Principal Financial Group Elects Griswell Chairman.

Business Editors

DES MOINES, Iowa--(BUSINESS WIRE)--Nov. 28, 2001

The Principal Financial Group(R) today announced J. Barry Griswell, president and chief executive officer, has been elected chairman of the board effective January 1, 2002 by the company's board of directors. Griswell succeeds the retiring Chairman David J. Drury, who has held the board position since 1995.

"The Principal Financial Group has a proud history of operating with strategic vision and focus," Drury said. "The appointment of Barry Griswell is part of the planned evolution of The Principal as a public company. Griswell's deep industry knowledge and participation, dynamic leadership style and astute strategic skills make him the ideal leader for The Principal as we make our mark in the public markets."

"The successful growth and maturity of the Principal Financial Group are due in large part to the careful guidance of Dave Drury," Griswell said. "His dedication to The Principal and his contributions to transforming the company as an industry leader will be noted for years to come."

Griswell joined the company in 1988 as agency vice president. He became senior vice president in 1991 and executive vice president in 1996. Griswell was appointed president in 1998 and was named CEO in 1999. A native of Georgia, he received a bachelor's degree from Berry College, Rome, Georgia, in 1971, and a master's degree from Stetson University, Deland, Florida, in 1972.

Griswell has been active in various industry and community organizations, including his current service as a board member of the American Council of Life Insurance, the American Council for Capital Formation and a member of the board of trustees of the S.S. Huebner Foundation for Insurance Education. He is a current trustee of Central College in Pella, Iowa and director of the Business Committee for the Arts. Griswell is past Chair of LIMRA International and the Life Underwriting Training Council Board of Trustees. He received his Chartered Life Underwriter (CLU) designation in 1976, Chartered Financial Consultant (CHFC) designation in 1985 and became LIMRA Leadership Institute Fellow (LLIF) in 1992.

Drury joined the Principal Financial Group in 1966 and rose through a variety of positions, including chief actuary and head of the investment department. A native of Marshalltown, Iowa, Drury received his bachelor's degree from Iowa State University and is affiliated with a number of private, community and industry organizations including the Health Insurance Association of America, the Society of Actuaries and the American Academy of Actuaries.

The Principal Financial Group(R) (www.principal.com) 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 mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group (The Principal (R))(1) for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States(2). Its flagship and largest member, Principal Life Insurance Company was founded in 1879. A member of the Fortune 500, the Principal Financial Group has $112.3 billion in assets under management(3) and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.

(1) "The Principal" is a registered trademark referring to the Principal Financial Group.

(2) CFO Magazine, April/May 2001, based on total plans served in 2000 by insurance companies, banks and investment firms.

(3) As of September 30, 2001.