3Q 2017 Earnings Conference Call Presentation

1. Principal Financial Group
®
Third Quarter 2017 Earnings Results
October 26, 2017

2. 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 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, the company has provided reconciliations of the non-GAAP
financial measures to the most directly comparable U.S. GAAP financial measure within the
slides. 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
Use of Non-GAAP Financial Measures
Posted on PFG website: 10/26/2017

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, 2016, and in the company’s quarterly report on Form 10-Q for the quarter ended Jun. 30, 2017, filed by the company
with the U.S. 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; volatility or declines in the equity, bond or real estate markets; changes in interest
rates or credit spreads or a sustained low interest rate environment; 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 investments and the determination of the amount of allowances and impairments taken on such
investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any
impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience could
differ significantly from its pricing and reserving assumptions; 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 not be able to protect its intellectual property and may be subject to
infringement claims; 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; changes in laws, regulations or
accounting standards; 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; 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;
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; changes in investor
preferences; inability to attract and retain qualified employees and sales representatives and develop new distribution
sources; international business risks; fluctuations in foreign currency exchange rates; 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; and a computer system
failure or security breach could disrupt the company’s business and damage its reputation.
Forward Looking Statements
3
Posted on PFG website: 10/26/2017

4. • Strong quarterly operating earnings1 of $374M and quarterly operating earnings per
diluted share1 (EPS) of $1.28; EPS excluding significant variances of $1.42, an increase of
16% over prior year quarter
• The annual actuarial assumption review, the only significant variance in 3Q17, suppressed
total company operating earnings by $43M
• Record AUM of $656B; including $5B of total company net cash flows in the quarter
• Strong investment performance2 with 88% of investment options in the top two
Morningstar quartiles on a five-year basis
• Continued to generate and deploy capital to create long-term shareholder value:
o Deployed $191M of capital in 3Q17 through common stock dividends, share
repurchases, and increased ownership in a PGI boutique
o Announced 4Q17 common stock dividend of $0.49 per share, a 14% increase over
4Q16 and our 7th consecutive quarterly dividend increase
Strong execution in a favorable operating environment drives continued growth
3Q17 Earnings call key themes
4
1This is a non-GAAP financial measure; see reconciliation in appendix.
2Represents the percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance
separate accounts, and collective investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money
Market, Stable Value, Liability Driven Investment (Short, Intermediate and Extended Duration), & US Property
Separate Account.
Posted on PFG website: 10/26/2017

5. Percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance
separate accounts, and collective investment trusts (CITs)1 in the top two Morningstar quartiles
53%
90%
85%
41%
80%
86%
1-Year 3-Year 5-Year
Sep. 30, 2016
Jun. 30, 2017
Sep. 30, 2017
1Excludes Money Market, Stable Value, Liability Driven Investment (Short, Intermediate and Extended Duration), &
US Property Separate Account.5
Strong investment performance continues
Posted on PFG website: 10/26/2017
69%
Sep. 30 2017
71%
Sep. 30 2017
88%
Sep. 30 2017

6. 6
Posted on PFG website: 10/26/2017
Operating earnings excluding significant variances
3Q17 vs 3Q16
(in millions, except per share data)
change % change
Pre-tax operating earnings
RIS-Fee 108.0$ 41.0$ 149.0$ 130.9$ 26.2$ (11.8)$ 145.3$ 3.7$ 3%
RIS-Spread 102.1 (19.2) 82.9 76.0 5.4 (15.0) 66.4 16.5 25%
Retirement and Income Solutions 210.1 21.8 231.9 206.9 31.6 (26.8) 211.7 20.2 10%
Principal Global Investors 130.2 - 130.2 112.9 - - 112.9 17.3 15%
Principal International 72.4 11.8 84.2 84.2 8.9 (8.0) 85.1 (0.9) -1%
Specialty Benefits 83.8 (14.2) 69.6 73.9 (10.0) (7.9) 56.0 13.6 24%
Individual Life (0.6) 47.0 46.4 (3.7) 43.2 - 39.5 6.9 17%
U.S. Insurance Solutions 83.2 32.8 116.0 70.2 33.2 (7.9) 95.5 20.5 21%
Corporate (43.0) - (43.0) (57.8) - - (57.8) 14.8 26%
Total pre-tax operating earnings 452.9 66.4 519.3 416.4 73.7 (42.7) 447.4 71.9 16%
Income taxes 79.2 23.5 102.7 80.7 25.5 (14.3) 91.9 10.8 12%
Operating earnings (losses) 373.7$ 42.9$ 416.6$ 335.7$ 48.2$ (28.4)$ 355.5$ 61.1$ 17%
Weighted average diluted shares outstanding 293.1 293.1 291.4 291.4 1.7 1%
Operating earnings per share (EPS) $1.28 $0.14 $1.42 $1.15 $0.17 ($0.10) $1.22 $0.20 16%
3Q17 vs 3Q16 excluding
significant variances3Q17 as
reported
3Q17
actuarial
review
3Q17
excluding
significant
variances
3Q16 as
reported
3Q16
actuarial
review
3Q16 real
estate sale
& encaje
3Q16
excluding
significant
variances

7. Impacts of 3Q17 Significant Variances
Income statement line item impacts of the annual actuarial assumption review
($ in millions)
7
Posted on PFG website: 10/26/2017
RIS RIS Principal Specialty Individual
Line Item Fee Spread International Benefits Life
Premiums and other considerations -$ -$ -$ -$ -$ -$
Fees and other revenues - - - - 14.2 14.2
Net investment income - - (11.8) - - (11.8)
Total operating revenues - - (11.8) - 14.2 2.4
-
Benefits, claims and settlement expenses 36.7 (3.1) - (14.2) 18.5 37.9
Dividends to policyholders - - - - - -
Commissions - - - - - -
Capitalization of DAC - - - - - -
Amortization of DAC 4.3 (16.1) - - 42.7 30.9
Depreciation and amortization - - - - - -
Interest expense on corporate debt - - - - - -
Compensation and other - - - - - -
Total expenses 41.0 (19.2) - (14.2) 61.2 68.8
-
Pre-tax operating earnings (losses) (41.0)$ 19.2$ (11.8)$ 14.2$ (47.0)$ (66.4)$
Total
Annual actuarial assumption review

8. $365 $372
3Q16
reported
3Q17
reported
Highlights
• Growth in pre-tax operating earnings excluding significant variances
was driven by higher net revenue on increased account values and
favorable timing of expenses
• Fundamentals remain strong; recurring deposits grew 7% and
defined contribution contract count increased by more than 800
over 3Q16
8
1Excludes 3Q16 and 3Q17 actuarial assumption reviews and higher variable investment
income in 3Q16.
2Excludes 3Q16 and 3Q17 actuarial assumption reviews.
All financial information rounded to the nearest million. Change and growth rates calculated
using data from financial supplement.
Posted on PFG website: 10/26/2017
Retirement and Income Solutions – Fee (RIS – Fee)
Net revenue ($M)
Quarterly basis
increase in
net revenue
pre-tax return on
net revenue
Trailing twelve month basis2
5%
35%
Reported
pre-tax operating
earnings ($M)
Significant
variances1 ($M)
Pre-tax operating
earnings ex
significant
variances ($M)
3Q17 $108 +$41 $149
3Q16 $131 +$14 $145
Change -$23 (-17%) +$4 (+3%)
+2%
reported
+4% ex
significant
variances1

9. $122
$131
3Q16
reported
3Q17
reported
Retirement and Income Solutions - Spread (RIS – Spread)
9
1Excludes 3Q16 and 3Q17 actuarial assumption reviews and higher variable investment
income in 3Q16.
2Excludes 3Q16 and 3Q17 actuarial assumption reviews.
All financial information rounded to the nearest million. Change and growth rates
calculated using data from financial supplement.
Posted on PFG website: 10/26/2017
Highlights
• Growth in pre-tax operating earnings excluding significant variances
driven by growth in the business and benefits of scale
• Pipeline remains strong in the pension risk transfer market with more
than $2B of sales year-to-date, including record quarterly sales of
over $1B
Net revenue ($M)
Quarterly basis
Reported
pre-tax operating
earnings ($M)
Significant
variances1 ($M)
Pre-tax operating
earnings ex
significant
variances ($M)
3Q17 $102 -$19 $83
3Q16 $76 -$10 $66
Change +$26 (+34%) +$17 (+25%)
increase in
net revenue
pre-tax return on
net revenue
Trailing twelve month basis2
18%
67%
+7%
reported
+19% ex
significant
variances1

10. $305 $328
3Q16
reported
3Q17
reported
Principal Global Investors
10
1This is a non-GAAP financial measure; see reconciliation in appendix.
All financial information rounded to the nearest million. Change and growth
rates calculated using data from financial supplement.
Posted on PFG website: 10/26/2017
Highlights
• Increase in pre-tax operating earnings due to strong market
performance, higher transaction and borrower fees, and disciplined
expense management
• Management fees increased 8% compared to the year ago quarter
• Record AUM of $423B increased 7% compared to the year ago
quarter, including $3B of positive net cash flows in the quarter
• On a TTM basis, pre-tax return on operating revenues less pass-
through commissions increased 260 bps compared to the year ago
period
Operating revenues less
pass-through commissions1
Quarterly basis
Reported
pre-tax operating earnings ($M)
3Q17 $130
3Q16 $113
Change +$17 (+15%)
increase in
operating revenues less
pass-through commissions
pre-tax return on
operating revenues less
pass-through commissions
Trailing twelve month basis
9%
38%
+8%
reported

11. $216
$236
3Q16
reported
3Q17
reported
Highlights
• Pre-tax operating earnings excluding significant variances
decreased slightly from the prior year quarter as lower than
expected encaje performance and inflation in 3Q17 more than
offset underlying growth in the business
• Record reported AUM of $159B increased 16% over 3Q16, including
record AUM in Brazil, Chile, Hong Kong and Southeast Asia
• Over $2B of net cash flows in the quarter, marking the 36th
consecutive quarter of positive net cash flows
Principal International
1 Excludes 3Q16 and 3Q17 actuarial assumption reviews and the impact of actual vs.
expected encaje returns in 3Q16.
2 Combined basis includes all Principal International companies at 100%.
3 This is a non-GAAP financial measure; see reconciliation in appendix.
4 Excludes 3Q16 and 3Q17 actuarial assumption reviews.
All financial information rounded to the nearest million. Change and growth rates
calculated using data from financial supplement.
11
Posted on PFG website: 10/26/2017
Combined2 net revenue3
(at PFG share)
Quarterly basis
3%
35%
10%
38%
increase in net revenue
pre-tax return on
net revenue
Trailing twelve month combined basis4
(at PFG share)Reported
pre-tax operating
earnings ($M)
Significant
variances1 ($M)
Pre-tax operating
earnings ex
significant
variances ($M)
3Q17 $72 $12 $84
3Q16 $84 $1 $85
Change -$12 (-14%) -$1 (-1%)
+9%
reported
+7% ex
significant
variances1

12. $469
$514
3Q16
reported
3Q17
reported
1Excludes 3Q16 and 3Q17 actuarial assumption reviews and higher variable investment
income in 3Q16.
2Excludes 3Q16 and 3Q17 actuarial assumption reviews.
All financial information rounded to the nearest million. Change and growth rates
calculated using data from financial supplement.
Posted on PFG website: 10/26/2017
Specialty Benefits
Highlights
• Pre-tax operating earnings excluding significant variances increased
over the prior year quarter due to growth in the business, favorable
claims experience, and disciplined expense management
• Premium and fees are up 9% over the prior year period due to strong
sales and retention
• Overall quarterly loss ratio excluding significant variances was within
the guided range
12
Quarterly basis
increase in
premium and fees
pre-tax return on
premium and fees
incurred loss ratio
Trailing twelve month basis2
9%
13%
Premium and fees
64%
Reported
pre-tax operating
earnings ($M)
Significant
variances1 ($M)
Pre-tax operating
earnings ex
significant
variances ($M)
3Q17 $84 -$14 $70
3Q16 $74 -$18 $56
Change +$10 (+13%) +$14 (+24%)
+9%
reported

13. $241
$274
3Q16
reported
3Q17
reported
1Excludes 3Q16 and 3Q17 actuarial assumption reviews.
All financial information rounded to the nearest million. Change and
growth rates calculated using data from financial supplement.
Posted on PFG website: 10/26/2017
Individual Life
Highlights
• Pre-tax operating earnings excluding significant variances increased
due to growth in the business, favorable mortality, and disciplined
expense management
• Increase in premium and fees driven by strong sales in all segments
13
Quarterly basis
increase in
premium and fees
pre-tax return on
premium and fees
Trailing twelve month basis1
5%
16%
Premium and fees
Reported
pre-tax operating
earnings (losses)
($M)
Significant
variances1
($M)
Pre-tax operating
earnings ex
significant
variances ($M)
3Q17 $(1) +$47 $46
3Q16 $(4) +$43 $40
Change +$3 +$7 (+17%)
+14%
reported
+4% ex
significant
variances1

14. Expect to deploy $800M to $1.1B of capital in 2017
7th consecutive increase in quarterly dividend
Announced 4Q17 common stock dividend of $0.49 per share,
or $1.87 for TTM; a 16% increase compared to 4Q16 TTM
14
Posted on PFG website: 10/26/2017
Capital deployment
$605M
total capital
deployed
YTD 2017
Common stock dividends paid
• $136M - 3Q17 ($0.47 per share)
• $133M - 2Q17 ($0.46 per share)
• $130M - 1Q17 ($0.45 per share)
Share repurchases
• $49M - 3Q17
• $26M - 2Q17
• $118M - 1Q17
$193M YTD $399M YTD
$13M YTD
Increased ownership
in PGI boutiques
• $6M - 3Q17
• $7M - 2Q17

15. 15
(in millions)
Three Months Ended
Principal Global Investors Operating Revenues Less
Pass-Through Commissions
9/30/17 9/30/16
Principal Global Investors operating revenues $367.5 $346.2
Principal Global Investors commission expense (40.0) (41.6)
Principal Global Investors operating revenues less
pass-through commissions
$327.5 $304.6
Posted on PFG website: 10/26/2017
Appendix
Non-GAAP financial measure reconciliations
(in millions)
Three Months Ended
Principal International Combined Net Revenue
(at PFG Share)
9/30/17 9/30/16
Principal International pre-tax operating earnings $72.4 $84.2
Principal International combined operating expenses
(at PFG share)
163.6 131.4
Principal International combined net revenue
(at PFG share)
$236.0 $215.6
(in millions)
Three Months Ended
Operating earnings (losses) 9/30/17 9/30/16
Net income attributable to PFG $810.2 $308.2
Net realized capital (gains) losses, as adjusted (436.5) 27.5
Operating Earnings $373.7 $335.7
Per diluted share
Three Months Ended
Diluted earnings per common share 9/30/17 9/30/16
Net income $2.76 $1.06
Net realized capital (gains) losses, as adjusted (1.48) 0.09
Operating Earnings $1.28 $1.15
Weighted-average diluted common shares
outstanding (in millions) 293.1 291.4

16. Posted on PFG website: 10/26/2017
Appendix
Non-GAAP financial measure reconciliations
16
(in millions)
Three Months Ended
Income Taxes 9/30/17 9/30/16
Total GAAP income taxes $344.6 $43.3
Net realized capital gains (losses) tax adjustments (284.3) 19.4
Income taxes related to equity method investments
and noncontrolling interest
18.9 18.0
Income taxes $79.2 $80.7
Definitions
Variable investment income includes certain types of investment returns such as prepayment
fees and income (loss) from certain elements of our alternative asset classes, including results of
value-add real estate sales activity.