Principal Financial Group

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Principal Financial Group in Hong Kong

Principal Financial Group Template:Nyse is a publicly traded corporation based in Des Moines, Iowa, USA.

The Principal Financial Group (The Principal) is a leading global financial servies provider, which offers a wide range of financial products and services and is the U.S. leader in 401K plans Headquartered in Des Moines, Iowa, The Principal serves more than 18 million customers worldwide. As of Dec 31st 2006, assets under management exceeded $282 Billion.

This diversified Financial Services company is composed of 6 business units : Retirement & Investor Services, Global Asset Management and Real Estate, International Operations, Life, Diasbility and Group Insurance, Health Insurance, Specialty Benefits and Wellness, and Banking.

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 during the past 4 consecutive years, along with numerous other awards such as:

AARP’s Best Employers for Workers Over 50 (2001-2006) Top 30 Companies for Executive Women (2006) 100 Best Places to Work in IT (2003-2006) Ranked first in Top 500 Most Innovative Users of Information Technology.

Ranked 261st on FORTUNE magazine’s Largest 500 Corporations Ranked 341st on The Forbes 2000 list Ranked No. 130 on Forbes’ Platinum 400 list of America’s Best Big Companies.

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 (192m/630ft<ref>Emporis Building Listing for 801 Grand: http://www.emporis.com/en/wm/bu/?id=123036</ref>) and houses many other companies in addition to The Principal. The top 2 floors are home to a privately owned club named the Embassy Club. Both employees and general members of the club have access to the club for the purpose of general dining as well as dinner parties.

Besides 801 Grand, Principal operates buildings Corporate I, II, III, IV, and V. Each building has a nickname determined by its shape.

A variety of amenities are offered to its employees as well. These include several cafeterias and a wellness center which includes a weight room, cycle room, treadmills, and full shower and locker facilities.

The Principal employs roughly 9,000 people in Des Moines. As of December 31, 2006, Principal employs a total of 16,200.<ref>Template:Cite web</ref>

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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 22 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 new mothers, 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.
December 5 2005, Principal opened its first offshore unit in Pune, India, by the name Principal Global Services