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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;</TD></TR>
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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Washington, D.C. 20549</FONT></B></TD></TR>
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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></TD></TR>
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     <TD align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD align=center><B><FONT 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 align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Securities Exchange Act of 1934</FONT></B></TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Report: </FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 4, 2009</FONT></B></TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Date of earliest event reported)</FONT></TD></TR>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>PRINCIPAL FINANCIAL GROUP, INC.</FONT></B>&nbsp;</TD></TR>
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     <TD align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1-16725</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42-1520346</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State or other jurisdiction</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Commission file number)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification Number)</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=center colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>711 High Street, Des Moines, Iowa 50392</FONT></B></TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Address of principal executive offices)</FONT></TD></TR>
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     <TD align=center colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(515) 247-5111</FONT></B></TD></TR>
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     <TD align=center colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Registrant&#146;s telephone number, including area code)</FONT></TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&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 noWrap align=left colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; registrant under any of the following provisions:</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>240.14d-2(b))</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>240.13e-4(c))</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Regulation FD Disclosure</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT 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 noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outlook for 2010 operating earnings per diluted share. In an attempt to provide greater clarity on</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the outlook and further insight into expected performance of the company&#146;s growth businesses in</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010, detail is included herewith as Exhibit 99.</FONT>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 9.01</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT 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 colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Detail Concerning 2010 Outlook Dated December 3, 2009</FONT>&nbsp;</TD></TR>
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     <TD align=left colSpan=3><FONT 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; SIGNATURE</FONT></TD></TR>
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     <TD noWrap align=left colSpan=3><FONT 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 noWrap align=left colSpan=3><FONT 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 noWrap align=left colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TimesNewRomanPSMT,Times New Roman,Times,serif">PRINCIPAL FINANCIAL GROUP, INC.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><FONT 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; By:</FONT>&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><U>/s/ Tom Graf&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><U>&nbsp;</U></TD></TR>
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     <TD noWrap align=left colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:&nbsp; Tom Graf</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TimesNewRomanPSMT,Times New Roman,Times,serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President &#150; Investor Relations</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 4, 2009</FONT>&nbsp;</TD>
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     <TD 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit 99</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outlook for 2010: operating earnings per diluted share (EPS) ranging from $2.45 to $2.75; and net</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">income available to common stockholders per diluted share ranging from $1.75 to $2.05. In an</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">attempt to provide greater clarity on the outlook and further insight into expected performance of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the company&#146;s growth businesses in 2010, detail is included herewith as Exhibit 99.</FONT>&nbsp;</TD></TR></TABLE><BR>
<IMG src="outlookclarity8-kx3x1.jpg" border=0>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">*Consensus is as of December 3, 2009. For illustration purposes only &#150; the company is not</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">endorsing consensus, or the estimates derived therefrom.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">**Guidance speaks only as of the date it is made. The company does not undertake to update</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">annual guidance during the year, but may do so if significant changes occur in general business</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">conditions or company operations.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">EPS, which is not measured in accordance with U.S. generally accepted accounting principles</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(U.S. GAAP), should not be viewed as a substitute for net income available to common</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">stockholders (net income) per diluted share determined in accordance with U.S. GAAP. EPS is</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">calculated by dividing operating earnings by weighted average shares outstanding. Operating</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">earnings are determined by adjusting net income for the effect of net realized capital gains and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">losses, as adjusted, and other after-tax adjustments. After-tax adjustments have occurred in the</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">past and could recur in future reporting periods. While these items may be significant components</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">in understanding and assessing the company's consolidated financial performance, management</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">believes the presentation of operating earnings per diluted share enhances the understanding of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">results of operations by highlighting earnings attributable to the normal, ongoing operations of the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company's businesses.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The range of $1.75 to $2.05 for net income available to common stockholders per diluted share</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">announced December 3, 2009 reflects the company's estimate for 2010 mortgage and credit losses</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">only. There are a number of items the company does not predict that could significantly affect net</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">income per diluted share, including, but not limited to: mark-to-market on derivatives; changes to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">laws, regulations, or accounting standards; and gains or losses from discontinued operations.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The company&#146;s estimate of mortgage and credit losses for 2010 ranges from 65 cents to 75 cents</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">per diluted share. The company&#146;s outlook for net income per diluted share is based on the mid-</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">point of that range.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Forward looking and cautionary statements</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">This press release contains forward-looking statements, including, without limitation, statements as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to operating earnings, net income available to common stockholders, net cash flows, realized and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">unrealized losses, capital and liquidity positions, sales and earnings trends, and management's</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">beliefs, expectations, goals and opinions. The company does not undertake to update or revise</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">these statements, which are based on a number of assumptions concerning future conditions that</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may ultimately prove to be inaccurate. Future events and their effects on the company may not be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">those anticipated, and actual results may differ materially from the results anticipated in these</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">such material differences are discussed in the company's annual report on Form 10-K for the year</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ended December 31, 2008, and in company&#146;s quarterly report on Form 10-Q for the quarter ended</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">September 30, 2009, filed by the company with the Securities and Exchange Commission, as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">updated or supplemented from time to time in subsequent filings. These risks and uncertainties</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">include, without limitation: adverse capital and credit market conditions that may significantly</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">affect the company&#146;s ability to meet liquidity needs, access to capital and cost of capital; a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">continuation of difficult conditions in the global capital markets and the general economy that may</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially adversely affect the company&#146;s business and results of operations; the actions of the U.S.</FONT>&nbsp;</TD></TR>
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<TR vAlign=bottom>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">businesses, which could result in the impairment of goodwill and/or intangible assets recognized at</FONT>&nbsp;</TD></TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">in market value of specified assets may adversely affect company liquidity and expose the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">reduce company profitability; fluctuations in foreign currency exchange rates that could reduce</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company profitability; Principal Financial Group, Inc.&#146;s primary reliance, as a holding company,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">on dividends from its subsidiaries to meet debt payment obligations and regulatory restrictions on</FONT>&nbsp;</TD></TR>
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     <TD width="18%"></TD></TR>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representatives; international business risks; a pandemic, terrorist attack or other catastrophic</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">event; and default of the company&#146;s re-insurers.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
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outlookclarity8-k.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:
December 4, 2009
(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.
At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its
outlook for 2010 operating earnings per diluted share. In an attempt to provide greater clarity on
the outlook and further insight into expected performance of the company's growth businesses in
2010, detail is included herewith as Exhibit 99.
Item 9.01
Financial Statements and Exhibits
Exhibit 99
Detail Concerning 2010 Outlook Dated December 3, 2009
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/ Tom Graf
Name:  Tom Graf
Title:     Senior Vice President – Investor Relations
Date: December 4, 2009
Exhibit 99
At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its
outlook for 2010: operating earnings per diluted share (EPS) ranging from $2.45 to $2.75; and net
income available to common stockholders per diluted share ranging from $1.75 to $2.05. In an
attempt to provide greater clarity on the outlook and further insight into expected performance of
the company's growth businesses in 2010, detail is included herewith as Exhibit 99.
*Consensus is as of December 3, 2009. For illustration purposes only – the company is not
endorsing consensus, or the estimates derived therefrom.
**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.
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 weighted average 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.
The range of $1.75 to $2.05 for net income available to common stockholders per diluted share
announced December 3, 2009 reflects the company's estimate for 2010 mortgage and credit losses
only. 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: mark-to-market on derivatives; changes to
laws, regulations, or accounting standards; and gains or losses from discontinued operations.
The company's estimate of mortgage and credit losses for 2010 ranges from 65 cents to 75 cents
per diluted share. The company's outlook for net income per diluted share is based on the mid-
point of that range.
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 losses, capital and liquidity positions, sales and earnings trends, and management's
beliefs, expectations, goals and opinions. The company does not undertake to update or revise
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 December 31, 2008, and in company's quarterly report on Form 10-Q for the quarter ended
September 30, 2009, 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 that may significantly
affect the company's ability to meet liquidity needs, access to capital and cost of capital; a
continuation of difficult conditions in the global capital markets and the general economy that may
materially adversely affect the company's business and results of operations; the actions of the U.S.
government, Federal Reserve and other governmental and regulatory bodies for purposes of
stabilizing the financial markets might not achieve the intended effect; the risk from acquiring new
businesses, which could result in the impairment of goodwill and/or intangible assets recognized at
the time of acquisition; impairment of other financial institutions that could adversely affect the
company; investment risks which may diminish the value of the company's invested assets and the
investment returns credited to customers, which could reduce sales, revenues, assets under
management and net income; requirements to post collateral or make payments related to declines
in market value of specified assets may adversely affect company liquidity and expose the
company to counterparty credit risk; changes in laws, regulations or accounting standards that may
reduce company profitability; fluctuations in foreign currency exchange rates that could reduce
company profitability; Principal Financial Group, Inc.'s primary reliance, as a holding company,
on dividends from its subsidiaries to meet debt payment obligations and regulatory restrictions on
the ability of subsidiaries to pay such dividends; competitive factors; volatility of financial
markets; decrease in ratings; interest rate changes; inability to attract
and retain sales
representatives; international business risks; a pandemic, terrorist attack or other catastrophic
event; and default of the company's re-insurers.