An Iowa financial services company will be backing a hometown sporting event.

Principal Financial Group Inc., Des Moines, Iowa, is taking over from Allianz Life Insurance Company of North America, Minneapolis, as the title sponsor of a Champions Tour golf tournament played in West Des Moines, Iowa, at Glen Oaks Country Club.

The next tournament, now known as The Principal Charity Classic, will start June 4, 2007.

A field of 78 golfers will compete for $1.6 million in prize money, and the event also will raise money for 5 children’s charities, according to Principal.