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Principal Financial Group® 2023 Sustainability Report: Our Sustainability Strategy and Commitments

Our commitments to help drive better outcomes for people, society, and the planet

Principal Financial Group® 2023 Sustainability Report: Our Sustainability Strategy and Commitments

Our commitments to help drive better outcomes for people, society, and the planet

Published 07-09-24

Submitted by Principal Financial Group, Inc.

A father and son are shown looking at crops in a field.

Originally published in Principal Financial Group 2023 Sustainability Report

Our sustainability strategy and commitments

We remain dedicated to our sustainability commitments to help drive better outcomes for people, society, and the planet.

Our strategy is made up of three activation pillars, which comprise our material sustainability focus areas which were determined through a materiality assessment. Our focus areas include specific topics and goals that help us deliver our sustainability commitments. These activation pillars help us integrate sustainability across the business and into our operations and decision-making.

Read more about our materiality assessment

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SDG 5 Gender equality: Achieve gender equality and empower all women and girls.

In 2023, through the ongoing efforts of our Sustainability Task Force and participation from business leaders across the company, we continued to make progress against our sustainability commitments, including reaching our five-year goal to double the number of diverse small and midsized businesses we support by 2025. We also set new goals to advance our strategy.

Our sustainability strategy is aligned with several SDGs, which are an urgent, universal call to action to help end poverty, improve health and education, reduce inequality, and spur economic growth.

  • SDG 5 Gender equality: Achieve gender equality and empower all women and girls.
  • SDG 8 Decent work and economic growth: Promote sustained, inclusive and sustainable economic growth, full and productive employment, and decent work for all.
  • SDG 10 Reduce inequalities: Reduce inequality within and among countries.
  • SDG 13 Climate action: Take urgent action to combat climate change and its impacts.
  • SDG 17 Partnerships for the goals: Revitalize the global partnership for sustainable development.

To manage the evolving landscape and stay ahead of the curve, we’re continuously refining our approach while we remain dedicated to transparently reporting progress.

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SDG 8 Decent work and economic growth: Promote sustained, inclusive and sustainable economic growth, full and productive employment, and decent work for all.

Our key focus areas:

  1. Sustainable investing
    We provide clients with sustainable investment options that offer competitive, risk-adjusted returns and utilize a holistic view of factors influencing risk and return to help create added value for clients, the environment, and society over time.
  2. Consumer and product impact
    We enable greater access to relevant insurance, investment, and savings products and services for individuals and businesses around the globe to help build a more inclusive economy.
  3. Financial inclusion
    We advance financial inclusion by ensuring individuals and businesses have access to the necessary financial products, resources, and education to meet their diverse needs.
  4. Environmental impact
    We promote environmental stewardship across our company by managing our use of resources and working to preserve the planet for future generations.
  5. Sustainable sourcing
    We aim to improve our screening of new suppliers and our evaluation of existing suppliers against sustainability criteria and incorporate our findings into our supplier selection process to build a traceable and resilient supply chain.
  6. Governance, ethics, and risk
    We operate our business with integrity through strong governance, effective risk management practices, and transparent reporting to maintain trust with our stakeholders.
  7. Global inclusion
    We strive to create and maintain a work environment where all employees feel valued, respected, and included, enabling them to do their best work.
  8. Employee engagement
    We cultivate a rewarding workplace experience centered on learning, development, and employee well-being to attract and nurture exceptional talent.
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SDG 10 Reduce inequalities: Reduce inequality within and among countries.

To learn more, read the Principal Financial Group 2023 Sustainability Report.

Integration of sustainability considerations and/or environmental, social and governance (ESG) factors is qualitative and subjective by nature. There is no guarantee that the criteria used, or judgment exercised, will reflect the beliefs or values of any particular investor. There is no assurance that any strategy or integration of sustainability considerations and/or ESG factors will be successful or profitable.

Principal Financial Group Foundation, Inc ("Principal® Foundation") is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. ("Principal' operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinc independent, charitabl entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so. © 2024 Principal Foundation.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.​

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SDG 13 Climate action: Take urgent action to combat climate change and its impacts.

 

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SDG 17 Partnerships for the goals: Revitalize the global partnership for sustainable development.

 

Principal Financial Group, Inc. logo

Principal Financial Group, Inc.

Principal Financial Group, Inc.

Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 51 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management3.” Learn more about Principal and our commitment to building a better future at principal.com.

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