Principal Financial Group, Inc. (PFG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, o Principal Financial Group, Inc. (PFG) se destaca como uma potência estratégica, tecendo soluções inovadoras que transformam como empresas e indivíduos abordam o gerenciamento de patrimônio e o planejamento da aposentadoria. Ao integrar perfeitamente a tecnologia avançada, serviços de consultoria personalizados e produtos financeiros abrangentes, o PFG criou um modelo de negócios exclusivo que atende às complexas necessidades financeiras de diversos segmentos de clientes-de patrocinadores do plano de aposentadoria corporativos a indivíduos de alta rede. Sua abordagem vai além dos serviços financeiros tradicionais, criando um ecossistema holístico que capacita os clientes a atingir suas metas financeiras por meio de plataformas digitais de ponta e orientação especializada.

Principal Financial Group, Inc. (PFG) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com consultores financeiros e empresas de investimento

O Principal Financial Group mantém parcerias estratégicas com aproximadamente 23.000 consultores financeiros e empresas de investimento independentes nos Estados Unidos. A partir do quarto trimestre de 2023, essas parcerias geram cerca de US $ 1,2 bilhão em receita consultiva anual.

Tipo de parceiro	Número de parceiros	Contribuição anual da receita
Consultores financeiros independentes	18,500	US $ 875 milhões
Consultores de investimento registrados	4,500	US $ 325 milhões

Colaboração com corretores de seguros e distribuidores de terceiros

O principal grupo financeiro colabora com mais de 15.000 corretores de seguros e canais de distribuição de terceiros. Em 2023, essas parcerias geraram aproximadamente US $ 750 milhões em vendas de produtos de seguros.

• Cobertura de rede de corretoras de seguros em todo o país
• Acordos de distribuição baseados em comissão
• Programas abrangentes de treinamento de produtos

Parcerias de tecnologia para serviços financeiros digitais

O Principal Financial Group investiu US $ 78 milhões em parcerias de tecnologia durante 2023, com foco em plataformas de serviços financeiros digitais. As principais colaborações de tecnologia incluem parcerias com:

Parceiro de tecnologia	Foco em parceria	Valor do investimento
Salesforce	Integração do CRM	US $ 22 milhões
Microsoft Azure	Infraestrutura em nuvem	US $ 35 milhões
Xadrez	Conectividade de dados financeiros	US $ 21 milhões

Joint ventures com provedores de serviços financeiros globais

O Principal Financial Group estabeleceu joint ventures com provedores internacionais de serviços financeiros, representando uma estratégia de expansão global avaliada em US $ 450 milhões em 2023.

País/região	Parceiro de joint venture	Valor de investimento
Índia	Banco ICICI	US $ 175 milhões
Sudeste Asiático	Grupo AIA	US $ 185 milhões
América latina	Banco Bradesco	US $ 90 milhões

Principal Financial Group, Inc. (PFG) - Modelo de negócios: Atividades -chave

Desenvolvimento e Gerenciamento de Produtos Financeiros

A partir do quarto trimestre de 2023, o Principal Financial Group desenvolveu e administrou US $ 571,1 bilhões em ativos totais sob gestão. A empresa oferece 76 fundos mútuos distintos e produtos de investimento em aposentadoria.

Categoria de produto	Total de ativos	Número de produtos
Fundos de aposentadoria	US $ 324,6 bilhões	42 produtos
Fundos mútuos	US $ 186,3 bilhões	34 produtos

Criação e otimização do portfólio de investimentos

Em 2023, o Principal Financial Group conseguiu aproximadamente US $ 689,7 bilhões em carteiras de investimentos globais em várias classes de ativos.

• Investimentos em ações: US $ 287,4 bilhões
• Investimentos de renda fixa: US $ 276,9 bilhões
• Investimentos alternativos: US $ 125,4 bilhões

Gerenciamento de riscos e subscrição de seguros

O Principal Financial Group subscreveu US $ 98,2 bilhões em cobertura total de seguro em 2023.

Tipo de seguro	Cobertura total subscrita
Seguro de vida	US $ 52,6 bilhões
Seguro de grupo	US $ 35,7 bilhões
Seguro de invalidez	US $ 9,9 bilhões

Manutenção e inovação da plataforma digital

Em 2023, o principal investiu US $ 187,3 milhões em infraestrutura de tecnologia digital e desenvolvimento de plataformas.

• Usuários de aplicativos móveis: 2,4 milhões
• Transações de plataforma online: 76,5 milhões anualmente
• Investimentos de segurança digital: US $ 42,6 milhões

Planejamento financeiro do cliente e serviços de consultoria

O Principal Financial Group atendeu 19,3 milhões de clientes globalmente em 2023, com 4.672 consultores financeiros.

Categoria de serviço	Total de clientes	Valor médio da conta
Planejamento de aposentadoria	12,6 milhões	$286,400
Aviso de investimento	6,7 milhões	$412,700

Principal Financial Group, Inc. (PFG) - Modelo de negócios: Recursos -chave

Experiência financeira e pool de talentos profissionais

A partir de 2024, o Principal Financial Group emprega 19.300 funcionários em período integral em todo o mundo. A quebra da força de trabalho da empresa inclui:

Categoria de funcionários	Número de funcionários
Funcionários dos Estados Unidos	14,600
Funcionários internacionais	4,700

Infraestrutura de tecnologia avançada

O Principal Financial Group investe significativamente em recursos tecnológicos:

• Investimento de tecnologia anual: US $ 287 milhões em 2023
• Plataformas digitais que suportam vários serviços financeiros
• Infraestrutura de computação em nuvem que abrange vários data centers

Reputação da marca e força financeira

Métricas financeiras demonstrando força da marca:

Métrica financeira	2023 valor
Total de ativos	US $ 815,2 bilhões
Capitalização de mercado	US $ 21,3 bilhões
Receita anual	US $ 16,9 bilhões

Dados financeiros e recursos de análise

O Principal Financial Group mantém recursos abrangentes de análise de dados:

• Mais de 25 petabytes de dados financeiros gerenciados
• Infraestrutura de modelagem preditiva avançada
• Sistemas de avaliação de risco em tempo real

Reservas de capital e portfólios de investimento

Composição de portfólio de capital e investimento:

Categoria de investimento	Valor total
Investimentos em ações	US $ 412,6 bilhões
Títulos de renda fixa	US $ 336,8 bilhões
Investimentos alternativos	US $ 65,4 bilhões

Principal Financial Group, Inc. (PFG) - Modelo de negócios: proposições de valor

Soluções abrangentes de planejamento de aposentadoria

O principal grupo financeiro oferece soluções de aposentadoria com US $ 716,8 bilhões no total de ativos sob gerenciamento a partir do quarto trimestre 2023. A empresa serve 19,3 milhões participantes nos planos de aposentadoria.

Produto de aposentadoria	Total de ativos	Penetração de mercado
401 (k) planos	US $ 392,4 bilhões	15,6% de participação de mercado
Contas de aposentadoria individuais	US $ 224,6 bilhões	8,3% de participação de mercado

Serviços personalizados de gerenciamento de investimentos

Principal fornece serviços de gerenciamento de investimentos em todos os Múltiplas classes de ativos.

• Total de ativos de investimento gerenciado: US $ 515,2 bilhões
• Plataformas de investimento global cobrindo 35 países
• Tamanho médio do portfólio de investimentos: US $ 1,3 milhão

Diversas ofertas de produtos financeiros

Categoria de produto	Receita anual	Taxa de crescimento
Produtos de aposentadoria	US $ 3,2 bilhões	6.7%
Produtos de seguro	US $ 2,8 bilhões	5.3%
Gerenciamento de investimentos	US $ 1,6 bilhão	4.9%

Produtos integrados de gerenciamento de patrimônio e seguro

O Principal Financial Group oferece soluções financeiras integradas com US $ 67,4 bilhões no total de prêmios de seguro para 2023.

• Cobertura de seguro de vida: US $ 742 bilhões
• Apólices de seguro de invalidez: 1,2 milhão de políticas ativas
• Contratos de anuidade: US $ 186,3 bilhões em valor total

Experiência digital-primeiro do cliente

Métricas de engajamento da plataforma digital para 2023:

Canal digital	Base de usuários	Volume de transação
Usuários de aplicativos móveis	2,4 milhões	42,6 milhões de transações
Gerenciamento de contas on -line	3,8 milhões de usuários	68,3 milhões de interações

Principal Financial Group, Inc. (PFG) - Modelo de Negócios: Relacionamentos ao Cliente

Serviços de Consultoria Financeira Personalizada

O Principal Financial Group fornece serviços de consultoria financeira personalizados com 1.700 consultores financeiros nos Estados Unidos a partir de 2023. A empresa atende aproximadamente 19,1 milhões de clientes em todo o mundo.

Tipo de serviço de consultoria	Segmento de clientes	Cobertura anual
Planejamento de aposentadoria	Indivíduos 35-65	5,2 milhões de clientes
Orientação de investimento	Indivíduos de alto patrimônio líquido	US $ 515 bilhões em ativos gerenciados

Plataformas de autoatendimento digital

O diretor oferece plataformas digitais abrangentes com os seguintes recursos:

• Downloads de aplicativos móveis: 750.000 usuários ativos
• Acesso à conta on -line: 12,3 milhões de usuários digitais
• Volume de transação digital: US $ 87 bilhões anualmente

Gerenciamento de conta dedicado

A empresa fornece gerenciamento de contas dedicado a equipes especializadas:

Tipo de conta	Equipe de suporte dedicada	Tempo médio de resposta
Contas de aposentadoria	425 representantes especializados	Abaixo de 24 horas
Gestão de patrimônio	275 consultores seniores	Dentro de 4 horas

Educação financeira regular e comunicação

O diretor fornece extensos recursos de educação financeira:

• Webinars conduzidos: 240 anualmente
• Visualizações de conteúdo educacional: 1,6 milhão
• Assinantes de boletim informativo: 875.000

Orientação personalizada de aposentadoria e investimento

Soluções de aposentadoria personalizadas com métricas específicas:

Categoria de serviço	Total de clientes	Valor médio do portfólio
401 (k) Gerenciamento	53.000 clientes corporativos	US $ 265.000 por conta
Contas de aposentadoria individuais	2,7 milhões de contas	US $ 189.000 por conta

Principal Financial Group, Inc. (PFG) - Modelo de negócios: canais

Plataformas digitais online

O Principal Financial Group opera uma plataforma on -line abrangente, com 3,8 milhões de usuários digitais a partir do quarto trimestre 2023. A plataforma digital processou US $ 127,4 bilhões em transações digitais totais em 2023.

Métricas de plataforma digital	2023 dados
Total de usuários digitais	3,8 milhões
Volume de transação digital	US $ 127,4 bilhões
Site visitantes mensais exclusivos	2,1 milhões

Aplicativos bancários móveis

O aplicativo móvel do principal suporta 2,5 milhões de usuários móveis ativos com uma classificação de 4,6/5 App Store. As transações de aplicativos móveis atingiram US $ 84,6 bilhões em 2023.

• Downloads de aplicativos móveis: 1,7 milhão
• Taxa de crescimento do usuário móvel: 12,3% ano a ano
• Segurança da transação móvel: criptografia de 256 bits

Força de vendas direta

O Principal Financial Group mantém uma equipe de vendas direta de 4.732 representantes financeiros dedicados em dezembro de 2023. A força de vendas gerou US $ 3,2 bilhões em novas receitas de negócios.

Métricas da força de vendas	2023 dados
Total de representantes de vendas	4,732
Nova receita de negócios	US $ 3,2 bilhões
Vendas médias por representante	$676,447

Redes de consultores financeiros

O principal colabora com 62.000 consultores financeiros independentes nos Estados Unidos. Essas redes facilitaram US $ 47,3 bilhões em serviços de consultoria em investimentos em 2023.

• Tamanho da rede independente de consultor: 62.000
• Volume de consultoria de investimento em rede: US $ 47,3 bilhões
• Tamanho médio da conta consultiva: $ 762.000

Serviços tradicionais de filial e call center

O Principal opera 250 localizações de filiais físicas e mantém 12 centros de atendimento ao cliente. Os call centers lidam com aproximadamente 2,6 milhões de interações com os clientes anualmente.

Métricas de filial e call center	2023 dados
Locais de ramificação física	250
Centros de atendimento ao cliente	12
Interações anuais do cliente	2,6 milhões

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

Patrocinadores do plano de aposentadoria corporativa

O Principal Financial Group atende a aproximadamente 49.500 clientes comerciais com serviços de plano de aposentadoria a partir de 2023.

Característica do segmento	Dados quantitativos
Total de ativos do plano de aposentadoria corporativa	US $ 478 bilhões
Tamanho médio do plano	US $ 9,6 milhões
Participação de mercado nos planos de aposentadoria corporativa	5.7%

Investidores individuais de aposentadoria

O Principal Financial Group gerencia a aposentadoria é responsável por 16,2 milhões de investidores individuais em 2023.

• ASTITOS DE CONTA DE APOSENTO DIVIDADE (IRA): US $ 215 bilhões
• Saldo médio da conta de aposentadoria individual: US $ 132.500
• Porcentagem de contas de aposentadoria com investimento automatizado: 38%

Pequenas e médias empresas

O principal grupo financeiro tem como alvo as empresas com 10-500 funcionários.

Métricas de segmento de negócios	2023 dados
Número de clientes de pequenas empresas	22,300
Total de ativos do plano de aposentadoria para pequenas empresas	US $ 142 bilhões
Tamanho médio de pequeno plano de negócios	US $ 6,3 milhões

Indivíduos de alta rede

O Principal Financial Group atende clientes de alta rede com portfólios de investimento significativos.

• Número de clientes de alta rede: 85.000
• Tamanho mínimo do portfólio: US $ 1 milhão
• Total de ativos sob gestão para segmento de alta rede: US $ 89 bilhões

Investidores institucionais

O Principal Financial Group fornece soluções abrangentes de investimento para clientes institucionais.

Segmento de investidores institucionais	2023 Métricas
Total de ativos institucionais	US $ 362 bilhões
Número de clientes institucionais	1,750
Tamanho médio da portfólio institucional	US $ 206 milhões

Principal Financial Group, Inc. (PFG) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

A partir de 2024, as despesas totais de remuneração dos funcionários do Grupo Financeiro do Principal foram de US $ 1,43 bilhão. O colapso inclui:

Categoria de compensação	Valor ($)
Salários da base	712,000,000
Bônus de desempenho	385,000,000
Remuneração baseada em ações	218,000,000
Benefícios de saúde e aposentadoria	115,000,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para 2024 totalizaram US $ 345 milhões, com a seguinte alocação:

• Computação em nuvem e data centers: US $ 124 milhões
• Sistemas de segurança cibernética: US $ 87 milhões
• Licenciamento e manutenção de software: US $ 78 milhões
• Infraestrutura de rede: US $ 56 milhões

Marketing e aquisição de clientes

As despesas de marketing para 2024 atingiram US $ 267 milhões, distribuídos:

Canal de marketing	Gastar ($)
Marketing digital	98,000,000
Publicidade tradicional	72,000,000
Comissões diretas de vendas e corretores	61,000,000
Programas de retenção de clientes	36,000,000

Despesas de conformidade regulatória

Os custos relacionados à conformidade para 2024 totalizaram US $ 189 milhões, incluindo:

• Pessoal legal e de conformidade: US $ 76 milhões
• Sistemas de relatórios regulatórios: US $ 53 milhões
• Auditoria e consultoria externa: US $ 42 milhões
• Treinamento e desenvolvimento de conformidade: US $ 18 milhões

Desenvolvimento de produtos e investimentos em inovação

As despesas de inovação e desenvolvimento de produtos para 2024 totalizaram US $ 224 milhões:

Categoria de inovação	Investimento ($)
Pesquisa e desenvolvimento	112,000,000
Desenvolvimento de produtos digitais	68,000,000
Iniciativas de AI e aprendizado de máquina	44,000,000

Principal Financial Group, Inc. (PFG) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de investimentos

Para o ano fiscal de 2023, o Principal Financial Group relatou taxas de gerenciamento de investimentos de US $ 1,36 bilhão.

Categoria de receita	Valor (em bilhões)	Porcentagem da receita total
Taxas de gerenciamento de investimentos	$1.36	22.4%

Receita de prêmio de seguro

Em 2023, o Principal Financial Group gerou receitas de prêmios de seguro de US $ 4,2 bilhões.

• Prêmios de seguro de vida e incapacidade em grupo: US $ 1,8 bilhão
• Prêmios individuais de seguro de vida: US $ 1,2 bilhão
• Prêmios de seguro de propriedade e vítimas: US $ 1,2 bilhão

Taxas de administração do plano de aposentadoria

As taxas de administração do plano de aposentadoria para 2023 totalizaram US $ 1,75 bilhão.

Tipo de plano de aposentadoria	Taxas de administração (em bilhões)
401 (k) Administração do plano	$1.4
Outros serviços de plano de aposentadoria	$0.35

Cobranças de serviço de gerenciamento de ativos

As cobranças do Serviço de Gerenciamento de Ativos em 2023 atingiram US $ 980 milhões.

• Gerenciamento institucional de ativos: US $ 650 milhões
• Gerenciamento de ativos de varejo: US $ 330 milhões

Comissão de vendas de produtos financeiros

As comissões de vendas de produtos financeiros em 2023 totalizaram US $ 425 milhões.

Categoria de produto	Receita da Comissão (em milhões)
Fundos mútuos	$225
Produtos de anuidade	$150
Outros produtos financeiros	$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.