Premier Variable Annuity Contract

Premier Variable Annuity is a group variable annuity contract for employer-sponsored qualified and non-qualified retirement plans, issued by Principal Life Insurance Company (the "Company"). The Company no longer offers this Contract. This information is only for the use of the current Contract owners.

Variable annuities are long term investments thus are not suitable for everyone; earnings grow tax-deferred; and withdrawals prior to age 59 ½ may result in a 10% penalty tax.

The initial offering of the Premier Variable Annuity Contract was 1992. The separate account that funds the contract was established on January 12, 1970.

The investment results shown represent historical returns based upon the assumption that the Premier Variable Annuity Contract was available for the periods shown. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data shown. For more performance information, including most recent month-end performance, visit our Web site at www.principal.com and click on "Rates & Values."

Except where noted, investment results include all charges and expenses, excluding any additional charges for riders.

An investment in the Money Market Subaccount is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the underlying mutual fund invested in by the subaccount seeks to preserve the value of your investment at $1 per share, the subaccount itself does not seek to maintain a stable net asset value. It is possible to lose money investing in this subaccount.

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. Fixed-income investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

Before investing in a variable annuity, investors should carefully consider the investment objectives, risks, charges and expenses of the contract and its underlying investment options.

This and other information is contained in the free prospectus and, if available, the summary prospectus which can be obtained online or by calling customer service at (800) 852-4450.

Please read the prospectus and, if available, the summary prospectus carefully before investing.

A separate account's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

Not all investment advisors or variable subaccounts listed are available in every state.

Inception Date represents the Subaccount Inception 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.

The Money Market 7-day current yield is computed as follows: the fund's average daily net income per share during the 7-day period is divided by the average daily price per share during the period. The result is multiplied by 365, with the resulting annualized yield carried to the nearest 1/100th of 1%. Effective 7-day yield is annualized compounded return assuming distributions are reinvested. The 7-day yield % more closely reflects the current earnings of this money market option than the total return displayed.

Premier Variable Annuity is issued by Principal Life Insurance Company and distributed by Princor Financial Services Corporation, member SIPC. Princor® and Principal Life Insurance Company are both companies of the Principal Financial Group®, Des Moines, Iowa, 50392-0200, 800/852-4450.

Policy Form # GPA 5961, GPA 5962

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

14 of 14
Low Risk/Return
High Risk/Return
Inv Manager or Sub-Advisor / Investment Unit Value YTD % * 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Inception Date Net Gross Contrct. Cap /
Waiver Exp. Date
09/01/2015
Values
Average Annual Total Returns as of
08/31/2015
Total Investment Expense
Large Value
Principal Global Investors
LargeCap Value Account  
4.86 -5.09 -5.91 -6.88 -2.93 12.40 14.23 5.32 10.04 05/13/1970 1.03 1.03 N/A
N/A
Large Blend
Principal Global Investors
LargeCap S&P 500 Index Account   2, 6
1.87 -3.27 -6.05 -6.06 -0.20 13.51 14.99 6.39 3.49 05/03/1999 0.67 0.67 N/A
N/A
Large Growth
Columbus Circle Investors
LargeCap Growth Account  
3.24 0.63 -6.71 -4.88 2.49 14.74 15.56 6.80 6.06 05/02/1994 1.11 1.11 N/A
N/A
T. Rowe Price Associates, Inc.
LargeCap Growth I Account  
2.07 2.74 -5.93 -3.35 5.16 15.16 16.86 8.36 9.37 06/01/1994 1.18 1.18 N/A
N/A
Mid Cap Growth
Principal Global Investors
MidCap Account   1
9.36 1.18 -5.27 -4.86 4.68 16.82 18.29 10.07 12.19 12/18/1987 0.95 0.95 N/A
N/A
Small Blend
Principal Global Investors
SmallCap Blend Account   1
2.17 2.72 -5.61 -4.09 4.44 17.63 17.82 6.70 5.26 05/01/1998 1.31 1.31 N/A
N/A
Diversified Emerging Markets
Principal Global Investors
International Emerging Markets Account   3
3.12 -11.25 -8.63 -16.32 -21.63 -3.15 -0.84 4.97 7.64 10/24/2000 1.80 1.80 N/A
N/A
Foreign Large Blend
Principal Global Investors
Diversified International Account   3
3.08 -1.23 -6.50 -8.38 -8.60 6.82 7.09 3.76 5.24 05/02/1994 1.28 1.28 N/A
N/A
Moderate Allocation
Morgan Stanley Inv. Mgmt.
SAM Balanced Account   7
1.95 -1.83 -4.09 -4.66 -1.67 8.04 9.26 5.61 6.86 06/01/1994 1.32 1.32 N/A
N/A
Principal Global Investors
Balanced Account   7
3.19 -1.88 -4.39 -4.70 -0.81 8.25 10.32 4.74 6.61 12/18/1987 1.07 1.07 N/A
N/A
Money Market
Principal Global Investors
Money Market Account  
1.67 -0.66 -0.08 -0.25 -0.99 -0.95 -0.92 0.44 N/A 03/18/1983 0.89 0.89 N/A
N/A
Intermediate-Term Bond
Principal Global Investors
Bond & Mortgage Securities Account   8, 9
2.83 -0.51 -0.55 -1.48 -0.76 0.98 3.03 2.91 5.56 12/18/1987 0.87 0.87 N/A
N/A
Real Estate
Principal Real Estate Inv
Real Estate Account   4
4.48 -5.96 -6.03 -4.65 2.64 8.96 12.48 7.41 10.47 05/01/1998 1.31 1.31 N/A
N/A

Not all investment advisors or variable subaccounts listed are available in every state.

Inception Date represents the Subaccount Inception 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.

The Money Market 7-day current yield is computed as follows: the fund's average daily net income per share during the 7-day period is divided by the average daily price per share during the period. The result is multiplied by 365, with the resulting annualized yield carried to the nearest 1/100th of 1%. Effective 7-day yield is annualized compounded return assuming distributions are reinvested. The 7-day yield % more closely reflects the current earnings of this money market option than the total return displayed.

Premier Variable Annuity is issued by Principal Life Insurance Company and distributed by Princor Financial Services Corporation, member SIPC. Princor® and Principal Life Insurance Company are both companies of the Principal Financial Group®, Des Moines, Iowa, 50392-0200, 800/852-4450.

Policy Form # GPA 5961, GPA 5962

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

* Unannualized rate of return (change in value) since the start of the year.

Returns shown for periods of less than one year are not annualized.

Investment Types
Short-Term Fixed Income - This asset class is generally comprised of short-term, fixed-income investment options that are largely liquid and are designed to not lose much value. These investment options may include stable value, money market, short-term bond, and guaranteed interest accounts. They are considered to be among the least risky forms of investment options. However, they typically have a lower rate of return than equities or longer-term fixed income investment options over long periods of time. Depending on the objectives of the investment options, they may experience price fluctuations and may lose value.
Fixed Income - This asset class is generally comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and Non- U.S.). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities. All investment options in this category have the potential to lose value.
Balanced/Asset Allocation - This asset class is generally comprised of a combination of fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date, and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value.
Large U.S. Equity - This asset class is generally comprised of investment options that invest in stocks, or shares of ownership in large, well-established, U.S. companies. These investment options typically carry more risk than fixed income investment options but have the potential for higher returns over longer time periods. They may be an appropriate choice for long-term investors who are seeking the potential for growth. All investment options in this category have the potential to lose value.
Small/Mid US Equity - This asset class is generally comprised of investment options that invest in stocks, or shares of ownership in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns. They may be an appropriate choice for long-term investors who are seeking the potential for growth. All investment options in this category have the potential to lose value.
International Equity - This asset class is comprised of investment options that invest in stocks, or shares of ownership in companies with their principal place of business or office outside the United States. These investment options often carry more risk than U.S. equity investment options but may have the potential for higher returns. They may be an appropriate choice for long-term investors who are seeking the potential for growth. All investment options in this category have the potential to lose value.

Footnotes:

  1. Small-cap and mid-cap investment options are subject to more fluctuation in value and may have additional risks than other investment options with stocks of larger, more stable companies.
  2. Each index based investment option is invested in the stocks or bonds of the index it tracks. Performance of indexes reflects the unmanaged results for the market segment the selected stocks or bonds represent. There is no assurance an index based investment option will match the performance of the index tracked.
  3. International and global investment options are subject to additional risk due to fluctuating exchange rates, foreign accounting and financial policies, and other economic and political environments.
  4. Real Estate investment options are subject to investment and liquidity risk and other risks inherent in real estate such as those associated with general and local economic conditions. Property values can decline due to environmental and other reasons. In addition, fluctuation in interest rates can negatively impact the performance of real estate investment options.
  6. S&P 500 is a trademark of The McGraw-Hill Companies, Inc., and has been licensed for use by Principal Life Insurance Company and Principal Management Corporation. The product is 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.
  7. 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.
  8. 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. government.
  9. Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.