“Can a 146-year-old insurer-turned-asset-manager stay the default workplace retirement platform as the 401(k) stack gets unbundled by robo-advisors, embedded payroll, and API-first benefits data?”
Founded 1879 as Bankers Life Association, Principal demutualized and IPO'd in 2001, then grew into a global retirement and asset-management firm. In 2022 it divested US retail fixed annuity and consumer life businesses to concentrate on workplace retirement (401(k) recordkeeping), group benefits/insurance, and institutional asset management under Principal Asset Management. More recently it has been building API/EDI data integration for benefits administration and partnering with Apex Clearing to deliver its Principal SimpleInvest robo-advisory and IRA custody rails.
Principal Financial Group discloses Principal Bank (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Principal Financial Group does not disclose a bank charter of its own; its banking services are provided through Principal Bank (in-house).
Principal Financial Group moves money over ACH.
Principal Financial Group's embedded insurance is provided by Principal Life Insurance Company (in-house) and Principal National Life Insurance Company (in-house).
Principal Financial Group's investing and wealth products are powered by Principal (in-house), Apex Clearing, Principal Advised Services (in-house), Principal Global Investors (in-house) and Principal Trust Company (in-house).
The Embedded Finance Index 2026 maps 4 layers in Principal Financial Group's stack: Money movement (ACH); Banking / BaaS (Principal Bank (in-house)); Insurance (Principal Life Insurance Company (in-house) and Principal National Life Insurance Company (in-house)); Investing (Principal (in-house), Apex Clearing, Principal Advised Services (in-house), Principal Global Investors (in-house) and 1 other).
Principal Financial Group was founded by Edward Temple and is founded in 1879, headquartered in Des Moines, Iowa, USA.
Principal Financial Group's acquisitions include Beam Benefits (2026) and Wells Fargo Institutional Retirement & Trust (2019).
Get a read on where your own stack stands against Principal Financial Group and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.