Exhibit 12

Principal Financial Group, Inc.

Computation of Earnings to Fixed Charges Ratio

		For the Year Ended December 31,
		2004			2003			2002		2001			2000
		($ in millions)
1.	Income from continuing operations before income taxes	$	881.6		$	824.3		$	371.5	$	249.9		$	751.1
2.	Interest expense		88.5			104.3			99.2		96.7			116.8
3.	Interest factor of rental expense		4.6			4.6			8.0		9.4			15.1
4.	Undistributed income from equity investees		(19.4	)		(18.3	)		4.3		(17.4	)		(27.1	)
5.	Earnings before interest credited on investment products		955.3			914.9			483.0		338.6			855.9
6.	Interest credited on investment products.		763.7			735.7			743.4		773.1			723.5
7.	Earnings	$	1,719.0		$	1,650.6		$	1,226.4	$	1,111.7		$	1,579.4
8.	Interest expense	$	88.5		$	104.3		$	99.2	$	96.7		$	116.8
9.	Interest factor of rental expense		4.6			4.6			8.0		9.4			15.1
10.	Preferred stock dividend requirements of majority-owned subsidiaries (non-intercompany)		—			1.2			0.4		—			—
11.	Fixed charges before interest credited on investment products		93.1			110.1			107.6		106.1			131.9
12.	Interest credited on investment products		763.7			735.7			743.4		773.1			723.5
13.	Fixed charges	$	856.8		$	845.8		$	851.0	$	879.2		$	855.4
14.	Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 11)		10.3			8.3			4.5		3.2			6.5
15.	Ratio of earnings to fixed charges (Line item 7/Line item 13)		2.0			2.0			1.4		1.3			1.8