Key Stats
Founded in 1879, making it one of the oldest insurance companies in America.
Current market capitalization stands at approximately $18.3 billion as of 2025.
Annual revenue reached $16.13 billion in 2024, representing 18% growth.
Operates in more than 18 countries across Asia, Europe, and Latin America.
Serves approximately 64 million customers through retirement and insurance solutions.
Principal Financial Group stands as a global financial services leader headquartered in Des Moines, Iowa. The company delivers retirement solutions, insurance products, and investment services to individuals and businesses worldwide.
Since its founding in 1879, the organization has evolved from a small mutual aid society into a Fortune 500 company. Today, Principal manages assets exceeding $600 billion and employs nearly 20,000 people globally.
The company operates through five main segments. These include Retirement and Income Solutions, Principal Global Investors, Principal International, U.S. Insurance Solutions, and Corporate divisions.
Principal Financial Group History
1879
Edward Temple founded Bankers Life Association in Des Moines to provide affordable life insurance for bankers and employees. The organization started with no paid staff and six founding members who each contributed capital.
1882
John Tibbs joined as the first paid employee, managing daily operations as General Agent. This marked the transition from volunteer-run organization to professional management structure.
1909
Following Edward Temple’s death, George Kuhns became president and introduced direct-mail advertising. This innovation generated $3 million in new sales within the first year.
1925
The company acquired WHO radio station to expand its marketing reach. This 500-watt station broadcast within 150 miles and operated until 1930.
1941
Bankers Life issued its first group health insurance contract. Within five years, health insurance represented one-third of total business operations.
1985
Bankers Life Company officially rebranded as Principal Financial Group. This change reflected the company’s expanded services beyond traditional life insurance.
1990s
Principal expanded internationally into Brazil, Chile, China, Hong Kong, India, and Mexico. This global expansion established the company’s presence in emerging markets.
2001
Principal Financial Group completed its initial public offering on October 23. The company began trading on the New York Stock Exchange, transitioning from mutual to public ownership.
2019
The company acquired Wells Fargo’s institutional retirement and trust business for $1.2 billion. This acquisition expanded Principal’s position in the retirement services market.
2025
Deanna Strable succeeded Dan Houston as President and CEO in January. She previously served as President and Chief Operating Officer.
Principal Financial Group Co-founders
Edward A. Temple
Banker from Chariton, Iowa, who conceived the idea of affordable life insurance for bankers. He served as the first president from 1879 until his death in 1909.
Simon Casady
Prominent Des Moines banker who co-founded the organization. He served as treasurer of Bankers Life Association and later became known as the dean of Iowa bankers.
Phineas M. Casady
State senator and judge who provided legal expertise to the founding group. His involvement gave credibility to the new insurance association.
Dr. George Glick
Medical professional who served on the original board of directors. His expertise helped establish health-related underwriting standards.
M.S. Smalley
Early board member who contributed to the initial capital investment. He helped establish operational policies for the association.
B.F. Elbert
Founding board member who participated in the initial organizational meetings. His business acumen shaped early strategic decisions.
Principal Financial Group Revenue
Principal Financial Group generated $16.13 billion in revenue during 2024. This represented an 18% increase from the previous year’s performance.
Principal Financial Group Market Cap
The company maintains a market capitalization of approximately $18.3 billion as of 2025. This valuation reflects Principal’s position as a leading financial services provider.
Principal Financial Group Acquisitions
Principal Financial Group has executed strategic acquisitions to expand its market presence and service capabilities. The company’s largest acquisition came in 2012 when it purchased AFP Cuprum S.A., a Chilean pension fund administrator, for $1.5 billion. This move established a strong foothold in Latin American retirement markets.
In 2019, Principal acquired Wells Fargo’s institutional retirement and trust business for $1.2 billion. The deal brought 401(k) plans, pension plans, executive deferred compensation plans, and employee stock ownership plans under Principal’s management. This acquisition strengthened the company’s position in the U.S. retirement services market, similar to how MetLife has grown through strategic purchases.
The company purchased Robustwealth in May 2018, adding automated investment solutions for individuals and 401(k) accounts. This acquisition enhanced Principal’s digital capabilities and robo-advisory services. In 2024, Principal expanded its employee stock ownership plan business by acquiring Ascensus’ ESOP recordkeeping operations. The transaction added 800 ESOP plans and more than 165,000 participants to Principal’s existing portfolio.
Principal also acquired MetLife’s Afore business, expanding its presence in Mexico’s retirement savings market. These acquisitions demonstrate Principal’s strategy of strengthening core businesses while expanding into growing markets. The company follows an acquisition approach similar to other major insurers like American International Group, focusing on strategic fit and market expansion opportunities.
Each acquisition has been financed through a combination of cash reserves and debt financing. The company evaluates potential targets based on cultural alignment, operational synergies, and growth potential. This disciplined approach has allowed Principal to integrate acquisitions successfully while maintaining financial stability.
Principal Financial Group Competitors
Principal Financial Group competes with major players in the insurance and financial services industry. The competitive landscape includes both traditional insurers and emerging fintech companies.
| Competitor | Headquarters | Primary Services |
|---|---|---|
| MetLife | New York, NY | Life insurance, retirement solutions |
| Prudential Financial | Newark, NJ | Insurance, investment management |
| Fidelity Investments | Boston, MA | Retirement plans, asset management |
| Lincoln Financial Group | Radnor, PA | Life insurance, annuities |
| Northwestern Mutual | Milwaukee, WI | Life insurance, financial planning |
| AIG | New York, NY | Property casualty, life insurance |
| Unum Group | Chattanooga, TN | Disability insurance, benefits |
| Charles Schwab | Westlake, TX | Brokerage, retirement services |
| Vanguard | Malvern, PA | Investment management, funds |
| Edward Jones | St. Louis, MO | Financial advisory, investment |
The company faces competition from traditional insurers like Aflac and Travelers in specialty insurance markets. Investment management competitors include BlackRock and State Street Global Advisors. Emerging fintech companies also present competitive challenges through digital-first retirement solutions and robo-advisory services.
FAQs
Who founded Principal Financial Group?
Edward Temple founded Principal Financial Group in 1879 as Bankers Life Association. Five other bankers joined him, including Simon Casady and Phineas M. Casady, to provide affordable life insurance for bankers and their employees.
What services does Principal Financial Group offer?
Principal offers retirement plans, life and disability insurance, investment management, and employee benefits. The company serves individuals, businesses, and institutional clients through its five operating segments globally.
Is Principal Financial Group publicly traded?
Yes, Principal Financial Group trades on NASDAQ under the ticker symbol PFG. The company completed its initial public offering in October 2001, transitioning from mutual to public ownership structure.
How many employees work at Principal Financial Group?
Principal Financial Group employs approximately 20,000 people worldwide. The workforce spans operations in more than 18 countries, supporting 64 million customers through various financial services and products.
What is Principal Financial Group’s market position?
Principal ranks among the top retirement plan providers in the United States. The company manages over $600 billion in assets and maintains a market capitalization of approximately $18.3 billion.