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Principal Financial Group delivers comprehensive financial solutions, specializing in retirement services, insurance offerings, and asset management. The company provides a suite of tools and expertise designed to help individuals and businesses manage their financial well-being. Its core capabilities include administering retirement plans, offering various insurance products, and providing investment management strategies to foster financial growth.
The company was founded in 1879 by Edward Temple in Des Moines, Iowa, initially as The Bankers Life Association. Temple's foundational insight was to establish an organization that would offer accessible and affordable life insurance to bankers and their employees. This initial focus on a specific demographic and need laid the groundwork for its eventual expansion into broader financial services.
Principal Financial Group serves a diverse clientele of both individuals and businesses, equipping them with practical financial tools and guidance. The company’s vision is centered on empowering its customers to achieve a secure financial future and make sustained financial progress. It aims to advance financial inclusion globally by providing personalized solutions that build confidence and security.
Key people at Principal Financial Group.
Principal Financial Group has 1 tracked investment across 1 company. The latest tracked deal is $7.0M Series B in EvolutionIQ in February 2023.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 1, 2023 | EvolutionIQ | $7.0M Series B | Brewer Lane Ventures | 8VC, Andreessen Horowitz, Color Capital, Contrary Capital, Element Ventures, Jenny Fielding, Scott Hartley, FinTech Collective, FirstMark Capital, First Round Capital, Foundation Capital, Founder Collective, Insight Partners, MS&AD Ventures, Pioneer Fund, ULU Ventures, Jaime Schmidt, Konstantin VON Unger, Scott Banister |
Principal Financial Group (PFG) is a Fortune 500 global financial services company specializing in retirement solutions, insurance products, and asset management, headquartered in Des Moines, Iowa.[1][2][4][5] Founded in 1879 as an insurance provider, it now manages over $600 billion in assets, serves approximately 64 million customers across more than 18 countries, and employs nearly 20,000 people worldwide, with 2024 revenue of $16.13 billion and a market cap of about $18.3 billion.[1][3][4]
Its mission centers on empowering individuals and businesses to achieve financial security through retirement plans, benefits, insurance, and investment insights, fostering lifelong financial progress and inclusion.[5][6] The investment philosophy emphasizes specialized asset management via Principal Global Investors, supporting business growth and wealth-building with a focus on retirement and income solutions.[1][4][5] Key sectors include retirement and income solutions, global investments, international operations, and U.S. insurance, with a track record of expansion into emerging markets like Asia and Latin America.[1][4] While not a venture capital firm targeting startups, PFG influences the startup ecosystem indirectly through institutional retirement services, ESOP acquisitions (e.g., from Ascensus in 2024 and Wells Fargo in 2019), and asset management that supports employee ownership plans critical for growing companies.[1][4]
Principal Financial Group traces its roots to 1879 in Des Moines, Iowa, when wealthy local bankers, including Edward Temple (president), Simon Casady, and Phineas M. Casady (vice president), founded Bankers Life Insurance Company as a mutual aid society to provide affordable life insurance for bankers and their employees.[1][2][4] This idea emerged from a need to protect financial professionals in a growing Midwest economy, marking one of America's oldest insurance firms.[1][3]
The company evolved significantly: it expanded into group health insurance by 1941, rebranded to Principal Financial Group in 1985 to reflect broader services, and went public via NYSE IPO in 2001.[1][4] Key milestones include international growth in the 1990s (e.g., Brazil, China, India), major acquisitions like Wells Fargo's retirement business in 2019 for $1.2 billion, and leadership transition in 2025 with Deanna Strable becoming President and CEO.[1][4] Activist investor Elliott Management's 2021 stake prompted board changes, enhancing governance.[4] This progression from a niche insurer to a global powerhouse highlights adaptive focus on retirement and investments.[1][5]
Principal Financial Group rides the wave of digital transformation in financial services, particularly fintech-driven retirement tech, employee benefits platforms, and AI-enhanced asset management, amid aging populations and rising demand for personalized wealth tools.[1][4][5] Timing aligns with post-pandemic shifts toward hybrid work and ESOPs for startups scaling via employee equity, where PFG's acquisitions (e.g., Wells Fargo's 401(k) business) position it to serve tech firms' talent retention needs.[1][4]
Market forces like low interest rates (pre-2022), regulatory pushes for retirement savings (e.g., SECURE Act), and emerging market growth favor its international footprint in Asia and Latin America.[1][4] PFG influences the ecosystem by providing institutional-grade tools for startup ESOPs and pensions, enabling tech companies to attract talent without diluting founder equity, while its $600B+ AUM integrates tech trends like robo-advisors and sustainable investing.[1][3][4]
Principal's trajectory points to accelerated dominance in retirement tech and global asset management, with Deanna Strable's 2025 leadership likely driving fintech integrations, further ESOP expansions, and AI for personalized plans.[1][4][6] Trends like demographic shifts (e.g., Gen Z retirement planning), regulatory tailwinds for defined contributions, and climate-focused investing will shape growth, potentially pushing AUM past $800 billion amid volatile markets.[1][3]
Its influence may evolve toward deeper tech ecosystem ties, partnering with startups on benefits platforms, solidifying its role from 1879 insurer to indispensable financial backbone—empowering the next wave of innovation just as it began with bankers' security.[1][5][6]
Key people at Principal Financial Group.
