Principal Financial Group, Inc.
Acquisitions
7
Major Deals Covered
$3.9B
Disclosed Deal Value
Principal Financial's largest disclosed acquisition here is AFP Cuprum S.A. for $1.5B in 2012. This page covers 7 major deals from 2012 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Wells Fargo Institutional Retirement & Trust business | 2019 | $1.2B | Added large-scale retirement-plan recordkeeping, trust and custody operations. |
| Beam Benefits | 2026 | Undisclosed | Digital employee benefits company serving more than 25,000 small businesses, acquired to accelerate Specialty Benefits growth. |
| DentaNet | 2026 | Undisclosed | Dental network to expand provider network. |
| Ascensus ESOP Recordkeeping Operations | 2024 | Undisclosed | Expand ESOP business. |
| Wells Fargo Institutional Retirement & Trust Business | 2019 | $1.2B | Bolstered U.S. retirement services. |
| Robustwealth | 2018 | Undisclosed | Digital robo-advisory capabilities. |
| AFP Cuprum S.A. | 2012 | $1.5B | Established foothold in Latin American retirement markets. |
2026
Digital employee benefits company serving more than 25,000 small businesses, acquired to accelerate Specialty Benefits growth.
Principal expects Specialty Benefits premium and fee growth at or above the high end of its 5-9% target range in 2027.
Completed September 1, 2026; 2026 capital deployment and EPS growth targets unchanged.
2026
Dental network to expand provider network.
2024
Expand ESOP business.
2019
$1.2B
Added large-scale retirement-plan recordkeeping, trust and custody operations.
Substantially increased Principal's scale as a US retirement-plan provider.
Integrated into Principal's Retirement and Income Solutions segment.
2019
$1.2B
Bolstered U.S. retirement services.
2018
Digital robo-advisory capabilities.
2012
$1.5B
Established foothold in Latin American retirement markets.
Principal's strategy under Deanna Strable centers on three areas: retirement leadership, the small and midsize business market, and a global asset management platform with growing private markets, ETF and international pension businesses. In 2025 investment management gross sales reached $127 billion and private markets sales rose about 50%. Capital freed by exiting retail fixed annuities and individual universal life in 2022 has gone to buybacks, dividends and targeted deals such as Beam Benefits.
Principal reports four operating segments. Retirement and Income Solutions earns recordkeeping, administration and asset-based fees on employer 401(k), pension and nonqualified plans, plus spread income on pension risk transfer and other guaranteed products. Principal Asset Management earns management fees on public and private market strategies for institutional, retail and internal clients, and runs Principal International, which sells pension and investment products in Latin America and Asia (including Brasilprev in Brazil and Cuprum in Chile). Benefits and Protection collects premiums and fees from group dental, vision, life, disability and supplemental coverage (Specialty Benefits) and from business-owner and executive life insurance. Investment income on the general account supports the insurance and guaranteed businesses.
In 2019 Principal acquired Wells Fargo's Institutional Retirement & Trust business for about $1.2 billion, significantly expanding its recordkeeping and trust scale.
Principal's key asset management acquisitions include Claritas Investments in Brazil (2012), Finaccess Estudios in Mexico, Liongate Capital Management (fund of hedge funds), and INTERNOS Global Investors (European real estate investment manager, rebranded as Principal Real Estate Europe) in 2018.
In 2013, Principal acquired Administradora de Fondos de Pensiones Cuprum (AFP Cuprum) in Chile for approximately $1.5 billion, making Principal one of the largest mandatory retirement and pension managers in South America.
In 2022, Principal completed the reinsurance divestiture of its retail fixed annuity and universal life blocks to Talcott Resolution for approximately $25 billion in liabilities, freeing up hundreds of millions of dollars in capital to return to shareholders.
Principal strengthened its Specialty Benefits division by acquiring First Dental Health (2012) and the dental network operations of Premier Dental, expanding its proprietary national dental PPO network for employer group plans.
Acquisitions in Latin America, Asia and Europe helped turn Principal into a global manager with $808 billion of AUM as of Q2 2026.
Principal completed its acquisition of Beam Benefits, a digital employee benefits company serving more than 25,000 small businesses, on September 1, 2026.
Principal’s largest and most significant acquisition was the July 2019 purchase of Wells Fargo’s Institutional Retirement & Trust business for $1.2 billion, adding $827 billion in assets under administration and over 4 million retirement plan participants.
The acquisition provided immediate scale, expanded Principal’s mid-to-large corporate 401(k) market presence, deepened institutional custody and trust relationships, and delivered substantial administrative cost synergies.
In 2013, Principal acquired Administradora de Fondos de Pensiones Cuprum (Cuprum AFP) in Chile for approximately $1.5 billion to capture high-margin mandatory pension contributions in Latin America’s most mature pension market.
Principal acquired a majority interest in asset management boutique Claritas Investments in 2012, while establishing long-term mutual fund and retirement partnerships with Banco do Brasil through Brasilprev.
Principal acquired specialized managers including Liongate Capital Management (fund of hedge funds), Finisterre Capital (emerging market debt), and Post Advisory Group (high-yield fixed income) to broaden institutional offerings.
In 2022, Principal executed a $25 billion reinsurance transaction with Sixth Street affiliate Talcott Resolution to reinsure its legacy US retail fixed annuity and universal life blocks, freeing up over $1 billion in capital.
Principal made several regional dental and vision network acquisitions over the past two decades, strengthening provider networks for its group Benefits and Protection business line.
Principal focuses M&A on bolt-on asset management capabilities in private credit, infrastructure, and real estate, alongside technological enhancements for retirement participant digital engagement.
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