A large midwestern insurance company plans to charter a thrift in a bold play to become a financial services supermarket.

Principal Financial Group, the 10th-largest U.S. life insurance company, confirmed it would submit applications by yearend to the Federal Deposit Insurance Corp. and Office of Thrift Supervision.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.