UNITED STATES  	
SECURITIES AND EXCHANGE COMMISSION  	
Washington, D.C. 20549  	
 	
FORM 11-K  	

    (Mark One)  	 	
    [x]  	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES  	
 	EXCHANGE ACT OF 1934  	 	
   For the fiscal year ended: December 31, 2009  	
 	
OR  	

    [ ]  	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES  	
 	EXCHANGE ACT OF 1934  	 	
For the transition period from ____________ to ____________  	
 	
   Commission file number: 1-16725	
 	
The Principal Select Savings Plan for Individual Field  	
(Full title of the plan)  	

Principal Financial Group, Inc.  	
(Name of Issuer of the securities held pursuant to the plan)  	
 	
711 High Street  	
Des Moines, Iowa 50392  	
(Address of principal executive offices) (Zip Code)  	

 	
 	
 	 	                                                                              Page 1 of 21  	
 	 	                                                              Exhibit Index - Page 20  	

	
Report of Independent Registered Public Accounting Firm	
 	
The Management Resources Committee  	
Principal Life Insurance Company  	
 	
We have audited the accompanying statements of net assets available for benefits of  	
The Principal Select Savings Plan for Individual Field as of December 31, 2009 and 2008, and  	
the related statements of changes in net assets available for benefits for the years then ended.  	
These financial statements are the responsibility of the Plan’s management. Our responsibility is  	
to express an opinion on these financial statements based on our audits.  	
 	
We conducted our audits in accordance with auditing standards of the Public Company Accounting  	
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain  	
reasonable assurance about whether the financial statements are free of material misstatement. We were   	
not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included  	
consideration of internal control over financial reporting as a basis for designing audit  	
procedures that are appropriate in the circumstances, but not for the purpose of expressing an  	
opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly,  	
we express no such opinion. An audit also includes examining, on a test basis, evidence  	
supporting the amounts and disclosures in the financial statements, assessing the accounting  	
principles used and significant estimates made by management, and evaluating the overall  	
financial statement presentation. We believe that our audits provide a reasonable basis for our  	
opinion.  	
 	
In our opinion, the financial statements referred to above present fairly, in all material respects,  	
the net assets available for benefits of the Plan at December 31, 2009 and 2008, and the changes  	
in its net assets available for benefits for the years then ended, in conformity with U.S. generally  	
accepted accounting principles.  	
 	
Our audits were performed for the purpose of forming an opinion on the financial statements  	
taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of  	
December 31, 2009, is presented for purposes of additional analysis and is not a required part of  	
the financial statements but is supplementary information required by the Department of Labor’s  	
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income  	
Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management.  	
The supplemental schedule has been subjected to the auditing procedures applied in our audits of  	
the financial statements and, in our opinion, is fairly stated in all material respects in relation to  	
the financial statements taken as a whole.  	

/s/ Ernst & Young LLP  	
 	
June 29, 2010  	

 	
 	
                                                                                                     Page 2 of 21  	

				
The Principal Select Savings Plan for Individual Field	
 	
Statements of Net Assets Available for Benefits	

 	
 	                 December 31  	
 	2009  	 	2008  	
Assets  	 	 	 	
Investments:  	 	 	 	
   Unallocated investment options at fair value:  	 	 	 	
     Guaranteed interest accounts  	$       2,915,965  	$     3,613,821  	
     Separate accounts of insurance company  	117,701,725  	 	99,359,168  	
   Principal Financial Group, Inc. ESOP  	16,864,037  	 	12,871,794  	
   Notes receivable from participants  	2,834,515  	 	2,612,545  	
Total invested assets  	140,316,242  	 	118,457,328  	
 	
Contribution receivable from Principal Life Insurance  	 	 	 	
   Company  	120,897  	 	124,766  	
Contributions receivable from participants  	247,592  	 	216,242  	
Net assets available for benefits  	$  140,684,731  	$ 118,798,336  	
 	
See accompanying notes.  	 	 	 	

 	
 	
 	 	 	Page 3 of 21  	

				
The Principal Select Savings Plan for Individual Field	
 	
Statements of Changes in Net Assets Available for Benefits	

 	        Year Ended December 31  	
 	2009  	 	2008  	
Investment income (loss):  	 	 	 	
   Interest  	$         279,260  	$       338,597  	
   Dividends  	337,543  	 	189,713  	
   Net realized and unrealized appreciation (depreciation) in  	 	 	 	
       aggregate value of investments  	22,871,270  	 	(66,596,717)  	
Total investment income (loss)  	23,488,073  	 	(66,068,407)  	
 	
Contributions:  	 	 	 	
   Principal Life Insurance Company  	3,160,473  	 	3,989,907  	
   Employees  	7,997,111  	 	9,195,693  	
   Transfers from affiliated and unaffiliated plans, net  	536,219  	 	294,917  	
Total contributions  	11,693,803  	 	13,480,517  	
 	35,181,876  	 	(52,587,890)  	
 	
Deductions:  	 	 	 	
   Benefits paid to participants  	13,261,029  	 	16,476,968  	
   Administrative expenses  	34,452  	 	30,484  	
Total deductions  	13,295,481  	 	16,507,452  	
Net increase (decrease)  	21,886,395  	 	(69,095,342)  	
 	
Net assets available for benefits at beginning of year  	118,798,336  	 	187,893,678  	
Net assets available for benefits at end of year  	$  140,684,731  	$ 118,798,336  	
 	
See accompanying notes.  	 	 	 	

 	
 	
 	 	 	Page 4 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements	
 	
December 31, 2009	
 	
1. Significant Accounting Policies  	
 	
The accounting records of The Principal Select Savings Plan for Individual Field (the Plan) are  	
maintained on the accrual basis of accounting.  	
 	
Valuation of Investments  	
 	
The unallocated investment options consist of guaranteed interest accounts under a guaranteed  	
benefit policy (described in ERISA 401(b)) and separate accounts (described in ERISA 3(17) of  	
insurance company; Principal Life Insurance Company (Principal Life). The guaranteed interest  	
accounts and separate accounts are reported at fair value as determined by Principal Life. The  	
Principal Financial Group Inc. ESOP, which consists of common stock of Principal Financial  	
Group, Inc., the ultimate parent of Principal Life, is reported at the quoted closing market price  	
of the stock on the last business day of the Plan year.  	
 	
These unallocated investment options are non-benefit-responsive and are valued at fair value.  	
The guaranteed interest accounts’ fair value is the amount Plan participants would receive  	
currently if they were to withdraw or transfer funds within the Plan prior to their maturity for an  	
event other than death, disability, termination, or retirement. This fair value represents  	
guaranteed interest account values adjusted to reflect current market interest rates only to the  	
extent such market rates exceed contract crediting rates. This value represents contributions  	
allocated to the guaranteed interest accounts, plus interest at the contractually guaranteed rate,  	
less funds used to pay plan benefits and the insurance company’s administrative expenses. The  	
separate accounts of insurance company represent contributions invested in pools of domestic  	
and international common stocks, high-quality short-term debt securities, real estate, private  	
market bonds and mortgages, and high-yield fixed-income securities which are slightly below  	
investment grade, all of which are valued at fair value.  	
 	
The notes receivable from participants are reported at cost (unpaid balances), which  	
approximates fair value.  	
 	
Risks and Uncertainties  	
 	
The Plan invests in various investment securities. Investment securities are exposed to various  	
risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain  	
investment securities, it is at least reasonably possible that changes in the values of investment  	
securities will occur in the near term and that such changes could materially affect the amounts  	
reported in the statements of net assets available for benefits.  	

 	
 	
                                                                                                  Page 5 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	
 	
1. Significant Accounting Policies (continued)  	
 	
Use of Estimates  	
 	
The preparation of financial statements in conformity with U.S. generally accepted accounting  	
principles requires management to make estimates and assumptions that affect the amounts  	
reported in the financial statements and accompanying notes. Actual results could differ from  	
those estimates.  	
 	
New Accounting Pronouncements  	
 	
In April 2009, the Financial Accounting Standards Board (FASB) issued FASB Staff Position  	
157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability  	
Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FSP 157-4) .  	
FSP 157-4 amended FASB Statement No. 157 (codified as Accounting Standards Codification  	
(ASC) 820) to provide additional guidance on estimating fair value when the volume and level of  	
activity for an asset or liability have significantly decreased in relation to its normal market  	
activity. FSP 157-4 also provided additional guidance on circumstances that may indicate that a  	
transaction is not orderly and on defining major categories of debt and equity securities to  	
comply with the disclosure requirements of ASC 820. The Plan adopted the guidance in FSP  	
157-4 for the reporting period ended December 31, 2009. Adoption of FSP 157-4 did not have a  	
material effect on the Plan’s net assets available for benefits or its changes in net assets available  	
for benefits.  	
 	
In September 2009, the FASB issued Accounting Standards Update 2009-12, Investments in  	
Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (ASU 2009-12).  	
ASU 2009-12 amended ASC 820 to allow entities to use net asset value (NAV) per share (or its  	
equivalent), as a practical expedient, to measure fair value when the investment does not have a  	
readily determinable fair value and the net asset value is calculated in a manner consistent with  	
investment company accounting. The Plan adopted the guidance in ASU 2009-12 for the  	
reporting period ended December 31, 2009 and has utilized the practical expedient to measure  	
the fair value of investments within the scope of this guidance based on the investment’s NAV.  	
In addition, as a result of adopting ASU 2009-12, the Plan has provided additional disclosures  	
regarding the nature and risks of investments within the scope of this guidance. Refer to Note 5  	
for these disclosures. Adoption of ASU 2009-12 did not have a material effect on the Plan’s net  	
assets available for benefits or its changes in net assets available for benefits.  	

 	
 	
Page 6 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
1. Significant Accounting Policies (continued)  	
 	
In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving  	
Disclosures about Fair Value Measurements, (ASU 2010-06). ASU 2010-06 amended ASC 820  	
to clarify certain existing fair value disclosures and require a number of additional disclosures.  	
The guidance in ASU 2010-06 clarified that disclosures should be presented separately for each  	
“class” of assets and liabilities measured at fair value and provided guidance on how to  	
determine the appropriate classes of assets and liabilities to be presented. ASU 2010-06 also  	
clarified the requirement for entities to disclose information about both the valuation techniques  	
and inputs used in estimating Level 2 and Level 3 fair value measurements. In addition, ASU  	
2010-06 introduced new requirements to disclose the amounts (on a gross basis) and reasons for  	
any significant transfers between Levels 1, 2 and 3 of the fair value hierarchy and present  	
information regarding the purchases, sales, issuances and settlements of Level 3 assets and  	
liabilities on a gross basis. With the exception of the requirement to present changes in Level 3  	
measurements on a gross basis, which is delayed until 2011, the guidance in ASU 2010-06  	
becomes effective for reporting periods beginning after December 15, 2009.  	
 	
2. Description of the Plan  	
 	
The Plan is a defined contribution plan (401(k) plan) that was established January 1, 1985. The  	
Plan is available to substantially all field management and agents holding a Career Agent  	
Contract from Principal Life (the Company). On January 1, 2006, Principal Life made several  	
changes to the retirement program. Participants who were age 47 or older with at least ten years  	
of service on December 31, 2005, could elect to retain the prior benefit provisions under the  	
qualified defined benefit retirement Plan and the 401(k) Plan and forgo receipt of the additional  	
benefits offered by amendments to Principal Life’s 401(k). The participants who elected to retain  	
the prior benefit provisions are referred to as “Grandfathered Choice Participants.” Matching  	
contributions for participants other than the Grandfathered Choice Participants were increased  	
from 50% to 75% of deferrals, with the maximum matching deferral increasing from 6% to 8%.  	
Participants are eligible for immediate entry into the Plan upon contract effective date with  	
vesting at 100% after three years. The funds accumulate along with interest and investment  	
return and are available for withdrawal by participants at retirement, termination, or when certain  	
hardship withdrawal specifications are met. The participants may also obtain loans of their  	
vested accrued benefit, subject to certain limitations described in the Plan document. The federal  	
and state income taxes of the participant are deferred on the contributions until the funds are  	
withdrawn from the Plan.  	

 	
 	
Page 7 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	
 	
2. Description of the Plan (continued)  	
 	
At December 31, 2009 and 2008, forfeited nonvested account balances totaled $10,267 and  	
$105,139, respectively. In 2009 and 2008, employer contributions were reduced by $587,648 and  	
$325,054, respectively, from nonvested accounts.  	
 	
Although it has not expressed any intent to do so, the Company has the right to terminate the  	
Plan subject to the provisions of the Employee Retirement Income Security Act of 1974  	
(ERISA). In the event of Plan termination, participants will become fully vested in their  	
accounts.  	
 	
Information about the Plan agreement, eligibility, and benefit provisions is contained in the  	
Summary Plan Description. Copies of the Summary Plan Description are available from the  	
Benefit Administration Department or the Intranet.  	
 	
3. Income Tax Status  	
 	
The Plan has received a determination letter from the Internal Revenue Service (the IRS) dated  	
February 28, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue  	
Code (the Code), and therefore, the related trust is exempt from taxation. Subsequent to this  	
determination by the IRS, the Plan was amended and restated. Once qualified, the Plan is  	
required to operate in conformity with the terms of the Plan document and the Code to maintain  	
its qualification. The Plan sponsor intends to operate the Plan in conformity with the provisions  	
of the Plan document and the Code. The Plan sponsor acknowledges that inadvertent errors may  	
occur in the operation of the Plan. If such inadvertent errors occur, the Plan sponsor represents  	
that it will take the necessary steps to bring the Plan’s operations into compliance with the Code,  	
including voluntarily and timely correcting such errors in accordance with procedures  	
established by the IRS.  	

 	
 	
Page 8 of 21  	

			
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
4. Investments  	 	 	
 	
Contributions are invested in unallocated guaranteed interest accounts supported by the general  	
account of insurance company (a pooled account invested primarily in fixed income securities  	
having a range of maturities); in separate accounts of insurance company, the portfolios of which  	
are primarily invested in domestic and international common stocks, high-quality short-term debt  	
securities, real estate, private market bonds and mortgages, and high-yield fixed-income  	
securities which are slightly below investment grade, as appropriate for each separate account;  	
and The Principal Financial Group Inc. ESOP, which consists of common stock of Principal  	
Financial Group, Inc., the ultimate parent of Principal Life. Participants elect the investment(s) in  	
which to have their contributions invested.  	 	 	
 	
The following presents investments that represent 5% or more of the Plan’s net assets available  	
for benefits in 2009 and 2008. Principal Life is a party in interest with respect to these  	
investments.  	 	 	
 	
  	December 31  	
 	2009  	2008  	
 	
     Principal Financial Group, Inc. ESOP  	$    16,864,037  	$    12,871,794  	
     Money Market Separate Account  	14,835,808  	15,890,573  	
     International Emerging Markets Separate Account  	11,975,630  	6,688,312  	
     Diversified International Separate Account  	11,132,426  	9,140,563  	
     U.S. Property Separate Account  	8,133,174  	11,123,522  	
     Mid-Cap Blend Separate Account  	7,065,216  	*  	
  	
     *Less than 5% of the fair value of net assets available for benefits at respective date.  	
 	
During 2009 and 2008, the Plan’s investments that are related to Principal Life (depreciated)  	
appreciated in value by $22,871,270 and $(66,596,717), respectively, as follows:  	
 	
  	Year Ended December 31  	
 	2009  	2008  	
 	
     Guaranteed interest account  	$       (10,452)  	$               8,743  	
     Separate accounts of insurance company  	18,048,529  	(57,703,831)  	
     Principal Financial Group, Inc. ESOP  	4,833,193  	(8,901,629)  	
 	$   22,871,270  	$   (66,596,717)  	

 	
 	 	Page 9 of 21  	

		
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
5. Fair Value of Financial Instruments  	
 	
Valuation Hierarchy  	
 	
Fair value is defined as the price that would be received to sell an asset in an orderly transaction  	
between market participants at the measurement date (an exit price). The fair value hierarchy  	
prioritizes the inputs to valuation techniques used to measure fair value into three levels.  	
 	
   •  	  Level 1 – Fair values are based on unadjusted quoted prices in active markets for  	
 	  identical assets. Our Level 1 assets include the Principal Financial Group, Inc. ESOP.  	
 	
   •  	  Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are  	
 	  observable for the asset, either directly or indirectly. Our Level 2 assets are separate  	
 	  accounts of insurance company and all transactions are being transacted at the NAV price  	
 	  at the day of the transaction.  	
 	
   •  	  Level 3 – Fair values are based on significant unobservable inputs for the asset. Our  	
 	  Level 3 assets include guaranteed interest accounts, real estate separate accounts of the  	
 	  insurance company, and notes receivable from participants.  	
 	
Determination of Fair Value  	
 	
The following discussion describes the valuation methodologies used for assets measured at fair  	
value on a recurring basis. The techniques utilized in estimating the fair values of financial  	
instruments are reliant on the assumptions used. Care should be exercised in deriving  	
conclusions based on the fair value information of financial instruments presented below.  	
 	
Fair value estimates are made at a specific point in time, based on available market information  	
and judgments about the financial instrument. Such estimates do not consider the tax impact of  	
the realization of unrealized gains or losses. In addition, the disclosed fair value may not be  	
realized in the immediate settlement of the financial instrument. We did not make any significant  	
changes to our valuation processes during 2009.  	

 	
 	
 	Page 10 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
5. Fair Value of Financial Instruments (continued)  	
 	
Guaranteed Interest Accounts  	
 	
The guaranteed interest accounts cannot be sold to a third party, thus, the only option to exit the  	
guaranteed interest accounts is to withdraw the funds prior to maturity. The fair value of the  	
account is the value paid when funds are withdrawn prior to their maturity. If the applicable  	
interest rate is greater than the interest rate on the account, the fair value is the contract value  	
reduced by a percentage. This percentage is equal to the difference between the applicable  	
interest rate and the interest rate on the account, multiplied by the number of years (including  	
fractional parts of a year) until the maturity date.  	
 	
Separate Accounts of Insurance Company  	
 	
Net asset value (NAV) of each of the separate accounts is calculated in a manner consistent with  	
U.S. GAAP for investment companies and is determinative of their fair value and represents the  	
price at which the Plan would be able to initiate a transaction. Several of the separate accounts  	
invest in publicly quoted mutual funds or actively managed stocks. The fair value of the  	
underlying mutual funds or stock is used to determine the NAV of the separate account, which is  	
not publicly quoted. Some of the separate accounts also invest in fixed income securities. The  	
fair value of the underlying securities is based on quoted prices of similar assets and used to  	
determine the NAV of the separate account. One separate account invests in real estate, for  	
which the fair value of the underlying real estate is based on unobservable inputs and used to  	
determine the NAV of the separate account. The fair value of the underlying real estate is  	
estimated using discounted cash flow valuation models that utilize public real estate market data  	
inputs such as transaction prices, market rents, vacancy levels, leasing absorption, market cap  	
rates and discount rates. In addition, each property is appraised annually by an independent  	
appraiser. Currently, this specific separate account has a temporary withdrawal limitation related  	
to turmoil in the credit markets that resulted in a sharp slowdown in the sale of commercial real  	
estate assets. The uncertain environment led to significantly increased requests for withdrawals.  	
To allow for orderly administration and management benefiting all separate account investors,  	
Principal Life implemented a pre-existing contractual limitation to delay withdrawal requests.  	
Currently, certain, high need payments, such as death, disability, certain eligible retirements, and  	
hardship withdrawals, are not subject to the withdrawal limitation. Other withdrawal requests are  	
subject to the limitation until certain liquidity levels are achieved, mainly via proceeds from sales  	

 	
 	
Page 11 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
5. Fair Value of Financial Instruments (continued)  	
 	
of underlying properties, rents from tenants and new investor contributions. Since the inception  	
of the withdrawal limitation, all sources of cash are first used to satisfy cash requirements at the  	
properties, meet debt maturities, maintain compliance with debt covenants and meet upcoming  	
separate account obligations. Outstanding withdrawal requests will be paid in multiple payments.  	
Except for certain de minimis payments, payments will be made proportionately among all other  	
outstanding withdrawal requests, based upon available liquidity . All withdrawals are being  	
transacted at the NAV price at the date of distribution. Currently, there is no estimate of when  	
this restriction will end. The restriction has been in place since September 26, 2008.  	
 	
Principal Financial Group, Inc. ESOP  	
 	
The Principal Financial Group Inc. ESOP, which consists of common stock of Principal  	
Financial Group, Inc., the ultimate parent of Principal Life, is reported at the closing quoted  	
market price on the last business day of the Plan year.  	
 	
Notes Receivable from Participants  	
 	
Participant loans are reported at unpaid balances which approximates fair value. There is no  	
existing external exit market for these loans as all transactions are restricted to participants.  	
These loans cannot be assumed or sold to outside parties. There is no credit risk involved with  	
these loans as any participant defaults are deemed taxable distributions to the participant.  	

 	
 	
Page 12 of 21  	

					
The Principal Select Savings Plan for Individual Field	

Notes to Financial Statements (continued)	

 	
 	
5. Fair Value of Financial Instruments (continued)  	 	 	
 	
Assets and Liabilities Measured at Fair Value on a Recurring Basis  	 	
 	
Assets and liabilities measured at fair value on a recurring basis as of 2009 and 2008 are  	
summarized below.  	 	 	 	 	
 	
 	 	As of December 31, 2009  	 	
 	Assets	                     Fair Value Hierarchy Level	
 	Measured at	 	 	 	
 	Fair Value	Level 1	Level 2	Level 3	
Assets  	 	 	 	 	
Guaranteed interest accounts  	$     2,915,965  	$               –  	$                   –  	$     2,915,965  	
Separate accounts of  	 	 	 	 	
  insurance company:  	 	 	 	 	
    Fixed income security  	21,617,589  	–  	21,617,589  	–  	
    Lifetime balanced asset  	 	 	 	 	
          allocation  	14,955,713  	–  	14,955,713  	–  	
   U.S. large cap equity  	25,460,308  	–  	25,460,308  	–  	
   U.S. small/mid cap equity  	24,426,885  	–  	24,426,885  	–  	
   U.S. real estate  	8,133,174  	–  	–  	8,133,174  	
   International equity  	23,108,056  	–  	23,108,056  	–  	
Principal Financial Group,  	 	 	 	 	
  Inc. ESOP  	16,864,037  	16,864,037  	–  	–  	
Notes receivable from  	 	 	 	 	
  participants  	2,834,515  	–  	–  	2,834,515  	
Total assets  	$ 140,316,242  	$ 16,864,037  	$109,568,551  	$ 13,883,654  	
 	
 	 	As of December 31, 2008  	 	
 	Assets	                    Fair Value Hierarchy Level  	
 	Measured at	 	 	 	
 	Fair Value	Level 1  	Level 2  	Level 3  	
Assets  	 	 	 	 	
Guaranteed interest accounts  	$     3,613,821  	$                  –  	$                  –  	$          3,613,821  	
Separate accounts of  	 	 	 	 	
  insurance company  	99,359,168  	–  	88,235,646  	11,123,522  	
     Principal Financial Group,  	 	 	 	 	
       Inc. ESOP  	12,871,794  	12,871,794  	–  	––  	
Notes receivable from  	 	 	 	 	
  participants  	2,612,545  	–  	–  	2,612,545  	
Total assets  	$  118,457,328  	$ 12,871,794  	$   88,235,646  	$         17,349,888  	

 	
 	 	 	 	Page 13 of 21  	

									
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
5. Fair Value of Financial Instruments (continued)  	 	 	 	
 	
Changes in Level 3 Fair Value Measurements  	 	 	 	 	
 	
The reconciliation for all assets and liabilities measured at fair value on a recurring basis using  	
significant unobservable inputs (Level 3) for the years ended December 31, 2009 and 2008, are  	
as follows:  	 	 	 	 	 	 	 	 	

  	 	 	 	Year Ended December 31, 2009  	 	Changes in
Unrealized
Gains (Losses)
Included in
Statements of
Changes in
Net Assets
Available for
Benefits
Relating to
 Positions Still
 Held	
 	 	 	 	 	Purchases,
Sales,
Issuances,
and
Settlements
**	 	 		
 	Beginning
Asset Balance
as of
January 1,
2009	Total
Realized/
Unrealized
Appreciation
(Depreciation)		 	 		
 				 	Ending Asset
Balance as of
December 31,
2009		
 				Transfers in
(Out) of
Level 3			

Assets  	 	 	 	 	 	 	 	 	
Guaranteed interest accounts	$       3,613,821	$        89,925  	$  (787,781)  	$          –  	$ 2,915,965  	$           (10,452)  	
U.S. real estate	 	11,123,522  	 	(3,585,351)  	595,003  	–  	8,133,174  	(3,630,115)  	
Notes receivable from  	 	 	 	 	 	 	 	 	
  participants  	 	2,612,545  	 	–  	221,970  	–  	2,834,515  	–  	
Total  	$    17,349,888  	$   (3,495,426)	$     29,192  	$          –  	$ 13,883,654  	$     (3,640,567)  	
 	
  	 	 	 	Year Ended December 31, 2008  	 	Changes in
Unrealized
Gains (Losses)
Included in
Statements of
Changes in
Net Assets
Available for
Benefits
Relating to
Positions Still
Held	
 	 	 	 	 	Purchases,
Sales,
Issuances,
and
Settlements
**	 	 		
 	             Beginning
           Asset Balance
            as of
            January 1,
           2008	Total
Realized/
Unrealized
Appreciation
(Depreciation)		 	 		
 				 	Ending Asset
Balance as of
December 31,
2008		
 				Transfers in
(Out) of
Level 3			

Assets  	 	 	 	 	 	 	 	 	
Guaranteed interest accounts  	$        2,813,830  	$         116,637  	$     683,354  	$                 –  	$     3,613,821  	$               8,743  	
Separate accounts of insurance  	 	 	 	 	 	 	 	
   company  	 	15,718,644  	 	(1,668,464)  	(2,926,658)  	–  	11,123,522  	(3,269,220)  	
Notes receivable from  	 	 	 	 	 	 	 	 	
   participants  	 	2,766,013  	 	–  	(153,468)  	–  	2,612,545  	–  	
Total  	$       21,298,487  	$     (1,551,827)  	$  (2,396,772)  	$                 –  	$     17,349,888  	$      (3,260,477)  	
 	
** Includes contributions, transfers from affiliated and unaffiliated plans, transfers to other investments via participant direction, benefits  	
   paid to participants, and administrative expenses.  	 	 	 	 	 	

 	
 	
 	 	 	 	 	 	 	 	Page 14 of 21  	

	
The Principal Select Savings Plan for Individual Field	
 	
Notes to Financial Statements (continued)	

 	
 	
6. Notes Receivable From Participants  	
 	
The Plan document provides for loans to active participants, which are considered a participant-  	
directed investment of his/her account. The loan is a Plan investment but only the borrowing  	
participant’s account shall share in the interest paid on the loan or bear any expense or loss  	
incurred because of the loan. The rate of interest is 2% higher than the Federal Reserve “Bank  	
Prime Loan” rate at the time of the loan. The rate is set the day a loan is approved, and the rate  	
for the loans issued in 2009 and 2008 ranged from 5.25% to 9.25%. The notes receivable balance  	
was reduced by $418,015 and $249,692 in 2009 and 2008, respectively, for terminated  	
participants that received their account balance, net of the outstanding loans, as a benefit  	
distribution.  	
 	
7. Transactions With Party in Interest  	
 	
In addition to the transactions with parties in interest discussed in Notes 4 and 5, Principal Life  	
provides recordkeeping services to the Plan and receives fees, which are paid through revenue  	
generated by Plan investments, for those services. Principal Life may pay other Plan expenses  	
from time to time.  	
 	
8. Form 5500  	
 	
Certain line items of net asset additions and deductions in the 2009 and 2008 Forms 5500 differ  	
from similar classifications in the accompanying financial statements. However, such differences  	
are not considered material and create no differences in net asset balances at December 31, 2009  	
and 2008.  	

 	
 	
Page 15 of 21  	

				
The Principal Select Savings Plan for Individual Field	
				
 	EIN: 42-0127290  	Plan Number: 004  	 	
	
Schedule H, Line 4i – Schedule of Assets	
(Held at End of Year)	
	
December 31, 2009	
 	
Identity of Issue  	Description of Investment  	Current Value  	
				
Principal Life  	 	 	 	
Insurance Company*  	Deposits in guaranteed interest accounts  	$ 2,915,965  	
			
Principal Life  	Deposits in insurance company Small-Cap Value II  	 	
Insurance Company*  	   Separate Account  	 	1,868,875  	
			
Principal Life  	Deposits in insurance company Money Market  	 	
Insurance Company*  	   Separate Account  	 	14,835,808  	
			
Principal Life  	Deposits in insurance company U.S. Property Separate  	 	
Insurance Company*  	   Account  	 	8,133,174  	
			
Principal Life  	Deposits in insurance company Bond and Mortgage  	 	
Insurance Company*  	   Separate Account  	 	5,480,460  	
			
Principal Life  	Deposits in insurance company Diversified  	 	
Insurance Company*  	   International Separate Account  	11,132,426  	
			
Principal Life  	Deposits in insurance company Governmental and  	 	
Insurance Company*  	   High Quality Bond Separate Account  	1,301,321  	
			
Principal Life  	Deposits in insurance company Medium Company  	 	
Insurance Company*  	   Blend Separate Account  	7,065,216  	
			
Principal Life  	Deposits in insurance company Large-Cap Stock Index  	 	
Insurance Company*  	   Separate Account  	 	6,715,057  	
			
Principal Life  	Deposits in insurance company Partner Large-Cap  	 	
Insurance Company*  	   Blend I Separate Account  	5,786,758  	

 	
 	 	 	Page 16 of 21  	

				
The Principal Select Savings Plan for Individual Field	
				
 	EIN: 42-0127290  	Plan Number: 004  	 	
	
Schedule H, Line 4i – Schedule of Assets	
(Held at End of Year)	
	
December 31, 2009	
			
Identity of Issue  	Description of Investment  	Current Value  	
			
Principal Life  	Deposits in insurance company Partner Mid-Cap  	 	
Insurance Company*  	   Growth Separate Account  	$ 5,088,411  	
			
Principal Life  	Deposits in insurance company Small-Cap Stock Index  	 	
Insurance Company*  	   Separate Account  	 	6,566,044  	
			
Principal Life  	Deposits in insurance company Large Company  	 	
Insurance Company*  	   Growth Separate Account  	4,222,535  	
			
Principal Life  	Deposit in insurance company International Emerging  	 	
Insurance Company*  	   Markets Separate Account  	11,975,630  	
			
Principal Life  	Deposit in insurance company Principal Financial  	 	
Insurance Company*  	   Group, Inc. Stock Separate Account  	1,732,194  	
			
Principal Life  	Deposits in insurance company Partner Large-Cap  	 	
Insurance Company*  	   Value Separate Account  	3,206,153  	
			
Principal Life  	Deposits in insurance company Lifetime2010 Separate  	 	
Insurance Company*  	   Account  	 	1,454,845  	
			
Principal Life  	Deposits in insurance company Lifetime2020 Separate  	 	
Insurance Company*  	   Account  	 	4,232,719  	
			
Principal Life  	Deposits in insurance company Lifetime2030 Separate  	 	
Insurance Company*  	   Account  	 	3,714,729  	
			
Principal Life  	Deposits in insurance company Lifetime2040 Separate  	 	
Insurance Company*  	   Account  	 	2,911,807  	

 	
 	 	 	Page 17 of 21  	

					
The Principal Select Savings Plan for Individual Field	
					
 	EIN: 42-0127290  	Plan Number: 004  	 	 	
	
Schedule H, Line 4i – Schedule of Assets	
(Held at End of Year)	
	
December 31, 2009	
			
Identity of Issue  	Description of Investment  	Current Value  	
				
Principal Life  	Deposits in insurance company Lifetime2050 Separate  	 	 	
   Insurance Company*  	   Account  	 	$ 1,624,513  	
				
Principal Life  	Deposits in insurance company Large Company Value  	 	 	
   Insurance Company*  	   Stock Separate Account  	 	1,326,088  	
				
Principal Life  	Deposits in insurance company Partner Large-Cap  	 	 	
   Insurance Company*  	   Growth I Separate Account  	 	2,471,523  	
				
Principal Life  	Deposits in insurance company Lifetime Strategic  	 	 	
   Insurance Company*  	   Income Separate Account  	 	1,017,100  	
				
Principal Life  	Deposits in insurance company Partner Small-Cap  	 	 	
   Insurance Company*  	   Growth II Separate Account  	 	3,838,339  	
				
Principal Financial  	701,499 shares of Principal Financial Group, Inc.  	 	 	
   Group, Inc.  	   ESOP  	 	 	16,864,037  	
				
Various participants  	Notes receivable from participants with interest rates  	 	 	
 	   ranging from 5.25% to10.25%  	 	2,834,515  	
Total invested assets  	 	 	$ 140,316,242  	
				
*Indicates party in interest to the Plan.  	 	 	 	

 	
 	
 	 	 	 	Page 18 of 21  	

		
SIGNATURE	

Pursuant to the requirements of the Securities Exchange Act of 1934, the administrator of The  	
Principal Select Savings Plan for Individual Field has duly caused this annual report to be signed  	
on its behalf by the undersigned hereunto duly authorized.  	
 	
 	         THE PRINCIPAL SELECT SAVINGS PLAN FOR  	
                                                    INDIVIDUAL FIELD	
 	         by Benefit Plans Administration Committee  	

Date: June 29, 2010  	         By   /s/ Ralph C. Eucher                                                    	
 	             Ralph C. Eucher  	
 	             Committee Member  	

 	
 	
 	Page 19 of 21  	

				
Exhibit Index	
The following exhibit is filed herewith:  	 	 	
 	 	 	Page  	
				
23  	Consent of Ernst & Young LLP  	 	  21  	

 	
 	
 	 	 	Page 20 of 21  	

	
                                                                                               Exhibit 23  	

 	
 	
Consent of Independent Registered Public Accounting Firm	
 	
We consent to the incorporation by reference in the Registration Statement (Form S-8, No. 333-  	
72002) pertaining to The Principal Select Savings Plan for Individual Field of Principal Financial  	
Group, Inc. of our report dated June 29, 2010, with respect to the financial statements and  	
schedule of The Principal Select Savings Plan for Individual Field included in this Annual  	
Report (Form 11-K) for the year ended December 31, 2009.  	

                                                                         /s/ Ernst & Young, LLP  	

Des Moines, Iowa  	
June 29, 2010  	

 	
 	
Page 21 of 21