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Principal Financial Group
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
PFG was first founded under the name Bankers Life Insurance Company. Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady. The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.
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 Investment Management 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.
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.
Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.
As of December 2021, Principal employed 18,600 employees worldwide, with 7,100 of those based outside the U.S. 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. Its Global Delivery center, Principal Global Services, in Pune, Maharashtra, India.
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.
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Principal Financial Group
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
PFG was first founded under the name Bankers Life Insurance Company. Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady. The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.
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 Investment Management 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.
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.
Four segments comprise the company: Retirement and Income Solutions, Principal Global Investors, Principal International, and Benefits & Protection.
As of December 2021, Principal employed 18,600 employees worldwide, with 7,100 of those based outside the U.S. 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. Its Global Delivery center, Principal Global Services, in Pune, Maharashtra, India.
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.