The appointment follows a competitive review. In 2022, the estimated US media spend for PFG was $33 million, according to agency research firm COMvergence.
Dentsu Creative replaces TBWA/Chiat/Day, the brand’s creative agency partner since 2008.
The company handles asset management, benefits, retirement and income investments for more than 60 million people.
Laurel Flatt, president of Dentsu Creative Chicago, said: “We’re eager to show off the breadth and depth of what the brand can offer customers. Through its deep expertise and history of customer care, Principal helps more people and businesses understand and access the financial products that can help lead to financial security — this is its powerful differentiator.”
OMD will continue to handle media planning and buying duties.
"Dentsu Creative was the best fit for Principal, based on its end-to-end creative and digital capabilities, strong cultural fit and focus on delivering valuable business outcomes," said Beth Wood, EVP-CMO of Principal Financial Group.
The agency will launch new work for the account in spring 2024.