<SEC-DOCUMENT>0001104659-21-026007.txt : 20210222
<SEC-HEADER>0001104659-21-026007.hdr.sgml : 20210222
<ACCEPTANCE-DATETIME>20210222083202
ACCESSION NUMBER:		0001104659-21-026007
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210222
DATE AS OF CHANGE:		20210222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRINCIPAL FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001126328
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		IRS NUMBER:				421520346
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16725
		FILM NUMBER:		21658346

	BUSINESS ADDRESS:	
		STREET 1:		711 HIGH STREET
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
		BUSINESS PHONE:		5152475111

	MAIL ADDRESS:	
		STREET 1:		711 HIGH STREET
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 97%; padding-bottom: 3pt">Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 3pt">Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule&nbsp;14a&#45;6(e)(2))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 3pt">Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 3pt">Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 3pt">Soliciting Material Pursuant to &sect;240.14a&#45;12</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>PRINCIPAL
FINANCIAL GROUP, INC.</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: black 1pt solid"><B>(Name of
Person(s)&nbsp;Filing Proxy Statement, if Other Than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD COLSPAN="2">No fee required.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="2">Fee computed on table below per Exchange Act Rules&nbsp;14a&#45;6(i)(1)&nbsp;and 0&#45;11.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">(1)</TD>
    <TD STYLE="width: 94%">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD STYLE="border-top: black 1pt solid">Aggregate number of securities to which transaction applies:</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>(3)</TD>
    <TD STYLE="border-top: black 1pt solid">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0&#45;11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(4)</TD>
    <TD STYLE="border-top: black 1pt solid">Proposed maximum aggregate value of transaction:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(5)</TD>
    <TD STYLE="border-top: black 1pt solid">Total fee paid:</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2">Fee paid previously with preliminary materials:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="2">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0&#45;11(a)(2)&nbsp;and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form&nbsp;or Schedule and the date of its filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(1)</TD>
    <TD>Amount previously paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
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    <TD>Date Filed:</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="tm217472d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 20%">Release: </TD>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 80%">On receipt, February 22, 2021</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Media contact: </TD>
    <TD>Jane Slusark, Principal, 515-362-0482, <U>slusark.jane@principal.com</U>
    <BR>
    Steve Frankel/Barrett Golden/Matthew Sherman <BR>
    Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Investor contact:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">John Egan, 515-235-9500, <U>egan.john@principal.com</U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal
Financial Group Announces Shareholder Value Initiatives</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Strategic Review to Optimize Capital
Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Two New Independent Directors to be Added
to the Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(Des Moines, Iowa) &ndash; Principal Financial
Group<SUP>&reg;</SUP> (Nasdaq: PFG) today announced steps to enhance shareholder value by initiating a strategic review of its
business mix, capital management, and capital deployment options. Principal<SUP>&reg; </SUP>will be adding two new independent
directors to its Board of Directors, Maliz Beams and a second director to be named at a later date. These actions, which follow
a constructive dialogue with one of Principal&rsquo;s largest investors, Elliott Investment Management, LP (&ldquo;Elliott&rdquo;),
build on Principal&rsquo;s ongoing efforts to drive growth and create value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&ldquo;Our success is a product of our commitment
to adapt our offerings and ensure alignment with company and shareholder goals, while continuing to meet the evolving needs and
demands of our customers,&rdquo; said Dan Houston, chairman, president, and CEO of Principal. &ldquo;This review builds on work
Principal has consistently undertaken to enhance shareholder returns and will help ensure we remain well positioned for continued
growth, future success, and value creation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mark Cicirelli, U.S. Head of Insurance for
Elliott, said, &ldquo;We believe the initiatives Principal announced today will further enhance the positioning of the company&rsquo;s
high-return businesses and drive meaningful shareholder value creation. We are pleased to reach this agreement with Principal,
which reflects constructive and positive discussions we have had with the company&rsquo;s Board and management team, and will result
in a rigorous and independent exploration of its strategic options.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Review of Capital Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The current competitive landscape and
recent transaction activity in the life and annuity market suggest a supportive environment for a review. Principal will
assess its capital strategy, including organic and inorganic investments, and return of capital to shareholders, with the
goals of enhancing shareholder value and strengthening its position as an industry leader. This assessment further builds
upon the discipline and focus Principal has consistently demonstrated through the 2019 acquisition of the Wells Fargo
Institutional Retirement and Trust business, the recent halt of new sales of its lifetime guaranteed universal life products,
and the announced exit from Principal&rsquo;s retail investment and retirement business in India.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm217472d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Finance Committee of the Principal Board,
composed of independent directors, including the newly appointed independent director, will oversee the review. In this effort,
the Committee will be supported by financial and legal advisors, and will make its recommendations to the full Board. In conjunction
with the announcement of this review, the Finance Committee chair will rotate to Clare Richer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The company intends to announce the results
of this review at its 2021 Investor Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Maliz Beams Joins Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Principal announced that it is appointing
Maliz Beams to the company&rsquo;s Board of Directors as a new independent director. Beams served as CEO of Retirement Solutions
of VOYA Financial, President and CEO of Individual and Institutional Services at TIAA-CREF, and Partner of Zurich Scudder Investments,
among other leadership roles in the financial services industry. Upon joining the board, Beams will serve on the Finance Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&ldquo;Maliz brings significant retirement
and asset management expertise and proven leadership experience to our Board of Directors,&rdquo; said Houston. &ldquo;We look
forward to benefiting from her insights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Beams said, &ldquo;I am honored to join the
Board of Principal, a company with a storied history and record of service to its customers and communities. I look forward to
partnering with my fellow directors to build on the company&rsquo;s strong foundation, capitalize on the significant opportunities
ahead, and deliver continued value for its customers and shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As part of today&rsquo;s announcements, Principal
and Elliott have entered into a customary cooperation agreement, as well as an information sharing agreement to facilitate continued
dialogue in preparation for the company&rsquo;s Investor Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Goldman Sachs &amp; Co. LLC is serving as
financial advisor to Principal and Skadden, Arps, Slate, Meagher &amp; Flom LLP is serving as legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm217472d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>About Maliz Beams</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Most recently, Maliz Beams served as a U.S.
State Department Counselor, responsible for strategy and implementation of the redesign and restructuring of USAID and the State
Department. From 2011 to 2015, Beams served as CEO of Retirement Solutions at Voya Financial, where she aligned the strategies
and reorganized operations of 12 separately managed units to drive significant improvements in performance. In 2013, she helped
lead Voya&rsquo;s spinoff from ING and subsequent IPO. Prior to Voya, Beams served as President and CEO of Individual and Institutional
Services at TIAA-CREF from 2004 to 2010, where, among other achievements, she developed and implemented a strategy that resulted
in six years of record growth. Prior to TIAA-CREF, Beams held leadership positions at Zurich Scudder Investments, Fleet Investment
Advisors, American Express, and Citigroup.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Beams currently serves as an Advisory Board
member of Vestigo Ventures LLC and Cannabis Investment Network. She previously served on the boards of directors of Brightsphere
Investment Group Inc. from 2018 to 2020 and Port Financial Corporation from 2002 to 2003. She has also served on the boards of
directors and advisory boards of a number of private companies and non-profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Beams earned an MBA from Columbia University,
a CSS from Harvard University, and a BA from Boston College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About Principal</U><SUP>&reg;</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Principal (Nasdaq: PFG) helps people and companies
around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions
that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals
 &ndash; offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out
more, visit us at principal.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This news release contains statements that constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words
 &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;budget,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo;
 &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;objective,&rdquo; &ldquo;forecast,&rdquo; &ldquo;goal,&rdquo;
 &ldquo;guidance,&rdquo; &ldquo;outlook,&rdquo; &ldquo;effort,&rdquo; &ldquo;strategy,&rdquo; &ldquo;target,&rdquo; and
similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the
statements were made. Forward-looking statements are made based upon management&rsquo;s current expectations and beliefs
concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of
future performance. Actual results may differ materially from those included in the forward-looking statements as a result of
risks and uncertainties. Those risks and uncertainties include, but are not limited to, the risk factors listed in Item 1A,
 &ldquo;Risk Factors,&rdquo; in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the other
filings we make with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). We disclaim any intention or
obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><IMG SRC="tm217472d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal plans to file a proxy statement (the &ldquo;2021 Proxy
Statement&rdquo;) with the SEC in connection with the solicitation of proxies for Principal&rsquo;s 2021 annual meeting of stockholders
(the &ldquo;Annual Meeting&rdquo;), together with a proxy card.&nbsp; STOCKHOLDERS ARE URGED TO READ THE 2021 PROXY STATEMENT (INCLUDING
ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT PRINCIPAL FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders will be able to obtain, free of charge, copies
of the 2021 Proxy Statement, any amendments or supplements thereto and any other documents (including the proxy card) when filed
by Principal with the SEC in connection with the Annual Meeting at the SEC&rsquo;s website (<U>http://www.sec.gov</U>), at Principal&rsquo;s
website (<U>https://investors.principal.com/investor-relations</U>) or by contacting Innisfree M&amp;A Incorporated by phone at
(888) 750-5834, by email at <U>info@innisfreema.com</U> or by mail at 501 Madison Avenue, 20th Floor, New York, NY 10022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal, its directors and certain of its executive officers
and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Annual Meeting.
Additional information regarding the identity of these potential participants, none of whom owns in excess of one percent (1%)
of Principal&rsquo;s shares, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the
2021 Proxy Statement and other materials to be filed with the SEC in connection with the Annual Meeting. Information relating to
the foregoing can also be found in Principal&rsquo;s definitive proxy statement for its 2020 annual meeting of stockholders (the
 &ldquo;2020 Proxy Statement&rdquo;), filed with the SEC on April 6, 2020. To the extent holdings of Principal&rsquo;s securities
by such potential participants (or the identity of such participants) have changed since the information printed in the 2020 Proxy
Statement, such information has been or will be reflected on Statements of Ownership and Change in Ownership on Forms 3 and 4 filed
with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"># # #</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal, Principal and symbol design and Principal Financial
Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group<SUP>&reg;</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
