DES MOINES — The Principal Financial Group announced Tuesday it that had filed its plan for demutualization with the Insurance Commissioner of the State of Iowa.

The plan details the process for converting the company from a mutual to a stock company. The insurance commissioner will hold a public hearing on July 25.

The initial public offering is expected to take place late this year or in early 2002, according to the company.

“From the beginning, our policyholders have been our number one priority,” said David J. Drury, Principal’s chairman, in a prepared statement. “We’re confident our plan provides for straightforward, balanced distribution of 100 percent of our company value while establishing a strong foundation for our future success as a public company.”

Principal Financial offers mutual funds, group and individual retirement products, life insurance and residential mortgages.

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