Principal Financial Group provides retirement plan services, asset management and insurance products, with a particularly strong position in small and mid-sized business retirement plans in the United States. Its retirement services business helps employers establish and administer 401(k) and other workplace retirement plans, generating recurring fee revenue based on the assets held in the retirement plans it services. Principal also operates an asset management business and international operations serving retirement and investment needs in several other countries, giving the company revenue streams beyond its core U.S. retirement services business. The company's revenue is tied to overall stock and bond market performance, since asset-based fees rise and fall with the value of retirement plan assets under management, along with employment trends that affect how many workers are contributing to employer-sponsored retirement plans.