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<P><FONT face=serif>As filed with the Securities and Exchange Commission on June 25, 2009</FONT>&nbsp; </P>
<P>&nbsp;</P>
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     <TD align=center><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT> </TD></TR>
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<P><FONT face=serif>WASHINGTON, D. C. 20549</FONT> </P>
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<P><FONT face=serif>----------------------</FONT> </P>
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<P><FONT face=serif size=4>FORM S-8</FONT> </P>
<P>&nbsp;</P>
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     <TD align=center><FONT face=serif>REGISTRATION STATEMENT</FONT> </TD></TR>
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     <TD align=center><FONT face=serif>UNDER</FONT> </TD></TR>
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<P><FONT face=serif>THE SECURITIES ACT OF 1933</FONT> </P>
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<P><FONT face=serif>----------------------</FONT> </P>
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     <TD align=center><B><FONT face=serif size=5>PRINCIPAL FINANCIAL GROUP, INC.</FONT></B>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>(Exact name of Registrant as specified in its charter)</FONT> </TD></TR></TABLE><BR>
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     <TD align=center><B><FONT face=serif>DELAWARE</FONT></B>&nbsp; </TD>
     <TD align=center><B><FONT face=serif>42-1520346</FONT></B>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>(State or other jurisdiction of</FONT>&nbsp; </TD>
     <TD align=center><FONT face=serif>(I.R.S. Employer</FONT>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>incorporation or organization)</FONT>&nbsp; </TD>
     <TD align=center><FONT face=serif>Identification No.)</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=center><B><FONT face=serif>711 High Street</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>Des Moines, Iowa 50392</FONT></B> </TD></TR>
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     <TD align=center><FONT face=serif>(Address of principal executive offices, including zip code)</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><B><FONT face=serif>Principal Financial Group, Inc. Employee Stock Purchase Plan</FONT></B> </TD></TR>
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     <TD align=center><FONT face=serif>(Full title of the plan)</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><B><FONT face=serif>Karen E. Shaff, Esq.</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>Executive Vice President And General Counsel</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>Principal Financial Group, Inc.</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>711 High Street</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>Des Moines, Iowa 50392</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=serif>(515) 247-5111</FONT></B> </TD></TR>
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     <TD align=center><FONT face=serif>(Name, address and telephone number, including area code of agent for service)</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a non-accelerated filer or a smaller reporting company. See definitions of &#147;large accelerated filer,&#148;</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act (Check</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one):</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large accelerated filer</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings>x</FONT></TD>
     <TD align=left><FONT face=serif>Accelerated filer</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=Wingdings>&#168;</FONT></TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer</FONT>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; <FONT face=Wingdings>&#168;</FONT></TD>
     <TD align=left><FONT face=serif>Smaller reporting company</FONT>&nbsp;&nbsp; <FONT face=Wingdings>&#168;</FONT></TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Do not check if a smaller reporting company)</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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<P align=left><FONT face=serif>Page 2</FONT></P>
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<P><FONT face=serif>CALCULATION OF REGISTRATION FEE</FONT> </P>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Title of securities</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Amount to be</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Proposed</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Proposed</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Amount of</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>to be registered</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>registered</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>maximum</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>maximum</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>registration fee</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>offering price per</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>aggregate</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>share(2)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>offering price(2)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Common Stock</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>$.01 par value (1)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>7,740,757 shares</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>$17.61</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>$136,314,730.77</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>$7,607.00</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=left><FONT face=serif size=3>(1)</FONT><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>In addition, pursuant to Rule 416 under the Securities Act of 1933, this Registration</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>Statement includes an indeterminate number of additional shares as may be issuable as a</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif><FONT size=3>result of a stock split, stock dividend or similar adjustment of the outsta</FONT><FONT size=3>nding common</FONT></FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>shares of Principal Financial Group, Inc.</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD colSpan=2><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT face=serif size=3>(2)</FONT><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>Estimated solely for the purpose of calculating the registration fee pursuant to Rule</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>457(c) and Rule 457(h) under the Securities Act of 1933 based upon the average ($17.61)</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>of the high ($18.16) and low ($17.06) sales prices of the registrant&#146;s common stock as</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
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     <TD align=left><FONT size=3>&nbsp; </FONT></TD>
     <TD align=left><FONT face=serif size=3>reported on the New York Stock Exchange on June 23, 2009.</FONT><FONT size=3>&nbsp; </FONT></TD></TR></TABLE><BR>
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     <TD align=center><FONT face=serif>PART I</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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<P><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face=serif>As permitted by Part I of Form S-8, this Registration Statement omits the information</FONT>&nbsp; </P>
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     <TD align=left><FONT face=serif>specified in Part I. The documents containing the information specified in Part I will be delivered</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>to the participants in the plans covered by this Registration Statement, as required by Rule 428(b)</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>under the Securities Act of 1933. Such documents are not being filed with the Securities and</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>Exchange Commission as part of this Registration Statement or as prospectuses or prospectus</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>supplements pursuant to Rule 424 under the Securities Act of 1933.</FONT>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>PART II</FONT> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT> </TD></TR></TABLE></DIV><BR>
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     <TD align=left><FONT face=serif>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The following documents filed by Principal Financial Group, Inc. are hereby incorporated</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>by reference in this Registration Statement:</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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     <TD align=left><FONT face=serif>(a)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>December 31, 2008, filed with the Commission on February 18, 2009, which</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>contains audited consolidated financial statements for the most recent fiscal year for</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>which such statements have been filed;</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=serif>(b)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>The Registrant&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>March 31, 2009, filed with the Commission on May 6, 2009, and the Registrant&#146;s</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>Current Reports on Form 8-K filed with the Commission on January 15, 2009,</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>February 27, 2009, May 15, 2009, and May 21, 2009; and</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=serif>(c)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>The description of the Registrant&#146;s Common Stock and the rights associated with</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>such Common Stock contained in the Registrant&#146;s Registration Statements on</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>Form 8-A, dated October 10, 2001, including any amendments or reports filed for the</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>purpose of updating such description.</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>All documents subsequently filed by Principal Financial Group, Inc. pursuant to Sections</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>effective amendment that indicates that all securities offered hereby have been sold or that</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>this Registration Statement and to be a part hereof from the date of filing such documents.</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Any statement contained in a document incorporated or deemed to be incorporated by</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>reference herein shall be deemed to be modified or superseded for purposes of this Registration</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>Statement to the extent that a statement contained herein (or in any other subsequently filed</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>document that also is incorporated or deemed to be incorporated by reference herein) modifies or</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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     <TD align=left><FONT face=serif>supersedes such statement. Any such statement so modified or superseded shall not be deemed,</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>except as so modified or superseded, to constitute a part of this Registration Statement.</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>ITEM 4. DESCRIPTION OF SECURITIES</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Not applicable (the Registrant&#146;s Common Stock is registered under Section 12 of the</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>Securities Exchange Act of 1934).</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Not Applicable.</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>The directors and officers of Principal Financial Group, Inc. may be indemnified against</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>liabilities, fines, penalties and claims imposed upon or asserted against them as provided in the</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>Delaware General Corporation Law and the company's certificate of incorporation and restated by-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>laws and in individual indemnification agreements entered into between the Company and each</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>director and senior officer. Such indemnification covers all costs and expenses incurred by a</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>director or officer in his or her capacity as such. Pursuant to the individual indemnification</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>agreements, to the extent permitted by law, no determination is required that indemnification is</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>proper in the circumstances. If such determination is required, the board of directors, by a majority</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>vote of a quorum of disinterested directors or, under certain circumstances, independent counsel</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>appointed by the board of directors, must determine that the director or officer seeking</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>indemnification was not guilty of willful misconduct or a knowing violation of the criminal law. In</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>addition, the Delaware General Corporation Law and the company's certificate of incorporation</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>may, under certain circumstances, eliminate the liability of directors and officers in a stockholder</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>or derivative proceeding.</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>If the person involved is not a director or officer of Principal Financial Group, Inc., the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>board of directors may cause the company to indemnify, to the same extent allowed for the</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>company's directors and officers, such person who was or is a party to a proceeding by reason of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>the fact that he or she is or was an employee or agent of the company, or is or was serving at the</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>company's request as a director, officer, employee or agent of another corporation, partnership,</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>joint venture, trust, employee benefit plan or other enterprise.</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The company has policies in force and effect to insure its directors and officers against such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>losses that they or any of them will become legally obligated to pay by reason of any actual or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>alleged error or misstatement or misleading statement or act or omission or neglect or breach of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>duty by such directors and officers in the discharge of their duties, solely by reason of their being</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>directors or officers. Such coverage is limited by the specific terms and provisions of the insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>policies.</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Not Applicable.</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 5</FONT></P>
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     <TD align=left colSpan=2><FONT face=serif>ITEM 8. EXHIBITS</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Exhibit Index, containing a list of all exhibits filed with this Registration Statement, is</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>included below on page 9.</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>ITEM 9. UNDERTAKINGS</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>(a)&nbsp;&nbsp; Rule 415 Offering. The Registrant hereby undertakes:</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=center>&nbsp;<FONT face=serif>(1)</FONT></TD>
     <TD align=left colSpan=2><FONT face=serif>To file, during any period in which offers or sales are being made, a post-</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>effective amendment to this Registration Statement:</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>(i)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>To include any prospectus required by Section 10(a)(3) of the</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>Securities Act of 1933, unless the information that would be required to be included in a post-</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>effective amendment is contained in periodic reports filed by the Registrant pursuant to Section 13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>Registration Statement;</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>(ii)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>To reflect in the prospectus any facts or events arising after the</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>effective date of this Registration Statement (or the most recent post-effective amendment thereof)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>which, individually or in the aggregate, represent a fundamental change in the information set forth</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>in this Registration Statement, unless the information that would be required to be included in a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>post-effective amendment is contained in periodic reports filed by the Registrant pursuant to</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>reference in this Registration Statement. Notwithstanding the foregoing, any increase or decrease</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>in volume of securities offered (if the total dollar value of securities offered would not exceed that</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>which was registered) and any deviation from the low or high end of the estimated maximum</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>offering range may be reflected in the form of prospectus filed with the Commission pursuant to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>percent change in the maximum aggregate offering price set forth in the "Calculation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>Registration Fee" table in the effective Registration Statement;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>(iii)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>To include any material information with respect to the plan of</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>distribution not previously disclosed in this Registration Statement or any material change to such</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>information in this Registration Statement.</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=serif>(2)</FONT></TD>
     <TD align=left colSpan=2><FONT face=serif>That, for the purpose of determining any liability under the Securities Act of</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>1933, each such post-effective amendment shall be deemed to be a new registration statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>relating to the securities offered therein, and the offering of such securities at that time shall be</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=3><FONT face=serif>deemed to be the initial bona fide offering thereof.</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>(3)</FONT></TD>
     <TD align=left colSpan=2><FONT face=serif>To remove from registration by means of a post-effective amendment any of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=serif>the securities being registered which remain unsold at the termination of the offering.</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 6</FONT></P>
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     <TD align=center><FONT face=serif>(b)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Subsequent Exchange Act Documents. The undersigned registrant hereby</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>undertakes that, for purposes of determining any liability under the Securities Act of 1933, each</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>Exchange Act of 1934 (and where applicable, each filing of an employee benefit plan's annual</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>reference in this Registration Statement shall be deemed to be a new registration statement relating</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>to the securities offered therein, and the offering of such securities at that time shall be deemed to</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>be the initial bona fide offering thereof.</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD align=center><FONT face=serif>(c)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Indemnification. Insofar as indemnification for liabilities arising under the</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>Securities Act of 1933 may be permitted to directors, officers and controlling persons of the</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>the opinion of the Securities and Exchange Commission such indemnification is against public</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>a claim for indemnification against such liabilities (other than the payment by the Registrant of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=serif>expenses incurred or paid by a director, officer or controlling person of the Registrant in the</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>successful defense of any action, suit or proceeding) is asserted by such director, officer or</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>controlling person in connection with the securities being registered, the Registrant will, unless in</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>appropriate jurisdiction the question whether such indemnification by it is against public policy as</FONT>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>expressed in the Securities Act of 1933 and will be governed by the final adjudication of such</FONT>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>issue.</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 7</FONT></P>
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     <TD align=center><FONT face=serif>SIGNATURES</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The Registrant. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Des Moines, State of Iowa, on June 25, 2009.</FONT></P>
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     <TD align=left><FONT face=serif>PRINCIPAL FINANCIAL GROUP, INC.</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>By </FONT><U><FONT face=serif>/s/ </FONT></U><FONT face=serif><U>Larry D. Zimpleman</U></FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Larry D. Zimpleman</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Chairman, President and</FONT>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Chief Executive Officer</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons, in the capacities and on the dates indicated.</FONT></P>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>Signature</FONT>&nbsp; </TD>
     <TD align=center><FONT face=serif>Title</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Date</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp; /s/ Larry D. Zimpleman</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Chairman, President and Chief</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Executive Officer and Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>Larry D. Zimpleman</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>(principal executive officer)</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp; <FONT face=serif>/s/ Terrance J. Lillis</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Senior Vice President and</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
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     <TD align=left>____________________________</TD>
     <TD align=left><FONT face=serif>Chief Financial Officer</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>Terrance J. Lillis</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>(principal financial officer and</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>principal accounting officer)</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp; <FONT face=serif>/s/ Betsy J. Bernard</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>Betsy J. Bernard</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp; /s/ Jocelyn Carter-Miller</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Jocelyn Carter-Miller</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp;&nbsp;&nbsp; <FONT face=serif>/s/ Gary E. Costley</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp; &nbsp;<FONT face=serif>Gary E. Costley</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 8</FONT></P>
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     <TD align=left>&nbsp; &nbsp; &nbsp; <FONT face=serif>/s/ Michael T. Dan</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>Michael T. Dan</FONT>&nbsp; </TD>
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     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp; &nbsp;/s/ C. Daniel Gelatt, Jr.</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>C. Daniel Gelatt, Jr.</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>/s/ J. Barry Griswell</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>J. Barry Griswell</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>&nbsp;&nbsp;&nbsp; /s/ Sandra L. Helton</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>Sandra L. Helton</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>/s/ William T. Kerr</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif>William T. Kerr</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>/s/ Richard L. Keyser</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>Richard L. Keyser</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT face=serif>/s/ Arjun K. Mathrani</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Arjun K. Mathrani</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>/s/ Elizabeth E. Tallett</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>June 25, 2009</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>____________________________&nbsp; </TD>
     <TD align=left><FONT face=serif>Director</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Elizabeth E. Tallett</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 9</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><FONT face=serif>INDEX TO EXHIBITS</FONT> </TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" colSpan=3>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Exhibit</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Description</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center><FONT face=serif>Method of</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center><FONT face=serif>Filing</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>4.1</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Form of Certificate for the Common Stock of Principal Financial</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Incorporated by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Group, Inc. (1)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Reference</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>4.2</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Form of Stockholder Rights Agreement (2)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Incorporated by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Reference</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>5</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Opinion of Karen E. Shaff, Executive Vice President and General</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Electronic</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Counsel</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Transmission</FONT>&nbsp; </TD></TR>
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     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>23.1</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Consent of Ernst &amp; Young LLP</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Electronic</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>Transmission</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>23.2</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Consent of Karen E. Shaff (included in Exhibit 5)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Electronic</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Transmission</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>24</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Powers of Attorney</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Electronic</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Transmission</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>99</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Principal Financial Group, Inc. Employee Stock Purchase Plan</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Incorporated by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>(previously filed as Appendix A to Principal Financial Group, Inc.&#146;s</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left><FONT face=serif>Reference</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left><FONT face=serif>definitive proxy statement filed April 8, 2009 (File No. 001-16725)</FONT>&nbsp; </TD>
     <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD align=left colSpan=2><FONT face=serif>--------------------------------</FONT>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=left><FONT face=serif>(1)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Incorporated herein by reference to Exhibit 4.1 to Principal Financial Group, Inc.'s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>Registration Statement on Form S-1 (File No. 333-62558).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>(2)</FONT>&nbsp; </TD>
     <TD align=left><FONT face=serif>Incorporated by reference to Exhibit 4.2 to Principal Financial Group, Inc.'s Annual Report</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left><FONT face=serif>on Form 10-K for the year ended December 31, 2002 (Commission File No. 001-16725).</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align="left">
<FONT face="serif">Page 10</FONT></P>
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<FONT face="serif">[PFG Letterhead]</FONT>&nbsp;
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&nbsp;
	</TD>
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&nbsp;
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<FONT face="serif">EXHIBIT 5</FONT>&nbsp;
	</TD>
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	<TD colspan=2>
&nbsp;
	</TD>
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&nbsp;
	</TD>
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	<TD align=left>
<FONT face="serif">June 25, 2009</FONT>&nbsp;
	</TD>
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&nbsp;
	</TD>
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&nbsp;
	</TD>
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	<TD align=left>
<FONT face="serif">Principal Financial Group, Inc.</FONT>&nbsp;
	</TD>
	<TD align=left>
&nbsp;
	</TD>
</TR>
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	<TD align=left>
<FONT face="serif">711 High Street</FONT>&nbsp;
	</TD>
	<TD align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">Des Moines, Iowa 50392</FONT>&nbsp;
	</TD>
	<TD align=left>
&nbsp;
	</TD>
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</TABLE><BR>
<P align="left">
<FONT face="serif">Dear Sirs or Mesdames:</FONT></P>
<P align="left">
<FONT face="serif">I serve as General Counsel to Principal Financial Group, Inc., a Delaware corporation (the &#147;Company&#148;), and deliver this opinion in connection with the filing by the Company of a Registration Statement on Form S-8 (the
&#147;Registration Statement&#148;) relating to 7,740,757 shares of the Company's common stock, par value &#36;.01 per share (the &#147;Common Stock&#148;), to be issued pursuant to the Principal Financial Group, Inc. Employee Stock Purchase Plan
(the &#147;Plan&#148;).</FONT></P>
<P align="left">
<FONT face="serif">I or other attorneys working under my direction have examined the originals, or copies certified or otherwise identified to my or said attorneys&#146; satisfaction, of the Plan and such other corporate records, documents,
certificates or other instruments as in my or said attorneys&#146; judgment are necessary or appropriate to enable me to render the opinion set forth below.</FONT></P>
<P align="left">
<FONT face="serif">Based on the foregoing, I am of the opinion that authorized but not previously issued shares of Common Stock which may be issued under the Plan have been duly authorized and, when issued in accordance with the terms of the Plan,
will be validly issued, fully paid and non-assessable.</FONT></P>
<P align="left">
<FONT face="serif">I consent to the filing of this opinion as an exhibit to the Company's Registration Statement. In giving such consent, I do not admit that I am within the category of persons whose consent is required under Section 7 of the
Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.</FONT></P>
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<FONT face="serif">Sincerely,</FONT>&nbsp;
	</TD>
</TR>
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	<TD>
&nbsp;
	</TD>
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	<TD align=left>
<FONT face="serif">/s/ Karen E. Shaff</FONT>&nbsp;
	</TD>
</TR>
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&nbsp;
	</TD>
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	<TD align=left>
<FONT face="serif">Karen E. Shaff</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left>
<FONT face="serif">Executive Vice President</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left>
<FONT face="serif">and General Counsel</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<A name="page_11"></A>
<P align=left><FONT face=serif>Page 11</FONT></P>
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     <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Exhibit 23.1</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=serif>Consent of Independent Registered Public Accounting Firm</FONT> </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>We consent to the incorporation by reference in the Registration Statement (Form S-8 dated June</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>25, 2009) pertaining to the Employee Stock Purchase Plan of Principal Financial Group, Inc. of our</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>reports dated February 16, 2009, with respect to the consolidated financial statements and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>schedules of Principal Financial Group, Inc. included in its Annual Report (Form 10-K) for the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>year ended December 31, 2008, and the effectiveness of internal control over financial reporting of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>Principal Financial Group, Inc. filed with the Securities and Exchange Commission.</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<FONT face=serif>/s/ Ernst &amp; Young</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>Des Moines, Iowa</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif>June 19, 2009</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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<P align=left><FONT face=serif>Page 12</FONT></P>
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     <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Exhibit 24</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face=serif size=2>POWER OF ATTORNEY</FONT></B> </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Each person whose signature appears below hereby authorizes and appoints Larry D. Zimpleman, Terrance J. Lillis,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Karen E. Shaff and Joyce N. Hoffman, and each of them, as such person&#146;s true and lawful attorney-in-fact and agent,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>with full power of substitution and resubstitution, to sign on such person&#146;s behalf individually and in each capacity</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>stated below a Registration Statement on Form S-8 for the registration of 4,470,757 shares of Principal Financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Group, Inc. common stock to be issued under the Principal Financial Group, Inc. Employee Stock Purchase Plan,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>pursuant to the Securities Act of 1933, as amended, and any and all amendments and supplements to said registration</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>authority to do and perform each and every thing requisite and necessary to be done in connection therewith, as fully to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>all intents and purposes as such person could do in person, hereby ratifying and confirming all that such attorney-in-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>fact or agent may lawfully do or cause to be done by virtue hereof.</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Dated June 25, 2009</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="70%" border=0>
<TR>
     <TD width="47%">&nbsp;</TD>
     <TD width="5%">&nbsp;</TD>
     <TD width="48%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Larry. D. Zimpleman</FONT>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ J. Barry Griswell</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Larry D. Zimpleman</FONT>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=serif size=2>J. Barry Griswell</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Chairman, President, Chief</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Executive Officer and Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Terrance J. Lillis</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Sandra L. Helton</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Terrance J. Lillis</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Sandra L. Helton</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Senior Vice President and Chief</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Financial Officer</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Betsy J. Bernard</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ William T. Kerr</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Betsy J. Bernard</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>William T. Kerr</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Jocelyn Carter-Miller</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Richard L. Keyser</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Jocelyn Carter-Miller</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Richard L. Keyser</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Gary E. Costley</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Arjun K. Mathrani</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Gary E. Costley</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Arjun K. Mathrani</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Michael T. Dan</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ Elizabeth E. Tallett</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Michael T. Dan</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Elizabeth E. Tallett</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=serif size=2>/s/ C. Daniel Gelatt, Jr.</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>C. Daniel Gelatt, Jr.</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV><BR>
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{"company-data": {"conformed-name": "PRINCIPAL FINANCIAL GROUP INC", "cik": "0001126328", "assigned-sic": "6321", "irs-number": "421520346", "state-of-incorporation": "DE", "fiscal-year-end": "0224"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-160232", "film-number": "09910130"}, "business-address": {"street1": "711 HIGH STREET", "city": "DES MOINES", "state": "IA", "zip": "50392-0300", "phone": "5152475111"}, "mail-address": {"street1": "711 HIGH STREET", "city": "DES MOINES", "state": "IA", "zip": "50392-0300"}}
espp62509.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
As filed with the Securities and Exchange Commission on June 25, 2009
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
----------------------
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
----------------------
PRINCIPAL FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE
42-1520346
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
711 High Street
Des Moines, Iowa 50392
(Address of principal executive offices, including zip code)
Principal Financial Group, Inc. Employee Stock Purchase Plan
(Full title of the plan)
Karen E. Shaff, Esq.
Executive Vice President And General Counsel
Principal Financial Group, Inc.
711 High Street
Des Moines, Iowa 50392
(515) 247-5111
(Name, address and telephone number, including area code of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer or a smaller reporting company. See definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check
one):
Large accelerated filer
x
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
(Do not check if a smaller reporting company)
----------------------
Page 2
CALCULATION OF REGISTRATION FEE
Title of securities
Amount to be
Proposed
Proposed
Amount of
to be registered
registered
maximum
maximum
registration fee
offering price per
aggregate
share(2)
offering price(2)
Common Stock
$.01 par value (1)
7,740,757 shares
$17.61
$136,314,730.77
$7,607.00
(1)
In addition, pursuant to Rule 416 under the Securities Act of 1933, this Registration
Statement includes an indeterminate number of additional shares as may be issuable as a
result of a stock split, stock dividend or similar adjustment of the outsta
nding common
shares of Principal Financial Group, Inc.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule
457(c) and Rule 457(h) under the Securities Act of 1933 based upon the average ($17.61)
of the high ($18.16) and low ($17.06) sales prices of the registrant's common stock as
reported on the New York Stock Exchange on June 23, 2009.
Page 3
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
As permitted by Part I of Form S-8, this Registration Statement omits the information
specified in Part I. The documents containing the information specified in Part I will be delivered
to the participants in the plans covered by this Registration Statement, as required by Rule 428(b)
under the Securities Act of 1933. Such documents are not being filed with the Securities and
Exchange Commission as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 under the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by Principal Financial Group, Inc. are hereby incorporated
by reference in this Registration Statement:
(a)
The Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 2008, filed with the Commission on February 18, 2009, which
contains audited consolidated financial statements for the most recent fiscal year for
which such statements have been filed;
(b)
The Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2009, filed with the Commission on May 6, 2009, and the Registrant's
Current Reports on Form 8-K filed with the Commission on January 15, 2009,
February 27, 2009, May 15, 2009, and May 21, 2009; and
(c)
The description of the Registrant's Common Stock and the rights associated with
such Common Stock contained in the Registrant's Registration Statements on
Form 8-A, dated October 10, 2001, including any amendments or reports filed for the
purpose of updating such description.
All documents subsequently filed by Principal Financial Group, Inc. pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-
effective amendment that indicates that all securities offered hereby have been sold or that
deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in
this Registration Statement and to be a part hereof from the date of filing such documents.
Any statement contained in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein (or in any other subsequently filed
document that also is incorporated or deemed to be incorporated by reference herein) modifies or
Page 4
supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable (the Registrant's Common Stock is registered under Section 12 of the
Securities Exchange Act of 1934).
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Not Applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The directors and officers of Principal Financial Group, Inc. may be indemnified against
liabilities, fines, penalties and claims imposed upon or asserted against them as provided in the
Delaware General Corporation Law and the company's certificate of incorporation and restated by-
laws and in individual indemnification agreements entered into between the Company and each
director and senior officer. Such indemnification covers all costs and expenses incurred by a
director or officer in his or her capacity as such. Pursuant to the individual indemnification
agreements, to the extent permitted by law, no determination is required that indemnification is
proper in the circumstances. If such determination is required, the board of directors, by a majority
vote of a quorum of disinterested directors or, under certain circumstances, independent counsel
appointed by the board of directors, must determine that the director or officer seeking
indemnification was not guilty of willful misconduct or a knowing violation of the criminal law. In
addition, the Delaware General Corporation Law and the company's certificate of incorporation
may, under certain circumstances, eliminate the liability of directors and officers in a stockholder
or derivative proceeding.
If the person involved is not a director or officer of Principal Financial Group, Inc., the
board of directors may cause the company to indemnify, to the same extent allowed for the
company's directors and officers, such person who was or is a party to a proceeding by reason of
the fact that he or she is or was an employee or agent of the company, or is or was serving at the
company's request as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise.
The company has policies in force and effect to insure its directors and officers against such
losses that they or any of them will become legally obligated to pay by reason of any actual or
alleged error or misstatement or misleading statement or act or omission or neglect or breach of
duty by such directors and officers in the discharge of their duties, solely by reason of their being
directors or officers. Such coverage is limited by the specific terms and provisions of the insurance
policies.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not Applicable.
Page 5
ITEM 8. EXHIBITS
An Exhibit Index, containing a list of all exhibits filed with this Registration Statement, is
included below on page 9.
ITEM 9. UNDERTAKINGS
(a)   Rule 415 Offering. The Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-
effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, unless the information that would be required to be included in a post-
effective amendment is contained in periodic reports filed by the Registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this
Registration Statement;
(ii)
To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement, unless the information that would be required to be included in a
post-effective amendment is contained in periodic reports filed by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this Registration Statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective Registration Statement;
(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the offering.
Page 6
(b)
Subsequent Exchange Act Documents. The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in this Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(c)
Indemnification. Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.
Page 7
SIGNATURES
The Registrant. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Des Moines, State of Iowa, on June 25, 2009.
PRINCIPAL FINANCIAL GROUP, INC.
By
/s/
Larry D. Zimpleman
Larry D. Zimpleman
Chairman, President and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons, in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Larry D. Zimpleman
Chairman, President and Chief
June 25, 2009
____________________________
Executive Officer and Director
Larry D. Zimpleman
(principal executive officer)
/s/ Terrance J. Lillis
Senior Vice President and
June 25, 2009
____________________________
Chief Financial Officer
Terrance J. Lillis
(principal financial officer and
principal accounting officer)
/s/ Betsy J. Bernard
June 25, 2009
____________________________
Director
Betsy J. Bernard
/s/ Jocelyn Carter-Miller
June 25, 2009
____________________________
Director
Jocelyn Carter-Miller
/s/ Gary E. Costley
June 25, 2009
____________________________
Director
Gary E. Costley
Page 8
/s/ Michael T. Dan
June 25, 2009
____________________________
Director
Michael T. Dan
/s/ C. Daniel Gelatt, Jr.
June 25, 2009
____________________________
Director
C. Daniel Gelatt, Jr.
/s/ J. Barry Griswell
June 25, 2009
____________________________
Director
J. Barry Griswell
/s/ Sandra L. Helton
June 25, 2009
____________________________
Director
Sandra L. Helton
/s/ William T. Kerr
June 25, 2009
____________________________
Director
William T. Kerr
/s/ Richard L. Keyser
June 25, 2009
____________________________
Director
Richard L. Keyser
/s/ Arjun K. Mathrani
June 25, 2009
____________________________
Director
Arjun K. Mathrani
/s/ Elizabeth E. Tallett
June 25, 2009
____________________________
Director
Elizabeth E. Tallett
Page 9
INDEX TO EXHIBITS
Exhibit
Description
Method of
Filing
4.1
Form of Certificate for the Common Stock of Principal Financial
Incorporated by
Group, Inc. (1)
Reference
4.2
Form of Stockholder Rights Agreement (2)
Incorporated by
Reference
5
Opinion of Karen E. Shaff, Executive Vice President and General
Electronic
Counsel
Transmission
23.1
Consent of Ernst & Young LLP
Electronic
Transmission
23.2
Consent of Karen E. Shaff (included in Exhibit 5)
Electronic
Transmission
24
Powers of Attorney
Electronic
Transmission
99
Principal Financial Group, Inc. Employee Stock Purchase Plan
Incorporated by
(previously filed as Appendix A to Principal Financial Group, Inc.'s
Reference
definitive proxy statement filed April 8, 2009 (File No. 001-16725)
--------------------------------
(1)
Incorporated herein by reference to Exhibit 4.1 to Principal Financial Group, Inc.'s
Registration Statement on Form S-1 (File No. 333-62558).
(2)
Incorporated by reference to Exhibit 4.2 to Principal Financial Group, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2002 (Commission File No. 001-16725).
Page 10
[PFG Letterhead]
EXHIBIT 5
June 25, 2009
Principal Financial Group, Inc.
711 High Street
Des Moines, Iowa 50392
Dear Sirs or Mesdames:
I serve as General Counsel to Principal Financial Group, Inc., a Delaware corporation (the "Company"), and deliver this opinion in connection with the filing by the Company of a Registration Statement on Form S-8 (the
"Registration Statement") relating to 7,740,757 shares of the Company's common stock, par value $.01 per share (the "Common Stock"), to be issued pursuant to the Principal Financial Group, Inc. Employee Stock Purchase Plan
(the "Plan").
I or other attorneys working under my direction have examined the originals, or copies certified or otherwise identified to my or said attorneys' satisfaction, of the Plan and such other corporate records, documents,
certificates or other instruments as in my or said attorneys' judgment are necessary or appropriate to enable me to render the opinion set forth below.
Based on the foregoing, I am of the opinion that authorized but not previously issued shares of Common Stock which may be issued under the Plan have been duly authorized and, when issued in accordance with the terms of the Plan,
will be validly issued, fully paid and non-assessable.
I consent to the filing of this opinion as an exhibit to the Company's Registration Statement. In giving such consent, I do not admit that I am within the category of persons whose consent is required under Section 7 of the
Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.
Sincerely,
/s/ Karen E. Shaff
Karen E. Shaff
Executive Vice President
and General Counsel
Page 11
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8 dated June
25, 2009) pertaining to the Employee Stock Purchase Plan of Principal Financial Group, Inc. of our
reports dated February 16, 2009, with respect to the consolidated financial statements and
schedules of Principal Financial Group, Inc. included in its Annual Report (Form 10-K) for the
year ended December 31, 2008, and the effectiveness of internal control over financial reporting of
Principal Financial Group, Inc. filed with the Securities and Exchange Commission.
/s/ Ernst & Young
Des Moines, Iowa
June 19, 2009
Page 12
Exhibit 24
POWER OF ATTORNEY
Each person whose signature appears below hereby authorizes and appoints Larry D. Zimpleman, Terrance J. Lillis,
Karen E. Shaff and Joyce N. Hoffman, and each of them, as such person's true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, to sign on such person's behalf individually and in each capacity
stated below a Registration Statement on Form S-8 for the registration of 4,470,757 shares of Principal Financial
Group, Inc. common stock to be issued under the Principal Financial Group, Inc. Employee Stock Purchase Plan,
pursuant to the Securities Act of 1933, as amended, and any and all amendments and supplements to said registration
statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power and
authority to do and perform each and every thing requisite and necessary to be done in connection therewith, as fully to
all intents and purposes as such person could do in person, hereby ratifying and confirming all that such attorney-in-
fact or agent may lawfully do or cause to be done by virtue hereof.
Dated June 25, 2009
/s/ Larry. D. Zimpleman
/s/ J. Barry Griswell
Larry D. Zimpleman
J. Barry Griswell
Chairman, President, Chief
Director
Executive Officer and Director
/s/ Terrance J. Lillis
/s/ Sandra L. Helton
Terrance J. Lillis
Sandra L. Helton
Senior Vice President and Chief
Director
Financial Officer
/s/ Betsy J. Bernard
/s/ William T. Kerr
Betsy J. Bernard
William T. Kerr
Director
Director
/s/ Jocelyn Carter-Miller
/s/ Richard L. Keyser
Jocelyn Carter-Miller
Richard L. Keyser
Director
Director
/s/ Gary E. Costley
/s/ Arjun K. Mathrani
Gary E. Costley
Arjun K. Mathrani
Director
Director
/s/ Michael T. Dan
/s/ Elizabeth E. Tallett
Michael T. Dan
Elizabeth E. Tallett
Director
Director
/s/ C. Daniel Gelatt, Jr.
C. Daniel Gelatt, Jr.
Director