Principal^® Investment Plus Variable Annuity
Performance Update

Not all investment advisors or variable subaccounts listed are available in every state.

Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks.

Portfolio Inception Date and Since Portfolio Inception columns refer to the date the underlying funds into which the subaccounts invest were established. Subaccount Inception Date and Since Subaccount Inception Date columns refer to the date that each subaccount was included in the separate account.

Performance including surrender charges for each subaccount is based on the Subaccount Inception Date. Performance excluding surrender charges is based on the Portfolio Inception Date. The time frame for each may vary.

The "Daily Change in UV" column reflects the difference in unit values between the date listed in the prior column and the business day preceding that date.

Performance data prior to the inception date of the separate account represent adjusted hypothetical performance.

Calculated returns typically reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of the in effect share class. Please see the fund's prospectus for more information on the specific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.

S&P 500® is a trademark of S&P Global and is used under license. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.

V.I., VIP, VP, VT, IP and AMT refer to Variable Insurance, Variable Insurance Products, Variable Portfolios, Variable Trust, Investment Portfolios and Advisers Management Trust.

2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

While underlying securities of the Government & High Quality Bond, Short-Term Income and Fidelity VIP Government Money Market Subaccounts may be guaranteed by the U.S. Government as to timely payment of principal and interest, investment values are not guaranteed.

An investment in the Real Estate Securities Subaccount is subject to risks inherent in real estate and Real Estate Investment Trusts, such as risks associated with general and local economic conditions.

Due to the sector focus of investments in the BNY Mellon Investment Portfolio Technology Growth, Fidelity VIP Energy, Fidelity VIP Health Care, Franklin Global Real Estate VIP, Invesco Health Care, MFS Utilities, T. Rowe Price Health Sciences, VanEck Global Gold and VanEck Global Resources subaccounts may experience greater volatility than investment options with a broader investment strategy. It is not intended to serve as a complete investment program by itself.

Due to the social policy for EQ Advisors Trust 1290 VT Socially Responsible Portfolio, Janus Henderson Global Sustainable Equity Portfolio and Neuberger Berman Sustainable Equity, it may experience greater volatility than investment options with a broader investment strategy.

The LargeCap S&P 500 Index Subaccount employs a "passive management" or indexing-investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Portfolio attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

The LargeCap S&P 500 Index Subaccount is invested in the stocks of the index it tracks. Performance of indexes reflects the unmanaged result for the market segment the selected stocks represent. There is no assurance an index based investment option will match the performance of the index tracked.

Investments in the Fidelity VIP Energy, Fidelity VIP Health Care, Fidelity VIP Overseas Portfolio, Fidelity VIP Contrafund, T. Rowe Price Blue Chip Growth, T. Rowe Price Health Sciences, Diversified International, Global Emerging Markets, Invesco V.I. International Equity, Templeton Global Bond VIP, MFS International Intrinsic Value, American Funds Insurance Series Global Small Capitalization Fund, Franklin Global Real Estate VIP, VanEck Global Gold, VanEck Global Resources, Principal VCF Blue Chip and Invesco Health Care subaccounts are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies and other economic and political environments.

Investments in the Invesco Small Cap Equity, Invesco American Value Fund, Alliance Bernstein Small Cap Growth, Goldman Sachs VIT Small Cap Equity Insights Fund, Fidelity VIP MidCap, MidCap, American Century VP Capital Appreciation, Neuberger Berman AMT Mid-Cap Growth, Franklin Small Cap Value VIP Fund, T. Rowe Price Health Sciences, American Century VP Mid Cap Value, AllianceBernstein Discovery Value, DWS Small Mid Cap Value, Delaware Small Cap Value, SmallCap, MFS New Discovery, EQ Advisors Trust - 1290 VT Convertible Securities, EQ Advisors Trust - 1290 VT GAMCO Small Company Value, EQ Advisors Trust - 1290 VT Micro Cap and the Goldman Sachs VIT MidCap Value subaccounts are subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

The Principal Variable Contracts LifeTime Accounts indirectly bear their pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Principal LifeTime Strategic Income, 0.51%; Principal LifeTime 2020, 0.53%; Principal LifeTime 2030, 0.57%; Principal LifeTime 2040, 0.63%; Principal LifeTime 2050, 0.67%; Principal LifeTime 2060, 0.66%.

The Principal LifeTime Accounts, which are target-date accounts, invest in underlying Principal Funds. Each Principal LifeTime Account is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Account approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Account is regularly re-adjusted within a timeframe that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Accounts assume the value of the investor's account will be withdrawn gradually during retirement. Neither the principal nor the underlying assets of the Principal LifeTime Accounts are guaranteed at any time, including the target date. Investment risk remains at all times.

The Principal Investors Strategic Asset Management (SAM) portfolios indirectly bear their pro rata share of the management fees incurred by the underlying funds in which these portfolios invest. Based on the asset allocation of the SAM portfolios outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.46%; Conservative Balanced, 0.51%; Balanced, 0.53%; Conservative Growth, 0.55%; and Strategic Growth, 0.56%. While the operating expenses of the underlying mutual funds are not part of the SAM portfolio operating expenses, they are included in the Total Investment Expense. Performance results shown for the SAM portfolios reflect the application of these expenses.

American Funds Insurance Series Asset Allocation, BlackRock Global Allocation, BlackRock 60/40 Target Allocation ETF, Principal Lifetime Strategic Income, SAM Strategic Growth, PIMCO All-Asset, Diversified Balanced, Diversified Balanced Managed Volatility, SAM Conservative Balanced, SAM Flexible Income, Diversified Growth, Diversified Growth Managed Volatility, Diversified Income, SAM Balanced Portfolio, SAM Conservative Growth Portfolio, Principal LifeTime 2020, Principal LifeTime 2030, Principal LifeTime 2040, Principal LifeTime 2050, TOPS Aggressive Growth ETF, TOPS Balanced ETF, TOPS Conservative ETF, TOPS Growth ETF, and TOPS Moderate Growth ETF divisions do not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international and high-yield investment options involves additional risks.

The Principal Variable Contracts Diversified Balanced Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expense of the underlying funds is: 0.19%.

The Principal Variable Contracts Diversified Growth Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expense of the underlying funds is: 0.20%.

The Principal Variable Contracts Diversified Income Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expense of the underlying funds is: 0.17%.

PIMCO VIT All Asset Portfolio invests in other PIMCO Funds and performance is subject to underlying investment weightings which will vary. The cost of investing in this investment option will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. This investment option is non-divesified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

PIMCO VIT High Yield Portfolio is subject to greater credit risk associated with high yield bonds.

The manager and administrator have agreed in advance to reduce their fees as a result of the Franklin Small Cap Value VIP Fund investment in a Franklin Templeton money market fund. This reduction is required by the Trust's board of trustees and an exemptive order by the Securities and Exchange Commission; this arrangement will continue as long as the exemptive order is relied upon.

DWS Small Mid Cap Value, Fidelity VIP Health Care and Invesco V.I. Health Care subaccounts performance may be affected by investments in initial public offerings (IPOs). The impact of the IPOs on a fund's performance depends on the strength of the IPO market and the size of the fund. IPOs may have less impact on a fund's performance as its assets grow.

Please note, while floating rate securities may offer the potential for lower interest rate sensitivity, funds such as the Guggenheim Floating Rate Strategies, which invests in floating rate securities are subject to significant credit and valuation risk associated with the underlying loans in the portfolio.

The S&P GSCI^TM Commodity Index is a registered trademark of the Standard & Poor's. The Rydex Commodities Strategy Division is not sponsored, endorsed, sold or promoted by the Standard & Poor's Companies.

The Guggenheim Investments Global Managed Futures Strategy's investment objective and principal investment strategies changed on July 11, 2011 and September 27, 2012. Prior to September 27, 2012, the Fund sought to achieve positive absolute returns using an investment methodology based primarily on the S&P DTI's systematic rules-based trend-following strategy. Prior to July 11, 2011, the Fund sought to provide investment results that matched, before fees and expenses, the performance of the S&P DTI. Therefore, the performance and average annual total returns shown for periods prior to July 11, 2011 may have differed had the Funds's current investment objective and principal investment strategy been in effect during those periods.

Effective 10/30/2013 the Guggenheim Investments Long Short Equity name was changed to Variable Insurance Long Short Equity Fund from Variable Insurance U.S. Long Short Momentum Fund and certain changes were made to the Fund's principal investment strategies. Prior to 5/28/2010, the fund did not employ a hedging model to achieve its objective; therefore, the performance and average annual total returns shown for periods prior to 5/28/2010 may have differed had the Fund's current investment strategy been in effect during those periods.

Guggenheim Investments Multi-Hedge Strategies - "Short Sales Dividend and Interest Expense" is not a fee charged to the shareholder, and it is generally offset by an unrealized capital gain within the fund. "Short Sales Dividend and Interest Expense" is incurred when the Fund short sells a security to gain the inverse exposure necessary to meet its investment objective. The Fund must pay out the dividend rate on an equity security, the coupon rate of a fixed income security, and interest expense associated with either, to the lender and records these as an expense of the Fund and reflects these expenses in its financial statements. However, any such dividend or interest expense on a security sold short generally has the effect of reducing the market value of the shorted security-thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on its short sale transaction. "Short Sales Dividend and Interest Expense" is not a fee charged to the shareholder by the advisor or other service provider. Rather it is more similar to the transaction costs or capital expenditures associated with the day-to-day management of any mutual fund. See prospectus for more information.

The Principal VCF Diversified Balanced and Diversified Growth Accounts are closed to new investors with an application signature date of 12/01/2013 and later.

For the Columbia Limited Duration Credit, and BlackRock 60/40 Target Allocation ETF Divisions the bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

For the BlackRock 60/40 Target Allocation ETF the International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

The Principal VCF Diversified Balanced Managed Volatility Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the May 1, 2023 prospectus, the weighted average operating expense of the underlying funds is: 0.27%.

The Principal VCF Diversified Growth Managed Volatility Account indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the May 1, 2023 prospectus, the weighted average operating expense of the underlying funds is: 0.30%.

The cost of investing in TOPS Aggressive Growth ETF, TOPS Balanced ETF, TOPS Conservative ETF, TOPS Growth ETF, and TOPS Moderate Growth ETF will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

The TOPS^TM portfolios indirectly bear their pro rata share of the management fees incurred by the underlying funds in which these portfolios invest. Based on the asset allocation of the TOPS^TM portfolios outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Conservative ETF Portfolio, 0.09%; Balanced ETF Portfolio, 0.09%; Moderate Growth ETF Portfolio, 0.09%; Growth ETF Portfolio, 0.09%; and Aggressive Growth ETF Portfolio, 0.08%.

EQ Advisors Trust 1290 VT SmartBeta Equity ESG - A portfolio comprised of stocks intended to reduce exposure to uncompensated risk may not necessarily be less sensitive to a change in the broad market price level and may not accurately estimate the risk/return outcome of stocks. Portfolio investments may exhibit higher volatility than expected or underperform the markets. The portfolio's strategy may result in the portfolio underperforming the general securities markets, particularly during periods of strong positive market performance.

EQ Advisors Trust 1290 VT Convertible Securities - The value of a convertible security fluctuates in relation to changes in interest rates and the credit quality of the issuer and, in addition, fluctuates in relation to the underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument, which may be less than the current market price of the security.

Effective June 8, 2019, Short-Term Income, Core Plus Bond, Government & High Quality Bond, LargeCap Growth I, Diversified International, Global Emerging Markets, Principal LifeTime 2020, Principal LifeTime 2030, Principal LifeTime 2040, and Principal LifeTime 2050 are no longer available to customers with an application signature date on or after June 8, 2019.

The Calvert Nasdaq 100 fund is not sponsored, endorsed, sold or promoted by the Nasdaq. The Nasdaq makes no warranty, implied or expressed, to the purchasers of the fund or any member of the public regarding the advisability of investing in index funds or the ability of the Nasdaq to track general stock market performance. The Nasdaq does not guarantee the accuracy and/or the completeness of the Nasdaq 100 Index� or any data included therein.

For the Fidelity VIP Energy fund and the VanEck Global Gold fund, investing in commodity-linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the fund's control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation. International investing involves special risks including, but not limited to, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations.

While the Portfolio of the U.S. LargeCap Buffer Accounts employs a "passive management" - or indexing-investment approach designed to track the performance of the Standard & Poor's 500 Index (a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies), the performance can vary greatly from the Index because of the underlying protections of this account. This account employs a defined outcome strategy, but there is no guarantee that such outcomes will be achieved. The defined outcomes may only be realized if you are holding shares on the first day of an outcome period and continue to hold them on the last day of the outcome period. If you purchase shares after an outcome period has begun, or sell shares prior to the outcome period conclusion, you may experience investment returns very different from those that the fund seeks to provide.

Variable annuities are not Federal Deposit Insurance Corporation (FDIC) insured. They may lose value and there is no bank guarantee.

The Principal Variable Annuity is issued by Principal Life Insurance Company® Principal Variable Contracts Funds are distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC, and/or independent broker/dealers. Referenced companies are members of Principal Financial Group, Des Moines, IOWA 50392, principal.com.

© 2023 Principal Financial Services, Inc.

Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are the trademarks and service marks of Principal Financial Services, Inc., in various countries around the world.

This investment option is subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

Policy Form # SF 749
Approval #2867729-052023

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