The Principal Financial Group 101

1. Principal Financial Group®
March 2015

2. 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

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 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.

4. A Leading Financial Services Company
Fortune 500 company; 136 year history; 19.7 million customers
Assets Under Management by Source
$519.3 billion
as of Dec. 31, 2014
Retirement &
Investor Services
Accumulation
47%
Corporate
1%
U.S.
Insurance
Solutions
4%
Principal
International
23%
Principal
Global
Investors
22%
Operating Earnings
$1,443.4 million*
Dec. 31, 2014
Retirement &
Investor Services
Accumulation
49%
U.S.
Insurance
Solutions
16% Principal
International
19%
Principal
Global
Investors 8%
*Trailing Twelve Months. After-tax. Results exclude Corporate.
4
COMPANY OVERVIEW
RIS
Guaranteed
8%
RIS
Guaranteed
3%

5. Organizational Structure
Principal Financial Group
Zimpleman CEO – 44/44 yrs*
Lillis CFO – 33/33 yrs
Houston COO – 31/31 yrs
Retirement &
Investor Services
Everett - President
24/24 yrs
Principal Global
Investors
McCaughan – President
41/13 yrs
Principal
International
Valdes – President
27/24 yrs
U.S. Insurance
Solutions
Strable – President
26/26 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 2015.
**Structural changes announced Feb 2015 will align Principal Funds & Principal Trust with Principal Global Investors.
5
COMPANY OVERVIEW

6. PRINCIPAL FINANCIAL GROUP
Headquarters
Des Moines, Iowa
Mexico
Pensions
Annuities
Mutual Funds
Asset Management
Chile
Pensions – Mandatory
Pensions – Voluntary
Annuities
Mutual Funds
Asset Management
Brazil
Pensions
Annuities
Asset Management
Mutual Funds
India
Mutual Funds
Advisory Service
Asset Management
Malaysia
Mutual Funds
Asset Management
Islamic Institutional
Asset Management
Pensions
Hong Kong
Pensions,
Mutual Funds
Asset Management
China
Mutual Funds
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
Malta
Asset Management

7. 136 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
2014
AXA Hong
Kong
Pension

8. Name Age* Title (Industry/PFG)*
Larry D. Zimpleman 64 Chairman & Chief Executive Officer 44/44
Daniel J. Houston 54 President & Chief Operating Officer 31/31
Nora M. Everett 56 President - Retirement & Investor Services 24/24
James P. McCaughan 62 President - Global Asset Management 41/13
Deanna D. Strable 47 President - U.S. Insurance Solutions 26/26
Luis E. Valdes 58 President - Principal International 27/24
Timothy M. Dunbar 58 Executive VP & Chief Investment Officer 34/29
Terrance J. Lillis 63 Executive VP & Chief Financial Officer 33/33
Gary P. Scholten 58 Executive VP & Chief Information Officer 35/35
Karen E. Shaff 61 Executive VP, General Counsel & Secretary 33/33
Rex Auyeung 63 Senior VP & President, Principal Financial Group – Asia 38/21
David Blake 49 Senior Executive Director & Head of PGI Fixed Income 26/15
Elizabeth Brady 55 Senior VP & Chief Marketing Officer 31/2
Ned A. Burmeister 56 Senior VP & COO – Principal International 36/36
Gregory J. Burrows 53 Senior VP - Retirement & Investor Services 29/29
Gregory B. Elming 55 Senior VP & Chief Risk Officer 33/33
Amy Friedrich 45 Senior VP – Specialty Benefits 18/15
Pat Halter 56 Senior Executive Director – Principal Real Estate Investors 31/31
Julia M. Lawler 55 Senior Executive Director - Multi Asset Allocation 33/31
Greg Linde 59 Senior VP – Individual Life 36/23
Barbara McKenzie 55 Senior Executive Director & COO – Boutique Operations 31/31
Dennis Menken 52 Senior VP & Chief Investment Officer – Principal Life 21/21
Timothy J. Minard 52 Senior Executive Director – U.S. Distribution 29/29
Jerry Patterson 49 Senior VP - Retirement & Investor Services 27/14
Beth Raymond 49 Senior VP & Chief Human Resources Officer 24/15
Angela R. Sanders 52 Senior VP & Controller 26/26
Ellen Shumway 52 Senior Executive Director – Strategy & Boutique Operations 25/10
Roberto Walker 50 Senior VP & President, Principal Financial Group – LatAm 26/19
*As of 12/2015
8
Experienced Management Team
COMPANY OVERVIEW

9. Retirement and Investor Services
•A leading provider of DC plans1
•#1 provider of DB plans2
•#1 provider of ESOP plans3
•#6 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 12/31/14; 5Pensions & Investments, “The Best Places to Work in Money Management among
companies with our size category”, PFG recognition 12/08/2014. 6 Managers ranked by total worldwide real estate assets (net of leverage), as of June
30, 2014. “Largest Real Estate Managers”, PENSIONS & INVESTMENTS, October 27, 2014.; 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, 11/2014; 10Asociacion de Administradóras de Fondos Mutuos De Chile,
10/2014; 11Lipper. Percentage of market share as of 12/2014; 12Towers Watson. Based on AUM as of 09/2014; 13CONSAR & PROCESAR, October 2014;
14PLANSPONSOR NQDC Buyer’s Guide, July 2014; 15LIMRA 2013 survey: Non-medical based on fully insured employer contracts in force. 16 LIMRA 2014
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

10. Financial Strength:
Current Ratings
(as of February 2015)
• Moody's Investors Service
'A1', Good – fifth highest of 21
rating levels.
Outlook: Stable
Rating reviewed November 2013
• FitchRatings
'AA-‘, Very Strong - fourth highest of
19 rating levels.
Outlook: Stable
Rating reviewed June 2014
• Standard & Poor's
‘A+’, Strong - fifth highest of 24
rating levels.
Outlook: Stable
Rating reviewed March 2014
• A.M. Best
'A+', Superior - second highest of
16 rating levels.
Outlook: Stable
Rating reviewed January 2015
Ratings related to Principal Life Insurance Company and Principal National Life Insurance Company.10
COMPANY OVERVIEW

11. 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

12. Customer-Centric Business Model
12
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

13. 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
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

14. 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
1.83.2
3.3
3.3
3.0
2.8
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
6.7
8.5
11.5
10.3
8.7
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

15. 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
6.3 5.7
3.8 5.8
6.0
6.5
6.3 6.0
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 +27%*
Avg deferral per member +6%*
People receiving a match +38%*
15
17.0
18.5
20.3
24.3
25.2
The Power of Payroll Deduction
* 4Q10 compared to 4Q14.
25.0
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

16. Account Value byManager
16
60.4% 58.4% 58.3% 56.6% 55.8% 56.6% 58.7%
12.7% 12.8% 11.1% 10.0% 10.3% 9.9%
10.6%
20.1% 22.3% 23.3% 26.5% 26.9%
26.4% 23.4%
6.9% 6.6% 7.3% 6.9% 7.1% 7.1% 7.3%
0%
20%
40%
60%
80%
100%
2009
2010
2011
2012
2013
2014
2014Deposits
PGI managed Sub-advised Non-proprietary ER Securities
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

17. 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)
Full Service Accumulation
RETIREMENT AND INVESTOR SERVICES

18. 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
RETIREMENT AND INVESTOR SERVICES
Full Service Accumulation

19. 1.9%
4.5% 4.2%
3.1%
6.7%
18.1%
12.5%
8.5%
2011 2012 2013 2014
Industry net flows Principal Funds net flows
1.0%
0.7%
0.3%
-0.9%
3.5%
6.3%
1.7%
0.4%
2011 2012 2013 2014
401k Industry net flows Principal FSA net flows
Full Service Accumulation (FSA)
Net cash flows as % of beginning of year assets 2011-2014. Sources of industry data: 401(k) industry – Department of Labor & Cerulli
Associates 2014 (for 2014, 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
RETIREMENT AND INVESTOR SERVICES

20. TOP SELLING FUNDS
TTM
4Q14
Global Diversified Income $3.6B
MidCap Fund $2.3B
Preferred Securities $1.6B
SAM Combined Funds $1.5B
High Yield Fund $1.3B
TOTAL FOR TOP 5 $10.3B
ASSET ALLOCATION LEADERSHIP
• #6 largest lifecycle fund manager*
• Target date & target risk
• Multi-manager solutions
• Portfolio construction strategies:
*Based on $39.5B in assets Strategic Insight 12/31/14 Lifecycle Report
Needs-Driven Investment Solutions
Broad and unique asset allocation strategies
20
RETIREMENT AND INVESTOR SERVICES
Principal Funds

21. Account Values – Then & Now
32%
43%100%
25% 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
2014
$20.0B
2006
$14.7B
2014
$74.1B
21 DCIO = Defined Contribution Investment Only. RIA = Registered Investment Advisor
RETIREMENT AND INVESTOR SERVICES
Principal Funds

22. A Diversified Family of Mutual Funds
12%
4%
73%
47%
2%
3%
-11%
15%
31%
TTM 4Q14 12/31/2014
Equity
Fixed Income
Index
Asset Allocation
Other
Net Cash
Flow
Assets Under
Management
22
24%
RETIREMENT AND INVESTOR SERVICES
Principal Funds

23. Driving Industry Recognition
and Advisor Engagement
16th 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, December 2014
#5 for DC
Investment
Manager
RETIREMENT AND INVESTOR SERVICES
Principal Funds

24. 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
RETIREMENT AND INVESTOR SERVICES

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
25
RETIREMENT AND INVESTOR SERVICES

26. INDIVIDUAL LIFE
•Non-Qualified Plans 12.3% #2
•Total Life New Sales Premium 1.6% #19
SPECIALTY BENEFITS
•Total Group In-Force Contracts 7.3% #4
- Life 8.9% #4
- Disability 7.0% #6
- Dental 6.0% #7
•Individual Disability
In-force Premium
8.5% #5
•Individual Disability
New Sales Premium
15.8% #2
Success Reflects Expertise Serving SMB Market
2013
Industry
Rank
2013
Market
Share
26
Nonqualified Plans ranking from PLANSPONSOR Buyers Guide Survey, July 2014. All other rankings are from LIMRA 2013.
U.S. INSURANCE SOLUTIONS

27. ER/NQ
28%
BOES
27%
Individual
45%
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
2014 Sales
BOES = Business Owner/Executive Solutions
ER/NQ = Employer/Non-qualified
SOLUTIONSFORBUSINESS,BUSINESSOWNERSANDKEYEXECUTIVES
27
U.S. INSURANCE SOLUTIONS

28. 3.9%
10.4%
2.4% 2.0%
Group Benefits Individual DI
The Principal Industry
Dental/
Vision
47% Group
Life
27%
Balanced Portfolio
plus Above Industry PremiumGrowth
2014 Total Premium & Fees
3 Year In-Force Premium Growth
(2010 – 2013 CAGR)
Group
Benefits
83%Individual
Disability
17%
Group
Disability
26%
28
U.S. INSURANCE SOLUTIONS
•Stable loss ratios
•Attractive margins
•ROE of 14% +
Industry source: LIMRA 2010-2013

29. 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
29
DISTRIBUTION

30. 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.
30
DISTRIBUTION

31. Expanding Distribution Partnerships
Have Generated Strong Sales Growth
3.1 3.8 3.7
7.6 6.6 7
2.8
5.7 6.5
10.5
14.5 14.4
1.2
1.5
1.4
2.5
3.3 2.4
0.9
1.5
1.4
1.7
2.0
2.0
2009 2010 2011 2012 2013 2014
Individual Annuities
Separately Managed Accounts
Mutual Funds
Full Service Accum
$8.0BTotal: +26%
CAGR:
$12.5B $13.0B $22.3B
31
$26.4B
DISTRIBUTION
$25.8B

32. Broad and Deep Distribution
Proprietary provides foundation; 3rd party provides accelerated growth
Rankings and percentages as of 12/31/2014
Product Line
New Sales
1st 2nd 3rd Top 3
represent
NQ Life 33%
Retail Life 59%
Individual Disability Plus Group 39%
Group Benefits Gallagher 14%
Fixed Annuities 52%
Variable Annuities
KeyCorp Ins.
Agency
94%
Mutual Funds 23%
FSA – New Sales Assets 35%
FSA – New Sales Case
Counts
Edward D.
Jones 33%
32
DISTRIBUTION
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network
Principal
Advisor
Network

33. • Serve clients in 75 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
• Manages:
– 60% of Full Service Accumulation assets
– 76% of Principal Funds assets
– 100% of Principal Life general account assets
• Office locations in major financial markets
worldwide
• Long-standing commitment to corporate
stewardship
As of 12/31/14
Principal Global Investors
Assets Under Management
$314B
By Asset Class
33
Fixed
Income
$132B
Equity
$111B
Real
Estate
$57B
Alternatives
$14B
PRINCIPAL GLOBAL INVESTORS
At a Glance

34. Our Current Boutiques
(AUM as of 12/31/14)
Principal Global
Equities
$80.6B
Principal Global
Fixed Income
$78.6B
Private Real Estate
$34.9B
CMBS
$7.2B
Origin Asset
Management
$2.8B
Edge Asset
Management1
$20.3B
Fixed IncomeEquities
REITs
$9.6B
Principal Enterprise
Capital
$5.6B
CIMB – Principal
Islamic Asset Mgmt.
$0.656B2
MorleyFinancial
Services
$17.1B
Spectrum Asset
Management
$17.7B
Macro Currency
Group
$9.0B
Post Advisory
Group
$9.5B
Multi-Asset
Advisors
$0.625B3
Real Estate
AssetAllocation/
Alternatives
Finisterre Capital
$2.8B
Columbus Circle
Investors
$16.6B
Liongate Capital
Management
$0.433B
34
1 Edge Asset Management advises on an additional $8.2B across asset classes for Retirement and Investor Services.
2 Total CIMB AUM is $1.1B with $0.5B sub-advised to Principal Global Equities
3 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.
PRINCIPAL GLOBAL INVESTORS

35. Asset Management Expertise Wins Mandates
$82.4
$98.2
$109.4 $114.0
2011 2012 2013 2014
Principal Global Investors
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, 2014, “Largest Real Estate Managers”, PENSIONS & INVESTMENTS,
October 27, 2014. (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 12/08/2014.(5) Managers ranked by total assets
under management. America’s Top 300 Money Manager, Institutional Investor, July 2014, data as of 12/31/2013.
35
PRINCIPAL GLOBAL INVESTORS

36. Strong Investment Performance
Represents $164 billion AUM of which 75% managed by PGI boutiques
Morningstar Rankings
Percentage of Principal Funds in the top two quartiles
66%
78%
72%
85% 85% 88%88% 85% 86%
1-Year 3-Year 5-Year
Dec. 31, 2013 Sept. 30, 2014 Dec. 31, 2014
36
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 GLOBAL INVESTORS

37. PRINCIPAL FINANCIAL
GROUP
Mexico (1993)
• Annuities, Mutual
Funds, Pensions,
Asset Management
• AUM of $11.9B
• Wholly owned
Chile (1995)
• Annuities, Mutual Funds, Asset
Management, Mandatory Pensions,
Voluntary Pensions
• AUM of $40.7B
• Wholly owned
• Cuprum – a 97.96% 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 $43.3B
• Claritas – 62.73%
indirectly owned mutual
fund company
AUM of $1.3B
India (2000)
• Asset Management,
Mutual Funds
• AUM of $0.8B
• 70% owned joint venture
with Punjab National
Malaysia (2003)
• Conventional & Islamic Asset
Management, Mutual Funds,
Pensions
• AUM of $11.3B
• CIMB-Principal – 40% owned
joint venture with CIMB
Group
China (2005)
• Asset Management, Mutual
Funds
• AUM of $19.1B
• CCB-Principal – a 25%
owned joint venture with
China Construction Bank
Hong Kong (1996)
• Asset Management, Mutual
Funds, Pensions
• AUM of $3.8B
• Wholly owned
Thailand (2010)
• Asset Management, Mutual Funds
• AUM of $1.2B
• Wholly owned subsidiary of Malaysian JV
Indonesia (2007)
• Asset Management,
Mutual Funds
• AUM of $0.3B
• Wholly owned
subsidiary of Malaysian
JV
Singapore (2006)
• Asset Management
• AUM of $2.7M
• Wholly owned subsidiary
of Malaysian JV
AUM as of 12/31/2014
PRINCIPAL INTERNATIONAL
37

38. We’re in the Right Countries
SOURCE: IMF, Standard Chartered Research.
TEN LARGEST ECONOMIES BY DECADE
Current Principal International locations: Asia Latin America
38
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
PRINCIPAL INTERNATIONAL

39. Joint Venture Partner
Partner’s Industry
Ranking
Partner’s Distribution Reach
Banco do Brasil
Largest bank in Latin
America1
5,450 branches2
61.4 million customers2
3rd largest listed bank in
world1
14,650 branches3
532 million retail customers3
5th largest universal
banking group in ASEAN4
1,057 branches5
13 million retail customers4
3rd largest Nationalized
bank in India6
6,081 branches7
89 million retail customers7
SOURCE: 1Relbanks.com March 2014 in terms of AUM; 2Banco do Brasil Annual Report 2013, 3CCB 2013 annual report – customers
based on retail debit cards; 4CIMB Group 2013 Annual report – ranking in term of AUM, 5CIMB Group 2013 4Q Analyst
Presentation 6Indian Banks’ Association 2014 in terms of assets 7Pnbindia.in 2014
Leveraging Strong Marquee Partners
with Outstanding Distribution
39
PRINCIPAL INTERNATIONAL

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
40
PRINCIPAL INTERNATIONAL

41. 41
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
+
PRINCIPAL INTERNATIONAL

42. 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
42
Brazil source: Quantum. 11/14. Mexico source: CONSAR & PROCESAR. 11/14. Chile source: Asociacion de Administradóras de
Fondos Mutuos De Chile. 10/14. Principal is 2nd largest pension provider in Latin America by AUM among multi-country pension
providers.
Latin America
PRINCIPAL INTERNATIONAL

43. CUPRUM: A “One-Stop Shop”
43 ERM = Enterprise Risk Management
Chile
PRINCIPAL INTERNATIONAL

44. 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
44
*Mandatory Provident Fund. Malaysia source: Lipper. Percentage of market share as of 12/14. Hong Kong
source: Towers Watson. Based on AUM as of 9/14. China source: East Fortune. Based on AUM as of 12/14.
India source: Company data/media tracking at launch 11/12
PRINCIPAL INTERNATIONAL
Asia

45. Corporate Public
Bonds
28%
Corporate Private
Bonds
17%
Commercial
Mortgages
15%
CMBS
6%
Cash
3%
MBS
6%
ABS
6%
Government, Agency,
State & Political
9%
Other*
10%
Diversified Portfolio
$70.3 Billion
* Other includes Equity Securities, Residential Mortgages, Real Estate, Policy Loans, Investment in Equity Method subs,
Direct Finance Leases and Other Investments
45
Invested Assets & Cash
As of 12/31/14
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

46. Assets & Liabilities
Performed as Expected
-$600
-$400
-$200
$0
$200
$400
$600
$800
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Inmillions
Actual net assets & liabilities Modeled net assets & liabilities
46
INVESTMENTS

47. 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%
19%
16%
Current
70%
15%
15%
2018E
Fee Spread Risk
47
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

48. 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
48
(Acquisitions & share buybacks)
Organic Growth Dividends Available Capital
25%
25%
50%
FINANCIALS

49. Driving ROE
Growth
OCI = Other Comprehensive Income.
As Reported
2007
2014
Operating
earnings
$1.1B $1.3B
Average
equity (x-OCI)
$6.5B $9.3B
Return on
equity (x-OCI)
16.4% 14.2%
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
49

50. 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
50
Opportunity
Year
Announced Rationale
AXA Hong Kong
Pension
2014
 15 year exclusive distribution
with 4,440 agents
 Gateway into China
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
FINANCIALS

51. 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
51 IRR = Internal Rate of Return.
FINANCIALS

52. Capital Deployment
Strategic
Acquisitions:
$350M
Share
Repurchases:
$550M
2011 2012
Over $1.1 billion
in total
Allocated $2.1 billion
Common Stock
Dividends: $230M
Share Repurchases:
$300M
Strategic
Acquisitions:
$1,595M
2013
Allocated $480 million
Share
Repurchases:
$150M
Strategic Acquisition:
$44M
Common
Stock
Dividends:
$288M
Common Stock
Dividends: $215M
52
2014
Allocated $855 million
Share
Repurchases:
$200M
Strategic
Acquisition:
$180M
Surplus Note
Redemption: $100M
Common
Stock
Dividends:
$375M
Long term: expect to deploy 65–70 percent of our net income
with fluctuations in any given year
FINANCIALS

53. Capital Deployment
• Deployed $855M in 2014, more than 75% of net income
̶ $375M in common stock dividends
̶ $180M for increased stake in Columbus Circle Investors
̶ $200M in share repurchases ($50M remaining on current authorization*)
̶ $100M surplus note redemption in 1Q14
• We expect to deploy $800M - $1.0B in 2015
̶ $105M in common stock dividends to date
̶ 36-cent common stock dividend payable in 1Q15, a 6% increase from prior
dividend
̶ Strategic acquisitions
̶ $335M for AXA’s Hong Kong pension business
̶ Anti-dilutive/opportunistic share repurchase
• Long term: expect to deploy 65–70 percent of our net income with fluctuations
in any given year
*as of 12/31/2014
FINANCIALS
53

54. 5-Year 2015E
Accumulation
Net revenue
growth
6-8% 4-6%
Pre-tax RONR 28-32% 30-33%
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 2015E
Individual
Life
Premium & fee
growth
4-8% 3-5%
Pre-tax operating
margin
16-21% 13-16%
Specialty
Benefits
Premium & fee
growth
8-10% 6-8%
Pre-tax operating
margin
8-12% 10-12%
Loss ratio 65-71% 64-70%
54
Key Business Drivers Outlook
5-Year 2015E
Revenue growth 14-17% 7-10%
Pre-tax margin 30+% 26-28%
Principal Global Investors
Principal International
5-Year 2015E
Combined* net revenue growth
(normalized local basis)
15-20% 14-16%
Combined net revenue growth
(in reported USD)
15-20% 8-10%
Combined pre-tax RONR 55-60% 50-52%
Principal’s share of
combined pre-tax earnings
N/A 35%
Estimated After-tax operating losses for Corporate of $130-$150 million in 2015
FINANCIALS

55. (1) Excludes discontinued operations. (2) Diluted. (3) Operating return on average equity excluding other
comprehensive income, based on trailing 12 month period.
2001 2014
CAGR
(’01-’14)
Operating Earnings(1) ($M) $433 $1,318 9%
Earnings Per Share(2) $1.20 $4.41 10.5%
Assets Under Management ($B) $98 $519 14%
ROE (TTM)(3) 6.9% 14.2% +730 bps
Book Value Per Share
(x-OCI)
$17.81 $32.64 5%
S&P 500 1,148 2,059 5%
Results Demonstrate Relative Strength of
Our Business Model
55
FINANCIALS

56. 56

57. 57