PRINCIPAL FINANCIAL GROUP INC (PFG)

Principal Financial Group, Inc. (PFG) is a global financial services company offering businesses, individuals and institutional clients retirement, asset management, and workplace benefits and protection solutions through a family of financial services companies. As of December 31, 2025, it had $1,814.6 billion in assets under administration, including $781.0 billion in assets under management. It is a leading provider of defined contribution plans, nonqualified plans, defined benefit plans and pension risk transfer services, and a leading employee stock ownership plan consultant. It is also one of the largest providers of specialty benefits and insurance for business owners and their employees. The company views small and medium-sized businesses as an underserved market with attractive growth opportunities.

PFG reports three segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. A Corporate segment holds assets and activities not allocated elsewhere. Within Retirement and Income Solutions, Workplace Savings and Retirement Solutions provides administrative and investment services for 401(k), 403(b), defined benefit and nonqualified plans, and stock services such as ESOPs. These are delivered through annuity contracts, collective investment trusts and mutual funds, including the Principal Advantage platform built on Principal Funds, Inc. At year-end 2025 it served over 42,000 defined contribution plans ($625.3 billion in assets, about 11.3 million eligible participants) and over 1,600 defined benefit plans ($17.2 billion). Other offerings include individual variable annuities and registered index-linked annuities, some with guaranteed minimum withdrawal benefits; investment-only products such as guaranteed investment contracts and funding agreements; and pension risk transfer single premium group annuities. Principal Bank, a U.S. federal savings bank with a limited purpose charter, provides IRAs, FDIC-insured savings, money market and CD products, and custody services through Principal Custody Solutions. Principal Trust Company provides trust and custodial services. The asset management businesses offer equity, fixed income, real estate and other alternative investments and fund offerings, and also manage assets supporting many of the segment's contractual obligations.

Customers include businesses of all sizes, with emphasis on small and mid-sized businesses, large institutional clients, plan participants, business owners, executives, employees and individual investors. Institutional asset management clients, retirement investors, high net worth and retail investors are served worldwide. International businesses focus on retirement accumulation and income needs driven by aging populations. Bank customers are primarily participants rolling out of qualified retirement plans serviced by PFG affiliates. Funding agreements are issued to non-qualified institutions, the Federal Home Loan Bank of Des Moines and special purpose entities that sell notes to U.S. and foreign institutional investors.

Distribution is primarily through a captive retirement services sales force supported by service and education specialists across the U.S., along with intermediaries, consultants, independent advisors and broker-dealers. Affiliated financial representatives accounted for 68% of annuity sales in 2025, and pension risk transfer is sold mainly through home office sales consultants working with specialized consultants and brokers. Approximately 30% of WSRS account values were managed by Principal Asset Management and 66% by third-party managers. The company believes its targeted sales and service presence and its Principal Total Retirement Solutions offering differentiate it from competitors. The text does not state headquarters or name specific competitors.