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Principal Financial Group Receives Preliminary Approval for U.S. Treasury Capital Purchase Program

05/15/2009

DES MOINES, Iowa--(BUSINESS WIRE)--May. 15, 2009-- The Principal Financial Group® (NYSE: PFG) today announced it was formally notified of preliminary approval of its application to participate in the U.S. Treasury Department’s Capital Purchase Program (CPP). The application was for $2 billion.

“Since our CPP application last November, The Principal has taken a number of important steps to manage its businesses as well as its liquidity and capital position during this challenging economic environment,” said Larry Zimpleman, president and chief executive officer, the Principal Financial Group. “We took another important step this week to significantly strengthen our capital base with our approximately $1 billion secondary equity offering. As always, we will continue to consider a range of options to position us to take advantage of opportunities and to meet any further challenges. Our decision about whether to participate in CPP and, if so, at what level, will be based on a review following receipt of all the terms and conditions, both economic and non-economic.”

About the Principal Financial Group
The Principal Financial Group® (The Principal ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $236.6 billion in assets under management2 and serves some 18.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

1 "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

2 As of March 31, 2009

 

Source: The Principal Financial Group

The Principal Financial Group
Media Contact:
Susan Houser, 515-248-2268
houser.susan@principal.com
or
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Investor Relations Contact:
Tom Graf, 515-235-9500
investor-relations@principal.com

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