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Headquarters:
711 High Street
Des Moines, IA 50392
Employees: 16,600
CEO: Barry Griswell
Stock Symbol: PFG
Website:
http://www.principal.com
Career Site
The Principal Financial Group is a leading
global financial company offering businesses, individuals and
institutional clients a wide range of financial products and
services including retirement solutions, life and health insurance,
wellness programs, and investment and banking products.
The Principal offers a wide range of workplace
retirement plans and programs including 401(k), 403(b), defined
benefit plans, Employer Stock Ownership Plans (ESOP), nonqualified
deferred compensation plans, group annuities, individual 401(k)s,
SIMPLE & SEP IRAs for non-profit, government, union and for-profit
organizations of all sizes.
The Principal offers investment opportunities
for individuals as well, including mutual funds, annuities, rollover
IRAs, traditional and Roth IRAs, as well as retirement planning
and investment tools and education for savers in all life stages.
The company has $306 billion in assets
under management and serves some 18.3 million customers worldwide
from offices in 11 countries throughout Asia, Australia, Europe,
Latin America and the United States. The company has 13,600 employees
in the U.S.
In 2007, Principal Financial reported record
revenues of $10.9 billion and net income of $827.3 million.
"In 2007, our three key growth engines
- U.S. Asset Accumulation, Principal Global Investors and Principal
International - continued to demonstrate strong fundamentals,"
said CEO Barry Griswell. "Total company assets under management
(AUM) increased $54 billion, or 21 percent, including nearly
$20 billion of net cash flows, and each of our three asset management
and accumulation segments delivered record earnings, improving
$111 million or 15 percent for the year on a combined basis."
History
On July 1, 1879, Edward Temple and his
colleagues established a new insurance company, the Bankers Life
Association. Only men between 21 and 55 who were healthy and
in low-risk occupations could be members. Women were excluded
because childbirth - their main occupation at the time -- was
deemed too hazardous. If a death was caused by drinking or drug
use, death benefits were not awarded. Despite these restrictions,
the company grew quickly.
Bankers Life became Principal Financial
Group in 1985 to give it a new identity after creating various
new financial subsidiaries.
The company would go public in 2001.
Benefits
Health Coverage-
You can elect medical (includes prescription drugs), dental,
and vision coverage for you and your family, including a domestic
partner. The company pays for a portion of your medical and dental
coverage, and coverage begins on your start date.
- Medical Plans - Our medical plans are designed to provide comprehensive
coverage and the flexibility to choose the package that fits
your needs.
- Dental Coverage - Our dental plan helps pay dental expenses
for you and your dependents. It covers preventive and basic services,
such as cleanings and fillings, as well as major services and
children's orthodontia.
- Vision Coverage - Our vision plans are focused on total eye
care, including eye exams, maintaining eye health and vision
wear.
401(k) plan -
This tax-deferred plan allows you to contribute a percentage
of your income into a 401(k) account. The company will even match
a portion of your contribution.
Pension plan-Whether or not you choose to save for retirement,
the company saves for you. If you're working full time, you're
automatically enrolled in the pension plan on the first day of
the month on or after the date you reach age 21.
Life and Health- You also may be able to continue your
certain benefits after retirement. We offer medical (including
prescription drugs), vision, dental and life if you retire from
the company. (Retirement eligibility is based on your age and
years of service with the company.)
As an employee, you have the opportunity to purchase:
- Group Universal Life Insurance
- Long-Term Care Insurance
- Property and Casualty Insurance
Financial benefits
Stock Plans-You can invest in the future of the company with
company stock - and each plan gives you benefits that are not
available to other investors.
- Employee Stock Ownership Plan (ESOP)
- Employee Stock Purchase Plan (ESPP)
Disability benefits-Company-provided disability coverage
can help reduce any financial loss if you need to be away from
work due to an illness, an injury or maternity leave. If approved
for a benefit, disability coverage provides between 60 percent
and 100 percent of your pay.
Life, Accidental Death and Dismemberment, and Business Travel
Accident Insurance-Life, accidental death and dismemberment,
and business travel accident insurance help protect your family
against financial loss. As an employee, the company provides
life, accidental death and dismemberment, and business travel
accident insurance for you at no charge.
Personal Time Off allows
employees to take time off for vacations, dependent care and
personal responsibilities.
Workout facilities with gyms, extensive weight-training
and fitness equipment, aerobic classes and locker rooms are available
in some locations.
The Educational Assistance Program offers tuition reimbursement
for job-related courses and degree programs at most colleges
and universities.
The company provides educational programs and materials
on health and wellness, caregiving for children and adults, and
financial issues.
The Employee Assistance Program provides free, confidential
counseling services to help solve personal or work-related problems.
Lactation centers are available in some locations for
nursing mothers to use during work hours.
Adoption benefits reimburse employees up to $2,500 toward
the cost of adoption, including agency, legal and court fees
and other eligible expenses.
Alternative work schedules including part-time schedules,
working from home, or working longer - but fewer- days each week
may be available to help employees better fulfill obligations
outside of work.
Flexible spending accounts allow you to pay dependent
care expenses on a pre-tax basis.
Updated February 7, 2008
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