Principal Benefit Variable Universal Life II Performance Update

Principal Benefit Variable Universal Life II is issued by Principal Life Insurance Company^® and distributed by Principal Securities, Inc., Member SIPC, and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group^®, Des Moines, IA 50392.

The initial offering of Principal Benefit Variable Universal Life II (Benefit VUL II) was October 3, 2008. Some of the underlying funds into which the divisions invest were offered prior to that date. Inception dates are noted.

Variable life insurance products are not Federal Deposit Insurance Corporation (FDIC) insured. They may lose value and there is no bank guarantee.

Total Expenses reflect any contractual fee waiver and/or expense reimbursement.

The "Daily Change in UV" column reflects the difference in unit values between the date listed in the prior column and the business day preceding that date.

Calculated returns typically reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of the in effect share class. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.

V.I., VIP, VP, VPS, VIF, VT, VIT, IP and AMT refer to Variable Insurance, Variable Insurance Products, Variable Portfolios, Variable Products Series, Variable Insurance Fund, Variable Trust, Variable Insurance Trust, Investment Portfolios and Advisers Management Trust.

©2018-2020 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers: (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

S&P 500^® and the S&P MidCap Index are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Principal Life Insurance Company and Principal Management Corporation. Products are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.

Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. or any other government entity. Fixed-income investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

The Fidelity Government Money Market investment option is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although this investment option seeks to preserve the value of an investment at $1 per unit, it is possible to lose money by investing in this investment option. The investment option's sponsor has no legal obligation to provide financial support to the investment option and you should not expect that the sponsor will provide financial support to the investment option at any time. The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is the average income return over the previous seven days, assuming the rate stays the same for one year. It is the Fund's total income net of expenses, divided by the total number of outstanding shares and includes any applicable waiver or reimbursement.

While the underlying securities of the Fidelity Government Money Market, Short-Term Income, Government & High Quality Bond, Franklin U.S. Government Securities VIP, PIMCO Long-Term U.S. Government and PIMCO Real Return may be guaranteed by the U.S. Government as to timely payment of principal and interest, investment values are not guaranteed.

Fidelity VIP High Income, Franklin Strategic Income VIP, PIMCO High Yield, and Fidelity VIP Strategic Income Portfolio are subject to greater credit risk associated with high yield bonds.

American FIS Global Small Capitalization, American Funds Insurance SePrincipal VCF Principal LifeTime 2010 Account – Class 1ries Captial World Bond, Wanger International, Templeton Global Bond VIP, Franklin Income VIP, Franklin Mutual Shares VIP, BNY Mellon VIF Appreciation, BNY Mellon Sustainable US Equity, Fidelity VIP Contrafund, Fidelity VIP International Index, Janus Henderson Series Forty, MFS VIT Growth, Global Emerging Markets, Templeton Developing Markets VIP, AllianceBernstein International Value, Templeton Foreign VIP, AllianceBernstein Sustainable International Thematic, Diversified International, MFS Research International, Calvert EAFE International Index, Invesco International Equity, American Century VP International, Franklin Mutual Global Discovery, Janus Henderson Series Global Research, MFS Global Equity, Invesco Health Care, AllianceBernstein Sustainable Global Thematic, Invesco Global Real Estate, MFS International Intrinsic Value, American Funds New World, American Funds International , VanEck Global Resources, Rydex VI Basic Materials, Putnam VT International Value, Vanguard VIF Global Bond Index, American FIS Global Small Capitalization - Class II, Putnam VT International Value - Class1B, Vanguard VIF Global Bond Index, Vanguard VIF International, and T. Rowe Price Health Sciences are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.

The Principal Variable Contracts LifeTime Accounts indirectly bear their pro rata share of the management fees incurred by the underlying funds in which this fund invests. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2023, the weighted average operating expenses of the underlying funds are: Principal LifeTime Strategic Income, 0.51%; Principal LifeTime 2020, 0.53%; Principal LifeTime 2030, 0.57%; Principal LifeTime 2040, 0.63%; Principal LifeTime 2050, 0.67%; Principal LifeTime 2060, 0.66%.

The Principal LifeTime Accounts, which are target-date accounts, invest in underlying Principal Funds. Each Principal LifeTime Account is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Account approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Account is regularly re-adjusted within a timeframe that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Accounts assume the value of the investor's account will be withdrawn gradually during retirement. Neither the principal nor the underlying assets of the Principal LifeTime Accounts are guaranteed at any time, including the target date. Investment risk remains at all times.

AllianceBernstein Discovery Value, American Century VP Mid Cap Value, Delaware Small Cap Value, Fidelity VIP Extended Market Index, MidCap, Vanguard VIF Mid-Cap Index, Invesco Discovery Mid Cap Growth, American Century VP Capital Appreciation, Fidelity VIP Mid Cap, Janus Henderson Series Enterprise, Franklin Small Cap Value VIP, Invesco Small Cap Equity, Invesco Main Street Mid Cap, Invesco American Value, DWS Small Mid Cap Value, MFS Mid Cap Value, ClearBridge Mid Cap, Invesco Main Street Small Cap, SmallCap, Calvert Russell 2000 Small Cap Index, AllianceBernstein Small Cap Growth, MFS New Discovery, Neuberger Berman AMT Mid-Cap Growth, ClearBridge Small Cap Growth, MFS New Discovery Value, MFS Blended Research Small Cap Equity, Lord Abbett Developing Growth, BNY Mellon IP MidCap Stock, Principal VCF MidCap, and T. Rowe Price Health Sciences are subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

The LargeCap S&P 500 Index employs a "passive management", or indexing, investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Portfolio attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

Vanguard VIF Mid-Cap Index employs a "passive management", or indexing, investment approach designed to track the performance of the Morgan Stanley Capital International^® (MSCI^®) US Mid Cap 450 Index, a broadly diversified index of stocks of medium-size U.S. companies. The Portfolio attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

The LargeCap S&P 500 Index, Vanguard VIF Mid-Cap Index, Calvert Russell 2000 Small Cap Index, Calvert VP EAFE International Index, Fidelity VIP Extended Market Index, Fidelity VIP International Index, and Fidelity VIP Total Market Index are invested in the stocks of the index it tracks. Performance of indexes reflects the unmanaged result for the market segment the selected stocks represent. There is no assurance an index based investment option will match the performance of the index tracked.

The Invesco Core Equity and Invesco Main Street MidCap can invest up to 25% of its assets in foreign securities that involve risks not associated with investing solely in the United States.

The DWS Small Mid Cap Value and Invesco Health Care performance may be affected by investments in initial public offerings (IPOs). The impact of the IPOs on a fund's performance depends on the strength of the IPO market and the size of the fund. IPOs may have less impact on a fund's performance as its assets grow.

The manager and administrator for the Franklin Strategic Income VIP, Franklin Rising Dividends VIP, Franklin Small Cap Value VIP, Templeton Developing Markets VIP and Templeton Foreign VIP have agreed in advance to reduce their fees as a result of the fund's investment in a Franklin Templeton money market fund. The reduction is required by the Trust's board of trustees and an exemptive order by the Securities and Exchange Commission; this arrangement will continue as long as the exemptive order is relied upon.

Due to the sector focus of BNY Mellon IP Technology Growth, Invesco Health Care, Janus Henderson Global Technology and Innovation, MFS Utilities, Alliance Bernstein Sustainable Global Thematic, Invesco Global Real Estate, Van Eck Global Resources, Rydex VI Basic Materials, Rydex VI Utilities, and T. Rowe Price Health Sciences they may experience greater volatility than investment options with a broader investment strategy. It is not intended to serve as a complete investment program by itself.

The BNY Mellon Sustainable US Equity socially responsible investment criteria may limit the number of investment opportunities available, and as a result, at times this investment option may produce more modest gains than investment options that are not subject to such special investment considerations.

The Real Estate Securities Division is subject to some risks inherent in real estate and Real Estate Investment Trusts, such as risks associated with general and local economic conditions.

Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks.

The Principal Investors Strategic Asset Management Portfolio (SAM) indirectly bears its pro rata share of the management fees incurred by the underlying Principal Variable Contracts Fund in which this portfolio invests. Based on the asset allocation of the SAM Portfolio outlined in the prospectus dated May 1, 2022, the weighted average operating expenses of the underlying funds are: Flexible Income, 0.50%; Conservative Balanced, 0.54%; Balanced, 0.54%; Conservative Growth, 0.54%; Strategic Growth, 0.56% While the operating expenses of the underlying mutual funds are not part of the SAM Portfolio operating expenses they are included in the Total Investment Expense. Performance results shown for the SAM Portfolios reflect the application of these expenses.

Janus Henderson Series Forty is non-diversified. As a result, a single security's increase or decrease in value may have a greater impact on the investment option's NAV and total return. Although the investment option may satisfy the requirements for a diversified portfolio, its non-diversified classification gives the portfolio manager more flexibility to hold larger positions in a smaller number of securities than an investment option that is classified as diversified.

Investing in commodity-linked derivative instruments such as PIMCO Commodity Real Return Strategy may subject this investment option to greater volatility than investments in traditional securities.

PIMCO All Asset invests in other PIMCO Funds and performance is subject to underlying investment weightings which will vary. The cost of investing in this investment option will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. This investment option is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds like PIMCO Real Return may experience greater losses than other fixed-income securities with similar durations.

The cost of investing in TOPS Managed Risk Balanced ETF, TOPS Managed Risk Growth ETF and TOPS Managed Risk Moderate Growth ETF will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

TOPS Managed Risk Balanced ETF, TOPS Managed Risk Growth ETF and TOPS Managed Risk Moderate Growth ETF are new mutual funds and have a limited history of operation. The adviser and sub-adviser have not previously managed a mutual fund.

The TOPS^TMPortfolio indirectly bears its pro rata share of the management fees incurred by the underlying funds in which this portfolio invests. Based on the asset allocation of the TOPS^TM Portfolio outlined in the prospectus dated May 1, 2022, the weighted average operating expenses of the underlying P are: Managed Risk Balanced ETF Portfolio, 0.10%; Managed Risk Growth ETF Portfolio, 0.09% and Managed Risk Moderate Growth ETF Portfolio, 0.09%.

The initial offering of Class II shares for American Century VP Value took place on August 14, 2001. Returns prior to August 14, 2001, are those of the Original Class and do not include the effects of Class II shares' servicing and distribution expenses. Had Class II shares' .40% servicing and distribution expenses been reflected, returns prior to August 14, 2001 would have been .40% lower.

The DWS Alternative Asset Allocation indirectly pays a portion of the expenses incurred by the underlying funds, which lowers performance. To the extent that the fund's allocations favor underlying funds with higher expenses, the overall cost of investing paid by the fund will be higher. Based on the asset allocation of the funds outlined in the prospectus dated May 1, 2022, the weighted average operating expense of the underlying funds is: 0.65%.

Interest payments on the MFS Inflation-Adjusted Bond Division can be unpredictable and vary based on the level of inflation.  The fund is a non-diversified fund. Because the fund may invest a relatively large percentage of its assets in a single issuer or small number of issuers, the fund's performance could be closely tied to the value of that one issuer or issuers, and could be more volatile than the performance of diversified funds.

The AllianceBernstein VPS Small Cap Growth Portfolio is closed to new investors with an application signature date of 02/01/2013 and later.

Due to the social policy of the Neuberger Berman AMT Sustainable Equity Subaccount and Janus Henderson Global Sustainable, they may experience greater volatility than investment options with a broader investment strategy.

This investment option is subject to more fluctuation in value than other investment options with stocks of larger, more stable companies.

Principal Life Insurance Company
Des Moines, IA 50392-0001
www.principal.com

Policy Form SF 844
Approval 2949206-072023

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