Report of Independent Registered Public Accounting Firm

To the Stockholder and Board of Directors of Principal National Life

Insurance Company

We have audited the statutory-basis financial statements of Principal National Life Insurance Company (the Company) as of December 31, 2023 and 2022, for each of the three years in the period ended December 31, 2023 and have issued our report thereon dated April 12, 2024 (included elsewhere in this Registration Statement). Our audits of the statutory-basis financial statements included the financial statement schedules listed in Item 30(o) of this Registration Statement (the “schedules”). These schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s schedules based on our audits.

In our opinion, the schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the financial statements.

/s/Ernst & Young LLP

Des Moines, Iowa

April 12, 2024

Schedule I - Summary of Investments - Other Than Investments in Related Parties
December 31, 2023
						Amount as
						shown in the
						statement of
				Fair		financial
Type of Investment		Cost (1)		Value		position
Fixed maturities
Bonds
	U.S. governments	$	5,240,039		4,058,984		5,203,940
	U.S. states, territories and possessions		—		—		—
	U.S. special revenue		17,591,848		13,901,751		17,351,257
	Industrial and miscellaneous		48,333,043		38,596,483		47,578,320
Total fixed maturities			71,164,930		56,557,218		70,133,517
Receivables and securities			80,681				80,681
Cash and other invested assets			1,287,843				1,287,843
Total investments		$	72,533,454				71,502,041

(1) As to fixed maturities, original cost is reduced by repayments and other-than-temporary impairments, as applicable.

Schedule III - Supplementary Insurance Information
As of December 31, 2023, 2022 and 2021 and for each of the years then ended
	Future policy				Policy and
	benefits		Unearned		contract
Segment	and expense		premiums		liabilities
Year ended December 31, 2023
Individual life	$	17,608	$	—	$	—
Other		—		—		—
	$	17,608	$	—	$	—
Year ended December 31, 2022
Individual life	$	18,209	$	—	$	—
Other		—		—		—
	$	18,209	$	—	$	—
Year ended December 31, 2021
Individual life	$	17,757	$	—	$	—
Other		—		—		—
	$	17,757	$	—	$	—

Schedule III - Supplementary Insurance Information - (continued)
As of December 31, 2023, 2022 and 2021 and for each of the years then ended
					Benefits, claims
			Net		losses and		Other
	Premium		investment		settlement		operating
Segment	revenue		income		expenses		expenses (1)
2023:
Individual life	$	8,564		(1,457,428)		601	517,813,297
Other		—		3,165,408		—	856,271
	$	8,564		1,707,980		601	51,869,568
2022:
Individual life	$	8,730		(1,512,737)		452	458,743,923
Other		—		4,159,575		—	833,071
	$	8,730		2,646,838		452	459,576,994
2021:
Individual life	$	8,657		(1,505,151)		36,351	457,580,985
Other		—		9,216,253		—	632,938
	$	8,657		7,711,102		36,351	458,213,923

(1) Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates, and reported operating results would change by segment if different methods were applied.

Schedule IV - Reinsurance
As of December 31, 2023, 2022 and 2021 and for each of the years then ended
										Percentage
				Ceded to		Assumed				of amount
		Gross		other		from other		Net		assumed
		amount		companies		companies		amount		to net
2023:
Life insurance in force		$	387,564,800,931	$	387,564,800,931	$	1,443,946	$	1,443,946	100	%
Premiums:
	Individual life	$	1,243,595,720	$	1,243,595,720	$	8,564	$	8,564	100	%
2022:
Life insurance in force		$	373,833,201,412	$	373,833,201,412	$	1,635,555	$	1,635,555	100	%
Premiums:
	Individual life	$	1,182,808,711	$	1,182,808,711	$	8,730	$	8,730	100	%
2021:
Life insurance in force		$	366,975,315,516	$	366,975,315,516	$	1,691,882	$	1,691,882	100	%
Premiums:
	Individual life	$	1,135,603,496	$	1,135,603,496	$	8,657	$	8,657	100	%