Principal Financial: CEO History

Principal Financial Group is a Des Moines, Iowa, financial services company that serves employers, plan participants and institutional investors rather than retail traders. It administers retirement plans, manages $808 billion of assets (Q2 2026), and sells group benefits and protection products, with the bulk of earnings coming from US retirement, asset management and Specialty Benefits. The firm was founded in 1879 in Des Moines, Iowa, initially operating as the Bankers Life Association before evolving into an international retirement and asset management leader.

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.