Algona’s Pharmacists Mutual Insurance Company Named One of “The Principal 10 Best Companies for Employee Financial Security”

Nationwide Search Honors Iowa Company For Exceptional Employee Benefit Programs

(Algona, Ia.) – Pharmacists Mutual Insurance Company of Algona has been named one of the 2004 winners of The Principal® 10 Best Companies for Employee Financial Security. An independent judging panel of business leaders and employee benefits experts selected Pharmacists Mutual Insurance Company for its dedication to its employees as demonstrated by its outstanding package of employee benefits.

The nationwide program, which is sponsored by the Principal Financial Group, recognizes growing companies (between five and 1,000 employees) that excel at contributing to their employees’ long-term financial security, particularly through employee benefits programs.

“At a time when most employers face tough challenges in maintaining strong employee benefits, Pharmacists Mutual Insurance Company has gone the extra mile to secure its employees’ financial futures,” said Renee Schaaf, vice president at the Principal Financial Group. “Pharmacists Mutual stood out among the competition and is a role model for providing the very best in employee benefits.”

Pharmacists Mutual Insurance Company, which has 235 employees, provides insurance and investment products to pharmacists, pharmacies, home health care providers, home medical dealers and card and gift stores. Pharmacists Mutual’s commitment to its employees has enabled it to implement a benefits program that is well aligned with employee needs.

“It’s a great honor to be recognized as one of The Principal 10 Best Companies for Employee Financial Security,” says Ed Berg, CEO, Pharmacists Mutual Insurance Company. “We experience high employee retention and commitment by creating a work environment where employees experience job satisfaction through their work, recognition and benefits received.”

Also among The Principal 10 Best—2004 are:
American Urological Association Education and Research, Inc., Linthicum Heights, MD; American Society of Health-System Pharmacists, Bethesda, MD; Clipper Belt Lacer Company, Grand Rapids, MI; Distilled Spirits Council of the United States, Inc., Washington, DC; ELTECH Systems Corporation, Chardon, OH; First National Bank of Greencastle; Greencastle, PA; Leupold & Stevens, Inc., Beaverton, OR; RATHBUN INSURANCE AGENCY, Lansing, MI; and USA Federal Credit Union, Auburn Hills, MI.

A distinguished panel of judges worked with Mathew Greenwald & Associates, a premier market research company, to choose the winners based on how companies select, manage and provide benefits and other programs that contribute to their employees’ financial security.

The program judges include: Dallas L. Salisbury, president and CEO, Employee Benefit Research Institute; David Wray, president, Profit Sharing/401(k) Council of America; Howard Wolosky, executive editor, The Practical Accountant; Deborah J. Lucas, PhD., Household International professor of finance, Kellogg School of Management, Northwestern University; Nevin E. Adams, editor-in-chief, Plan Sponsor Magazine; Charlie Tharp Ph.D., professor human resource management, School of Management and Labor Relations, Rutgers University; Susan Bjork , HR director, Lancet Software, Inc. The Principal 10 Best Companies—2003 winner; Todd Surline, vice president of human relations, MSU Federal Credit Union, The Principal 10 Best Companies—2003 winner.

The Principal 10 Best Companies for Employee Financial Security is a nationwide program that recognizes growing companies that excel, particularly through employee benefits, at contributing to their employees’ financial futures and sense of financial security. Entry forms for the 2005 recognition program will be available at www.principal.com February 1, 2005.

About Pharmacists Mutual Insurance Company
Pharmacists Mutual Insurance Company is a nationally recognized leader in providing insurance and investment products to the pharmacy community, serving over 40,000 customers across the United States. Founded in 1909, Pharmacists Mutual Insurance Company provides its 235 employees with top-of-the-line benefits including:

• 90 – 99 percent employer-paid medical insurance premiums for employees; 82 – 85 percent employer-paid medical insurance premiums for dependents
• 401(k) plan with employer match of 35 percent up to five percent of pay; with additional employer match dependent on company results
• Defined benefit pension plan
• 100 percent employer-paid premiums for long-term disability insurance

About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $152.1 billion in assets under management and serves some 14.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.