EX-99.(M) 11 ex9927mplicfinancialschedu.htm PLIC FINANCIAL SCHEDULES Document

Report of Independent Registered Public Accounting Firm


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, 2023 and 2022, for each of the three years in the period ended December 31, 2023 and have issued our report thereon dated March 28, 2024 (included elsewhere in this Registration Statement). Our audits of the consolidated financial statements included the financial statement schedules listed in Item 27(m) 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
March 28, 2024


Schedule I - Summary of Investments - Other Than Investments in Related Parties
December 31, 2023
Amount as
shown in the
consolidated
statement of
Fairfinancial
Type of Investment Costvalueposition
(in millions)
Fixed maturities, available-for-sale:
U.S Treasury securities and obligations of U.S government
corporations and agencies$1,719.1 $1,504.9 $1,504.9 
States, municipalities and political subdivisions7,493.96,613.36,613.3
Foreign governments522.2479.9479.9
Public utilities4,747.04,256.94,256.9
Redeemable preferred stock225.4208.4208.4
All other corporate bonds30,735.228,614.228,614.2
Residential mortgage-backed securities2,959.82,824.92,824.9
Commercial mortgage-backed securities5,391.64,743.44,743.4
Collateralized debt obligations5,379.65,397.85,397.8
Other debt obligations8,447.27,886.57,886.5
Total fixed maturities, available-for-sale67,621.062,530.262,530.2
Fixed maturities, trading715.3715.3715.3
Equity securities:
Banks, trust and insurance companies28.128.128.1
Non-redeemable preferred stock14.914.914.9
Total equity securities43.043.043.0
Mortgage loans19,221.2XXXX19,221.2
Real estate, net:
Other real estate2,343.5XXXX2,343.5
Policy loans793.2XXXX793.2
Other investments4,118.8XXXX4,118.8
Total investments$94,856.0 XXXX$89,765.2 




Schedule III - Supplementary Insurance Information
As of December 31, 2023 and 2022 and for each of the years ended December 31, 2023, 2022 and 2021
Contractholder
DeferredFuture policyand otherMarket risk
acquisitionMarket riskbenefits andpolicyholderbenefit
Segmentcostsbenefit assetclaimsfundsliability
(in millions)
2023:
Retirement and Income Solutions$918.9 $153.4 $29,161.9 $34,399.6 $111.9 
Benefits and Protection3,007.6—13,137.07,870.8—
Corporate——189.12.0—
Total$3,926.5 $153.4 $42,488.0 $42,272.4 $111.9 
2022 (As recast):
Retirement and Income Solutions$930.0 $109.2 $26,651.8 $35,338.0 $181.4 
Benefits and Protection3,009.2—11,411.67,844.2—
Corporate——216.02.1—
Total$3,939.2 $109.2 $38,279.4 $43,184.3 $181.4 




Schedule III - Supplementary Insurance Information - (continued)
As of December 31, 2023 and 2022 and for each of the years ended December 31, 2023, 2022 and 2021
Liability for
Benefits,future policyMarket riskAmortization
PremiumsNetclaims andbenefitsbenefitof deferredOther
and other investmentsettlementremeasurementremeasurementacquisitionoperating
Segmentconsiderationsincome (1)expenses(gain) losslosscostsexpenses (1)
(in millions)
2023:
Retirement and
Income
Solutions$2,935.0 $2,618.8 $4,615.8 $(68.5)$33.7 $95.9 $1,562.1 
Benefits and
Protection3,469.0545.72,609.016.0—292.81,078.0
Corporate(7.3)121.01.4———92.7
Total$6,396.7 $3,285.5 $7,226.2 $(52.5)$33.7 $388.7 $2,732.8 
2022
(As recast):
Retirement and
Income
Solutions$1,959.7 $2,252.2 $3,328.0 $(14.9)$131.2 $101.0 $1,514.2 
Benefits and
Protection3,306.8560.32,553.7(244.9)—284.71,018.8
Corporate(2.2)39.91.0———217.2
Total$5,264.3 $2,852.4 $5,882.7 $(259.8)$131.2 $385.7 $2,750.2 
2021
(As recast):
Retirement and
Income
Solutions$1,883.6 $2,674.4 $3,547.3 $(3.8)$114.1 $107.0 $1,380.6 
Benefits and
Protection2,830.4907.83,069.34.2—265.2992.6
Corporate—51.50.9———83.1
Total$4,714.0 $3,633.7 $6,617.5 $0.4 $114.1 $372.2 $2,456.3 

(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 toAssumedof amount
Grossotherfrom otherassumed
amountcompaniescompaniesNet amountto net
($ in millions)
2023:
Life insurance in force$329,287.2 $333,380.6 $388,012.8 $383,919.4 101.1%
Premiums:
Life insurance and annuities$3,847.1 $387.9 $517.0 $3,976.2 13.0%
Accident and health insurance2,576.7156.2—2,420.5—%
Total$6,423.8 $544.1 $517.0 $6,396.7 8.1%
2022:
Life insurance in force$317,116.8 $222,711.4 $374,462.3 $468,867.7 79.9%
Premiums:
Life insurance and annuities$2,824.1 $297.9 $503.5 $3,029.7 16.6%
Accident and health insurance2,392.4157.8—2,234.6—%
Total$5,216.5 $455.7 $503.5 $5,264.3 9.6%
2021:
Life insurance in force$299,318.1 $195,641.7 $367,764.8 $471,441.1 78.0%
Premiums:
Life insurance and annuities$2,693.4 $494.3 $494.3 $2,693.4 18.4%
Accident and health insurance2,176.3155.7—2,020.6—%
Total$4,869.7 $650.0 $494.3 $4,714.0 10.5%