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The Principal Financial Group Announces Luis Valdes Named President, Principal Financial Group - Latin America

February 24, 2010 (Des Moines, IA) - The Principal Financial Group® announced the promotion of Luis Valdés to president, the Principal Financial Group - Latin America and to senior vice president, the Principal Financial Group. The promotion is effective immediately. As the top executive in the Latin American region, Valdés represents The Principal® and its member companies across Latin America, building and expanding the company's relationship with clients, joint venture partners and strategic investors, and assisting with business development across all product lines of The Principal. Based in Santiago, Chile, Valdes will continue to lead the pension, asset accumulation and mutual funds businesses of Principal International, Inc. throughout Latin America.

According to Larry D. Zimpleman, chairman, president and chief executive officer of The Principal, "This promotion reflects the strategic importance and business growth potential that the global market represents to the future of The Principal."

Valdés joined the company in 1994. Previously he was managing director of BanRenta Compañía de Seguros de Vida which was acquired by Principal International to become Principal Vida Chile. Prior to BanRenta, he was an insurance advisor to The World Bank, and Intendente de Seguros (Insurance Commissioner) in Chile. Valdés has a degree in industrial and civil engineering from Universidad de Chile, and holds an MBA from Universidad de Navarra (IESE), Barcelona, Spain. He also teaches business management courses in several universities in Chile.

About the Principal Financial Group

The Principal Financial Group® (The Principal®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management[2] and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

[1]
The Principal Financial Group and The Principal are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
[2]
As of December 31, 2009.
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