Principal Financial Group

Principal Financial Group, Inc. (PFG) is a global financial investment management and insurance company headquartered in Des Moines, Iowa. Founded in 1879 as The Bankers Life Association by Edward Temple and fellow banker Simon Casady, the company has grown from humble beginnings—with no paid staff and initial capital of just $1,500—to become a Fortune 500 company serving approximately 61 million customers worldwide.

Today, Principal provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients across the globe. The company operates through three primary business segments: Retirement and Income Solutions, which offers 401(k) and 403(b) plans, defined benefit plans, nonqualified executive benefits, pension risk transfer services, and individual retirement products; Principal Asset Management, which provides equity, fixed income, real estate, and alternative investments; and Benefits and Protection, which delivers specialty benefits including group dental, vision, life, and disability insurance.

With approximately 20,000 employees and assets under management of $753 billion as of Q2 2025, Principal has established itself as a recognized leader in the U.S. retirement plan market. The company's assets under administration total $1.7 trillion. In 2024, Principal reported annual revenue of $16.13 billion, representing 18% growth over the prior year, with net income of $1.57 billion.

Principal has a strong track record of international expansion, having established operations throughout Latin America and Asia during the 1990s and 2000s. Notable milestones include the company's 2001 IPO on NASDAQ (ticker: PFG) which raised approximately $2 billion, and the 2012 acquisition of AFP Cuprum S.A., a Chilean pension fund administrator, for $1.5 billion. More recently, in 2019, Principal acquired Wells Fargo's institutional retirement and trust business for $1.2 billion, bringing significant 401(k), pension, and ESOP plans under management.

As of 2025, the company's market capitalization stands at approximately $18.3 billion. Principal continues to execute its growth strategy through both organic expansion and strategic acquisitions, including its 2024 agreement to acquire the employee stock-option plan (ESOP) business from Ascensus, which will add 800 plans and over 165,000 participants to its book of business.