Principal Financial Group (PFG) UBS Financial Services Conference summary

Business scope and strategic focus

• Benefits and protection includes all insurance businesses, with a strong emphasis on specialty and group benefits, and a shift toward business market life insurance solutions.

• Affiliated distribution and broker-dealer operations support securities, mutual funds, annuities, and retirement business.

• Over 100,000 employer relationships in the small and mid-sized workplace segment, a key driver of U.S. job growth.

Product and distribution differentiation

• Expanded from core employer-paid products to a broad voluntary portfolio, including critical illness, hospital indemnity, and paid family medical leave.

• Distribution is wholesaler-driven, focused on regional relationships in the SMB market, with minimal concentration risk by industry or geography.

• Emphasis on knowledge worker content across industries, avoiding heavy exposure to manufacturing, retail, or government sectors.

Customer retention and technology

• Broker and advisor recommendations are crucial, especially for groups under 100 employees, influencing over 90% of decisions.

• Technology investments enable efficient data sharing and administrative support for employers lacking dedicated HR staff.