Principal Financial Group
|Industry||Insurance, Financial Services|
|Daniel Houston (CEO)|
|Products||retirement planning |
|Revenue||US$14.741 Billion (Fiscal Year Ended 31 December 2020)|
|US$1.693 Billion (Fiscal Year Ended 31 December 2020)|
|US$1.428 Billion (Fiscal Year Ended 31 December 2020)|
|AUM||US$806.6 Billion (Fiscal Year Ended 31 December 2020)|
|Total assets||US$296.627 Billion (Fiscal Year Ended 31 December 2020)|
|Total equity||US$16.617 Billion (Fiscal Year Ended 31 December 2020)|
Number of employees
|Subsidiaries||Principal Mutual Fund|
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), and houses many other companies in addition to Principal.
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.
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.
In 2021, activist investor firm Elliott Management Group took a stake in Principal, saying it will push for changes at the company. Talks with Elliott resulted in the February 2021 announcement of two new independent directors to its Board of Directors.
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.
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.
- "Principal Financial Group 2020 Annual Report Results" (PDF). 31 December 2020. Retrieved 2021-06-12.
- "Principal Financial | 2021 Fortune 500".
- Emporis Building Listing for 801 Grand. http://www.emporis.com/en/wm/bu/?id=123036
- "Archived copy" (PDF). Archived from the original (PDF) on 2013-05-21. Retrieved 2012-05-21.CS1 maint: archived copy as title (link)
- "Principal closes $1.2 billion deal to buy Wells Fargo retirement business". Des Moines Register. Associated Press. Retrieved 2020-09-09.
- Reuters Staff (2021-02-22). "Activist investor Elliott to buy stake in insurer Principal Financial: Bloomberg News". Reuters. Retrieved 2021-03-21.
- "Principal Financial Group Announces Shareholder Value Initiatives". www.businesswire.com. 2021-02-22. Retrieved 2021-04-01.
- "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.
- "Principal Financial Group Appoints New Head of Global Risk". businesswire. 20 August 2020. Retrieved 23 August 2020.