<SEC-DOCUMENT>0001104659-21-070430.txt : 20210521
<SEC-HEADER>0001104659-21-070430.hdr.sgml : 20210521
<ACCEPTANCE-DATETIME>20210521153401
ACCESSION NUMBER:		0001104659-21-070430
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210521
DATE AS OF CHANGE:		20210521
EFFECTIVENESS DATE:		20210521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRINCIPAL FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001126328
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		IRS NUMBER:				421520346
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256363
		FILM NUMBER:		21948779

	BUSINESS ADDRESS:	
		STREET 1:		711 HIGH STREET
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
		BUSINESS PHONE:		5152475111

	MAIL ADDRESS:	
		STREET 1:		711 HIGH STREET
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2117171d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange Commission
on May 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRINCIPAL FINANCIAL GROUP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>DELAWARE</B></FONT></TD>
    <TD STYLE="padding: 1.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>42-1520346</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or<BR>
organization)</FONT></TD>
    <TD STYLE="padding: 1.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>711 High Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Des Moines, Iowa 50392</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRINCIPAL FINANCIAL GROUP, INC. 2021 STOCK INCENTIVE
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Christopher J. Littlefield, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Vice President, General Counsel and
Secretary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Financial Group, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>711 High Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Des Moines, Iowa 50392</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(515) 247-5111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent for
service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0 0 0 10pt; width: 23%"><FONT STYLE="font-size: 10pt">Large accelerated filed</FONT></TD>
    <TD STYLE="width: 23%; padding: 1.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> </TD>
    <TD STYLE="padding: 1.75pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt; width: 27%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="padding: 1.75pt; width: 25%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0 0 0 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> </TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0 0 0 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding: 1.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of securities <BR>
to be registered</B></FONT></TD>
    <TD STYLE="border-top: #00000A 1pt solid; border-right: #00000A 1pt solid; border-bottom: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount to be<BR>
registered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #00000A 1pt solid; border-right: #00000A 1pt solid; border-bottom: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
maximum<BR>
offering price per<BR>
share(1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #00000A 1pt solid; border-right: #00000A 1pt solid; border-bottom: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
maximum<BR>
aggregate<BR>
offering price(1)</B></FONT></TD>
    <TD STYLE="border-top: #00000A 1pt solid; border-right: #00000A 1pt solid; border-bottom: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
registration fee</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: #00000A 1pt solid; border-bottom: #00000A 1pt solid; border-left: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="border-bottom: #00000A 1pt solid; border-right: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,500,000(2)</FONT></TD>
    <TD STYLE="border-bottom: #00000A 1pt solid; border-right: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64.54</FONT></TD>
    <TD STYLE="border-bottom: #00000A 1pt solid; border-right: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,581,230,000.00</FONT></TD>
    <TD STYLE="border-bottom: #00000A 1pt solid; border-right: #00000A 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$172,512.20</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), based upon the average of the high and low sales prices of the shares of common stock of Principal Financial Group, Inc. (the &ldquo;Registrant&rdquo;) as reported on the Nasdaq Global Select Market on May 19, 2021.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, pursuant to Rule 416(a) under the Securities Act, this Registration Statement includes an indeterminate number of additional shares as may be issuable as a result of a stock split, stock dividend or similar adjustment of the outstanding common shares of the Registrant.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Registration Statement is being filed for
the purposes of registering 24,500,000 shares of common stock authorized for issuance pursuant to the 2021 Stock Incentive Plan which
was approved by the Registrant&#8217;s shareholders at the annual meeting of shareholders held on May 18, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, shares subject to awards under the
Principal Financial Group, Inc. 2014 Stock Incentive Plan or the Principal Financial Group, Inc. 2020 Directors Stock Plan that lapse,
are forfeited or cancelled or are settled without the issuance of shares of common stock will also become available for awards under the
2021 Stock Incentive Plan. Such shares may be registered for issuance under the 2021 Stock Incentive Plan pursuant to subsequent registration
statements or post-effective amendments to registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As permitted by Part I of Form S-8, this Registration
Statement omits the information specified in Part I. The documents containing the information specified in Part I will be delivered to
the participants in the plans covered by this Registration Statement, as required by Rule 428(b) under the Securities Act. Such documents
are not being filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) as part of this Registration Statement
or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 3.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Incorporation of Documents by Reference</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents are incorporated by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Registrant&#8217;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1126328/000110465921022074/pfg-20201231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form 10-K for the year ended December 31, 2020 (filed February 12, 2021</A>) (the &#8220;2020
Annual Report&#8221;), which incorporates by reference certain portions of the Registrant&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000104746921000839/a2243096zdef14a.htm" STYLE="-sec-extract: exhibit">definitive proxy statement for the Registrant&#8217;s 2021 Annual Meeting of Shareholders filed on April 5, 2021</A>, as supplemented by the <A HREF="http://www.sec.gov/Archives/edgar/data/1126328/000110465921060740/tm2115118d1_defa14a.htm" STYLE="-sec-extract: exhibit">definitive additional materials filed on May 4, 2021,</A>
incorporated by reference in the 2020 Annual Report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1126328/000110465921057312/pfg-20210331x10q.htm" STYLE="-sec-extract: exhibit">The Registrant&#8217;s Quarterly Reports on Form 10-Q for the quarter ended</A><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1126328/000110465921057312/pfg-20210331x10q.htm" STYLE="-sec-extract: exhibit"> March 31, 2021 (filed April 29, 2021)</A>;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(c)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The Registrant&#8217;s Current Report on Form 8-K dated <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1126328/000110465921055621/tm2114298d2_8k.htm" STYLE="-sec-extract: exhibit">April 27, 2021 (filed April 27, 2021)</A>; and</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(d)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The description of the Registrant&#8217;s common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;), included in <A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000110465921022074/pfg-20201231xex4d5.htm" STYLE="-sec-extract: exhibit">Exhibit 4.5 to the 2020 Annual Report</A>, and all amendments and reports filed for the purpose of updating such description.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, all documents subsequently filed by
the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, nothing in this Registration
Statement shall be deemed to incorporate any information from Item 2.02 or Item 7.01 of any Form 8-K, or that is otherwise furnished under
applicable Commission rules rather than filed, or any exhibits to the extent furnished in connection with such items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 4.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Description of Securities</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable (the Registrant&#8217;s Common Stock
is registered under Section 12 of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 5.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Interests of Named Experts and Counsel</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the securities being offered under
this Registration Statement is being passed upon for the Registrant by Christopher J. Littlefield, Esq., the Registrant&#8217;s Executive
Vice President, General Counsel and Secretary. Mr. Littlefield is eligible to participate in the 2021 Stock Incentive Plan, the shares
for which plan are subject to this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 6.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Indemnification of Directors and Officers</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The Registrant&#8217;s
amended and restated certificate of incorporation provides that its directors will not be liable to the Registrant or its stockholders
for monetary damages for breach of fiduciary duty as a director, except to the extent that this limitation on or exemption from liability
is not permitted by the General Corporation Law of the State of Delaware and any amendments to that law. The Registrant&#8217;s amended
and restated by-laws also provide indemnification for its directors and officers. The Registrant is required to indemnify its directors
and officers for all judgments, fines, settlements, legal fees and other expenses incurred in connection with pending, threatened or completed
legal proceedings because of the director&#8217;s or officer&#8217;s position with the Registrant or another entity that the director
or officer serves at the Registrant&#8217;s request, subject to various conditions, and to advance funds to its directors and officers
to enable them to defend against such proceedings. To receive indemnification, the director or officer must have been successful in the
legal proceeding or have acted in good faith and in what was reasonably believed to be a lawful manner in the best interest of the Registrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 7.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Exemption from Registration Claimed</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 45pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 8.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Exhibits</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in"><U>Exhibit</U></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>Description of Exhibit</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>No.</U></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000095012305007465/y09799exv3w1.txt" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000095012305007465/y09799exv3w1.txt" STYLE="-sec-extract: exhibit">Amended and Restated Certificate of Incorporation of Principal Financial Group, Inc. (incorporated by reference to Exhibit 3.1 to
the Registrant&#8217;s Current Report on Form 8-K filed with the Commission on June 17, 2005 (File No. 001-16725)).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000112632818000114/ex99-principalamendedresta.htm" STYLE="-sec-extract: exhibit">4.2</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000112632818000114/ex99-principalamendedresta.htm" STYLE="-sec-extract: exhibit">Amended and Restated By-Laws of Principal Financial Group, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s
Current Report on Form 8-K filed with the Commission on March 2, 2018 (File No. 001-16725)).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000095012401502507/c61785a1ex4-1.txt" STYLE="-sec-extract: exhibit">4.3</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1126328/000095012401502507/c61785a1ex4-1.txt" STYLE="-sec-extract: exhibit">Form of Certificate for the Common Stock of Principal Financial Group, Inc., par value $0.01 per share (incorporated by reference
to Exhibit 4.1 to the Registrant&#8217;s Registration Statement on Form S-1, as amended, filed with the Commission on August 2, 2001 (No.
333-62558)).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="tm2117171d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5*</A></TD><TD><A HREF="tm2117171d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Christopher J. Littlefield, Esq.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="tm2117171d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD><TD><A HREF="tm2117171d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Independent Registered Public Accounting Firm.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="tm2117171d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></TD><TD><A HREF="tm2117171d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Christopher J. Littlefield, Esq. (included in Exhibit 5).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="tm2117171d1_ex24-1.htm">24*</A></TD><TD><A HREF="tm2117171d1_ex24-1.htm">Powers of Attorney.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="http://www.sec.gov/Archives/edgar/data/1126328/000104746921000839/a2243096zdef14a.htm#ei70301_appendix_a_principal_financial__app02382" STYLE="-sec-extract: exhibit">99.1</A></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1126328/000104746921000839/a2243096zdef14a.htm#ei70301_appendix_a_principal_financial__app02382" STYLE="-sec-extract: exhibit">Principal Financial Group, Inc. 2021 Stock Incentive Plan (incorporated by reference to Appendix A to the Registrant&#8217;s Proxy
Statement filed with the Commission on April 5, 2021 (No. 333-62558)).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in">Item 9.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Undertakings</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) To include any prospectus required by section
10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent
change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration
statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement; <I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>provided, however,</I> that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the Registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in
the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) That, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to section
13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant
to section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Des Moines, State of Iowa on May 21, 2021.</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">PRINCIPAL FINANCIAL GROUP, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%">/s/ Daniel J. Houston</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Daniel J. Houston</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chairman, President and Chief Executive Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the
date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: May 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Daniel J. Houston</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; width: 46%"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daniel J. Houston <BR>
Chairman, President, Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Sandra L. Helton<BR>
 Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Deanna D. Strable-Soethout</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Deanna D. Strable-Soethout<BR>
 Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Roger C. Hochschild <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Jonathan S. Auerbach<BR>
 Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Scott M. Mills <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Mary E. Beams <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Diane C. Nordin <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Jocelyn Carter-Miller <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Blair C. Pickerell <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Michael T. Dan <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Clare S. Richer<BR>
 Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp; &nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Alfredo Rivera<BR>
 Director</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE><BR STYLE="clear: both">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Christopher J. Littlefield, by signing his name hereto, does hereby
sign this document on behalf of each of the above-named directors of the Registrant pursuant to the powers of attorney duly executed by
such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%">/s/ Christopher J. Littlefield</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christopher J. Littlefield, Attorney-in-Fact</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2117171d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Financial Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">711 High Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Des Moines, Iowa 50392</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I serve as General Counsel to Principal Financial Group, Inc., a Delaware
corporation (the &#8220;Company&#8221;), and deliver this opinion in connection with the filing by the Company of a Registration Statement
on Form S-8 (the &#8220;Registration Statement&#8221;) relating to 24,500,000 shares of the Company's common stock, par value $0.01 per
share (the &#8220;Common Stock&#8221;), authorized for issuance pursuant to the Principal Financial Group, Inc. 2021 Stock Incentive Plan
(the &#8220;Plan&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, or other attorneys working under my direction, have examined the
originals, or copies certified or otherwise identified to my or said attorneys&#8217; satisfaction, of the Plan and such other corporate
records, documents, certificates or other instruments as in my or said attorneys&#8217; judgment are necessary or appropriate to enable
me to render the opinion set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing, I am of the opinion that the shares of Common
Stock that may be issued under the Plan have been duly and validly authorized for issuance and, when issued in accordance with the terms
of the Plan, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">My opinion expressed above is limited to the Delaware General Corporation
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I consent to the filing of this opinion as an exhibit to the Company's
Registration Statement. In giving such consent, I do not admit that I am within the category of persons whose consent is required under
Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ Christopher J. Littlefield</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christopher J. Littlefield</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President,</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">General Counsel and</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Secretary</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2117171d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>

<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
(Form S-8) pertaining to the Principal Financial Group, Inc. 2021 Stock Incentive Plan of our reports dated February 12, 2021, with respect
to the consolidated financial statements and schedules of Principal Financial Group, Inc., and the effectiveness of internal control over
financial reporting of Principal Financial Group, Inc., included in its Annual Report (Form 10-K) for the year ended December 31, 2020,
filed with the Securities and Exchange Commission.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">/s/ Ernst &amp; Young LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Des Moines, Iowa</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">May 21, 2021</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>tm2117171d1_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each person whose signature appears below hereby authorizes and appoints
Daniel J. Houston, Deanna D. Strable-Soethout and Christopher J. Littlefield, and each of them, with full power to act as such person&#8217;s
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to sign on such person&#8217;s behalf
individually and in each capacity stated below a Registration Statement on Form S-8 for the registration of 24,500,000 shares of Principal
Financial Group, Inc. common stock authorized for issuance under the Principal Financial Group, Inc. 2021 Stock Incentive Plan, pursuant
to the Securities Act of 1933, as amended, and any and all amendments and supplements to said Registration Statements, and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as such person could do in person, hereby ratifying and confirming
all that such attorneys-in-fact or agents may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: May 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Daniel J. Houston</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Sandra L. Helton</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Daniel J. Houston Chairman, President, Chief Executive Officer<BR>
 and Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Sandra L. Helton <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Deanna D. Strable-Soethout</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Roger C. Hochschild</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Deanna D. Strable-Soethout <BR>
Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Roger C. Hochschild <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan S.Auerbach</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Scott M. Mills</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Jonathan S. Auerbach <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Scott M. Mills <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Mary E. Beams</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Diane C. Nordin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Mary E. Beams <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Diane C. Nordin <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Jocelyn Carter-Miller&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Blair C. Pickerell</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Jocelyn Carter-Miller <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Blair C. Pickerell <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">/s/ Michael T. Dan</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt; width: 22%"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">/s/ Clare S. Richer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt; width: 20%"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Michael T. Dan <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Clare S. Richer <BR>
Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alfredo Rivera</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">*</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Alfredo Rivera <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
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