DES MOINES - The Principal Financial Group announced Monday that it plans to convert its Principal Mutual Holding Co. subsidiary into a stock company.

Management at Principal Financial, which serves more than 11 million business and consumer customers and has more than $117 billion of assets under management, expects to complete the "demutualization" plan in the first half of 2001. It will be subject to approval by the board of directors, eligible policyholders, and Iowa's insurance commissioner.

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