<HTML>
<HEAD>
   <TITLE>finalguidance2009cover.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
 <!--$$/page=-->
<A name="page_1"></A><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>Washington, D.C. 20549</FONT></B></TD></TR>
<TR>
     <TD align=center>_________________________</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=5>FORM 8-K</FONT></B></TD></TR>
<TR height=20>
     <TD align=center></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">CURRENT REPORT</FONT></B></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Pursuant to Section 13 or 15(d) of the</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Securities Exchange Act of 1934</FONT></B></TD></TR>
<TR height=20>
     <TD align=center></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Date of Report: </FONT><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">December 3, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face="Times New Roman,Arial,Helvetica,sans-serif">(Date of earliest event reported)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=5>PRINCIPAL FINANCIAL GROUP, INC.</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face="Times New Roman,Arial,Helvetica,sans-serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="39%"></TD>
     <TD width="25%"></TD>
     <TD width="36%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>1-16725</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>&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>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-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; (State or other jurisdiction</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>(Commission file number)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-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; of incorporation)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification Number)</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="94%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>711 High Street, Des Moines, Iowa 50392</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>(Address of principal executive offices)</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>(515) 247-5111</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>(Registrant&#146;s telephone number, including area code)</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-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>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; registrant under any of the following provisions:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>240.14d-2(b))</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp; &nbsp;]</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>240.13e-4(c))</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=center>_________________________</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_2"></A><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="13%"></TD>
     <TD width="86%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 7.01</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Regulation FD Disclosure</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">The following information is being furnished under Item 7.01 "Regulation FD Disclosure." This</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">filing.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">On December 3, 2009, Principal Financial Group, Inc. announced its outlook for 2010 operating</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">earnings and net income. The text of the announcement is included herewith as Exhibit 99.1.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 9.01</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Financial Statements and Exhibits</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Exhibit 99.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman,Arial,Helvetica,sans-serif">Press Release Concerning 2010 Outlook Dated December 3, 2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Exhibit 99.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman,Arial,Helvetica,sans-serif">Additional slides concerning 2010 guidance presented at Principal Financial Group,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman,Arial,Helvetica,sans-serif">Inc.'s Investor Conference on December 3, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-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; SIGNATURE</FONT></TD></TR>
<TR height=20>
     <TD align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman,Arial,Helvetica,sans-serif">PRINCIPAL FINANCIAL GROUP, INC.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By<FONT face="Times New &#13;&#10;Roman,Arial,Helvetica,sans-serif">:</FONT>&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><FONT face="Times New Roman,Arial,Helvetica,sans-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;&nbsp;&nbsp;</U></FONT><U>&nbsp;</U></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman,Arial,Helvetica,sans-serif">Name:&nbsp; Tom Graf</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman,Arial,Helvetica,sans-serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President &#150; Investor Relations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Date:&nbsp; December 3, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_3"></A><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="12%"></TD>
     <TD width="87%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-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; EXHIBIT INDEX</FONT></B></TD></TR>
<TR height=20>
     <TD align=center colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">EXHIBIT</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face="Times New Roman,Arial,Helvetica,sans-serif">NUMBER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<FONT face="Times New Roman,Arial,Helvetica,sans-serif">EXHIBIT</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">99.1</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Press Release Concerning 2010 Outlook Dated December 3, 2009</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">99.2</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Additional slides concerning 2010 guidance presented at Principal Financial Group,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Inc.&#146;s Investor Conference on December 3, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_4"></A><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="37%"></TD>
     <TD width="62%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT 99.1</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">RELEASE:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">On receipt</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">MEDIA CONTACT:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Jeff Rader, 515-247-7883, rader.jeff@principal.com</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>INVESTOR RELATIONS CONTACT:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Tom Graf, 515-235-9500, graf.tom@principal.com</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><I><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL FINANCIAL GROUP, INC. ANNOUNCES OUTLOOK FOR 2010</FONT></I></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Des Moines, IA (December 3, 2009) &#150; Principal Financial Group, Inc. (NYSE:PFG) today announced</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">its outlook for 2010: operating earnings per diluted share (EPS) ranging from $2.45 to $2.75; and net</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">income available to common stockholders per diluted share ranging from $1.75 to $2.05.</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">1,2,3,4</FONT></SUP>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Guidance for 2010 incorporates certain assumptions, including: a 13 to 15 percent increase in average</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">assets under management in 2010 compared to 2009 based on an average S&amp;P 500 Index of 1,150 in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">2010; operating losses for the Corporate segment of $90 million to $110 million; and no share</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">repurchase activity. Company guidance contemplates additional scaling back of the Investment Only</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">business during 2010, from its present level of approximately 25 percent of general account liabilities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">to approximately 20 percent by year-end 2010. Guidance also contemplates a change in operating</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">earnings for Principal International due to a pending change in the company&#146;s economic interest in its</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">BrasilPrev joint venture.</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">Guidance does not contemplate any other activity, other than where a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">definitive agreement has been signed by the company and publicly announced.</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">The company also announced that it remains committed to its long-term goals: average annual</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">improvement in return on equity (ROE)</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">6 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">of roughly 50 basis points; and 11 to 13 percent average</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">annual growth in EPS, reflecting the company&#146;s outlook for continued strength in the U.S. and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif">international asset management and accumulation businesses.</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif">7</FONT></SUP>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="100%">_________________________</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>1 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>2 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>GAAP. EPS is calculated by dividing operating earnings by weighted average shares outstanding. Operating earnings are</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>determined by adjusting net income for the effect of net realized capital gains and losses, as adjusted, and other after-tax</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>adjustments. After-tax adjustments have occurred in the past and could recur in future reporting periods. While these items may be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>significant components in understanding and assessing the company's consolidated financial performance, management believes the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>attributable to the normal, ongoing operations of the company's businesses.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>3 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>The range of $1.75 to $2.05 reflects the company's estimate for 2010 mortgage and credit losses only. There are a number of items</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>the company does not predict that could significantly affect net income per diluted share, including, but not limited to: mark-to-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>market on derivatives; changes to laws, regulations, or accounting standards; and gains or losses from discontinued operations.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>4 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>The company&#146;s estimate of mortgage and credit losses for 2010 ranges from 65 cents to 75 cents per diluted share. The company&#146;s</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>outlook for net income per diluted share is based on the mid-point of that range.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>5 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>As announced on October 27, 2009, the company has signed a Memorandum of Understanding with Banco do Brasil. Following</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>completion of all necessary approvals and transactions, the pension and long-term asset accumulation joint venture in Brazil would</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>be extended for 23 years and The Principal&#146;s economic interest in the joint venture would change to 25 percent, from 46 percent.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>6 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Operating return on average equity excluding accumulated other comprehensive income, calculated over the trailing twelve month</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>period.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>7 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Long-term EPS and ROE targets assume domestic equity market performance improvement of roughly two percent per quarter.</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_5"></A><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>Principal Financial Group, Inc. Announces Outlook for 2010&#151;page 2</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>Forward looking and cautionary statements</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>earnings, net income available to common stockholders, net cash flows, realized and unrealized losses, capital and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>liquidity positions, sales and earnings trends, and management's beliefs, expectations, goals and opinions. The</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>company does not undertake to update or revise these statements, which are based on a number of assumptions</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>company may not be those anticipated, and actual results may differ materially from the results anticipated in these</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>differences are discussed in the company's annual report on Form 10-K for the year ended December 31, 2008, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>in company&#146;s quarterly report on Form 10-Q for the quarter ended September 30, 2009, filed by the company with</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>the Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>These risks and uncertainties include, without limitation: adverse capital and credit market conditions that may</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>significantly affect the company&#146;s ability to meet liquidity needs, access to capital and cost of capital; a continuation</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>of difficult conditions in the global capital markets and the general economy that may materially adversely affect the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>company&#146;s business and results of operations; the actions of the U.S. government, Federal Reserve and other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>governmental and regulatory bodies for purposes of stabilizing the financial markets might not achieve the intended</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>effect; the risk from acquiring new businesses, which could result in the impairment of goodwill and/or intangible</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>assets recognized at the time of acquisition; impairment of other financial institutions that could adversely affect the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>company; investment risks which may diminish the value of the company&#146;s invested assets and the investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>returns credited to customers, which could reduce sales, revenues, assets under management and net income;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>requirements to post collateral or make payments related to declines in market value of specified assets may</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>adversely affect company liquidity and expose the company to counterparty credit risk; changes in laws, regulations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>or accounting standards that may reduce company profitability; fluctuations in foreign currency exchange rates that</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>could reduce company profitability; Principal Financial Group, Inc.&#146;s primary reliance, as a holding company, on</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>dividends from its subsidiaries to meet debt payment obligations and regulatory restrictions on the ability of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>subsidiaries to pay such dividends; competitive factors; volatility of financial markets; decrease in ratings; interest</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>rate changes; inability to attract and retain sales representatives; international business risks; a pandemic, terrorist</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>attack or other catastrophic event; and default of the company&#146;s re-insurers.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face="Times New Roman,Bold,Arial,Helvetica,sans-serif" size=2>About the Principal Financial Group</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>The Principal Financial Group</FONT><SUP><FONT face=Symbol,Symbol size=2>&#210; </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>(The Principal </FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>&#174; </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>)</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>8 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>is a leader in offering businesses, individuals and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>institutional clients a wide range of financial products and services, including retirement and investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>services, life and health insurance, and banking through its diverse family of financial services companies.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>A member of the Fortune 500, the Principal Financial Group has $280.4 billion in assets under</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>management</FONT><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>9 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2>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 face="Times New Roman,Arial,Helvetica,sans-serif" size=2>Exchange under the ticker symbol PFG. For more information, visit </FONT><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=2><U>www.principal.com</U></FONT><FONT face="Times &#13;&#10;New Roman,Arial,Helvetica,sans-serif" size=2>.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <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;<FONT face="Times New &#13;&#10;Roman,Arial,Helvetica,sans-serif" size=2>###</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>
<TR>
     <TD width="100%">_________________________</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=1>8 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=1>"The Principal Financial Group" and &#147;The Principal&#148; 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 face="Times New Roman,Arial,Helvetica,sans-serif" size=1>Principal Financial Group.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=1>9 </FONT></SUP><FONT face="Times New Roman,Arial,Helvetica,sans-serif" size=1>As of September 30, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
</BODY>

</HTML>
[{"type": "8-K", "sequence": "1", "filename": "finalguidance2009cover.htm", "description": "INVESTOR DAY GUIDANCE", "secsgml_size_bytes": 43170}]
{"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": "091219192"}, "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"}}
finalguidance2009cover.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 3, 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.
On December 3, 2009, Principal Financial Group, Inc. announced its outlook for 2010 operating
earnings and net income. The text of the announcement is included herewith as Exhibit 99.1.
Item 9.01
Financial Statements and Exhibits
Exhibit 99.1
Press Release Concerning 2010 Outlook Dated December 3, 2009
Exhibit 99.2
Additional slides concerning 2010 guidance presented at Principal Financial Group,
Inc.'s Investor Conference on 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 3, 2009
EXHIBIT INDEX
EXHIBIT
NUMBER
EXHIBIT
99.1
Press Release Concerning 2010 Outlook Dated December 3, 2009
99.2
Additional slides concerning 2010 guidance presented at Principal Financial Group,
Inc.'s Investor Conference on December 3, 2009
EXHIBIT 99.1
RELEASE:
On receipt
MEDIA CONTACT:
Jeff Rader, 515-247-7883, rader.jeff@principal.com
INVESTOR RELATIONS CONTACT:
Tom Graf, 515-235-9500, graf.tom@principal.com
PRINCIPAL FINANCIAL GROUP, INC. ANNOUNCES OUTLOOK FOR 2010
Des Moines, IA (December 3, 2009) – Principal Financial Group, Inc. (NYSE:PFG) today 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.
1,2,3,4
Guidance for 2010 incorporates certain assumptions, including: a 13 to 15 percent increase in average
assets under management in 2010 compared to 2009 based on an average S&P 500 Index of 1,150 in
2010; operating losses for the Corporate segment of $90 million to $110 million; and no share
repurchase activity. Company guidance contemplates additional scaling back of the Investment Only
business during 2010, from its present level of approximately 25 percent of general account liabilities
to approximately 20 percent by year-end 2010. Guidance also contemplates a change in operating
earnings for Principal International due to a pending change in the company's economic interest in its
BrasilPrev joint venture.
5
Guidance does not contemplate any other activity, other than where a
definitive agreement has been signed by the company and publicly announced.
The company also announced that it remains committed to its long-term goals: average annual
improvement in return on equity (ROE)
6
of roughly 50 basis points; and 11 to 13 percent average
annual growth in EPS, reflecting the company's outlook for continued strength in the U.S. and
international asset management and accumulation businesses.
7
_________________________
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 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.
3
The range of $1.75 to $2.05 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.
4
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.
5
As announced on October 27, 2009, the company has signed a Memorandum of Understanding with Banco do Brasil. Following
completion of all necessary approvals and transactions, the pension and long-term asset accumulation joint venture in Brazil would
be extended for 23 years and The Principal's economic interest in the joint venture would change to 25 percent, from 46 percent.
6
Operating return on average equity excluding accumulated other comprehensive income, calculated over the trailing twelve month
period.
7
Long-term EPS and ROE targets assume domestic equity market performance improvement of roughly two percent per quarter.
Principal Financial Group, Inc. Announces Outlook for 2010—page 2
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.
About the Principal Financial Group
The Principal Financial Group
Ò
(The Principal
®
)
8
is a leader in offering businesses, individuals and
institutional clients a wide range of financial products and services, including retirement and investment
services, life and health insurance, and banking through its diverse family of financial services companies.
A member of the Fortune 500, the Principal Financial Group has $280.4 billion in assets under
management
9
and serves some 18.6 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
.
###
_________________________
8
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the
Principal Financial Group.
9
As of September 30, 2009