EXHIBIT 23.1



                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the reference to our firm under the caption "Experts" in
the Pre-Effective Amendment No. 2 to the Registration Statement (Form S-3, File
Nos. 333-110499 and 333-110499-01) and related Prospectus of Principal Financial
Group, Inc. and Principal Life Insurance Company for the registration of
$4,000,000,000 Secured Medium-Term Notes and to the incorporation by reference
therein of our reports dated January 30, 2004, with respect to the consolidated
financial statements and schedules of Principal Financial Group, Inc. included
in its Annual Report (10-K) for the year ended December 31, 2003, filed with the
Securities and Exchange Commission.

/s/  Ernst & Young LLP

Des Moines, Iowa
March 1, 2004