# Principal Financial Group

**Source:** https://geo.sig.ai/brands/principal-financial-group  
**Vertical:** Consumer Finance  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** principal.com  
**Last Updated:** 2026-04-14

## Summary

Des Moines retirement and asset management (NASDAQ: PFG) at $16.13B 2024 revenue (+18%), $753B AUM; new CEO Deanna Strable (Jan 2025), Ascensus ESOP acquisition (2024), $1.7T AUA competing with Empower for mid-market 401(k).

## Company Overview

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.

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).

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.

## Frequently Asked Questions

### What does Principal Financial Group do?
Principal Financial Group is a global financial services company that provides retirement solutions, investment management, and insurance products to businesses, individuals, and institutional clients. The company operates through three main segments: Retirement and Income Solutions (401(k) plans, pension services, IRAs), Principal Asset Management (equity, fixed income, real estate investments), and Benefits and Protection (dental, vision, life, and disability insurance). With $753 billion in assets under management and $1.7 trillion in assets under administration, Principal serves approximately 61 million customers worldwide.

### When was Principal Financial Group founded?
Principal Financial Group was founded on July 1, 1879, in Des Moines, Iowa, by Edward Temple and Simon Casady as The Bankers Life Association. The company was established to provide inexpensive and dependable life insurance protection for bankers and their employees. In 1986, the company changed its name to Principal Financial Group to reflect its expanded range of financial services beyond traditional life insurance.

### Where is Principal Financial Group headquartered?
Principal Financial Group is headquartered in Des Moines, Iowa, United States, where it has been based since its founding in 1879. The company maintains this headquarters while operating globally with approximately 20,000 employees serving customers in multiple countries across North America, Latin America, and Asia.

### Who are Principal Financial Group's customers?
Principal serves approximately 61 million customers worldwide, including businesses of all sizes (from small businesses to large enterprises), individual consumers planning for retirement, institutional clients such as pension funds, and participants in employer-sponsored retirement plans. The company's diverse customer base spans multiple segments including retirement plan sponsors, individual investors, employees covered by group insurance, and institutional investors seeking asset management services.

### What is Principal Financial Group's market position?
Principal is a recognized leader in the U.S. retirement plan market and ranks among the Fortune 500 companies. The company is consistently ranked among the top providers in pension risk transfer, placing fourth in sales and third by contract count in 2024. With $753 billion in assets under management (as of Q2 2025) and a market capitalization of approximately $18.3 billion, Principal competes with major players like Fidelity, Vanguard, MetLife, Prudential Financial, and Empower Retirement.

### Who are Principal Financial Group's main competitors?
Principal's key competitors vary by business segment. In retirement services, main competitors include Fidelity, Vanguard, and Empower Retirement. In insurance, competitors include MetLife, Prudential Financial, and Northwestern Mutual. In asset management, Principal competes with BlackRock, Capital Group, and State Street Global Advisors. The company also faces emerging competition from FinTech companies offering innovative digital platforms and services.

### How much revenue does Principal Financial Group generate?
Principal Financial Group reported annual revenue of $16.13 billion in fiscal year 2024, representing 18% growth over 2023. The company generated net income of $1.57 billion in 2024, up 152% from the prior year. For fiscal 2024, the company reported diluted net earnings per share of $6.02, with core net earnings per share of $6.59 (up 12% year-over-year). Principal generated operating cash flow of $19.8 billion and returned over $14 billion to shareholders through dividends and share repurchases.

### What makes Principal Financial Group different from competitors?
Principal differentiates itself through its comprehensive platform combining retirement solutions, asset management, and insurance products under one roof. The company's award-winning retirement solutions, strong performance in pension risk transfer (top 4 provider), and expertise in ESOP administration set it apart. Principal's collaborative culture prioritizing diversity, equity, and inclusion, along with recognition as one of the 2024 World's Most Ethical Companies, demonstrates its commitment to doing business the right way. The company's holistic approach to financial security and 145+ year track record of stability provide unique value to customers.

### How can I contact Principal Financial Group?
You can contact Principal Financial Group through their official website at www.principal.com, which provides contact options for different services and customer types. For retirement plan participants, contact information is typically provided through your employer's benefits portal. For general inquiries, business services, or investor relations, specific contact information can be found on their website. Principal also maintains customer service phone lines for different product lines and services.

### Is Principal Financial Group hiring?
Yes, Principal Financial Group actively hires for positions across its global operations. With approximately 20,000 employees worldwide, the company regularly recruits for roles in financial services, technology, customer service, sales, and corporate functions. Career opportunities can be explored at careers.principal.com. Principal is recognized as a "Best Place to Work in Money Management" and offers competitive benefits, flexible work arrangements, and a collaborative culture that prioritizes diversity, equity, and inclusion.

### What is the latest news about Principal Financial Group?
Recent major developments include Deanna Strable becoming President and CEO on January 7, 2025, after 35 years with the company; Joel Pitz being appointed CFO in May 2025; the announcement of a $1.5 billion share repurchase authorization in February 2025; and the agreement to acquire Ascensus's ESOP business, which will add 800 plans and over 165,000 participants. The company also reported strong 2024 results with $16.13 billion in revenue (18% growth) and continues to expand its retirement and asset management businesses.

### What are Principal Financial Group's future plans?
Principal's strategic priorities include continuing organic growth in retirement services with recurring deposit growth of 7% and transfer deposit growth of 16% targeted; completing the Ascensus ESOP business acquisition to expand market leadership; growing Principal Asset Management with a goal to increase AUM beyond the $559 billion achieved in 2024; expanding specialty benefits with continued 7%+ premium growth; and maintaining financial strength through disciplined capital management including the $1.5 billion share repurchase program. The company also focuses on digital transformation and enhancing customer experience across all platforms.

## Tags

b2c, fintech, public

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*