Exhibit 12

Principal Financial Group, Inc.

Computation of Earnings to Fixed Charges Ratio

The ratio of earnings to fixed charges is a measure of our ability to cover fixed costs with current period earnings. A high ratio indicates that earnings are sufficiently covering committed expenses. The following table sets forth, for the periods indicated, our ratios of: (1) earnings to fixed charges before interest credited on investment products and (2) earnings to fixed charges.

		For the year ended December 31,
		2017			2016			2015			2014			2013
		(in millions)
1.	Income from continuing operations before income taxes	$	2,252.2		$	1,591.7		$	1,430.8		$	1,494.9		$	1,124.0
2.	Interest expense	152.3			165.8			178.5			135.5			143.4
3.	Interest factor of rental expense	7.1			5.4			4.9			5.9			5.7
4.	Undistributed income from equity investees	(127.5		)	(142.2		)	(106.3		)	(113.9		)	(107.3		)
5.	Earnings before interest credited on investment products	2,284.1			1,620.7			1,507.9			1,522.4			1,165.8
6.	Interest credited on investment products	187.9			173.9			152.0			189.6			256.6
7.	Earnings	$	2,472.0		$	1,794.6		$	1,659.9		$	1,712.0		$	1,422.4
8.	Interest expense	$	152.3		$	165.8		$	178.5		$	135.5		$	143.4
9.	Interest factor of rental expense	7.1			5.4			4.9			5.9			5.7
10.	Preferred stock dividends by registrant	—			—			16.5			33.0			33.0
11	Excess of redemption value over carrying value of preferred shares redeemed	—			—			8.2			—			—
12.	Fixed charges before interest credited on investment products	159.4			171.2			208.1			174.4			182.1
13.	Interest credited on investment products	187.9			173.9			152.0			189.6			256.6
14.	Fixed charges	$	347.3		$	345.1		$	360.1		$	364.0		$	438.7
15.	Ratio of earnings to fixed charges before interest credited on investment products (Line item 5/Line item 12)	14.3			9.5			7.2			8.7			6.4
16.	Ratio of earnings to fixed charges (Line item 7/Line item 14)	7.1			5.2			4.6			4.7			3.2