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. 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]
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 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]
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. [13]
Des Moines is the capital and most populous city in the U.S. state of Iowa. It is the county seat of Polk County with parts extending into Warren County. It was incorporated on September 22, 1851, as Fort Des Moines, which was shortened to "Des Moines" in 1857. It is located on, and named after, the Des Moines River, which likely was adapted from the early French name, Rivière des Moines, meaning "River of the Monks". The city's population was 214,133 as of the 2020 census. The six-county metropolitan area is ranked 81st in terms of population in the United States, with 709,466 residents according to the 2020 census by the United States Census Bureau, and is the largest metropolitan area fully located within the state.
The Iowa Events Center is a public events complex located in downtown Des Moines, Iowa, United States.
The Des Moines metropolitan area, officially known as the Des Moines–West Des Moines, IA Metropolitan Statistical Area (MSA) is located at the confluence of the Des Moines River and the Raccoon River. Des Moines serves as the capital of the U.S. state of Iowa. The metro area consists of six counties in central Iowa: Polk, Dallas, Warren, Madison, Guthrie, and Jasper. The Des Moines–Ames–West Des Moines Combined Statistical Area (CSA) encompasses the separate metropolitan area of Ames, and the separate micropolitan areas of Pella, Boone and Oskaloosa (Mahaska). The Des Moines area is a fast-growing metro area.
Comcast Spectacor is an American sports and entertainment company based in Philadelphia, Pennsylvania. It owns the Philadelphia Flyers of the National Hockey League, the Philadelphia Wings of the National Lacrosse League, the Seoul Infernal of the Overwatch League, and formerly owned the Philadelphia 76ers of the National Basketball Association and the Maine Mariners of the ECHL. The company owns and manages the Wells Fargo Center and formerly managed the Spectrum in South Philadelphia, plus several community skating rinks in the Philadelphia region. The Comcast SportsNet (CSN) regional sports networks were also owned by Comcast Spectacor prior to parent company Comcast's acquisition of NBCUniversal in January 2011; CSN is now operated through NBC Sports.
Major General George Hamden Olmsted was an American military officer and insurance executive. Throughout Olmsted's career, he was a champion of the concepts of better education, jobs, and opportunities for all people. In the fields of banking and insurance, he brought availability and affordability of products and services to a market that was battered by the Great Depression. He carried on the dream of Arthur J. Morris, the founder of Financial General Corporation, that "anyone who has a steady job can qualify for installment credit from a bank".
Grinnell Mutual is a property-casualty mutual insurance company and reinsurer based in Grinnell, Iowa, United States.
Protective Life Corporation is a financial service holding company in Birmingham, Alabama. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states. As of December 31, 2023, the corporation has more than 3,800 employees, annual revenues of $6.6 billion and assets of $118.4 billion. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance Company, MONY Life Insurance Company, Protective Life And Annuity Insurance Company, Concourse Financial Group, and Protective Property and Casualty Insurance Company.
801 Grand High Rise Building is a 45-story skyscraper in Des Moines, Iowa, United States, operated and managed by JLL Americas and owned by Principal Financial Group. The building was constructed in 1989 and is the tallest building in Iowa. It is part of a larger downtown campus run by Principal Financial Group and features a skywalk and an eight-sided copper pyramid at its top.
Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.
J. Barry Griswell is former Chairman and CEO of the Principal Financial Group and retired CEO of the Community Foundation of Greater Des Moines.
Voya Financial is an American financial, retirement, investment and insurance company based in New York City. Voya began as ING U.S., the United States operating subsidiary of ING Group, which was spun off in 2013 and established independent financial backing through an initial public offering. In April 2014, the company rebranded itself as Voya Financial. Voya's predecessors had first entered the U.S. market in the 1970s.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
The following is a timeline of the history of the city of Des Moines, Iowa, US.
Richard Elmer Olson was an American politician and insurance executive who served as the Mayor of Des Moines, Iowa, for two consecutive terms from 1972 until 1979.
Downtown Des Moines is the central business district of Des Moines, Iowa and the Greater Des Moines Metropolitan Area. Downtown Des Moines is defined by the City of Des Moines as located between the Des Moines River to the east, the Raccoon River to the south, Center Street to the north, and 18th and 15th Streets to the west.
The Wells Fargo History Museum is a museum operated by Wells Fargo in its corporate headquarters in San Francisco, California that feature exhibits about the company's history. Some of the museums' displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraphs and historic bank artifacts. The museum was initially known as the Wells Fargo History Room when it opened in 1927 in San Francisco. In 1935 a museum was opened for public tours. The museum has been operating for nearly 60 years in its current location.
The Flynn–Griffin Building, also known as the Flynn Block, Peoples' Savings Bank Building, and the Edna M. Griffin Building, is a historic building located in Des Moines, Iowa, United States. It was listed on the National Register of Historic Places in 2016.
Phineas McCray Casady was an American pioneer, judge, lawyer, and state senator in Iowa. Casady was one of the earliest white settlers of Pottawattamie County and a member of the influential Casady family who had a strong impact on the early history and legislation of Iowa.
Simon Casady was a prominent banker in Iowa, best known for his role in organizing the Des Moines Bank, which later evolved into the Des Moines Savings Bank. Casady served as the president of the Des Moines Savings Bank and the Central State Bank, as well as the vice president of the Iowa National Bank and the treasurer of the Bankers Life Association. Casady has been referred to as "the dean of Iowa bankers" in news accounts. He was a member of the Casady family, an influential lineage of bankers, politicians, landowners, and farmers who played a significant role in the early history and legislative matters of Iowa.
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