PRINCIPAL® PIVOT SERIES VARIABLE ANNUITY

SUMMARY PROSPECTUS FOR NEW INVESTORS

Summary Prospectus dated May 1, 2025

This Summary Prospectus for New Investors (“Summary Prospectus”) describes Principal® Pivot Series Variable Annuity, an individual, flexible premium, deferred variable annuity (the “Contract”), issued by Principal Life Insurance Company (“the Company”, “we”, “our” or “us”).

This Summary Prospectus summarizes key features of the Contract. Before you invest, you should also review the prospectus for the Contract (the “Expanded Prospectus”), which contains more information about the Contract’s features, benefits, and risks. You can find this document and other information about the Contract online at www.principal.com/PivotSeriesReport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to annuityinternet@principal.com.

You may cancel your Contract within 15 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract accumulated value. You should review this Summary Prospectus, or consult with your financial professional, for additional information about the specific cancellation terms that apply.

Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s (“SEC”) staff and is available at Investor.gov.

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SPECIAL TERMS

The terms defined below are used throughout this prospectus.

Accumulated Value – the sum of the values in the Separate Account Divisions.

Anniversary(ies) - the same day and month of each year following the Contract Date.

Annuitant – the person, including any Joint Annuitant, on whose life the annuity benefit payment and deferred income payment, as applicable, is based. This person may or may not be the Owner.

Annuitization - application of a portion or all of the Accumulated Value to an annuity benefit payment option to make income payments.

Annuitization Date – the date all of the Owner’s Accumulated Value is applied to an annuity benefit payment option.

Automatic Portfolio Rebalancing (APR) – the transfer of money among Your Separate Account Divisions on a set schedule to maintain a specified percentage in each Separate Account Division.

Contract Date – the date the Contract becomes effective and is used to determine Contract Years.

Contract Year – the one-year period beginning on the Contract Date and ending one day before the contract Anniversary and any subsequent one-year period beginning on a contract Anniversary (for example, if the Contract Date is February 5, 2021, the first contract year ends on February 4, 2022, and the first contract Anniversary falls on February 5, 2022).

Data Page – that portion of the Contract which contains the following: Owner and Annuitant data (names, gender, Annuitant age); the Contract Date; maximum Annuitization Date; Contract charges and limits; benefits; and a summary of any optional benefits chosen by the Contract owner.

Deferred Income Transfers – moving a portion of Your Accumulated Value to purchase a deferred income payment option.

Division(s) – refer to the term “Separate Account Division” in this Glossary.

General Account – assets of the Company other than those allocated to any of Our Separate Accounts.

Home Office – Company’s corporate headquarters located at Principal Financial Group, Des Moines, Iowa 50392-1770.

Investment Options – the Separate Account Divisions.

Joint Annuitant – an Annuitant whose life determines the annuity benefit under this Contract. Any reference to the death of the Annuitant means the death of the first Annuitant to die.

Joint Owner - an Owner who has an undivided interest with the right of survivorship in this Contract with another Owner. Any reference to the death of the Owner means the death of the first Owner to die.

Non-Qualified Contract – a contract that does not qualify for favorable tax treatment as a Qualified Plan, Individual Retirement Annuity, Roth IRA, SEP IRA, Simple-IRA or Tax Sheltered Annuity.

Notice – any form of communication received by Us, at the Home Office, either in writing or in another form approved by Us in advance.

Your notices may be mailed to Us at:

Principal Life Insurance Company

P.O. Box 9382

Des Moines, Iowa 50306-9382

Owner – owns all the rights and privileges of this Contract (includes a Joint Owner, if any). If the owner is not a natural person, the owner must be an entity with its own taxpayer identification number.

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Premium Payments – the total amount you contributed to the Contract.

Separate Account Division (Division(s)) – a part of the Separate Account that invests in shares of an Underlying Mutual Fund. (Referred to in the marketing materials as “sub-accounts.”)

Separate Account Division Value – the sum of all Divisions’ values; each Division’s value is determined by multiplying the number of Units in that Division by the Unit Value of that Division.

Surrender - the withdrawal of all or part of the Accumulated Value of Your Contract.

Surrender Charge – the charge deducted upon certain partial Surrenders or total Surrender of the Contract Accumulated Value before the Annuitization Date.

Surrender Value – the Accumulated Value minus any applicable Surrender Charges and fee(s) (contract fee and/or prorated share of the charge(s) for optional rider(s)).

Transfer – moving all or a portion of Your Accumulated Value to or from one investment option or among several Investment Options. All transfers initiated during the same valuation period are considered to be one transfer for purposes of calculating the transaction fee, if any.

Underlying Mutual Fund – a registered open-end investment company, or a series or portfolio thereof, in which a Division invests.

Unit – the accounting measure used to determine Your proportionate interest in a Division.

Unit Value – a measure used to determine the value of an investment in a Division.

Valuation Date (Valuation Days) – each day the New York Stock Exchange (“NYSE”) is open for trading and trading is not restricted.

We, Our, Us – Principal Life Insurance Company. We are also referred to throughout this prospectus as the Company.

You, Your – the Owner of this Contract, including any Joint Owner.

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KEY INFORMATION TABLE

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES

LOCATION IN EXPANDED PROSPECTUS

Charges for Early Withdrawals For applications signed on or after April 6, 2017

If you withdraw money from your Contract within five years following your last premium payment, you will be assessed a surrender charge. The maximum surrender charge is 6% of the amount withdrawn during the first three contract years, declining down to 0% over the 5-year time period. For example, if you make an early withdrawal within the first three contract years, you could pay a surrender charge of up to $6,000 on a $100,000 investment.

7. CHARGES – Deferred Sales Load (“Surrender Charge”)

Transaction Charges

In addition to surrender charges, you may also be charged for other transactions, such as when you exceed more than 12 unscheduled partial surrenders in a contract year or you make more than one unscheduled transfer in a contract year.

7. CHARGES – Transaction Fees

Ongoing Fees and Expenses (annual charges)

The following part of the table describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your data page for information about the specific fees you will pay each year based on the options you have selected.

ANNUAL FEE

MINIMUM

MAXIMUM

LOCATION IN EXPANDED PROSPECTUS

1. Base contract1 For applications signed on or after May 1, 2018

0.75%

0.75%

7. CHARGES – Base Contract Annual Expenses

2. Investment options (underlying mutual fund fees and expenses)2

0.45%

2.86%

APPENDIX A in this Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

3. Optional death benefit available for an additional charge3

0.35%

0.45%

7. CHARGES

                                                         

 

1			This fee reflects the Mortality and Expense Risks Charge and Administration Charge. We assess each division with a daily charge. The annual rate of the charge is the percentage of the average daily net assets of the Separate Account divisions.

2			As a percentage of the average net underlying mutual fund assets.

3			Quarterly charge as a percentage of the average quarterly accumulated value.

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Lowest and Highest Annual Cost Table Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, this table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender charges that substantially increase costs.

LOWEST ANNUAL COST   $1,085

HIGHEST ANNUAL COST   $3,361

Assumes:

Assumes:

●  Investment of $100,000   ●  5% annual appreciation   ●  Least expensive combination of Base Contract charge and underlying mutual fund fees and expenses   ●  No optional benefits   ●  No sales charges   ●  No additional premium payments, transfers or withdrawals

●  Investment of $100,000   ●  5% annual appreciation   ●  Most expensive combination of Base Contract charge, optional benefits, and underlying mutual fund fees and expenses   ●  No sales charges   ●  No additional premium payments, transfers or withdrawals

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RISKS

LOCATION IN EXPANDED PROSPECTUS

Risk of Loss

You can lose money by investing in this Contract.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance

Not a Short-Term Investment

This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. Surrender charges apply for up to five years following your last premium payment (for applications signed on or after April 6, 2017; seven years if signed earlier). These charges will reduce the value of your Contract if you withdraw money during that time.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Liquidity Risk

Risks Associated with Investment Options

•  An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •  Each investment option has its own unique risks. •  You should review the prospectuses for the available underlying mutual funds before making an investment decision.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Insurance Company Risks

An investment in the Contract is subject to the risks related to the Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling 1-800-852-4450.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks

RESTRICTIONS

LOCATION IN EXPANDED PROSPECTUS

Investments

•Limitations on Transfers – We reserve the right to charge you for each unscheduled transfer after the first unscheduled transfer in a contract year. We also reserve the right to limit transfers in circumstances where frequent transfers have been made. •Removal or Substitution of Underlying Mutual Funds - We reserve the right to remove, close or substitute the underlying mutual funds that are available as investment options under the Contract.

8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions 8. GENERAL DESCRIPTION OF THE CONTRACT – Contract or Registrant Changes

Optional Benefits For applications signed on or after April 6, 2017, the following optional riders were available:

Return of Premium Death Benefit; and Annual Step-Up Death Benefit

10. BENEFITS AVAILABLE UNDER THE CONTRACT - Optional Death Benefit Riders

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TAXES

LOCATION IN EXPANDED   PROSPECTUS

Tax Implications

•  You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this Contract. •  If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. The tax deferral of the annuity does not provide any additional tax benefits for such a plan or IRA. •  Premiums that are made on a pre-tax basis and earnings on your Contract are taxed at ordinary income tax rates when you withdraw them. You also may have to pay a 10% penalty tax if you take a withdrawal before age 59½.

13. TAXES

CONFLICTS OF INTEREST

LOCATION IN EXPANDED    PROSPECTUS

Financial Professional Compensation

Your financial professional may receive compensation in the form of commissions for selling this Contract to you. Your financial professional may have a financial incentive to offer or recommend this Contract over another investment.

16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries

OVERVIEW OF THE CONTRACT

Purpose of Contract

The purpose of this Contract is to help you accumulate assets through allocation to underlying mutual fund investments and assist you with your long-term retirement planning or other long-term financial needs. Through payments under the Flexible Pension Builder Rider (if applicable) or payments under the annuitization feature, the Contract can supplement your retirement income by providing a stream of periodic payments. The Contract also offers death benefits (including a choice from two optional enhanced death benefits) to protect your designated beneficiaries.

This Contract may be appropriate for you if you have a long term investment horizon, want possible tax-deferred growth, want a death benefit, or want to protect against the risk of you or your spouse outliving your income.

Phases of Contract

Your Contract has two periods - an accumulation period and an annuitization period.

Accumulation Period

To help you accumulate assets during the accumulation period, you can allocate your premium payments to a selection of investment options. Each investment option invests in an underlying mutual fund, each of which has its own investment strategies, investment adviser(s), expense ratios, and returns.

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Defined Outcome Funds Risk

Certain underlying fund(s) employ a strategy to provide downside (buffer) protection but the fund(s) also have limited participation in upside returns over a defined outcome period. The fund(s) usually have “Buffer” in the name of the fund. The buffer funds included in this Contract are PVC U.S. LargeCap Buffer April Account, PVC U.S. LargeCap Buffer January Account, PVC U.S. LargeCap Buffer July Account, and PVC U.S. LargeCap Buffer October Account. The buffer funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. These strategies could limit the upside participation of the buffer fund in rising equity markets relative to other funds. The buffer provides limited protection in the event of a market downturn. The buffer, outcome period and FLEX Options and their accompanying risks are summarized below. These underlying mutual funds are not available in the state of New York. These underlying mutual funds may not be available through all broker-dealers.

Buffer Loss Risk

There can be no guarantee that the buffer fund will be successful in its strategy to provide buffer protection against Index losses if the Index decreases over the Outcome Period by 10% or less. An investor may lose his or her entire investment. The buffer fund’s strategy seeks to deliver returns that match the Index (but will be less than the Index due to the cost of the options used by the buffer fund), while limiting downside losses, if shares are bought on the day on which the buffer fund enters into the options and held until those options expire at the end of each Outcome Period. In the event shares are purchased after the date on which the options were entered into or shares are redeemed prior to the expiration of the options, the buffer that the buffer fund seeks to provide may not be available. The buffer fund does not provide principal protection, and an investor may experience significant losses on its investment, including the loss of its entire investment.

Outcome Period Risk

The buffer funds seek to match the performance of an index, before the deduction of expenses and subject to the buffer, only if buffer fund shares are held on the first day of the Outcome Period and continues to be held until the last day of the Outcome Period. If the shares are redeemed before the end of the Outcome Period, you may experience investment returns very different from those contracts where the shares are held through the end of the Outcome Period and different from what the fund seeks to provide, including potentially a loss of some or all of your investment. In particular, you will not receive the same amount of protection against losses from the buffer feature if you redeem before the last day of the Outcome Period, and you might lose some or all of your investment.

FLEX Options Risk

The buffer fund may invest in FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (“OCC”). The buffer fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. If the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the buffer fund could incur significant losses. Additionally, FLEX Options may be illiquid if trading in the FLEX Options is limited or absent and, in such cases, the buffer fund may have difficulty closing out certain FLEX Options positions at desired times and prices, decreasing the value of the FLEX Options. There is no guarantee that a liquid secondary trading market will exist for FLEX Options, and a less liquid trading market may adversely impact the value of FLEX Options. The buffer fund intends to treat any income it may derive from the FLEX Options as “qualifying income” under the provisions of the Internal Revenue Code applicable to regulated investment companies (“RICs”). In addition, based upon language in legislative history, the buffer fund intends to treat the issuer of the FLEX Options as the referenced asset for diversification purposes. If the income is not qualifying income or the issuer of the FLEX Options is not appropriately the referenced asset, the buffer fund could lose its own status as a RIC. 

Additional information about the underlying mutual funds in which the divisions invest is provided in APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT.

For those owners with the Flexible Pension Builder rider, the owner may move all or a portion of his or her accumulated value to a deferred income payment option during the accumulation phase. Making such a deferred income transfer results in amounts in your Contract being moved from the divisions to the General Account. See 10. BENEFITS UNDER THE CONTRACT - Flexible Pension Builder Rider in the Expanded Prospectus.

Annuitization Period

Any time after the first contract year, you can elect to annuitize your Contract and convert your accumulated value into a fixed stream of income payments. You also have the right to partially annuitize a portion of your accumulated value any time after the first contract year. You may select when you want the payments to begin.

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We offer fixed annuity benefit payments only. No surrender charge is imposed on any portion of your accumulated value that has been annuitized. All benefits under this Contract (except any rights under the Flexible Pension Builder rider, if applicable) terminate when you annuitize your entire accumulated value.

See 9. ANNUITY PERIOD in the Expanded Prospectus.

Contract Features

This Contract is designed to accumulate value and to provide retirement income that you cannot outlive or that continues for a specified period of time. The Contract’s primary features include: a death benefit (without surrender charges), including two optional death benefits from which you can choose one for an extra charge; the ability to annuitize the Contract, which provides a fixed stream of income payments; and a Flexible Pension Builder rider (automatically included with Contract for people of certain ages).

Death Benefit

The standard death benefit is the accumulated value. Information about optional death benefits can be found below in Optional Benefits and Loans.

If you are purchasing the Pivot Series Variable Annuity as an Individual Retirement Annuity (IRA), as defined in Internal Revenue Code Sections 408(b)(k)(p) and 408A, election of the Return of Premium Death Benefit or the Annual Step-Up Death Benefit may be required by certain broker dealers.

See 10. BENEFITS AVAILABLE UNDER THE CONTRACT in the Expanded Prospectus.

Flexible Pension Builder Rider (f/k/a Deferred Income Rider)

The Flexible Pension Builder Rider can provide you with a stream of income payments that will start at a date in the future that you select. Before making deferred income transfers, you should consider your liquidity needs because deferred income transfers cannot be surrendered after the 10 day cancellation period; those amounts are accessible only through the future stream of fixed income payments created by deferred income transfers.

The Flexible Pension Builder Rider is automatically issued at no additional cost when:

•    the owner and annuitant are the same (except for a non-natural owner);

•    the Contract does not have joint owners and/or joint annuitants; and

•    for qualified contracts, the issue age is less than 67.

See 10. BENEFITS AVAILABLE UNDER THE CONTRACT in the Expanded Prospectus.

Tax Treatment

Your premium payments accumulate on a tax-deferred basis. Your earnings are not taxed until money is taken out of the Contract, such as when: you make a withdrawal; you receive an income payment; or a death benefit is paid.

Waiver of Surrender Charge Rider

This rider is automatically added to the Contract at issue (subject to state approval and state variations may apply). There is no additional charge for this benefit.

This rider waives the surrender charge on surrenders made after the first Contract anniversary if the owner or annuitant has a critical need. A critical need is limited to confinement to a health care facility, terminal illness diagnosis, or total and permanent disability.

The benefits are available for a critical need if the following conditions are met:

•the owner or annuitant has a critical need; and

•the critical need did not exist before the contract date.

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For the purposes of this rider, the following definitions apply:

•health care facility - a licensed hospital or inpatient nursing facility providing daily medical treatment and keeping daily medical records for each patient (not primarily providing just residency or retirement care). This does not include a facility owned or operated by the owner, annuitant or a member of their immediate family. If the critical need is confinement to a health care facility, the confinement must continue for at least 60 consecutive days after the contract date and the surrender must occur within 90 days of the confinement’s end. Notice must be provided within 90 days after confinement ends.

•terminal illness - sickness or injury that results in the owner’s or annuitant’s life expectancy being 12 months or less from the date notice to receive a distribution from the Contract is received by the Company.

•total and permanent disability - the owner or annuitant is unable to engage in any occupation for pay or profit due to sickness or injury.

Optional Benefits and Loans

This Contract does not provide for loans.

At the time the application is signed, you may select one of the following optional death benefit riders if the oldest owner is younger than age 80:

1. Return of Premium Death Benefit Rider - the death benefit under this rider is the greater of:

(a) the standard death benefit; or

(b) the total of premium payments.

2. Annual Step-Up Death Benefit Rider - the death benefit under this rider is the greatest of:

(a) the standard death benefit; or

(b) the total of premium payments; or

(c) the highest accumulated value on any Contract anniversary prior to the lock-in date (for more information on the lock-in date, see 10. BENEFITS AVAILABLE UNDER THE CONTRACT – Death Benefit in the Expanded Prospectus).

These death benefit amounts will be adjusted for premium payments, partial surrenders, partial annuitizations, and deferred income transfers.

If you are purchasing the Pivot Series Variable Annuity as an Individual Retirement Annuity (IRA), as defined in Internal Revenue Code Sections 408(b)(k)(p) and 408A, election of the Return of Premium Death Benefit or the Annual Step-Up Death Benefit may be required by certain broker dealers.

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BENEFITS AVAILABLE UNDER THE CONTRACT

The following tables summarize information about the benefits available under the Contract.

Name of Benefit

Purpose

Is Benefit Standard or Optional

Maximum Fee

Current Fee

Brief Description of Restrictions/ Limitations

Flexible Pension Builder Rider (f/k/a Deferred Income Rider)

Allows owner to make deferred income transfers during accumulation phase to purchase future deferred income payments.

Standard when: • Owner and annuitant are same; and • Contract doesn’t have joint owners or joint annuitants; and • For qualified contract, issue age is less than 67.

No Additional Fee

No Additional Fee

•Can’t make deferred income transfers until after second Contract anniversary. •Minimum initial deferred transfer: $5,000. •Minimum subsequent deferred transfer(s): $1,000.

Standard Death Benefit

Beneficiaries receive this death benefit upon death of owner if an optional death benefit was not purchased.

Standard

No Additional Fee

No Additional Fee

Withdrawals could significantly reduce the benefit.

Return of Premium Death Benefit For applications signed on or after April 6, 2017

Potential for larger death benefit than the standard death benefit

Optional

0.50% (of the average quarterly accumulated value)

0.35% (of the average quarterly accumulated value)

Certain age limitations apply.

Annual Step-Up Death Benefit For applications signed on or after April 6, 2017

Potential for larger death benefit than the standard death benefit

Optional

0.60% (of the average quarterly accumulated value)

0.45% (of the average quarterly accumulated value)

Certain age limitations apply.

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Name of Benefit

Purpose

Is Benefit Standard or Optional

Maximum Fee

Current Fee

Brief Description of Restrictions/ Limitations

Automatic Portfolio Rebalancing

Allows you to maintain a specific percentage of your Separate Account division value in specified divisions over time.

Standard

No Additional Fee

No Additional Fee

Can be elected quarterly, semi-annually or annually.

Dollar Cost Averaging

Allows for automatic scheduled transfers (at your direction) of specific amounts from any underlying mutual fund to any combination of underlying mutual funds at regular intervals.

Standard

No Additional Fee

No Additional Fee

•Transfer date cannot be on the 29th, 30th or 31st. •Transfers must be monthly, quarterly, semi-annually or annually. •You must provide us notice when you want to stop the scheduled transfers.

Waiver of Surrender Charge Rider

Waives surrender charges in the event of a critical need.

Standard

No Additional Fee

No Additional Fee

Following conditions must be met: •Owner or Annuitant has critical need. •Critical need did not exist before contract date.

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BUYING THE CONTRACT

How to Buy a Contract

If you want to buy a Contract, you must submit an application and make an initial premium payment. If you are buying the Contract to fund a SIMPLE-IRA or SEP, an initial premium payment is not required at the time you send in the application. If the application is complete and the Contract applied for is suitable and meets all other regulatory requirements, the Contract is issued. If the completed application is received in good order, the initial premium payment is credited within two valuation days after the later of receipt of the application or receipt of the initial premium payment at our home office. If the initial premium payment is not credited within five valuation days, it is refunded unless we have received your permission to retain the premium payment until we receive the information necessary to issue the Contract.

The date the Contract is issued is the contract date. The contract date is the date used to determine contract years, regardless of when the Contract is delivered.

Premium Payments

•The initial premium payment must be at least $5,000 for non-qualified contracts.

•The initial premium payment must be at least $2,000 for all other contracts.

•If you are making premium payments through a payroll deduction plan or through a bank (or similar financial institution) account under an automated investment program, your initial and subsequent premium payments must be at least $100.

•All premium payments are subject to a surrender charge period that begins in the contract year each premium payment is received.

•Subsequent premium payments must be at least $500 and can be made until the annuitization date.

•Premium payments are to be made by personal or financial institution check (for example, a cashier’s check). We reserve the right to refuse any premium payment that we feel presents a fraud or money laundering risk. Examples of the types of premium payments we will not accept are cash, money orders, starter checks, travelers’ checks, credit card checks, and foreign checks.

•If you are a member of a retirement plan covering three or more persons, the initial and subsequent premium payments for the Contract must average at least $100 and cannot be less than $50.

•The total sum of all premium payments for a Contract may not be greater than $2,000,000 (maximum premium limit) without our prior approval. For further information, please call 1-800-852-4450.

•The Company reserves the right to increase the minimum amount for each premium payment with thirty days advance notice.

•We reserve the right to treat all of your and/or your spouse’s Principal Life Insurance Company deferred variable annuity contracts, with a guaranteed minimum withdrawal benefit rider attached, as one contract for purposes of determining whether you have exceeded the maximum premium limit (without home office approval).

•Additional premium restrictions may apply to Contracts with a guaranteed minimum withdrawal benefit rider in force. See 10. BENEFITS AVAILABLE UNDER THE CONTRACT in the Expanded Prospectus.

•Premium payments are credited on the basis of the unit value next determined after we receive a premium payment.

MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT

Surrenders and Withdrawals (“surrenders”)

You may surrender your Contract by providing us notice. Surrender requests may be sent to us at the following address (or by contacting us as set forth in 16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Telephone and Internet Services in the Expanded Prospectus):

Principal Life Insurance Company

PO Box 9382

Des Moines, Iowa 50306-9382

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Surrenders result in the redemption of units and your receipt of the value of the redeemed units minus any applicable surrender charge and fees. Surrender values are calculated using the price next determined after we receive your request. Surrenders from the Separate Account are generally paid within seven days of the effective date of the request for surrender (or earlier if required by law). However, certain delays in payment are permitted ((see 16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Delay of Payments in the Expanded Prospectus. Surrenders before age 59½ may involve an income tax penalty (see 13. TAXES in the Expanded Prospectus). Surrenders may be subject to a surrender charge (see 7. CHARGES in the Expanded Prospectus)).

ADDITIONAL INFORMATION ABOUT FEES

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your data page for information about the specific fees you will pay each year based on the options you have elected.

Transaction Expenses

Contract owner transaction expenses(1)
			Maximum			Current
Deferred Sales Load (or Surrender Charge) - as a percentage of amount surrendered(2)			6%			6%
Transaction Fees
• for each unscheduled partial surrender			the lesser of $25 or 2% of each unscheduled partial surrender after the 12th unscheduled partial surrender in a contract year			$0
• for each unscheduled transfer(3)			the lesser of $25 or 2% of each unscheduled transfer after the first unscheduled transfer in a contract year			$0
State Premium Taxes (vary by state)(4)			3.50% of premium payments made			0%

(1) For additional information about the fees and expenses described in the table, see 7. CHARGES in the Expanded Prospectus.

(2) Surrender charge (as a percentage of amounts surrendered):

For applications signed on or after April 6, 2017

Table of surrender charges
Number of completed contract years since each premium payment was made			Surrender charge applied to all premium payments received in that contract year
0 (year of premium payment)			6%
1			6%
2			6%
3			5%
4			4%
5 and later			0%

(3) Note that in addition to the fees shown, the Separate Account and/or sponsors of the underlying mutual funds may adopt requirements pursuant to rules and/or regulations adopted by federal and/or state regulators which require us to collect additional transaction fees and/or impose restrictions on transfers.

(4) We do not currently assess premium taxes for any Contract issued but reserve the right in the future to assess up to 3.50% of premium payments made for Contract owners in those states where a premium tax is assessed.

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Annual Contract Expenses

The next table describes the fees and expenses you will pay each year during the time you own the Contract (not including underlying mutual fund fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

Annual Contract Expenses
			Maximum Annual Charge			Current Annual Charge
Administrative Expenses (waived for Contracts with accumulated value of $30,000 or more)			The lesser of $30 or 2.00% of the accumulated value			The lesser of $30 or 2.00% of the accumulated value
Base Contract Expenses (as a percentage of average daily Separate Account value) For applications signed on or after May 1, 2018			0.75%			0.75%
Optional Benefit Expenses (as a percentage of the average quarterly accumulated value) Return of Premium Death Benefit Rider For applications signed on or after April 6, 2017			0.50%			0.35%
Annual Step-up Death Benefit Rider For applications signed on or after April 6, 2017			0.60%			0.45%

Annual Underlying Mutual Fund Expenses

The next table shows the minimum and maximum total operating expenses charged by the underlying mutual funds that you may pay periodically during the time that you own the Contract (before any fee waiver or expense reimbursement). A complete list of the underlying mutual funds available under the Contract, including their annual expenses, may be found in APPENDIX A - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT.

Minimum and Maximum Annual Underlying Mutual Fund Operating Expenses as of December 31, 2024
			Minimum			Maximum
Total annual underlying mutual fund operating expenses (expenses that are deducted from underlying mutual fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses)			0.35%			2.86%

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Example

This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and annual mutual fund expenses.

The Example assumes that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual mutual fund expenses and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If you surrender your Contract at the end of the applicable time period:

1 year $10,229

3 years $19,897

5 years $27,774

10 years $48,419

If you annuitize at the end of the applicable time period:

1 year $4,823

3 years $14,482

5 years $24,157

10 years $48,419

If you do not surrender your Contract:

1 year $4,823

3 years $14,482

5 years $24,157

10 years $60,087

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APPENDIX A

INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

The following is a list of investment options available under the Contract. To obtain underlying mutual fund statutory and summary prospectuses, you can visit www.principal.com/PivotSeriesReport, call 1-800-852-4450, or send a request to annuityinternet@principal.com.

The expense and performance information below reflects fees and expenses of the underlying mutual funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each underlying mutual fund’s past performance is not necessarily an indication of future performance.

			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Moderate Allocation			American Funds Insurance Series – Asset Allocation Fund (1) – Class 4 Shares Capital Research and Management Company			0.79%			16.11%			8.04%			8.05%
			Moderate Allocation			American Funds Insurance Series - Managed Risk Asset Allocation Fund (1)(3) – Class P2 Shares Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC			0.90%			14.63%			5.30%			5.88%
			Moderately Aggressive Allocation			American Funds Insurance Series - Managed Risk Growth Fund (1)(3) – Class P2 Shares Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC			0.94%			23.50%			11.30%			10.42%
			Moderate Allocation			BlackRock 60/40 Target Allocation ETF V.I. Fund (1)(2)(3) – Class III BlackRock Advisors LLC			0.57%			11.36%			6.86%			6.48%
			Global Allocation			BlackRock Global Allocation V.I. Fund (1)(2) – Class III BlackRock Advisors, LLC sub-advisers are BlackRock (Singapore) Limited and BlackRock International Limited			1.02%			9.01%			5.74%			5.33%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Target-Date 2020			Fidelity VIP Freedom 2020 Portfolio (1)(3) – Service Class 2 Fidelity Management & Research Co., LLC			0.71%			7.40%			4.89%			5.76%
			Target-Date 2030			Fidelity VIP Freedom 2030 Portfolio (1)(3) – Service Class 2 Fidelity Management & Research Co., LLC			0.76%			9.14%			6.25%			7.03%
			Target-Date 2040			Fidelity VIP Freedom 2040 Portfolio (1)(3) – Service Class 2 Fidelity Management & Research Co., LLC			0.84%			12.81%			8.83%			8.68%
			Target-Date 2050			Fidelity VIP Freedom 2050 Portfolio (1)(3) – Service Class 2 Fidelity Management & Research Co., LLC			0.86%			13.55%			9.06%			8.79%
			Moderately Conservative Allocation			Franklin Templeton VIP Trust - Franklin Income VIP Fund (1)(2) – Class 4 Franklin Advisers, Inc.			0.82%			7.08%			5.17%			5.16%
			Tactical Allocation			Invesco V.I. Balanced-Risk Allocation Fund (1)(2)(3) – Series II Invesco Advisors, Inc.			1.13%			3.56%			2.51%			3.57%
			Moderate Allocation			Janus Henderson Series Balanced Portfolio (1) – Service Shares Janus Henderson Investors US LLC			0.87%			15.15%			8.06%			8.40%
			Tactical Allocation			PIMCO VIT All Asset Portfolio (1)(2)(3) – Advisor Class PIMCO/Research Affiliates through a sub-advisory agreement with Pacific Investment Management Company LLC (PIMCO)			2.37%			3.57%			4.31%			4.25%
			Moderately Conservative Allocation			Principal VCF Diversified Balanced Strategic Allocation Account (1)(3)(7) – Class 2 Principal Global Investors, LLC			0.55%			8.83%			5.29%			5.68%
			Moderate Allocation			Principal VCF Diversified Growth Strategic Allocation Account (1)(3) – Class 2 Principal Global Investors, LLC			0.57%			11.22%			7.00%			7.03%
			Target-Date 2020			Principal VCF Principal LifeTime 2020 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.50%			7.43%			4.94%			5.51%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Target-Date 2030			Principal VCF Principal LifeTime 2030 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.52%			9.05%			6.22%			6.63%
			Target-Date 2040			Principal VCF Principal LifeTime 2040 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.58%			11.55%			7.66%			7.69%
			Target-Date 2050			Principal VCF Principal LifeTime 2050 Account (3) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.62%			13.29%			8.62%			8.38%
			Moderate Allocation			Principal VCF Strategic Asset Management (“SAM”) Portfolios – Balanced Portfolio (1)(3) – Class 2 Principal Global Investors, LLC			0.95%			12.38%			6.48%			6.52%
			Moderately Conservative Allocation			Principal VCF Strategic Asset Management (“SAM”) Portfolios – Conservative Balanced Portfolio (1)(3) – Class 2 Principal Global Investors, LLC			0.92%			8.69%			4.39%			4.89%
			Moderately Aggressive Allocation			Principal VCF Strategic Asset Management (“SAM”) Portfolios – Conservative Growth Portfolio (1)(3) – Class 2 Principal Global Investors, LLC			0.98%			14.94%			8.24%			7.98%
			Conservative Allocation			Principal VCF Strategic Asset Management (“SAM”) Portfolios – Flexible Income Portfolio (1)(3) – Class 2 Principal Global Investors, LLC			0.90%			6.43%			2.82%			3.73%
			Aggressive Allocation			Principal VCF Strategic Asset Management (“SAM”) Portfolios – Strategic Growth Portfolio (1)(3) – Class 2 Principal Global Investors, LLC			1.00%			16.68%			9.61%			8.79%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Aggressive Allocation			TOPS® Aggressive Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.			0.79%			11.72%			7.98%
			Moderate Allocation			TOPS® Balanced ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.			0.80%			6.58%			4.40%
			Moderately Conservative Allocation			TOPS® Conservative ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.			0.81%			5.76%			3.50%
			Moderately Aggressive Allocation			TOPS® Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.			0.80%			10.48%			7.10%
			Moderate Allocation			TOPS® Moderate Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.			0.79%			8.48%			5.79%
			Bank Loan			Guggenheim Investments VIF (1)(2) – Series F (Guggenheim Floating Rate Strategies Series) Guggenheim Partners Investment Management, LLC d/b/a Guggenheim Investments			1.19%			6.83%			3.83%			3.84%
			Commodities Broad Basket			PIMCO VIT CommodityRealReturn® Strategy Portfolio (1)(2)(3) – M Class PIMCO			2.58%			3.73%			6.76%			1.33%
			Commodities Broad Basket			Rydex VI Commodities Strategy Fund (2) Security Investors, LLC, which operates under the name of Guggenheim Investments			1.77%			8.29%			6.11%			0.05%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Convertibles			EQ Advisors Trust 1290 VT Convertible Securities Portfolio (1)(2) – Class IB Equitable Investment Management Group, LLC/SSGA Funds Management, Inc.			0.90%			9.76%			6.75%			6.94%
			Diversified Emerging Markets			American Funds Insurance Series - New World Fund (1)(2) – Class 4 Shares Capital Research and Management Company			1.07%			6.33%			4.29%			5.96%
			Diversified Emerging Markets			Principal VCF Global Emerging Markets Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			1.14%			6.51%			2.14%			3.21%
			Emerging Markets Bond			PIMCO VIT Emerging Markets Bond Portfolio (1) – Administrative Class PIMCO			1.28%			7.53%			0.92%			3.37%
			Equity Energy			Fidelity VIP Energy Portfolio – Service Class 2 (1) Fidelity Management & Research Co., LLC			0.85%			4.02%			12.13%			4.19%
			Equity Precious Metals			VanEck VIP Trust – VanEck VIP Global Gold Fund – Class S (1)(2) Van Eck Associates Corporation			1.45%			14.41%			5.46%			6.69%
			Foreign Large Blend			CVT EAFE International Index Portfolio (1)(2) – Class F Calvert Research and Management			0.68%			2.95%			4.18%			4.60%
			Foreign Large Blend			Principal VCF Diversified International Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.85%			4.71%			4.64%			5.06%
			Foreign Large Growth			Fidelity VIP Overseas Portfolio (1) – Service Class 2 Fidelity Management & Research Company			0.98%			4.81%			5.50%			6.06%
			Foreign Large Growth			Invesco V.I. EQV International Equity Fund (1) – Series II Shares Invesco Advisers, Inc.			1.15%			0.34%			2.97%			4.10%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Foreign Large Blend			MFS® International Intrinsic Value Portfolio (1)(2) – Service Class MFS			1.14%			6.97%			4.88%			7.26%
			Global Allocation			American Funds Insurance Series - Managed Risk International Fund (1)(2)(3) – Class P2 Shares Capital Research and Management Company through a sub-advisory agreement with Milliman Financial Risk Management LLC			1.10%			-0.45%			-2.52%			0.78%
			Global Bond			Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund (1)(2) – Class 4 Franklin Advisers, Inc			0.85%			-11.42%			-4.93%			-2.12%
			Global Large-Stock Blend			EQ Advisors Trust 1290 VT SmartBeta Equity ESG Portfolio (1)(2) – Class IB Equitable Investment Management Group, LLC/AXA Investment Managers US Inc			1.10%			16.44%			9.63%			9.42%
			Global Large-Stock Growth			Janus Henderson Global Sustainable Equity Portfolio (1)(2) – Service Shares Janus Henderson Investors US LLC			0.99%			11.01%
			Global Real Estate			Franklin Templeton VIP Trust – Franklin Global Real Estate VIP Fund (1)(2) – Class 2 Franklin Advisors, Inc			1.25%			-0.32%			-0.30%			2.30%
			Global Small/Mid Stock			ALPS Global Opportunity Portfolio (1)(2) – Class III ALPS Advisors, Inc			2.38%			18.01%			7.91%			9.07%
			Global Small/Mid Stock			American Funds Insurance Series – Global Small Capitalization Fund (1)(2) – Class 4 Shares Capital Research and Management Company			1.15%			2.12%			2.74%			5.54%
			Health			Fidelity VIP Health Care Portfolio – Service Class 2 (1) Fidelity Management & Research Co., LLC			0.84%			4.86%			5.19%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Health			Invesco V.I. Health Care Fund (1) – Series II Shares (closed to new investors with an application signature date of 6/4/2022 and later) Invesco Advisers, Inc.			1.24%			3.87%			3.38%			5.13%
			High Yield Bond			PIMCO VIT High Yield Portfolio (1) – Administrative Class PIMCO			0.80%			6.89%			3.35%			4.50%
			Inflation-Protected Bond			LVIP American Century Inflation Protection Fund (1)(2) – Service Class Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.			0.72%			1.54%			1.22%			1.73%
			Intermediate Government			Franklin Templeton VIP Trust – Franklin U.S. Government Securities VIP Fund (1) – Class 2 Franklin Advisers, Inc.			0.78%			1.37%			-0.52%			0.53%
			Intermediate Government			Principal VCF Government & High Quality Bond Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.50%			0.62%			-1.18%			0.57%
			Intermediate Core Bond			CVT Investment Grade Bond Index Portfolio (1)(2) – Class F Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management			0.57%			0.78%			-0.60%			0.97%
			Intermediate Core-Plus Bond			Janus Henderson Series Flexible Bond Portfolio (1)(2) – Service Shares Janus Henderson Investors US LLC			0.82%			1.63%			0.09%			1.35%
			Intermediate Core-Plus Bond			PIMCO VIT Total Return Portfolio (1) – Administrative Class PIMCO			0.79%			2.53%			-0.03%			1.53%
			Intermediate Core-Plus Bond			Principal VCF Core Plus Bond Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.49%			0.90%			0.09%			1.58%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Large Blend			American Funds Insurance Series – Growth-Income Fund (1) – Class 4 Shares Capital Research and Management Company			0.78%			23.93%			12.73%			11.93%
			Large Blend			EQ Advisors Trust 1290 VT Socially Responsible Portfolio (1) – Class IB Equitable Investment Management Group, LLC/BlackRock Investment Management, LLC			0.90%			21.70%			13.57%			12.09%
			Large Blend			Franklin Templeton VIP Trust – Franklin Rising Dividends VIP Fund (1)(2) – Class 4 Franklin Advisers, Inc.			0.98%			10.68%			10.19%			10.33%
			Large Blend			Neuberger Berman AMT Sustainable Equity Portfolio (1) – S Class Shares Neuberger Berman Investment Advisers LLC			1.15%			25.52%			13.68%			11.18%
			Large Blend			Principal VCF LargeCap S&P 500 Index Account (1) – Class 2 Principal Global Investors, LLC			0.45%			24.39%			13.94%			12.52%
			Large Blend			Principal VCF Principal Capital Appreciation Account (1) – Class 2 Principal Global Investors, LLC			0.88%			25.54%			14.56%			12.88%
			Defined Outcome			Principal VCF U.S. LargeCap S&P 500 Index Buffer April Account – Class 2 (1)(2)(3)(4)(5)(7) Principal Global Investors, LLC			0.99%			18.41%
			Defined Outcome			Principal VCF U.S. LargeCap S&P 500 Index Buffer January Account – Class 2 (1)(2)(3)(4)(5)(6) Principal Global Investors, LLC			1.00%			18.29%
			Defined Outcome			Principal VCF U.S. LargeCap S&P 500 Index Buffer July Account – Class 2 (1)(2)(3)(4)(5)(8) Principal Global Investors, LLC			0.99%			17.89%
			Defined Outcome			Principal VCF U.S. LargeCap S&P 500 Index Buffer October Account – Class 2 (1)(2)(3)*4)(5)(9) Principal Global Investors, LLC			0.99%			19.18%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Large Growth			Fidelity VIP Contrafund® Portfolio (1) – Service Class 2 Fidelity Management & Research Co., LLC			0.81%			33.45%			16.74%			13.33%
			Large Growth			Principal VCF Blue Chip Account (1)(2)(10) – Class 2 Principal Global Investors, LLC			0.90%			21.00%
			Large Growth			Principal VCF LargeCap Growth Account I (2) – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC/Brown Advisory, LLC & T. Rowe Price Associates, Inc.			0.67%			25.14%			13.93%			14.63%
			Large Growth			CVT Nasdaq 100 Index Portfolio (1)(2) – Class F Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management			0.73%			24.89%			19.29%			17.64%
			Large Growth			Rydex VI NASDAQ 100 Fund (2) (closed to new investors with an application signature date of 6/4/2022 and later) Security Investors, LLC, which operates under the name of Guggenheim Investments			1.70%			23.91%			17.87%			16.48%
			Large Growth			T. Rowe Price Blue Chip Growth Portfolio (1) – II T. Rowe Price Associates, Inc.			0.99%			35.17%			14.18%			14.48%
			Large Value			LVIP American Century Value Fund (1)(2)(10) – Service Class Lincoln Financial Investments Corporation sub-advised by American Century Investment Management, Inc.			0.86%			9.29%			8.41%			8.01%
			Large Value			American Funds Insurance Series – Washington Mutual Investors Fund (1)(2) – Class 4 Shares Capital Research and Management Company			0.75%			18.85%			11.92%			9.99%
			Large Value			Principal VCF Equity Income Account (1) – Class 2 Principal Global Investors, LLC			0.73%			15.23%			8.15%			9.21%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Event Driven			The Merger Fund VL (2) Virtus Investment Advisers, Inc.			1.54%			3.44%			3.40%			3.41%
			Mid-Cap Blend			BlackRock Advantage SMID Cap V.I. Fund (1)(2) – Class III BlackRock Investment Management, LLC.			0.80%			11.70%			8.41%			8.94%
			Mid-Cap Blend			BNY Mellon IP MidCap Stock Portfolio (1)(2) – Service Shares BNY Mellon Investment Adviser, Inc. through a sub-advisory agreement with Mellon Investments Corporation.			1.05%			12.33%			9.00%			7.22%
			Mid-Cap Blend			CVT S&P MidCap 400 Index Portfolio (1)(2) – Class F Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management			0.53%			13.29%			9.77%			9.07%
			Mid-Cap Blend			Fidelity VIP Mid Cap Portfolio (1) – Service Class 2 Fidelity Management & Research Co., LLC			0.82%			17.18%			11.06%			8.94%
			Mid-Cap Blend			Goldman Sachs VIT – Goldman Sachs Mid Cap Value Fund (1)(2) – Service Shares Goldman Sachs Asset Management, L.P.			1.07%			12.12%			9.57%			7.71%
			Mid-Cap Growth			Janus Henderson Series Enterprise Portfolio (1) – Service Shares Janus Henderson Investors US LLC			0.97%			15.32%			9.61%			12.12%
			Mid-Cap Growth			Neuberger Berman AMT Mid-Cap Growth Portfolio (1)(2) – Class S Neuberger Berman Investment Advisers, LLC			1.10%			23.37%			10.35%			10.25%
			Mid-Cap Growth			Principal VCF MidCap Account (1) – Class 2 Principal Global Investors, LLC			0.78%			19.98%			11.37%			12.28%
			Money Market			Fidelity VIP Government Money Market Portfolio (1) – Service Class 2 Fidelity Management & Research Co., LLC			0.50%			4.84%			2.17%			1.44%
			Multistrategy			DWS Alternative Asset Allocation VIP (1)(3) – Class B RREEF America L.L.C. through a sub-advisory agreement with DWS Investment Management Americas Inc.			1.26%			5.30%			3.97%			2.83%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Systematic Trend			Guggenheim Investments VIF Global Managed Futures Strategy Fund (2) Security Investors, LLC, which operates under the name of Guggenheim Investments			2.11%			0.37%			3.73%			0.75%
			Multistrategy			Guggenheim Investments VIF Multi-Hedge Strategies Fund (2) Security Investors, LLC, which operates under the name of Guggenheim Investments			1.82%			-3.66%			2.43%			1.68%
			Natural Resources			Rydex VI Basic Materials Fund (2) Security Investors, LLC, which operates under the name of Guggenheim Investments			1.73%			-2.47%			7.17%			6.42%
			Natural Resources			VanEck VIP Trust – VanEck VIP Global Resources Fund (1) – Class S Van Eck Associates Corporation			1.30%			-3.09%			7.28%			0.57%
			Real Estate			Principal VCF Real Estate Securities Account (1) – Class 2 Principal Real Estate Investors, LLC with a sub-advisory agreement with Principal Global Investors, LLC			1.04%			5.41%			3.65%			5.99%
			Short Term Bond			Columbia VP – Limited Duration Credit Fund (1)(2) – Class 2 Columbia Management Investment Advisors, LLC			0.66%			4.64%			1.81%			2.08%
			Short Term Bond			PIMCO VIT Low Duration Portfolio (1) – Advisor Class PIMCO			0.77%			4.39%			0.98%			1.18%
			Short-Term Bond			Principal VCF Short-Term Income Account – Class 1 (closed to new investors with an application signature date of 6/8/19 and later) Principal Global Investors, LLC			0.41%			5.09%			1.92%			2.05%
			Small Blend			CVT Russell 2000 Small Cap Index Portfolio (1)(2) – Class F Ameritas Investment Partners, Inc. through a sub-advisory agreement with Calvert Research and Management			0.59%			11.00%			6.93%			7.24%

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			Type			Portfolio Advisor/Sub-advisor			Current Expenses (Net)			Average Annual Total Returns (as of 12/31/24)
												1 year			5 year			10 year
			Small Blend			EQ Advisors Trust 1290 VT GAMCO Small Company Value Portfolio (1) – Class IB Equitable Investment Management Group, LLC/GAMCO Asset Management, Inc			1.05%			11.59%			10.58%			8.80%
			Small Blend			Goldman Sachs VIT – Goldman Sachs Small Cap Equity Insights Fund (1)(2) – Service Shares Goldman Sachs Asset Management, L.P.			1.06%			18.76%			8.73%			8.69%
			Small Blend			Principal VCF SmallCap Account (1) – Class 2 Principal Global Investors, LLC			1.09%			6.66%			7.30%			7.76%
			Small Growth			ClearBridge Variable Small Cap Growth Portfolio (1) – Class II Shares Franklin Templeton Fund Adviser, LLC sub-advised by ClearBridge Investments, LLC			1.05%			4.23%			5.13%			7.66%
			Small Growth			EQ Advisors Trust 1290 VT Micro Cap Portfolio (1)(2) – Class IB Equitable Investment Management Group, LLC/Lord, Abbett & Co. LLC/BlackRock Investment Management, LLC			1.15%			20.06%			9.77%
			Small Growth			MFS® New Discovery Series (1)(2) – Service Class MFS			1.12%			6.44%			4.71%			8.92%
			Small Value			Columbia VP – Small Cap Value Fund (1)(2) – Class 2 Columbia Management Investment Advisors, LLC			1.13%			8.67%			10.98%			8.98%
			Small Value			DWS Small Mid Cap Value VIP (1)(2) – Class B DWS Investment Management Americas Inc.			1.21%			5.79%			5.51%			5.20%
			Technology			Janus Henderson Series Global Technology and Innovation Portfolio (1) – Service Shares Janus Henderson Investors US LLC			0.97%			31.76%			17.80%			19.06%
			Utilities			MFS® Utilities Series (1)(2) – Service Class MFS			1.04%			11.34%			5.61%			6.02%

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Type

Portfolio Advisor/Sub-advisor

Current Expenses (Net)

Average Annual Total Returns (as of 12/31/24)

1 year

5 year

10 year

(1)    This underlying mutual fund pays 12b-1 fees to PSI.

(2)    This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the underlying mutual fund’s registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.

(3)    This underlying mutual fund is a fund of funds. The fund of funds expenses may be higher than other fund types because the expenses of the selected fund include the expenses of the funds it holds.

(4)    This Fund is not showing Average Annual Total Returns because operation of the Fund is less than a year old and will not have annual returns for the years shown.

(5)    This underlying mutual fund is not available in the state of New York.

(6)    This underlying mutual fund may not be available through all broker-dealers.

(7)    Effective June 1, 2024, the Principal VCF Diversified Balanced Managed Volatility Account will be known as the Principal VCF Diversified Balanced Strategic Allocation Account.

(8)    Effective June 1, 2024, the Principal VCF Diversified Growth Managed Volatility Account will be known as the Principal VCF Diversified Growth Strategic Allocation Account.

(9)    Effective June 1, 2024, the Calvert VP Nasdaq 100 Index Portfolio will be known as the CVT Nasdaq 100 Index Portfolio.

(10)    Effective June 1, 2024, the Calvert VP Investment Grade Bond Index Portfolio will be known as the CVT Investment Grade Bond Index Portfolio.

(11)    Effective June 1, 2024, the Calvert VP Russell 2000 Small Cap Index Portfolio will be known as the CVT Russell 2000 Small Cap Index Portfolio.

(12)    Effective June 1, 2024, the Calvert VP EAFE International Index Portfolio will be known as the CVT EAFE International Index Portfolio.

(13)    Effective June 1, 2024, the Calvert VP S&P MidCap 400Index Portfolio will be known as the CVT S&P MidCap 400 Index Portfolio.

(14)    Investment Option will be available on June 1, 2024.

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The name of the Contract is Principal® Pivot Series Variable Annuity. The EDGAR contract identifier number for the Contract is C000145948.

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