Principal Financial Group, Inc. operates as a diversified financial services holding company with a global footprint, particularly in the United States, Latin America, and Asia. The company's business model is structured around three main reportable segments: Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. The Retirement and Income Solutions segment provides defined contribution and defined benefit plans, nonqualified executive benefit plans, and pension risk transfer services. Principal Asset Management offers global investment solutions across public and private assets to institutional, retirement, and retail investors. The Benefits and Protection segment delivers workplace protection products, including group life, disability, dental, and vision insurance. Revenue is primarily generated through asset management fees, administrative fees, insurance premiums, and investment income. Principal leverages its strong employer relationships and advisory distribution networks to generate recurring fee and premium income, positioning itself as a leader in the US SMB retirement plan market and a significant player in global asset management.
