The Principal Announces Increase In Nippon Life Insurance Company's Ownership Of Principal Financial Group. Inc. Common Stock
February 28, 2008 (Des Moines, Iowa) — Principal Financial Group, Inc. (NYSE: PFG) today announced that Nippon Life Insurance Company ("Nippon Life"), one of the world's largest life insurance companies, has increased its ownership of Principal Financial Group, Inc.'s common stock from 4.3 percent to 7.0 percent, as of February 26, 2008.
"Over the course of a long-term business relationship, we've built a strong history of cooperation and collaboration with The Principal," said Kiyoshi Ujihara, Managing Director of Nippon Life. "We are very pleased to affirm the importance of our existing relationship and to demonstrate our continued support by increasing our ownership position."
"We deeply value the relationship we've built with Nippon Life, as well," said Larry Zimpleman, president and chief operating officer of The Principal. "We truly appreciate the confidence Nippon Life has shown in us through their increased ownership stake, and will continue to execute our growth strategy as an independent company to deliver strong shareholder returns."
About Nippon Life Insurance Company
Nippon Life Insurance Company offers a wide range of products that include survivor, medical and nursing care coverage and asset formation savings insurance to meet a broad variety of needs. At the end of FY2007 total assets were JPY51,841.9 billion and total revenues were JPY6,514.0 billion (non-consolidated basis). For more information, visit www.nissay.co.jp/okofficial/english/
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 $311.1 billion in assets under management2 and serves some 18.6 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 trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of December 31, 2007.
