Document

PRINCIPAL® LIFETIME INCOME SOLUTIONS

VARIABLE ANNUITY

UPDATING SUMMARY PROSPECTUS

Dated May 1, 2025

Principal Life Insurance Company (“the Company”, “We”, “Our” or “Us”) no longer offers or issues this product. This prospectus is only for the use of the current Owners of the product.

This Updating Summary Prospectus describes Principal® Lifetime Income Solutions Variable Annuity, an individual, flexible premium, deferred variable annuity (the “Contract”), issued by the Company through Principal Life Insurance Company Separate Account B (“Separate Account”).

This Updating Summary Prospectus summarizes key features of the Contract. The statutory prospectus for the Contract (the “Expanded Prospectus”) contains more information about the Contract, including its features, benefits, and risks. You can find the Expanded Prospectus and other information about the Contract online at www.principal.com/LifeIncomeVAReport. 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.

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.

The Contract, certain Contract features and/or some of the Investment Options may not be available in all states or through all broker dealers.

SPECIAL TERMS

The terms defined below are used throughout this Prospectus.

Accumulated Value (Contract Accumulated Value) - the sum of the values in the Fixed Account and the Separate Account Divisions.

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

Annuitant - the person, including any Joint Annuitant, on whose life the annuity benefit payment is based. This person may or may not be the Owner.

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

Contract Date - the date that the Contract is issued and which 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 June 5, 2013, the first Contract Year ends on June 4, 2014, and the first contract Anniversary falls on June 5, 2014).

Data Page - that portion of the Contract that 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 selected by the Contract Owner.

Division(s) - refer to the term “Separate Account Division” in this section

Fixed Account - an account that uses a guaranteed interest rate to calculate interest earned.

Investment Options - the Fixed Account and 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.

Owner - the person, including Joint Owner, who owns all the rights and privileges of this Contract.

Premium Payment(s) - the gross amount You contributed to the Contract.

Qualified Plan(s) - retirement plans that receive favorable tax treatment under Section 401 or 403(a) of the Internal Revenue Code.

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.”)

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 before the Annuitization Date.

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.

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

Valuation Period - the period of time from one determination of the value of a Unit of a Division to the next. Each Valuation Period begins at the close of normal trading on the NYSE, generally 4:00 p.m. Eastern Time, on each Valuation Date and ends at the close of normal trading of the NYSE on the next Valuation Date.

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.

UPDATED INFORMATION ABOUT YOUR CONTRACT

The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the statutory prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since You entered into Your Contract.

Underlying Mutual Funds

None

For more information on the available underlying funds, please see the funds' prospectuses at the following website: www.principal.com/LifeIncomeVAReport.

KEY INFORMATION TABLE

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES

LOCATION IN EXPANDED

PROSPECTUS

Charges for Early Withdrawals

If You withdraw money from Your Contract within 7 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 7-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

1.40%

7. CHARGES – Base Contract Annual Expenses

2. Investment Options (Underlying Mutual Fund fees and expenses)2

0.48%

0.57%

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

3. Guaranteed Minimum Withdrawal Benefit (“GMWB”).3 For applications signed on or after August 1, 2015 4

1.05%

7. CHARGES – GMWB Charges for Rider Benefits

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 As part of Your purchase, You were required to have the GMWB rider. To help You understand the cost of owning Your Contract, the table above shows the lowest and highest current charges You could pay each year. This estimate assumes that You do not take withdrawals from the Contract, which could add Surrender Charges that substantially increase costs.

4 For applications signed on or after August 1, 2013 but before August 1, 2015, the minimum and maximum current charge for the rider is 0.95%. For applications signed before August 1, 2013, the minimum and maximum current charge is 0.73%.

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

$2,483

HIGHEST ANNUAL COST

$2,550

Assumes:

● Investment of $100,000

● 5% annual appreciation

● Least expensive Base Contract charge, Underlying Mutual Fund fees and expenses, and GMWB charge

● No optional benefits

● No sales charges

● No additional purchase payments, Transfers or withdrawals

● Investment of $100,000

● 5% annual appreciation

● Most expensive Base Contract charge, Underlying Mutual Fund fees and expenses, and GMWB charge

● No sales charges

● No additional purchase payments, Transfers or withdrawals

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 7 years following Your last Premium Payment. 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 (including the Fixed Account) 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 (including under the Fixed Account), 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 the following toll-free telephone number: 1-800-852-4450.

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

RESTRICTIONS

LOCATION IN EXPANDED

PROSPECTUS

Investments

•Investment Limitations – In purchasing the Contract, the Underlying Mutual Funds available to You as Investment Options under the Contract are limited to those Investment Options included in Appendix A. Having the GMWB rider restricts Your Investment Options to one Underlying Mutual Fund.

•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.

10. BENEFITS AVAILABLE 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

No optional benefits are available with the Contract.

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

Exchanges

Your financial professional may have a financial incentive to offer You a new contract in place of the one You own. You should only consider exchanging Your Contract if You determine, after comparing the features, fees, and risks of both contracts, that it is in Your best interest to purchase the new contract rather than continuing to own Your existing Contract.

16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial

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/LifeIncomeVAReport, 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 (4) Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/24)
			1 year	5 year	10 year
Moderately Conservative	Principal VCF Diversified Balanced Account (1)(2)(3) – Class 2 Principal Global Investors, LLC	0.48%	9.67%	5.76%	6.07%
Moderately Conservative	Principal VCF Diversified Balanced Strategic Allocation Account (1)(2) – Class 2 Principal Global Investors, LLC	0.55%	8.83%	5.29%	5.68%
Moderate Allocation	Principal VCF Diversified Growth Account (1)(2)(3) – Class 2 Principal Global Investors, LLC	0.49%	12.26%	7.58%	7.51%
Moderate Allocation	Principal VCF Diversified Growth Strategic Allocation Account (1)(2) – Class 2 Principal Global Investors, LLC	0.57%	11.22%	7.00%	7.03%
Moderately Conservative	Principal VCF Diversified Income Account (1)(2) – Class 2 Principal Global Investors, LLC	0.48%	7.11%	3.91%	4.59%
(1) 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. (2) This underlying mutual fund pays 12b-1 fees to PSI. (3) Effective December 1, 2013, this account is not available to customers with an application signature date on or after December 1, 2013 (4) In California, we allocate initial premium payments to the Fidelity VIP Government Money Market Division during the examination offer period unless you elect to immediately invest in the allocations you selected. This division is not available under the Contract at any other time or in any other state.

The name of the Contract is Principal® Lifetime Income Solutions Variable Annuity. The EDGAR contract identifier number for the Contract is C000098606.