Principal Financial Group

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Principal Financial Group, Inc.
TypePublic
IndustryInsurance, Financial Services
Founded1879
FounderEdward Temple
Headquarters,
U.S.
Area served
Global
Key people
Daniel Houston (CEO)
Productsretirement planning
insurance
asset management
RevenueDecrease US$14.741 Billion (Fiscal Year Ended 31 December 2020)[1]
Increase US$1.693 Billion (Fiscal Year Ended 31 December 2020)[1]
Decrease US$1.428 Billion (Fiscal Year Ended 31 December 2020)[1]
AUMIncrease US$806.6 Billion (Fiscal Year Ended 31 December 2020)[1]
Total assetsIncrease US$296.627 Billion (Fiscal Year Ended 31 December 2020)[1]
Total equityIncrease US$16.617 Billion (Fiscal Year Ended 31 December 2020)[1]
Number of employees
~17,600 (2020)[2]
SubsidiariesPrincipal Mutual Fund
Websiteprincipal.com

Principal Financial Group is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, U.S.A.

Principal Financial Group in Hong Kong

Business operations[edit]

Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions.

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),[3] 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.[4]

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.[5]

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.[6]

In 2021, activist investor firm Elliott Management Group took a stake in Principal, saying it will push for changes at the company.[7] Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its Board of Directors.[8]

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 late 2015 in preparation for the company's new logo that debuted in 2016.[9]

Naming rights[edit]

Principal owns the naming rights to Principal Riverwalk, Principal Park and The Principal Charity Classic in Des Moines.

Management[edit]

On 20 August 2020, upon the retirement of Julia Lawler, Executive Vice President and Chief Risk Officer, upon 36 years with the organization, Principal Financial Group reported that Ken McCullum, Vice President and Chief Actuary, would become the new chief risk officer.[10]

See also[edit]

References[edit]

  1. ^ a b c d e f "Principal Financial Group 2020 Annual Report Results" (PDF). 31 December 2020. Retrieved 2021-06-12.
  2. ^ "Principal Financial | 2021 Fortune 500".
  3. ^ Emporis Building Listing for 801 Grand. http://www.emporis.com/en/wm/bu/?id=123036
  4. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-05-21. Retrieved 2012-05-21.CS1 maint: archived copy as title (link)
  5. ^ http://coolice.legis.iowa.gov/Cool-ICE/default.asp?Category=Matt&Service=lobpic&lobbyist=1712
  6. ^ "Principal closes $1.2 billion deal to buy Wells Fargo retirement business". Des Moines Register. Associated Press. Retrieved 2020-09-09.
  7. ^ Reuters Staff (2021-02-22). "Activist investor Elliott to buy stake in insurer Principal Financial: Bloomberg News". Reuters. Retrieved 2021-03-21.
  8. ^ "Principal Financial Group Announces Shareholder Value Initiatives". www.businesswire.com. 2021-02-22. Retrieved 2021-04-01.
  9. ^ "Even Cartoon Guys Plan for Retirement: The Principal Financial Group Bids Farewell to "Eddie" with Launch of #SeeYourRetirement Campaign". Principal Financial Group. Retrieved 2016-04-14.
  10. ^ "Principal Financial Group Appoints New Head of Global Risk". businesswire. 20 August 2020. Retrieved 23 August 2020.

External links[edit]