| Principal Financial Group, Inc. | |
| Type: | Public |
| Founder: | Edward Temple |
| Location City: | Des Moines, Iowa |
| Location Country: | U.S. |
| Area Served: | Global |
| Key People: | Daniel Houston (CEO) |
| Industry: | Insurance, Financial Services |
| Subsid: | Principal Mutual Fund |
| Products: | retirement planning insurance asset management |
| Revenue: | US$14.263 Billion (Fiscal Year Ended December 31, 2021)[1] |
| Operating Income: | US$2.084 Billion (Fiscal Year Ended December 31, 2021) |
| Net Income: | US$1.711 Billion (Fiscal Year Ended December 31, 2021) |
| Aum: | US$713.9 Billion (Fiscal Year Ended December 31, 2021) |
| Assets: | US$304.657 Billion (Fiscal Year Ended December 31, 2021) |
| Equity: | US$16.125 Billion (Fiscal Year Ended December 31, 2021) |
| Num Employees: | ~18,600 (As of December 31, 2022) |
Principal Financial Group, Inc. is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, U.S.
PFG was first founded under the name Bankers Life Insurance Company.[2] Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady.[3] The bank was founded in 1879 with Temple as president and Casady as vice president.[4]
Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.
The company employs roughly 9,000 people in Des Moines, Iowa, and owns and operates several buildings in the downtown area. The tallest, known as 801 Grand, is 45 stories tall (192m/630 ft),[5] and houses many other companies in addition to Principal.
As of March 2014, Principal employed 14,600 employees worldwide, with its Global Delivery center, Principal Global Services, in Pune, Maharashtra, India.[6]
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.[7]
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.[8]
In 2021, activist investor firm Elliott Investment Management took a stake in Principal, saying it will push for changes at the company.[9] Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its board of directors.[10]
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.[11]
Principal owns the naming rights to Principal Riverwalk, Principal Park and The Principal 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.[12]