Skip to Content
Employees gathered in a conference room to collaborate.

With a strong emphasis on customer-centricity, we continue to focus on areas where our businesses intersect to meet new and evolving needs, across both our customer base and our markets.

This integration helps us serve our customers more holistically, drive innovation and product development, and build greater efficiency in our operations.

Growing our capabilities

We introduced proprietary investment solutions to retirement plan prospects and clients. In 2022, working closely with the sales and customer care teams, we increased the use of Principal Asset ManagementSM investment alternatives for new retirement customers across all client segments for the first time in 10 years. This collaborative effort also helped existing clients replace third-party asset managers with a Principal® investment alternatives for a total of $1.4 billion in 2022.

In May 2022, we hired Owais Rana to lead our liability-driven investing (LDI) solutions in Principal Asset Management. This is an opportunity to combine our industry-leading pension servicing capabilities within our U.S. pension business with Rana’s deep investment and risk management expertise. With a continued focus on higher growth opportunities, the LDI segment offers an opportunity to scale a powerful retirement offering.

Deepening customer relationships

In our Benefits and Protection business, we’re seeing more non-qualified (NQ) deferred compensation and business owner solution sales that are a direct result of customers having another retirement product with us. We saw record NQ corporate-owned life insurance sales in 2022, with approximately half from customers who have retirement plan services with Principal. Our strategic focus on the business market has created the opportunity to build long-term, multi-product relationships with customers through integrated solutions.

Improving customer experience

Our customer experience teams are building capabilities to deliver more consistent and modern digital experiences for our individual retirement and insurance customers. This multi-year transformation is guided by listening to our customers and doing our research. Customers are helping us better understand what they need across their life stages. They’re clear that our industry can make concepts easier to understand, use less jargon, and support their decision making. Simplifying the customer experience while improving operational efficiencies is a strategic priority across all our businesses.

Launching new products

We launched new buffer fund investment options within our variable annuity business to help customers balance the need to manage risk while building and protecting savings in Retirement and Income Solutions. Principal Asset Management and RIS collaborated on this product providing savers the ability to accumulate on the upside per agreement, while buffering against some investment loss—and at a competitive cost. These investment options were designed for an environment where inflationary pressures, rising interest rates, and fears of a recession can lead to market uncertainty.

A multi-year effort by Principal Malaysia and Principal Asset Management led to the launch of Principal RetireEasy funds, a first-of-its-kind target date fund to help investors save for retirement. Together, they educated regulators and the industry on the benefits of target date funds for Malaysians who want a simple way to save for the long term until they have a need for income in retirement.

The interconnectedness of our businesses, each with specific areas of expertise, is critical. These collaborative efforts help strengthen and deepen our relationship with customers by addressing a variety of their financial needs, making them more likely to stay with Principal and consider additional products and services designed to help them build a brighter future.

Business underwriting programs from Principal are subject to change without notice. Current guidelines/conditions may be modified solely at our discretion based on the individual characteristics of each case.

The buffer funds have characteristics unlike many other traditional investment products and may not be suitable for all investors.

Not all products or investment options are available to investors in all jurisdictions.

Principal Asset ManagementSM is a trade name of Principal Global Investors, LLC. Principal Global Investors leads global asset management and is a member of the Principal Financial Group®.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Annuity products and services are offered through Principal Life Insurance Company. Principal Variable Contracts Funds are distributed by Principal Funds Distributor, Inc. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. ©2023 Principal Financial Services, Inc.


This report contains forward-looking statements. Actual results may differ materially from the results anticipated in these forward-looking statements. For a complete explanation, and a list of the risks, uncertainties, and factors that could cause or contribute to such material differences, see our forward-looking and cautionary statements.