Principal Financial Life Insurance
Known simply as The Principal to many, Principal Financial Group has undergone many transformations during its 135 year history
The company was formed by Edward Temple as the Bankers Life Association in 1879. At that time, the Iowa firm provided life insurance coverage exclusively to bankers and their families. Although formed as an association, the business was converted to a mutual company in 1908 which allowed all policyholders to share ownership of the insurer.
In 1941, Bankers Life began issuing group health insurance policies. Other financial products followed in subsequent years. To better reflect its broad range of services, the company was renamed Principal Financial Group in 1985. Then, in 2001, the company converted to a publicly owned firm using the stock symbol PFG.
Today, the company has offices in 18 countries and employs approximately 13,000 workers. Despite its expansion into mutual funds, savings accounts and business services, Principal continues to offer a variety of life insurance products to individual customers.
· Universal life insurance
· Variable universal life insurance
· Survivorship life insurance
· Term life insurance
In all its product lines, Principal Financial Group managed $403 billion worth of assets in 2012. It had 18.3 million customers worldwide.
Within the U.S., the company maintains 121 offices. Its headquarters continues to be in Des Moines, Iowa where it was originally founded.