Principal Global Services Pvt Ltd

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On July 10th, 2006, the Principal opened a captive back-office operation styled as Principal Global Services Private Limited at Pune, India. Principal Global Services was incorporated in December, 2005 and is directly and indirectly 100% owned by Principal Financial Services Inc., a wholly owned subsidiary of the Principal Financial Group. The Principal Global Services; is a 100% EOU unit registered under Software Technology Parks of India (STPI). The office facility admeasuring 70,000 square feet is located at Cybercity Magarpatta Pune, a top end business district located to the East side of Pune city. The operations centre, a state of the art facility which was opened on July 10th, 2006 has a capacity to seat 750 employees on a single shift basis. Punes attributes, when compared with other Indian cities, provide compelling arguments as an off shoring location. The high quality of human capital is driven by the 190 undergraduate and 70 graduate schools that produce around 80,000 engineers and another 120,000 arts, science and commerce graduates, annually. The cost of living is around 37% lower as compared to that in Mumbai, impacting operational costs. Pune graduates are stable employees and are reluctant to change jobs. Industry attrition is as low as 15% – 20%. Availability of quality facilities, infrastructure, power supply and high speed internet bandwidth are available at relatively lower costs as compared to cities like Mumbai. Being only 100 miles away from Mumbai (Indias financial hub) simplifies accessibility to services and other Indian and global cities. The Principal Financial Group® (The Principal®) is a leading global financial company offering businesses, individuals and institutional clients a wide range of financial products and services. Our range of products and services includes retirement solutions, life and health insurance, wellness programs, and investment and banking products through our diverse family of financial services companies and national network of financial professionals.

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