Principal Financial Group is a diversified financial services company focused on three core businesses: retirement services, asset management, and employee benefits/insurance. All three businesses target a common customer base of small and medium-sized businesses and their employees. In retirement services, Principal administers employer-sponsored 401(k) and 403(b) plans and is one of the largest U.S. providers, serving over 42,000 defined contribution plans covering roughly 11.3 million eligible participants. Principal also writes pension risk transfer (PRT) contracts, assuming pension obligations from corporate sponsors in exchange for a single premium, and sells individual annuities. In asset management, Principal manages approximately $594B in assets through its Investment Management business and an additional ~$154B through International Pension operations in Latin America and Asia. In benefits and insurance, Principal offers group dental, life, disability, and supplemental health insurance to SMB employers, and sells individual life and disability insurance focused on business owners and executives. Principal earns revenue through three streams: asset-based and recordkeeping fees (the largest and most valuable), spread income on general account products like PRT and guaranteed investment contracts, and insurance premiums in its benefits business. Principal's growth strategy centers on deepening its retirement ecosystem by expanding into participant wealth management and advice, growing private markets AUM in real estate, infrastructure debt, and private credit, and continuing to bundle retirement, benefits, and insurance products to SMB employers to increase products per customer relationship.