Principal Financial Group, Inc. (PFG) is a global financial services company that provides a diverse range of financial products and services through several key segments . The company offers retirement products, investment solutions, and insurance services, primarily targeting businesses and their employees . PFG's comprehensive suite of offerings allows it to maintain a strong market position and leverage synergies across its segments .
- Retirement and Income Solutions - Provides retirement products and services, including defined contribution plans, pension risk transfer, and individual annuities, primarily to businesses and their employees .
- Principal Asset Management - Offers global investment solutions across various asset classes to institutional, retirement, retail, and high net worth investors .
- Benefits and Protection - Focuses on insurance solutions, providing group dental, life, disability insurance, and supplemental health products, primarily targeting small-to-mid-sized businesses .
- Corporate - Manages capital not allocated to other segments and includes results from Principal Securities, Inc. .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel J. Houston ExecutiveBoard | Chairman, President, and CEO | Member of boards: Iowa Business Council, Greater Des Moines Partnership, Employee Benefits Research Institute, Partnership for a Healthier America, Community Foundation of Greater Des Moines. | Joined PFG in 1984; CEO since 2015; led transformation into a global investment management leader. | |
Amy Friedrich Executive | President, Benefits and Protection | None listed. | Joined PFG in 2000; oversees insurance businesses; expanded PFG's footprint in small and midsized workplace markets. | |
Christopher Littlefield Executive | President, Retirement and Income Solutions | None listed. | Joined PFG in 2020; previously EVP and General Counsel; led significant growth in Pension Risk Transfer business. | |
Deanna Strable Executive | President and COO (CEO effective Jan 2025) | None listed. | Joined PFG in 1990; previously EVP and CFO; instrumental in driving strategy and growth; set to become CEO in January 2025. | |
Joel Pitz Executive | Interim CFO | None listed. | Joined PFG in 1995; previously SVP and Controller; extensive experience in financial management and strategy execution. | |
Kamal Bhatia Executive | President and CEO, Principal Asset Management | None listed. | Joined PFG in 2019; previously COO of asset management; extensive leadership in asset management and private credit. | |
Kenneth McCullum Executive | EVP and Chief Risk Officer | None listed. | Joined PFG in 2015; previously SVP and Chief Risk Officer; extensive experience in risk management and actuarial leadership. | |
Natalie Lamarque Executive | EVP, General Counsel, and Secretary | None listed. | Joined PFG in 2022; previously General Counsel at New York Life; extensive legal and compliance expertise. | |
Thomas Cheong Executive | EVP and President, Principal Asia | None listed. | Joined PFG in 2015; oversees operations in Asia; extensive leadership in North Asia markets. | |
Vivek Agrawal Executive | EVP and Chief Growth Officer | None listed. | Joined PFG in 2023; previously Senior Partner at McKinsey; focuses on driving growth in retirement, asset management, and benefits. | |
Blair C. Pickerell Board | Board Member | Member of boards: Link REIT, Dah Sing Banking Group, First Pacific Company; Member of Tracker Fund of Hong Kong Supervisory Committee. | Director since 2015; extensive leadership in asset management and Asia-Pacific markets; fluent in Mandarin. | |
Clare S. Richer Board | Board Member | Member of boards: Bain Capital Specialty Finance, State Street Global Advisors SPDR ETF Funds; Trustee at University of Notre Dame. | Director since 2020; former CFO of Putnam Investments; extensive expertise in finance and governance. | |
Claudio N. Muruzabal Board | Board Member | Chief Business Officer at SAP; Member of Harvard Business School Association of Hong Kong. | Director since 2021; extensive leadership in technology and international operations; recognized as a top Hispanic IT professional. | |
Diane C. Nordin Board | Board Member | Member of boards: Fannie Mae, Antares Capital, Wellington Trust Company; Trustee at Financial Analysts Foundation and Financial Accounting Foundation. | Director since 2017; extensive experience in asset management and governance; former partner at Wellington Management. | |
Jocelyn Carter-Miller Board | Board Member | Member of boards: Arlo Technologies, Interpublic Group, Backblaze; involved in nonprofit boards. | Director since 2001; extensive marketing and operational leadership experience; recognized as a top corporate director. | |
Mary E. Beams Board | Board Member | CEO of Long-Term Stock Exchange; Member of Salesforce Global Advisory Board. | Director since 2021; extensive experience in financial services and ESG; former board member of BrightSphere Investment Group. | |
Scott M. Mills Board | Lead Director | None listed. | Director since 2016; Lead Director since 2020; President and CEO of BET Media Group; extensive experience in media and finance. |
- Can you elaborate on the measures you're taking to address the outflows in PGI, especially from lower fee and yield products, and how you plan to reverse this trend to improve net cash flows?
- With the slight uptick in participant withdrawal rates among older cohorts, particularly as the baby boomer generation enters peak retirement years, how do you anticipate this impacting your retirement business, and what strategies are you implementing to mitigate potential negative effects?
- Given the elevated severance costs in the RIS and PI segments during the quarter, should we anticipate further restructuring expenses in the near future, and how will this impact your operating margins and expense management initiatives?
- Despite the strong net cash flows in Principal International this quarter, can you discuss the sustainability of this performance considering potential FX headwinds and macroeconomic challenges in key markets like China and Southeast Asia?
- Since you expect lower real estate-related performance fees this year due to the nature of the current real estate cycle, how do you plan to compensate for this decrease to maintain earnings growth in Principal Asset Management?
Research analysts who have asked questions during PRINCIPAL FINANCIAL GROUP earnings calls.
Joel Hurwitz
Dowling & Partners Securities, LLC
4 questions for PFG
Ryan Krueger
KBW
4 questions for PFG
Suneet Kamath
Jefferies
4 questions for PFG
John Barnidge
Piper Sandler
3 questions for PFG
Thomas Gallagher
Evercore
3 questions for PFG
Alex Scott
Barclays PLC
2 questions for PFG
Francis Matten
BMO Capital Markets
2 questions for PFG
Jamminder Bhullar
JPMorgan Chase & Co.
2 questions for PFG
Wesley Carmichael
Autonomous Research
2 questions for PFG
Wilma Jackson Burdis
Raymond James
2 questions for PFG
Elyse Greenspan
Wells Fargo
1 question for PFG
Jack Matten
BMO Capital Markets
1 question for PFG
Jimmy Bhullar
JPMorgan Chase & Co.
1 question for PFG
Joshua Shanker
Bank of America Merrill Lynch
1 question for PFG
Michael Ward
Citi Research
1 question for PFG
Taylor Scott
BofA Securities
1 question for PFG
Wes Carmichael
Autonomous Research
1 question for PFG
Wilma Burdis
Raymond James Financial
1 question for PFG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Institutional Retirement & Trust (IRT) | 2019 | Completed acquisition for $1.2 billion in cash at closing with an additional earn-out of up to $150 million contingent on fee revenue retention through 2020, funded partly by $500 million of senior notes at 3.7% maturing in 2029. This strategic deal doubled Principal's U.S. retirement business by acquiring key capabilities in defined contribution, defined benefit, executive deferred compensation, and related services, also transitioning approximately 2,500 employees. |
Recent press releases and 8-K filings for PFG.
- $360 million forward-flow commitment from Cross River Bank’s Principal Finance Group to purchase Parafin’s assets, marking Parafin’s first off-balance sheet capital arrangement.
- Funding will bolster Parafin’s embedded finance platform, supporting working capital and business financing products for small businesses.
- Parafin has launched on Amazon, Walmart, DoorDash, and more, serving hundreds of thousands of merchants with over $14 billion in offers extended to date.
- Cross River’s Principal Finance Group provides credit facilities and asset purchase structures to scale innovative fintech platforms.
- The Principal Financial Well-Being Index climbed to 6.80 in August 2025 from 6.02 in April, but remains below 8.08 a year earlier, reflecting muted business confidence.
- 58% of U.S. businesses report that higher tariffs are negatively impacting their operations, with 70% of retail and 69% of manufacturing firms most affected.
- 68% of businesses have either already raised prices (33%) or plan to do so within the next year (35%) in response to tariffs.
- Businesses expressing caution or pessimism about the 12-month outlook rose to 46%, up from 29% in July 2024, highlighting elevated policy uncertainty.
- Sachem Head LP delivered a nomination notice on August 21 for four candidates to PFG’s Board at the 2025 Annual Meeting.
- PFG emphasized execution of its “PFG One” three-year plan, focusing on organic sales growth, people and culture, and technology-driven margin expansion.
- The Company reported strong fiscal 2025 results and provided fiscal 2026 revenue and EBITDA guidance in line with its three-year plan.
- Sachem Head’s nominees are Scott D. Ferguson, David A. Toy, R. Chris Kreidler, and Karen M. King.
- Fourth-quarter net sales rose 11.5% to $16.9 billion, gross profit improved 14.6% to $2.0 billion, and Adjusted EBITDA increased 19.9% to $546.9 million; diluted EPS fell 21.5% to $0.84 per share.
- Full-year net sales grew 8.6% to $63.3 billion, Adjusted EBITDA climbed 17.3% to $1.8 billion, and free cash flow was $704.1 million; diluted EPS declined 21.9% to $2.18.
- For fiscal 2026, the company expects net sales of $67 billion to $68 billion and Adjusted EBITDA of $1.9 billion to $2.0 billion.
- The board authorized a new $500 million share repurchase program, replacing the prior $300 million authorization, with $500 million available as of June 28, 2025.
- Management fees grew 4% and performance fees remained in line, while Specialty Benefits earnings increased 10% with 100 bps margin expansion; record nonqualified life sales supported strong Life Insurance sales
- Dental operating margin reached 15% (+100 bps) and Life Insurance premium fees rose 5%, though pretax operating earnings were $23 M; tax rate held at 18%
- Ended Q2 with $1.4 B of excess capital; returned $320 M to shareholders (share repurchases $150 M, dividends $170 M); reaffirmed full-year capital return target of $1.4–$1.7 B including $700–$1 B in share repurchases; announced $0.78 Q3 dividend (+8%)
- Joel was officially named CFO in May after serving as Interim CFO
- As of June 30, 2025, Principal Financial Group reported $752.7 billion in assets under management.
- $579.6 billion of AUM was managed by Principal Asset Management – Investment Management and $143.4 billion by Principal Asset Management – International Pension.
- This AUM disclosure precedes the Company’s quarterly earnings release; a detailed financial supplement is expected on or about July 28, 2025.
- The report highlights allocations in equity AUM (small, mid-cap, international, REIT) and fixed income AUM (high yield, preferred securities) amid market dislocations.
- 8-K filing details the annual shareholders meeting held on May 20, 2025, where director nominees were elected and advisory votes conducted.
- The report includes voting results for director elections, an executive compensation advisory vote, and the ratification of the independent auditor's appointment.
- Joel Pitz has been named Executive Vice President and Chief Financial Officer, effective immediately, succeeding Deanna Strable, as announced in the 8-K release.
- Pitz, a Principal veteran since 1995, most recently served as interim CFO and held roles including Senior Vice President, Controller, and CFO for international businesses.
- His compensation includes a base salary of $552,500, a target annual incentive of 200% of base salary, and a long-term incentive target of $2,348,125 in restricted stock units.
- Principal Financial Group reported Q1 2025 non‐GAAP operating earnings of $439 million ( ) versus $415M (), with EPS of $1.92 compared to $1.81, reflecting a 10% increase year-over-year.
- Capital returns totaled $370 million, including $200 million in share repurchases and $170–200 million in dividends, with the dividend raised to $0.76 for Q2 2025 ( ).
- Total company-managed AUM reached $718 billion, aided by a positive foreign exchange impact of $8 billion ().
- Strong performance in retirement and asset management segments was highlighted by $800 million in pension risk transfer volume and robust cash flows ().
- Additional key metrics included a 14.0% ROE, 84% TTM free cash flow, and deposit growth in core segments of 9%-12% ( ).
- 8-K filing dated April 17, 2025 by Principal Financial Group provides key updates on the company’s financial status.
- The report discloses $717.9 billion in assets under management as of March 31, 2025, with $555.8 billion managed domestically and $133.5 billion managed internationally.
- It highlights that a combination of foreign currency translation, market performance, and other factors contributed an approximate 1.4% positive impact on AUM.