Principal Financial Group reported third quarter 2015 earnings. Non-GAAP financial measures are used to illustrate ongoing operations and are reconciled to GAAP measures. Strong investment performance continued with 86% of funds in the top two Morningstar quartiles. Normalized operating earnings were $1.04 per share after adjusting for assumption reviews and asset impairments. Business segments like retirement services and Principal International reported earnings growth on both a reported and currency-adjusted basis.

1. Principal Financial Group®
Third Quarter 2015 Earnings Call
October 23, 2015

2. Use of Non-GAAP Financial Measures
2 Posted on PFG website: 10/23/2015
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, in our quarterly earnings release, 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.

3. 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, 2014 and in the company’s quarterly report on Form 10-Q for quarter ended June 30, 2015, 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 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.
Posted on PFG website: 10/23/2015

4. 3Q15 Earnings Call Key Themes
Solid results despite strong macroeconomic headwinds
• Diverse business mix delivers revenue and earnings stability.
• 86% of our investment options are in the top two Morningstar quartiles
on a 1-year basis, and 91% on a 3 and 5-year basis.
• Total company net cash flows of $4.2B for the quarter.
• 14.5% ROE after adjusting avg. equity for foreign exchange rates.
• Strategic capital deployment which reinforces our confidence in the
stability and strength of our business model:
− Deployed $885 million of capital year to date in 2015
− Announced 4Q15 dividend of 38-cents, 12% increase over 4Q14
− Accelerated our 2016 capital deployment plans by announcing a
new $150M share repurchase program
4 Posted on PFG website: 10/23/2015
Investment performance represents the percentage of Principal mutual funds, separate accounts, and collective investment
trusts in the top two Morningstar quartiles.

5. Strong Investment Performance Continues
Morningstar rankings of Principal mutual funds, separate accounts and CITs
Percentage of funds in the top two quartiles
85% 85%
88%
87% 87%
91%
86%
91% 91%
1-Year 3-Year 5-Year
Sep. 30, 2014
Jun. 30, 2015
Sep. 30, 2015
Represents $164 billion of assets under management of which 75% is managed by Principal Global Investors. 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.
GOAL:
ABOVE
60%
5 Posted on PFG website: 10/23/2015

6. Operating Earnings Normalizing Items
6 Posted on PFG website: 10/23/2015
Per diluted share 3Q15 3Q14
Operating Earnings per share $1.06 $1.19
Full Service Accumulation
Actuarial assumption review * $0.08
Additional expense recognition due to equity market decline $0.02
Individual Annuities
Actuarial assumption review * ($0.02)
Additional expense recognition due to a decline in the markets and lower
than expected variable investment income
$0.04
Principal International
Impairment of intangible assets within our mutual fund business in Brazil * $0.04
Actual encaje return compared to expected return $0.02 ($0.04)
Higher than expected Latin American inflation and variable investment
income in Chile
($0.03)
Individual Life
Actuarial assumption review * ($0.14) ($0.13)
Adverse claims experience $0.03
Specialty Benefits
Actuarial assumption review * ($0.03)
Total of normalizing items ($0.02) ($0.14)
Normalized Operating Earnings per share $1.04 $1.05
* Next slide has income statement detail of actuarial assumption review and intangible asset impairment.

7. Actuarial Assumption Review and Intangible Asset Impairment Detail
7 Posted on PFG website: 10/23/2015
• After tax operating earnings benefited by $31.2 million from the annual actuarial assumption review and were negatively impacted by
$11.3 million from an impairment of intangible assets within Brazil mutual fund company.
• Annual actuarial assumption review included reducing interest rate assumptions, other assumption updates and model refinements.
Intangible Asset
Impairment
3Q15 Full Service Individual Individual Specialty Principal Total 3Q15
Line Item Reported Accumulation Annuities Life Benefits Sub-total International Adjustments As Adjusted
Premiums and other considerations 1,557.0$ -$ -$ -$ (5.8)$ (5.8)$ -$ (5.8)$ 1,562.8$
Fees and other revenues 891.8 - - (3.0) - (3.0) - (3.0) 894.8
Net investment income 786.9 - - - - - - - 786.9
Total operating revenues 3,235.7 - - (3.0) (5.8) (8.8) - (8.8) 3,244.5
Benefits, claims and settlement expenses 1,863.7 - (1.9) (43.5) (18.0) (63.4) - (63.4) 1,927.1
Dividends to policyholders 40.7 - - - - - - - 40.7
Commissions 206.5 - - - - - - - 206.5
Capitalization of DAC (97.5) - - - - - - - (97.5)
Amortization of DAC 97.7 36.3 (5.7) (24.1) - 6.5 - 6.5 91.2
Depreciation and amortization 53.8 - - - - - 23.0 23.0 30.8
Interest expense on corporate debt 41.3 - - - - - - - 41.3
Compensation and other 648.2 - - - - - - - 648.2
Total expenses 2,854.4 36.3 (7.6) (67.6) (18.0) (56.9) 23.0 (33.9) 2,888.3
Operating earnings (losses) before tax, noncontrolling
interest and preferred stock dividends 381.3 (36.3) 7.6 64.6 12.2 48.1 (23.0) 25.1 356.2
Income tax 67.5 (12.7) 2.7 22.6 4.3 16.9 (7.2) 9.7 57.8
Operating earnings (losses) attributable to noncontrolling
interest (3.2) - - - - - (4.5) (4.5) 1.3
Preferred stock dividends - - - - - - - - -
Operating earnings (losses) 317.0 (23.6) 4.9 42.0 7.9 31.2 (11.3) 19.9 297.1
Net realized capital gains (losses) (16.5) - (5.0) - - (5.0) - (5.0) (11.5)
Other after-taxadjustments (0.1) - - - - - - - (0.1)
Net income (loss) available to common stockholders 300.4$ (23.6)$ (0.1)$ 42.0$ 7.9$ 26.2$ (11.3)$ 14.9$ 285.5$
Impact by Line Itemby Segment
Actuarial Assumption Review
Three Months Ended
September 30, 2015

8. Retirement and Investor Services
Accumulation
643 650
0
100
200
300
400
500
600
700
3Q14 3Q15
Net Revenue ($m)
• 23 consecutive quarters of positive net cash
flows in Principal Funds
• Full Service Accumulation sales of $1.5B,
continue to balance growth & profitability
• Full Service Accumulation recurring deposits
up 7% from year ago quarter.
On a trailing twelve month basis:
• Net revenue up 4%
• Pretax return on net revenue of 32%**
8 Posted on PFG website: 10/23/2015
Operating
Earnings
After-tax
($m)
Adjustment
($m)
Normalized
Operating
Earnings
After-tax ($m)
3Q15 $142.8 $36.7* $179.5
3Q14 $179.7 -- $179.7
Change -$36.9 (-21%) -- -$0.2 (0%)
* Includes impact of 3Q15 actuarial assumption review, additional expense recognition due to market declines, and lower
variable investment income.
** Adjusted for 3Q15 actuarial assumption reviews.

9. Retirement and Investor Services
Guaranteed
44
38
0
5
10
15
20
25
30
35
40
45
50
3Q14 3Q15
Net Revenue ($m)
On a trailing twelve month basis:
• Net revenue down 11%
• Pretax return on net revenue of 79%
9
• Full Service Payout sales of $680M with
a strong pipeline
• Continue to approach Investment Only
and Full Service Payout as opportunistic
Posted on PFG website: 10/23/2015
Operating Earnings
After-tax ($m)
3Q15 $20.5
3Q14 $24.6
Change -$4.1 (-17%)

10. Principal Global Investors
On a trailing twelve month basis:
• Revenue is up 2%
• Pretax margin of 27%
10
• AUM of $324B (including unaffiliated AUM
of $120B), up 6% over year ago quarter
• Strong current period net cash flows of
$2.9B; YTD net cash flows of $12.4B
• Margin improvement as we continue to
build scale
Operating Earnings
After-tax ($m)
3Q15 $30.4
3Q14 $25.3
Change $5.1 (+20%)
Posted on PFG website: 10/23/2015
174 183
0
20
40
60
80
100
120
140
160
180
200
3Q14 3Q15
Revenue ($m)

11. 407
374
0
100
200
300
400
500
600
3Q14 3Q15
Combined* Net Revenue ($m)
• Continue to generate mid-teens OE growth
on an adjusted** local currency basis
• Reported net cash flow of $1.6B led by
continued strong growth in Brazil; YTD net
cash flows of $7.5B
• Reported AUM of $106B^ is down from
3Q14 due to $34B currency headwind; up
20% on a local currency basis
On a trailing twelve month combined* basis:
• Net revenue is flat (up 19% on a local
currency basis)
• Pretax return on net revenue of 50%
excluding intangible asset impairment
11
Principal International
Posted on PFG website: 10/23/2015
+20%
local
currency
basis
*Combined basis includes all Principal International companies at 100%.
**Impairment of intangible assets in Claritas, our mutual fund company in Brazil, actual encaje returns compared to expected returns, inflation
returns compared to expected returns, and variable investment income in Chile.
~ Actual encaje returns compared to expected returns.
^ Does not include $41.5B of AUM in China.
Operating
Earnings
After-tax
($m)
Adjustment
($m)
Normalized
Operating
Earnings
After-tax
($m)
Local
Currency
Operating
Earnings
After-tax
($m)
3Q15 $45.8 $8.4** $54.2 $71.9
3Q14 $73.8 -$12.4~ $61.4 $61.4
Change
-$28.0
(-38%)
+$10.5
(+17%)

12. 235 239
0
50
100
150
200
250
300
3Q14 3Q15
Premium and Fees ($m)
+4%
adjusting for
actuarial
assumption
reviews
Individual Life
• Business market results remain strong at
57% of 3Q15 sales
• Third quarter 2015 mortality improved
compared to prior year quarter
On a trailing twelve month basis:
(adjusting for third quarter actuarial assumption reviews)
• Premium and fees up 4%
• Pretax operating margin of 16%
12 Posted on PFG website: 10/23/2015
Operating
Earnings
After-tax ($m)
Adjustment
($m)
Normalized
Operating
Earnings
After-tax
($m)
3Q15 $72.9 -$42.0* $30.9
3Q14 $52.2 -$29.0** $23.2
Change $20.7 (+40%) $7.7 (+33%)
* 3Q15 actuarial assumption reviews.
** Net 3Q14 actuarial assumption review benefit offset by adverse claims experience.

13. 405
430
0
50
100
150
200
250
300
350
400
450
500
3Q14 3Q15
Premium and Fees ($m)
Specialty Benefits
• Strong premium and fee growth across
all products
• Overall normalized quarterly loss ratio of
63.6%* is a strong result at the low end
of the targeted range
13 Posted on PFG website: 10/23/2015
Operating
Earnings
After-tax ($m)
Adjustment
($m)
Normalized
Operating
Earnings
After-tax
($m)
3Q15 $41.6 -$7.9* $33.7
3Q14 $31.1 -- $31.1
Change $10.5 (+34%) $2.6 (+8%)
* 3Q15 actuarial assumption review.
+8%
adjusting for
actuarial
assumption
reviews
On a trailing twelve month basis:
(adjusting for third quarter 2015 actuarial assumption reviews)
• Premium and fees up 8%
• Pretax operating margin of 12%
• Loss ratio of 64.8%

14. Capital Deployment
• As of today, we have deployed $885M of capital, outlined below:
− $330M in common stock dividends
 Paid 1Q15, 2Q15, and 3Q15 dividends of 36, 38, and 38 cents per
share respectively
− $200M shares repurchased
− $335M for AXA’s Hong Kong pension business
− $20M for increased ownership in PGI boutiques
• With the announced 4Q15 dividend of 38-cents, a 12% increase over 4Q14,
we have committed to deploy nearly $1B in 2015
• In addition, we accelerated our 2016 capital deployment plans by announcing
a new $150M share repurchase program
• Long term: expect to deploy 65–70 percent of our net income with fluctuations
in any given year
14 Posted on PFG website: 10/23/2015