e424b2
 

         
 
  Filed pursuant to   þ Rule 424(b)(2)       o Rule 424(b)(5)
 
  Registration Statement No.       333-129763 and
Pricing Supplement Dated       7/17/2006
        333-129763-01 
(To Prospectus dated February 16, 2006, and
       
Prospectus Supplement dated February 16, 2006)
  CUSIP:       74254PMS8
(PRINCIPAL FINANCIAL GROUP LOGO)
Principal Life Insurance Company
Principal® Life CoreNotes® (Callable) (That are also Asset-Backed Securities) Issued Through and Obligations of
Principal Life Income Fundings Trust 2006-47 (the “Trust” and “Issuing Entity”)
The description of this pricing supplement of the particular terms of the Principal® Life CoreNotes® offered hereby, and the Funding Agreement (specified below) issued by Principal Life Insurance Company (“Principal Life”) to the Trust, the payment obligations of which are fully and unconditionally guaranteed by the Guarantee (specified below) issued by Principal Financial Group, Inc. to the Trust, supplements the description of the general terms and provisions of the notes, the funding agreements and the guarantees set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made.
1.   The Notes
                 
 
 
Principal Amount:
  TBD       Purchasing Agent Discount:   1.500%
 
               
Issue Price:
  100.0%       Original Issue Date:   7/26/2006
 
               
Net Proceeds to the Trust:
  TBD       Stated Maturity Date:   7/15/2016
 
         
Interest Payment Dates:   The 15th day of every sixth month commencing on 1/15/2007
 
       
Initial Interest Payment Date:    1/15/2007
 
       
Regular Record Date:   15 calendar days prior to the Interest Payment Date
 
       
Type of Interest Rate:
  þ Fixed Rate                       o Floating Rate
 
       
Interest Rate:
  6.20%    
 
       
Discount Note:
  o Yes   þ No
 
       
Terms of Survivor’s Option:
       
     Annual Put Limitation:
      þ $2,000,000 or 2%; or
 
      o $                     or ___%
     Individual Put Limitation:
      þ $250,000; or
 
      o $                    
     Trust Put Limitation:
      þ 2%; or
 
      $                    
 
       
Redemption Provisions:
  þ Yes   o No.     If, Yes,
     Initial Redemption Date:
  7/15/2008    
     Redemption:   þ In whole only and not in part
    o May be in whole or in part
     Additional Other Terms:   Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date
 
       
Repayment:
  o Yes   þ No.
 
       
Authorized Denominations:
                    $1,000
 
“Principal ®” is a registered service mark of Principal Financial Services, Inc. and is used under license.
 
“CoreNotes ®” is a registered service mark of Merrill Lynch & Co.

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Ratings:
     The Notes issued under the Program are rated AA by Standard & Poor’s (“S&P”).
     Principal Life expects the Notes to be rated Aa2 by Moody’s Investors Service, Inc. (“Moody’s”).
                     
 
                   
Purchasing Agent(s) Purchasing Notes as Principal:       þ Yes   o No     If yes:    
 
  Purchasing Agent(s)       Principal Amount        
                 
    Merrill Lynch       TBD    
 
                   
         
    Total:       TBD    
         
State of Organization of the Trust: New York
Additional/Other Terms:           None
2.   The Funding Agreement
         
Funding Agreement Issuer:   Principal Life Insurance Company
 
       
Funding Agreement No.:
  6-13531    
 
       
Deposit:
  TBD    
 
       
Net Deposit:
  TBD    
 
       
Effective Date:
  7/26/2006    
 
       
Stated Maturity Date:
  7/15/2016    
 
       
Interest Payment Dates:   The 15th day of every sixth month commencing on 1/15/2007
 
       
Initial Interest Payment Date:
  1/15/2007    
 
       
Type of Interest Rate:
  þ Fixed Rate             o Floating Rate
 
       
Interest Rate:
  6.20%    
 
       
Discount Funding Agreement:
  o Yes   þ No
 
       
Terms of Survivor’s Option:
       
Annual Put Limitation:
      þ $2,000,000 or 2%; or
 
      o $                     or __%
Individual Put Limitation:
      þ $250,000; or
 
      o $                    
Trust Put Limitation:
      þ 2%; or
 
      $                    
 
       
Redemption:
  þ Yes   o No.     If, Yes,
     Initial Redemption Date:
  7/15/2008    
     Redemption:   þ In whole only and not in part
    o May be in whole or in part
     Additional Other Terms:   Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date
 
       
Repayment:
  o Yes   þ No.
 
       
Ratings:
     The Funding Agreement issued under the Program is rated AA by S&P.
     Principal Life expects the Funding Agreement to be rated Aa2 by Moody’s.
         
Additional/Other Terms:
  None    
3.   The Guarantee
         
Guarantee Issuer:   Principal Financial Group, Inc.
 
       
Effective Date:
  7/26/2006    
 
       
Additional/ Other Tems:
  None    

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