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, 2022 and 2021, for each of the three years in the period ended December 31, 2022 and have issued our report thereon dated March 30, 2023 (included elsewhere in this Registration Statement). Our audits of the consolidated financial statements included the financial statement schedules listed in Item 30(o) 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 30, 2023

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Schedule I - Summary of Investments - Other Than Investments in Related Parties
December 31, 2022
																																	Amount as
																																	shown in the
																																	consolidated
																																	statement of
																								Fair									financial
Type of Investment															Cost									value									position
															(in millions)
Fixed maturities, available-for-sale:
			U.S Treasury securities and obligations of U.S government
						corporations and agencies									$	1,964.6								$	1,715.9								$	1,715.9
			States, municipalities and political subdivisions															7,280.1									6,168.3									6,168.3
			Foreign governments															565.3									520.4									520.4
			Public utilities															4,637.7									3,983.8									3,983.8
			Redeemable preferred stock															157.5									128.1									128.1
			All other corporate bonds															32,700.2									29,072.9									29,072.9
			Residential mortgage-backed securities															2,362.1									2,170.9									2,170.9
			Commercial mortgage-backed securities															5,529.7									4,827.5									4,827.5
			Collateralized debt obligations															4,698.9									4,560.2									4,560.2
			Other debt obligations															7,207.8									6,483.3									6,483.3
						Total fixed maturities, available-for-sale												67,103.9									59,631.3									59,631.3
Fixed maturities, trading																		634.0									634.0									634.0
Equity securities:
			Banks, trust and insurance companies															38.2									38.2									38.2
			Non-redeemable preferred stock															14.9									14.9									14.9
						Total equity securities												53.1									53.1									53.1
Mortgage loans																		19,722.4									XXXX									19,722.4
Real estate, net:
			Other real estate															2,237.4									XXXX									2,237.4
Policy loans																		770.2									XXXX									770.2
Other investments																		3,261.3									XXXX									3,261.3
						Total investments									$	93,782.3											XXXX						$	86,309.7

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Schedule III - Supplementary Insurance Information
As of December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021 and 2020
																											Contractholder
									Deferred									Future policy									and other
									acquisition									benefits and									policyholder
Segment									costs									claims									funds
									(in millions)
2022:
Retirement and Income Solutions									$	1,271.5								$	28,322.9								$	35,262.8
U.S. Insurance Solutions												3,407.9									12,128.2									7,943.3
Corporate												—									157.9									2.1
			Total						$	4,679.4								$	40,609								$	43,208.2
2021:
Retirement and Income Solutions									$	819.4								$	27,716.5								$	35,941.4
U.S. Insurance Solutions												2,929.7									12,262.1									8,039.6
Corporate												—									163.0									2.3
			Total						$	3,749.1								$	40,141.6								$	43,983.3

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Schedule III - Supplementary Insurance Information - (continued)
As of December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021 and 2020
																																				Amortization of
									Premiums and									Net									Benefits, claims									deferred									Other
									other									investment									and settlement									acquisition									operating
Segment									considerations									income (1)									expenses									costs									expenses (1)
									(in millions)
2022:
Retirement and Income
			Solutions						$	1,959.7								$	2,252.3								$	3,228.6								$	134.2								$	1,519.6
U.S. Insurance Solutions												3,306.7									560.2									2,421.1									249.2									1,019.0
Corporate												(2.1)									39.8									1.0									—									217.2
			Total						$	5,264.3								$	2,852.3								$	5,650.7								$	383.4								$	2,755.8
2021:
Retirement and Income
			Solutions						$	1,883.6								$	2,674.4								$	3,450.1								$	116.8								$	1,383
U.S. Insurance Solutions												2,830.4									907.9									3,031.7									167.4									994.4
Corporate												—									51.4									0.8									—									83.0
			Total						$	4,714								$	3,633.7								$	6,482.6								$	284.2								$	2,460.4
2020:
Retirement and Income
			Solutions						$	3,221								$	2,457.6								$	4,899.3								$	82.2								$	1,138.3
U.S. Insurance Solutions												2,659.8									842.0									2,937.2									304.7									932.9
Corporate												—									25.3									1.0									—									21.6
			Total						$	5,880.8								$	3,324.9								$	7,837.5								$	386.9								$	2,092.8

(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.

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Schedule IV - Reinsurance
As of December 31, 2022, 2021 and 2020 and for each of the years then ended
																																																Percentage
																					Ceded to									Assumed																		of amount
												Gross									other									from other																		assumed
												amount									companies									companies									Net amount									to net
												($ in millions)
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 insurance												2,392.4									157.8									—									2,234.6						—			%
						Total						$	5,216.5								$	455.7								$	503.5								$	5,264.3								9.6			%
2021:
Life insurance in force (1)												$	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 insurance												2,176.3									155.7									—									2,020.6						—			%
						Total						$	4,869.7								$	650								$	494.3								$	4,714								10.5			%
2020:
Life insurance in force (1)												$	294,161.3								$	183,067.9								$	331,394.6								$	442,488								74.9			%
Premiums:
			Life insurance and annuities									$	4,013.8								$	452.5								$	439.5								$	4,000.8								11.0			%
			Accident and health insurance												2,036.6									156.6									—									1,880.0						—			%
						Total						$	6,050.4								$	609.1								$	439.5								$	5,880.8								7.5			%
(1) We identified immaterial corrections related to life insurance in force amounts reported in 2021 and 2020, which were       updated in the 2022 Schedule IV above.