Exhibit 12
Principal Financial Group, Inc.
Computation of Earnings to Fixed Charges Ratio
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| For the three months ended March 31, |
| For the years ended |
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| 2010 |
| 2009 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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| (in millions) |
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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 |
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2. | Interest expense |
| 30.1 |
| 22.3 |
| 118.0 |
| 110.3 |
| 115.3 |
| 86.0 |
| 77.8 |
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3. | Interest factor of rental expense |
| 1.7 |
| 2.2 |
| 6.7 |
| 8.8 |
| 12.3 |
| 11.1 |
| 7.0 |
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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 |
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6. | Interest credited on investment products |
| 154.5 |
| 202.0 |
| 725.3 |
| 993.5 |
| 988.3 |
| 901.1 |
| 832.2 |
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7. | Earnings |
| $ | 415.8 |
| $ | 342.9 |
| $ | 1,526.4 |
| $ | 1,553.5 |
| $ | 2,116.7 |
| $ | 2,287.1 |
| $ | 2,021.5 |
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8. | Interest expense |
| $ | 30.1 |
| $ | 22.3 |
| $ | 118.0 |
| $ | 110.3 |
| $ | 115.3 |
| $ | 86.0 |
| $ | 77.8 |
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9. | Interest factor of rental expense |
| 1.7 |
| 2.2 |
| 6.7 |
| 8.8 |
| 12.3 |
| 11.1 |
| 7.0 |
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10. | Preferred stock dividends by registrant |
| 8.2 |
| 8.2 |
| 33.0 |
| 33.0 |
| 33.0 |
| 33.0 |
| 17.7 |
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11. | Fixed charges before interest credited on investment products |
| 40.0 |
| 32.7 |
| 157.7 |
| 152.1 |
| 160.6 |
| 130.1 |
| 102.5 |
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12. | Interest credited on investment products |
| 154.5 |
| 202.0 |
| 725.3 |
| 993.5 |
| 988.3 |
| 901.1 |
| 832.2 |
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13. | Fixed charges |
| $ | 194.5 |
| $ | 234.7 |
| $ | 883.0 |
| $ | 1,145.6 |
| $ | 1,148.9 |
| $ | 1,031.2 |
| $ | 934.7 |
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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 |
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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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