Updated
The most significant concentration Principal Financial Group discloses is California commercial mortgage loans, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Principal Financial Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'Regional concentration of our commercial mortgage loan portfolio in California may subject us to losses attributable to economic downturns or catastrophes in that state'”
“10-K Item 1: 'with our partner with Banco do Brasil...the exclusive distribution rights of its pension accumulation and income annuity products through the Banco network until October 2032'”
The company's disclosed concentration profile combines a geographic loan-portfolio exposure and a distribution-channel dependency, both of which carry a medium-share disclosed size. The commercial mortgage loan portfolio has a regional concentration in California, a structural feature of where the company has historically deployed capital in the commercial real estate market; the filing specifically notes that this could subject the company to losses attributable to economic downturns or catastrophic events in that state, making it a geographic risk that is correlated with California-specific macro and insurance variables. The second exposure is a counterparty dependency on Banco do Brasil, through which the company distributes pension accumulation and income annuity products under an exclusive arrangement running through October 2032. This is a dependency in character: the relationship is governed by a formal distribution agreement, and the company's penetration of the Brazilian retirement savings market is channeled through a single banking partner rather than diversified across multiple distributors. A material deterioration in the partnership, a regulatory change affecting the bank's distribution capabilities, or a strategic shift by the partner would have direct consequences for that revenue stream. Neither exposure individually rises to a level that would dominate the investment profile, but together they introduce two geographically distinct medium-share risks — one in domestic real estate credit, one in an international distribution dependency — that would both warrant monitoring through different lenses and do not offset each other in a stress scenario.
For the engine’s reasoning on PFG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAMI | Acadian Asset Management Inc. | 1 | 2 | 1 | 4 |
| PFG● | Principal Financial Group Inc | 0 | 2 | 0 | 2 |
| APAM | Artisan Partners Asset Manageme | 0 | 1 | 2 | 3 |
| AMP | Ameriprise Financial, Inc. | 0 | 1 | 0 | 1 |
| AB | AllianceBernstein Holding L.P. | 0 | 0 | 1 | 1 |
| AMG | Affiliated Managers Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.