 | |
 View of the801 Grand. The headquarters of its owner, Principal Financial Group is in the foreground at 711 High Street. | |
| Company type | Public |
|---|---|
| Industry | Insurance, Financial Services |
| Founded | 1879; 147 years ago (1879) |
| Founder | Edward Temple |
| Headquarters | , U.S. |
Area served | Global |
Key people | Deanna Strable-Soethout (CEO) |
| Products | retirement planning insurance asset management |
| Revenue |  US$14.263 Billion(Fiscal Year Ended December 31, 2021)[1] |
 US$2.084 Billion(Fiscal Year Ended December 31, 2021)[1] | |
| US$1.711 Billion(Fiscal Year Ended December 31, 2021)[1] | |
| AUM | US$713.9 Billion(Fiscal Year Ended December 31, 2021)[1] |
| Total assets | US$304.657 Billion(Fiscal Year Ended December 31, 2021)[1] |
| Total equity | US$16.125 Billion(Fiscal Year Ended December 31, 2021)[1] |
Number of employees | ~18,600(As of December 31, 2022)[1] |
| Subsidiaries | Principal Mutual Fund |
| Website | principal |
Principal Financial Group, Inc. (PFG) is an American global financialinvestment management andinsurance company headquartered inDes Moines, Iowa, United States.
PFG was first founded under the name Bankers Life Insurance Company.[2] Bankers Life Insurance Company was founded by wealthy Des Moines bankers, includingEdward Temple,Simon Casady, andPhineas M. Casady.[3] The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.[4]
In 2019, Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business) for $1.2 billion. The deal was financed with cash and senior debt financing.[5]
In 2021, activist investor firmElliott Investment Management took a stake in Principal, saying it will push for changes at the company.[6] Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its board of directors.[7]
In 2024, Principal agreed to acquire the employee stock-option plan (ESOP) business from Ascensus. The transaction was expected to add 800 plans and over 165,000 participants to Principal's book of business.[8]
Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.
As of December 2021, Principal employed 18,600 employees worldwide, with 7,100 of those based outside the U.S.[1] The company employs roughly 9,000 people inDes Moines, Iowa, and owns and operates several buildings in the downtown area. The tallest, known as801 Grand, is 45 stories tall (192m/630 ft),[9] and houses many other companies in addition to Principal. Its Global Delivery center, Principal Global Services, inPune,Maharashtra,India.[10]
Principal also has a lobbyist registered in the Iowa Legislature since December 2016. He is designated to lobby the Executive Branch of the Government of Iowa.[11]
Eddie was the lead and central character in the marketing campaign of the Principal Financial Group from 2005 to 2015. Eddie's television and print ads often depicted him facing challenges and using the Principal Edge logo to solve his financial, business, and everyday life problems. Eddie retired in 2015 in preparation for the company's new logo that debuted in 2016.[12]
Principal owns the naming rights toPrincipal Riverwalk,Principal Park and ThePrincipal Charity Classic in Des Moines.
On August 20, 2020, the company announced that Ken McCullum would become the new chief risk officer, following the retirement of Julia Lawler.[13]
In January 2025, Deanna Strable succeeded Dan Houston as the firm's President and CEO. Previously Strable had served as President and Chief Operating Officer. As part of the transition, Houston was named Executive Chair of the Board of Directors.[14]
| International | |
|---|---|
| National | |
