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: FEBRUARY 7, 2006
                        (Date of earliest event reported)



                        PRINCIPAL LIFE INSURANCE COMPANY
             (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))

                               ------------------


<PAGE>


ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

The  information  contained in this Current Report on Form 8-K is being filed in
connection with the registration  statement filed by Principal  Financial Group,
Inc.  and  Principal  Life  Insurance  Company  regarding  funding   agreements,
guarantees  and medium  term  notes,  and for the  purposes of Section 18 of the
Securities Exchange Act of 1934, as amended.  The following summary of Principal
Financial Group, Inc.'s consolidated  financial information has been prepared in
accordance with U.S. GAAP.


<TABLE>
<CAPTION>
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unadited)

                                                                                  FOR THE YEARS ENDED,
                                                                       DECEMBER 31, 2005          DECEMBER 31, 2004
                                                                      ---------------------------------------------
                                                                                        (IN MILLIONS)
<S>                                                                    <C>                       <C>
Total revenues                                                         $        9,007.7          $        8,301.2

Total expenses                                                                  7,883.4                   7,422.1
                                                                       --------------------------------------------
Income before income taxes, discontinued operations and
         cumulative effect of accounting change                                 1,124.3                     879.1
Income taxes                                                                      232.4                     178.2
                                                                       --------------------------------------------
Income from continued operations                                                  891.9                     700.9

Income from discontinued operations                                                27.1                     130.4
                                                                       --------------------------------------------
Income before cumulative effect of accounting change                              919.0                     831.3
Cumulative effect of accounting change, net of related income taxes                 -                        (5.7)
                                                                       --------------------------------------------
Net income                                                                        919.0                     825.6
Preferred stock dividends                                                          17.7                       -
                                                                       --------------------------------------------
Net income available to common stockholders                            $          901.3          $          825.6
                                                                       ============================================
</TABLE>


                                       2
<PAGE>


<TABLE>
<CAPTION>
                  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                   (unaudited)

                                                                                     DECEMBER 31,
                                                                           2005                           2004
                                                                       --------------------------------------------
                                                                                        (IN MILLIONS)
<S>                                                                    <C>                       <C>
ASSETS
Total investments                                                      $        57,470.0         $        56,843.1
Separate account assets                                                         62,070.0                  51,507.9
Other assets                                                                     7,495.4                   5,447.1
                                                                       --------------------------------------------
Total assets                                                           $       127,035.4         $       113,798.1
                                                                       ============================================
LIABILITIES
Contractholder funds                                                   $        33,612.1         $        32,183.3
Future policy benefits and claims                                               16,825.5                  16,042.6
Separate account liabilities                                                    62,070.0                  51,507.9
All other liabilities                                                            6,720.6                   6,520.0
                                                                       -------------------------------------------
Total liabilities                                                              119,228.2                 106,253.8
Total stockholders' equity                                                       7,807.2                   7,544.3
                                                                       -------------------------------------------
Total liabilities and stockholders' equity                             $       127,035.4         $       113,798.1
                                                                       ===========================================

</TABLE>

                                    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 LIFE INSURANCE COMPANY


                                    By:    /S/ MICHAEL H. GERSIE
                                           -------------------------------------
                                    Name:  Michael H. Gersie
                                    Title: Executive Vice President and Chief
                                           Financial Officer


Date:    February 7, 2006


                                       3
<PAGE>
[{"type": "8-K", "sequence": "1", "filename": "finres02032006.txt", "description": "FORM 8-K", "secsgml_size_bytes": 8319}]
{"company-data": {"conformed-name": "PRINCIPAL LIFE INSURANCE CO", "cik": "0000009712", "irs-number": "420127290", "state-of-incorporation": "IA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32109", "film-number": "06585445"}, "business-address": {"street1": "711 HIGH STREET", "street2": "C/O THE PRINCIPAL FINANCIAL GROUP", "city": "DES MOINES", "state": "IA", "zip": "50392-0300", "phone": "515-248-38"}, "mail-address": {"street1": "711 HIGH STREET", "city": "DES MOINES", "state": "IA", "zip": "50392"}, "former-company": [{"former-conformed-name": "PRINCIPAL MUTUAL LIFE INSURANCE CO", "date-changed": "19920929"}, {"former-conformed-name": "BANKERS LIFE CO", "date-changed": "19600201"}, {"former-conformed-name": "BANKERS LIFE ASSOCIATION", "date-changed": "19600201"}]}
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: FEBRUARY 7, 2006
                        (Date of earliest event reported)

                        PRINCIPAL LIFE INSURANCE COMPANY
             (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 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

The  information  contained in this Current Report on Form 8-K is being filed in
connection with the registration  statement filed by Principal  Financial Group,
Inc.  and  Principal  Life  Insurance  Company  regarding  funding   agreements,
guarantees  and medium  term  notes,  and for the  purposes of Section 18 of the
Securities Exchange Act of 1934, as amended.  The following summary of Principal
Financial Group, Inc.'s consolidated  financial information has been prepared in
accordance with U.S. GAAP.
CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unadited)

                                                                                  FOR THE YEARS ENDED,
                                                                       DECEMBER 31, 2005          DECEMBER 31, 2004
                                                                      ---------------------------------------------
                                                                                        (IN MILLIONS)
Total revenues                                                         $        9,007.7          $        8,301.2

Total expenses                                                                  7,883.4                   7,422.1
                                                                       --------------------------------------------
Income before income taxes, discontinued operations and
         cumulative effect of accounting change                                 1,124.3                     879.1
Income taxes                                                                      232.4                     178.2
                                                                       --------------------------------------------
Income from continued operations                                                  891.9                     700.9

Income from discontinued operations                                                27.1                     130.4
                                                                       --------------------------------------------
Income before cumulative effect of accounting change                              919.0                     831.3
Cumulative effect of accounting change, net of related income taxes                 -                        (5.7)
                                                                       --------------------------------------------
Net income                                                                        919.0                     825.6
Preferred stock dividends                                                          17.7                       -
                                                                       --------------------------------------------
Net income available to common stockholders                            $          901.3          $          825.6
                                                                       ============================================
2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                   (unaudited)

                                                                                     DECEMBER 31,
                                                                           2005                           2004
                                                                       --------------------------------------------
                                                                                        (IN MILLIONS)
ASSETS
Total investments                                                      $        57,470.0         $        56,843.1
Separate account assets                                                         62,070.0                  51,507.9
Other assets                                                                     7,495.4                   5,447.1
                                                                       --------------------------------------------
Total assets                                                           $       127,035.4         $       113,798.1
                                                                       ============================================
LIABILITIES
Contractholder funds                                                   $        33,612.1         $        32,183.3
Future policy benefits and claims                                               16,825.5                  16,042.6
Separate account liabilities                                                    62,070.0                  51,507.9
All other liabilities                                                            6,720.6                   6,520.0
                                                                       -------------------------------------------
Total liabilities                                                              119,228.2                 106,253.8
Total stockholders' equity                                                       7,807.2                   7,544.3
                                                                       -------------------------------------------
Total liabilities and stockholders' equity                             $       127,035.4         $       113,798.1
                                                                       ===========================================
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 LIFE INSURANCE COMPANY

                                    By:    /S/ MICHAEL H. GERSIE
                                           -------------------------------------
                                    Name:  Michael H. Gersie
                                    Title: Executive Vice President and Chief
                                           Financial Officer

Date:    February 7, 2006

                                       3