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   <TD colSpan=4 align=center><B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Securities Exchange Act of 1934</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Report: </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">November 30, 2011</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Date of earliest event reported)</FONT></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PRINCIPAL FINANCIAL GROUP, INC.</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>

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   <TD colSpan=3 noWrap 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;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware</FONT></B>&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; <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1-16725&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></B>&nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">42-1520346</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap 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;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State or other jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission file number)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(I.R.S. Employer</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap 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;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)</FONT>&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 size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Identification Number)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">711 High Street, Des Moines, Iowa 50392</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices)</FONT></TD></TR>

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   <TD colSpan=4 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(515) 247-5111</FONT></B></TD></TR>

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   <TD colSpan=4 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Registrant&#8217;s telephone number, including area code)</FONT></TD></TR>

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   <TD colSpan=4 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; registrant under any of the following provisions:</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;&nbsp;&nbsp;]</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" colSpan=3 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;&nbsp; ]</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" colSpan=3 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;&nbsp; ]</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" colSpan=3 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">240.14d-2(b))</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp;&nbsp; ]</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" colSpan=3 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">240.13e-4(c))</FONT>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 7.01</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Regulation FD Disclosure</FONT></B>&nbsp;</TD>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The following information is being furnished under Item 7.01 "Regulation FD Disclosure." This</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filing.</FONT>&nbsp;</TD>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On November 30, 2011, Principal Financial Group, Inc. announced its outlook for 2012 operating</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">earnings. The text of the announcement is included herewith as Exhibit 99.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 9.01</FONT></B>&nbsp;</TD>

   <TD colSpan=2 noWrap align=left><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Financial Statements and Exhibits</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99</FONT>&nbsp;</TD>

   <TD colSpan=2 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Press Release Concerning 2012 Outlook Dated November 30, 2011</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,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;&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; SIGNATURE</FONT></TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 41px" colSpan=2 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,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; PRINCIPAL FINANCIAL GROUP, INC.</FONT>&nbsp;</TD></TR>

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   <TD colSpan=3 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,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;&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;By:</FONT>&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp; <FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ John Egan&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>&nbsp;</U></TD></TR>

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   <TD style="TEXT-INDENT: 41px" colSpan=2 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,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; Name:&nbsp; John Egan</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 41px" colSpan=2 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,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; Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President &#8211; Investor Relations</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: November 30, 2011</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 61px" colSpan=2 noWrap 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; <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXHIBIT 99</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">RELEASE:</FONT></B>&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 size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On receipt: Nov. 30, 2011</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MEDIA CONTACT:&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></B>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Susan Houser, 515-248-2268, houser.susan@principal.com</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTOR RELATIONS CONTACT:</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Egan, 515-235-9500, egan.john@principal.com</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 9px" colSpan=2 noWrap align=left><B><I><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp; PRINCIPAL FINANCIAL GROUP, INC. ANNOUNCES OUTLOOK FOR 2012</FONT></I></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Des Moines, Iowa) &#8211; Principal Financial Group, Inc. (NYSE:PFG) today announced that the company</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expects 2012 operating earnings per diluted share (EPS) to range from $3.05 to $3.25.</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,2</FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Guidance for 2012 incorporates certain assumptions including:</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">An average S&amp;P 500 Index of 1,275 in 2012, resulting in an 8 to 10 percent growth in average</FONT> </TD></TR>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assets</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under management;</FONT> </TD></TR>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">An assumption that interest rates as of Sept. 30, 2011 remain unchanged throughout 2012;</FONT> </TD></TR>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$800 to $900 million of total capital deployed for common stock dividend, strategic acquisitions and opportunistic share repurchase</FONT> </TD></TR>

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   <TD vAlign=top width="2%" noWrap><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">o</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Resulting in a diluted weighted average common shares outstanding ranging from 300- 305 million;</FONT> </TD></TR>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">An estimated operating earnings reduction of $35 to $45 million due to the new DAC guidance</FONT> </TD></TR>

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   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(ASU</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010-26) to be implemented Jan. 1, 2012; and,</FONT> </TD></TR>

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   <LI></LI></TD>

   <TD width="98%" colSpan=2><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Operating losses for the corporate segment of $120 to $130 million.</FONT> </TD></TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 85%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR height=20>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">There is a 45-minute conference call at </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">10 a.m. ET on Dec. 1, 2011</FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Company senior leaders will provide</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">additional detail on 2012 EPS guidance and answer questions. Slides will be available at</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT color=#0000ff size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.principal.com/investor </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approximately one-half hour prior to the start of the call.</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">To access the call:</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" noWrap align=left><FONT size=2 face=SymbolMT,Arial,Helvetica,sans-serif>&#8226;&nbsp; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Via live Internet webcast. Please go to </FONT><FONT color=#0000ff size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.principal.com/investor </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">at least 10-15 minutes prior</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the start of the call to register, and to download and install any necessary software.</FONT></TD></TR>

<TR>

   <TD></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>__________________&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Guidance speaks only as of the date it is made. The company does not undertake to update annual guidance during the year, but</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may do so if significant changes occur in general business conditions or company operations.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EPS, which is not measured in accordance with U.S. generally accepted accounting principles (U.S. GAAP), should not be viewed</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">as a substitute for net income available to common stockholders (net income) per diluted share determined in accordance with U.S.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">GAAP. EPS is calculated by dividing operating earnings by diluted weighted average common shares outstanding. Operating</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">earnings are determined by adjusting net income for the effect of net realized capital gains and losses, as adjusted, and other after-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">tax adjustments. After-tax adjustments have occurred in the past and could recur in future reporting periods. While these items may</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">be significant components in understanding and assessing the company's consolidated financial performance, management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the presentation of operating earnings per diluted share enhances the understanding of results of operations by highlighting earnings</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">attributable to the normal, ongoing operations of the company's businesses. Management uses operating earnings for goal setting, as</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a basis for determining employee compensation, and evaluating performance on a basis comparable to that used by investors and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">securities analysts.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">There are a number of items the company does not predict that could significantly affect net income per diluted share, including,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">but not limited to gains or losses on investments, mark to market on derivatives, and changes to laws, regulations, accounting</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">standards and from discontinued operations. Accordingly, no outlook for net income available to common stockholders per diluted</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">share is provided.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV style="PADDING-LEFT: 17%; PADDING-RIGHT: 17%">

<UL>

<LI><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Via telephone by dialing 800-374-1609 (U.S. and Canadian callers) or 706-643-7701</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(International callers) approximately 10 minutes prior to the start of the call. The access code is</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">27371066.</FONT>

<LI><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Replay of the guidance call via telephone is available by dialing 855-859-2056 (U.S. and Canadian</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">callers) or 404-537-3406 (International callers). The access code is 27371066. This replay will be</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">available approximately two hours after the completion of the live guidance call through the end of</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">day Dec. 8, 2011.</FONT>

<LI><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Replay of the guidance call via webcast will be available at: </FONT><FONT color=#0000ff size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.principal.com/investor</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT> </LI></UL>

<DIV align=left>

<TABLE style="WIDTH: 85%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Forward looking and cautionary statements</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This press release contains forward-looking statements, including, without limitation, statements as to operating</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">earnings, net income available to common stockholders, net cash flows, realized and unrealized gains and losses,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">capital and liquidity positions, sales and earnings trends, and management's beliefs, expectations, goals and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">opinions. The company does not undertake to update these statements, which are based on a number of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">effects on the company may not be those anticipated, and actual results may differ materially from the results</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to such material differences are discussed in the company's annual report on Form 10-K for the year ended Dec.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31, 2010, and in the company&#8217;s quarterly report on Form 10-Q for the quarter ended Sept. 30, 2011, filed by the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">company with the Securities and Exchange Commission, as updated or supplemented from time to time in</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">conditions may significantly affect the company&#8217;s ability to meet liquidity needs, access to capital and cost of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">capital; continued difficult conditions in the global capital markets and the economy generally; continued volatility</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or further declines in the equity markets; changes in interest rates or credit spreads; the company&#8217;s investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">credited to customers; the company&#8217;s valuation of securities may include methodologies, estimations and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assumptions that are subject to differing interpretations; the determination of the amount of allowances and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">impairments taken on the company&#8217;s investments requires estimations and assumptions that are subject to differing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">interpretations; gross unrealized losses may be realized or result in future impairments; competition from</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">companies that may have greater financial resources, broader arrays of products, higher ratings and stronger</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial performance; a downgrade in the company&#8217;s financial strength or credit ratings; inability to attract and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">retain sales representatives and develop new distribution sources; international business risks; the company&#8217;s actual</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">experience could differ significantly from its pricing and reserving assumptions; the company&#8217;s ability to pay</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">stockholder dividends and meet its obligations may be constrained by the limitations on dividends or distributions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Iowa insurance laws impose on Principal Life; the pattern of amortizing the company&#8217;s DPAC and other actuarial</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">balances on its universal life-type insurance contracts, participating life insurance policies and certain investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">contracts may change; the company may need to fund deficiencies in its &#8220;Closed Block&#8221; assets that support</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participating ordinary life insurance policies that had a dividend scale in force at the time of Principal Life&#8217;s 1998</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">conversion into a stock life insurance company; the company&#8217;s reinsurers could default on their obligations or</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">increase their rates; risks arising from acquisitions of businesses; changes in laws, regulations or accounting</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">standards; a computer system failure or security breach could disrupt the company&#8217;s business, and damage its</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reputation; results of litigation and regulatory investigations; from time to time the company may become subject</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">penalties in amounts that may be material; fluctuations in foreign currency exchange rates; and applicable laws and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the company&#8217;s stockholder rights plan, certificate of incorporation and by-laws may discourage takeovers and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">business combinations that some stockholders might consider in their best interests.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">About the Principal Financial Group</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Principal Financial Group</FONT><SUP><FONT size=2 face=SymbolMT,Arial,Helvetica,sans-serif>&#174; </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(The Principal </FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4 </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">is a global investment management leader including</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">retirement services, insurance solutions and asset management. The Principal offers businesses, individuals</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and institutional clients a wide range of financial products and services, including retirement, asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management and insurance through its diverse family of financial services companies. Founded in 1879 and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a member of the FORTUNE 500</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, the Principal Financial Group has $320.8 billion in assets under</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5 </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and serves some 17.8 million customers worldwide from offices in Asia, Australia, Europe,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange under the ticker symbol PFG. For more information, visit </FONT><FONT color=#0000ff size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.principal.com</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">###</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>_______________________&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4 </FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#8220;The Principal Financial Group&#8221; and &#8220;The Principal&#8221; are registered service marks of Principal Financial Services, Inc., a member of the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Principal Financial Group.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5 </FONT></SUP><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As of September 30, 2011.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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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": "8-K", "act": "34", "file-number": "001-16725", "film-number": "111234968"}, "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"}}
outlook20121.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
November 30, 2011
(Date of earliest event reported)
PRINCIPAL FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-16725
42-1520346
(State or other jurisdiction
(Commission file number)
(I.R.S. Employer
of incorporation)
Identification Number)
711 High Street, Des Moines, Iowa 50392
(Address of principal executive offices)
(515) 247-5111
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[    ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[    ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[    ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
_________________________
Item 7.01
Regulation FD Disclosure
The following information is being furnished under Item 7.01 "Regulation FD Disclosure." This
information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a
filing.
On November 30, 2011, Principal Financial Group, Inc. announced its outlook for 2012 operating
earnings. The text of the announcement is included herewith as Exhibit 99.
Item 9.01
Financial Statements and Exhibits
Exhibit 99
Press Release Concerning 2012 Outlook Dated November 30, 2011
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
PRINCIPAL FINANCIAL GROUP, INC.
By:
/s/ John Egan
Name:  John Egan
Title:     Vice President – Investor Relations
Date: November 30, 2011
EXHIBIT 99
RELEASE:
On receipt: Nov. 30, 2011
MEDIA CONTACT:
Susan Houser, 515-248-2268, houser.susan@principal.com
INVESTOR RELATIONS CONTACT:
John Egan, 515-235-9500, egan.john@principal.com
PRINCIPAL FINANCIAL GROUP, INC. ANNOUNCES OUTLOOK FOR 2012
(Des Moines, Iowa) – Principal Financial Group, Inc. (NYSE:PFG) today announced that the company
expects 2012 operating earnings per diluted share (EPS) to range from $3.05 to $3.25.
1,2
3
Guidance for 2012 incorporates certain assumptions including:
An average S&P 500 Index of 1,275 in 2012, resulting in an 8 to 10 percent growth in average
assets
under management;
An assumption that interest rates as of Sept. 30, 2011 remain unchanged throughout 2012;
$800 to $900 million of total capital deployed for common stock dividend, strategic acquisitions and opportunistic share repurchase
o
Resulting in a diluted weighted average common shares outstanding ranging from 300- 305 million;
An estimated operating earnings reduction of $35 to $45 million due to the new DAC guidance
(ASU
2010-26) to be implemented Jan. 1, 2012; and,
Operating losses for the corporate segment of $120 to $130 million.
There is a 45-minute conference call at
10 a.m. ET on Dec. 1, 2011
. Company senior leaders will provide
additional detail on 2012 EPS guidance and answer questions. Slides will be available at
www.principal.com/investor
approximately one-half hour prior to the start of the call.
To access the call:
•
Via live Internet webcast. Please go to
www.principal.com/investor
at least 10-15 minutes prior
to the start of the call to register, and to download and install any necessary software.
__________________
1
Guidance speaks only as of the date it is made. The company does not undertake to update annual guidance during the year, but
may do so if significant changes occur in general business conditions or company operations.
2
EPS, which is not measured in accordance with U.S. generally accepted accounting principles (U.S. GAAP), should not be viewed
as a substitute for net income available to common stockholders (net income) per diluted share determined in accordance with U.S.
GAAP. EPS is calculated by dividing operating earnings by diluted weighted average common shares outstanding. Operating
earnings are determined by adjusting net income for the effect of net realized capital gains and losses, as adjusted, and other after-
tax adjustments. After-tax adjustments have occurred in the past and could recur in future reporting periods. While these items may
be significant components in understanding and assessing the company's consolidated financial performance, management believes
the presentation of operating earnings per diluted share enhances the understanding of results of operations by highlighting earnings
attributable to the normal, ongoing operations of the company's businesses. Management uses operating earnings for goal setting, as
a basis for determining employee compensation, and evaluating performance on a basis comparable to that used by investors and
securities analysts.
3
There are a number of items the company does not predict that could significantly affect net income per diluted share, including,
but not limited to gains or losses on investments, mark to market on derivatives, and changes to laws, regulations, accounting
standards and from discontinued operations. Accordingly, no outlook for net income available to common stockholders per diluted
share is provided.
Via telephone by dialing 800-374-1609 (U.S. and Canadian callers) or 706-643-7701
(International callers) approximately 10 minutes prior to the start of the call. The access code is
27371066.
Replay of the guidance call via telephone is available by dialing 855-859-2056 (U.S. and Canadian
callers) or 404-537-3406 (International callers). The access code is 27371066. This replay will be
available approximately two hours after the completion of the live guidance call through the end of
day Dec. 8, 2011.
Replay of the guidance call via webcast will be available at:
www.principal.com/investor
.
Forward looking and cautionary statements
This press release contains forward-looking statements, including, without limitation, statements as to operating
earnings, net income available to common stockholders, net cash flows, realized and unrealized gains and losses,
capital and liquidity positions, sales and earnings trends, and management's beliefs, expectations, goals and
opinions. The company does not undertake to update these statements, which are based on a number of
assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their
effects on the company may not be those anticipated, and actual results may differ materially from the results
anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute
to such material differences are discussed in the company's annual report on Form 10-K for the year ended Dec.
31, 2010, and in the company's quarterly report on Form 10-Q for the quarter ended Sept. 30, 2011, filed by the
company with the Securities and Exchange Commission, as updated or supplemented from time to time in
subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market
conditions may significantly affect the company's ability to meet liquidity needs, access to capital and cost of
capital; continued difficult conditions in the global capital markets and the economy generally; continued volatility
or further declines in the equity markets; changes in interest rates or credit spreads; the company's investment
portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns
credited to customers; the company's valuation of securities may include methodologies, estimations and
assumptions that are subject to differing interpretations; the determination of the amount of allowances and
impairments taken on the company's investments requires estimations and assumptions that are subject to differing
interpretations; gross unrealized losses may be realized or result in future impairments; competition from
companies that may have greater financial resources, broader arrays of products, higher ratings and stronger
financial performance; a downgrade in the company's financial strength or credit ratings; inability to attract and
retain sales representatives and develop new distribution sources; international business risks; the company's actual
experience could differ significantly from its pricing and reserving assumptions; the company's ability to pay
stockholder dividends and meet its obligations may be constrained by the limitations on dividends or distributions
Iowa insurance laws impose on Principal Life; the pattern of amortizing the company's DPAC and other actuarial
balances on its universal life-type insurance contracts, participating life insurance policies and certain investment
contracts may change; the company may need to fund deficiencies in its "Closed Block" assets that support
participating ordinary life insurance policies that had a dividend scale in force at the time of Principal Life's 1998
conversion into a stock life insurance company; the company's reinsurers could default on their obligations or
increase their rates; risks arising from acquisitions of businesses; changes in laws, regulations or accounting
standards; a computer system failure or security breach could disrupt the company's business, and damage its
reputation; results of litigation and regulatory investigations; from time to time the company may become subject
to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and
penalties in amounts that may be material; fluctuations in foreign currency exchange rates; and applicable laws and
the company's stockholder rights plan, certificate of incorporation and by-laws may discourage takeovers and
business combinations that some stockholders might consider in their best interests.
About the Principal Financial Group
The Principal Financial Group
®
(The Principal
®
)
4
is a global investment management leader including
retirement services, insurance solutions and asset management. The Principal offers businesses, individuals
and institutional clients a wide range of financial products and services, including retirement, asset
management and insurance through its diverse family of financial services companies. Founded in 1879 and
a member of the FORTUNE 500
®
, the Principal Financial Group has $320.8 billion in assets under
management
5
and serves some 17.8 million customers worldwide from offices in Asia, Australia, Europe,
Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock
Exchange under the ticker symbol PFG. For more information, visit
www.principal.com
.
###
_______________________
4
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the
Principal Financial Group.
5
As of September 30, 2011.