User:Richc80/Principal Financial (new page)

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This is a temporary space for creating a new version of the Principal Financial page. Cheers! Richc80 15:40, 10 June 2007 (UTC)

Principal Financial Group, Inc.
Type Public ([[NYSE]]: '''[http://www.nyse.com/about/listed/lcddata.html?ticker=PFG PFG]''')
Founded 1879
Headquarters Des Moines, Iowa, United States
Key people J. Barry Griswell, Chairman & CEO
Edward Temple founder
Industry Financial Services
Products Banking
Life Insurance
Mutual Funds
Retirement Plans
Asset Management
Revenue ▲US$9.871 billion (2006)
Operating income ▲US$972 million (2006)
Net income ▲US$1.03 billion (2006)
Employees 15,000+ (2006)
Website www.principal.com

Principal Financial Group ({{nyse|PFG}}) is a publicly traded global financial corporation based in Des Moines, Iowa, USA. Initially founded in 1879 to provide life insurance to bankers and their employees, the company has grown significantly during its over 125 year history and now also offers retirement plan management, asset management, health insurance, mutual funds, variable annuities and banking facilities.

Contents

[edit] Business Description

The Principal Financial Group (The Principal) is a leading global financial institution offering businesses, individuals, and institutional clients a wide range of financial products and services. Headquartered in Des Moines, Iowa, The Principal serves more than 17 million customers worldwide. It has a particular focus on small to medium size businesses.

[edit] Corporate History

[edit] Products

[edit] Awards & Recognitions

The Principal Financial Group has earned many awards for its contributions to the communities within which it is based . The Principal has been named one of the Fortune 100 best companies to work for during the past 4 consecutive years, as well as .

[edit] Home Office

The Principal owns and operates several buildings in Downtown Des Moines, and is the largest single payee of property tax in the state of Iowa. The tallest, known as 801 Grand, is 45 stories tall (192m/630ft[1]) and is the tallest building in Iowa. Besides 801 Grand, Principal operates buildings Corporate I, II, III, IV, and V. Each building has a nickname determined by its shape.

The Principal employs roughly 8,000 people in Des Moines. As of December 31, 2004, Principal employs a total of 13,976.[2]

[edit] Criticism

[edit] History

  • 1879 - Bankers Life Association was founded on July 1, 1879 by Edward Temple, a banker from Chariton, Iowa, and five other colleagues. At first, Bankers Life Association provided life insurance (in the form of memberships) to men between the ages of 22 and 55. They had to be in good health and not be employed in any occupation that was considered high-risk. Insurance benefits would also not be awarded if unintentional death was caused by harmful consumption of alcoholic beverages, or the irresponsible use of drugs.
  • 1882 - The number of memberships required the hiring of the association's first employee, John Tibbs, who acted as a General Agent.
  • 1889 - Bankers Life Association had 29 million dollars of life insurance memberships in effect. This required the association to relocate their operations to the Equitable Building in Des Moines, Iowa. Costs were kept at frugal standards. Temple's salary increased to $6,000 in 1890, which was considerably lower than salaries offered by similar businesses.
  • 1909 - After the death of Edward Temple, the Board of Directors voted to reorganize the business into a mutual life insurance company. George Kuhns became president of the company. He employed the use of direct-mail advertising to reach new markets. This brought in 3 million dollars in new sales within the first year.
  • 1925 - The company acquired a small, 500-watt radio station, WHO, with a broadcast range of 150 miles. George Kuhns saw this tool as a way to increase sales. Bankers Life ran WHO until 1930.
  • 1930 - Prior to the Great Depression, the company was closing in on the 1 billion dollar landmark. The 50th anniversary, which was scheduled to take place on June 1929, was postponed until January 6, 1930. President Gerard Nollen gave a ten dollar gold piece to every attendant as a token of his optimism in the future of the economy.
  • 1939 - Continued growth required the company to relocate its operations to a larger facility. A building was constructed on 711 High Street to house the offices. It was the first building in Des Moines to be fully air-conditioned.
  • 1941 - The company issued its first group health insurance contract. Within the next five years, group health insurance accounted for a third of the business.
  • 1962 - The company ended their termination policy of new mothers, instead offering part-time work to mothers. They worked from 9AM to 3PM between the months of September to June while their kids were at school. This provided women with career opportunities and benefited the company's talent pool.
  • 1985 - Bankers Life Company became Principal Financial Group.
  • 1990s - The Principal® expanded to markets outside of the United States. Such markets include Argentina, Brazil, China, Chile, Hong Kong, India, and Mexico.
  • October 23, 2001 - The Principal filed their initial public offering and became a publicly traded corporation.
  • August 5, 2004 - The Principal purchased the naming rights to Sec Taylor Stadium for $4.5 million.
  • December 5, 2005 - , Principal opened its first offshore unit in Pune by the name Principal Global Services


[edit] References

  1. ^ Emporis Building Listing for 801 Grand: http://www.emporis.com/en/wm/bu/?id=123036
  2. ^ 2004 SEC Filing. Annual Report to SEC, page 17. Retrieved on February 17, 2006.

[edit] External links

[[Category:Companies based in Iowa]] [[Category:Companies established in 1879]] [[Category:Des Moines, Iowa]] [[Category:Former mutual insurance companies]]