Principal Financial Group NYSE: PFG is a publicly-traded corporation based in Des Moines, Iowa, USA.
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 13 million customers worldwide.
The Principal Financial Group has earned many awards for their contributions to employees and to local communities. The Principal® has been named one of the Fortune 100 best companies to work for, as well as receiving numerous other awards.
Located in Des Moines, Iowa, The Principal® owns and operates several buildings in Downtown Des Moines. The tallest, known as 801 Grand, is 41 stories tall and houses many other companies besides The Principal®. On the top 2 floors there is a privately owned club that employees have access to for the purposes of dinner parties and the like.
Besides 801 Grand, Principal operates buildings Corporate I, II, III, IV, and V. Each building has a nickname determined by its shape.
Other than the services The Principal® offers to its clients, many extra services are offered to its employees, including several cafeterias and a wellness center including a weight room, cycle room, treadmills, and full shower and locker facilities.
The Principal® employs roughly 8,000 people in Des Moines. As of December 31, 2004, Principal employs a total of 13,976[1].
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 21 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 married women, 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.
References
1. ^ 2004 SEC Filing. Annual Report to SEC, page 17. URL accessed on February 17, 2006.
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