Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
History
PFG was first founded under the name Bankers Life Insurance Company.[2] Bankers Life Insurance Company was founded by wealthy Des Moines bankers, including Edward Temple, Simon Casady, and Phineas M. Casady.[3] The bank was founded in 1879 with Temple as president and Phineas Casady as vice president.[4]
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.[5]