Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Elming Gregory Bernard
 2. Date of Event Requiring Statement (Month/Day/Year)
03/14/2011		 3. Issuer Name and Ticker or Trading Symbol
PRINCIPAL FINANCIAL GROUP INC [PFG]
(Last)
(First)
(Middle)
711 HIGH STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SVP & Chief Risk Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

DES MOINES, IA 50392		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 11,183 (1)
D
 
Common Stock 216
I
By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units   (2)   (2) Common Stock 2 $ (3) D  
Employee Stock Option (Right to Buy) 02/25/2006 02/25/2013 Common Stock 8,000 $ 27.57 D  
Employee Stock Option (Right to Buy) 02/24/2007 02/24/2014 Common Stock 8,485 $ 36.3 D  
Employee Stock Option (Right to Buy) 02/28/2008 02/28/2015 Common Stock 8,095 $ 39.02 D  
Employee Stock Option (Right to Buy) 02/27/2009 02/27/2016 Common Stock 9,165 $ 49.25 D  
Employee Stock Option (Right to Buy) 02/26/2010 02/26/2017 Common Stock 8,260 $ 62.63 D  
Employee Stock Option (Right to Buy) 02/26/2011 02/26/2018 Common Stock 12,600 $ 60.1 D  
Employee Stock Option (Right to Buy)   (4) 02/24/2019 Common Stock 21,030 $ 11.07 D  
Employee Stock Option (Right to Buy)   (5) 02/23/2020 Common Stock 8,695 $ 22.21 D  
Employee Stock Option (Right to Buy)   (6) 02/28/2021 Common Stock 5,975 $ 34.26 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Elming Gregory Bernard
711 HIGH STREET
DES MOINES, IA 50392		       SVP & Chief Risk Officer  

Signatures

Joyce N. Hoffman, by Power of Attorney 03/23/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 1,378 shares granted pursuant to the Principal Financial Group, Inc. Employee Stock Purchase Plan and 7,939 restricted stock units granted pursuant to the Principal Financial Group, Inc. Stock Incentive Plan.
(2) Acquired pursuant to the Principal Financial Group, Inc. Select Savings Excess Plan and may be transferred at any time into another investment alternative under that plan. Interests under the plan will be settled upon the reporting person's retirement or other termination of service.
(3) Security converts to common stock on a one-for-one basis.
(4) The option vests in three equal annual installments beginning February 24, 2010.
(5) The option vests in three equal annual installments beginning February 23, 2011.
(6) The option vests in three equal annual installments beginning February 28, 2012.

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