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Principal Life Insurance Company
Principal Life Insurance Company Separate Account B
Supplement dated August 23, 2023
to the Prospectus, Updating Summary Prospectus and
Summary Prospectus for New Investors dated May 1, 2023 for
Principal® Pivot Series Variable Annuity
This supplement updates information contained in the Prospectus, Updating Summary Prospectus and Summary Prospectus for New Investors for the variable annuity contract referenced above. Please retain this supplement for future reference.
APPENDIX A — INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
Delete the row for American Century VP Value Fund – Class II in the table and replace with the following:
| | | | | | | | | | | | | | | | | |
| Type | Portfolio
Advisor/Sub-advisor | Current Expenses (Net) | Average Annual Total Returns
(as of 12/31/22) |
| 1 year | 5 year | 10 year |
| Large Value | American Century VP Value Fund (1) – Class II American Century Investment Management, Inc. | 0.86% (2) | 0.31% | 7.68% | 10.41% |