Principal Financial Group 101

Principal Financial Group®
August 2014

Use of Non-GAAP Financial Measures
A non-GAAP financial measure is a numerical measure of performance, financial position, or cash flows that
includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP.
The company uses a number of non-GAAP financial measures that management believes are useful to
investors because they illustrate the performance of the company’s normal, ongoing operations which is
important in understanding and evaluating the company’s financial condition and results of operations. While
such measures are also consistent with measures utilized by investors to evaluate performance, they are not,
however, a substitute for U.S. GAAP financial measures. Therefore, at the end of the presentation, the
company has provided reconciliations of the non-GAAP financial measures to the most directly comparable
U.S. GAAP financial measure. The company adjusts U.S. GAAP financial 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 future reporting periods. Management also uses non-GAAP financial 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.
The company also uses a variety of other operational measures that do not have U.S. GAAP counterparts, and
therefore do not fit the definition of non-GAAP financial measures. Assets under management is an example
of an operational measure that is not considered a non-GAAP financial measure.
2

Forward Looking Statements
3
Certain statements made by the company which are not historical facts may be considered 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, 2013 and in the company’s
quarterly report on Form 10-Q for quarter ended June 30, 2014 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 may significantly affect the company’s ability to meet liquidity
needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; continued
volatility or further declines in the equity, bond or real estate markets; changes in interest rates or credit spreads; the
company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment
returns credited to customers; the company’s valuation of securities may include methodologies, estimations and assumptions
that are subject to differing interpretations; the determination of the amount of allowances and impairments taken on the
company’s investments requires estimations and assumptions that are subject to differing interpretations; gross unrealized
losses may be realized or result in future impairments; competition from companies that may have greater financial resources,
broader arrays of products, higher ratings and stronger financial performance; a downgrade in the company’s financial strength
or credit ratings; inability to attract and retain sales representatives and develop new distribution sources; international
business risks; the company’s actual experience could differ significantly from its pricing and reserving assumptions; the
company’s ability to pay stockholder dividends and meet its obligations may be constrained by the limitations on dividends or
distributions Iowa insurance laws impose on Principal Life; the pattern of amortizing the company’s DAC and other actuarial
balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may
change; the company may need to fund deficiencies in its “Closed Block” assets that support participating ordinary life
insurance policies that had a dividend scale in force at the time of Principal Life’s 1998 conversion into a stock life insurance
company; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of
businesses; changes in laws, regulations or accounting standards; a computer system failure or security breach could disrupt
the company’s business, and damage its reputation; results of litigation and regulatory investigations; from time to time the
company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes,
interest and penalties in amounts that may be material; fluctuations in foreign currency exchange rates; and applicable laws
and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some
stockholders might consider in their best interests.

A Leading Financial Services Company
Fortune 500 company; 135 year history; 19.4 million customers
Assets Under Management by Source
$517.9 billion
as of June 30, 2014
Retirement &
Investor Services
Accumulation
47%
Corporate
1%
U.S.
Insurance
Solutions
4%
Principal
International
23%
Principal
Global
Investors
22%
Operating Earnings
$1,338.0 million*
June 30, 2014
Retirement &
Investor Services
Accumulation
49%
U.S.
Insurance
Solutions
15% Principal
International
18%
Principal
Global
Investors 8%
*Trailing Twelve Months. After-tax. Results exclude Corporate.
4
COMPANY OVERVIEW
RIS
Guaranteed
8%
RIS
Guaranteed
3%

Organizational Structure
Principal Financial Group
Zimpleman CEO – 43/43 yrs*
Lillis CFO – 32/32 yrs
Retirement &
Investor Services
Houston - President
30/30 yrs
Principal Global
Investors
McCaughan – President
40/12 yrs
Principal
International
Valdes – President
26/23 yrs
U.S. Insurance
Solutions
Houston – President
30/30 yrs
Corporate
Full Service
Accumulation
Principal Funds
Individual Annuities
Bank & Trust
Full Service Payout
Investment Only
Life
Specialty Benefits
*Years of experience: Industry/The Principal as of year end 2014.
5
COMPANY OVERVIEW

PRINCIPAL FINANCIAL GROUP
Headquarters
Des Moines, Iowa
Mexico
Pensions
Life Insurance
Annuities
Mutual Funds
IAM
Chile
Annuities / Pensions
Residential Mortgages
Mutual Funds
IAM
Pensions - Mandatory
Brazil
Pensions
Annuities
IAM
Mutual Funds
India
Mutual Funds
Asset Management
Malaysia
Mutual Funds
Asset Management
Islamic Institutional
Asset Management
Hong Kong
Pensions,
Mutual Funds
Asset Management
China
Mutual Funds
Pensions
Asset Management
Principal Financial Group Global Presence
Germany
Asset Management
Ireland
Mutual Funds
UK
Asset Management
Japan
Asset Management
Australia
Asset Management
Singapore
Asset Management
Thailand
Mutual Funds
Asset Management
Indonesia
Mutual Funds, Asset
Management
Netherlands
Asset Management
UAE
Asset Management
6
COMPANY OVERVIEW

135 Years of Experience
1879
Life
Assoc
1911
Mutual
Life Co
1936
Mortgage
Banking/
Commercial
Mortgage
1941
Group
Health &
Pension
1968
Mutual
Funds
1985
Principal
Financial
Group
1998
Principal Bank;
Mutual
Holding Co
2001
IPO;
Spectrum
1990
Principal
Intl
1970s
Defined
Contribution
1999
Principal Global
Investors;
BrasilPrev JV;
Principal Asset
Mgmt Co (India)
2002
Benefit
Consultants
Inc; Total
Retirement
Suite
2006
Washington
Mutual Funds;
WM Advisors
2008
CIMB-Principal
Islamic
Asset Mgmt
2007
Morley
2011
HSBC Afore;
Finisterre;
Origin
1995
Principal
Chile
1996
Principal
Hong Kong
1997
Principal
Mexico
2003
Post
Advisory
Group
2005
CCB
Principal;
Columbus
Circle
JV – Joint Venture.
IPO – Initial Public Offering.
2010
BrasilPrev
JV extension
2012
Claritas;
Cuprum
2013
Liongate
7
COMPANY OVERVIEW

Name Age* Title (Industry/PFG)*
Larry D. Zimpleman 63 Chairman, President & CEO 43/43
Daniel J. Houston 53 President - Retirement, Insurance and Financial Svcs 30/30
James P. McCaughan 61 President - Global Asset Management 40/12
Luis E. Valdes 57 President - Principal International 26/23
Timothy M. Dunbar 57 Executive VP & Chief Investment Officer 33/28
Ralph C. Eucher 62 Executive VP 30/20
Terrance J. Lillis 62 Executive VP & Chief Financial Officer 32/32
Gary P. Scholten 57 Executive VP & Chief Information Officer 34/34
Karen E. Shaff 60 Executive VP, General Counsel & Secretary 32/32
Rex Auyeung 62 Senior VP & President, Principal Financial Group – Asia 37/20
David Blake 48 Senior Executive Director & Head of PGI Fixed Income 25/14
Ned A. Burmeister 55 Senior VP & COO – Principal International 35/35
Gregory J. Burrows 52 Senior VP - Retirement & Investor Svcs 28/28
Gregory B. Elming 54 Senior VP & Chief Risk Officer 32/32
Nora M. Everett 55 Senior VP - Retirement & Investor Svcs 23/23
Pat Halter 55 Senior Executive Director – Principal Real Estate Investors 30/30
Julia M. Lawler 54 Senior VP - Investment Services 32/30
Barbara McKenzie 54 Senior Executive Director & COO – Boutique Operations 30/30
Timothy J. Minard 51 Senior VP - Distribution 28/28
Jerry Patterson 48 Senior VP - Retirement & Investor Svcs 26/13
Beth Raymond 48 Senior VP & Chief Human Resources Officer 23/14
Angela R. Sanders 51 Senior VP & Controller 25/25
Ellen Shumway 51 Senior Executive Director – Strategy & Boutique Operations 24/9
Deanna D. Strable 46 Senior VP - U.S. Insurance Solutions 25/25
Roberto Walker 49 Senior VP & President, Principal Financial Group – LatAm 25/18
*As of 08/2014
8
Experienced Management Team
COMPANY OVERVIEW

Retirement and Investor Services
•A leading provider of DC plans1
•#1 provider of DB plans2
•#1 provider of ESOP plans3
•#4 manager of Target Date Funds4
Industry Leadership
Sources: 1 PLANSPONSOR Recordkeeping Survey, June 2014, 2 PLANSPONSOR, July 2014; 3 PLANSPONSOR Recordkeeping Survey, June 2014; 4 In the
United States. Strategic Insight Lifecycle fund data report 4Q2013; 5Pensions & Investments, “The Best Places to Work in Money Management among
companies with our size category”, PFG recognition 12/09/2013. 6Managers ranked by total worldwide real estate assets (net of leverage), data as of
6/30/13, “Largest Real Estate Managers”, Pensions & Investments, October 28, 2013; 7Managers ranked by U.S. institutional, tax-exempt assets
managed internally, as of 12/31/13, “Largest Money Managers”, Pensions & Investments, Online Research Center. 8Commercial Property Executive
Published March 2014 “2014 Greenest CRE Companies” list”. 9Quantum, 12/2012; 10SP (Superintendencia de Pensiones), 1/2013; 11Lipper. Percentage
of market share as of 07/2013; 12Lipper. Based on AUM as of 03/2013; 13CONSAR & PROCESAR, May 2013; 14PLANSPONSOR NQDC Buyer’s Guide, July
2014; 15LIMRA 2013 survey: Non-medical based on fully insured employer contracts in force. 16 LIMRA 2012 survey: Individual Disability Insurance (IDI)
rank based on in-force policies
Principal Global Investors
•Best Place to Work in Money
Management 5
•Top 10 manager Real Estate 6
•13th largest manager High Yield7
•#3 Greenest CRE Company8
Principal International
•#1 net deposits – Brazil (Brasilprev)9
•#1 APV – Chile10
•#2 asset management – Malaysia11
•Top ten MPF provider – Hong Kong12
•#5 AFORE – Mexico13
U.S. Insurance Solutions
•#2 Non-qualified deferred
compensation14
•#4 Non-medical coverages15
•#5 IDI coverages16
9
COMPANY OVERVIEW

Financial Strength:
Current Ratings
(as of July 2014)
• Moody's Investors Service
'A1', Good – fifth highest of 21
rating levels.
Outlook: Stable
Rating as of November 2013
• FitchRatings
'AA-‘, Very Strong - fourth highest of
21 rating levels.
Outlook: Stable
Rating as of June 2014
• Standard & Poor's
‘A+’, Strong - fifth highest of 21
rating levels.
Outlook: Stable
Ratings as of March 2014
• A.M. Best
'A+', Superior - second highest of
16 rating levels.
Outlook: Stable
Rating as of December 2013
Ratings related to Principal Life Insurance Company and Principal National Life Insurance Company.10
COMPANY OVERVIEW

Platform Continuum
Across markets | Across life stages
INDIVIDUAL
EMPLOYER
INVESTMENT MANAGEMENT
Full Service Accumulation
Principal Funds
Investment
Only
Bank
Annuities
Full
Service
Payout
11
RETIREMENT AND INVESTOR SERVICES

Customer-Centric Business Model
12

Principal Total Retirement SuiteSM
STILL A DIFFERENTIATOR
All rankings sourced from PLANSPONSOR magazine as follows – Defined Benefit: DB Administration Survey 07/14;
Defined Contribution and ESOP: Recordkeeping Survey 06/14; Nonqualified Deferred Compensation:
PLANSPONSOR NQDC Buyer’s Guide, July 2014
Defined Benefit
#1 DB provider
(by # of clients)
Defined Contribution
#2 DC plan recordkeeper
(by # of plans)
Employee Stock
Ownership Plan
#1 ESOP plan recordkeeper
(by # of plans)
Nonqualified Plans
#2 Deferred Comp provider
(by # of plans)
13

1.7 2.0
3.2 2.9 2.7
0.9
1.7
2.3
1.8
1.4
0.9
1.5
2.7
2.6
3.2
3.3
3.3
3.0
0
2
4
6
8
10
12
14
2010 2011 2012 2013 2014
$Billions
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Balanced Sales Approach
14 *Full-Service Accumulation
6.7
8.5
11.5
10.3
4.1

6.0 4.8 5.0
6.0 6.8 7.4
3.6
4.1 5.0
5.7 5.8 5.9
3.6 3.8
4.3
5.6
6.33.8 5.8
6.0
6.5
6.3
0
5
10
15
20
25
30
2009 2010 2011 2012 2013 2014
$Billions
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
People making a deferral +18%*
Avg deferral per member +8%*
People receiving a match +27%*
15
17.0
18.5
20.3
24.3
25.2
The Power of Payroll Deduction
* 4Q10 compared to 4Q13.
13.3

FSAAccount Value byManager
16
60.3% 58.3% 58.3% 56.6% 55.7% 55.9% 56.3%
12.7% 12.8% 11.1% 10.0% 10.3% 10.0% 9.9%
20.1% 22.3% 23.3% 26.5% 26.9%
26.9% 24.9%
6.9% 6.6% 7.3% 6.9% 7.1% 7.2% 8.9%
0%
20%
40%
60%
80%
100%
2009
2010
2011
2012
2013
2Q14
2Q14Deposits
PGI managed Sub-advised Non-proprietary ER Securities
*Full-Service Accumulation

Our Disciplined Execution Delivers
Positive Results
17
Profit Margin*
Industry Avg vs. The Principal
Principal Industry Avg
* Profit 2000 Benchmark Study, Sterling Resources, Inc. (2013)

Revenue sourced from FSA platform
FSA
FSA
Other PFG
businesses
Other PFG
businesses
2013 2018E
Multiple Businesses Leverage FSA Success
Principal Funds, PGI, Bank & Trust, Individual Annuities, Individual Life and Full Service Payout are all beneficiaries
$500
MILLION
$350
MILLION
$0
$2B
18

4.6%
1.9%
4.5% 4.2%
6.0% 6.7%
18.1%
12.5%
2010 2011 2012 2013
Industry net flows Principal Funds net flows
0.8%
1.0%
0.8%
0.2%
0.6%
3.5%
6.3%
1.7%
2010 2011 2012 2013
401k Industry net flows Principal FSA net flows
Full Service Accumulation (FSA)
Net cash flows as % of beginning of year assets 2010-2013. Sources of industry data: 401(k) industry – Department of Labor & Cerulli
Associates 2013 (for 2013, industry 401(k) is an estimate); Funds – Strategic Insight Mutual Fund Industry Review (long-term funds).
Principal Funds net flows represent long-term funds only.
Net Cash Flow Consistently
Outpaces Industry
Principal Funds
19

TOP SELLING FUNDS
TTM
2Q14
Global Diversified Income $2.8B
MidCap Fund $2.6B
High Yield $1.7B
Preferred Securities $1.4B
Strategic Asset
Management
$1.4B
TOTAL FOR TOP 5 $9.9B
ASSET ALLOCATION LEADERSHIP
• #5 largest lifecycle fund manager*
• Target date & target risk
• Multi-manager solutions
• Portfolio construction strategies:
*Based on $41.6B in assets Strategic Insight 6/30/14 Lifecycle Report
Needs-Driven Investment Solutions
Broad and unique asset allocation strategies
20
Principal Funds

Account Values – Then & Now
28%
44%100%
28% Affiliated Distribution
Third Party
Broker/Dealers
DCIO/RIA
16%
44%
100%
40%
Affiliated Distribution
Third Party
Broker/Dealers
DCIO/RIA
Multiple Distribution Channels
SALES – Then & Now
2006
$3.8B
YTD 2Q14
$9.2B
2006
$14.7B
2Q14
$70.9B
21 DCIO = Defined Contribution Investment Only. RIA = Registered Investment Advisor
Principal Funds

A Diversified Family of Mutual Funds
14%
4%
56%
46%
6%
3%
17%
41%
30%
TTM 2Q14 06/30/2014
Equity
Fixed Income
Index
Asset Allocation
Other
Net Cash
Flow
Assets Under
Management
22
-17%
Principal Funds

Driving Industry Recognition
and Advisor Engagement
15th largest advisor-sold fund family(1)
Best Global Real
Estate Fund Over
the 5-Year Period
23
(1) Strategic Insights Mutual Fund Management Companies Rankings and Analysis, June 2014
#5 for DC
Investment
Manager
Principal Funds

READY TO
RETIRE
Individual Investor Strategy
• Portfolio allocation
• Participant education
RETIREMENT
INCOME
SOLUTIONS
• Education and guidance
• Portfolio construction
strategies
• Income annuities
ENROLLMENT
OPTIMIZATION
• Simplify process
• Improve experience
• Maximize participation and
influence behavior
24

Individual Investor Strategy Captures
Additional Assets
$0.8
$1.0
$1.2
$1.5
$1.7
$0.2
$0.2
$0.3
$0.3
$0.4
2010 2011 2012 2013 2014E
AssetsCapturedinBillions
Roll-ins into FSA plans Retail sales to participants
25

Innovative Solutions:
Solving Income Needs
ACCUMULATION
OUR APPROACH:
• Education
• Planning assistance
(RetireSecure®)
• Full array of options
• Innovative solutions
MULTI-PRODUCT
SOLUTION SET
•“Through Retirement” Lifecycle Funds
•Mutual Funds that:
‒Generate income
‒Preserve capital
‒Protect against inflation
‒Address market volatility
•Annuities to provide:
‒Fixed returns
‒Guaranteed income
‒Protection against volatility
•Bank products
•Full Service Payout
‒Defined Benefit plan terminations
RETIREMENT
INCOME
26

INDIVIDUAL LIFE
•Non-Qualified Plans 12.4% #2
•Total Life New Sales Premium 1.4% #18
SPECIALTY BENEFITS
•Total Group In-Force Contracts 7.1% #4
- Life 8.9% #4
- Disability 7.0% #6
- Dental 6.0% #7
•Individual Disability
In-force Premium*
7.9% #5
•Individual Disability
New Sales Premium
15.8% #2
Success Reflects Expertise Serving SMB Market
2013
Industry
Rank
2013
Market
Share
27
Nonqualified Plans ranking from PLANSPONSOR Recordkeeping Survey, June 2014. All other rankings are from LIMRA 2013.
*LIMRA 2012, Individual Disability in-force data not yet available for 2013
U.S. INSURANCE SOLUTIONS

ER/NQ
21%
BOES
36%
Individual
43%
Individual Life Leadership:
FOCUS ON THE BUSINESS MARKET
Business owners’ financial challenges
•Exiting the business
•Business transition
•Retaining key employees
•Retirement planning
Solutions for key employees
•Retirement income
•Survivor income
•Business protection
2013 Sales
BOES = Business Owner/Executive Solutions
ER/NQ = Employer/Non-qualified
SOLUTIONSFORBUSINESS,BUSINESSOWNERSANDKEYEXECUTIVES
28

3.4% 3.2%
5.6%
2.0%
2.7% 2.8%
Group Dental Group Life Group Disability
The Principal Industry
Dental/
Vision
48% Group
Life
27%
Balanced Portfolio
plus Above Industry PremiumGrowth
2013 Total Premium & Fees
2012 Premium Growth
Group
Benefits
83%Individual
Disability
17%
Group
Disability
25%
29
2013 Industry Data not yet available

U.S. Distribution Overview
PRINCIPAL
CONNECTION
• 70 counselors
with focus on
education
CAREER
• 1,000 agents
• Sell all products
• Career places
80-85% of sales
within The
Principal family
products
BANKSINSURANCE-
ORIENTED
INVESTMENT-
ORIENTED
• Wirehouses
• Regional
Broker/Dealers
• Planners
• Insurance
Producers
• Banks
• Broker/
Dealers
• Marketers
THIRD PARTYPROPRIETARY
ALLIANCE MANAGEMENT GROUP (AMG)
Select 3rd party distributors with dedicated support
STRENGTHENS RELATIONSHIPS AND FUELS SALES GROWTH
All supported by DEDICATED SERVICE TEAMS providing education, training, counseling and retention
11 WHOLESALE CHANNELS
Group
Benefits
Retirement Investment
Solutions
Annuities NQDC Disability
Insurance
Retail
Life
AMG WorksiteESOP Wellness
30
DISTRIBUTION

National Presence with
Local Employees
OUR VALUE TO ADVISORS:
● Solutions-based selling
● Point of sale support
● Ongoing service and
education support
● Pipeline development
● Practice management
● Advisor education
121 Total Offices
NOTE: Approximate view as of March 2012. Check www.principal.com for actual locations.
31
DISTRIBUTION

Expanding Distribution Partnerships
Have Generated Strong Sales Growth
3.1 3.8 3.7
7.6 6.6
2.8
5.7 6.5
10.5
14.5
1.2
1.5
1.4
2.5
3.3
0.9
1.5
1.4
1.7
2.0
2009 2010 2011 2012 2013
Individual Annuities
Separately Managed Accounts
Mutual Funds
Full Service Accum
$8.0BTotal: +35%
CAGR:
$12.5B $13.0B $22.3B
32
$26.4B
DISTRIBUTION

Broad and Deep Distribution
Proprietary provides foundation; 3rd party provides accelerated growth
Rankings and percentages as of 12/31/2013
Product Line
New Sales
1st 2nd 3rd Top 3
represent
NQ Life 39%
Retail Life Career LifeMark 55%
Individual Disability Career Plus Group 38%
Group Benefits Gallagher 13%
Fixed Annuities
Santander
Securities 41%
Variable Annuities Career Principal
Connection
KeyCorp Ins.
Agency 96%
Mutual Funds Career 24%
FSA – New Sales Assets 30%
FSA – New Sales Case
Counts
Career Edward D.
Jones 33%
33
DISTRIBUTION

• Serve clients in over 60 countries, including
several major central banks and sovereign
wealth funds
• Network of specialized investment boutiques
managing assets for a broad range of investors
around the world, including some of the
world’s largest and most respected retirement
funds
• Manages:
– 58% of Full Service Accumulation assets
– 76% of Principal Funds assets
– 100% of Principal Life general account
assets
As of 6/30/14.
Assets Under Management
$307B
By Asset Class
34
Fixed
Income
$129B
Equity
$111B
Real
Estate
$53B
Alternatives
$14B
PRINCIPAL GLOBAL INVESTORS
At a Glance

Our Current Boutiques
(AUM as of 6/30/14)
Principal Global
Equities
$79.8B
Principal Global
Fixed Income
$77.3B
Private Real Estate
$33.2B
CMBS
$6.6B
Origin Asset
Management
$3.3B
Edge Asset
Management1
$19.0B
Fixed IncomeEquities
REITs
$7.7B
Principal Enterprise
Capital
$5.1B
CIMB – Principal
Islamic Asset Mgmt.
$0.63B3
MorleyFinancial
Services
$17.6B
Spectrum Asset
Management
$16.8B
Macro Currency
Group
$9.2B
Post Advisory
Group
$9.9B
Multi-Asset
Advisors
$0.608B2
Real Estate
AssetAllocation/
Alternatives
Finisterre Capital
$2.3B
Columbus Circle
Investors
$17.5B
Liongate Capital
Management
$0.58B
35
1 Edge Asset Management advises on an additional $8.1B across asset classes for Retirement and Investor Services.
2 Responsible for allocation decision-making and implementation across a range of products and client portfolios, and for providing macro
economic perspectives to guide allocations. Multi-Asset Advisors advise on an additional $29B managed by multiple PGI boutiques.
3 Total CIMB AUM is $1.6B with $1B sub-advised to Principal Global Equities

Asset Management Expertise Wins Mandates
$82.4
$98.2
$109.4 $114.3
2011 2012 2013 2Q14
Unaffiliated AUM
(in billions)
• Best Global Real Estate
Fund over the 5-year
period
(1)
• Top 10 Manager of Real
Estate
(2)
• 13th Largest Manager of
High Yield
(3)
• PFG ranked No.1 company
among the Best Places to
Work in Money
Management(4)
Sources: (1) The Principal Real Estate Investors portfolio management team subadvises the Principal Global Real Estate Securities
Fund-Class l, which received the award from Lipper, Inc. for the second year in a row, March 2014. (2) Managers ranked by total
worldwide real estate assets (net of leverage), as of June 30, 2013, “Largest Real Estate Managers”, Pensions & Investments,
October 28, 2013. (3) Managers ranked by U.S. institutional, tax-exempt assets managed internally, as of 12/31/13. “Largest
Money Managers”, Pensions & Investments, Online Research Center. (4) Pensions & Investments, “The Best Places to Work in
Money Management among companies with our size category”, PFG recognition 12/09/2013.(5) Managers ranked by total assets
under management. America’s Top 300 Money Manager, Institutional Investor, July 2014, data as of 12/31/2013.
36

Strong Investment Performance
Represents $156 billion AUM of which 75% managed by PGI boutiques
Morningstar Rankings
Percentage of Principal Funds in the top two quartiles
63%
87%
67%66%
78%
72%
79%
88% 89%
1-Year 3-Year 5-Year
June 30, 2013 Dec. 31, 2013 June 30, 2014
37
Principal “I” shares; if no “I” share class then “A” share class; separate accounts use “R6” rate level; Includes Principal mutual funds,
separate accounts and collective investment trusts (CITs); Excludes money market, stable value and U.S. Property separate account.

PRINCIPAL FINANCIAL
GROUP
Mexico (1993)
• Annuities, Mutual
Funds, Pensions,
Asset Management
• AUM of $13.1B
• Wholly owned
Chile (1995)
• Annuities, Mutual Funds, Asset
Management, Mandatory Pensions,
Voluntary Pensions
• AUM of $41.3B
• Wholly owned
• Cuprum – a 97.29% owned joint
venture
AUM of $35.0B
Transaction closed 2/4/2013
Brazil (1999)
• Annuities, Pensions,
Mutual Funds, Asset
Management
• Brasilprev – a 25%
owned joint venture with
Banco do Brasil
AUM of $45.3B
• Claritas – 62.73%
indirectly owned mutual
fund company
AUM of $1.5B
India (2000)
• Asset Management,
Mutual Funds
• AUM of $0.7B
• 70% owned joint venture
with Punjab National
Malaysia (2003)
• Conventional & Islamic Asset
Management, Mutual Funds,
Pensions
• AUM of $12.1B
• CIMB-Principal – 40% owned
joint venture with CIMB
Group
China (2005)
• Asset Management, Mutual
Funds
• AUM of $13.7B
• CCB-Principal – a 25%
owned joint venture with
China Construction Bank
Hong Kong (1996)
• Asset Management, Mutual
Funds, Pensions
• AUM of $3.5B
• Wholly owned
Thailand (2010)
• Asset Management, Mutual Funds
• AUM of $1.1B
• Wholly owned subsidiary of Malaysian JV
Indonesia (2007)
• Asset Management,
Mutual Funds
• AUM of $0.2B
• Wholly owned
subsidiary of Malaysian
JV
Singapore (2006)
• Asset Management
• AUM of $1.9M
• Wholly owned subsidiary
of Malaysian JV
38
AUM as of 6/30/2014
PRINCIPAL INTERNATIONAL

We’re in the Right Countries
SOURCE: IMF, Standard Chartered Research.
TEN LARGEST ECONOMIES BY DECADE
Current Principal International locations: Asia Latin America
39
1990
US$
trn
1 U.S. 5.9
2 Japan 3.1
3 Germany 1.7
4 France 1.2
5 Italy 1.1
6 UK 1.0
7 Canada 0.6
8 Spain 0.5
9 Brazil 0.5
10 China 0.4
2000
US$
trn
U.S. 10.3
Japan 4.7
Germany 1.9
UK 1.5
France 1.3
China 1.2
Italy 1.1
Canada 0.7
Brazil 0.6
Mexico 0.6
2010
US$
trn
U.S. 15.0
China 5.9
Japan 5.5
Germany 3.3
France 2.5
UK 2.3
Italy 2.0
Brazil 2.1
Canada 1.6
Russia 1.5
2020E
US$
trn
U.S. 23.5
China 21.9
Japan 6.1
Germany 5.1
India 4.5
Brazil 3.9
France 3.9
UK 3.7
Italy 2.7
Russia 2.6
2030E
US$
trn
China 53.8
U.S. 38.5
India 15.0
Japan 9.3
Germany 7.4
Brazil 6.3
UK 5.8
France 5.7
Indonesia 4.7
Russia 4.6

Joint Venture Partner
Partner’s Industry
Ranking
Partner’s Distribution Reach
Banco do Brasil
Largest bank in Latin
America1
5,362 branches3
58.6 million customers3
2nd largest listed bank in
world2
14,121 branches4
440 million retail customers4
5th largest universal
banking group in ASEAN5
1,080 branches5
13.5 million retail customers5
2nd largest Nationalized
bank in India6
6,075 branches7
82 million retail customers7
SOURCE: 1Global Finance 2013 in terms of AUM; 2Relbanks.com 2013 based on market capitalization 3Banco do Brasil
Annual Report 2012, 4CCB 2012 annual report – customers based on retail debit cards; 5CIMB Group 2012 Annual report –
ranking in term of AUM,, 6Indian Banks’ Association 2013 in terms of assets 7Pnbindia.in 2013
Leveraging Strong Marquee Partners
with Outstanding Distribution
40

Pensions
Mutual
Funds
Asset
Mgmt
Annuities
Brazil    
Chile    
Mexico    
China   
Hong
Kong
  
India   
Malaysia/
SE Asia
 
Our Markets and Product Offering
 = Where we
have a product
offering today
Targeted
Markets
 = Targeted
expansion
= 10% of market
share or Top 25% of
providers
41

42
Emerging Markets: The PI Story
We are in the right markets8%+4%
Inflation
GDP
3%
“Low Inflation/Strong Growth”“Low Inflation/Slow Growth”
“High Inflation/Slow Growth ”
“High Inflation/Strong Growth”
0
0
6% +
+
Mexico
2.2%
GDP Growth
Mature Economies
India
Indonesia
Hong Kong
Brazil
Chile
Malaysia
China
Thailand
(8.9% inflation)
(7.5% GDP)
Source: IMF. 2014 Estimates.
Singapore
Brasilprev – an outlier:
Grew NCCF market share
in a volatile market
+

BRAZIL MEXICO CHILE
Brasilprev:
#1 in net
deposits
5th largest
AFORE
(by AUM)
#1 APV:
PI Chile and
Cuprum
PRINCIPAL IS 2ND LARGEST
PENSION PROVIDER
IN LATIN AMERICA
Proven Strength & Success
43
Brazil source: Quantum. 12/12. Mexico source: CONSAR & PROCESAR. 5/13. Chile source: SP (Superintendencia de Pensiones)
12/12. Principal is 2nd largest pension provider in Latin America by AUM among multi-country pension providers.
Latin America

CUPRUM: A “One-Stop Shop”
44 ERM = Enterprise Risk Management
Chile

HONG KONG
Among Top Ten
MPF* Providers
Building a Strong Foundation
MALAYSIA
#2 in PRS
CHINA
Top Ten
for Mutual Funds
INDIA
1st mover in advisory
services business
45
*Mandatory Provident Fund. Malaysia source: Lipper. Percentage of market share as of 7/13. Hong Kong source: Lipper.
Based on AUM as of 3/13. China source: Z-Ben Advisors. Based on AUM as of 1/13. India source: Company data/media
tracking at launch 11/12
Asia

Corporate Public
Bonds
29%
Corporate Private
Bonds
18%
Commercial
Mortgages
15%
CMBS
6%
Cash
2%
MBS
6%
ABS
5%
Government, Agency,
State & Political
9%
Other*
10%
Diversified Portfolio
$70.4 Billion
* Other includes Equity Securities, Residential Mortgages, Real Estate, Policy Loans, Investment in Equity Method subs,
Direct Finance Leases and Other Investments
46
Invested Assets & Cash
As of 06/30/14
GAAP carrying value
INVESTMENTS
• Liability-driven investment
approach
• Active asset/liability management
• Optimized risk adjusted yields and
returns
• High quality, well-diversified
portfolio
• Global collaboration and best
practices
• Portfolio responsibility remains at
local country
Investment Philosophy
& Strategy
REMAINS THE SAME

Assets & Liabilities
Performed as Expected
-$600
-$400
-$200
$0
$200
$400
$600
$800
Inmillions
Actual net assets & liabilities Modeled net assets & liabilities
47
INVESTMENTS

-$200
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2009 2010 2011 2012 2013 6/30/2014
Inmillions
Net Unrealized Losses and Potential Losses
All numbers shown are pre-tax
Cumulative CMBS Credit Losses Recorded*
Cumulative CMBS Losses Realized**
Potential Future Credit Losses***
Total Net Unrealized CMBS Losses (CMBS/CMBS CDO Portfolio $4.0B as of 06/30/2014)
Majority of unrealized
losses were never
realized because we
were not forced sellers
CMBS Continues to be Well Suited
for Our Liabilities
* Cumulative CMBS Credit Losses Recorded represent 2009 to present losses due to credit impairments, sales, or trust write-
downs.
** Cumulative realized losses since 2009 from sales or trust write-downs. The difference between losses recorded and losses
realized are due to impairments. Impairments are the present value of estimated losses anticipated but not yet passed through
the trust waterfall or realized from selling a distressed security to the market. Ultimate losses realized on impaired securities may
differ from the impairment estimate.
*** Potential Future Credit Losses based on our base case stress scenario for securities currently held as of the reporting period
presented. This is an estimate. It represents the average of 1000 modeled scenarios. This estimate is subject to change.
Potential future losses together with cumulative losses recorded represents an estimate of base case potential cumulative CMBS
losses for securities held during the period from 2009 to the present.
48
INVESTMENTS

Power of our Fee-Based Model
OPERATING EARNINGS
Continual shift in mix of business leading to a higher ROE and more free cash flow
65%
20%
15%
Current
70%
15%
15%
2018E
Fee Spread Risk
49
Fee includes Full Service Accumulation, Mutual Funds, Principal Global Investors, Principal International.
Spread includes Individual Annuities, Bank and Trust Services, Investment Only, Full Service Payout.
Risk includes U.S. Insurance Solutions.
30%
40%
30%
2001
FINANCIALS

40%
30%
30%
33%
33%
34%
Returning Capital to Shareholders
2007 Current 2018E
• Less capital needed to support organic growth
• Moving to higher dividend payout ratio
• Diligently pursuing active acquisition pipeline
• Opportunistically buying back shares
50
(Acquisitions & share buybacks)
Organic Growth Dividends Available Capital
25%
25%
50%
FINANCIALS

Driving ROE
Growth
OCI = Other Comprehensive Income.
As Reported
2007
2013
Operating
earnings
$1.1B $1.1B
Average
equity (x-OCI)
$6.5B $8.7B
Return on
equity (x-OCI)
16.4% 12.1%
51
EARNINGS
+ 4-5% for market
performance
+ 4-5% for growth
from sales/NCF
+ 1-2% operational
efficiency
EQUITY
 Fee-based growth
 Dividend growth
 Opportunistic
share repurchases
ROE =
50-80 bps average annual
ROE improvement
FINANCIALS

52
Opportunity
Year
Announced Rationale
2013
 Expand alternative asset class
capabilities
2012
 Complete offering in Chile with
marquee pension and savings
franchise
2012
 Entry into Brazil mutual fund
and asset management market
2011
 Enhance global equity
investment capabilities
2011
 Establish leadership in emerging
markets fixed income investing
AFORE 2011
 Solidify position as a leader in
Mexican Afore market
BrasilPrev 2010
 23 year extension of successful
JV with Banco do Brasil
We’ve Played
Offense Since
Recession
Emerged from financial
crisis in a position of
strength and flexibility
Executing on our
strategy to increase our
global footprint and fee-
based earnings
FINANCIALS

Merger & Acquisition Criteria
• Mid-teens IRR
• More accretive than buyback over
time
1
2
3
STRATEGIC
ABILITY TO
ONBOARD
DISCIPLINED
PRICING
• Aligns with our core competencies
• Blend local talent with Principal
expertise
• Synergies with multiple lines of
business preferred
• Adds scale or a new niche
Have a diligent M&A process that optimizes long-term results
53 IRR = Internal Rate of Return.
FINANCIALS

Strategic Acquisitions:
$350M
Opportunistic
Share Repurchases:
$550M
2011 2012
Over $1.1 billion in total Allocated $2.1 billion
Quarterly Common Stock
Dividends $230M
(70 to 78 cents, 11% increase)
Opportunistic Share
Repurchases: $300M
Strategic Acquisitions:
$1,595M
2013
Allocated $480 million
Anti-dilution &
Opportunistic Share
Repurchases: $150M
(~$55M remaining)
Strategic Acquisition:
$44M
YTD Quarterly Common
Stock Dividends ~$288M
(23 cents for 1Q13 & 2Q13,
26 cents for 3Q13 & 4Q13)
Annual Common Stock
Dividends $215M
(27% increase over 2010)
54
FINANCIALS
Capital Deployment

• Expect deployment for 2014 to be at or above the top end of the $500M-700M range
• More than $575M announced for 2014 so far
̶ $275M in common stock dividends
o Paid 2Q14 dividend of 32-cents per share
o Announced 3Q14 dividend increase to 34-cents per share
̶ $200M authorized share repurchase program
o $61M in share repurchases in 2Q14
̶ Redeemed $100M surplus note in 1Q14
• Active M&A pipeline
• Long term we expect to deploy 65-70 percent of our net income with volatility in
any given year
Capital Deployment
55
FINANCIALS

5-Year 2014E
Accumulation
Net revenue
growth
6-8% 5-7%
Pre-tax RONR 28-32% 30-32%
Guaranteed
Net revenue
growth
6-8% (2)-2%
Pre-tax RONR 75-80% 78-80%
Net revenue = operating revenues less benefits, claims & settlement expenses less dividends to policyholders.
RONR = Return on Net Revenue. Pre-tax operating margin = pre-tax operating earnings / premium and fees.
*Combined basis includes all Principal International companies at 100%.
Retirement & Investor Services
U.S. Insurance Solutions
5-Year 2014E
Individual
Life
Premium & fee
growth
4-8% 3-5%
Pre-tax operating
margin
16-21% 14-16%
Specialty
Benefits
Premium & fee
growth
8-10% 3-5%
Pre-tax operating
margin
8-12% 10-12%
Loss ratio 65-71% 65-71%
56
Key Business Drivers Outlook
5-Year 2014E
Revenue growth 14-17% 7-10%
Pre-tax margin 30+% 26-28%
Principal International
5-Year 2014E
Combined* net revenue growth 15-20% 16-18%
Combined pre-tax RONR 55-60% 50-52%
Principal’s share of
combined pre-tax earnings
N/A 36%
Estimated After-tax operating losses for Corporate of $130-$150 million in 2014

(1) Excludes discontinued operations. (2) Diluted. (3) Operating return on average equity excluding other
comprehensive income, based on trailing 12 month period.
2001 2013
CAGR
(’01-’13)
YTD
2Q13
YTD
2Q14
Change
Operating
Earnings(1) ($M)
$433 $1,060 8% $505 $640 27%
Earnings Per Share(2) $1.20 $3.55 9.5% $1.70 $2.14 26%
Assets Under
Management ($B)
$98 $483 14% $451 $518 15%
ROE (TTM)(3) 6.9% 12.1% +520 bps 10.4% 13.3% +290 bps
Book Value Per
Share
(x-OCI)
$17.81 $30.35 5% $29.81 $31.52 6%
S&P 500 1,148 1,848 4% 1,606 1,960 22%
Results Demonstrate Relative Strength of
Our Business Model
57

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