Principal Life Insurance Company Separate Account B

Supplement dated June 29, 2018

to the Statutory Prospectus dated May 1, 2018 for:

Premier Variable Annuity

Principal Flexible Variable Annuity

(as supplemented on June 21, 2018)

Principal Investment Plus Variable Annuity^SM (for applications signed on or after August 1, 2013)

(as supplemented on June 21, 2018)

Principal Investment Plus Variable Annuity^SM (for applications signed before August 1, 2013)

(as supplemented on June 21, 2018)

Principal Pivot Series Variable Annuity^SM 

(as supplemented on June 21, 2018)

This supplement updates information contained in the Statutory Prospectus for the variable annuity contracts referenced above. Please retain this supplement for future reference.

PVC LARGECAP VALUE ACCOUNT MERGING

One of the mutual funds available as an investment option under the variable annuity contracts referenced above is merging into another fund. Principal Life Insurance Company has been informed by Principal Variable Contracts Funds, Inc. (“PVC”) that the LargeCap Value Account, which is the underlying fund for the LargeCap Value Division, will merge into the PVC Equity Income Account effective October 12, 2018 (the “Merger Date”), subject to shareholder approval. No transfers into the LargeCap Value Division will be allowed on or after the Merger Date. On the Merger Date, we will transfer any remaining values in the LargeCap Value Division to the division that invests in the Equity Income Account.

TABLE OF SEPARATE ACCOUNT DIVISIONS

On or about October 12, 2018, delete the section for the LargeCap Value Division.