<SEC-DOCUMENT>0001104659-21-060740.txt : 20210504
<SEC-HEADER>0001104659-21-060740.hdr.sgml : 20210504
<ACCEPTANCE-DATETIME>20210504121355
ACCESSION NUMBER:		0001104659-21-060740
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210504
DATE AS OF CHANGE:		20210504

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:		21887056

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2115118d1_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 14pt 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">&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)
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of
1934 (Amendment No. )</P>

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

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    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 95%; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential,
    for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    Material under &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>PRINCIPAL
    FINANCIAL GROUP,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 9pt; padding-left: 10.1pt; text-align: center; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Registrant as Specified In Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 9pt; padding-left: 10.1pt; text-align: center; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Filing Fee (Check the appropriate box):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title
                                            of each class of securities to which transaction applies:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate
                                            number of securities to which transaction applies:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per
                                            unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11
                                            (set forth the amount on which the filing fee is calculated and state how it was determined):<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed
                                            maximum aggregate value of transaction:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total
                                            fee paid:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting
    fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its
    filing.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount
                                            Previously Paid:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form,
                                            Schedule or Registration Statement No.:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing
                                            Party:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><P STYLE=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date
                                            Filed:<BR></P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<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: justify; color: #7c7d81"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #7c7d81">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">On April 27, 2021, Principal Financial
Group, Inc. (the &ldquo;Company&rdquo;) announced the election of a new director to the Company&rsquo;s Board of Directors effective July
1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">On February 21, 2021, the Company
entered into a cooperation agreement (the &ldquo;Cooperation Agreement&rdquo;) with Elliott Investment Management L.P., a Delaware limited
partnership, Elliott Associates, L.P., a Delaware limited partnership, and Elliott International, L.P., a Cayman Islands limited partnership
(collectively, &ldquo;Elliott&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In accordance with the Cooperation Agreement, on April 26,
2021 the Board appointed Claudio Muruz&aacute;bal to the Board as a Class I member, with an initial term expiring at the 2023 Annual Meeting,
effective on July 1, 2021. The Board has affirmatively determined, upon the recommendation of its Nominating and Governance Committee,
that Mr. Muruz&aacute;bal is &ldquo;independent&rdquo; under the rules of the Nasdaq Global Select Market LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Mr. Muruz&aacute;bal will receive compensation consistent
with that received by the Company&rsquo;s other non-employee directors. A description of the compensatory arrangements for non-employee
directors is included in the Company&rsquo;s proxy statement on Schedule 14A for the Company&rsquo;s 2021 Annual Meeting of Stockholders,
which was filed with the U.S. Securities and Exchange Commission on April 5, 2021. In connection with his election, the Company will enter
into an indemnification agreement with Mr. Muruz&aacute;bal similar to the indemnification agreement entered into with all other members
of the Board, the form of which is filed as Exhibit 10.12.1 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December
31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">There are no arrangements or understandings between the
New Independent Director and any other person pursuant to which the New Independent Director, was elected to the Board, other than with
respect to the Cooperation Agreement, the details of which were more fully disclosed in Item 1.01 and Exhibit 10.1 of the Company&rsquo;s
8-K filed on February 22, 2021. There are no transactions in which the New Independent Director has or will have an interest that would
be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended, at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">Copied below is the press release
issued by the Company announcing the election of Mr. Muruz&aacute;bal:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.5in; text-align: left">Release:</TD><TD STYLE="text-align: justify">On receipt, April 27, 2021</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.5in; text-align: left"><FONT STYLE="color: black">Media contact:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">Jane
                                            Slusark, 515-362-0482, </FONT><U>slusark.jane@principal.com</U></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.5in; text-align: left"><FONT STYLE="color: black">Investor contact:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">John Egan, 515-235-9500, </FONT><U>egan.john@principal.com</U></TD>
</TR></TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Financial Group names Claudio Muruz&aacute;bal
to Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Investor Day to be held on June 29</I></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">(Des Moines, Iowa) &ndash; Principal Financial Group<SUP>&reg;</SUP>
(Nasdaq: PFG) announced today that Claudio Muruz&aacute;bal, president of SAP South Europe, Middle East, Africa and chairman of SAP Latin
America &amp; Caribbean, has been elected to the Principal<SUP>&reg;</SUP> Board of Directors, effective July 1, 2021.</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; margin: 0pt 0">&ldquo;Claudio brings immense global experience in many of the markets
where Principal does business today, along with more than 25 years of leadership in the technology industry,&rdquo; said Dan Houston,
chairman, president and chief executive officer of Principal. &ldquo;Claudio will bring valuable insight as we consider new and innovative
approaches to delivering customer guidance and solutions, including through digital and direct channels. In addition, his personal commitment
to advocating for education as a means of economic growth and social advancement pairs well with our purpose of helping more individuals
and businesses access financial security.&rdquo;</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">Muruz&aacute;bal joined SAP, a leader in enterprise application software
and analytics and business intelligence, in 2015 as regional president for its Latin America and Caribbean operations with a focus on
helping businesses thrive through digital innovation. In 2020, he assumed responsibility for the South Europe, Middle East, and Africa
region which includes 75 countries, 24 offices, 5,000 employees, and more than 23,000 customers. Prior to joining SAP, Muruz&aacute;bal
was chief executive officer of SAP Partner, NEORIS, a global management and IT consulting business, and previously, vice president of
Teradata/NCR in Latin America.</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"><FONT STYLE="color: black">A vocal supporter of education and entrepreneurship,
Muruz&aacute;bal is the Junior Achievement Americas vice chair and serves on the Council of the Americas Board. He was named one of the
100 Most Powerful Business People by Latin Trade Magazine in 2016, and was recognized as one of the HITEC Top 50 Most Influential and
Notable Hispanic Professionals in IT Industry in LATAM and Spain in 2019. </FONT>He holds a Global Executive MBA from Duke University,
and a bachelor&rsquo;s degree in Business Administration and Accounting from the Catholic University of Argentina.</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">As previously announced, Principal entered into an agreement with Elliott
Investment Management, LP (&ldquo;Elliott&rdquo;), one the company&rsquo;s largest investors, pursuant to which the company would appoint
two new independent directors and conduct a strategic review of its business mix, capital management, and capital deployment options.
Muruz&aacute;bal is the second new independent director announced in connection with this agreement, following the appointment of Maliz
Beams on February 23, 2021. Beams previously 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.</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 will discuss the results of its strategic review, which is
being led by the Board&rsquo;s Finance Committee, at the company&rsquo;s Investor Day, which will be held virtually on June 29, 2021.
Additional details about the meeting will be shared closer to the date.</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; margin: 0pt 0"><B>About Principal Financial Group<SUP>&reg;</SUP></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black; background-color: white">Principal Financial
Group<SUP>&reg;</SUP>&nbsp;(Nasdaq: PFG) is a global financial company with 17,000 employees<SUP>1</SUP>&nbsp;passionate about improving
the wealth and well-being of people and businesses. In business for more than 140 years, we&rsquo;re helping more than 34 million customers<SUP>2</SUP>&nbsp;plan,
insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive
workforce. Principal</FONT><FONT STYLE="background-color: white"><B><SUP>&reg;&nbsp;</SUP></B>is proud to be recognized as one of the
World&rsquo;s Most Ethical Companies<SUP>3</SUP>, a member of the Bloomberg Gender Equality Index, and a Top 10 &ldquo;Best Places to
Work in Money Management<SUP>4</SUP>.&rdquo; Learn more about Principal and our commitment to sustainability, inclusion, and purpose
at&nbsp;<U>principal.com</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: black; background-color: white"><SUP>1</SUP></FONT><FONT STYLE="background-color: white">&nbsp;As
December 31,2020.<BR>
<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>&nbsp;As December 31,2020.<BR>
<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>&nbsp;Ethisphere Institute, 2021.<BR>
<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>&nbsp;Pensions &amp; Investments, 2020.</FONT></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"><FONT STYLE="font-size: 10pt">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></FONT>.</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; color: #7c7d81"></P>

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