Principal Life Insurance Company

The insurer's general-account allocation is governed by Principal's internal investment committee, with origination and asset management executed through Barings, a wholly owned subsidiary with over $350 billion in assets under management across public and private markets. Barings operates with its own investment officers and credit committees, though strategic alignment with the parent is tight. Deanna Strable, as Principal's CEO, holds ultimate accountability for the firm's combined balance sheet.

It is a state-regulated insurance general account, meaning capital is permanent — backed by policyholder liabilities rather than pension beneficiaries or a single family's wealth — and deployments must satisfy risk-based capital rules set by the Iowa Insurance Division. The structure combines elements of a pension fund's long-duration posture with the regulatory constraints and rating-agency oversight of a life insurer.

Barings is a wholly owned subsidiary of Principal Financial Group and serves as the primary investment engine for Principal Life's general account. Principal acquired the legacy Barings business out of ING's 1992 collapse and merged it with its own internal investment teams over decades, building a global platform spanning private credit, real estate, infrastructure and structured equity.

North America dominates, with real estate equity concentrated in U.S. office, industrial and data-center assets. Barings extends the footprint into European private credit and Asian real estate debt, with offices in London, Frankfurt, Hong Kong, Tokyo and Sydney. The general account itself is overwhelmingly U.S.-domiciled.

Yes. Principal Foundation is a legally distinct charitable entity funded by Principal Financial Group. It runs grant-making programs focused on financial security and community development, particularly in Des Moines, and is not commingled with policyholder assets or the general-account portfolio.

Principal Life co-invests routinely through Barings-advised vehicles and outside manager relationships, particularly in infrastructure equity and large-scale commercial real estate. The general account has participated in club deals and direct co-investment tranches alongside Blackstone, KKR and other institutional partners, though specific co-investment check sizes are not publicly disclosed.

Elliott disclosed a stake in Principal Financial Group in 2021 and pushed for board refreshment and operational efficiency. The engagement produced two new independent directors and shaped the succession process that resulted in Deanna Strable's appointment as CEO in early 2025. Elliott's involvement is consistent with its pattern of driving change at financial-services holding companies.