Description of Principal Financial Group Inc's Business Segments

Principal Financial Group, Inc. - Overview of Segments, Products, and Services

Principal Financial Group, Inc. is a diversified financial services organization that operates through several segments. Each segment provides a wide array of products and services tailored to the needs of individuals, businesses, and institutions related to investment, retirement, insurance, and mortgage solutions. Below is a detailed overview of each operational segment along with their respective offerings.

1. Retirement and Investor Services Segment

The Retirement and Investor Services segment has its historical roots in asset accumulation, dating back to the 1940s. This segment primarily serves businesses and individual investors, offering comprehensive products and services aimed at supporting retirement savings and investment accumulation.

Key Products and Services:

- Defined Contribution Pension Plans:
- 401(k) Plans: Retirement savings plans that allow employers to offer employees a tax-advantaged way to save.
- 403(b) Plans: Similar to 401(k) plans but designed for certain non-profit organizations and public schools.

- Defined Benefit Pension Plans:
- Traditional pension plans providing predetermined pension benefits at retirement, ensuring income stability for retirees.

- Nonqualified Executive Benefit Plans:
- Custom-designed plans for high-earning executives, providing additional retirement benefits beyond the limitations of qualified plans.

- Employee Stock Ownership Plans (ESOPs):
- Consulting services aimed at companies that wish to establish ESOPs, fostering a culture of employee ownership.

- SIMPLE IRAs and Payroll Deduction Plans:
- Simplified retirement savings accounts that offer small business employees easy ways to save for retirement.

- Investment-Only Products:
- Includes Guaranteed Investment Contracts (GICs) and funding agreements primarily for institutional investors.

- Individual Investment Solutions:
- Offering a variety of mutual funds, individual annuities, and banking products aimed at individual investors seeking to build their retirement savings.

Categories within the Segment:

1. Full Service Accumulation: Comprehensive products for both defined contribution and defined benefit plans.
2. Principal Funds: A diverse mutual fund business providing multiple investment options.
3. Individual Annuities: Custom financial solutions for long-term savings objectives.
4. Bank and Trust Services: Services to support asset management and fiduciary responsibilities.
5. Investment Only Services: Products designed specifically for institutional investors focusing on investment strategies.
6. Full Service Payout Solutions: Strategies for managing retirement income withdrawals.

International Asset Management and Accumulation Segment

This segment captures the operations of Principal International, focusing on global markets with developing private pension systems. Principal is especially engaged in growth opportunities across emerging markets.

Key Markets and Offerings:

- Latin America:
- Brazil: Joint ventures like BrasilPrev focus on defined contribution plans and retirement annuities.
- Chile: Principal Compañía de Seguros de Vida offers a variety of retirement annuities as a result of strategic acquisitions.
- Mexico: Principal Seguros provides life insurance, while Principal Afore manages pension funds within the nation’s mandatory social security framework.

- Asia/Pacific Region:
- Hong Kong: Active participation in the Mandatory Provident Fund, distributing various retirement products through collaborative partnerships.
- India: Development and management of mutual funds with a view towards future entries into the pension market.
- Malaysia and Japan: Engagements through joint ventures that enhance market access for retirement and investment products.

Life and Health Insurance Segment

As a foundational segment for Principal, the Life and Health Insurance Division provides a varied assortment of life and health insurance products tailored for individual and group clients across the United States.

Products Offered:

- Individual and Group Life Insurance:
- Includes universal life, variable universal life, and traditional whole life insurance policies to meet diverse needs.

- Group Health Insurance:
- An extensive range of products covering medical, dental, and vision insurance, alongside administrative services tailored for larger employers.

- Individual and Group Disability Insurance:
- Policies providing income benefits to insured individuals during periods of disability, as well as shared coverage options for employees.

Mortgage Banking Segment

Principals Mortgage Banking segment focuses on both residential loan production and servicing, emphasizing prudent lending practices chiefly directed at higher-quality mortgage loans.

Key Functions Include:

- Loan Production Channels:
- Correspondent Lending: Collaborations with local lenders to access broader market opportunities.
- Wholesale Lending: Offering mortgage solutions to various lending partners to support prime mortgage borrowers.

- Loan Servicing:
- Comprehensive management of mortgage loans, ensuring an efficient process for payment handling, borrower relations, and managing foreclosures as necessary.

Corporate and Other Segment

This segment encompasses management of unallocated capital assets along with financing activities and accounting for various financial elements that do not fit within operational segments. It plays an essential role in maintaining the organization’s overall financial health.

Overview of Activities:

- Financial Results Management:
- Handling interest expenses, income derived from unallocated capital, and adjustments related to intersegment eliminations.

- Risk Management:
- Managing tax risks and implementing other financial adjustments necessary for coherent organizational performance.

Conclusion

Principal Financial Group, Inc. embodies a robust and diversified financial services organization effectively engaging across various sectors, including retirement, investment, insurance, and mortgage financing on both domestic and international fronts. Its structured and comprehensive approach across distinct segments enables the company to adeptly address the multifaceted needs of a diverse clientele, ranging from individual investors to large institutional clients.

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Composition of Principal Financial Group inc Revenues by Segments


Universal life Benefits and Protection Life Insurance	15.26 %	of total Revenue
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	99.62 %	of total Revenue
Retirement and Income Solutions	43.04 %	of total Revenue
Principal Asset Management	14.94 %	of total Revenue
Benefits and Protection	0.43 %	of total Revenue
Corporate	2.18 %	of total Revenue
Inter-eliminations	4.62 %	of total Revenue
Inter-eliminations Retirement and Income Solutions	0.08 %	of total Revenue
Inter-eliminations Principal Asset Management	2.29 %	of total Revenue
Inter-eliminations Benefits and Protection	0.07 %	of total Revenue
Inter-eliminations Corporate	2.18 %	of total Revenue
Reconciling items	9.34 %	of total Revenue
Investment Management Principal Asset Management	12.52 %	of total Revenue
International Pension Principal Asset Management	2.75 %	of total Revenue
Specialty Benefits Benefits and Protection	0.22 %	of total Revenue
Life Insurance Benefits and Protection	3.05 %	of total Revenue
Principal Asset Management Eliminations Principal Asset Management	-0.16 %	of total Revenue
Benefits and Protection Specialty Benefits	25.98 %	of total Revenue
Benefits and Protection Specialty Benefits Administrative service fee revenue	0.1 %	of total Revenue
Benefits and Protection Life Insurance	9.55 %	of total Revenue
Benefits and Protection Life Insurance Administrative service fee revenue	0.33 %	of total Revenue
Principal Asset Management Investment Management	13.21 %	of total Revenue
Principal Asset Management Investment Management Management fee revenue	11.29 %	of total Revenue
Principal Asset Management Investment Management Other fee revenue	1.08 %	of total Revenue
Principal Asset Management International Pension	6.32 %	of total Revenue
Principal Asset Management International Pension Management fee revenue	2.62 %	of total Revenue
Principal Asset Management International Pension Other fee revenue	0.11 %	of total Revenue
Retirement and Income Solutions Administrative service fee revenue	4.11 %	of total Revenue
Retirement and Income Solutions Deposit account fee revenue	0.1 %	of total Revenue
Retirement and Income Solutions Commission income	0.05 %	of total Revenue
Corporate Other fee revenue	0.79 %	of total Revenue
Corporate Commission income	3.64 %	of total Revenue
Corporate Revenue by type - Eliminations	-2.25 %	of total Revenue
Segment Corporate	3.96 %	of total Revenue
Intersegment Elimination	-9.34 %	of total Revenue
Segment Retirement and Income Solutions	96.35 %	of total Revenue
Segment Principal Asset Management	29.86 %	of total Revenue
Segment Benefits and Protection	0.87 %	of total Revenue
Member	44.12 %	of total Revenue
Subsegment Investment Management	26.59 %	of total Revenue
Subsegment International Pension	15.53 %	of total Revenue
Subsegment Principal Asset Management Eliminations	-0.33 %	of total Revenue
Subsegment Specialty Benefits	52.3 %	of total Revenue
Subsegment Life Insurance	19.33 %	of total Revenue

Q1 three months ended (Mar 31 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Universal life Benefits and Protection Life Insurance	538.50	15.26 %
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	3,515.80	99.62 %
Retirement and Income Solutions	1,519.00	43.04 %
Principal Asset Management	527.10	14.94 %
Benefits and Protection	15.30	0.43 %
Corporate	76.90	2.18 %
Inter-eliminations	163.10	4.62 %
Inter-eliminations Retirement and Income Solutions	2.90	0.08 %
Inter-eliminations Principal Asset Management	80.80	2.29 %
Inter-eliminations Benefits and Protection	2.40	0.07 %
Inter-eliminations Corporate	77.00	2.18 %
Reconciling items	329.60	9.34 %
Investment Management Principal Asset Management	441.90	12.52 %
International Pension Principal Asset Management	97.10	2.75 %
Specialty Benefits Benefits and Protection	7.90	0.22 %
Life Insurance Benefits and Protection	107.50	3.05 %
Principal Asset Management Eliminations Principal Asset Management	-5.80	-0.16 %
Benefits and Protection Specialty Benefits	916.90	25.98 %
Benefits and Protection Specialty Benefits Administrative service fee revenue	3.60	0.1 %
Benefits and Protection Life Insurance	337.00	9.55 %
Benefits and Protection Life Insurance Administrative service fee revenue	11.70	0.33 %
Principal Asset Management Investment Management	466.10	13.21 %
Principal Asset Management Investment Management Management fee revenue	398.60	11.29 %
Principal Asset Management Investment Management Other fee revenue	38.20	1.08 %
Principal Asset Management International Pension	223.00	6.32 %
Principal Asset Management International Pension Management fee revenue	92.30	2.62 %
Principal Asset Management International Pension Other fee revenue	3.80	0.11 %
Retirement and Income Solutions Administrative service fee revenue	145.10	4.11 %
Retirement and Income Solutions Deposit account fee revenue	3.60	0.1 %
Retirement and Income Solutions Commission income	1.90	0.05 %
Corporate Other fee revenue	27.90	0.79 %
Corporate Commission income	128.40	3.64 %
Corporate Revenue by type - Eliminations	-79.40	-2.25 %
Total	3,529.10	100 %
Segment Corporate	139.70	3.96 %
Intersegment Elimination	-329.70	-9.34 %
Segment Retirement and Income Solutions	3,400.40	96.35 %
Segment Principal Asset Management	1,053.90	29.86 %
Segment Benefits and Protection	30.80	0.87 %
Member	1,556.90	44.12 %
Subsegment Investment Management	938.40	26.59 %
Subsegment International Pension	548.00	15.53 %
Subsegment Principal Asset Management Eliminations	-11.60	-0.33 %
Subsegment Specialty Benefits	1,845.80	52.3 %
Subsegment Life Insurance	682.10	19.33 %

Q1 three months ended (Mar 31 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Universal life Benefits and Protection Life Insurance	1.05 %	-
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	-12.4 %	-
Retirement and Income Solutions	-26.8 %	-
Principal Asset Management	2.41 %	-
Benefits and Protection	-38.31 %	-
Corporate	26.9 %	-
Inter-eliminations	-2.57 %	-
Inter-eliminations Retirement and Income Solutions	-75 %	-
Inter-eliminations Principal Asset Management	8.31 %	-
Inter-eliminations Benefits and Protection	14.29 %	-
Inter-eliminations Corporate	-2.65 %	-
Reconciling items	4.8 %	-
Investment Management Principal Asset Management	2.89 %	-
International Pension Principal Asset Management	3.74 %	-
Specialty Benefits Benefits and Protection	-4.82 %	-
Life Insurance Benefits and Protection	-2.89 %	-
Principal Asset Management Eliminations Principal Asset Management	-	-
Benefits and Protection Specialty Benefits	3.73 %	-
Benefits and Protection Specialty Benefits Administrative service fee revenue	-2.7 %	-
Benefits and Protection Life Insurance	1.97 %	-
Benefits and Protection Life Insurance Administrative service fee revenue	7.34 %	-
Principal Asset Management Investment Management	2.73 %	-
Principal Asset Management Investment Management Management fee revenue	2.44 %	-
Principal Asset Management Investment Management Other fee revenue	1.6 %	-
Principal Asset Management International Pension	-6.22 %	-
Principal Asset Management International Pension Management fee revenue	3.48 %	-
Principal Asset Management International Pension Other fee revenue	18.75 %	-
Retirement and Income Solutions Administrative service fee revenue	2.76 %	-
Retirement and Income Solutions Deposit account fee revenue	5.88 %	-
Retirement and Income Solutions Commission income	72.73 %	-
Corporate Other fee revenue	16.74 %	-
Corporate Commission income	-2.36 %	-
Corporate Revenue by type - Eliminations	-	-
Total	-4.51 %	-
Segment Corporate	-	-
Intersegment Elimination	-	-
Segment Retirement and Income Solutions	-	-
Segment Principal Asset Management	-	-
Segment Benefits and Protection	-	-
Member	-	-
Subsegment Investment Management	-	-
Subsegment International Pension	-	-
Subsegment Principal Asset Management Eliminations	-	-
Subsegment Specialty Benefits	-	-
Subsegment Life Insurance	-	-

Q1 three months ended (Mar 31 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	412.90	11.7 %

Q1 three months ended (Mar 31 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	556.44 %	-

Annual Report on Principal Financial Group inc Divisions, Sales by Country


Universal life Benefits and Protection Life Insurance	3.41 %	of total Revenue
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	102.77 %	of total Revenue
Retirement and Income Solutions	52.36 %	of total Revenue
Principal Asset Management	13.45 %	of total Revenue
Benefits and Protection	0.69 %	of total Revenue
Corporate	1.57 %	of total Revenue
Inter-eliminations	4.4 %	of total Revenue
Inter-eliminations Retirement and Income Solutions	0.23 %	of total Revenue
Inter-eliminations Principal Asset Management	2.02 %	of total Revenue
Inter-eliminations Benefits and Protection	0.06 %	of total Revenue
Inter-eliminations Corporate	2.09 %	of total Revenue
Reconciling items	8.27 %	of total Revenue
Investment Management Principal Asset Management	11.44 %	of total Revenue
International Pension Principal Asset Management	2.39 %	of total Revenue
Specialty Benefits Benefits and Protection	0.21 %	of total Revenue
Life Insurance Benefits and Protection	2.93 %	of total Revenue
Principal Asset Management Eliminations Principal Asset Management	-0.13 %	of total Revenue
Benefits and Protection Specialty Benefits	22.85 %	of total Revenue
Benefits and Protection Specialty Benefits Administrative service fee revenue	0.1 %	of total Revenue
Benefits and Protection Life Insurance	8.93 %	of total Revenue
Benefits and Protection Life Insurance Administrative service fee revenue	0.28 %	of total Revenue
Principal Asset Management Investment Management	12.08 %	of total Revenue
Principal Asset Management Investment Management Management fee revenue	10.19 %	of total Revenue
Principal Asset Management Investment Management Other fee revenue	1.06 %	of total Revenue
Principal Asset Management International Pension	6.04 %	of total Revenue
Principal Asset Management International Pension Management fee revenue	2.24 %	of total Revenue
Principal Asset Management International Pension Other fee revenue	0.09 %	of total Revenue
Retirement and Income Solutions Administrative service fee revenue	3.76 %	of total Revenue
Retirement and Income Solutions Deposit account fee revenue	0.09 %	of total Revenue
Retirement and Income Solutions Commission income	0.04 %	of total Revenue
Corporate Other fee revenue	0.64 %	of total Revenue
Corporate Commission income	3.45 %	of total Revenue
Corporate Revenue by type - Eliminations	-2.52 %	of total Revenue
Benefits and Protection Life Insurance Commission income	0.31 %	of total Revenue
Benefits And Protection Eliminations Benefits and Protection	-0 %	of total Revenue

Twelve months ended 2025
PFG s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Universal life Benefits and Protection Life Insurance	532.90	3.41 %
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	16,059.10	102.77 %
Retirement and Income Solutions	8,181.90	52.36 %
Principal Asset Management	2,101.70	13.45 %
Benefits and Protection	108.30	0.69 %
Corporate	245.80	1.57 %
Inter-eliminations	686.90	4.4 %
Inter-eliminations Retirement and Income Solutions	36.20	0.23 %
Inter-eliminations Principal Asset Management	315.90	2.02 %
Inter-eliminations Benefits and Protection	8.90	0.06 %
Inter-eliminations Corporate	325.90	2.09 %
Reconciling items	1,292.00	8.27 %
Investment Management Principal Asset Management	1,787.30	11.44 %
International Pension Principal Asset Management	373.30	2.39 %
Specialty Benefits Benefits and Protection	32.70	0.21 %
Life Insurance Benefits and Protection	457.90	2.93 %
Principal Asset Management Eliminations Principal Asset Management	-19.80	-0.13 %
Benefits and Protection Specialty Benefits	3,570.80	22.85 %
Benefits and Protection Specialty Benefits Administrative service fee revenue	15.40	0.1 %
Benefits and Protection Life Insurance	1,395.00	8.93 %
Benefits and Protection Life Insurance Administrative service fee revenue	44.50	0.28 %
Principal Asset Management Investment Management	1,887.50	12.08 %
Principal Asset Management Investment Management Management fee revenue	1,592.20	10.19 %
Principal Asset Management Investment Management Other fee revenue	165.60	1.06 %
Principal Asset Management International Pension	943.20	6.04 %
Principal Asset Management International Pension Management fee revenue	349.60	2.24 %
Principal Asset Management International Pension Other fee revenue	14.10	0.09 %
Retirement and Income Solutions Administrative service fee revenue	587.50	3.76 %
Retirement and Income Solutions Deposit account fee revenue	13.30	0.09 %
Retirement and Income Solutions Commission income	5.90	0.04 %
Corporate Other fee revenue	99.30	0.64 %
Corporate Commission income	539.60	3.45 %
Corporate Revenue by type - Eliminations	-393.10	-2.52 %
Total	15,625.50	100 %
Benefits and Protection Life Insurance Commission income	48.50	0.31 %
Benefits And Protection Eliminations Benefits and Protection	-0.10	-0 %

Twelve months ended 2025
PFG s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	1,255.50	8.03 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Universal life Benefits and Protection Life Insurance	4.47 %	-
Revenue And Profit Loss From To Consolidated pfg OperatingRevenueAndProfitLossFromSegmentsToConsolidatedLineItems	2.73 %	-
Retirement and Income Solutions	2.58 %	-
Principal Asset Management	2.51 %	-
Benefits and Protection	-1.28 %	-
Corporate	8.62 %	-
Inter-eliminations	5.74 %	-
Inter-eliminations Retirement and Income Solutions	-31.05 %	-
Inter-eliminations Principal Asset Management	3.98 %	-
Inter-eliminations Benefits and Protection	14.1 %	-
Inter-eliminations Corporate	14.15 %	-
Reconciling items	8.35 %	-
Investment Management Principal Asset Management	4.19 %	-
International Pension Principal Asset Management	-0.98 %	-
Specialty Benefits Benefits and Protection	-1.8 %	-
Life Insurance Benefits and Protection	5.05 %	-
Principal Asset Management Eliminations Principal Asset Management	-	-
Benefits and Protection Specialty Benefits	3.54 %	-
Benefits and Protection Specialty Benefits Administrative service fee revenue	0 %	-
Benefits and Protection Life Insurance	4.03 %	-
Benefits and Protection Life Insurance Administrative service fee revenue	13.23 %	-
Principal Asset Management Investment Management	3.67 %	-
Principal Asset Management Investment Management Management fee revenue	3.81 %	-
Principal Asset Management Investment Management Other fee revenue	3.05 %	-
Principal Asset Management International Pension	-4.35 %	-
Principal Asset Management International Pension Management fee revenue	-1.96 %	-
Principal Asset Management International Pension Other fee revenue	-6 %	-
Retirement and Income Solutions Administrative service fee revenue	-9.77 %	-
Retirement and Income Solutions Deposit account fee revenue	7.26 %	-
Retirement and Income Solutions Commission income	63.89 %	-
Corporate Other fee revenue	11.45 %	-
Corporate Commission income	11.95 %	-
Corporate Revenue by type - Eliminations	-	-
Total	-3.11 %	-21.43 %
Other balances	-	-
Benefits and Protection Life Insurance Commission income	-11.98 %	-
Benefits And Protection Eliminations Benefits and Protection	-	-

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