiers indépendants aux États-Unis. Ces réseaux ont facilité 47,3 milliards de dollars de services d'investissement en 2023.

• Taille du réseau de conseiller indépendant: 62 000
• Volume de conseil en investissement en réseau: 47,3 milliards de dollars
• Taille du compte consultatif moyen: 762 000 $

Services traditionnels de succursale et de centre d'appels

Le principal exploite 250 emplacements de succursales physiques et conserve 12 centres d'appels de service à la clientèle. Les centres d'appels gèrent environ 2,6 millions d'interactions clients par an.

Métriques de succursale et de centre d'appel	2023 données
Emplacements de branche physiques	250
Centres d'appels de service client	12
Interactions annuelles du client	2,6 millions

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: segments de clientèle

Sponsors du plan de retraite d'entreprise

Le groupe financier principal dessert environ 49 500 clients commerciaux avec des services de régime de retraite en 2023.

Caractéristique du segment	Données quantitatives
Total des actifs du régime de retraite des entreprises	478 milliards de dollars
Taille moyenne du plan	9,6 millions de dollars
Part de marché dans les plans de retraite des entreprises	5.7%

Investisseurs à la retraite individuels

Le groupe financier principal gère les comptes de retraite de 16,2 millions d'investisseurs individuels en 2023.

• Actif du compte de retraite individuel (IRA): 215 milliards de dollars
• Solde moyen du compte de retraite individuel moyen: 132 500 $
• Pourcentage de comptes de retraite avec investissement automatisé: 38%

Petites et moyennes entreprises

Le groupe financier principal cible les entreprises avec 10 à 500 employés.

Métriques du segment des entreprises	2023 données
Nombre de clients de petites entreprises	22,300
Actifs du plan de retraite total des petites entreprises	142 milliards de dollars
Taille moyenne du plan des petites entreprises	6,3 millions de dollars

Individus à haute nette

Le groupe financier principal dessert des clients à forte valeur avec des portefeuilles d'investissement importants.

• Nombre de clients à haute noue: 85 000
• Taille du portefeuille minimum: 1 million de dollars
• Actif total sous gestion pour le segment à haute nette: 89 milliards de dollars

Investisseurs institutionnels

Le principal groupe financier fournit des solutions d'investissement complètes aux clients institutionnels.

Segment des investisseurs institutionnels	2023 métriques
Total des actifs institutionnels	362 milliards de dollars
Nombre de clients institutionnels	1,750
Taille moyenne du portefeuille institutionnel	206 millions de dollars

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

En 2024, les frais totaux de rémunération des employés du groupe financier principal étaient de 1,43 milliard de dollars. La ventilation comprend:

Catégorie de compensation	Montant ($)
Salaires de base	712,000,000
Bonus de performance	385,000,000
Compensation en stock	218,000,000
Prestations de santé et de retraite	115,000,000

Maintenance des infrastructures technologiques

Les coûts des infrastructures technologiques pour 2024 ont totalisé 345 millions de dollars, avec la répartition suivante:

• Cloud Computing et centres de données: 124 millions de dollars
• Systèmes de cybersécurité: 87 millions de dollars
• Licence et maintenance logicielles: 78 millions de dollars
• Infrastructure réseau: 56 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour 2024 ont atteint 267 millions de dollars, distribué à travers:

Canal de marketing	Dépenser ($)
Marketing numérique	98,000,000
Publicité traditionnelle	72,000,000
Commission des ventes directes et des courtiers	61,000,000
Programmes de rétention à la clientèle	36,000,000

Frais de conformité réglementaire

Les frais liés à la conformité pour 2024 s'élevaient à 189 millions de dollars, notamment:

• Personnel juridique et de conformité: 76 millions de dollars
• Systèmes de rapports réglementaires: 53 millions de dollars
• Audit externe et conseil: 42 millions de dollars
• Formation et développement de la conformité: 18 millions de dollars

Développement de produits et investissements d'innovation

Les dépenses d'innovation et de développement de produits pour 2024 ont totalisé 224 millions de dollars:

Catégorie d'innovation	Investissement ($)
Recherche et développement	112,000,000
Développement de produits numériques	68,000,000
Initiatives d'apprentissage de l'IA et de la machine	44,000,000

Principal Financial Group, Inc. (PFG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des investissements

Pour l'exercice 2023, le principal groupe financier a déclaré des frais de gestion des investissements de 1,36 milliard de dollars.

Catégorie de revenus	Montant (en milliards)	Pourcentage du total des revenus
Frais de gestion des investissements	$1.36	22.4%

Revenus de prime d'assurance

En 2023, le groupe financier principal a généré des revenus de prime d'assurance de 4,2 milliards de dollars.

• Primes d'assurance-vie et d'invalidité du groupe: 1,8 milliard de dollars
• Primes d'assurance-vie individuelles: 1,2 milliard de dollars
• Primes d'assurance immobilière et de victimes: 1,2 milliard de dollars

Frais d'administration du plan de retraite

Les frais d'administration du régime de retraite pour 2023 ont totalisé 1,75 milliard de dollars.

Type de plan de retraite	Frais d'administration (en milliards)
401 (k) Administration du plan	$1.4
Autres services de plan de retraite	$0.35

Frais de service de gestion des actifs

Les frais de gestion des actifs en 2023 ont atteint 980 millions de dollars.

• Gestion des actifs institutionnels: 650 millions de dollars
• Gestion des actifs au détail: 330 millions de dollars

Commission des ventes de produits financiers

Les commissions des ventes de produits financiers en 2023 se sont élevées à 425 millions de dollars.

Catégorie de produits	Revenus de la Commission (en millions)
Fonds communs de placement	$225
Produits de rente	$150
Autres produits financiers	$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.