EX-12 5 a09-9328_1ex12.htm EX-12

Exhibit 12

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

 

 

 

 

For the three months
ended  March 31,

 

For the years ended
December 31,

 

 

 

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

(in millions)

 

1.

Income from continuing operations before income taxes

 

$

130.1

 

$

207.2

 

$

461.3

 

$

1,072.4

 

$

1,351.6

 

$

1,138.6

 

$

878.7

 

2.

Interest expense

 

22.3

 

27.1

 

110.3

 

115.3

 

86.0

 

77.8

 

93.5

 

3.

Interest factor of rental expense

 

2.2

 

3.1

 

8.8

 

12.3

 

11.1

 

7.0

 

4.6

 

4.

Undistributed income from equity investees

 

(13.7

)

—

 

(20.4

)

(71.6

)

(62.7

)

(34.1

)

(19.4

)

5.

Earnings before interest credited on investment products

 

140.9

 

237.4

 

560.0

 

1,128.4

 

1,386.0

 

1,189.3

 

957.4

 

6.

Interest credited on investment products

 

202.0

 

245.8

 

993.5

 

988.3

 

901.1

 

832.2

 

763.7

 

7.

Earnings

 

$

342.9

 

$

483.2

 

$

1,553.5

 

$

2,116.7

 

$

2,287.1

 

$

2,021.5

 

$

1,721.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

Interest expense

 

$

22.3

 

$

27.1

 

$

110.3

 

$

115.3

 

$

86.0

 

$

77.8

 

$

93.5

 

9.

Interest factor of rental expense

 

2.2

 

3.1

 

8.8

 

12.3

 

11.1

 

7.0

 

4.6

 

10.

Preferred stock dividends by registrant

 

8.2

 

8.2

 

33.0

 

33.0

 

33.0

 

17.7

 

—

 

11.

Fixed charges before interest credited on investment products

 

32.7

 

38.4

 

152.1

 

160.6

 

130.1

 

102.5

 

98.1

 

12.

Interest credited on investment products

 

202.0

 

245.8

 

993.5

 

988.3

 

901.1

 

832.2

 

763.7

 

13.

Fixed charges

 

$

234.7

 

$

284.2

 

$

1,145.6

 

$

1,148.9

 

$

1,031.2

 

$

934.7

 

$

861.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.

Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 11)

 

4.3

 

6.2

 

3.7

 

7.0

 

10.7

 

11.6

 

9.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.

Ratio of earnings to fixed charges (Line item 7/Line item 13)

 

1.5

 

1.7

 

1.4

 

1.8

 

2.2

 

2.2

 

2.0

 

 

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