Principal to acquire Beam Benefits

Principal Financial Group announced an agreement to acquire Beam Benefits, an employee benefits company serving over 25,000 small businesses.

Founded in 2012, Beam publicly disclosed over $248 million in funding. The company offers dental, vision, and ancillary benefits, generating ~$175 million in premiums in 2025.

The acquisition is expected to close in the latter half of 2026, subject to the completion of customary closing conditions and regulatory approvals.

“Beam Benefits’ focus on serving the small business market aligns directly with our commitment to helping small and midsized businesses (SMBs) protect their businesses and their employees. This acquisition strengthens our momentum and delivery of above-market growth in that segment.” Principal currently serves 180,000 employers providing comprehensive retirement, benefits, and business owner solutions. Beam has built a meaningful customer base that generates strong premium volume. Its digital-first model brings scalable capabilities that can complement our platform, support continued growth, and enhance the customer experience. Beam’s talent and deep expertise in the small business marketplace will be additive to our SMB strategy.” – Amy Friedrich, president of Benefits and Protection at Principal.

“Beam Benefits is purpose-built to transform the employee benefits experience by combining intuitive, cloud-native technology with an unwavering focus on expanding access to vital employee benefits for small business employers, employees, and their families. Joining forces with Principal is the natural next step in our journey.” – Tolithia Kornweibel, CEO of Beam Benefits.