"We are delighted that Principality - Wales's largest building society - and Welsh rugby are forming an important partnership at such a crucial time for the national game," said Steve Lewis, the WRU Chief Executive. "The success of the national team in winning the 2005 Grand Slam and RBS Six Nations Championship, and the significant contributions made by so many of the Welsh players with the British and Irish Lions in New Zealand, has given Welsh rugby its highest profile for a long time.
"But to sustain that sort of success at the very peak of the game requires sound support at the next level down and the Principality Building Society Premiership is the 30-match tournament that will groom our stars of the future - a successful, highly competitive and intense tournament is absolutely vital for the development and health of our game at the top level.
"Young players like Matthew Jones and Chris Czekaj - capped on the Wales tour to North America in June - proved they could make the big step up from the Premiership to the Regional and international stage and our Grand Slam winning under-21 players were a step ahead of their counterparts last season, in large part due to the players getting very competitive, regular rugby in the Premiership.
"It is the tournament that is the essential breeding ground for our next wave of full-time professionals and I am sure we are in for a top quality inaugural season in the Principality Building Society Premiership."
Managing Director of Principality, Tracy Morshead said: "The Premiership is a great fit for us and we are thrilled with the partnership. We are both leading Welsh brands who share pride and passion in our national sport."
Neal Pritchard, Head of Financial Services at Principality, added: "Following the launch of our new corporate identity it was important for us to find a sponsorship deal that helps us convey to the public that we are a Welsh company that is proud of its involvement at all levels within the community. This deal, supporting those at a critical level in Welsh rugby, fits the bill perfectly."
The Society has had a long association with rugby in Wales, most recently as the sponsor of the Principality Cup prior to the restructuring of the game in Wales two years ago which lead to the creation of the Celtic League.