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EXHIBIT 12.01
PRINCIPAL FINANCIAL GROUP, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
<Table>
<Caption>
FOR THE
THREE MONTHS
ENDED FOR THE
MARCH 31, YEAR ENDED DECEMBER 31,
------------------- -------------------------------------------------------
2004 2003 2003 2002 2001 2000 1999
-------- -------- -------- -------- -------- -------- --------
($ in millions)
1. Income from continuing operations
before income taxes ..................... $ 265.4 $ 222.2 $ 953.7 $ 665.8 $ 464.1 $ 840.2 $1,066.4
2. Interest expense .......................... 27.0 25.4 104.3 99.2 96.7 116.8 145.4
3. Interest factor of rental expense ......... 1.3 2.2 5.0 8.9 10.3 16.1 10.5
4. Undistributed income from equity
investees ............................... -- (1.1) (18.3) 4.3 (17.4) (27.1) (99.7)
-------- -------- -------- -------- -------- -------- --------
5. Earnings before interest credited on
investment products ..................... 293.7 248.7 1,044.7 778.2 553.7 946.0 1,122.6
6. Interest credited on investment
products ................................ 179.7 178.8 735.7 743.4 773.1 723.5 709.5
-------- -------- -------- -------- -------- -------- --------
7. Earnings .................................. $ 473.4 $ 427.5 $1,780.4 $1,521.6 $1,326.8 $1,669.5 $1,832.1
======== ======== ======== ======== ======== ======== ========
8. Interest expense .......................... $ 27.0 $ 25.4 $ 104.3 $ 99.2 $ 96.7 $ 116.8 $ 145.4
9. Interest factor of rental expense ......... 1.3 2.2 5.0 8.9 10.3 16.1 10.5
10. Preferred stock dividend requirements
of majority-owned subsidiaries (non-
intercompany) ........................... 0.2 0.7 1.2 0.4 -- -- --
-------- -------- -------- -------- -------- -------- --------
11. Fixed charges before interest credited
on investment products .................. 28.5 28.3 110.5 108.5 107.0 132.9 155.9
12. Interest credited on investment products . 179.7 178.8 735.7 743.4 773.1 723.5 709.5
-------- -------- -------- -------- -------- -------- --------
13. Fixed charges ............................ $ 208.2 $ 207.1 $ 846.2 $ 851.9 $ 880.1 $ 856.4 $ 865.4
======== ======== ======== ======== ======== ======== ========
14. Ratio of earnings to fixed charges before
interest credited on investment products
(Line item 5/Line item 11) .............. 10.3 8.8 9.5 7.2 5.2 7.1 7.2
15. Ratio of earnings to fixed charges (Line
item 7/Line item 13) .................... 2.3 2.1 2.1 1.8 1.5 1.9 2.1
</Table>