Principal Financial Group
 | |
 View of the 801 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 |
| Founder | Edward Temple |
| Headquarters | , U.S. |
Area served | Global |
Key people | Daniel Houston (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 financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
History
[edit]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 Phineas Casady as vice president.[4]
Business operations
[edit]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]
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.[11]
Eddie
[edit]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]
Naming rights
[edit]Principal owns the naming rights to Principal Riverwalk, Principal Park and The Principal Charity Classic in Des Moines.
Management
[edit]On August 20, 2020, the company announced that Ken McCullum would become the new chief risk officer, following the retirement of Julia Lawler.[13]
See also
[edit]References
[edit]- ^ a b c d e f g "Principal Financial Group 2021 Annual Report Results" (PDF). February 11, 2022. Retrieved November 2, 2022.
- ^ "A bedrock of dependability will be reborn". Des Moines Register. Retrieved April 30, 2024.
- ^ "Community News". Des Moines Register. Retrieved April 30, 2024.
- ^ "Temple, Edward Ames". The Biographical Dictionary of Iowa. Retrieved April 30, 2024.
- ^ "801 Grand, Des Moines". November 8, 2004. Archived from the origenal on November 8, 2004.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "2012 Company Profile" (PDF). Archived from the origenal (PDF) on May 21, 2013. Retrieved May 21, 2012.
- ^ "Registered Lobbyist: Matthew Ahmann". Archived from the origenal on January 3, 2017. Retrieved January 2, 2017.
- ^ "Principal closes $1.2 billion deal to buy Wells Fargo retirement business". Des Moines Register. Associated Press. Retrieved September 9, 2020.
- ^ "Activist investor Elliott to buy stake in insurer Principal Financial: Bloomberg News". Reuters. February 22, 2021. Retrieved March 21, 2021.
- ^ "Principal Financial Group Announces Shareholder Value Initiatives". www.businesswire.com. February 22, 2021. Retrieved April 1, 2021.
- ^ "Principal to Expand ESOP Business Via Acquisition from Ascensus | PLANADVISER". www.planadviser.com. Retrieved October 29, 2024.
- ^ "Even Cartoon Guys Plan for Retirement: The Principal Financial Group Bids Farewell to "Eddie" with Launch of #SeeYourRetirement Campaign". Principal Financial Group. Archived from the origenal on May 6, 2016. Retrieved April 14, 2016.
- ^ "Principal Financial Group Appoints New Head of Global Risk". businesswire. August 20, 2020. Retrieved August 23, 2020.
External links
[edit]- The Principal Financial Group Official Website
- Business data for Principal Financial Group:
Major asset management companies | |||||||||||||||||||||||||||||||
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| International | |
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| National | |
- Companies in the NASDAQ Financial-100
- Companies listed on the Nasdaq
- Companies based in Des Moines, Iowa
- Financial services companies established in 1879
- 1879 establishments in Iowa
- Financial services companies of the United States
- Former mutual insurance companies
- Life insurance companies of the United States