Pricing Supplement Dated April 13, 2004	 	 	 	Filed pursuant to Rule 424(b)(2)	
(To Prospectus dated March 5, 2004, and	 	 	Registration Statement Nos.	333-110499 and	
Prospectus Supplement dated March 5, 2004)	 	 	 	333-110499-01	
 	 	 	 	 	 	 	
	 	 	 	CUSIP: 74254PAJ1	
	 	 	 	ISIN: US74254PAJ12	

Principal Life Insurance Company
Secured Medium-Term Notes
Issued Through
Principal Life Income Fundings Trust 3 (the “Trust”)
     The description of this pricing supplement of the particular terms of the Secured Medium-Term Notes offered hereby, and the Funding Agreement (specified below) issued by Principal Life Insurance Company (“Principal Life”) to the Trust, the payment obligations of which are fully and unconditionally guaranteed by the Guarantee (specified below) issued by Principal Financial Group, Inc. to the Trust, supplements the description of the general terms and provisions of the notes, the funding agreements and the guarantees set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made. 
1. The Notes

 	 	 	 	 	 	 	 	 	 	 	
Principal Amount:	 	$	150,000,000	 	 	Purchasing Agent(s) Discount:	 	0.000%	 	 	
Issue Price:	 	 	100.000%	 	 	Original Issue Date:	 	April 16, 2004	
Net Proceeds to the Trust:	 	$	150,000,000	 	 	Stated Maturity Date:	 	October 14, 2005	

 	 	 	 	 	 	 	 	 	 	 	
Specified Currency:	 	U.S. Dollars	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Interest Payment Dates:	 	January 15, April 15, July 15 and October 15 in each year	
 	 	 	 	 	 	 	 	 	 	 	
Initial Interest Payment Date:	 	July 15, 2004	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Regular Record Date:	 	15 calendar days prior to the Interest Payment Date	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Type of Interest Rate:	 	o Fixed Rate	 	x Floating Rate	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Notes:	 	o Yes		x No.	 	If, Yes,	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Interest Rate:	 		 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Floating Rate Notes:	 	x Yes		o No.	 	If, Yes,	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Regular Floating Rate Notes:	 	 	 	x Yes	 	o No.	 	If, Yes,	
	 	Interest Rate:	 	3-Month LIBOR +.01%	 	 	 	
	 	Interest Rate Basis(es):	 	See below	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Floating Rate/Fixed Rate Note:	 	o Yes	 	x No.	 	If, Yes,	
	 	Floating Interest Rate:	 	 	 	 	 	 	
	 	Interest Rate Basis(es):	 	 	 	 	 	 	
	 	Fixed Interest Rate:	 	 	 	 	 	 	

 

 	 	 	 	 	 	 	 	 	 	 	
	 	Fixed Rate Commencement Date:	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Inverse Floating Rate Note:	 	o Yes	 	x No.	 	If, Yes,	
	 	Fixed Interest Rate:	 	 	 	 	 	 	
	 	Floating Interest Rate:	 	 	 	 	 	 	
	 	Interest Rate Basis(es):	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Initial Interest Rate, if any:	 	1.15188%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Initial Interest Reset Date:	 	July 15, 2004 	 	 	 	 	 	
 	 	 	 	 	 	 	
Interest Rate Basis(es). Check all that apply:	 	 	
	 	o CD Rate	 	 	 	o Commercial Paper Rate	
	 	o CMT Rate	 	 	 	o Eleventh District Cost of Funds Rate	
	 	x LIBOR	 	 	 	o Federal Funds Rate	
	 	o EURIBOR	 	 	 	o Treasury Rate	
	 	o Prime Rate	 	 	 	o Other (See Attached)	
 	 	 	 	 	 	 	
	 	If LIBOR:	 	o LIBOR Reuters Page	x LIBOR Moneyline Telerate Page 3750	
	 	 	 	     LIBOR Currency: U.S. Dollars	 	
 	 	 	 	 	 	 	
	 	If CMT Rate:	 	 	 	 	
	 	 	 	Designated CMT Telerate Page:	 	
	 	 	 	If 7052:	o Weekly Average     o Monthly Average	
	 	 	 	Designated CMT Maturity Index:	 	
 	 	 	 	 	 	 	
Index Maturity:	 	 	 	3-Month 	
 	 	 	 	 	 	 	
Spread:	 	 	 	+0.01% 	
 	 	 	 	 	 	 	
Spread Multiplier:	 	 	 	Not applicable 	
 	 	 	 	 	 	 	
Interest Reset Date(s):	 	Each Interest Payment Date 	
 	 	 	 	 	 	 	
Interest Rate Determination Date(s):	 	The second London Banking Day preceding the related Interest Reset Date 	
 	 	 	 	 	 	 	
Maximum Interest Rate, if any:	 	Not applicable 	
 	 	 	 	 	 	 	
Minimum Interest Rate, if any:	 	Not applicable 	
 	 	 	 	 	 	 	
Calculation Agent:	 	Citibank, N.A.	 	 	
 	 	 	 	 	 	 	
Exchange Rate Agent:	 	Not applicable	 	 	
 	 	 	 	 	 	 	
Computation of Interest (not applicable unless different than as specified in the prospectus and prospectus supplement):	
Day Count Convention (not applicable unless different than as specified in the prospectus and prospectus supplement):	
 	 	 	 	 	 	 	
Amortizing Note:	 	o Yes	 	x No.	 	If, Yes,	
Amortizing Schedule:	 	 	 	 	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Discount Note:	 	o Yes	 	x No.	 	If, Yes,	
Total Amount of Discount:	 	 	 	 	 	 	
Initial Accrual Period of Discount:	 	 	 	 	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Redemption Provisions:	 	o Yes	 	x No.	 	If, Yes,	
Initial Redemption Date:	 	 	 	 	 	 	
Initial Redemption Percentage:	 	 	 	 	 	 	
Annual Redemption Percentage Reduction (if any):	 	 	
Redemption:	 	o In whole only and not in part	 	 	
	 	o May be in whole or in part	 	 	
Additional/Other Terms:	 	 	 	 	 	 	

 

 	 	 	 	 	 	 	
Repayment:	 	o Yes	 	x No.	 	If, Yes,	
Repayment Date(s):	 	 	 	 	 	 	
Repayment Price:	 	 	 	 	 	 	
Repayment:	 	o In whole only and not in part	 	 	
	 	o May be in whole or in part	 	 	
Additional/Other Terms:	 	 	 	 	 	 	

Sinking Fund (not applicable unless specified):	 	 	 	
 	 	 	 	 	 	 	
Additional Amounts to be Paid for Withholding Tax (not applicable unless specified):	
 	 	 	 	 	 	 	
Securities Exchange Listing:	 	o Yes	 	x No.	 	If Yes, Name of Exchange:	
 	 	 	 	 	 	 	
Authorized Denominations:	 	$	1,000	 	 	 	
Ratings:
     The Notes issued under the Program are rated AA by Standard & Poor’s Ratings Services, a division of The McGraw-Hill
     Companies, Inc. (“S&P”).
     Principal Life expects the Notes to be rated Aa3 by Moody’s Investors Service, Inc. (“Moody’s”).
 	 	 	 	 	 	 	
Purchasing Agents Purchasing Notes as Principal:	 	x Yes	 	o No.	 	If Yes:	
 	 	 	 	 	
Purchasing Agent(s)
	 	Principal Amount
	
Credit Suisse First Boston LLC	 	$	67,500,000	 	
Morgan Stanley & Co. Incorporated	 	$	67,500,000	 	
ABN AMRO Incorporated	 	$	3,750,000	 	
Deutsche Bank Securities Inc.	 	$	3,750,000	 	
Goldman, Sachs & Co.	 	$	3,750,000	 	
Lehman Brothers Inc.	 	$	3,750,000	 	
Total:	 	$	150,000,000	 	
 	 	 	 	 	 	 	
Purchasing Agents Acting as Agent:	 	o Yes	 	x No.	 	If Yes:	
 	 	 	 	 	
Purchasing Agent(s)
	 	Principal Amount

 	

 	
 	
Total:	 		 	 	
 	 	 	 	 	 	
State of Organization of the Trust:	New York				
 	 	 	 	 	 	
Additional/Other Terms:	Not applicable				
 	 	 	 	 	 	
Special Tax Considerations:	Interest payable on the Notes will be treated as “qualified stated interest” for United States Federal income tax purposes, as it meets the specified criteria referenced in the prospectus supplement under the heading “Material United States Federal Income Tax Considerations — U.S. Holders — Interest and Original Issue Discount. ”				
 	 	 	 	 	 	
2. The Funding Agreement	 	 	 	 	
 	 	 	 	 	 	
Funding Agreement Issuer:	Principal Life Insurance Company	 	
 	 	 	 	 	 	
Funding Agreement No.:	7-06123	 	 	 	
 	 	 	 	 	 	
Deposit:	 	$150,000,015	 	 	 	
 	 	 	 	 	 	
Net Deposit:	$150,000,000	 	 	 	
 	 	 	 	 	 	
Effective Date:	April 16, 2004	 	
 	 	 	 	 	 	
Stated Maturity Date:	October 14, 2005	 	
 	 	 	 	 	 	
Specified Currency:	U.S. Dollars	 	

 

 	 	 	 	 	 	
 	 	 	 	 	 	
Interest Payment Dates:	January 15, April 15, July 15 and October 15 in each year	
 	 	 	 	 	 	
Initial Interest Payment Date:	July 15, 2004	 	
 	 	 	 	 	 	
Type of Interest Rate:	o Fixed Rate		x Floating Rate	 	
 	 	 	 	 	 	
Fixed Rate Funding Agreement:	o Yes	x No.	If, Yes,	
 	 	 	 	 	 	
Interest Rate:	 	 	 	
 	 	 	 	 	 	
Floating Rate Funding Agreement:	x Yes	o No.	If, Yes,	
 	 	 	 	 		
Regular Floating Rate Funding Agreement: 	x Yes	o No.	If, Yes,	
	 	Interest Rate:	3-Month LIBOR +.01%	
	 	Interest Rate Basis(es):	See below 	
 	 	 	 	 	 	
Floating Rate/Fixed Rate Funding Agreement:   	o Yes	x No.	If, Yes,	
	 	Floating Interest Rate:	 	
	 	Interest Rate Basis(es):	 	
	 	Fixed Interest Rate:	 	
	 	Fixed Rate Commencement Date:	 	
 	 	 	 	 	 	
Inverse Floating Rate Funding Agreement:   	o Yes	x No.	If, Yes,	
	 	Fixed Interest Rate:	 	
	 	Floating Interest Rate:	 	
	 	Interest Rate Basis(es):	 	
 	 	 	 	 	 	
Initial Interest Rate, if any:	1.15188%		 	
 	 	 	 	 	 	
Initial Interest Reset Date:	July 15, 2004	 	 	
 	 	 	 	 	 	 	
Interest Rate Basis(es). Check all that apply:	 	 	
	 	o CD Rate	 	 	 	o Commercial Paper Rate	
	 	o CMT Rate	 	 	 	o Eleventh District Cost of Funds Rate	
	 	x LIBOR	 	 	 	o Federal Funds Rate	
	 	o EURIBOR	 	 	 	o Treasury Rate	
	 	o Prime Rate	 	 	 	o Other (See Attached)	
 	 	 	 	 	 	 	
	 	If LIBOR:	 	o LIBOR Reuters Page	x LIBOR Moneyline Telerate Page 3750	
	 	 	 	     LIBOR Currency:	U.S. Dollars 	
 	 	 	 	 	 	 	
	 	If CMT Rate:	 	 	 	 	
	 	 	 	Designated CMT Telerate Page:	 	
	 	 	 	If 7052:	o Weekly Average     o Monthly Average	
	 	 	 	Designated CMT Maturity Index:	 	
 	 	 	 	 	 	 	
Index Maturity:	 	 	 	3-Month	
 	 	 	 	 	 	 	
Spread:	 	 	 	+0.01% 	
 	 	 	 	 	 	 	
Spread Multiplier:	 	 	 	Not applicable 	
 	 	 	 	 	 	 	
Interest Reset Date(s):	 	Each Interest Payment Date	
 	 	 	 	 	 	 	
Interest Rate Determination Date(s):	 	The second London Banking Day preceding the related Interest Reset Date 	
 	 	 	 	 	 	 	
Maximum Interest Rate, if any:	 	Not applicable 	
 	 	 	 	 	 	 	
Minimum Interest Rate, if any:	 	Not applicable 	
 	 	 	 	 	 	 	
Computation of Interest:	 		 	 	 	 	
(not applicable unless different than as specified in the prospectus and prospectus supplement):	
Day Count Convention:	 		 	 	 	 	
(not applicable unless different than as specified in the prospectus and prospectus supplement):	

 

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Amortizing Funding Agreement:	 	o Yes	 	x No.	 	If, Yes,	
Amortizing Schedule:	 	 	 	 	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Discount Funding Agreement:	 	o Yes	 	x No.	 	If, Yes,	
Total Amount of Discount:	 	 	 	 	 	 	
Initial Accrual Period of Discount:	 	 	 	 	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Redemption Provisions:	 	o Yes	 	x No.	 	If, Yes,	
Initial Redemption Date:	 	 	 	 	 	 	
Initial Redemption Percentage:	 	 	 	 	 	 	
Annual Redemption Percentage Reduction (if any):	 	 	 	
Redemption:	 	o In whole only and not in part	 	 	
	 	o May be in whole or in part	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Repayment:	 	o Yes	 	x No.	 	If, Yes,	
Repayment Date(s):	 	 	 	 	 	 	
Repayment Price:	 	 	 	 	 	 	
Repayment:	 	o In whole only and not in part	 	 	
	 	o May be in whole or in part	 	 	
Additional/Other Terms:	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Sinking Fund (not applicable unless specified):	 	 	 	
 	 	 	 	 	 	 	
Additional Amounts to be Paid For Withholding Tax (not applicable unless specified):	
Ratings:
The Funding Agreement issued under the Program is rated AA by S&P.
Principal Life expects the Funding Agreement to be rated Aa3 by Moody’s.
 	 	 	
Additional/Other Terms:	 	Not applicable	
 	 	 	
Special Tax Considerations:	 	Not applicable	
 	 	 	
3. The Guarantee	 	 	
Guarantee Issuer:	 	Principal Financial Group, Inc.	
Effective Date:	 	April 16, 2004	
Additional/Other Terms:	 	Not applicable