Principal Financial Group

Office address: 711 High St., Des Moines, IA 50392
Website: principal.com
Year established: 1879
Company type: financial services
Employees: 20,000+
Expertise: retirement planning, asset management, life insurance, annuities, employee benefits, wealth management, institutional investing, real estate investments, defined contribution plans, individual retirement accounts
Parent company: N/A
Key people: Deanna Strable (CEO); Kamal Bhatia (CEO, Principal Asset Management); Joel Pitz (CFO); Vivek Agrawal, Kenneth McCullum, and Bethany Wood (EVPs); Lisa Coulson (SVP)
Financing status: corporation

Principal Financial Group (PFG) is a Des Moines-based global investment management and insurance company. The firm provides retirement plans, annuities, insurance, and asset management to individuals and businesses. Principal manages $712 billion in assets as of 2025 and employs nearly 20,000 people across 27 countries and territories.

History of Principal Financial Group

Principal grew out of The Bankers Life Association, which Edward Temple founded in 1879 in Des Moines with just $750. Fellow banker Simon Casady put in the same amount to offer affordable life insurance for bankers and their employees. Temple was so confident in the idea that he bought the first $2,000 membership certificate himself.

From humble roots to national reach

The firm ran without any paid staff for its first three years. John A. Tibbs joined in 1882 as the first employee and handled daily operations from there. Bankers Life grew fast and was writing farm loans across 21 states by 1885. Temple died in 1909 but left behind a company with $400 million in active policies.

Breaking barriers and building landmarks

Bankers Life became one of the first insurers to cover women in 1912. It pioneered direct mail marketing in 1927 and brought in $3 million in new sales that year alone.

The company moved to 711 High Street in 1940, a building that Architectural Record named the Building of the Decade. By 1968 it was sponsoring The Today Show with hosts Barbara Walters and Hugh Downs.

The company rolled out its first 401(k) products in 1984 and rebranded as Principal Financial Group the following year. Its 44-story tower at 801 Grand opened in 1990 as the tallest building between Denver and Chicago. Principal went public in 2001, with shares opening at $20.50.

Principal Financial Group in recent years

PFG acquired Wells Fargo's institutional retirement and trust business for $1.2 billion in 2019. The company relaunched Principal Global Investors as Principal Asset Management in 2022 to better reflect its global reach.

The firm also agreed to buy the employee stock-option plan business from Ascensus in 2024. In 2025, Deanna Strable became Principal Financial Group's leader after joining the company in 1990.

Principal Financial Group products and services

PFG provides retirement, annuity, and IRA products built for individuals and employers. Its offerings range from workplace savings plans to guaranteed income solutions:

Retirement plans

• 401(k) plans: employer-sponsored savings with automatic payroll deductions
• 403(b) plans: retirement savings for nonprofit and education employees
• nonqualified deferred compensation plans: extra savings options for key employees
• defined benefit plans: employer-funded pension plans with guaranteed payouts
• employee stock ownership plans: retirement plans that invest in company stock
• pension risk transfer services: help employers transfer pension obligations

Annuities

• Principal Strategic Outcomes: registered index-linked annuity with downside protection
• Principal Strategic Income: RILA with guaranteed retirement income options
• Principal Pivot Series: variable annuity focused on flexible investing
• Principal Lifetime Income Solutions II: variable annuity with three income rider choices

IRAs

• Roth IRA: tax-free withdrawals using after-tax contributions
• traditional IRA: tax-deferred savings that lower current taxable income
• rollover IRA: consolidates old employer plans without taxes or penalties

Principal Asset Management, the firm's investment management arm, also offers mutual funds, ETFs, and separately managed accounts. The company provides investment strategies in equities, fixed income, real estate, and infrastructure.

Culture and corporate values

Principal Financial Group states its culture is built on trust and a long history of emphasizing flexibility. The company also promotes these core values:

• start with the customer
• do what's right
• own what's next
• invest for the future

To support this, PFG tailors work arrangements to fit individual needs and help staff balance life and work. Employee benefits include:

• health and wellness: medical, dental, and vision plans with wellness centers and gym reimbursements
• retirement and savings: 401(k) with 75 percent company match, pension plan, and Principal stock discounts
• income protection: company-paid life and disability insurance plus voluntary coverage options
• time off: flexible PTO, 11 holidays, eight paid volunteer hours, and remote work options
• family support: eight weeks paid parental leave, onsite childcare, and adoption cost coverage

Principal Financial Group also promotes inclusion through a work environment based on integrity, respect, and community. Its employee resource groups (ERGs) provide social and cultural learning plus professional growth for staff worldwide.

About CEO Deanna Strable and key people

Deanna D. Strable serves as chair, president, and CEO of PFG and sits on its board of directors. Strable started at Principal Financial Group in 1990 as an actuarial assistant and worked her way up to her current role. She holds a bachelor's degree from Northwestern University in Evanston, Illinois.

Principal Financial Group's leadership team includes the following key executives:

• Kamal Bhatia serves as president and CEO of Principal Asset Management, driving strategy across 80 global markets
• Vivek Agrawal is EVP and chief growth officer, leading distribution and strategic initiatives
• Kenneth McCullum works as EVP and chief risk officer, managing enterprise risk and internal audit
• Joel Pitz serves as EVP and CFO, overseeing financial operations and capital management
• Lisa Coulson is SVP and CHRO, leading HR for nearly 20,000 employees worldwide
• Bethany Wood works as EVP and chief marketing officer, heading global brand and customer experience

These leaders focus on helping customers plan, protect, invest, and retire. They also commit to supporting communities and building an inclusive workforce.

The future at Principal Financial Group

Principal Asset Management, the company's investment solutions business, created a new leadership role to sharpen its focus on retirement savings. The firm hired Brant Wong from JPMorgan in 2025 to oversee nearly $320 billion in retirement assets. With this move, Principal Financial Group looks to better serve retirement plan sponsors and their participants.

On the investor side, a Hearts & Wallets report found that PFG has the widest mix of risk attitudes among its clients. About one in four feel very comfortable with market volatility while one in five feels very uncomfortable. This range helps Principal Financial Group serve diverse investors as more Americans grow confident about their finances.

The latest Principal Financial Group news