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Company Overview
About Principal Financial Group
Principal Financial Group, Inc. is a Des Moines, Iowa-based financial services company — publicly traded on NASDAQ (NASDAQ: PFG) as an S&P 500 Financials component — providing retirement savings, asset management, and group insurance and benefits to 61 million customers worldwide through approximately 20,000 employees with $753 billion in assets under management (AUM) as of Q2 2025, $1.7 trillion in assets under administration, and $16.13 billion in 2024 annual revenue (up 18% year-over-year) with net income of $1.57 billion. Founded in 1879 as The Bankers Life Association by Edward Temple and Simon Casady to provide affordable life insurance to Iowans, Principal demutualized and completed its IPO in 2001. Deanna Strable became President and CEO in January 2025 (succeeding Dan Houston), with Joel Pitz named CFO. Principal operates through three segments: Retirement and Income Solutions (RIS — 401(k), 403(b), defined benefit plans, nonqualified executive benefits, pension risk transfer, and individual retirement products), Principal Asset Management (equity, fixed income, real estate, and alternative investments for institutional clients), and Benefits and Protection (group dental, vision, life, and disability insurance). Key acquisitions include AFP Cuprum (Chilean pension, $1.5B, 2012), Wells Fargo's institutional retirement and trust business ($1.2B, 2019, adding 401(k)/pension/ESOP plans), and the 2024 agreement to acquire Ascensus's ESOP business (800 plans, 165,000+ participants). Principal's market capitalization stands at approximately $18.3 billion.
Business Model & Competitive Advantage
Principal's retirement and asset management model addresses the retirement plan and group benefits administration complexity that employers face when managing benefits for diverse workforces: a 1,000-employee mid-market company offering a 401(k) with employer matching, dental/vision insurance, group life, and long-term disability requires a plan administrator that handles discrimination testing, Form 5500 filing, participant loan administration, investment menu governance, and benefits enrollment — complexity that exceeds what a small HR team can manage with generic payroll software. Principal's bundled retirement platform (combining the 401(k) record-keeping, investment management, fiduciary services, and group benefits administration in a single provider relationship) simplifies the benefits ecosystem for mid-market employers while creating the high-retention characteristics of integrated benefit plan administration (mid-market companies rarely switch 401(k) providers because the transition requires participant communication, investment mapping, and loan conversion that disrupts employees).
Competitive Landscape 2025–2026
In 2025, Principal Financial competes in the US retirement plan administration, group benefits, and institutional asset management market with Fidelity Investments (private, $11.8T AUM, dominant 401(k) record-keeper), Voya Financial (NYSE: VOYA, $300B AUM, retirement and benefits), and Empower Retirement (private, Great-West/Empower, $1.6T AUM) for mid-market and large employer retirement plan contracts, pension risk transfer mandates, and group insurance benefit renewals. The Wells Fargo institutional retirement acquisition (2019) accelerated Principal's scale in the 401(k) market by adding institutional clients that Principal's mid-market heritage had not penetrated. The Ascensus ESOP acquisition (2024) adds employee stock ownership plan expertise — a niche benefit that growing private companies use as a succession and employee ownership tool and where Principal can leverage its benefit administration infrastructure. The 2025 strategy under CEO Deanna Strable focuses on growing Principal Asset Management's alternative investments capabilities (real estate, infrastructure, private credit), expanding the pension risk transfer business as defined benefit plans seek to offload liability to insurers, and deepening group benefits cross-sell into existing retirement plan clients.
The Principal Financial Group Story
Founders
Recent Activity
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Major milestones in Principal Financial Group's journey
Leadership Team
Meet the leaders behind Principal Financial Group
Deanna Strable
Deanna Strable became President and CEO effective January 7, 2025, after serving as President and COO since August 2024 and CFO from 2017 to 2024. She has cultivated a breadth and depth of experience during her 35 years with Principal, bringing deep expertise in finance, operations, and strategy to her role as the company's leader.
Dan Houston
Dan Houston serves as Executive Chair after leading Principal as President and CEO from 2015 to 2025. During his 40 years with the company, he has held several leadership positions and guided Principal through significant growth and transformation, including major acquisitions and international expansion.
Joel Pitz
Joel Pitz was appointed as Executive Vice President and Chief Financial Officer effective May 20, 2025. He succeeded Deanna Strable in the CFO role and brings extensive financial expertise to guide Principal's financial strategy and operations during a period of continued growth.
Key Differentiators
Market Leader
Principal Financial Group is recognized as a market leader in the Consumer Finance sector, demonstrating strong industry presence and customer trust.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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