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,
		2010			2009			2009			2008			2007			2006			2005
		(in millions)
1.	Income from continuing operations before income taxes	$	256.3		$	130.1		$	745.8		$	461.3		$	1,072.4		$	1,351.6		$	1,138.6
2.	Interest expense	30.1			22.3			118.0			110.3			115.3			86.0			77.8
3.	Interest factor of rental expense	1.7			2.2			6.7			8.8			12.3			11.1			7.0
4.	Undistributed income from equity investees	(26.8		)	(13.7		)	(69.4		)	(20.4		)	(71.6		)	(62.7		)	(34.1		)
5.	Earnings before interest credited on investment products	261.3			140.9			801.1			560.0			1,128.4			1,386.0			1,189.3
6.	Interest credited on investment products	154.5			202.0			725.3			993.5			988.3			901.1			832.2
7.	Earnings	$	415.8		$	342.9		$	1,526.4		$	1,553.5		$	2,116.7		$	2,287.1		$	2,021.5
8.	Interest expense	$	30.1		$	22.3		$	118.0		$	110.3		$	115.3		$	86.0		$	77.8
9.	Interest factor of rental expense	1.7			2.2			6.7			8.8			12.3			11.1			7.0
10.	Preferred stock dividends by registrant	8.2			8.2			33.0			33.0			33.0			33.0			17.7
11.	Fixed charges before interest credited on investment products	40.0			32.7			157.7			152.1			160.6			130.1			102.5
12.	Interest credited on investment products	154.5			202.0			725.3			993.5			988.3			901.1			832.2
13.	Fixed charges	$	194.5		$	234.7		$	883.0		$	1,145.6		$	1,148.9		$	1,031.2		$	934.7
14.	Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 11)	6.5			4.3			5.1			3.7			7.0			10.7			11.6
15.	Ratio of earnings to fixed charges (Line item 7/Line item 13)	2.1			1.5			1.7			1.4			1.8			2.2			2.2

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