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Principal Financial Group

Principal Financial Group, Inc. (PFG) is a multinational financial services company headquartered in Des Moines, Iowa, that provides retirement and income solutions, asset management, insurance, and related financial products to individuals, businesses, and institutional clients worldwide. Founded in 1879 as an insurance association for bankers, the company has evolved into a Fortune 500 member with operations in 27 nations across Asia, Australia, Europe, Latin America, the Middle East, and North America, employing nearly 20,000 people and serving over 70 million customers. The company's core business segments include Retirement and Income Solutions, which offers defined contribution plans like 401(k)s, individual retirement accounts (IRAs), and annuities; Principal Global Investors, providing investment management for institutional, retirement, and retail investors with approximately $784 billion in assets under management as of September 2025; Principal International, offering pension and retirement solutions in global markets outside the U.S.; and Benefits and Protection Services, delivering group life, disability, and other insurance products. Principal also oversees approximately $1.8 trillion in assets under administration, supporting its mission to help clients plan, protect, invest, and retire. Key milestones include its initial focus on affordable life insurance, expansion into global markets starting in the 1990s, demutualization and public listing on the New York Stock Exchange in 2001, and the 2019 acquisition of Wells Fargo's institutional retirement business to bolster its U.S. position. Under current leadership, including Chair, President, and CEO Deanna Strable appointed in 2025, Principal continues to emphasize diversified growth and financial well-being amid evolving global economic conditions.

History

Founding and early development

Principal Financial Group traces its origins to July 1, 1879, when Edward A. , a banker from , founded the Association in . The organization was established to provide affordable and dependable protection specifically for bankers and their employees, operating under a mutual assessment model where policyholders were also the owners. , along with associates including Casady, invested an initial $1,500 to launch the venture, issuing its first policy to himself shortly after incorporation in June 1879. The mutual structure enabled steady early growth, expanding beyond bankers to serve broader employee groups by the early 1900s. By 1889, the association had $29 million in memberships in force, necessitating a relocation to larger facilities in Des Moines. On October 27, 1911, the entity reorganized as a mutual legal reserve company and changed its name to Company, with assets totaling $17 million at the time. During the , the company broadened its offerings by entering the group insurance market, targeting small and midsize businesses, while also introducing accident and products; this period saw insurance in force rise to $925 million by , supported by direct-mail and an effective sales force. The onset of the in the 1930s tested the company's resilience, but it adapted through conservative investment strategies, including mortgages and government bonds, which sustained growth amid widespread economic hardship. To aid policyholders, implemented the Grant of Possession program, enabling farmers with outstanding farm loans to lease their properties rent-free from the company while remaining as tenants and continuing operations. By 1940, these measures had propelled assets to $251.5 million and the workforce to over 500 employees, underscoring the organization's foundational stability up to the mid-20th century.

Expansion and diversification

Following , Principal Financial Group, then operating as Bankers Life Company, expanded its offerings to meet growing demand for security amid economic recovery and regulatory changes. In 1941, introduced its first pension plan, responding to wartime wage and that encouraged employers to provide non-monetary benefits like savings. This initiative marked the beginning of its asset accumulation activities, which grew rapidly as acquired pension assets from other firms and developed group products in the and to support employer-sponsored plans. By 1954, active in force had surpassed $2 billion, reflecting the scale of this diversification into and income solutions. The 1960s and 1970s saw further product innovation and entry into new markets, bolstering the company's position in insurance and investments. In 1968, Bankers Life formed Bankers Life Equity Services to offer mutual funds, signaling its initial foray into asset management services. The company also expanded group health and life insurance, introducing dental and vision coverage in the late 1960s to address comprehensive employee benefits needs. By the 1970s, following the Employee Retirement Income Security Act (ERISA) of 1974, Principal began offering property and casualty insurance alongside adjustable life policies, which accounted for 40% of new individual sales by 1979. In 1982, it launched the Principal U.S. Property Account, establishing a dedicated real estate investment vehicle that diversified its portfolio beyond traditional insurance. The 1980s brought significant rebranding and operational growth, culminating in a broader identity. In 1984, Principal introduced products to capitalize on emerging tax-advantaged options. The following year, in 1985, the company rebranded as Principal Mutual Company (later Principal Financial Group), with total assets reaching $14.9 billion by the decade's end, up from approximately $10 billion earlier in the . This period solidified its expertise in and , as investments in these areas grew to support and portfolios. As the 1990s approached, Principal turned toward international diversification to extend its reach beyond the U.S. market. In 1990, it launched Principal International, initiating operations in and to offer and products in emerging economies. This expansion built on domestic financial growth, positioning the company for global opportunities while maintaining focus on core lines.

Demutualization and recent milestones

In 2001, Principal Financial Group transitioned from a mutual company to a stock life insurance company through , effective October 26, which enabled it to become a publicly traded entity. This restructuring culminated in an on the under the PFG, with shares closing at $18.50 and opening at $20.50 on the first trading day. As part of the process, eligible policyholders received distributions of , , or policy credits in for their membership interests, aligning the company's structure with broader capital market access. During the 2000s and , Principal pursued strategic acquisitions and international expansions to diversify its operations. In the real estate sector, the company bolstered its capabilities through targeted purchases, contributing to its growth in . For , Principal established key joint ventures to tap into emerging markets, including a with Group in starting in 2004, which expanded operations across , , , and . This was followed by a with in 2005 to offer mutual funds and services, enhancing its foothold in . By 2006, Principal also opened Principal Global Services in to support round-the-clock operations and geographic diversification. In 2019, the company acquired Wells Fargo's institutional retirement and trust business, enhancing its retirement solutions segment in the United States. Post-2020, Principal emphasized digital transformation to improve customer experiences and operational efficiency, including investments in multicloud infrastructure and customer data platforms for personalized services. The company also intensified its focus on sustainable investing, integrating environmental, social, and governance factors into its portfolios to deliver competitive returns while addressing global challenges like climate risk. These efforts supported robust financial performance, with assets under management reaching $784 billion by the third quarter of 2025. In that quarter, pre-tax operating earnings rose by $64.2 million, and net revenue grew by $72.3 million, reflecting strong enterprise-wide momentum. Additionally, Principal earned recognition as one of the 2025 World's Most Ethical Companies by Ethisphere, marking its commitment to integrity in business practices.

Business operations

Retirement and Income Solutions

The Retirement and Income Solutions segment of Principal Financial Group provides a range of U.S.-based retirement products and services designed to support accumulation and distribution phases for employers and individuals. Core offerings include defined contribution plans such as 401(k) and 403(b) plans, which facilitate automatic payroll deductions and potential employer matching to promote long-term savings growth. The segment also encompasses defined benefit pension plans, which help employers manage liabilities and ensure predictable retirement benefits for employees, as well as individual retirement accounts (IRAs) that allow personal contributions with tax-deferred growth. In the second quarter of 2025, transfer deposits in this segment rose 8% year-over-year, reflecting strong inflows from employer-sponsored plans and individual rollovers. Principal targets small and mid-sized businesses as its primary market, serving over 130,000 employer clients with tailored solutions to enhance and financial security. These offerings include tools for financial wellness, such as educational resources and planning calculators, which help participants track progress toward goals and address gaps in savings. The focus on this market segment allows Principal to provide scalable administration services, including automated enrollment and compliance support, to businesses that may lack in-house expertise. In the third quarter of 2025, the segment reported pre-tax operating earnings of $315 million, marking an 8% increase from the prior year, driven by 4% net revenue growth and a 42% . This performance underscores the segment's stability amid market fluctuations, with benefiting from integration with Principal's broader capabilities to deliver customized investment portfolios aligned with retirement objectives. Innovations in the segment emphasize digital platforms for efficient plan administration, including the adoption of advanced technology solutions to streamline recordkeeping, participant engagement, and compliance reporting for employers. Additionally, income annuities such as the Principal Lifetime Income Solutions II variable annuity address longevity risk by providing guaranteed lifetime withdrawal benefits, ensuring steady income streams for retirees facing extended lifespans. These products incorporate optional riders like the Secure Income Protector to protect against market volatility while supporting tax-deferred accumulation.

Principal Global Investors

Principal Global Investors serves as the asset management arm of Principal Financial Group, overseeing a diverse of strategies for clients worldwide. As of September 30, 2025, it manages $601.6 billion in , reflecting a 5% increase from the prior year driven by market appreciation and net inflows. The division, led by President and CEO Kamal Bhatia since 2024, specializes in equities, , , and alternative investments, delivering tailored solutions through specialized teams. The firm's investment approach combines active and to optimize returns and risk-adjusted performance across . A key emphasis is placed on (ESG) factors, which are integrated into analytical frameworks for all actively managed strategies to align with client values and regulatory trends. is primarily generated from management fees on third-party client assets, supporting a model that prioritizes long-term responsibility. Growth in recent years has been bolstered by strategic enhancements, including the 2023 integration of global asset management and international capabilities into a unified structure under , which expanded expertise in public and private markets. In the third quarter of 2025, pre-tax operating earnings reached $173.5 million, up 9% from the year-ago period, supported by higher fees from elevated AUM. Principal Global Investors caters to a broad client base, including institutional investors, retirement plans, and high-net-worth individuals seeking diversified, research-driven portfolios. With over 1,100 investment professionals operating from more than 40 offices across 25 global markets, the firm provides localized insights while maintaining a unified investment philosophy. Its strategies complement Principal Financial Group's retirement products by offering seamless investment options for plan participants.

Principal International

Principal International, a segment of Principal Financial Group, manages retirement and pension solutions outside the , with a primary focus on emerging markets in and . The division operates in key countries including , , and in , as well as , , , and Southeast Asian nations through subsidiaries and joint ventures. Principal entered international markets in the , launching Principal International in 1990 to address global retirement needs, and by 2004, it had established operations in 10 countries across , , , and . In Latin America, Principal has built a significant presence tailored to local regulatory environments, particularly in mandatory pension systems. The company adapted to Chile's privatized pension framework, established in 1981, by acquiring AFP Cuprum in 2013, which manages mandatory individual capitalization accounts and serves millions of affiliates with assets under management exceeding $30 billion at the time of acquisition. Operations in Mexico and Brazil, expanded during the 2000s, emphasize similar pension administration and voluntary savings plans, overseen by regional leadership including Executive Vice President Pablo Sprenger, who directs teams across these three markets. This regional strategy integrates local compliance with Principal's expertise in retirement accumulation. Principal's expansion in Asia accelerated post-2010 through strategic s, enhancing access to retirement products in high-growth emerging economies. In , Principal formed a with in the early 2010s, which was strengthened in 2023 to become the first international investment in a bank-sponsored company, enabling distribution of voluntary plans via CCB's network. In , operations began in 2006 with Principal Global Services, evolving into partnerships for retirement solutions amid the country's growing voluntary savings market. Additional s, such as with in realigned in recent years, support tailored retirement offerings for local workers. The International Pension segment primarily offers mandatory pension funds, such as those under Chile's system, alongside voluntary savings and products adapted for demographics. These solutions emphasize long-term accumulation, with global investment support from Principal Global Investors to optimize returns within local constraints. In the third quarter of 2025, the segment reported record of $151 billion, reflecting a 9% year-over-year increase driven by net inflows and market appreciation. Pre-tax operating earnings reached $72.7 million, up 3% from the prior year, supported by a 47% amid stable net revenues.

Benefits and Protection Services

Principal Financial Group's Benefits and Protection Services division provides a range of U.S.-based products designed to safeguard and for employees and owners. The core offerings include group , which provides coverage for employees and dependents; short- and long-term to replace during periods of illness or injury; covering preventive and major procedures; and vision insurance for eye care exams and eyewear. Additionally, voluntary benefits such as accident coverage, critical illness protection, and hospital indemnity policies allow employees to opt into supplemental protection paid through deductions. These products are tailored for employer-sponsored group plans, emphasizing flexibility for both employer-paid and employee-paid options. The division holds a strong market position as the No. 2 provider of group benefits in the U.S., serving nearly 140,000 companies and covering more than 5.1 million employees and dependents. It primarily targets small and midsize businesses (SMBs) with 2 to 500 employees, an underserved segment where 84% of owners offer key benefits and over half seek to expand offerings, while also supporting large employers through scalable solutions. Integration with wellness programs enhances these services; for instance, Principal's financial wellness initiatives, such as the Principal Milestones program, combine benefits education with tools to address financial stress, contributing to overall employee and retention. This approach aligns protection services with broader financial security, including ties to for holistic . Financially, the Benefits and Protection segment contributes significantly to Principal's operations, generating pre-tax operating of $147.2 million in Q3 2025, a 28% increase from Q3 2024, driven by favorable and business market growth that offset rising claims. Premiums and fees rose by $26.4 million in the quarter to $845.2 million amid an improved of 56.4%. Innovations in the division focus on to streamline services and introduce options. Tech-enabled claims includes digital onboarding, integrations for seamless administration, and AI-driven to expedite and claims while ensuring . policies, such as nonqualified plans funded by (COLI), blend protection with tax-advantaged savings mechanisms to aid business succession and talent retention. These advancements, including partnerships like the 2019 EIS Group for servicing, enhance and customer outcomes in a competitive .

Marketing and branding

Advertising campaigns and Eddie

Principal Financial Group launched its Edge advertising campaign in 1988 to highlight the competitive advantages of partnering with the company for . In 2005, the campaign introduced , a "everyman" character dressed in blue pants and an orange shirt, who appeared in television and print advertisements depicting everyday financial, business, and life challenges resolved through the use of Principal's distinctive . The Eddie campaign primarily targeted and savings, positioning Principal as a reliable partner for individuals and businesses navigating financial uncertainties. It ran for a decade, airing in the United States as well as internationally in markets like and , and became a standout element in the financial services advertising landscape due to its relatable and memorable narrative style. In 2015, Principal retired through a final advertisement titled "Eddie's ," which featured the character visualizing his post-work life by hanging a celebratory and stepping into a confetti-filled future, reinforcing the campaign's core message of proactive visualization. The character's coincided with a broader evolution, contributing to enhanced recognition of Principal's expertise in services during the campaign period. Following Eddie's retirement, Principal shifted toward more contemporary approaches, including a brand refresh with a new logo and increased emphasis on platforms to engage customers with personalized financial tools and insights. This transition aligned with evolving consumer preferences for interactions and supported ongoing efforts in and .

Sponsorships and naming rights

Principal Financial Group engages in sponsorships that support local communities, particularly in Des Moines, Iowa, where the company is headquartered, by securing naming rights for key venues and events. These initiatives focus on enhancing community engagement and visibility through partnerships with sports and urban development projects. Among its prominent naming rights agreements, Principal holds the naming rights for Principal Park, the stadium home to the Iowa Cubs, a Triple-A affiliate of the Chicago Cubs in Major League Baseball's minor league system. The company acquired these rights in 2004 and extended the agreement in 2017 for an additional 10 years, running through the 2027 season. Additionally, Principal contributed to the development of the Principal Riverwalk, a 1.2-mile landscaped pedestrian loop along the Des Moines River in downtown Des Moines, as a $10 million gift to the city in honor of the company's 125th anniversary in 2004. This urban enhancement project connects pedestrian bridges and pathways, promoting public access and recreation. Principal also serves as the title sponsor for The Principal Charity Classic, an annual PGA Tour Champions golf tournament held at Wakonda Club in Des Moines since 2007, which supports Iowa children's charities. The event's sponsorship was extended in 2023 through 2028. The company's sponsorship scope emphasizes investments in areas where its employees live and work, including partnerships with MLB teams like the and charity golf initiatives such as The Principal Charity Classic. These efforts align with Principal's commitment to community involvement, fostering local economic growth and employee participation. These sponsorships enhance Principal's brand visibility while contributing economically to Des Moines through increased , event attendance, and . For instance, has raised over $73 million for youth programs since 2007, with the 2025 edition setting a record at $10.6 million and attracting more than 55,000 attendees. Similarly, supports local events and draws visitors, bolstering the city's status as the top market in 2017 per Sports Business Journal rankings. As of 2025, Principal maintains these ongoing commitments to community and .

Leadership and corporate governance

Executive team

Deanna D. Strable serves as Chair, , and of Principal Financial Group, having assumed the CEO role in January 2025 and the Chair position in September 2025. She joined the company in 1990 and has over 35 years of experience, including as Executive Vice President and from 2017 to 2024, and from August 2024 to January 2025, and earlier roles in building the Benefits and Protection business as its first leader of the specialty benefits division. Strable's contributions include shaping the company's strategy through key financial and operational leadership, driving growth in retirement and protection services. Kamal Bhatia is President and of Principal , appointed to the role in February 2024. With expertise in global investments, Bhatia joined Principal in 2019 after prior roles in , including as for the unit and global head of investments. He holds a CFA charter, a from in , and a master's from , and serves on industry boards to advance investment practices. Joel M. Pitz is Executive and , appointed permanently in May 2025 after serving as interim from August 2024. Pitz joined Principal in 1995 with over 30 years of tenure, most recently as Senior and Controller, where he oversaw financial and . His background in finance supports the company's fiscal strategy amid operational expansions. Amy C. Friedrich is of Benefits and , leading services for over 130,000 employers and approximately 4 million covered lives. With nearly 25 years at Principal, she previously held roles in U.S. insurance solutions and began her career as a management consultant at Andersen Consulting (now ). Friedrich's contributions focus on expanding group benefits and protection offerings for small and midsize businesses. Under Strable's leadership, Principal has overseen 2025 growth initiatives, including increases and strategic investments in core businesses like retirement solutions and . The company achieved a 13% year-over-year increase in adjusted in the third quarter of 2025, reflecting improved net and margin expansion. Additionally, Principal earned recognition as one of the 2025 World's Most Ethical Companies by Ethisphere, highlighting commitments to and . Recent leadership transitions from to include Strable's ascension to CEO succeeding Dan Houston and Pitz's confirmation as following his interim period, aimed at ensuring continuity in financial and operational strategy. These changes support Principal's focus on sustainable growth and ethical governance.

Board structure and key policies

The of Principal Financial Group, Inc. consists of 12 members as of November 2025, comprising 11 independent directors and one company executive, the Chair, President, and Chief Executive Officer Deanna D. Strable. The board is structured into three classes with staggered three-year terms to ensure continuity and oversight. It operates through key standing committees, including the (focused on financial reporting and internal controls), the Committee (overseeing compensation and ), the Nominating and Governance Committee (handling director nominations and standards), and the Finance Committee (addressing capital allocation and investments). Principal emphasizes and in its board composition, with 67% of directors identified as diverse by , , or as of 2025. This includes six female directors, representing 50% of the board as of November 2025, and longstanding commitments to ethnic representation, such as the addition of the first person of color nearly 45 years ago. https://www.principal.com/sustainability/global-inclusion The company maintains policies for , integrated into board oversight to address (ESG) factors, with the Nominating and Governance Committee evaluating candidates for diverse perspectives to enhance decision-making. Key governance policies include the Global Code of Conduct, which applies to all directors and employees and was highlighted following Principal's recognition as one of the 2025 World's Most Ethical Companies by the Ethisphere Institute. This prohibits practices such as hedging or pledging company securities and ensures with ethical standards. is governed by a comprehensive framework that combines top-down identification of principal risks with bottom-up assessments, overseen by the full board and relevant committees, supported by a and an Committee to address financial, operational, and emerging risks like cybersecurity and . Significant governance milestones include enhancements following the company's initial public offering (IPO) in 2001, which transitioned Principal from a mutual company to a public entity and introduced strengthened board independence requirements and committee structures to align with public company standards. Additionally, the board facilitates annual advisory shareholder votes on executive compensation (say-on-pay), which received 96% approval in 2024 and passed again at the 2025 annual meeting, reflecting strong alignment with shareholder interests.

Controversies and challenges

Major lawsuits and settlements

In 2024, Principal Securities, a subsidiary of Principal Financial Group, faced a significant FINRA arbitration claim brought by the Rosenau Family Research Foundation (formerly known as the Legacy of Angels Foundation), a nonprofit based in Wisconsin with ties to Minnesota. The foundation alleged that a former broker engaged in churning of variable annuities, leading to unsuitable investments and substantial losses. An arbitration panel ordered Principal Securities to pay $7.3 million in compensatory damages and interest to the claimant. In early 2024 SEC filings, the company disclosed potential liability of up to $5 million related to this matter, and subsequent 2024 and 2025 filings reflected increased legal reserves to cover such exposures, underscoring the financial strain from brokerage disputes. Principal Financial Group has been involved in multiple lawsuits related to denied long-term disability claims since , often centered on the company's requirement for "objective medical evidence" to substantiate claims. These cases typically involve policyholders challenging benefit denials under ERISA-governed plans, with plaintiffs arguing that Principal's internal reviews dismissed subjective symptoms like or conditions. A substantial portion of these disputes—estimated at 95-97%—resolve through lump-sum settlements rather than trials, reflecting the company's strategy to avoid prolonged litigation. Principal has also faced ongoing ERISA class action litigation regarding its retirement products. In Walsh v. Principal Life Insurance Co., certified as a class action in 2019, participants in 401(k) plans alleged excessive fees and self-dealing in the company's guaranteed investment contracts (GICs) and stable value funds, claiming breaches of fiduciary duty. The case remains active as of 2025. Additionally, in 2025, a federal allowed portions of a to proceed against Principal Life Insurance over the improper distribution of a 401(k) account worth more than $1.3 million to the wrong , highlighting issues in account management.

Regulatory and ethical issues

Principal Financial Group has been subject to oversight by the U.S. and the , with a focus on ensuring accurate reporting. In 2023 and 2024, the company implemented enhancements to its reportable segment disclosures in line with SEC guidance, improving transparency in without incurring major fines or penalties. The company maintains robust ethical programs, including measures and initiatives. In March 2025, Principal was recognized by Ethisphere as one of the World's Most Ethical Companies, highlighting its commitment to , , and in business practices. This recognition underscores policies on anti-bribery and , enforced through a global that promotes and timely responses to internal audits. Additionally, internal audits play a key role in prevention, with dedicated efforts to identify risks, manage conflicts of interest, and address or harassment, supporting a culture of across operations. Principal has faced challenges from external fraud attempts, particularly scams impersonating the IRS or using the 's name. The actively responds by issuing alerts, warning customers about tactics such as robo-calls demanding payments via gift cards or wire transfers for fictitious taxes, and emphasizing that the IRS does not initiate contact by phone for such demands. These efforts include guidance on verifying advisors through FINRA's BrokerCheck and reporting suspicious activity to protect clients. In parallel, Principal has adapted to regulatory requirements for (ESG) reporting under updated rules adopted in 2024, integrating qualitative disclosures on climate-related risks into its sustainability strategy and public transparency reports. On the global front, Principal ensures compliance with international regulations in like and , where it operates accumulation and annuity products. In , following its 2012 acquisition of AFP Cuprum, the company aligns with local administrator standards, including recent reforms aimed at improving outcomes through political agreements. In , operations adhere to supplemental plan rules, incorporating automatic enrollment and taxation options introduced in recent years. For data privacy, Principal has updated practices to meet GDPR equivalents in , appointing data protection officers in regions including the area and complying with laws like 's General Data Protection Law (LGPD), alongside global standards such as GDPR itself.

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