EX-12 2 a09-15218_1ex12.htm EX-12

Exhibit 12

 

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

 

 

 

 

 

For the six months ended
June 30,

 

For the years ended
December 31,

 

 

 

 

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

(in millions)

 

1.

 

Income from continuing operations before income taxes

 

$

328.0

 

$

419.7

 

$

461.3

 

$

1,072.4

 

$

1,351.6

 

$

1,138.6

 

$

878.7

 

2.

 

Interest expense

 

53.8

 

55.0

 

110.3

 

115.3

 

86.0

 

77.8

 

93.5

 

3.

 

Interest factor of rental expense

 

4.4

 

6.1

 

8.8

 

12.3

 

11.1

 

7.0

 

4.6

 

4.

 

Undistributed income from equity investees

 

(23.6

)

(7.5

)

(20.4

)

(71.6

)

(62.7

)

(34.1

)

(19.4

)

5.

 

Earnings before interest credited on investment products

 

362.6

 

473.3

 

560.0

 

1,128.4

 

1,386.0

 

1,189.3

 

957.4

 

6.

 

Interest credited on investment products

 

388.7

 

489.2

 

993.5

 

988.3

 

901.1

 

832.2

 

763.7

 

7.

 

Earnings

 

$

751.3

 

$

962.5

 

$

1,553.5

 

$

2,116.7

 

$

2,287.1

 

$

2,021.5

 

$

1,721.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

 

Interest expense

 

$

53.8

 

$

55.0

 

$

110.3

 

$

115.3

 

$

86.0

 

$

77.8

 

$

93.5

 

9.

 

Interest factor of rental expense

 

4.4

 

6.1

 

8.8

 

12.3

 

11.1

 

7.0

 

4.6

 

10.

 

Preferred stock dividends by registrant

 

16.5

 

16.5

 

33.0

 

33.0

 

33.0

 

17.7

 

—

 

11.

 

Fixed charges before interest credited on investment products

 

74.7

 

77.6

 

152.1

 

160.6

 

130.1

 

102.5

 

98.1

 

12.

 

Interest credited on investment products

 

388.7

 

489.2

 

993.5

 

988.3

 

901.1

 

832.2

 

763.7

 

13.

 

Fixed charges

 

$

463.4

 

$

566.8

 

$

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)

 

4.9

 

6.1

 

3.7

 

7.0

 

10.7

 

11.6

 

9.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.

 

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

 

1.6

 

1.7

 

1.4

 

1.8

 

2.2

 

2.2

 

2.0

 

 

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