Report of Independent Auditors

To the Stockholder and Board of Directors of

Principal Life Insurance Company

We have audited the consolidated financial statements of Principal Life Insurance Company (the Company) as of December 31, 2021 and 2020, for each of the three years in the period ended December 31, 2021, and have issued our report thereon dated March 10, 2022 (included elsewhere in this Registration Statement). Our audits of the consolidated 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 consolidated financial statements.

/s/Ernst & Young LLP

Des Moines, Iowa

April 29, 2022

Schedule I - Summary of Investments - Other Than Investments in Related Parties
December 31, 2021
									Amount as
									shown in the
									consolidated
									statement of
									financial
Type of Investment			Cost			Value			position
			(in millions)
Fixed maturities, available-for-sale:
	U.S Treasury securities and obligations of U.S government
		corporations and agencies	$	1,826.8		$	1,937		$	1,937
	States, municipalities and political subdivisions				8,210.3			9,216.4			9,216.4
	Foreign governments				821.6			947.1			947.1
	Public utilities				4,455.6			4,894.3			4,894.3
	Redeemable preferred stock				99.1			101.0			101.0
	All other corporate bonds				34,791.0			37,969.8			37,969.8
	Residential mortgage-backed securities				2,296.9			2,342.3			2,342.3
	Commercial mortgage-backed securities				5,388.6			5,513.7			5,513.7
	Collateralized debt obligations				3,539.1			3,533.5			3,533.5
	Other debt obligations				7,368.3			7,441.8			7,441.8
		Total fixed maturities, available-for-sale			68,797.3			73,896.9			73,896.9
Fixed maturities, trading					233.3			233.3			233.3
Equity securities:
	Banks, trust and insurance companies				490.7			490.7			490.7
	Non-redeemable preferred stock				17.5			17.5			17.5
		Total equity securities			508.2			508.2			508.2
Mortgage loans					18,908.3			XXXX			18,908.3
Real estate, net:
	Other real estate				2,060.6			XXXX			2,060.6
Policy loans					705.0			XXXX			705.0
Other investments					2,836.7			XXXX			2,836.7
		Total investments	$	94,049.4				XXXX	$	99,149.0

Schedule III - Supplementary Insurance Information
As of December 31, 2021 and 2020 and for each of the years ended December 31, 2021, 2020 and 2019
								Contractholder
		Deferred			Future policy			and other
		acquisition			benefits and			policyholder
Segment		costs			claims			funds
		(in millions)
2021:
Retirement and Income Solutions		$	819.4		$	27,716.5		$	35,941.4
U.S. Insurance Solutions				2,929.7			12,262.1			8,039.6
Corporate				—			163.0			2.3
	Total	$	3,749.1		$	40,141.6		$	43,983.3
2020:
Retirement and Income Solutions		$	730.4		$	28,134.1		$	35,576
U.S. Insurance Solutions				2,668.1			11,800.3			7,909.5
Corporate				—			169.6			2.3
	Total	$	3,398.5		$	40,104		$	43,487.8

Schedule III - Supplementary Insurance Information - (continued)
As of December 31, 2021 and 2020 and for each of the years ended December 31, 2021, 2020 and 2019
											Amortization of
		Premiums and			Net			Benefits, claims			deferred			Other
		other			investment			and settlement			acquisition			operating
Segment		considerations			income (1)			expenses			costs			expenses (1)
		(in millions)
2021:
Retirement and Income
	Solutions	$	1,883.6		$	2,674.4		$	3,450.1		$	116.8		$	1,383
U.S. Insurance Solutions				2,830.4			907.9			3,031.7			167.4			994.4
Corporate				—			51.4			0.8			—			83.0
	Total	$	4,714		$	3,633.7		$	6,482.6		$	284.2		$	2,460.4
2020:
Retirement and Income
	Solutions	$	3,221		$	2,457.6		$	4,899.3		$	82.2		$	1,138.3
U.S. Insurance Solutions				2,659.8			842.0			2,937.2			304.7			932.9
Corporate				—			25.3			1.0			—			21.6
	Total	$	5,880.8		$	3,324.9		$	7,837.5		$	386.9		$	2,092.8
2019:
Retirement and Income
	Solutions	$	4,862.7		$	2,419.9		$	6,527.8		$	87.8		$	1169.7
U.S. Insurance Solutions				2,610.6			846.7			2,639.2			258.0			942.3
Corporate				—			27.3			0.5			—			44.5
	Total	$	7,473.3		$	3,293.9		$	9,167.5		$	345.8		$	2,156.5

(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, 2021, 2020 and 2019 and for each of the years then ended
															Percentage
						Ceded to			Assumed						of amount
			Gross			other			from other						assumed
			amount			companies			companies			Net amount			to net
			($ in millions)
2021:
Life insurance in force			$	666,295.1		$	383,256		$	787.8		$	283,826.9		0.3	%
Premiums:
	Life insurance and annuities		$	2,702.4		$	494.3		$	494.3		$	2,702.4		18.3	%
	Accident and health insurance				2,167.3			155.7			—			2,011.6	—	%
		Total	$	4,869.7		$	650		$	494.3		$	4,714		10.5	%
2020:
Life insurance in force			$	624,651.7		$	376,469		$	904.2		$	249,086.9		0.4	%
Premiums:
	Life insurance and annuities		$	4,013.7		$	452.5		$	439.5		$	4,000.7		11.0	%
	Accident and health insurance				2,036.7			156.6			—			1,880.1	—	%
		Total	$	6,050.4		$	609.1		$	439.5		$	5,880.8		7.5	%
2019:
Life insurance in force			$	576,243.7		$	367,748.1		$	999.6		$	209,495.2		0.5	%
Premiums:
	Life insurance and annuities		$	5,652.7		$	406.8		$	379.7		$	5,625.6		6.7	%
	Accident and health insurance				2,003.3			155.6			—			1,847.7	—	%
		Total	$	7,656		$	562.4		$	379.7		$	7,473.3		5.1	%