Des Moines-Based Principal Financial Seeks $2 Billion From U.S. Treasury

November 20, 2008

Des Moines-based Principal Financial Group has applied to the U.S. Treasury for $2 billion from a capital purchase program.

The retirement, insurance and financial services company says it would issue preferred shares and warrants to the Treasury. The company would be subject to oversight of the Office of Thrift Supervision.

In a statement on Nov. 18, Principal says the government money was prudent "in a time of volatile and uncertain market conditions.''

Principal has about $287 billion in assets under management as of Sept. 30. It serves about 19 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.