Principal Financial Group 2008 Annual Report Download - page 9

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Amid short-term pressures, we focus on the long-term view.
W e continued to keep our long-term view in
mind as we supported growing businesses
and their employees. Examples include:
n Strengthening relationships with customers by offering
innovative solutions. Growing businesses
appreciate the ways we go above and beyond to
enhance their experience with The Principal.
•
We’ve recently helped employers comply with new,
product-specific regulations—helping them
understand and implement changes to meet required
deadlines. For example, changes to nonqualified
deferred compensation plans and new retirement
plan fiduciary responsibilities.
•
Our new, online benefits administration system,
eBenefits Edge, makes it easy for human resource
managers to administer benefits from multiple
providers. eBenefits Edge consolidates all employee
benefit information into one location, simplifying
day-to-day administration, reducing duplication and
providing extensive reporting capabilities. It saves
our customers valuable time and money.
n Building relationships with advisers and alliance partners.
Since launching our Privileged Partner Program
catering to key distributors of our insurance
products, sales have increased significantly.
Additionally, in 2008 we had the opportunity to
strengthen and expand our relationships with more
than 25 key distribution alliance partners. Overall,
nearly 2,000 advisers sold a plan with us. And just
within our 12 core retirement alliance partners, more
than 300 advisers sold their first plan with us in 2008.
n Advocating legislation that benefits our customers.
We were vocal advocates of legislation designed to
provide temporary funding relief for defined benefit
pension plans during the current economic crisis.
We were successful in getting some of the relief
approved in 2008 and continue advocating for
additional relief we feel is necessary for our clients.
n Expanding our client base outside the United States.
Along with our Malaysian partner, CIMB Group,
Principal Global Investors and Principal International
offer asset management services to meet the growing
global demand for Shariah-compliant investments.
Our future success relies on the success of our customers
and advisers. We look forward to continuing to work
with them and advocate for them in 2009 and beyond.
2008 Year in Review | Perspective 7