---
title: "Principal Financial: Business Model"
description: "Principal Financial Group revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/principal-financial-group/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Principal Financial Group: Business Model & Revenue Engine

## Direct Answer

Principal Financial Group reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Segment Retirement and Income Solutions is the largest, with $8.2 billion of revenue (52% of the total), followed by Segment Benefits and Protection at $5.0 billion (32%).

## How Does Principal Financial Group Make Money?

No single line supplies a majority of revenue: the largest, Segment Retirement and Income Solutions, is 52%, which spreads Principal Financial Group's exposure across several demand drivers. Between fiscal 2024 and 2025, Segment Corporate grew fastest (+31.8%) and Segment Principal Asset Management slowest (+0.7%), so the revenue mix tilts toward Segment Corporate while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Segment Retirement and Income Solutions | $8.2 billion | $8.0 billion | 52.4% | 2.6% |
| Segment Benefits and Protection | $5.0 billion | $4.8 billion | 31.8% | 3.7% |
| Segment Principal Asset Management | $2.8 billion | $2.8 billion | 18.0% | 0.7% |
| Segment Corporate | $101 million | $77 million | 0.6% | 31.8% |

![Bar chart of Principal Financial Group revenue by segment for fiscal 2025: Segment Retirement and Income Solutions 52.4%, Segment Benefits and Protection 31.8%, Segment Principal Asset Management 18.0%, Segment Corporate 0.6%.](https://www.getswoopr.com/images/charts/principal-financial-group-business-model-segment-mix.webp)
*Principal Financial Group revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 103% of Principal Financial Group's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Principal Financial Group reported in the segment note and revenue disclosures of its Form 10-K filed February 18, 2026 (accession 0001104659-26-017031), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Principal Financial Group's business segments?

In its fiscal 2025 Form 10-K, Principal Financial Group reports revenue for Segment Retirement and Income Solutions, Segment Benefits and Protection, Segment Principal Asset Management and Segment Corporate.

### Which part of Principal Financial Group brings in the most revenue?

Segment Retirement and Income Solutions, with $8.2 billion of revenue in fiscal 2025, or 52% of the total.

### Where does Principal Financial Group report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 18, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: PRINCIPAL FINANCIAL GROUP INC Form 10-K filed February 18, 2026](https://www.sec.gov/Archives/edgar/data/1126328/000110465926017031/pfg-20251231x10k.htm)
- [SEC EDGAR: PRINCIPAL FINANCIAL GROUP INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1126328&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Principal Financial Group company dossier](https://www.getswoopr.com/stocks/companies/principal-financial-group/)
- [Principal Financial Group financial metrics](https://www.getswoopr.com/stocks/companies/principal-financial-group/metrics/)
- [Principal Financial Group financial risk indicators](https://www.getswoopr.com/stocks/companies/principal-financial-group/risks/)
- [Principal Financial Group peer comparison](https://www.getswoopr.com/stocks/companies/principal-financial-group/competitors/)
- [Principal Financial Group business model and revenue mix](https://www.getswoopr.com/stocks/companies/principal-financial-group/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).