Principal Financial Group, Inc. has applied to participate in the U.S. Department of the Treasury’s Capital Purchase Program (TCPP), as a savings and loan holding company subject to oversight of the Office of Thrift Supervision.
Engaged in providing investment, banking, retirement and insurance products to businesses and individuals, Principal Financial Group is a significant provider of credit and liquidity to U.S. corporate and consumer markets.
The participation in TCPP program will enable company to issue preferred shares and warrants to the Treasury. The amount for which a company can apply is prescribed by the application. The Principal has applied for and could participate up to $2 billion. Also Principal Financial Group will manage to support and capitalize the companys federal savings bank subsidiary, Principal Bank; and support the ongoing organic growth needs of the companys operating units.
Principal Life Insurance Companys insurance financial strength rating was affirmed by Moodys Investors Service at ‘Aa2’, Excellent, with a stable outlook on 7 November 2008. And on 5 September 2008, Principal Lifes insurer financial strength rating was affirmed by Fitch Ratings at ‘AA’, Very Strong, with a stable outlook.
L.D.