Principal Financial (PFG) 10-Q 2010 Q2 Quarterly report

Exhibit 12

Principal Financial Group, Inc.
Computation of Earnings to Fixed Charges Ratio

		For the six months endedJune 30,						For the years ended December 31,
		2010			2009			2009			2008			2007			2006			2005
		(in millions)
1.	Income from continuing operations before income taxes	$	414.1		$	328.0		$	745.8		$	461.3		$	1,072.4		$	1,351.6		$	1,138.6
2.	Interest expense	61.0			53.8			118.0			110.3			115.3			86.0			77.8
3.	Interest factor of rental expense	3.3			4.4			6.7			8.8			12.3			11.1			7.0
4.	Undistributed income from equity investees	(48.7		)	(23.6		)	(69.4		)	(20.4		)	(71.6		)	(62.7		)	(34.1		)
5.	Earnings before interest credited on investment products	429.7			362.6			801.1			560.0			1,128.4			1,386.0			1,189.3
6.	Interest credited on investment products	306.4			388.7			725.3			993.5			988.3			901.1			832.2
7.	Earnings	$	736.1		$	751.3		$	1,526.4		$	1,553.5		$	2,116.7		$	2,287.1		$	2,021.5
8.	Interest expense	$	61.0		$	53.8		$	118.0		$	110.3		$	115.3		$	86.0		$	77.8
9.	Interest factor of rental expense	3.3			4.4			6.7			8.8			12.3			11.1			7.0
10.	Preferred stock dividends by registrant	16.5			16.5			33.0			33.0			33.0			33.0			17.7
11.	Fixed charges before interest credited on investment products	80.8			74.7			157.7			152.1			160.6			130.1			102.5
12.	Interest credited on investment products	306.4			388.7			725.3			993.5			988.3			901.1			832.2
13.	Fixed charges	$	387.2		$	463.4		$	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)	5.3			4.9			5.1			3.7			7.0			10.7			11.6
15.	Ratio of earnings to fixed charges (Line item 7/Line item 13)	1.9			1.6			1.7			1.4			1.8			2.2			2.2