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Exhibit 12

Principal Financial Group, Inc.
Computation of Earnings to Fixed Charges Ratio

		For the years ended December 31,
		2006			2005			2004			2003			2002
		($ in millions)
1.	Income from continuing operations before income taxes	$	1,328.7		$	1,123.7		$	879.1		$	820.3		$	371.5
2.	Interest expense		89.5			81.1			96.9			117.5			99.7
3.	Interest factor of rental expense		11.1			7.0			4.6			4.8			8.0
4.	Undistributed income from equity investees		(62.7	)		(34.1	)		(19.4	)		(18.3	)		4.3
5.	Earnings before interest credited on investment products		1,366.6			1,177.7			961.2			924.3			483.5
6.	Interest credited on investment products		901.1			832.2			763.7			735.7			743.4
7.	Earnings	$	2,267.7		$	2,009.9		$	1,724.9		$	1,660.0		$	1,226.9
8.	Interest expense	$	89.5		$	81.1		$	96.9		$	117.5		$	99.7
9.	Interest factor of rental expense		11.1			7.0			4.6			4.8			8.0
10.	Preferred stock dividends by registrant		33.0			17.7			—			—			—
11.	Preferred stock dividend requirements of majority-owned subsidiaries (non-intercompany)		—			—			—			1.2			0.4
12.	Fixed charges before interest credited on investment products		133.6			105.8			101.5			123.5			108.1
13.	Interest credited on investment products		901.1			832.2			763.7			735.7			743.4
14.	Fixed charges	$	1,034.7		$	938.0		$	865.2		$	859.2		$	851.5
15.	Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 12)		10.2			11.1			9.5			7.5			4.5
16.	Ratio of earnings to fixed charges (Line item 7/ Line item 14)		2.2			2.1			2.0			1.9			1.4

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