outlookclarity8-k.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
_________________________
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 4, 2009
(Date of earliest event reported)
 
PRINCIPAL FINANCIAL GROUP, INC. 
(Exact name of registrant as specified in its charter)

                                                             Delaware  1-16725                           42-1520346 
                                               (State or other jurisdiction  (Commission file number)                        (I.R.S. Employer 
                              of incorporation)                     Identification Number) 

711 High Street, Des Moines, Iowa 50392
(Address of principal executive offices)
 
(515) 247-5111
(Registrant’s telephone number, including area code)
 
          Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the 
          registrant under any of the following provisions: 
 
          [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
          [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
          [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 
  240.14d-2(b)) 
          [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 
  240.13e-4(c)) 
________________________


Item 7.01       Regulation FD Disclosure   
 
The following information is being furnished under Item 7.01 "Regulation FD Disclosure." This 
information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 
1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall 
it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or 
the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. 
 
At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its 
outlook for 2010 operating earnings per diluted share. In an attempt to provide greater clarity on 
the outlook and further insight into expected performance of the company’s growth businesses in 
2010, detail is included herewith as Exhibit 99.   
 
Item 9.01       Financial Statements and Exhibits 
 
Exhibit 99       Detail Concerning 2010 Outlook Dated December 3, 2009 
 
 
                                                                  SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused 
this report to be signed on its behalf by the undersigned thereunto duly authorized. 
 
 
                                                                   PRINCIPAL FINANCIAL GROUP, INC. 
 
 
                                                                    By:        /s/ Tom Graf                                           
                                                                    Name:  Tom Graf 
                                                                    Title:     Senior Vice President – Investor Relations 
 
 
Date: December 4, 2009   


                                                                                                                                   Exhibit 99 
 
At its investor conference on December 3, 2009, Principal Financial Group, Inc. announced its 
outlook for 2010: operating earnings per diluted share (EPS) ranging from $2.45 to $2.75; and net 
income available to common stockholders per diluted share ranging from $1.75 to $2.05. In an 
attempt to provide greater clarity on the outlook and further insight into expected performance of 
the company’s growth businesses in 2010, detail is included herewith as Exhibit 99. 


*Consensus is as of December 3, 2009. For illustration purposes only – the company is not 
endorsing consensus, or the estimates derived therefrom. 
**Guidance speaks only as of the date it is made. The company does not undertake to update 
annual guidance during the year, but may do so if significant changes occur in general business 
conditions or company operations. 
 
EPS, which is not measured in accordance with U.S. generally accepted accounting principles 
(U.S. GAAP), should not be viewed as a substitute for net income available to common 
stockholders (net income) per diluted share determined in accordance with U.S. GAAP. EPS is 
calculated by dividing operating earnings by weighted average shares outstanding. Operating 
earnings are determined by adjusting net income for the effect of net realized capital gains and 
losses, as adjusted, and other after-tax adjustments. After-tax adjustments have occurred in the 


past and could recur in future reporting periods. While these items may be significant components 
in understanding and assessing the company's consolidated financial performance, management 
believes the presentation of operating earnings per diluted share enhances the understanding of 
results of operations by highlighting earnings attributable to the normal, ongoing operations of the 
company's businesses. 
 
The range of $1.75 to $2.05 for net income available to common stockholders per diluted share 
announced December 3, 2009 reflects the company's estimate for 2010 mortgage and credit losses 
only. There are a number of items the company does not predict that could significantly affect net 
income per diluted share, including, but not limited to: mark-to-market on derivatives; changes to 
laws, regulations, or accounting standards; and gains or losses from discontinued operations. 
 
The company’s estimate of mortgage and credit losses for 2010 ranges from 65 cents to 75 cents 
per diluted share. The company’s outlook for net income per diluted share is based on the mid- 
point of that range. 
 
Forward looking and cautionary statements 
This press release contains forward-looking statements, including, without limitation, statements as 
to operating earnings, net income available to common stockholders, net cash flows, realized and 
unrealized losses, capital and liquidity positions, sales and earnings trends, and management's 
beliefs, expectations, goals and opinions. The company does not undertake to update or revise 
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 December 31, 2008, and in company’s quarterly report on Form 10-Q for the quarter ended 
September 30, 2009, 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 that may significantly 
affect the company’s ability to meet liquidity needs, access to capital and cost of capital; a 
continuation of difficult conditions in the global capital markets and the general economy that may 
materially adversely affect the company’s business and results of operations; the actions of the U.S. 
government, Federal Reserve and other governmental and regulatory bodies for purposes of 
stabilizing the financial markets might not achieve the intended effect; the risk from acquiring new 
businesses, which could result in the impairment of goodwill and/or intangible assets recognized at 
the time of acquisition; impairment of other financial institutions that could adversely affect the 
company; investment risks which may diminish the value of the company’s invested assets and the 
investment returns credited to customers, which could reduce sales, revenues, assets under 
management and net income; requirements to post collateral or make payments related to declines 
in market value of specified assets may adversely affect company liquidity and expose the 
company to counterparty credit risk; changes in laws, regulations or accounting standards that may 
reduce company profitability; fluctuations in foreign currency exchange rates that could reduce 
company profitability; Principal Financial Group, Inc.’s primary reliance, as a holding company, 
on dividends from its subsidiaries to meet debt payment obligations and regulatory restrictions on 
the ability of subsidiaries to pay such dividends; competitive factors; volatility of financial 


markets; decrease in ratings; interest rate changes; inability to attract and retain sales 
representatives; international business risks; a pandemic, terrorist attack or other catastrophic 
event; and default of the company’s re-insurers.