SECURITIES AND EXCHANGE COMMISSION	
Washington, D.C. 20549	
_________________________	

FORM 8-K	
 	
CURRENT REPORT	

Pursuant to Section 13 or 15(d) of the	
Securities Exchange Act of 1934	
 	
Date of Report: May 2, 2011	
(Date of earliest event reported)	

PRINCIPAL FINANCIAL GROUP, INC.	
(Exact name of registrant as specified in its charter)	

 	                                  Delaware  	                  1-16725                             42-1520346  	
 	                      (State or other jurisdiction  	       (Commission file number)                   (I.R.S. Employer  	
 	                      of incorporation)  	                                              Identification Number)  	

711 High Street, Des Moines, Iowa 50392	
(Address of principal executive offices)	
 	
(515) 247-5111	
(Registrant’s telephone number, including area code)	
 	
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the  	
registrant under any of the following provisions:  	 	
 	
[     ]  	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  	
[     ]  	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  	
[     ]  	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR  	
 	240.14d-2(b))  	 	 	
[     ]  	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR  	
 	240.13e-4(c))	
	
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Item 2.02. Results of Operations and Financial Condition  	
	
On May 2, 2011, Principal Financial Group, Inc. publicly announced information regarding its  	
results of operations and financial condition for the quarter ended March 31, 2011. The text of the  	
announcement is included herewith as Exhibit 99.  	
		
Item 9.01 Financial Statements and Exhibits  	 	
		
99   First Quarter 2011 Earnings Release  	 	

                                                                 SIGNATURE	
	
        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly  	
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  	
 	
                                                  PRINCIPAL FINANCIAL GROUP, INC.  	

                                                                 By:            /s/ Terrance J. Lillis                                                	
                                                  Name: Terrance J. Lillis  	
                                                  Title:    Senior Vice President and Chief Financial  	
                                                                             Officer  	
	
Date: May 3, 2011  	 	

		
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 	                                                                                                      EXHIBIT 99  	
Release:                On receipt, May 2, 2011  	
Media contact:      Susan Houser, 515-248-2268, houser.susan@principal.com  	
Investor contact:    John Egan, 515-235-9500, egan.john@principal.com  	
	
                   Principal Financial Group, Inc. Announces First Quarter 2011 Results	
 	
             Record assets under management of $327.4 billion at the end of first quarter 2011, an increase  	
                                       of 12 percent compared to first quarter 2010.  	
	
(Des Moines, Iowa) – Principal Financial Group, Inc. (NYSE: PFG) today announced results for first quarter  	
2011. The company reported operating earnings 1 of $231.8 million for first quarter 2011, compared to $221.4  	
million for first quarter 2010. Operating earnings per diluted share (EPS) were $0.71 for first quarter 2011,  	
compared to $0.69 for first quarter 2010. The company reported net income available to common stockholders  	
of $196.3 million, or $0.60 per diluted share for first quarter 2011, compared to $190.8 million, or $0.59 per  	
diluted share for first quarter 2010. Operating revenues for first quarter 2011 were $2,046.7 million compared to  	
$1,972.5 million for the same period last year.  	
          “The Principal ® had a very solid start to 2011, including record total company assets under  	
management, record Principal Funds sales and strong net cash flows from Principal International, Full Service  	
Accumulation and Principal Funds,” said Larry D. Zimpleman, chairman, president and chief executive  	
officer of Principal Financial Group, Inc. “With the continued successful execution of our strategy and signs  	
of a recovering economy, we expect growth across our businesses to accelerate in the quarters ahead.”  	
          “Because of our strong financial position and flexibility going into the year, we have the  	
opportunity to further increase shareholder value through capital deployment,” said Zimpleman. “Since year  	
end, we’ve announced two acquisitions, the HSBC AFORE and Finisterre Capital. These businesses  	
complement our strategy, provide additional scale and fit nicely within our existing infrastructure, which gives us  	
potential for substantial synergies. We’re also excited about additional opportunities in 2011 to deploy capital as we  	
continue to execute our strategy.”  	
          “In the first quarter we delivered strong operating results on double-digit earnings growth from Principal  	
Global Investors, Principal Funds, Individual Annuities and U.S. Insurance Solutions,” said Terry Lillis, senior vice  	
president and chief financial officer. “Across our business lines we’re seeing momentum continue to build,  	
reflecting demand for our unique solutions and success of our multi-product, multi-channel distribution platform.”  	
          “Our investment portfolio continues to perform better than expected,” added Lillis. “In addition, we are  	
encouraged by the demand for many of the investment strategies where Principal Global Investors has a proven  	
track record such as real estate, emerging markets and high yield.”  	

_________________________ 	
1 Use of non-GAAP financial measures is discussed in this release after Segment Highlights  	

		
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Key Highlights  	
   •  	Excellent sales in the company’s three key U.S. Retirement and Investor Services products in the first  	
 	quarter, with $2.0 billion for Full Service Accumulation, $2.9 billion for Principal Funds and $345  	
 	million for Individual Annuities.  	
   •  	Net cash flows of $870 million for Full Service Accumulation and $620 million for Principal Funds.  	
   •  	Continued strong operating leverage in Principal Global Investors with 38 percent growth in first quarter  	
 	2011 operating earnings over first quarter 2010 on 6 percent growth in average assets under management.  	
   •  	Principal International reported record assets under management of $48.5 billion, excluding China, as of  	
 	March 31, 2011, and net cash flows of $1.3 billion for the quarter.  	
   •  	Record Specialty Benefits sales of $113 million for the quarter and a 35 percent increase in Individual  	
 	Life sales over the prior year quarter.  	
   •  	Strong capital position with an estimated risk based capital ratio of 425 percent at quarter end and  	
 	approximately $1.9 billion of excess capital. 2  	
   •  	Book value per share, excluding AOCI 3 increased to a record high of $28.38, up 6 percent over first  	
 	quarter 2010.  	
   •  	Named by Barron’s as the #3 rated Fund Family for investment performance across all asset categories in  	
 	2010 and #7 for the last decade.  	
   •  	Named Investment Brand of The Year in the 2011 Harris Poll EquiTrend ® Study.*  	
 	
Net Income  	
Net income available to common stockholders of $196.3 million for first quarter 2011 reflects net realized  	
capital losses of $52.6 million, which include:  	
   •  	$32.7 million of losses related to credit gains and losses on sales and permanent impairments of fixed  	
 	maturity securities, including $21.3 million of losses on commercial mortgage backed securities; and  	
   •  	$5.1 million of losses on commercial mortgage whole loans.  	
                                                                 Segment Highlights  	
Retirement and Investor Services  	
               Segment operating earnings for first quarter 2011 were $159.3 million, compared to $157.0 million for  	
the same period in 2010. Full Service Accumulation earnings were $76.0 million for first quarter 2011 as  	
compared to $76.3 million for first quarter 2010. A 13 percent increase in average account values was  	
substantially offset by a lower dividends received deduction accrual true-up than a year ago quarter and higher  	
deferred policy acquisition cost (DPAC) amortization expense. Principal Funds earnings increased 18 percent  	
from a year ago to $12.0 million, primarily due to a 19 percent increase in average account values. Individual  	
Annuities earnings were $37.3 million compared to $30.8 million for first quarter 2010. The variance primarily  	
reflects favorable investment income in the quarter and record account values. The accumulation businesses 4 had  	
record account values of $166.6 billion at March 31, 2011.  	

 	
_________________________ 	
2 Excess capital includes cash at the holding company and capital at the life company above that needed to maintain a  	
350 percent NAIC risk based capital ratio for the life company.  	
3 Accumulated Other Comprehensive Income  	
4 Full Service Accumulation, Principal Funds, Individual Annuities and Bank and Trust Services  	

	
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          Operating revenues for first quarter 2011 were $1,017.8 million compared to $1,012.7 million for  	
the same period in 2010, primarily due to higher revenues for the accumulation businesses, which improved  	
$51.7 million, or 7 percent, from a year ago.  	
          Segment assets under management were $181.5 billion as of March 31, 2011, compared to $165.9  	
billion as of March 31, 2010.  	
 	
Principal Global Investors  	
          Segment operating earnings for first quarter 2011 were $16.6 million, compared to $12.0 million in  	
the prior year quarter, primarily due to an increase in assets under management.  	
          Operating revenues for first quarter were $125.3 million, compared to $113.8 million for the same  	
period in 2010, primarily due to higher management fees and transaction fees.  	
          Unaffiliated assets under management were $78.1 billion as of March 31, 2011, compared to $74.9  	
billion as of March 31, 2010.  	
 	
Principal International  	
          Segment operating earnings were $28.5 million in first quarter 2011, compared to $37.9 million in  	
the prior year quarter, reflecting a reduced economic interest in our Brazilian joint venture.  	
          Operating revenues were $206.2 million for first quarter 2011, compared to $181.1 million for the same  	
period last year, primarily due to growth in assets under management.  	
          Segment assets under management were a record $48.5 billion as of March 31, 2011 ($7.7 billion  	
of assets in our joint venture in China are not included in reported assets under management), up from $35.7  	
billion as of March 31, 2010. This includes a record $5.6 billion of net cash flows over the trailing twelve  	
months, or 16 percent of beginning of period assets under management.  	
 	
U.S. Insurance Solutions  	
          Segment operating earnings for first quarter 2011 were $59.5 million, compared to $44.1 million  	
for the same period in 2010. Individual Life earnings were $36.5 million in the first quarter, compared to  	
$30.5 million in first quarter 2010, primarily due to improved mortality experience. Specialty Benefits earnings  	
were $23.0 million in first quarter 2011, up from $13.6 million in the same period a year ago, primarily due to  	
improved claims experience and investment performance.  	
          Segment operating revenues for first quarter 2011 were $731.2 million compared to $692.1 million  	
for the same period a year ago, with stronger non-qualified life insurance sales and positive trends in sales,  	
lapses and employment in Specialty Benefits.  	
 	
Corporate  	
          Operating losses for first quarter 2011 were $32.1 million compared to operating losses of $29.6  	
million in first quarter 2010.  	

		
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Forward looking and cautionary statements  	
This press release contains forward-looking statements, including, without limitation, statements as to  	
operating earnings, net income available to common stockholders, net cash flows, realized and unrealized  	
gains and losses, capital and liquidity positions, sales and earnings trends, and management's beliefs,  	
expectations, goals and opinions. The company does not undertake to update these statements, which are  	
based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate.  	
Future events and their effects on the company may not be those anticipated, and actual results may differ  	
materially from the results anticipated in these forward-looking statements. The risks, uncertainties and  	
factors that could cause or contribute to such material differences are discussed in the company's annual report  	
on Form 10-K for the year ended Dec. 31, 2010, filed by the company with the Securities and Exchange  	
Commission, as updated or supplemented from time to time in subsequent filings. These risks and  	
uncertainties include, without limitation: adverse capital and credit market conditions that may significantly  	
affect the company’s ability to meet liquidity needs, access to capital and cost of capital; a continuation of  	
difficult conditions in the global capital markets and the general economy that may materially adversely affect  	
the company’s business and results of operations; the risk from acquiring new businesses, which could result  	
in the impairment of goodwill and/or intangible assets recognized at the time of acquisition; impairment of  	
other financial institutions that could adversely affect the company; investment risks which may diminish the  	
value of the company’s invested assets and the investment returns credited to customers, which could reduce  	
sales, revenues, assets under management and net income; requirements to post collateral or make payments  	
related to declines in market value of specified assets may adversely affect company liquidity and expose the  	
company to counterparty credit risk; changes in laws, regulations or accounting standards that may reduce  	
company profitability; fluctuations in foreign currency exchange rates that could reduce company  	
profitability; Principal Financial Group, Inc.’s primary reliance, as a holding company, on dividends from its  	
subsidiaries to meet debt payment obligations and regulatory restrictions on the ability of subsidiaries to pay  	
such dividends; competitive factors; volatility of financial markets; decrease in ratings; interest rate changes;  	
inability to attract and retain sales representatives; international business risks; a pandemic, terrorist attack or  	
other catastrophic event; and default of the company’s re-insurers.  	
 	
Use of Non-GAAP Financial Measures  	
The company uses a number of non-GAAP financial measures that management believes are useful to investors  	
because they illustrate the performance of normal, ongoing operations, which is important in understanding and  	
evaluating the company’s financial condition and results of operations. They are not, however, a substitute for  	
U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP  	
measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts  	
U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these  	
adjusting items have occurred in the past and could recur in the future reporting periods. Management also uses  	
non-GAAP measures for goal setting, as a basis for determining employee and senior management  	
awards and compensation, and evaluating performance on a basis comparable to that used by investors  	
and securities analysts.  	
 	
Earnings Conference Call  	
On Tuesday, May 3, 2011 at 10:00 a.m. (ET), Chairman, President and Chief Executive Officer Larry  	
Zimpleman and Senior Vice President and Chief Financial Officer Terry Lillis will lead a discussion of  	
results, asset quality and capital adequacy during a live conference call, which can be accessed as follows:  	
   •  	Via live Internet webcast. Please go to www.principal.com/investor at least 10-15 minutes prior to the  	
 	start of the call to register, and to download and install any necessary audio software.  	
   •  	Via telephone by dialing 800-374-1609 (U.S. and Canadian callers) or 706-643-7701 (International  	
 	callers) approximately 10 minutes prior to the start of the call. The access code is 54521548.  	

		
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   •  	Replay of the earnings call via telephone is available by dialing 800-642-1687 (U.S. and Canadian  	
 	callers) or 706-645-9291 (International callers). The access code is 54521548. This replay will be  	
 	available approximately two hours after the completion of the live earnings call through the end of day  	
 	May 10, 2011.  	
   •  	Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at:  	
 	www.principal.com/investor.  	
 	
The company's financial supplement and additional investment portfolio detail for first quarter 2011 is  	
currently available at www.principal.com/investor, and may be referred to during the call.  	

About the Principal Financial Group  	
The Principal Financial Group ® (The Principal ® ) 5 is a leader in offering businesses, individuals and  	
institutional clients a wide range of financial products and services, including retirement and investment  	
services, insurance, and banking through its diverse family of financial services companies. A member of the  	
Fortune 500, the Principal Financial Group has $327.4 billion in assets under management 6 and serves some  	
16.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United  	
States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol  	
PFG. For more information, visit www.principal.com.  	

*The Principal Financial Group received the highest numerical Equity Score among Investment  	
brands included in the 2011 Harris Poll EquiTrend ® Study, which is based on opinions of 25,099 U.S.  	
consumers ages 15 and over surveyed online between January 11 and 27, 2011. Your opinion may  	
differ. “Highest Ranked” was determined by a pure ranking of a sample of Investment brands.  	

 	
                                                                    ###  	

_______________________	
5 “The Principal Financial Group ” and “The Principal” are registered service marks of Principal Financial Services,  	
Inc., a member of the Principal Financial Group.  	
6 As of March 31, 2011