Principal Financial Group is in the early stages of a review of its creative business, the company has confirmed.
Principal has contacted agencies via an initial request for proposals, according to sources. The company's media spending ranges between $15 million and $20 million a year.
"The time is right to review our creative strategy," a Principal representative told Adweek. "Our business and marketing strategies at the Principal have evolved over the past 10 years. As the business strategy has changed, so has our advertising strategy."
Among the key decision-makers is chief marketing officer Mary O'Keefe. A 23-year veteran of the company, O'Keefe assumed her current role in 2004.
TBWA\Chiat\Day in Playa del Rey, Calif. has been Principal Financial's lead creative agency since 2005. The shop is not defending.
Media planning and buying responsibilities are not in play and remain at OMD in Los Angeles. Both OMD and TBWA\C\D are units of Omnicom Group.
Last year, Principal Financial's media spending approached $15 million, down from about $17 million in both 2012 and 2011, according to Nielsen. Spending through the first half of 2013 totaled nearly $7 million. Those figures don't include online outlays, however.
Principal Financial, which is based in Des Moines, Iowa, provides insurance and retirement and investment services to companies and their employees. Its television ads have featured a little animated character known as "Eddie," who uses the company's triangular logo as a means of support.