Principal Financial Group is a Fortune 500 financial services company headquartered in Des Moines, Iowa, with more than $14 billion in annual revenue and operations spanning retirement, insurance, and asset management. The company manages benefits for roughly 6.8 million customers and employs around 18,000 people globally. That scale means a procurement function large enough to matter for small and mid-size diverse suppliers — and Principal has built a formal supplier diversity program to direct spend toward them.
This guide covers what the program actually looks like, which certifications carry weight, where to register, and how to give your business the best chance of getting a procurement conversation.
Principal's supplier diversity program
Principal calls its program the Supplier Diversity Initiative and houses it within the enterprise procurement function at the Des Moines headquarters. The company has been a corporate member of both NMSDC and WBENC for years, which is the clearest signal that the program is staffed and funded rather than a compliance checkbox.
In its annual supplier diversity and corporate responsibility reporting, Principal has stated a goal of increasing diverse spend as a percentage of total addressable procurement. As of its most recent public disclosures, the company has reported tracking spend across MBE, WBE, veteran-owned, LGBTBE, and disability-owned suppliers, with notable year-over-year increases. Principal does not publish a single hard dollar target on its public-facing supplier diversity page, but internal tracking clearly happens — the company participates in NMSDC and WBENC performance reporting cycles, which require member corporations to report certified diverse spend.
The program contact is the Supplier Diversity Manager in corporate procurement. The company has historically maintained a dedicated person in that role, not a shared function across procurement staff.
Which certifications they recognize
Principal's registration system and public program materials recognize the following diversity classifications:
- MBE — Minority Business Enterprise, certified through an NMSDC regional council
- WBE — Women Business Enterprise, certified through a WBENC regional partner or SBA WOSB program
- SDVOSB — Service-Disabled Veteran-Owned Small Business, verified through the VA or SBA
- VOSB — Veteran-Owned Small Business, VA-verified or SBA-certified
- LGBTBE — LGBTQ+ Business Enterprise, certified through NGLCC
- DOBE — Disability-Owned Business Enterprise, certified through Disability:IN
- SBE — Small Business Enterprise per SBA size standards
For MBE certification, you need to go through your regional NMSDC affiliate. There are 23 regional councils across the country, and certification is issued at the council level. The NMSDC national database makes your record searchable by all NMSDC corporate members — including Principal. The same logic applies for WBE through WBENC's network of regional partner organizations.
If you hold a federal SDVOSB or VOSB designation verified by the VA Center for Verification and Evaluation, that status transfers directly. Principal's procurement team can confirm it against the VA's public database without additional documentation from you.
Self-attestation without third-party certification is accepted in registration forms, but it carries less weight at the evaluation stage. Principal's procurement staff — like most NMSDC and WBENC corporate members — prioritize independently verified certifications because verification is already done.
Where and how to register
The entry point is Principal's supplier diversity portal, accessible through principal.com/about-us/supplier-diversity. That page links to the supplier registration form and outlines the program scope.
The registration form asks for:
- Legal business name and federal EIN
- Business address and primary contact details
- Description of products or services offered
- NAICS code(s)
- Annual revenue and number of employees
- Diversity classification(s) and certifying body
- Certificate number and expiration date (if certified)
Be specific in your service description. "IT consulting" tells a category manager nothing. "Python and Java development services for insurance and retirement plan administration platforms" gives them something to match against an open need. Category managers search the supplier database when procurement needs arise; a vague description keeps you buried.
After registration, you will receive an acknowledgment. Principal's procurement team does not send acceptance or rejection notices — they reach out when a need aligns with what you registered. That means your job is to be visible, current, and specific in the database, and then do relationship work on the side to accelerate the timeline.
What Principal buys from diverse suppliers
Principal is primarily a financial services company — retirement plans, group benefits, life insurance, and asset management. Its procurement spans several functional areas where diverse suppliers compete.
Information technology and data — Principal runs large-scale financial processing platforms. IT staffing, software development, data analytics, cybersecurity, application testing, and cloud infrastructure are recurring procurement categories. This is the largest spend bucket for most financial services procurement functions.
Consulting and professional services — Actuarial consulting, HR strategy, process improvement, change management, compliance, and risk advisory services. These engagements vary in size from single-statement-of-work projects to multi-year advisory arrangements.
Marketing and communications — Creative services, digital marketing, research and analytics, event production, print and promotional materials. Principal's marketing team runs campaigns for both B2B and B2C audiences.
Facilities and administrative services — Building maintenance, security, janitorial, food services, and office supplies for facilities in Des Moines and satellite locations.
Legal and financial services — Outside counsel, audit support, and specialized financial analysis firms.
The company's Des Moines headquarters concentration means some service categories — particularly facilities and local professional services — are most accessible for Midwest-based suppliers. IT and consulting are less geographically constrained and more accessible to suppliers outside Iowa.
Events and how to get a meeting
Principal participates in the supplier diversity conference circuit. These are the events where their procurement and supplier diversity staff are most accessible.
NMSDC Annual Conference and Exchange — Held each fall, typically 3,000-plus attendees. Principal sends corporate membership representatives and supplier diversity staff. The matchmaking sessions at this conference are the highest-yield opportunity for MBEs looking to get a face-to-face meeting. Register for the matchmaking program when NMSDC opens applications — spots fill quickly.
WBENC National Conference and Business Fair — Held each spring, WBENC's flagship event for WBEs and corporate members. Principal has participated in the insurance and financial services industry roundtables and the Business Fair, where certified WBEs can request 10-minute introductory meetings with procurement staff.
NMSDC Midwest Regional Council events — Principal's Des Moines base puts it squarely in Midwest NMSDC territory. The Midwest Minority Supplier Development Council and similar regional bodies hold matchmaking events and procurement fairs that Principal attends. These regional events are smaller and less competitive for meeting time than the national conferences.
Disability:IN Annual Conference — If you hold DOBE certification, Disability:IN's annual event typically includes corporate procurement matchmaking. Principal has participated in Disability:IN programming.
Before attending any event, do two things. First, update your registration record so it is current. Procurement staff pull up your record during a meeting; a stale record undermines a good in-person conversation. Second, find Principal's supplier diversity contact on LinkedIn before the event. A brief, specific message — your certification, NAICS code, and the category you serve — introduces you without pitching. It makes the in-person introduction a continuation rather than a cold start.
Realistic timeline and first steps
Registration takes about 20 minutes. Getting a procurement conversation takes considerably longer.
The honest version: Principal does not operate a marketplace where suppliers browse for new partners. Procurement decisions happen when an internal need arises and a category manager initiates a sourcing event or RFP. Your registration record needs to be complete and accurate when that moment happens.
Week 1: Register at principal.com/about-us/supplier-diversity with a specific service description, your NAICS code, and current certification data.
Month 1: Obtain or renew your NMSDC, WBENC, NGLCC, Disability:IN, or VA certification if you do not already have one. The NMSDC regional council application process typically takes 60 to 90 days for first-time applicants.
Months 1 to 6: Identify one major event — NMSDC Annual Conference or WBENC National Conference — and register for the matchmaking program. If you are in the Midwest, add a Midwest NMSDC regional council event to the schedule.
Months 6 to 18: Attend the event, make direct contact with Principal's procurement or supplier diversity staff, and follow up by updating your registration record. Respond promptly to any outreach.
Suppliers at comparable financial services companies — Prudential, MassMutual, Nationwide — describe 9 to 18 months from registration to first purchase order, with in-person relationship building at one or two events as the factor that shortened the cycle. The registration gets you into the database; the relationship gets you called when the need arises.
The short version
Register at principal.com/about-us/supplier-diversity with a detailed service description and current certification data. Get your NMSDC, WBENC, or relevant certification if you do not have one. Attend the NMSDC Annual Conference or WBENC National Conference and request a matchmaking session with Principal. Find the Principal supplier diversity contact on LinkedIn before the event. Update your registration after every touchpoint. Budget 9 to 18 months for the cycle to close.
