# EDGAR Filing Document

**Accession Number:** 0001526622
**File Stem:** 0001104659-26-051700
**Filing Date:** 2026-4
**Character Count:** 486777
**Document Hash:** dfa1b0bfd44481c15292ab79b4fe9bb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-051700.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001104659-26-051700

**CONFORMED SUBMISSION TYPE**: N-VPFS/A

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal National Life Insurance Co Variable Life Separate Account
- **CENTRAL INDEX KEY:** 0001526622

**ORGANIZATION NAME:**
- **EIN:** 341022982
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22589
- **FILM NUMBER:** 26917835

**BUSINESS ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **STREET 2:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-247-5461

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **STREET 2:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

## Series and Classes Contracts Data

### Principal National Life Insurance Co Variable Life Separate Account (Series ID: S000034165)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000105323 | Principal Variable Universal Life Income III    |  |
| C000215088 | Principal Variable Universal Life Income IV     |  |
| C000215152 | Principal Executive Variable Universal Life III |  |

F I N A N C I A L S T A T E M E N T S

Principal National Life Insurance Co Variable Life Separate Account

Years Ended December 31, 2025 and 2024

With Report of Independent Registered Public Accounting Firm

Principal National Life Insurance Co

Variable Life Separate Account

Financial Statements

Years Ended December 31, 2025 and 2024

**Contents**

Audited Financial Statements

---

| | |
|:---|:---|
| Statements of Assets and Liabilities | 1 |
| Statements of Operations | 1 |
| Statements of Changes in Net Assets | 36 |
| Notes to Financial Statements | 71 |

---

---

| | | |
|:---|:---|:---|
| ![](tm2612469d3_img001.jpg) | Ernst & Young LLP<br> Suite 3100 <br>801 Grand Avenue<br>Des Moines, IA 50309-2764 | Tel: +1 515 243 2727<br> ey.com |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Principal National Life Insurance Company and Contract Owners of Principal National Life Insurance Co Variable Life Separate Account

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Principal National Life Insurance Co Variable Life Separate Account (the "Separate Account"), as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2612469d3_img004.jpg)

We have served as the Separate Account's auditor since 2010.

April 2, 2026

A member firm of Ernst & Young Global Limited

**Appendix:** 

Subaccounts comprising Principal National Life Insurance Co Variable Life Separate Account

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Sub Account | &nbsp;&nbsp;Statement of<br> operations | &nbsp;&nbsp;Statements of<br> changes in net<br> assets |
| &nbsp;&nbsp;AllianceBernstein VPS Discovery Value Portfolio – Class A | &nbsp;&nbsp;For the year | &nbsp;&nbsp;For each of the |
| &nbsp;&nbsp;AllianceBernstein VPS International Value Portfolio – Class A | &nbsp;&nbsp;ended | &nbsp;&nbsp;two years in the |
| &nbsp;&nbsp;AllianceBernstein VPS Small Cap Growth Portfolio – Class A | &nbsp;&nbsp;December 31, | &nbsp;&nbsp;period ended |
| &nbsp;&nbsp;AllianceBernstein VPS Sustainable Global Thematic Portfolio – Class A | &nbsp;&nbsp;2025 | &nbsp;&nbsp;December 31, |
| &nbsp;&nbsp;American Funds Insurance Series - Capital World Bond Fund – Class 2 Shares |  | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;American Funds Insurance Series - Global Balanced Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;American Funds Insurance Series - Global Small Capitalization Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;American Funds Insurance Series - Growth Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;American Funds Insurance Series - International Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;American Funds Insurance Series - New World Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;American Funds Insurance Series - Washington Mutual Investors Fund – Class 2 Shares |  |  |
| &nbsp;&nbsp;BNY Mellon IP MidCap Stock Portfolio – Service Shares |  |  |
| &nbsp;&nbsp;BNY Mellon IP Technology Growth Portfolio – Service Shares |  |  |
| &nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares |  |  |
| &nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio – Service Shares |  |  |
| &nbsp;&nbsp;Bond Market Index Account – Class 1 |  |  |
| &nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio – Class I Shares |  |  |
| &nbsp;&nbsp;ClearBridge Variable Small Cap Growth Portfolio – Class I Shares |  |  |
| &nbsp;&nbsp;Columbia VP – Acorn International Fund (1) |  |  |
| &nbsp;&nbsp;Core Plus Bond Account – Class 1 |  |  |
| &nbsp;&nbsp;CVT EAFE International Index Portfolio – Class F |  |  |
| &nbsp;&nbsp;CVT Investment Grade Bond Index Portfolio – Class I |  |  |
| &nbsp;&nbsp;CVT Russell 2000 Small Cap Index Portfolio – Class F |  |  |
| &nbsp;&nbsp;CVT S&P 500 Index Portfolio |  |  |
| &nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio – Class F |  |  |
| &nbsp;&nbsp;Diversified International Account – Class 1 |  |  |
| &nbsp;&nbsp;DWS Alternative Asset Allocation VIP – Class B |  |  |
| &nbsp;&nbsp;DWS Small Mid Cap Value VIP – Class B |  |  |
| &nbsp;&nbsp;Equity Income Account – Class 1 |  |  |
| &nbsp;&nbsp;Fidelity VIP Contrafund® Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Equity-Income Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Extended Market Index Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Government Money Market Portfolio – Service Class |  |  |
| &nbsp;&nbsp;Fidelity VIP High Income Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP International Index Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Mid Cap Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Strategic Income Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Fidelity VIP Total Market Index Portfolio – Service Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Income VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Mutual Global Discovery VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Mutual Shares VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Rising Dividends VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Small Cap Value VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin Strategic Income VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Franklin U.S. Government Securities VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Templeton Developing Markets VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Templeton Foreign VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Franklin Templeton VIP Trust - Templeton Global Bond VIP Fund – Class 2 |  |  |
| &nbsp;&nbsp;Global Emerging Markets Account – Class 1 |  |  |
| &nbsp;&nbsp;Government & High Quality Bond Account – Class 1 |  |  |

---

A member firm of Ernst & Young Global Limited

---

| |
|:---|
| &nbsp;&nbsp;Invesco V.I. American Franchise Fund – Series II Shares |
| &nbsp;&nbsp;Invesco V.I. American Value Fund – Series I Shares |
| &nbsp;&nbsp;Invesco V.I. Core Equity Fund – Series II Shares |
| &nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund – Series I Shares |
| &nbsp;&nbsp;Invesco V.I. EQV International Equity Fund – Series I Shares |
| &nbsp;&nbsp;Invesco V.I. Global Real Estate Fund – Series I Shares |
| &nbsp;&nbsp;Invesco V.I. Health Care Fund – Series I Shares |
| &nbsp;&nbsp;Invesco V.I. Main Street Mid Cap Fund – Series II Shares |
| &nbsp;&nbsp;Invesco V.I. Main Street Small Cap Fund – Series II Shares |
| &nbsp;&nbsp;Invesco V.I. Small Cap Equity Fund – Series I Shares |
| &nbsp;&nbsp;Janus Henderson Global Sustainable Equity Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Balanced Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Enterprise Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Flexible Bond Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Forty Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Global Research Portfolio – Service Shares |
| &nbsp;&nbsp;Janus Henderson Series Global Technology and Innovation Portfolio – Service Shares |
| &nbsp;&nbsp;LargeCap Growth Account I – Class 1 |
| &nbsp;&nbsp;LargeCap S&P 500 Index Account – Class 1 |
| &nbsp;&nbsp;Lord Abbett Series Fund Developing Growth Portfolio – Class VC |
| &nbsp;&nbsp;Macquarie VIP Small Cap Value Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Blended Research® Small Cap Equity Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Global Equity Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Growth Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Inflation-Adjusted Bond Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> International Intrinsic Value Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Mid Cap Value Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> New Discovery Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> New Discovery Value Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Research International Portfolio – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Total Return Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Utilities Series – Service Class |
| &nbsp;&nbsp;MFS<sup>®</sup> Value Series – Service Class |
| &nbsp;&nbsp;MidCap Account – Class 1 |
| &nbsp;&nbsp;Neuberger Berman AMT Mid Cap Growth Portfolio – S Class Shares |
| &nbsp;&nbsp;Neuberger Berman AMT Quality Equity Portfolio – I Class Shares (2) |
| &nbsp;&nbsp;PIMCO VIT All Asset Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT CommodityReal Return® Strategy Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Emerging Markets Bond Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT High Yield Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Long-Term U.S. Government Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Low Duration Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Real Return Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Short-Term Portfolio – Administrative Class |
| &nbsp;&nbsp;PIMCO VIT Total Return Portfolio – Administrative Class |
| &nbsp;&nbsp;Principal Capital Appreciation Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime 2020 Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime 2030 Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime 2040 Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime 2050 Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime 2060 Account – Class 1 |
| &nbsp;&nbsp;Principal LifeTime Strategic Income Account – Class 1 |
| &nbsp;&nbsp;Putnam VT International Value Fund – Class IB |
| &nbsp;&nbsp;Putnam VT Large Cap Growth Fund – Class IB |
| &nbsp;&nbsp;Real Estate Securities Account – Class 1 |
| &nbsp;&nbsp;Rydex VI Basic Materials Fund |

---

A member firm of Ernst & Young Global Limited

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Rydex VI Utilities Fund |  |  |
| &nbsp;&nbsp;SAM Balanced Portfolio – Class 1 |  |  |
| &nbsp;&nbsp;SAM Conservative Balanced Portfolio – Class 1 |  |  |
| &nbsp;&nbsp;SAM Conservative Growth Portfolio – Class 1 |  |  |
| &nbsp;&nbsp;SAM Flexible Income Portfolio – Class 1 |  |  |
| &nbsp;&nbsp;SAM Strategic Growth Portfolio – Class 1 |  |  |
| &nbsp;&nbsp;Short-Term Income Account – Class 1 |  |  |
| &nbsp;&nbsp;SmallCap Account – Class 1 |  |  |
| &nbsp;&nbsp;T. Rowe Price Health Sciences Portfolio – II |  |  |
| &nbsp;&nbsp;TOPS<sup>®</sup> Managed Risk Balanced ETF Portfolio – Class 2 |  |  |
| &nbsp;&nbsp;TOPS<sup>®</sup> Managed Risk Growth ETF Portfolio – Class 2 |  |  |
| &nbsp;&nbsp;TOPS<sup>®</sup> Managed Risk Moderate Growth ETF Portfolio – Class 2 |  |  |
| &nbsp;&nbsp;VanEck VIP Trust Global Resources Fund – Class S Shares |  |  |
| &nbsp;&nbsp;VanEck VIP Trust Global Resources Fund – Initial Class Shares |  |  |
| &nbsp;&nbsp;Vanguard VIF Balanced Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF Conservative Allocation Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF Equity Income Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF Global Bond Index Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF International Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF Mid-Cap Index Portfolio |  |  |
| &nbsp;&nbsp;Vanguard VIF Real Estate Index Portfolio |  |  |
| &nbsp;&nbsp;Fidelity VIP Consumer Staples Portfolio – Service Class 2 | &nbsp;&nbsp;For the year | &nbsp;&nbsp;For the year ended |
| &nbsp;&nbsp;Fidelity VIP Energy Portfolio – Service Class 2 | &nbsp;&nbsp;ended | &nbsp;&nbsp;December 31, |
| &nbsp;&nbsp;Putnam VT Small Cap Growth Fund – Class IB | &nbsp;&nbsp;December 31, | &nbsp;&nbsp;2025 and for the |
| &nbsp;&nbsp;Putnam VT Small Cap Value Fund – Class IB | &nbsp;&nbsp;2025 | &nbsp;&nbsp;period from June |
|  |  | &nbsp;&nbsp;3, 2024 (date fund |
|  |  | &nbsp;&nbsp;made available to |
|  |  | &nbsp;&nbsp;policyholders) |
|  |  | &nbsp;&nbsp;through December |
|  |  | &nbsp;&nbsp;31, 2024 |
| &nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Service Class | &nbsp;&nbsp;For the year | &nbsp;&nbsp;For the year ended |
| &nbsp;&nbsp;LVIP American Century Disciplined Core Value Fund – Service Class | &nbsp;&nbsp;ended | &nbsp;&nbsp;December 31, |
| &nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Service Class | &nbsp;&nbsp;December 31, | &nbsp;&nbsp;2025 and for the |
| &nbsp;&nbsp;LVIP American Century International Fund – Service Class | &nbsp;&nbsp;2025 | &nbsp;&nbsp;period from April |
| &nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Service Class |  | &nbsp;&nbsp;26, 2024 (date |
| &nbsp;&nbsp;LVIP American Century Value Fund – Service Class |  | &nbsp;&nbsp;fund made |
|  |  | &nbsp;&nbsp;available to |
|  |  | &nbsp;&nbsp;policyholders) |
|  |  | &nbsp;&nbsp;through December |
|  |  | &nbsp;&nbsp;31, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represented the operations of Wanger International until June 2, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Represented the operations of Neuberger Berman AMT Sustainable Equity Portfolio – I Class Shares until July 30, 2025* 

A member firm of Ernst & Young Global Limited

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AllianceBernstein**<br>**VPS Discovery**<br>**Value Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS International**<br>**Value Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS Small Cap**<br>**Growth Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS Sustainable**<br>**Global Thematic**<br>**Portfolio – Class A** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**5647721** | $**3750675** | $**280529** | $**330306** |
| Total assets | **5647721** | **3750675** | **280529** | **330306** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**5647721** | $**3750675** | $**280529** | $**330306** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**5647721** | $**3750675** | $**280529** | $**330306** |
| Total net assets | $**5647721** | $**3750675** | $**280529** | $**330306** |
| Investments in shares of mutual funds, at cost | $**5861505** | $**2852686** | $**264439** | $**347571** |
| Shares of mutual funds owned | **340429** | **179286** | **21061** | **10061** |
| Accumulation units outstanding | **137740** | **270403** | **5345** | **9296** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AllianceBernstein**<br>**VPS Discovery**<br>**Value Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS International**<br>**Value Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS Small Cap**<br>**Growth Portfolio**<br>**– Class A** | **AllianceBernstein**<br>**VPS Sustainable**<br>**Global Thematic**<br>**Portfolio – Class A** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**47164** | $**83998** | $**—** | $**—** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **47164** | **83998** | **—** | **—** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **43469** | **106715** | **(8939)** | **7689** |
| Capital gains distributions | **610231** | **—** | **—** | **42053** |
| Total realized gains (losses) on investments | **653700** | **106715** | **(8939)** | **49742** |
| Change in net unrealized appreciation (depreciation) of investments | **(549424)** | **759162** | **22143** | **(32437)** |
| Net gains (losses) on investments | **151440** | **949875** | **13204** | **17305** |
| Net increase (decrease) in net assets resulting from operations | $**151440** | $**949875** | $**13204** | $**17305** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**American Funds**<br>**Insurance Series**<br>**– Capital World**<br>**Bond Fund**<br>**– Class 2 Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– Global Balanced**<br>**Fund – Class 2**<br>**Shares** | **American Funds**<br>**Insurance Series**<br>**– Global Small**<br>**Capitalization**<br>**Fund – Class 2**<br>**Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– Growth Fund**<br>**– Class 2 Shares** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**740969** | $**1503672** | $**6284** | $**44118864** |
| Total assets | **740969** | **1503672** | **6284** | **44118864** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**740969** | $**1503672** | $**6284** | $**44118864** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**740969** | $**1503672** | $**6284** | $**44118864** |
| Total net assets | $**740969** | $**1503672** | $**6284** | $**44118864** |
| Investments in shares of mutual funds, at cost | $**725954** | $**1337931** | $**6102** | $**33841723** |
| Shares of mutual funds owned | **73291** | **104932** | **330** | **317859** |
| Accumulation units outstanding | **68586** | **90575** | **458** | **722448** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**American Funds**<br>**Insurance Series**<br>**– Capital World**<br>**Bond Fund**<br>**– Class 2 Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– Global Balanced**<br>**Fund – Class 2**<br>**Shares** | **American Funds**<br>**Insurance Series**<br>**– Global Small**<br>**Capitalization**<br>**Fund – Class 2**<br>**Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– Growth Fund**<br>**– Class 2 Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**21156** | $**19300** | $**21** | $**55057** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **21156** | **19300** | **21** | **55057** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **11696** | **10076** | **14671** | **1372291** |
| Capital gains distributions | **—** | **50163** | **2575** | **2813598** |
| Total realized gains (losses) on investments | **11696** | **60239** | **17246** | **4185889** |
| Change in net unrealized appreciation (depreciation) of investments | **27902** | **130534** | **(1888**) | **2693518** |
| Net gains (losses) on investments | **60754** | **210073** | **15379** | **6934464** |
| Net increase (decrease) in net assets resulting from operations | $**60754** | $**210073** | $**15379** | $**6934464** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**American Funds**<br>**Insurance Series**<br>**– International**<br>**Fund – Class 2**<br>**Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– New World Fund**<br>**– Class 2 Shares** | **American Funds**<br>**Insurance Series**<br>**– Washington**<br>**Mutual Investors**<br>**Fund – Class 2**<br>**Shares** |<br>**BNY Mellon IP**<br>**MidCap Stock**<br>**Portfolio – Service**<br>**Shares** |
| **Assets** | | | | |
| Investments in shares of mutual funds, at fair value | $**8384049** | $**14035810** | $**15625194** | $**1670624** |
| Total assets | **8384049** | **14035810** | **15625194** | **1670624** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**8384049** | $**14035810** | $**15625194** | $**1670624** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**8384049** | $**14035810** | $**15625194** | $**1670624** |
| Total net assets | $**8384049** | $**14035810** | $**15625194** | $**1670624** |
| Investments in shares of mutual funds, at cost | $**7166217** | $**11561713** | $**13271760** | $**1566573** |
| Shares of mutual funds owned | **377320** | **438208** | **878313** | **82704** |
| Accumulation units outstanding | **464995** | **652342** | **521153** | **68460** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**American Funds**<br>**Insurance Series**<br>**– International**<br>**Fund – Class 2**<br>**Shares** |<br>**American Funds**<br>**Insurance Series**<br>**– New World Fund**<br>**– Class 2 Shares** | **American Funds**<br>**Insurance Series**<br>**– Washington**<br>**Mutual Investors**<br>**Fund – Class 2**<br>**Shares** |<br>**BNY Mellon IP**<br>**MidCap Stock**<br>**Portfolio – Service**<br>**Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**101342** | $**142304** | $**205674** | $**3072** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **101342** | **142304** | **205674** | **3072** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **172542** | **233488** | **578904** | **4466** |
| Capital gains distributions | **—** | **461209** | **932897** | **63401** |
| Total realized gains (losses) on investments | **172542** | **694697** | **1511801** | **67867** |
| Change in net unrealized appreciation (depreciation) of investments | **1322852** | **2037984** | **488424** | **25123** |
| Net gains (losses) on investments | **1596736** | **2874985** | **2205899** | **96062** |
| Net increase (decrease) in net assets resulting from operations | $**1596736** | $**2874985** | $**2205899** | $**96062** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**BNY Mellon IP**<br>**Technology**<br>**Growth Portfolio**<br>**– Service Shares** | **BNY Mellon**<br>**Sustainable U.S.**<br>**Equity Portfolio,**<br>**Inc. – Service**<br>**Shares** |<br>**BNY Mellon VIF**<br>**Appreciation**<br>**Portfolio – Service**<br>**Shares** |<br>**Bond Market**<br>**Index Account**<br>**– Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**1164798** | $**403239** | $**756382** | $**6792179** |
| Total assets | **1164798** | **403239** | **756382** | **6792179** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**1164798** | $**403239** | $**756382** | $**6792179** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**1164798** | $**403239** | $**756382** | $**6792179** |
| Total net assets | $**1164798** | $**403239** | $**756382** | $**6792179** |
| Investments in shares of mutual funds, at cost | $**1038079** | $**372661** | $**774457** | $**6699401** |
| Shares of mutual funds owned | **66598** | **7059** | **23117** | **717989** |
| Accumulation units outstanding | **14948** | **5872** | **11366** | **539427** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**BNY Mellon IP**<br>**Technology**<br>**Growth Portfolio**<br>**– Service Shares** | **BNY Mellon**<br>**Sustainable U.S.**<br>**Equity Portfolio,**<br>**Inc. – Service**<br>**Shares** |<br>**BNY Mellon VIF**<br>**Appreciation**<br>**Portfolio – Service**<br>**Shares** |<br>**Bond Market**<br>**Index Account**<br>**– Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**—** | $**153** | $**1054** | $**266644** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **153** | **1054** | **266644** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(191210)** | **7324** | **22271** | **8575** |
| Capital gains distributions | **444030** | **22054** | **97371** | **—** |
| Total realized gains (losses) on investments | **252820** | **29378** | **119642** | **8575** |
| Change in net unrealized appreciation (depreciation) of investments | **4567** | **19574** | **(54952)** | **151852** |
| Net gains (losses) on investments | **257387** | **49105** | **65744** | **427071** |
| Net increase (decrease) in net assets resulting from operations | $**257387** | $**49105** | $**65744** | $**427071** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**ClearBridge**<br>**Variable Mid Cap**<br>**Portfolio – Class I**<br>**Shares** | **ClearBridge**<br>**Variable Small**<br>**Cap Growth**<br>**Portfolio**<br>**– Class I Shares** |<br>**Columbia VP -**<br>**Acorn**<br>**International Fund** |<br><br>**Core Plus Bond**<br>**Account – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**1671938** | $**4056322** | $**1692192** | $**26061558** |
| Total assets | **1671938** | **4056322** | **1692192** | **26061558** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**1671938** | $**4056322** | $**1692192** | $**26061558** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**1671938** | $**4056322** | $**1692192** | $**26061558** |
| Total net assets | $**1671938** | $**4056322** | $**1692192** | $**26061558** |
| Investments in shares of mutual funds, at cost | $**1669104** | $**3941737** | $**1713653** | $**25992173** |
| Shares of mutual funds owned | **70249** | **143841** | **82788** | **2683992** |
| Accumulation units outstanding | **84819** | **136344** | **122090** | **860318** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**ClearBridge**<br>**Variable Mid Cap**<br>**Portfolio – Class I**<br>**Shares** | **ClearBridge**<br>**Variable Small**<br>**Cap Growth**<br>**Portfolio**<br>**– Class I Shares** |<br>**Columbia VP -**<br>**Acorn**<br>**International Fund** |<br><br>**Core Plus Bond**<br>**Account – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**4633** | $**—** | $**20262** | $**1094482** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **4633** | **—** | **20262** | **1094482** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **14465** | **156721** | **(14855)** | **(52246)** |
| Capital gains distributions | **102087** | **281244** | **7588** | **—** |
| Total realized gains (losses) on investments | **116552** | **437965** | **(7267)** | **(52246)** |
| Change in net unrealized appreciation (depreciation) of investments | **(44060)** | **(63349)** | **164435** | **704348** |
| Net gains (losses) on investments | **77125** | **374616** | **177430** | **1746584** |
| Net increase (decrease) in net assets resulting from operations | $**77125** | $**374616** | $**177430** | $**1746584** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT EAFE**<br>**International**<br>**Index Portfolio**<br>**– Class F** |<br>**CVT Investment**<br>**Grade Bond Index**<br>**Portfolio – Class I** |<br>**CVT Russell 2000**<br>**Small Cap Index**<br>**Portfolio – Class F** |<br>**CVT S&P 500**<br>**Index Portfolio** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**4745406** | $**4815375** | $**14159547** | $**681456** |
| Total assets | **4745406** | **4815375** | **14159547** | **681456** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**4745406** | $**4815375** | $**14159547** | $**681456** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**4745406** | $**4815375** | $**14159547** | $**681456** |
| Total net assets | $**4745406** | $**4815375** | $**14159547** | $**681456** |
| Investments in shares of mutual funds, at cost | $**4007942** | $**4793033** | $**12846705** | $**537250** |
| Shares of mutual funds owned | **39234** | **97695** | **158900** | **3186** |
| Accumulation units outstanding | **226583** | **386815** | **334027** | **15740** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT EAFE**<br>**International**<br>**Index Portfolio**<br>**– Class F** |<br>**CVT Investment**<br>**Grade Bond Index**<br>**Portfolio – Class I** |<br>**CVT Russell 2000**<br>**Small Cap Index**<br>**Portfolio – Class F** |<br>**CVT S&P 500**<br>**Index Portfolio** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**105390** | $**129249** | $**205796** | $**7001** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **105390** | **129249** | **205796** | **7001** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **190642** | **(47921)** | **419893** | **18873** |
| Capital gains distributions | **—** | **—** | **669552** | **58679** |
| Total realized gains (losses) on investments | **190642** | **(47921)** | **1089445** | **77552** |
| Change in net unrealized appreciation (depreciation) of investments | **735264** | **180131** | **213718** | **17368** |
| Net gains (losses) on investments | **1031296** | **261459** | **1508959** | **101921** |
| Net increase (decrease) in net assets resulting from operations | $**1031296** | $**261459** | $**1508959** | $**101921** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT S&P MidCap**<br>**400 Index Portfolio**<br>**– Class F** | **Diversified**<br>**International**<br>**Account – Class 1** | **DWS Alternative**<br>**Asset Allocation**<br>**VIP – Class B** | **DWS Small Mid**<br>**Cap Value VIP**<br>**– Class B** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**6665029** | $**15221670** | $**146848** | $**633876** |
| Total assets | **6665029** | **15221670** | **146848** | **633876** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**6665029** | $**15221670** | $**146848** | $**633876** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**6665029** | $**15221670** | $**146848** | $**633876** |
| Total net assets | $**6665029** | $**15221670** | $**146848** | $**633876** |
| Investments in shares of mutual funds, at cost | $**6189102** | $**12729062** | $**138801** | $**576572** |
| Shares of mutual funds owned | **52667** | **789506** | **10719** | **44892** |
| Accumulation units outstanding | **145450** | **283805** | **10005** | **18196** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT S&P MidCap**<br>**400 Index Portfolio**<br>**– Class F** | **Diversified**<br>**International**<br>**Account – Class 1** | **DWS Alternative**<br>**Asset Allocation**<br>**VIP – Class B** | **DWS Small Mid**<br>**Cap Value VIP**<br>**– Class B** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**68757** | $**293059** | $**5063** | $**3467** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **68757** | **293059** | **5063** | **3467** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(4136)** | **500607** | **3949** | **27711** |
| Capital gains distributions | **413933** | **749401** | **—** | **68295** |
| Total realized gains (losses) on investments | **409797** | **1250008** | **3949** | **96006** |
| Change in net unrealized appreciation (depreciation) of investments | **(33510)** | **2186536** | **5879** | **(10013)** |
| Net gains (losses) on investments | **445044** | **3729603** | **14891** | **89460** |
| Net increase (decrease) in net assets resulting from operations | $**445044** | $**3729603** | $**14891** | $**89460** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Equity Income**<br>**Account – Class 1** | **Fidelity VIP**<br>**Consumer Staples**<br>**Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Contrafund®**<br>**Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Energy Portfolio**<br>**– Service Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**35541538** | $**6789** | $**40423009** | $**6177** |
| Total assets | **35541538** | **6789** | **40423009** | **6177** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**35541538** | $**6789** | $**40423009** | $**6177** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**35541538** | $**6789** | $**40423009** | $**6177** |
| Total net assets | $**35541538** | $**6789** | $**40423009** | $**6177** |
| Investments in shares of mutual funds, at cost | $**31748135** | $**7216** | $**35469526** | $**5906** |
| Shares of mutual funds owned | **1119066** | **392** | **710922** | **228** |
| Accumulation units outstanding | **751359** | **694** | **327919** | **618** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Equity Income**<br>**Account – Class 1** | **Fidelity VIP**<br>**Consumer Staples**<br>**Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Contrafund®**<br>**Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Energy Portfolio**<br>**– Service Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**576854** | $**128** | $**—** | $**52** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **576854** | **128** | **—** | **52** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **487741** | **(35)** | **1368616** | **54** |
| Capital gains distributions | **3046817** | **250** | **6144240** | **—** |
| Total realized gains (losses) on investments | **3534558** | **215** | **7512856** | **54** |
| Change in net unrealized appreciation (depreciation) of investments | **565769** | **(427)** | **(639841)** | **271** |
| Net gains (losses) on investments | **4677181** | **(84)** | **6873015** | **377** |
| Net increase (decrease) in net assets resulting from operations | $**4677181** | $**(84)** | $**6873015** | $**377** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Fidelity VIP**<br>**Equity-Income**<br>**Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Extended Market**<br>**Index Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Government**<br>**Money Market**<br>**Portfolio**<br>**– Service Class** |<br>**Fidelity VIP High**<br>**Income Portfolio**<br>**– Service Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**7038543** | $**6767564** | $**116348721** | $**6410309** |
| Total assets | **7038543** | **6767564** | **116348721** | **6410309** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**7038543** | $**6767564** | $**116348721** | $**6410309** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**7038543** | $**6767564** | $**116348721** | $**6410309** |
| Total net assets | $**7038543** | $**6767564** | $**116348721** | $**6410309** |
| Investments in shares of mutual funds, at cost | $**6558464** | $**6107788** | $**116348721** | $**6499875** |
| Shares of mutual funds owned | **250215** | **426706** | **116348721** | **1390522** |
| Accumulation units outstanding | **120514** | **365018** | **9594958** | **154845** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Fidelity VIP**<br>**Equity-Income**<br>**Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Extended Market**<br>**Index Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Government**<br>**Money Market**<br>**Portfolio**<br>**– Service Class** |<br>**Fidelity VIP High**<br>**Income Portfolio**<br>**– Service Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;Dividends | $**109810** | $**57099** | $**4138292** | $**412668** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **109810** | **57099** | **4138292** | **412668** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **218277** | **323348** | **—** | **(71495)** |
| Capital gains distributions | **376119** | **—** | **—** | **—** |
| Total realized gains (losses) on investments | **594396** | **323348** | **—** | **(71495)** |
| Change in net unrealized appreciation (depreciation) of investments | **283711** | **432216** | **—** | **222913** |
| Net gains (losses) on investments | **987917** | **812663** | **4138292** | **564086** |
| Net increase (decrease) in net assets resulting from operations | $**987917** | $**812663** | $**4138292** | $**564086** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP**<br>**International**<br>**Index Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Mid Cap Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Strategic Income**<br>**Portfolio – Service**<br>**Class 2** | **Fidelity VIP Total**<br>**Market Index**<br>**Portfolio – Service**<br>**Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**15936474** | $**12243181** | $**7747536** | $**19995198** |
| Total assets | **15936474** | **12243181** | **7747536** | **19995198** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**15936474** | $**12243181** | $**7747536** | $**19995198** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**15936474** | $**12243181** | $**7747536** | $**19995198** |
| Total net assets | $**15936474** | $**12243181** | $**7747536** | $**19995198** |
| Investments in shares of mutual funds, at cost | $**13438785** | $**12067861** | $**7520166** | $**16686059** |
| Shares of mutual funds owned | **1141581** | **348114** | **699868** | **822848** |
| Accumulation units outstanding | **901902** | **136164** | **563880** | **805774** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP**<br>**International**<br>**Index Portfolio**<br>**– Service Class 2** |<br>**Fidelity VIP**<br>**Mid Cap Portfolio**<br>**– Service Class 2** | **Fidelity VIP**<br>**Strategic Income**<br>**Portfolio – Service**<br>**Class 2** | **Fidelity VIP Total**<br>**Market Index**<br>**Portfolio – Service**<br>**Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**347963** | $**28587** | $**216119** | $**172860** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **347963** | **28587** | **216119** | **172860** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **297191** | **(49588)** | **74510** | **1490217** |
| Capital gains distributions | **—** | **1346117** | **—** | **—** |
| Total realized gains (losses) on investments | **297191** | **1296529** | **74510** | **1490217** |
| Change in net unrealized appreciation (depreciation) of investments | **2373530** | **(25223)** | **153303** | **1257219** |
| Net gains (losses) on investments | **3018684** | **1299893** | **443932** | **2920296** |
| Net increase (decrease) in net assets resulting from operations | $**3018684** | $**1299893** | $**443932** | $**2920296** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Income VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Mutual Global**<br>**Discovery VIP**<br>**Fund – Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Mutual Shares**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Rising Dividends**<br>**VIP Fund**<br>**– Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**3852302** | $**4449615** | $**185269** | $**9708974** |
| Total assets | **3852302** | **4449615** | **185269** | **9708974** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**3852302** | $**4449615** | $**185269** | $**9708974** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**3852302** | $**4449615** | $**185269** | $**9708974** |
| Total net assets | $**3852302** | $**4449615** | $**185269** | $**9708974** |
| Investments in shares of mutual funds, at cost | $**3684385** | $**4119957** | $**180962** | $**9316545** |
| Shares of mutual funds owned | **254110** | **233453** | **11507** | **346254** |
| Accumulation units outstanding | **78282** | **67954** | **4257** | **133144** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Income VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Mutual Global**<br>**Discovery VIP**<br>**Fund – Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Mutual Shares**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Rising Dividends**<br>**VIP Fund**<br>**– Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**165143** | $**78029** | $**1744** | $**71917** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **165143** | **78029** | **1744** | **71917** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(7821)** | **(6953)** | **331** | **15142** |
| Capital gains distributions | **34712** | **432522** | **8594** | **861592** |
| Total realized gains (losses) on investments | **26891** | **425569** | **8925** | **876734** |
| Change in net unrealized appreciation (depreciation) of investments | **191542** | **333875** | **2460** | **41592** |
| Net gains (losses) on investments | **383576** | **837473** | **13129** | **990243** |
| Net increase (decrease) in net assets resulting from operations | $**383576** | $**837473** | $**13129** | $**990243** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Small Cap Value**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Strategic Income**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**U.S. Government**<br>**Securities VIP**<br>**Fund – Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Developing**<br>**Markets VIP Fund**<br>**– Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**3255956** | $**710033** | $**97831** | $**893037** |
| Total assets | **3255956** | **710033** | **97831** | **893037** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**3255956** | $**710033** | $**97831** | $**893037** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**3255956** | $**710033** | $**97831** | $**893037** |
| Total net assets | $**3255956** | $**710033** | $**97831** | $**893037** |
| Investments in shares of mutual funds, at cost | $**3152088** | $**698565** | $**95086** | $**675352** |
| Shares of mutual funds owned | **234748** | **77769** | **9317** | **73927** |
| Accumulation units outstanding | **48882** | **36078** | **7680** | **28193** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Small Cap Value**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**Strategic Income**<br>**VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Franklin**<br>**U.S. Government**<br>**Securities VIP**<br>**Fund – Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Developing**<br>**Markets VIP Fund**<br>**– Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**31128** | $**32739** | $**793** | $**3532** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **31128** | **32739** | **793** | **3532** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **68329** | **8588** | **253** | **47630** |
| Capital gains distributions | **242772** | **7** | **—** | **11022** |
| Total realized gains (losses) on investments | **311101** | **8595** | **253** | **58652** |
| Change in net unrealized appreciation (depreciation) of investments | **(119499)** | **6250** | **2843** | **197044** |
| Net gains (losses) on investments | **222730** | **47584** | **3889** | **259228** |
| Net increase (decrease) in net assets resulting from operations | $**222730** | $**47584** | $**3889** | $**259228** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Foreign VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Global Bond VIP**<br>**Fund – Class 2** |<br>**Global Emerging**<br>**Markets Account**<br>**– Class 1** |<br>**Government &**<br>**High Quality Bond**<br>**Account – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**616372** | $**3145790** | $**6800085** | $**4796660** |
| Total assets | **616372** | **3145790** | **6800085** | **4796660** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**616372** | $**3145790** | $**6800085** | $**4796660** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**616372** | $**3145790** | $**6800085** | $**4796660** |
| Total net assets | $**616372** | $**3145790** | $**6800085** | $**4796660** |
| Investments in shares of mutual funds, at cost | $**552812** | $**3128905** | $**5333981** | $**4872837** |
| Shares of mutual funds owned | **38001** | **238860** | **328506** | **560358** |
| Accumulation units outstanding | **34039** | **208815** | **104868** | **321142** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Foreign VIP Fund**<br>**– Class 2** | **Franklin**<br>**Templeton VIP**<br>**Trust – Templeton**<br>**Global Bond VIP**<br>**Fund – Class 2** |<br>**Global Emerging**<br>**Markets Account**<br>**– Class 1** |<br>**Government &**<br>**High Quality Bond**<br>**Account – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**11328** | $**—** | $**38964** | $**162688** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **11328** | **—** | **38964** | **162688** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **4741** | **(81611)** | **58858** | **(34032)** |
| Capital gains distributions | **31630** | **—** | **67391** | **—** |
| Total realized gains (losses) on investments | **36371** | **(81611)** | **126249** | **(34032)** |
| Change in net unrealized appreciation (depreciation) of investments | **73035** | **488700** | **1658347** | **207760** |
| Net gains (losses) on investments | **120734** | **407089** | **1823560** | **336416** |
| Net increase (decrease) in net assets resulting from operations | $**120734** | $**407089** | $**1823560** | $**336416** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**American**<br>**Franchise Fund**<br>**– Series II Shares** | **Invesco V.I.**<br>**American Value**<br>**Fund – Series I**<br>**Shares** |<br>**Invesco V.I. Core**<br>**Equity Fund**<br>**– Series II Shares** | **Invesco V.I.**<br>**Discovery Mid**<br>**Cap Growth Fund**<br>**– Series I Shares** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**2140135** | $**1656371** | $**1682607** | $**1977802** |
| Total assets | **2140135** | **1656371** | **1682607** | **1977802** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**2140135** | $**1656371** | $**1682607** | $**1977802** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**2140135** | $**1656371** | $**1682607** | $**1977802** |
| Total net assets | $**2140135** | $**1656371** | $**1682607** | $**1977802** |
| Investments in shares of mutual funds, at cost | $**1853593** | $**1549062** | $**1495269** | $**1854641** |
| Shares of mutual funds owned | **29745** | **91260** | **47053** | **26297** |
| Accumulation units outstanding | **35569** | **59670** | **21212** | **108916** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**American**<br>**Franchise Fund**<br>**– Series II Shares** | **Invesco V.I.**<br>**American Value**<br>**Fund – Series I**<br>**Shares** |<br>**Invesco V.I. Core**<br>**Equity Fund**<br>**– Series II Shares** | **Invesco V.I.**<br>**Discovery Mid**<br>**Cap Growth Fund**<br>**– Series I Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**—** | $**6338** | $**6236** | $**—** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **6338** | **6236** | **—** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **42684** | **12850** | **17502** | **38263** |
| Capital gains distributions | **206554** | **211479** | **114089** | **156098** |
| Total realized gains (losses) on investments | **249238** | **224329** | **131591** | **194361** |
| Change in net unrealized appreciation (depreciation) of investments | **(9035)** | **17666** | **83360** | **(98144)** |
| Net gains (losses) on investments | **240203** | **248333** | **221187** | **96217** |
| Net increase (decrease) in net assets resulting from operations | $**240203** | $**248333** | $**221187** | $**96217** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. EQV**<br>**International**<br>**Equity Fund**<br>**– Series I Shares** |<br>**Invesco V.I. Global**<br>**Real Estate Fund**<br>**– Series I Shares** |<br>**Invesco V.I. Health**<br>**Care Fund**<br>**– Series I Shares** | **Invesco V.I.**<br>**Main Street**<br>**Mid Cap Fund**<br>**– Series II Shares** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**863823** | $**584493** | $**6989040** | $**1482856** |
| Total assets | **863823** | **584493** | **6989040** | **1482856** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**863823** | $**584493** | $**6989040** | $**1482856** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**863823** | $**584493** | $**6989040** | $**1482856** |
| Total net assets | $**863823** | $**584493** | $**6989040** | $**1482856** |
| Investments in shares of mutual funds, at cost | $**805496** | $**570384** | $**6539362** | $**1387841** |
| Shares of mutual funds owned | **23922** | **41278** | **233825** | **141224** |
| Accumulation units outstanding | **18236** | **44877** | **134148** | **36196** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. EQV**<br>**International**<br>**Equity Fund**<br>**– Series I Shares** |<br>**Invesco V.I. Global**<br>**Real Estate Fund**<br>**– Series I Shares** |<br>**Invesco V.I. Health**<br>**Care Fund**<br>**– Series I Shares** | **Invesco V.I.**<br>**Main Street**<br>**Mid Cap Fund**<br>**– Series II Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**10324** | $**11106** | $**—** | $**1473** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **10324** | **11106** | **—** | **1473** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **12932** | **3606** | **17627** | **153** |
| Capital gains distributions | **45823** | **—** | **269529** | **141055** |
| Total realized gains (losses) on investments | **58755** | **3606** | **287156** | **141208** |
| Change in net unrealized appreciation (depreciation) of investments | **33900** | **13902** | **640955** | **(31859)** |
| Net gains (losses) on investments | **102979** | **28614** | **928111** | **110822** |
| Net increase (decrease) in net assets resulting from operations | $**102979** | $**28614** | $**928111** | $**110822** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Main**<br>**Street Small Cap**<br>**Fund – Series II**<br>**Shares** |<br>**Invesco V.I. Small**<br>**Cap Equity Fund**<br>**– Series I Shares** | **Janus Henderson**<br>**Global Sustainable**<br>**Equity Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Balanced**<br>**Portfolio – Service**<br>**Shares** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**2263390** | $**286143** | $**90727** | $**13635863** |
| Total assets | **2263390** | **286143** | **90727** | **13635863** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**2263390** | $**286143** | $**90727** | $**13635863** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**2263390** | $**286143** | $**90727** | $**13635863** |
| Total net assets | $**2263390** | $**286143** | $**90727** | $**13635863** |
| Investments in shares of mutual funds, at cost | $**2241953** | $**275449** | $**86063** | $**11777572** |
| Shares of mutual funds owned | **81681** | **14264** | **7039** | **229251** |
| Accumulation units outstanding | **42527** | **6946** | **6049** | **208749** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Main**<br>**Street Small Cap**<br>**Fund – Series II**<br>**Shares** |<br>**Invesco V.I. Small**<br>**Cap Equity Fund**<br>**– Series I Shares** | **Janus Henderson**<br>**Global Sustainable**<br>**Equity Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Balanced**<br>**Portfolio – Service**<br>**Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**4981** | $**—** | $**192** | $**215452** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **4981** | **—** | **192** | **215452** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **94558** | **11347** | **12481** | **694876** |
| Capital gains distributions | **221486** | **7206** | **3670** | **382171** |
| Total realized gains (losses) on investments | **316044** | **18553** | **16151** | **1077047** |
| Change in net unrealized appreciation (depreciation) of investments | **(138743)** | **(3038)** | **6101** | **452774** |
| Net gains (losses) on investments | **182282** | **15515** | **22444** | **1745273** |
| Net increase (decrease) in net assets resulting from operations | $**182282** | $**15515** | $**22444** | $**1745273** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson**<br>**Series Enterprise**<br>**Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Flexible**<br>**Bond Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Forty**<br>**Portfolio – Service**<br>**Shares** | **Janus Henderson**<br>**Series Global**<br>**Research Portfolio**<br>**– Service Shares** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**14875100** | $**8340947** | $**13255123** | $**1520056** |
| Total assets | **14875100** | **8340947** | **13255123** | **1520056** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**14875100** | $**8340947** | $**13255123** | $**1520056** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**14875100** | $**8340947** | $**13255123** | $**1520056** |
| Total net assets | $**14875100** | $**8340947** | $**13255123** | $**1520056** |
| Investments in shares of mutual funds, at cost | $**14428157** | $**8214044** | $**11195483** | $**1335601** |
| Shares of mutual funds owned | **202796** | **748738** | **255545** | **19891** |
| Accumulation units outstanding | **186238** | **324383** | **181091** | **27877** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson**<br>**Series Enterprise**<br>**Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Flexible**<br>**Bond Portfolio**<br>**– Service Shares** | **Janus Henderson**<br>**Series Forty**<br>**Portfolio – Service**<br>**Shares** | **Janus Henderson**<br>**Series Global**<br>**Research Portfolio**<br>**– Service Shares** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**24749** | $**254508** | $**29985** | $**8771** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **24749** | **254508** | **29985** | **8771** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **188444** | **23458** | **371980** | **136256** |
| Capital gains distributions | **1178662** | **—** | **1537772** | **133381** |
| Total realized gains (losses) on investments | **1367106** | **23458** | **1909752** | **269637** |
| Change in net unrealized appreciation (depreciation) of investments | **(353393)** | **202230** | **26079** | **(7373)** |
| Net gains (losses) on investments | **1038462** | **480196** | **1965816** | **271035** |
| Net increase (decrease) in net assets resulting from operations | $**1038462** | $**480196** | $**1965816** | $**271035** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson**<br>**Series Global**<br>**Technology and**<br>**Innovation**<br>**Portfolio – Service**<br>**Shares** |<br><br>**LargeCap Growth**<br>**Account I – Class 1** |<br><br>**LargeCap S&P**<br>**500 Index Account**<br>**– Class 1** |<br>**Lord Abbett Series**<br>**Fund Developing**<br>**Growth Portfolio**<br>**– Class VC** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**14733862** | $**54005029** | $**224349182** | $**4506320** |
| Total assets | **14733862** | **54005029** | **224349182** | **4506320** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**14733862** | $**54005029** | $**224349182** | $**4506320** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**14733862** | $**54005029** | $**224349182** | $**4506320** |
| Total net assets | $**14733862** | $**54005029** | $**224349182** | $**4506320** |
| Investments in shares of mutual funds, at cost | $**11469438** | $**51198795** | $**207545651** | $**3680496** |
| Shares of mutual funds owned | **615449** | **1182247** | **9232477** | **134799** |
| Accumulation units outstanding | **444371** | **348806** | **2917943** | **138787** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson**<br>**Series Global**<br>**Technology and**<br>**Innovation**<br>**Portfolio – Service**<br>**Shares** |<br><br>**LargeCap Growth**<br>**Account I – Class 1** |<br><br>**LargeCap S&P**<br>**500 Index Account**<br>**– Class 1** |<br>**Lord Abbett Series**<br>**Fund Developing**<br>**Growth Portfolio**<br>**– Class VC** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**—** | $**—** | $**2738176** | $**7733** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **—** | **2738176** | **7733** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **718155** | **3437143** | **1200435** | **131399** |
| Capital gains distributions | **1116168** | **8274225** | **33784477** | **—** |
| Total realized gains (losses) on investments | **1834323** | **11711368** | **34984912** | **131399** |
| Change in net unrealized appreciation (depreciation) of investments | **879476** | **(6003975)** | **(5146989)** | **503324** |
| Net gains (losses) on investments | **2713799** | **5707393** | **32576099** | **642456** |
| Net increase (decrease) in net assets resulting from operations | $**2713799** | $**5707393** | $**32576099** | $**642456** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**LVIP American**<br>**Century Capital**<br>**Appreciation Fund**<br>**– Service Class** | **LVIP American**<br>**Century**<br>**Disciplined Core**<br>**Value Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century Inflation**<br>**Protection Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century**<br>**International Fund**<br>**– Service Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**1806037** | $**3851835** | $**1838423** | $**261694** |
| Total assets | **1806037** | **3851835** | **1838423** | **261694** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**1806037** | $**3851835** | $**1838423** | $**261694** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**1806037** | $**3851835** | $**1838423** | $**261694** |
| Total net assets | $**1806037** | $**3851835** | $**1838423** | $**261694** |
| Investments in shares of mutual funds, at cost | $**1856243** | $**3332713** | $**1891302** | $**245065** |
| Shares of mutual funds owned | **123136** | **398123** | **203456** | **21396** |
| Accumulation units outstanding | **55826** | **69137** | **125141** | **7316** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**LVIP American**<br>**Century Capital**<br>**Appreciation Fund**<br>**– Service Class** | **LVIP American**<br>**Century**<br>**Disciplined Core**<br>**Value Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century Inflation**<br>**Protection Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century**<br>**International Fund**<br>**– Service Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**—** | $**52427** | $**132545** | $**2669** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **52427** | **132545** | **2669** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **31243** | **37644** | **6624** | **7445** |
| Capital gains distributions | **299184** | **—** | **—** | **—** |
| Total realized gains (losses) on investments | **330427** | **37644** | **6624** | **7445** |
| Change in net unrealized appreciation (depreciation) of investments | **(220233)** | **388544** | **(42899)** | **25676** |
| Net gains (losses) on investments | **110194** | **478615** | **96270** | **35790** |
| Net increase (decrease) in net assets resulting from operations | $**110194** | $**478615** | $**96270** | $**35790** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**LVIP American**<br>**Century Mid Cap**<br>**Value Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century Value**<br>**Fund – Service**<br>**Class** |<br>**Macquarie VIP**<br>**Small Cap Value**<br>**Series – Service**<br>**Class** | **MFS® Blended**<br>**Research® Small**<br>**Cap Equity**<br>**Portfolio – Service**<br>**Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**7770298** | $**4122449** | $**5032691** | $**1469048** |
| Total assets | **7770298** | **4122449** | **5032691** | **1469048** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**7770298** | $**4122449** | $**5032691** | $**1469048** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**7770298** | $**4122449** | $**5032691** | $**1469048** |
| Total net assets | $**7770298** | $**4122449** | $**5032691** | $**1469048** |
| Investments in shares of mutual funds, at cost | $**7828662** | $**3914963** | $**4537547** | $**1470368** |
| Shares of mutual funds owned | **400634** | **318656** | **126228** | **159853** |
| Accumulation units outstanding | **137335** | **66090** | **117757** | **64044** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**LVIP American**<br>**Century Mid Cap**<br>**Value Fund**<br>**– Service Class** |<br>**LVIP American**<br>**Century Value**<br>**Fund – Service**<br>**Class** |<br>**Macquarie VIP**<br>**Small Cap Value**<br>**Series – Service**<br>**Class** | **MFS® Blended**<br>**Research® Small**<br>**Cap Equity**<br>**Portfolio – Service**<br>**Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**125575** | $**57688** | $**42900** | $**10510** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **125575** | **57688** | **42900** | **10510** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **72880** | **81246** | **685** | **(7062)** |
| Capital gains distributions | **631726** | **287317** | **283462** | **139026** |
| Total realized gains (losses) on investments | **704606** | **368563** | **284147** | **131964** |
| Change in net unrealized appreciation (depreciation) of investments | **(190951)** | **128077** | **32870** | **(64352)** |
| Net gains (losses) on investments | **639230** | **554328** | **359917** | **78122** |
| Net increase (decrease) in net assets resulting from operations | $**639230** | $**554328** | $**359917** | $**78122** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**MFS® Global**<br>**Equity Series**<br>**– Service Class** |<br>**MFS® Growth**<br>**Series – Service**<br>**Class** |<br>**MFS®**<br>**Inflation–Adjusted**<br>**Bond Portfolio**<br>**– Service Class** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Portfolio – Service**<br>**Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**1153315** | $**10011241** | $**78195** | $**5675630** |
| Total assets | **1153315** | **10011241** | **78195** | **5675630** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**1153315** | $**10011241** | $**78195** | $**5675630** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**1153315** | $**10011241** | $**78195** | $**5675630** |
| Total net assets | $**1153315** | $**10011241** | $**78195** | $**5675630** |
| Investments in shares of mutual funds, at cost | $**1225399** | $**9921120** | $**77445** | $**4892260** |
| Shares of mutual funds owned | **59541** | **164984** | **9799** | **157002** |
| Accumulation units outstanding | **24433** | **84615** | **7631** | **190900** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**MFS® Global**<br>**Equity Series**<br>**– Service Class** |<br>**MFS® Growth**<br>**Series – Service**<br>**Class** |<br>**MFS®**<br>**Inflation–Adjusted**<br>**Bond Portfolio**<br>**– Service Class** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Portfolio – Service**<br>**Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**7252** | $**—** | $**3250** | $**68026** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **7252** | **—** | **3250** | **68026** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(24129)** | **(2573)** | **(2609)** | **314719** |
| Capital gains distributions | **191253** | **1848829** | **—** | **290940** |
| Total realized gains (losses) on investments | **167124** | **1846256** | **(2609)** | **605659** |
| Change in net unrealized appreciation (depreciation) of investments | **(36993)** | **(787888)** | **7600** | **691608** |
| Net gains (losses) on investments | **137383** | **1058368** | **8241** | **1365293** |
| Net increase (decrease) in net assets resulting from operations | $**137383** | $**1058368** | $**8241** | $**1365293** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**MFS® Mid Cap**<br>**Value Portfolio**<br>**– Service Class** |<br>**MFS® New**<br>**Discovery Series**<br>**– Service Class** | **MFS® New**<br>**Discovery Value**<br>**Portfolio – Service**<br>**Class** | **MFS® Research**<br>**International**<br>**Portfolio – Service**<br>**Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**7821601** | $**2831511** | $**2901305** | $**1785474** |
| Total assets | **7821601** | **2831511** | **2901305** | **1785474** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**7821601** | $**2831511** | $**2901305** | $**1785474** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**7821601** | $**2831511** | $**2901305** | $**1785474** |
| Total net assets | $**7821601** | $**2831511** | $**2901305** | $**1785474** |
| Investments in shares of mutual funds, at cost | $**7809012** | $**2754049** | $**3074034** | $**1478340** |
| Shares of mutual funds owned | **787674** | **234009** | **401843** | **88085** |
| Accumulation units outstanding | **336080** | **43332** | **114295** | **96504** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**MFS® Mid Cap**<br>**Value Portfolio**<br>**– Service Class** |<br>**MFS® New**<br>**Discovery Series**<br>**– Service Class** | **MFS® New**<br>**Discovery Value**<br>**Portfolio – Service**<br>**Class** | **MFS® Research**<br>**International**<br>**Portfolio – Service**<br>**Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**63623** | $**—** | $**42851** | $**19468** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **63623** | **—** | **42851** | **19468** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **73398** | **(59833)** | **(28139)** | **27909** |
| Capital gains distributions | **693292** | **—** | **301464** | **—** |
| Total realized gains (losses) on investments | **766690** | **(59833)** | **273325** | **27909** |
| Change in net unrealized appreciation (depreciation) of investments | **(402572)** | **371668** | **(216845)** | **235107** |
| Net gains (losses) on investments | **427741** | **311835** | **99331** | **282484** |
| Net increase (decrease) in net assets resulting from operations | $**427741** | $**311835** | $**99331** | $**282484** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® Total**<br>**Return Series**<br>**– Service Class** | **MFS® Utilities**<br>**Series – Service**<br>**Class** | **MFS® Value**<br>**Series – Service**<br>**Class** |<br>**MidCap Account**<br>**– Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**487928** | $**4855405** | $**5733378** | $**22274505** |
| Total assets | **487928** | **4855405** | **5733378** | **22274505** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**487928** | $**4855405** | $**5733378** | $**22274505** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**487928** | $**4855405** | $**5733378** | $**22274505** |
| Total net assets | $**487928** | $**4855405** | $**5733378** | $**22274505** |
| Investments in shares of mutual funds, at cost | $**488975** | $**4480240** | $**5623567** | $**23034028** |
| Shares of mutual funds owned | **21552** | **131869** | **265803** | **358977** |
| Accumulation units outstanding | **15826** | **151316** | **88177** | **102970** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® Total**<br>**Return Series**<br>**– Service Class** | **MFS® Utilities**<br>**Series – Service**<br>**Class** | **MFS® Value**<br>**Series – Service**<br>**Class** |<br>**MidCap Account**<br>**– Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**8150** | $**123808** | $**74921** | $**72461** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **8150** | **123808** | **74921** | **72461** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **4207** | **126713** | **(10868)** | **390564** |
| Capital gains distributions | **23978** | **61744** | **413948** | **2905698** |
| Total realized gains (losses) on investments | **28185** | **188457** | **403080** | **3296262** |
| Change in net unrealized appreciation (depreciation) of investments | **(1672)** | **330685** | **136000** | **(3055720)** |
| Net gains (losses) on investments | **34663** | **642950** | **614001** | **313003** |
| Net increase (decrease) in net assets resulting from operations | $**34663** | $**642950** | $**614001** | $**313003** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Neuberger Berman**<br>**AMT Mid Cap**<br>**Growth Portfolio**<br>**– S Class Shares** |<br>**Neuberger Berman**<br>**AMT Quality**<br>**Equity Portfolio**<br>**– I Class Shares** |<br>**PIMCO VIT All**<br>**Asset Portfolio**<br>**– Administrative**<br>**Class** | **PIMCO VIT**<br>**CommodityReal**<br>**Return® Strategy**<br>**Portfolio**<br>**– Administrative**<br>**Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**152649** | $**868303** | $**248418** | $**311487** |
| Total assets | **152649** | **868303** | **248418** | **311487** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**152649** | $**868303** | $**248418** | $**311487** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**152649** | $**868303** | $**248418** | $**311487** |
| Total net assets | $**152649** | $**868303** | $**248418** | $**311487** |
| Investments in shares of mutual funds, at cost | $**153768** | $**650274** | $**233530** | $**282107** |
| Shares of mutual funds owned | **6355** | **20306** | **25931** | **49521** |
| Accumulation units outstanding | **5742** | **36273** | **12690** | **30369** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Neuberger Berman**<br>**AMT Mid Cap**<br>**Growth Portfolio**<br>**– S Class Shares** |<br>**Neuberger Berman**<br>**AMT Quality**<br>**Equity Portfolio**<br>**– I Class Shares** |<br>**PIMCO VIT All**<br>**Asset Portfolio**<br>**– Administrative**<br>**Class** | **PIMCO VIT**<br>**CommodityReal**<br>**Return® Strategy**<br>**Portfolio**<br>**– Administrative**<br>**Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**—** | $**—** | $**11690** | $**7492** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **—** | **11690** | **7492** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **6162** | **22339** | **(982)** | **5133** |
| Capital gains distributions | **21393** | **48072** | **—** | **—** |
| Total realized gains (losses) on investments | **27555** | **70411** | **(982)** | **5133** |
| Change in net unrealized appreciation (depreciation) of investments | **(15724)** | **27645** | **22045** | **29733** |
| Net gains (losses) on investments | **11831** | **98056** | **32753** | **42358** |
| Net increase (decrease) in net assets resulting from operations | $**11831** | $**98056** | $**32753** | $**42358** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT<br> Emerging Markets<br> Bond Portfolio<br> – Administrative<br> Class** | **PIMCO VIT High<br> Yield Portfolio<br> – Administrative<br> Class** | **PIMCO VIT<br> Long-Term U.S.<br> Government<br> Portfolio<br> – Administrative<br> Class** | **PIMCO VIT Low<br> Duration Portfolio<br> – Administrative<br> Class** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**91306** | $**6179251** | $**371448** | $**848148** |
| Total assets | **91306** | **6179251** | **371448** | **848148** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**91306** | $**6179251** | $**371448** | $**848148** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**91306** | $**6179251** | $**371448** | $**848148** |
| Total net assets | $**91306** | $**6179251** | $**371448** | $**848148** |
| Investments in shares of mutual funds, at cost | $**86433** | $**6059640** | $**368585** | $**839285** |
| Shares of mutual funds owned | **7995** | **833907** | **49659** | **86723** |
| Accumulation units outstanding | **5371** | **239817** | **33847** | **71333** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT<br> Emerging Markets<br> Bond Portfolio<br> – Administrative<br> Class** | **PIMCO VIT High<br> Yield Portfolio<br> – Administrative<br> Class** | **PIMCO VIT<br> Long-Term U.S.<br> Government<br> Portfolio<br> – Administrative<br> Class** | **PIMCO VIT Low<br> Duration Portfolio<br> – Administrative<br> Class** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**6863** | $**397931** | $**12286** | $**24359** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **6863** | **397931** | **12286** | **24359** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **5366** | **173237** | **(13076)** | **4566** |
| Capital gains distributions | **—** | **—** | **—** | **—** |
| Total realized gains (losses) on investments | **5366** | **173237** | **(13076)** | **4566** |
| Change in net unrealized appreciation (depreciation) of investments | **1308** | **(25693)** | **18718** | **4654** |
| Net gains (losses) on investments | **13537** | **545475** | **17928** | **33579** |
| Net increase (decrease) in net assets resulting from operations | $**13537** | $**545475** | $**17928** | $**33579** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT Real<br> Return Portfolio<br> – Administrative<br> Class** | **PIMCO VIT<br> Short-Term<br> Portfolio<br> – Administrative<br> Class** | **PIMCO VIT Total<br> Return Portfolio<br> – Administrative<br> Class** | **Principal Capital<br> Appreciation<br> Account – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**3042146** | $**4908928** | $**5941145** | $**8861730** |
| Total assets | **3042146** | **4908928** | **5941145** | **8861730** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**3042146** | $**4908928** | $**5941145** | $**8861730** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**3042146** | $**4908928** | $**5941145** | $**8861730** |
| Total net assets | $**3042146** | $**4908928** | $**5941145** | $**8861730** |
| Investments in shares of mutual funds, at cost | $**2991279** | $**4890793** | $**5853587** | $**7626282** |
| Shares of mutual funds owned | **253301** | **475211** | **628692** | **198382** |
| Accumulation units outstanding | **187517** | **346086** | **374805** | **234973** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT Real<br> Return Portfolio<br> – Administrative<br> Class** | **PIMCO VIT<br> Short-Term<br> Portfolio<br> – Administrative<br> Class** | **PIMCO VIT Total<br> Return Portfolio<br> – Administrative<br> Class** | **Principal Capital<br> Appreciation<br> Account – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**90445** | $**193999** | $**113198** | $**40070** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **90445** | **193999** | **113198** | **40070** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **20216** | **8096** | **19501** | **389810** |
| Capital gains distributions | **—** | **—** | **—** | **624086** |
| Total realized gains (losses) on investments | **20216** | **8096** | **19501** | **1013896** |
| Change in net unrealized appreciation (depreciation) of investments | **71923** | **(2374)** | **88741** | **(30641)** |
| Net gains (losses) on investments | **182584** | **199721** | **221440** | **1023325** |
| Net increase (decrease) in net assets resulting from operations | $**182584** | $**199721** | $**221440** | $**1023325** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime<br> 2020 Account<br> – Class 1** | **Principal LifeTime<br> 2030 Account<br> – Class 1** | **Principal LifeTime<br> 2040 Account<br> – Class 1** | **Principal LifeTime<br> 2050 Account<br> – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**19101975** | $**82859383** | $**61186595** | $**32416408** |
| Total assets | **19101975** | **82859383** | **61186595** | **32416408** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**19101975** | $**82859383** | $**61186595** | $**32416408** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**19101975** | $**82859383** | $**61186595** | $**32416408** |
| Total net assets | $**19101975** | $**82859383** | $**61186595** | $**32416408** |
| Investments in shares of mutual funds, at cost | $**18437505** | $**75443318** | $**54530529** | $**28523199** |
| Shares of mutual funds owned | **1428719** | **5738184** | **3149078** | **1680477** |
| Accumulation units outstanding | **523026** | **1998476** | **1258340** | **612420** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime<br> 2020 Account<br> – Class 1** | **Principal LifeTime<br> 2030 Account<br> – Class 1** | **Principal LifeTime<br> 2040 Account<br> – Class 1** | **Principal LifeTime<br> 2050 Account<br> – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**511824** | $**1740064** | $**871639** | $**386382** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **511824** | **1740064** | **871639** | **386382** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **697841** | **391748** | **995622** | **414285** |
| Capital gains distributions | **697793** | **3530225** | **2850727** | **1816228** |
| Total realized gains (losses) on investments | **1395634** | **3921973** | **3846349** | **2230513** |
| Change in net unrealized appreciation (depreciation) of investments | **71464** | **3495989** | **3001676** | **1858952** |
| Net gains (losses) on investments | **1978922** | **9158026** | **7719664** | **4475847** |
| Net increase (decrease) in net assets resulting from operations | $**1978922** | $**9158026** | $**7719664** | $**4475847** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime<br> 2060 Account<br> – Class 1** | **Principal LifeTime<br> Strategic Income<br> Account – Class 1** | **Putnam VT<br> International<br> Value Fund<br> – Class IB** | **Putnam VT Large<br> Cap Growth Fund<br> – Class IB** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**18084953** | $**9003645** | $**952796** | $**15203498** |
| Total assets | **18084953** | **9003645** | **952796** | **15203498** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**18084953** | $**9003645** | $**952796** | $**15203498** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**18084953** | $**9003645** | $**952796** | $**15203498** |
| Total net assets | $**18084953** | $**9003645** | $**952796** | $**15203498** |
| Investments in shares of mutual funds, at cost | $**15882988** | $**8592782** | $**837307** | $**12772130** |
| Shares of mutual funds owned | **949341** | **754074** | **60075** | **864818** |
| Accumulation units outstanding | **579792** | **349528** | **45346** | **316749** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime<br> 2060 Account<br> – Class 1** | **Principal LifeTime<br> Strategic Income<br> Account – Class 1** | **Putnam VT<br> International<br> Value Fund<br> – Class IB** | **Putnam VT Large<br> Cap Growth Fund<br> – Class IB** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**196901** | $**256988** | $**6239** | $**—** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **196901** | **256988** | **6239** | **—** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **382027** | **240143** | **59037** | **718692** |
| Capital gains distributions | **870327** | **218260** | **4374** | **1089310** |
| Total realized gains (losses) on investments | **1252354** | **458403** | **63411** | **1808002** |
| Change in net unrealized appreciation (depreciation) of investments | **979795** | **113792** | **108046** | **3476** |
| Net gains (losses) on investments | **2429050** | **829183** | **177696** | **1811478** |
| Net increase (decrease) in net assets resulting from operations | $**2429050** | $**829183** | $**177696** | $**1811478** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Putnam VT Small<br> Cap Growth Fund<br> – Class IB** | **Putnam VT Small<br> Cap Value Fund<br> – Class IB** | **Real Estate<br> Securities Account<br> – Class 1** | **Rydex VI Basic<br> Materials Fund** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**852573** | $**131173** | $**16264175** | $**245296** |
| Total assets | **852573** | **131173** | **16264175** | **245296** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**852573** | $**131173** | $**16264175** | $**245296** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**852573** | $**131173** | $**16264175** | $**245296** |
| Total net assets | $**852573** | $**131173** | $**16264175** | $**245296** |
| Investments in shares of mutual funds, at cost | $**834071** | $**129903** | $**17183776** | $**215709** |
| Shares of mutual funds owned | **39563** | **12134** | **930445** | **2078** |
| Accumulation units outstanding | **71494** | **11885** | **136747** | **13179** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Putnam VT Small<br> Cap Growth Fund<br> – Class IB** | **Putnam VT Small<br> Cap Value Fund<br> – Class IB** | **Real Estate<br> Securities Account<br> – Class 1** | **Rydex VI Basic<br> Materials Fund** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**1873** | $**318** | $**261413** | $**3224** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **1873** | **318** | **261413** | **3224** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(29601)** | **(790)** | **(128531)** | **9834** |
| Capital gains distributions | **32527** | **4352** | **588893** | **17937** |
| Total realized gains (losses) on investments | **2926** | **3562** | **460362** | **27771** |
| Change in net unrealized appreciation (depreciation) of investments | **41599** | **455** | **(534402)** | **32429** |
| Net gains (losses) on investments | **46398** | **4335** | **187373** | **63424** |
| Net increase (decrease) in net assets resulting from operations | $**46398** | $**4335** | $**187373** | $**63424** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rydex VI Utilities<br> Fund** | **SAM Balanced<br> Portfolio – Class 1** | **SAM Conservative<br> Balanced Portfolio<br> – Class 1** | **SAM Conservative<br> Growth Portfolio<br> – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**37418** | $**41457899** | $**10809386** | $**57069928** |
| Total assets | **37418** | **41457899** | **10809386** | **57069928** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**37418** | $**41457899** | $**10809386** | $**57069928** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**37418** | $**41457899** | $**10809386** | $**57069928** |
| Total net assets | $**37418** | $**41457899** | $**10809386** | $**57069928** |
| Investments in shares of mutual funds, at cost | $**35462** | $**39266482** | $**10107313** | $**49710400** |
| Shares of mutual funds owned | **866** | **2640631** | **868224** | **2418217** |
| Accumulation units outstanding | **2017** | **1219441** | **383150** | **1476740** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rydex VI Utilities<br> Fund** | **SAM Balanced<br> Portfolio – Class 1** | **SAM Conservative<br> Balanced Portfolio<br> – Class 1** | **SAM Conservative<br> Growth Portfolio<br> – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**350** | $**930393** | $**298973** | $**880124** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **350** | **930393** | **298973** | **880124** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **—** | **462838** | **163384** | **1173344** |
| Capital gains distributions | **—** | **2883142** | **239559** | **3572194** |
| Total realized gains (losses) on investments | **—** | **3345980** | **402943** | **4745538** |
| Change in net unrealized appreciation (depreciation) of investments | **1956** | **791320** | **458512** | **1771332** |
| Net gains (losses) on investments | **2306** | **5067693** | **1160428** | **7396994** |
| Net increase (decrease) in net assets resulting from operations | $**2306** | $**5067693** | $**1160428** | $**7396994** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SAM Flexible<br> Income Portfolio<br> – Class 1** | **SAM Strategic<br> Growth Portfolio<br> – Class 1** | **Short-Term<br> Income Account<br> – Class 1** | **SmallCap Account<br> – Class 1** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**7177762** | $**96987113** | $**13939007** | $**10093112** |
| Total assets | **7177762** | **96987113** | **13939007** | **10093112** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**7177762** | $**96987113** | $**13939007** | $**10093112** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**7177762** | $**96987113** | $**13939007** | $**10093112** |
| Total net assets | $**7177762** | $**96987113** | $**13939007** | $**10093112** |
| Investments in shares of mutual funds, at cost | $**7040267** | $**78382814** | $**13768974** | $**8926182** |
| Shares of mutual funds owned | **607770** | **3419856** | **5444924** | **589207** |
| Accumulation units outstanding | **286761** | **2300764** | **860031** | **158580** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SAM Flexible<br> Income Portfolio<br> – Class 1** | **SAM Strategic<br> Growth Portfolio<br> – Class 1** | **Short-Term<br> Income Account<br> – Class 1** | **SmallCap Account<br> – Class 1** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**247907** | $**1226605** | $**584164** | $**29970** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **247907** | **1226605** | **584164** | **29970** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **77346** | **2181161** | **744694** | **54919** |
| Capital gains distributions | **—** | **6594586** | **—** | **466536** |
| Total realized gains (losses) on investments | **77346** | **8775747** | **744694** | **521455** |
| Change in net unrealized appreciation (depreciation) of investments | **357099** | **4036585** | **(430600)** | **807669** |
| Net gains (losses) on investments | **682352** | **14038937** | **898258** | **1359094** |
| Net increase (decrease) in net assets resulting from operations | $**682352** | $**14038937** | $**898258** | $**1359094** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **T. Rowe Price<br> Health Sciences<br> Portfolio – II** | **TOPS® Managed<br> Risk Balanced<br> ETF Portfolio<br> – Class 2** | **TOPS® Managed<br> Risk Growth ETF<br> Portfolio – Class 2** | **TOPS® Managed<br> Risk Moderate<br> Growth ETF<br> Portfolio – Class 2** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**994650** | $**1330203** | $**3181372** | $**1911542** |
| Total assets | **994650** | **1330203** | **3181372** | **1911542** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**994650** | $**1330203** | $**3181372** | $**1911542** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**994650** | $**1330203** | $**3181372** | $**1911542** |
| Total net assets | $**994650** | $**1330203** | $**3181372** | $**1911542** |
| Investments in shares of mutual funds, at cost | $**940691** | $**1361464** | $**2985608** | $**1666097** |
| Shares of mutual funds owned | **18409** | **86941** | **225469** | **130748** |
| Accumulation units outstanding | **43582** | **72128** | **151481** | **93499** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **T. Rowe Price<br> Health Sciences<br> Portfolio – II** | **TOPS® Managed<br> Risk Balanced<br> ETF Portfolio<br> – Class 2** | **TOPS® Managed<br> Risk Growth ETF<br> Portfolio – Class 2** | **TOPS® Managed<br> Risk Moderate<br> Growth ETF<br> Portfolio – Class 2** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**—** | $**36073** | $**66321** | $**45128** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **—** | **36073** | **66321** | **45128** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(17184)** | **(60251)** | **(283644)** | **35293** |
| Capital gains distributions | **36014** | **—** | **—** | **—** |
| Total realized gains (losses) on investments | **18830** | **(60251)** | **(283644)** | **35293** |
| Change in net unrealized appreciation (depreciation) of investments | **137095** | **129699** | **567257** | **107601** |
| Net gains (losses) on investments | **155925** | **105521** | **349934** | **188022** |
| Net increase (decrease) in net assets resulting from operations | $**155925** | $**105521** | $**349934** | $**188022** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VanEck VIP Trust<br> Global Resources<br> Fund – Class S<br> Shares** | **VanEck VIP Trust<br> Global Resources<br> Fund – Initial<br> Class Shares** | **Vanguard VIF<br> Balanced Portfolio** | **Vanguard VIF<br> Conservative<br> Allocation<br> Portfolio** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**1688811** | $**216344** | $**9334912** | $**179163** |
| Total assets | **1688811** | **216344** | **9334912** | **179163** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**1688811** | $**216344** | $**9334912** | $**179163** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**1688811** | $**216344** | $**9334912** | $**179163** |
| Total net assets | $**1688811** | $**216344** | $**9334912** | $**179163** |
| Investments in shares of mutual funds, at cost | $**1431205** | $**175545** | $**8676311** | $**171567** |
| Shares of mutual funds owned | **52825** | **6456** | **367372** | **6771** |
| Accumulation units outstanding | **154666** | **16454** | **135962** | **14853** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VanEck VIP Trust<br> Global Resources<br> Fund – Class S<br> Shares** | **VanEck VIP Trust<br> Global Resources<br> Fund – Initial<br> Class Shares** | **Vanguard VIF<br> Balanced Portfolio** | **Vanguard VIF<br> Conservative<br> Allocation<br> Portfolio** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**32403** | $**5087** | $**162664** | $**5059** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **32403** | **5087** | **162664** | **5059** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **(454)** | **6112** | **232553** | **8199** |
| Capital gains distributions | **—** | **—** | **696740** | **5927** |
| Total realized gains (losses) on investments | **(454)** | **6112** | **929293** | **14126** |
| Change in net unrealized appreciation (depreciation) of investments | **355281** | **56654** | **232868** | **3084** |
| Net gains (losses) on investments | **387230** | **67853** | **1324825** | **22269** |
| Net increase (decrease) in net assets resulting from operations | $**387230** | $**67853** | $**1324825** | $**22269** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard VIF<br> Equity Income<br> Portfolio** | **Vanguard VIF<br> Global Bond Index<br> Portfolio** | **Vanguard VIF<br> International<br> Portfolio** | **Vanguard VIF<br> Mid-Cap Index<br> Portfolio** |
| **Assets** |  |  |  |  |
| Investments in shares of mutual funds, at fair value | $**2022440** | $**3111621** | $**678900** | $**37941140** |
| Total assets | **2022440** | **3111621** | **678900** | **37941140** |
| Total liabilities | **—** | **—** | **—** | **—** |
| Net assets | $**2022440** | $**3111621** | $**678900** | $**37941140** |
| **Net assets** |  |  |  |  |
| Applicable to accumulation units | $**2022440** | $**3111621** | $**678900** | $**37941140** |
| Total net assets | $**2022440** | $**3111621** | $**678900** | $**37941140** |
| Investments in shares of mutual funds, at cost | $**1880696** | $**3013897** | $**640747** | $**33250734** |
| Shares of mutual funds owned | **77133** | **165248** | **23746** | **1356979** |
| Accumulation units outstanding | **130906** | **309578** | **65006** | **441868** |

---

Statements of Operations

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard VIF<br> Equity Income<br> Portfolio** | **Vanguard VIF<br> Global Bond Index<br> Portfolio** | **Vanguard VIF<br> International<br> Portfolio** | **Vanguard VIF<br> Mid-Cap Index<br> Portfolio** |
| **Net investment income (loss)** |  |  |  |  |
| Investment income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**13357** | $**54841** | $**1767** | $**391472** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** | **—** | **—** | **—** |
| Net investment income (loss) | **13357** | **54841** | **1767** | **391472** |
| **Realized gains (losses) on investments** |  |  |  |  |
| Realized gains (losses) on sale of fund shares | **9043** | **4416** | **8157** | **685483** |
| Capital gains distributions | **40603** | **3343** | **11908** | **1559575** |
| Total realized gains (losses) on investments | **49646** | **7759** | **20065** | **2245058** |
| Change in net unrealized appreciation (depreciation) of investments | **129822** | **73118** | **37772** | **1140148** |
| Net gains (losses) on investments | **192825** | **135718** | **59604** | **3776678** |
| Net increase (decrease) in net assets resulting from operations | $**192825** | $**135718** | $**59604** | $**3776678** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Assets and Liabilities

December 31, 2025

---

| | |
|:---|:---|
|  | **Vanguard VIF<br> Real Estate Index<br> Portfolio** |
| **Assets** |  |
| Investments in shares of mutual funds, at fair value | $**265389** |
| Total assets | **265389** |
| Total liabilities | **—** |
| Net assets | $**265389** |
| **Net assets** |  |
| Applicable to accumulation units | $**265389** |
| Total net assets | $**265389** |
| Investments in shares of mutual funds, at cost | $**271224** |
| Shares of mutual funds owned | **22938** |
| Accumulation units outstanding | **24495** |

---

Statements of Operations

Year ended December 31, 2025

---

| | |
|:---|:---|
|  | **Vanguard VIF<br> Real Estate Index<br> Portfolio** |
| **Net investment income (loss)** |  |
| Investment income: |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**6571** |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risks | **—** |
| Net investment income (loss) | **6571** |
| **Realized gains (losses) on investments** |  |
| Realized gains (losses) on sale of fund shares | **(1966)** |
| Capital gains distributions | **4208** |
| Total realized gains (losses) on investments | **2242** |
| Change in net unrealized appreciation (depreciation) of investments | **(154)** |
| Net gains (losses) on investments | **8659** |
| Net increase (decrease) in net assets resulting from operations | $**8659** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AllianceBernstein<br> VPS Discovery<br> Value Portfolio<br> – Class A** | **AllianceBernstein<br> VPS International<br> Value Portfolio**<br> **– Class A** | **AllianceBernstein<br> VPS Small Cap<br> Growth Portfolio**<br> **– Class A** | **AllianceBernstein<br> VPS Sustainable<br> Global Thematic<br> Portfolio – Class A** |
| **Net assets as of January 1, 2024** | $4692530 | $2090055 | $234437 | $305402 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 44510 | 56571 | 631 |  |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 222123 | 52371 | (30704) | 9216 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 211250 | 11338 | 74771 | 9889 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 477883 | 120280 | 44698 | 19105 |
| Net increase (decrease) in net assets resulting from operations | 477883 | 120280 | 44698 | 19105 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1473194 | 334558 | 17612 | 223765 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (152912) | (60021) |  | (271) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (169416) | (310638) | (24299) | (568) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (539790) | (233419) | (3980) | (81057) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (175302) | (64655) | (7630) | (7408) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (9303) | (610) |  | (1192) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (6106) | (2569) |  | 20 |
| Increase (decrease) in net assets from policy related transactions | 420365 | (337354) | (18297) | 133289 |
| Total increase (decrease) | 898248 | (217074) | 26401 | 152394 |
| **Net assets as of December 31, 2024** | 5590778 | 1872981 | 260838 | 457796 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **47164** | **83998** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **653700** | **106715** | **(8939)** | **49742** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(549424)** | **759162** | **22143** | **(32437)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **151440** | **949875** | **13204** | **17305** |
| Net increase (decrease) in net assets resulting from operations | **151440** | **949875** | **13204** | **17305** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1354758** | **1409131** | **20324** | **117431** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(344653)** | **(132569)** | **—** | **(133653)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(1033)** | **(21725)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(60435)** | **(38216)** | **322** | **(429)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(858853)** | **(206443)** | **(7230)** | **(126280)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(174373)** | **(77307)** | **(6929)** | **(6964)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(10098)** | **(914)** | **—** | **(1146)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **190** | **(4138)** | **—** | **6246** |
| Increase (decrease) in net assets from policy related transactions | **(94497)** | **927819** | **6487** | **(144795)** |
| Total increase (decrease) | **56943** | **1877694** | **19691** | **(127490)** |
| **Net assets as of December 31, 2025** | $**5647721** | $**3750675** | $**280529** | $**330306** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **American Funds<br>Insurance Series<br>- Capital World<br>Bond Fund<br>- Class 2 Shares** | **American Funds<br>Insurance Series<br>- Global Balanced<br>Fund - Class 2<br>Shares** | **American Funds<br>Insurance Series<br>- Global Small<br>Capitalization<br>Fund - Class 2<br>Shares** | **American Funds<br>Insurance Series<br>- Growth Fund<br>- Class 2 Shares** |
| **Net assets as of January 1, 2024** | $369555 | $856766 | $81002 | $20301431 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 12255 | 19889 | 933 | 88463 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 419 | (5480) | 3451 | 1164661 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (24680) | 48103 | (2741) | 5580433 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (12006) | 62512 | 1643 | 6833557 |
| Net increase (decrease) in net assets resulting from operations | (12006) | 62512 | 1643 | 6833557 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 488650 | 548740 | 33439 | 10618219 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (41769) | (112132) |  | (1735116) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  | (19702) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (4505) | (59946) |  | (334787) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (198800) | (139785) | (6066) | (4099940) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (14581) | (54088) | (1329) | (711182) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1515) | (2227) | (280) | (40373) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 3148 | 7786 |  | 70394 |
| Increase (decrease) in net assets from policy related transactions | 230628 | 188348 | 25764 | 3747513 |
| Total increase (decrease) | 218622 | 250860 | 27407 | 10581070 |
| **Net assets as of December 31, 2024** | 588177 | 1107626 | 108409 | 30882501 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **21156** | **19300** | **21** | **55057** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **11696** | **60239** | **17246** | **4185889** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **27902** | **130534** | **(1888)** | **2693518** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **60754** | **210073** | **15379** | **6934464** |
| Net increase (decrease) in net assets resulting from operations | **60754** | **210073** | **15379** | **6934464** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **440554** | **415407** | **16061** | **18463221** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(40583)** | **(26608)** | **(5491)** | **(816513)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(3883)** | **—** | **—** | **(38565)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **2017** | **(44622)** | **—** | **(443475)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(288914)** | **(103449)** | **(126731)** | **(9947546)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(16904)** | **(53002)** | **(1239)** | **(863844)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2146)** | **(2857)** | **(361)** | **(61164)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **1897** | **1104** | **257** | **9785** |
| Increase (decrease) in net assets from policy related transactions | **92038** | **185973** | **(117504)** | **6301899** |
| Total increase (decrease) | **152792** | **396046** | **(102125)** | **13236363** |
| **Net assets as of December 31, 2025** | $**740969** | $**1503672** | $**6284** | $**44118864** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **American Funds<br> Insurance Series<br> – International<br> Fund – Class 2<br> Shares** | **American Funds<br> Insurance Series<br> – New World Fund<br> – Class 2 Shares** | **American Funds<br> Insurance Series<br> – Washington<br> Mutual Investors<br> Fund – Class 2<br> Shares** | **BNY Mellon IP<br> MidCap Stock<br> Portfolio – Service<br> Shares** |
| **Net assets as of January 1, 2024** | $4282096 | $7577533 | $8872142 | $636255 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 61878 | 126236 | 169094 | 4074 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | (5198) | 122972 | 373678 | 18480 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 72741 | 248963 | 1210321 | 53306 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 129421 | 498171 | 1753093 | 75860 |
| Net increase (decrease) in net assets resulting from operations | 129421 | 498171 | 1753093 | 75860 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1587120 | 3389202 | 3539775 | 182520 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (303051) | (462394) | (763352) | (79251) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (1130) |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (38406) | (53252) | (108731) | (6657) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (394084) | (1497865) | (1748430) | (104008) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (153496) | (258134) | (279496) | (24539) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (6905) | (17892) | (20922) | (302) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 3303 | 10119 | 28955 | (3393) |
| Increase (decrease) in net assets from policy related transactions | 693351 | 1109784 | 647799 | (35630) |
| Total increase (decrease) | 822772 | 1607955 | 2400892 | 40230 |
| **Net assets as of December 31, 2024** | 5104868 | 9185488 | 11273034 | 676485 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **101342** | **142304** | **205674** | **3072** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **172542** | **694697** | **1511801** | **67867** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **1322852** | **2037984** | **488424** | **25123** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **1596736** | **2874985** | **2205899** | **96062** |
| Net increase (decrease) in net assets resulting from operations | **1596736** | **2874985** | **2205899** | **96062** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **3121172** | **4734217** | **5368843** | **1018127** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(229569)** | **(273333)** | **(575720)** | **(8985)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(38656)** | **(24838)** | **(5371)** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(74334)** | **(52598)** | **(164235)** | **(5607)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(931205)** | **(2092643)** | **(2129437)** | **(77641)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(160516)** | **(300487)** | **(336361)** | **(27042)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(9509)** | **(23514)** | **(27154)** | **(476)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **5062** | **8533** | **15696** | **(299)** |
| Increase (decrease) in net assets from policy related transactions | **1682445** | **1975337** | **2146261** | **898077** |
| Total increase (decrease) | **3279181** | **4850322** | **4352160** | **994139** |
| **Net assets as of December 31, 2025** | $**8384049** | $**14035810** | $**15625194** | $**1670624** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BNY Mellon IP<br> Technology<br> Growth Portfolio<br> – Service Shares** | **BNY Mellon<br> Sustainable U.S.<br> Equity Portfolio,<br> Inc. – Service<br> Shares** | **BNY Mellon VIF<br> Appreciation<br> Portfolio – Service<br> Shares** | **Bond Market<br> Index Account<br> – Class 1** |
| **Net assets as of January 1, 2024** | $348503 | $122603 | $536203 | $3579940 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 618 | 1136 | 131884 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 37090 | 36104 | 67901 | (47576) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 67846 | 2209 | 4127 | (55062) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 104936 | 38931 | 73164 | 29246 |
| Net increase (decrease) in net assets resulting from operations | 104936 | 38931 | 73164 | 29246 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 486464 | 209609 | 389982 | 4660529 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (7636) | (116087) | (33057) | (49433) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (90) |  | (3698) | (174) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (133468) | (38788) | (252525) | (2562671) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (12629) | (7013) | (17100) | (84371) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1539) | (664) | (2225) | (14030) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 576 | 8750 | 2492 | 3726 |
| Increase (decrease) in net assets from policy related transactions | 331678 | 55807 | 83869 | 1953576 |
| Total increase (decrease) | 436614 | 94738 | 157033 | 1982822 |
| **Net assets as of December 31, 2024** | 785117 | 217341 | 693236 | 5562762 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **153** | **1054** | **266644** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **252820** | **29378** | **119642** | **8575** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **4567** | **19574** | **(54952)** | **151852** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **257387** | **49105** | **65744** | **427071** |
| Net increase (decrease) in net assets resulting from operations | **257387** | **49105** | **65744** | **427071** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **441280** | **206347** | **238331** | **19429252** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(1460)** | **(25528)** | **(831)** | **(440332)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(594)** | **—** | **—** | **(1041)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **66** | **—** | **(49506)** | **42** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(298786)** | **(33267)** | **(168670)** | **(18081555)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(16034)** | **(10947)** | **(19710)** | **(105155)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2246)** | **(1005)** | **(2251)** | **(19444)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **68** | **1193** | **39** | **20579** |
| Increase (decrease) in net assets from policy related transactions | **122294** | **136793** | **(2598)** | **802346** |
| Total increase (decrease) | **379681** | **185898** | **63146** | **1229417** |
| **Net assets as of December 31, 2025** | $**1164798** | $**403239** | $**756382** | $**6792179** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ClearBridge<br> Variable Mid Cap<br> Portfolio – Class I<br> Shares** | **ClearBridge<br> Variable Small<br> Cap Growth<br> Portfolio<br> – Class I Shares** | **Columbia VP -<br> Acorn<br> International Fund** | **Core Plus Bond<br> Account – Class 1** |
| **Net assets as of January 1, 2024** | $1361558 | $3301398 | $1437503 | $13250340 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 8432 |  | 20586 | 625625 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 38486 | 76880 | (13930) | (308712) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 92375 | 78572 | (128140) | (83458) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 139293 | 155452 | (121484) | 233455 |
| Net increase (decrease) in net assets resulting from operations | 139293 | 155452 | (121484) | 233455 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 274152 | 1389921 | 522477 | 12168493 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (41009) | (67119) | (10054) | (368041) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  | (5627) | (986) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (7825) | 63 | (10610) | (219975) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (228146) | (767406) | (381523) | (3595198) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (63840) | (72048) | (58274) | (441829) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1893) | (11785) | (882) | (40549) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (2492) | 5059 | (580) | 9324 |
| Increase (decrease) in net assets from policy related transactions | (71053) | 476685 | 54927 | 7511239 |
| Total increase (decrease) | 68240 | 632137 | (66557) | 7744694 |
| **Net assets as of December 31, 2024** | 1429798 | 3933535 | 1370946 | 20995034 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **4633** | **—** | **20262** | **1094482** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **116552** | **437965** | **(7267)** | **(52246)** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(44060)** | **(63349)** | **164435** | **704348** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **77125** | **374616** | **177430** | **1746584** |
| Net increase (decrease) in net assets resulting from operations | **77125** | **374616** | **177430** | **1746584** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **338704** | **1345564** | **629656** | **12560584** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(22149)** | **(331724)** | **(30473)** | **(778417)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(456)** | **—** | **(27150)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(60081)** | **(420)** | **(13720)** | **45859** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(25912)** | **(1192152)** | **(381368)** | **(7928656)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(64160)** | **(75229)** | **(57949)** | **(521397)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(1875)** | **(12915)** | **(624)** | **(60555)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **488** | **15503** | **(1706)** | **29672** |
| Increase (decrease) in net assets from policy related transactions | **165015** | **(251829)** | **143816** | **3319940** |
| Total increase (decrease) | **242140** | **122787** | **321246** | **5066524** |
| **Net assets as of December 31, 2025** | $**1671938** | $**4056322** | $**1692192** | $**26061558** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT EAFE<br> International<br> Index Portfolio<br> – Class F** | **CVT Investment<br> Grade Bond Index<br> Portfolio – Class I** | **CVT Russell 2000<br> Small Cap Index<br> Portfolio – Class F** | **CVT S&P 500<br> Index Portfolio** |
| **Net assets as of January 1, 2024** | $1528059 | $1973739 | $9268203 | $507918 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 87538 | 88490 | 142242 | 7227 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 6525 | (22823) | 277702 | 46928 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (97692) | (39129) | 622903 | 73320 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (3629) | 26538 | 1042847 | 127475 |
| Net increase (decrease) in net assets resulting from operations | (3629) | 26538 | 1042847 | 127475 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 2151141 | 1882381 | 7809918 | 57151 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (19586) | (65611) | (623909) | (2278) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (2046) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (44708) | (52000) | (32120) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (368676) | (267150) | (4011528) | (5373) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (41587) | (124125) | (297605) | (25842) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (8392) | (2263) | (24361) | (2) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 1476 | 2999 | 27237 | (98) |
| Increase (decrease) in net assets from policy related transactions | 1714376 | 1379477 | 2827752 | (8562) |
| Total increase (decrease) | 1710747 | 1406015 | 3870599 | 118913 |
| **Net assets as of December 31, 2024** | 3238806 | 3379754 | 13138802 | 626831 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **105390** | **129249** | **205796** | **7001** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **190642** | **(47921)** | **1089445** | **77552** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **735264** | **180131** | **213718** | **17368** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **1031296** | **261459** | **1508959** | **101921** |
| Net increase (decrease) in net assets resulting from operations | **1031296** | **261459** | **1508959** | **101921** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1893061** | **1759774** | **13696699** | **24195** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(78520)** | **(74661)** | **(803717)** | **(27378)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(13603)** | **(11880)** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **(22691)** | **(127309)** | **(15446)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(1263568)** | **(331316)** | **(12909792)** | **(4286)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(65138)** | **(139074)** | **(334559)** | **(23606)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(14201)** | **(2520)** | **(28761)** | **—** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **3670** | **(1747)** | **31105** | **(775)** |
| Increase (decrease) in net assets from policy related transactions | **475304** | **1174162** | **(488214)** | **(47296)** |
| Total increase (decrease) | **1506600** | **1435621** | **1020745** | **54625** |
| **Net assets as of December 31, 2025** | $**4745406** | $**4815375** | $**14159547** | $**681456** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CVT S&P MidCap<br> 400 Index Portfolio<br> – Class F** | **Diversified<br> International<br> Account – Class 1** | **DWS Alternative<br> Asset Allocation<br> VIP – Class B** | **DWS Small Mid<br> Cap Value VIP<br> – Class B** |
| **Net assets as of January 1, 2024** | $4847248 | $9530143 | $109615 | $574298 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 66161 | 350219 | 3730 | 4809 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 305449 | (155117) | (2086) | 31643 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 280469 | 226716 | 3988 | (1902) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 652079 | 421818 | 5632 | 34550 |
| Net increase (decrease) in net assets resulting from operations | 652079 | 421818 | 5632 | 34550 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1135838 | 3946398 | 49949 | 99063 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (177342) | (401725) |  | (8924) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (2402) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (72784) | (81845) |  | (17919) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (458015) | (1712698) | (23522) | (87546) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (193725) | (306723) | (2243) | (20168) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (904) | (22506) | (408) | (224) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (9258) | 21803 |  | (384) |
| Increase (decrease) in net assets from policy related transactions | 223810 | 1440302 | 23776 | (36102) |
| Total increase (decrease) | 875889 | 1862120 | 29408 | (1552) |
| **Net assets as of December 31, 2024** | 5723137 | 11392263 | 139023 | 572746 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **68757** | **293059** | **5063** | **3467** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **409797** | **1250008** | **3949** | **96006** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(33510)** | **2186536** | **5879** | **(10013)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **445044** | **3729603** | **14891** | **89460** |
| Net increase (decrease) in net assets resulting from operations | **445044** | **3729603** | **14891** | **89460** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1168870** | **3741922** | **144092** | **129818** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(205553)** | **(410870)** | **(14173)** | **(63660)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(9573)** | **(22547)** | **—** | **(19034)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(71031)** | **52935** | **—** | **(1383)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(158482)** | **(2916206)** | **(134582)** | **(51535)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(219629)** | **(322396)** | **(2629)** | **(19971)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(89)** | **(26421)** | **(436)** | **(67)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(7665)** | **3387** | **662** | **(2498)** |
| Increase (decrease) in net assets from policy related transactions | **496848** | **99804** | **(7066)** | **(28330)** |
| Total increase (decrease) | **941892** | **3829407** | **7825** | **61130** |
| **Net assets as of December 31, 2025** | $**6665029** | $**15221670** | $**146848** | $**633876** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income<br> Account – Class 1** | **Fidelity VIP<br> Consumer Staples<br> Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Contrafund®<br> Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Energy Portfolio<br> – Service Class 2** |
| **Net assets as of January 1, 2024** | $22960210 | $— | $20042258 | $— |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 574288 |  | 7813 |  |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 227758 |  | 4395324 |  |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 2906171 |  | 2604409 |  |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 3708217 |  | 7007546 |  |
| Net increase (decrease) in net assets resulting from operations | 3708217 |  | 7007546 |  |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;premium taxes | 7610554 | 4250 | 7906009 |  |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (916041) |  | (891930) |  |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (13050) |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (70917) |  | (480395) |  |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (2728509) |  | (2032979) |  |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (698097) |  | (818563) |  |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (57754) |  | (21807) |  |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 28382 |  | (29437) |  |
| Increase (decrease) in net assets from policy related transactions | 3154568 | 4250 | 3630898 |  |
| Total increase (decrease) | 6862785 | 4250 | 10638444 |  |
| **Net assets as of December 31, 2024** | 29822995 | 4250 | 30680702 |  |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **576854** | **128** | **—** | **52** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **3534558** | **215** | **7512856** | **54** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **565769** | **(427)** | **(639841)** | **271** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **4677181** | **(84)** | **6873015** | **377** |
| Net increase (decrease) in net assets resulting from operations | **4677181** | **(84)** | **6873015** | **377** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;premium taxes | **7602691** | **2715** | **8855357** | **6311** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(1959610)** | **—** | **(1660559)** | **—** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(55258)** | **—** | **(15785)** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(186918)** | **—** | **(374303)** | **—** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(3641648)** | **—** | **(2899758)** | **(385)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(723813)** | **(73)** | **(995814)** | **(120)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(66549)** | **(19)** | **(30042)** | **(6)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **72467** | **—** | **(9804)** | **—** |
| Increase (decrease) in net assets from policy related transactions | **1041362** | **2623** | **2869292** | **5800** |
| Total increase (decrease) | **5718543** | **2539** | **9742307** | **6177** |
| **Net assets as of December 31, 2025** | $**35541538** | $**6789** | $**40423009** | $**6177** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Equity-Income<br> Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Extended Market<br> Index Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Government<br> Money Market<br> Portfolio<br> – Service Class** | **Fidelity VIP High<br> Income Portfolio<br> – Service Class 2** |
| **Net assets as of January 1, 2024** | $4059105 | $1728878 | $63942049 | $4348080 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 76192 | 37534 | 3718459 | 318296 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 509569 | 118183 |  | (44710) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 41414 | 106865 |  | 118835 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 627175 | 262582 | 3718459 | 392421 |
| Net increase (decrease) in net assets resulting from operations | 627175 | 262582 | 3718459 | 392421 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1719198 | 2160131 | 111967822 | 1297164 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (311602) | (28191) | (6790469) | (141984) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  | (44776) |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (282114) | (3469) | (3190493) | (91120) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (832049) | (370754) | (80172767) | (321141) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (149195) | (74858) | (2624750) | (173898) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (4394) | (6991) | (207374) | (2656) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (3940) | 279 | 314766 | (5667) |
| Increase (decrease) in net assets from policy related transactions | 135904 | 1676147 | 19251959 | 560698 |
| Total increase (decrease) | 763079 | 1938729 | 22970418 | 953119 |
| **Net assets as of December 31, 2024** | 4822184 | 3667607 | 86912468 | 5301199 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **109810** | **57099** | **4138292** | **412668** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **594396** | **323348** | **—** | **(71495)** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **283711** | **432216** | **—** | **222913** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **987917** | **812663** | **4138292** | **564086** |
| Net increase (decrease) in net assets resulting from operations | **987917** | **812663** | **4138292** | **564086** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **2881254** | **4749538** | **106847473** | **1553506** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(200824)** | **(194533)** | **(6098791)** | **(253881)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **—** | **(1359619)** | **(8960)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(129111)** | **(52279)** | **2609859** | **(51264)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(1143226)** | **(2079700)** | **(73273707)** | **(495237)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(169147)** | **(128614)** | **(3110975)** | **(188800)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(6571)** | **(14696)** | **(280865)** | **(3648)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(3933)** | **7578** | **(35414)** | **(6692)** |
| Increase (decrease) in net assets from policy related transactions | **1228442** | **2287294** | **25297961** | **545024** |
| Total increase (decrease) | **2216359** | **3099957** | **29436253** | **1109110** |
| **Net assets as of December 31, 2025** | $**7038543** | $**6767564** | $**116348721** | $**6410309** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> International<br> Index Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Mid Cap Portfolio<br> – Service Class 2** | **Fidelity VIP<br> Strategic Income<br> Portfolio – Service<br> Class 2** | **Fidelity VIP Total<br> Market Index<br> Portfolio – Service<br> Class 2** |
| **Net assets as of January 1, 2024** | $4365765 | $8949840 | $2950877 | $7103664 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 178349 | 36528 | 129746 | 141948 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 71260 | 1504394 | 31477 | 596340 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (66772) | 13958 | 44981 | 1253109 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 182837 | 1554880 | 206204 | 1991397 |
| Net increase (decrease) in net assets resulting from operations | 182837 | 1554880 | 206204 | 1991397 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 3732432 | 1926254 | 1955484 | 12139074 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (171266) | (236703) | (230025) | (89457) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (956) | (11281) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (26909) | (255556) | 64142 | (64362) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (1447441) | (610102) | (1004354) | (5284162) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (186410) | (396921) | (93701) | (249221) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (12006) | (4157) | (11382) | (27095) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 8107 | (9441) | 17338 | 5357 |
| Increase (decrease) in net assets from policy related transactions | 1895551 | 402093 | 697502 | 6430134 |
| Total increase (decrease) | 2078388 | 1956973 | 903706 | 8421531 |
| **Net assets as of December 31, 2024** | 6444153 | 10906813 | 3854583 | 15525195 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **347963** | **28587** | **216119** | **172860** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **297191** | **1296529** | **74510** | **1490217** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **2373530** | **(25223)** | **153303** | **1257219** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **3018684** | **1299893** | **443932** | **2920296** |
| Net increase (decrease) in net assets resulting from operations | **3018684** | **1299893** | **443932** | **2920296** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **22394252** | **2115160** | **4843867** | **44232378** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(529228)** | **(491204)** | **(325248)** | **(1082640)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(612)** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(37180)** | **(277141)** | **273** | **(84929)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(15062653)** | **(892765)** | **(964415)** | **(41120353)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(289281)** | **(398876)** | **(104155)** | **(380502)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(25671)** | **(3301)** | **(16501)** | **(49095)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **24010** | **(15398)** | **15200** | **34848** |
| Increase (decrease) in net assets from policy related transactions | **6473637** | **36475** | **3449021** | **1549707** |
| Total increase (decrease) | **9492321** | **1336368** | **3892953** | **4470003** |
| **Net assets as of December 31, 2025** | $**15936474** | $**12243181** | $**7747536** | $**19995198** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin <br> Templeton VIP<br> Trust – Franklin <br> Income VIP Fund <br> – Class 2** | **Franklin <br> Templeton VIP Trust – Franklin Mutual Global Discovery VIP Fund – Class 2** | **Franklin <br> Templeton VIP<br> Trust – Franklin <br> Mutual Shares<br> VIP Fund –<br> Class 2** | **Franklin <br> Templeton VIP <br> Trust – Franklin <br> Rising Dividends<br> VIP Fund – <br> Class 2** |
| **Net assets as of January 1, 2024** | $1493819 | $3335233 | $37978 | $6778460 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 119813 | 61501 | 420 | 76098 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | (21313) | 246478 | 2054 | 404717 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 64294 | (157051) | 298 | 283626 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 162794 | 150928 | 2772 | 764441 |
| Net increase (decrease) in net assets resulting from operations | 162794 | 150928 | 2772 | 764441 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1005044 | 510195 | 6768 | 1974283 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (70941) | (186183) | (173) | (321565) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (10389) | (37901) | (288) | (216278) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (201666) | (65962) | (23714) | (727902) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (27541) | (117880) | (562) | (255126) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (7734) | (1046) | (82) | (9558) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 5347 | (7976) | 13 | (13389) |
| Increase (decrease) in net assets from policy related transactions | 692120 | 93247 | (18038) | 430465 |
| Total increase (decrease) | 854914 | 244175 | (15266) | 1194906 |
| **Net assets as of December 31, 2024** | 2348733 | 3579408 | 22712 | 7973366 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **165143** | **78029** | **1744** | **71917** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **26891** | **425569** | **8925** | **876734** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **191542** | **333875** | **2460** | **41592** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **383576** | **837473** | **13129** | **990243** |
| Net increase (decrease) in net assets resulting from operations | **383576** | **837473** | **13129** | **990243** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1388325** | **511105** | **153272** | **2214357** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(3)** | **(104378)** | **—** | **(325751)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(3116)** | **—** | **(2181)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **6724** | **(67030)** | **212** | **(77955)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(232961)** | **(180927)** | **(1420)** | **(775451)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(31067)** | **(119085)** | **(2339)** | **(267578)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(11025)** | **(749)** | **(297)** | **(11428)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **—** | **(3086)** | **—** | **(8648)** |
| Increase (decrease) in net assets from policy related transactions | **1119993** | **32734** | **149428** | **745365** |
| Total increase (decrease) | **1503569** | **870207** | **162557** | **1735608** |
| **Net assets as of December 31, 2025** | $**3852302** | $**4449615** | $**185269** | $**9708974** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin <br> Templeton VIP <br> Trust – Franklin<br> Small Cap Value<br> VIP Fund <br> – Class 2** | **Franklin <br> Templeton VIP<br> Trust – Franklin<br> Strategic Income <br> VIP Fund<br> – Class 2** | **Franklin<br> Templeton VIP <br> Trust – Franklin<br> U.S. Government<br> Securities VIP<br> Fund – Class 2** | **Franklin<br> Templeton VIP <br> Trust – Templeton <br> Developing <br> Markets VIP Fund <br> – Class 2** |
| **Net assets as of January 1, 2024** | $2701111 | $569457 | $1778 | $527545 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 23466 | 24325 | 192 | 22969 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 67892 | 2080 | (142) | 20170 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 171576 | (6123) | (113) | 2460 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 262934 | 20282 | (63) | 45599 |
| Net increase (decrease) in net assets resulting from operations | 262934 | 20282 | (63) | 45599 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 857386 | 494081 | 32322 | 279720 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (507712) | (49557) |  | (1520) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (87426) |  |  | 124 |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (245731) | (322732) | (22453) | (229519) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (83795) | (13420) | (224) | (11656) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (4187) | (2129) | (25) | (2066) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 24936 | 3735 |  | 115 |
| Increase (decrease) in net assets from policy related transactions | (46529) | 109978 | 9620 | 35198 |
| Total increase (decrease) | 216405 | 130260 | 9557 | 80797 |
| **Net assets as of December 31, 2024** | 2917516 | 699717 | 11335 | 608342 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **31128** | **32739** | **793** | **3532** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **311101** | **8595** | **253** | **58652** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(119499)** | **6250** | **2843** | **197044** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **222730** | **47584** | **3889** | **259228** |
| Net increase (decrease) in net assets resulting from operations | **222730** | **47584** | **3889** | **259228** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1274774** | **398889** | **89425** | **321047** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(57989)** | **(1)** | **(138)** | **(10375)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(116)** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(124134)** | **—** | **—** | **18** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(875802)** | **(420158)** | **(5867)** | **(270437)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(94597)** | **(13745)** | **(651)** | **(12986)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(5126)** | **(2253)** | **(168)** | **(2285)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(1300)** | **—** | **6** | **485** |
| Increase (decrease) in net assets from policy related transactions | **115710** | **(37268)** | **82607** | **25467** |
| Total increase (decrease) | **338440** | **10316** | **86496** | **284695** |
| **Net assets as of December 31, 2025** | $**3255956** | $**710033** | $**97831** | $**893037** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin <br> Templeton VIP<br> Trust – Templeton <br> Foreign VIP Fund <br> – Class 2** | **Franklin <br> Templeton VIP<br> Trust – Templeton <br> Global Bond<br> VIP Fund<br> – Class 2** | **Global Emerging<br> Markets Account <br> – Class 1** | **Government & <br> High Quality Bond <br> Account – Class 1** |
| **Net assets as of January 1, 2024** | $287951 | $2574914 | $4532251 | $3140932 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7753 |  | 98081 | 110821 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 19849 | (62508) | (113009) | (45889) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (37202) | (233171) | 317431 | (49055) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (9600) | (295679) | 302503 | 15877 |
| Net increase (decrease) in net assets resulting from operations | (9600) | (295679) | 302503 | 15877 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 220166 | 917790 | 862152 | 1391746 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (66255) | (120898) | (183914) | (60879) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (120203) | (157172) | (39632) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (81460) | (302271) | (375881) | (333263) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (7825) | (104050) | (186611) | (179632) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1118) | (1872) | (2493) | (4518) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 4994 | (673) | (8076) | (2838) |
| Increase (decrease) in net assets from policy related transactions | 68502 | 267823 | (51995) | 770984 |
| Total increase (decrease) | 58902 | (27856) | 250508 | 786861 |
| **Net assets as of December 31, 2024** | 346853 | 2547058 | 4782759 | 3927793 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **11328** | **—** | **38964** | **162688** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **36371** | **(81611)** | **126249** | **(34032)** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **73035** | **488700** | **1658347** | **207760** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **120734** | **407089** | **1823560** | **336416** |
| Net increase (decrease) in net assets resulting from operations | **120734** | **407089** | **1823560** | **336416** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **201794** | **1292697** | **1329821** | **1448659** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(1)** | **(159113)** | **(205182)** | **(78068)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(15328)** | **(1433)** | **(5954)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **220268** | **73953** | **5817** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(42577)** | **(1037423)** | **(803983)** | **(618651)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(8811)** | **(105449)** | **(191316)** | **(211512)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(1620)** | **(2400)** | **(2494)** | **(5128)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **—** | **(1609)** | **(5600)** | **(2712)** |
| Increase (decrease) in net assets from policy related transactions | **148785** | **191643** | **193766** | **532451** |
| Total increase (decrease) | **269519** | **598732** | **2017326** | **868867** |
| **Net assets as of December 31, 2025** | $**616372** | $**3145790** | $**6800085** | $**4796660** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. <br> American <br> Franchise Fund <br> – Series II Shares** | **Invesco V.I.<br> American Value<br> Fund – Series I <br> Shares** | **Invesco V.I. Core<br> Equity Fund <br> – Series II Shares** | **Invesco V.I. <br> Discovery Mid <br> Cap Growth Fund<br> – Series I Shares** |
| **Net assets as of January 1, 2024** | $871453 | $462742 | $715989 | $1488721 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 6685 | 4456 |  |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 32080 | 9718 | 94776 | 84418 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 328514 | 140085 | 101379 | 194389 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 360594 | 156488 | 200611 | 278807 |
| Net increase (decrease) in net assets resulting from operations | 360594 | 156488 | 200611 | 278807 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 554323 | 385972 | 547816 | 677379 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (11571) | (13291) | (9074) | (5097) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (10078) | (42) | (5010) | (5180) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (254072) | (139370) | (187728) | (946451) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (36315) | (17307) | (31246) | (29114) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1555) | (1071) | (1316) | (4315) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (495) | (1385) | (280) | 384 |
| Increase (decrease) in net assets from policy related transactions | 240237 | 213506 | 313162 | (312394) |
| Total increase (decrease) | 600831 | 369994 | 513773 | (33587) |
| **Net assets as of December 31, 2024** | 1472284 | 832736 | 1229762 | 1455134 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **6338** | **6236** | **—** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **249238** | **224329** | **131591** | **194361** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(9035)** | **17666** | **83360** | **(98144)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **240203** | **248333** | **221187** | **96217** |
| Net increase (decrease) in net assets resulting from operations | **240203** | **248333** | **221187** | **96217** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **802978** | **826418** | **337900** | **735512** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(15864)** | **(5640)** | **(2519)** | **(65252)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **—** | **—** | **(6703)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(2487)** | **(138)** | **(4822)** | **(47652)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(302306)** | **(206528)** | **(56157)** | **(155848)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(52073)** | **(36376)** | **(38876)** | **(32017)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2151)** | **(2626)** | **(2720)** | **(4639)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(449)** | **192** | **(1148)** | **3050** |
| Increase (decrease) in net assets from policy related transactions | **427648** | **575302** | **231658** | **426451** |
| Total increase (decrease) | **667851** | **823635** | **452845** | **522668** |
| **Net assets as of December 31, 2025** | $**2140135** | $**1656371** | $**1682607** | $**1977802** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. EQV<br> International <br> Equity Fund<br> – Series I Shares** | **Invesco V.I. Global <br> Real Estate Fund <br> – Series I Shares** | **Invesco V.I. Health<br> Care Fund <br> – Series I Shares** | **Invesco V.I. <br> Main Street <br> Mid Cap Fund <br> – Series II Shares** |
| **Net assets as of January 1, 2024** | $472147 | $183121 | $5635762 | $1187160 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 9065 | 7168 |  | 1497 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 4779 | (2551) | 53141 | (37209) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (13147) | (7412) | 194355 | 220063 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 697 | (2795) | 247496 | 184351 |
| Net increase (decrease) in net assets resulting from operations | 697 | (2795) | 247496 | 184351 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 207332 | 163837 | 1185366 | 222624 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (1523) | (10099) | (253223) | (173357) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (2505) |  | (138689) | (15879) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (91438) | (42524) | (565767) | (37356) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (11615) | (10409) | (234343) | (46453) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (1788) | (835) | (2622) | (664) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 115 | 761 | (13020) | (6999) |
| Increase (decrease) in net assets from policy related transactions | 98578 | 100731 | (22298) | (58084) |
| Total increase (decrease) | 99275 | 97936 | 225198 | 126267 |
| **Net assets as of December 31, 2024** | 571422 | 281057 | 5860960 | 1313427 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **10324** | **11106** | **—** | **1473** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **58755** | **3606** | **287156** | **141208** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **33900** | **13902** | **640955** | **(31859)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **102979** | **28614** | **928111** | **110822** |
| Net increase (decrease) in net assets resulting from operations | **102979** | **28614** | **928111** | **110822** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **276273** | **372435** | **1590559** | **370725** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(16205)** | **(2020)** | **(313633)** | **(42602)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(44)** | **—** | **(3254)** | **(1035)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **31** | **—** | **(99361)** | **(14955)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(56385)** | **(80851)** | **(740709)** | **(206234)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(12741)** | **(13421)** | **(224262)** | **(47359)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2264)** | **(1415)** | **(1829)** | **(429)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **757** | **94** | **(7542)** | **496** |
| Increase (decrease) in net assets from policy related transactions | **189422** | **274822** | **199969** | **58607** |
| Total increase (decrease) | **292401** | **303436** | **1128080** | **169429** |
| **Net assets as of December 31, 2025** | $**863823** | $**584493** | $**6989040** | $**1482856** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco V.I. Main <br> Street Small Cap<br> Fund – Series II <br> Shares** | **Invesco V.I. Small <br> Cap Equity Fund <br> – Series I Shares** | **Janus Henderson<br> Global Sustainable <br> Equity Portfolio <br> – Service Shares** | **Janus Henderson <br> Series Balanced<br> Portfolio – Service <br> Shares** |
| **Net assets as of January 1, 2024** | $1770744 | $110717 | $11774 | $7019513 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 181 | 502 | 178189 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 180097 | 18154 | 2040 | 41963 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 25552 | 5784 | (2373) | 1063017 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 205649 | 24119 | 169 | 1283169 |
| Net increase (decrease) in net assets resulting from operations | 205649 | 24119 | 169 | 1283169 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 740222 | 108378 | 206892 | 4922470 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (212299) | (43987) | (346) | (148854) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (18002) | (2283) |  | (20012) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (461548) | (43555) | (56314) | (1619014) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (57559) | (2535) | (2429) | (193245) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (2433) | (487) | (1) | (33236) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 1967 | 3316 | (197) | 11220 |
| Increase (decrease) in net assets from policy related transactions | (9652) | 18847 | 147605 | 2919329 |
| Total increase (decrease) | 195997 | 42966 | 147774 | 4202498 |
| **Net assets as of December 31, 2024** | 1966741 | 153683 | 159548 | 11222011 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **4981** | **—** | **192** | **215452** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **316044** | **18553** | **16151** | **1077047** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(138743)** | **(3038)** | **6101** | **452774** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **182282** | **15515** | **22444** | **1745273** |
| Net increase (decrease) in net assets resulting from operations | **182282** | **15515** | **22444** | **1745273** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1042789** | **196808** | **207686** | **4201995** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(74147)** | **(6191)** | **(2850)** | **(278679)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(26003)** | **—** | **—** | **(16087)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(55772)** | **2281** | **—** | **(2660)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(707708)** | **(72834)** | **(289027)** | **(3031460)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(63290)** | **(2737)** | **(6870)** | **(176417)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2780)** | **(671)** | **(123)** | **(41137)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **1278** | **289** | **(81)** | **13024** |
| Increase (decrease) in net assets from policy related transactions | **114367** | **116945** | **(91265)** | **668579** |
| Total increase (decrease) | **296649** | **132460** | **(68821)** | **2413852** |
| **Net assets as of December 31, 2025** | $**2263390** | $**286143** | $**90727** | $**13635863** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson<br> Series Enterprise <br> Portfolio<br> – Service Shares** | **Janus Henderson <br> Series Flexible <br> Bond Portfolio<br> – Service Shares** | **Janus Henderson<br> Series Forty<br> Portfolio – Service <br> Shares** | **Janus Henderson<br> Series Global <br> Research Portfolio <br> – Service Shares** |
| **Net assets as of January 1, 2024** | $9805661 | $2672029 | $8028361 | $709419 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 73895 | 126665 | 1048 | 6359 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 440547 | (57604) | 1041372 | 72292 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 1070811 | (24373) | 1313846 | 108233 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 1585253 | 44688 | 2356266 | 186884 |
| Net increase (decrease) in net assets resulting from operations | 1585253 | 44688 | 2356266 | 186884 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 3789356 | 1185917 | 2135713 | 440100 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (709144) | (164484) | (335955) | (14745) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (4805) |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (56228) |  | (171505) | (3270) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (1270054) | (444779) | (1010257) | (113202) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (300962) | (53589) | (323998) | (17459) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (23307) | (9943) | (6937) | (3467) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 17062 | 12398 | (18418) | 1111 |
| Increase (decrease) in net assets from policy related transactions | 1441918 | 525520 | 268643 | 289068 |
| Total increase (decrease) | 3027171 | 570208 | 2624909 | 475952 |
| **Net assets as of December 31, 2024** | 12832832 | 3242237 | 10653270 | 1185371 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **24749** | **254508** | **29985** | **8771** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **1367106** | **23458** | **1909752** | **269637** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(353393)** | **202230** | **26079** | **(7373)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **1038462** | **480196** | **1965816** | **271035** |
| Net increase (decrease) in net assets resulting from operations | **1038462** | **480196** | **1965816** | **271035** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **4434933** | **7281917** | **2333958** | **612523** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(593575)** | **(324963)** | **(299840)** | **(27023)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(7705)** | **—** | **(1952)** | **(1458)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(11354)** | **(36171)** | **(30690)** | **(885)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(2479458)** | **(2190095)** | **(1003534)** | **(498686)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(323863)** | **(107827)** | **(341375)** | **(17221)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(27430)** | **(19534)** | **(7935)** | **(4863)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **12258** | **15187** | **(12595)** | **1263** |
| Increase (decrease) in net assets from policy related transactions | **1003806** | **4618514** | **636037** | **63650** |
| Total increase (decrease) | **2042268** | **5098710** | **2601853** | **334685** |
| **Net assets as of December 31, 2025** | $**14875100** | $**8340947** | $**13255123** | $**1520056** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Janus Henderson <br> Series Global<br> Technology and<br> Innovation <br> Portfolio – Service <br> Shares** | **LargeCap Growth<br> Account I – Class 1** | **LargeCap S&P<br> 500 Index Account<br> – Class 1** | **Lord Abbett Series<br> Fund Developing <br> Growth Portfolio <br> – Class VC** |
| **Net assets as of January 1, 2024** | $5429336 | $37380130 | $101552139 | $2644111 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  | 2030881 | 5382 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 194328 | 2339863 | 9153646 | (73043) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 1705425 | 7265101 | 16411278 | 686753 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 1899753 | 9604964 | 27595805 | 619092 |
| Net increase (decrease) in net assets resulting from operations | 1899753 | 9604964 | 27595805 | 619092 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 4021938 | 15905195 | 57559173 | 1400400 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (87215) | (1922811) | (4830941) | (98219) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (56719) | (26040) |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (285744) | (437327) | (1348311) | (59113) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (884102) | (9957537) | (15876423) | (796609) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (238213) | (1058123) | (3350829) | (107572) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (11844) | (105987) | (321668) | (5350) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (2677) | 62546 | 150545 | 1639 |
| Increase (decrease) in net assets from policy related transactions | 2512143 | 2429237 | 31955506 | 335176 |
| Total increase (decrease) | 4411896 | 12034201 | 59551311 | 954268 |
| **Net assets as of December 31, 2024** | 9841232 | 49414331 | 161103450 | 3598379 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **—** | **2738176** | **7733** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **1834323** | **11711368** | **34984912** | **131399** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **879476** | **(6003975)** | **(5146989)** | **503324** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **2713799** | **5707393** | **32576099** | **642456** |
| Net increase (decrease) in net assets resulting from operations | **2713799** | **5707393** | **32576099** | **642456** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **7702992** | **16502438** | **82785000** | **1467318** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(356701)** | **(3538382)** | **(10687860)** | **(85707)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(447)** | **(94134)** | **(207903)** | **(4921)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(162583)** | **(554746)** | **(923234)** | **(40412)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(4682800)** | **(12304437)** | **(35989292)** | **(947472)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(313780)** | **(1110392)** | **(4232076)** | **(119039)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(19305)** | **(122814)** | **(474777)** | **(6855)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **11455** | **105772** | **399775** | **2573** |
| Increase (decrease) in net assets from policy related transactions | **2178831** | **(1116695)** | **30669633** | **265485** |
| Total increase (decrease) | **4892630** | **4590698** | **63245732** | **907941** |
| **Net assets as of December 31, 2025** | $**14733862** | $**54005029** | $**224349182** | $**4506320** |

---

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American <br> Century Capital<br> Appreciation Fund<br> – Service Class** | **LVIP American<br> Century <br> Disciplined Core <br> Value Fund<br> – Service Class** | **LVIP American <br> Century Inflation<br> Protection Fund <br> – Service Class** | **LVIP American<br> Century <br> International Fund <br> – Service Class** |
| **Net assets as of January 1, 2024** | $— | $— | $— | $— |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 21825 | 49075 | 1200 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 58810 | 27528 | 4724 | 254 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 170027 | 130578 | (9980) | (9047) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 228837 | 179931 | 43819 | (7593) |
| Net increase (decrease) in net assets resulting from operations | 228837 | 179931 | 43819 | (7593) |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1673573 | 3130362 | 1605085 | 224699 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (68043) | (118513) | (27883) |  |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (8290) | (67602) | (1795) | (357) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (118272) | (240626) | (83415) | (3332) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (32967) | (62309) | (41943) | (2393) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (966) | (2742) | (648) | (330) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (2107) | 380 | (1194) |  |
| Increase (decrease) in net assets from policy related transactions | 1442928 | 2638950 | 1448207 | 218287 |
| Total increase (decrease) | 1671765 | 2818881 | 1492026 | 210694 |
| **Net assets as of December 31, 2024** | 1671765 | 2818881 | 1492026 | 210694 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **52427** | **132545** | **2669** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **330427** | **37644** | **6624** | **7445** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(220233)** | **388544** | **(42899)** | **25676** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **110194** | **478615** | **96270** | **35790** |
| Net increase (decrease) in net assets resulting from operations | **110194** | **478615** | **96270** | **35790** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **859419** | **1096800** | **454594** | **116923** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(81044)** | **(61920)** | **(15799)** | **(6140)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(643)** | **—** | **(13017)** | **(522)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(33248)** | **(62995)** | **(7211)** | **31** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(667345)** | **(320272)** | **(106001)** | **(89674)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(50482)** | **(91656)** | **(61112)** | **(4873)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(1767)** | **(5036)** | **(959)** | **(822)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(812)** | **(582)** | **(368)** | **287** |
| Increase (decrease) in net assets from policy related transactions | **24078** | **554339** | **250127** | **15210** |
| Total increase (decrease) | **134272** | **1032954** | **346397** | **51000** |
| **Net assets as of December 31, 2025** | $**1806037** | $**3851835** | $**1838423** | $**261694** |

---

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American<br> Century Mid Cap <br> Value Fund <br> – Service Class** | **LVIP American <br> Century Value<br> Fund – Service<br> Class** | **Macquarie VIP <br> Small Cap Value <br> Series – Service <br> Class** | **MFS® Blended<br> Research® Small <br> Cap Equity <br> Portfolio – Service<br> Class** |
| **Net assets as of January 1, 2024** | $— | $— | $3628231 | $1266922 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 142328 | 78434 | 38794 | 12285 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 202627 | 69189 | 151037 | (89504) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 132587 | 79409 | 216861 | 150027 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 477542 | 227032 | 406692 | 72808 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 477542 | 227032 | 406692 | 72808 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 8238528 | 4213991 | 1176230 | 624819 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (585233) | (144939) | (200479) | (66350) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (79270) | (381111) | (154149) | (2124) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (697133) | (143750) | (597295) | (293478) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (141664) | (112227) | (126119) | (42408) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (8895) | (1597) | (3647) | (3622) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (3417) | 2023 | (8836) | 4790 |
| Increase (decrease) in net assets from policy related transactions | 6722916 | 3432390 | 85705 | 221627 |
| Total increase (decrease) | 7200458 | 3659422 | 492397 | 294435 |
| **Net assets as of December 31, 2024** | 7200458 | 3659422 | 4120628 | 1561357 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **125575** | **57688** | **42900** | **10510** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **704606** | **368563** | **284147** | **131964** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(190951)** | **128077** | **32870** | **(64352)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **639230** | **554328** | **359917** | **78122** |
| Net increase (decrease) in net assets resulting from operations | **639230** | **554328** | **359917** | **78122** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1908625** | **1160582** | **2527327** | **313553** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(488313)** | **(91497)** | **(96400)** | **(154125)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(6691)** | **—** | **—** | **(39)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **2814** | **265005** | **42100** | **(6603)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(1291692)** | **(1275982)** | **(1785565)** | **(291855)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(194503)** | **(144891)** | **(130879)** | **(35633)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(12839)** | **(2366)** | **(4619)** | **(2857)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **13209** | **(2152)** | **182** | **7128** |
| Increase (decrease) in net assets from policy related transactions | **(69390)** | **(91301)** | **552146** | **(170431)** |
| Total increase (decrease) | **569840** | **463027** | **912063** | **(92309)** |
| **Net assets as of December 31, 2025** | $**7770298** | $**4122449** | $**5032691** | $**1469048** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® Global <br> Equity Series<br> – Service Class** | **MFS® Growth<br> Series – Service <br> Class** | **MFS® <br> Inflation–Adjusted <br> Bond Portfolio <br> – Service Class** | **MFS®<br> International<br> Intrinsic Value<br> Portfolio – Service<br> Class** |
| **Net assets as of January 1, 2024** | $750555 | $3971541 | $72470 | $3514423 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6882 |  | 2897 | 43357 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 26152 | 460706 | (5073) | 41547 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 8984 | 940770 | (2985) | 122457 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 42018 | 1401476 | (5161) | 207361 |
| Net increase (decrease) in net assets resulting from operations | 42018 | 1401476 | (5161) | 207361 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 324703 | 2809200 | 94770 | 1755296 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (24264) | (16939) |  | (444558) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (4661) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (5977) |  | (1074) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (76706) | (607755) | (34627) | (858623) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (14880) | (113838) | (1186) | (79015) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (3101) | (19117) | (266) | (11927) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 1829 | 1277 |  | 33509 |
| Increase (decrease) in net assets from policy related transactions | 207581 | 2042190 | 58691 | 393608 |
| Total increase (decrease) | 249599 | 3443666 | 53530 | 600969 |
| **Net assets as of December 31, 2024** | 1000154 | 7415207 | 126000 | 4115392 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **7252** | **—** | **3250** | **68026** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **167124** | **1846256** | **(2609)** | **605659** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(36993)** | **(787888)** | **7600** | **691608** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **137383** | **1058368** | **8241** | **1365293** |
| Net increase (decrease) in net assets resulting from operations | **137383** | **1058368** | **8241** | **1365293** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **243860** | **2669285** | **24831** | **4319440** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(6314)** | **(38013)** | **(7958)** | **(457392)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(7481)** | **—** | **(5866)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **(3640)** | **(21963)** | **(34047)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(203724)** | **(910094)** | **(49781)** | **(3541435)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(14750)** | **(145378)** | **(1273)** | **(91610)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(3589)** | **(28790)** | **(274)** | **(15521)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **295** | **1777** | **372** | **21376** |
| Increase (decrease) in net assets from policy related transactions | **15778** | **1537666** | **(56046)** | **194945** |
| Total increase (decrease) | **153161** | **2596034** | **(47805)** | **1560238** |
| **Net assets as of December 31, 2025** | $**1153315** | $**10011241** | $**78195** | $**5675630** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® Mid Cap <br> Value Portfolio <br> – Service Class** | **MFS® New <br> Discovery Series <br> – Service Class** | **MFS® New <br> Discovery Value <br> Portfolio – Service <br> Class** | **MFS® Research <br> International <br> Portfolio – Service <br> Class** |
| **Net assets as of January 1, 2024** | $4956773 | $2049400 | $2003395 | $1008050 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 58564 |  | 25249 | 16240 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 364965 | (133010) | 145393 | 10104 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 268366 | 266708 | 37989 | (112) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 691895 | 133698 | 208631 | 26232 |
| Net increase (decrease) in net assets resulting from operations | 691895 | 133698 | 208631 | 26232 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 2405710 | 695803 | 1008565 | 355884 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (212075) | (107509) | (311714) | (8965) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (375) |  | (1163) | (311) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (99669) | (2503) | 22913 | (1431) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (1488114) | (244112) | (447270) | (218314) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (153600) | (92734) | (68215) | (33285) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (13141) | (1825) | (5712) | (3685) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 2291 | (8620) | 21418 | 676 |
| Increase (decrease) in net assets from policy related transactions | 441027 | 238500 | 218822 | 90569 |
| Total increase (decrease) | 1132922 | 372198 | 427453 | 116801 |
| **Net assets as of December 31, 2024** | 6089695 | 2421598 | 2430848 | 1124851 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **63623** | **—** | **42851** | **19468** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **766690** | **(59833)** | **273325** | **27909** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(402572)** | **371668** | **(216845)** | **235107** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **427741** | **311835** | **99331** | **282484** |
| Net increase (decrease) in net assets resulting from operations | **427741** | **311835** | **99331** | **282484** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **4166269** | **683730** | **1059865** | **570849** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(151648)** | **(74312)** | **(81682)** | **(934)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(26549)** | **—** | **(2020)** | **(139)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(32220)** | **(30338)** | **(11787)** | **(1624)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(2474488)** | **(388293)** | **(523383)** | **(147381)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(162994)** | **(87618)** | **(66401)** | **(38139)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(16865)** | **(2182)** | **(6318)** | **(4537)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **2660** | **(2909)** | **2852** | **44** |
| Increase (decrease) in net assets from policy related transactions | **1304165** | **98078** | **371126** | **378139** |
| Total increase (decrease) | **1731906** | **409913** | **470457** | **660623** |
| **Net assets as of December 31, 2025** | $**7821601** | $**2831511** | $**2901305** | $**1785474** |

---

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® Total<br> Return Series<br> – Service Class** | **MFS® Utilities <br> Series – Service <br> Class** | **MFS® Value<br> Series – Service<br> Class** | **MidCap Account<br> – Class 1** |
| **Net assets as of January 1, 2024** | $159957 | $4312528 | $2426179 | $14958441 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4978 | 98419 | 49720 | 45383 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 7545 | 219213 | 248597 | 2211532 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 2729 | 194009 | 2996 | 953612 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 15252 | 511641 | 301313 | 3210527 |
| Net increase (decrease) in net assets resulting from operations | 15252 | 511641 | 301313 | 3210527 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 182589 | 903077 | 2058016 | 6083486 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (711) | (199392) | (598) | (671773) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (11283) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (152) | (139211) | (162) | (249417) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (64031) | (469274) | (720989) | (2884669) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (6121) | (174638) | (60203) | (447133) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (739) | (2730) | (11038) | (17989) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 54 | (9220) | 45 | (32218) |
| Increase (decrease) in net assets from policy related transactions | 110889 | (102671) | 1265071 | 1780287 |
| Total increase (decrease) | 126141 | 408970 | 1566384 | 4990814 |
| **Net assets as of December 31, 2024** | 286098 | 4721498 | 3992563 | 19949255 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **8150** | **123808** | **74921** | **72461** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **28185** | **188457** | **403080** | **3296262** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(1672)** | **330685** | **136000** | **(3055720)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **34663** | **642950** | **614001** | **313003** |
| Net increase (decrease) in net assets resulting from operations | **34663** | **642950** | **614001** | **313003** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **290011** | **949497** | **5206554** | **7550599** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(958)** | **(447095)** | **(112483)** | **(1901077)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(5238)** | **(6528)** | **(2545)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **268** | **(86240)** | **(561)** | **(129679)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(114254)** | **(751173)** | **(3873419)** | **(2903170)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(6755)** | **(166415)** | **(75776)** | **(524537)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(1190)** | **(1491)** | **(16230)** | **(26438)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **45** | **(888)** | **5257** | **(50906)** |
| Increase (decrease) in net assets from policy related transactions | **167167** | **(509043)** | **1126814** | **2012247** |
| Total increase (decrease) | **201830** | **133907** | **1740815** | **2325250** |
| **Net assets as of December 31, 2025** | $**487928** | $**4855405** | $**5733378** | $**22274505** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Neuberger Berman <br> AMT Mid Cap <br> Growth Portfolio<br> – S Class Shares** | **Neuberger Berman <br> AMT Quality <br> Equity Portfolio<br> – I Class Shares** | **PIMCO VIT All<br> Asset Portfolio <br> – Administrative<br> Class** | **PIMCO VIT <br> CommodityReal <br> Return® Strategy <br> Portfolio <br> – Administrative <br> Class** |
| **Net assets as of January 1, 2024** | $74448 | $561687 | $156762 | $181301 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 1461 | 12131 | 5338 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 10320 | 51728 | (1275) | (7930) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 10450 | 90840 | (4198) | 10206 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 20770 | 144029 | 6658 | 7614 |
| Net increase (decrease) in net assets resulting from operations | 20770 | 144029 | 6658 | 7614 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 44716 | 68662 | 54557 | 190679 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (4509) | (26093) |  | (2989) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (4484) |  |  |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (24141) | (25010) | (204) | (197869) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (2205) | (23184) | (5113) | (4252) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (344) | (119) | (617) | (727) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 340 | (1117) |  | 225 |
| Increase (decrease) in net assets from policy related transactions | 13857 | (11345) | 48623 | (14933) |
| Total increase (decrease) | 34627 | 132684 | 55281 | (7319) |
| **Net assets as of December 31, 2024** | 109075 | 694371 | 212043 | 173982 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **—** | **11690** | **7492** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **27555** | **70411** | **(982)** | **5133** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(15724)** | **27645** | **22045** | **29733** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **11831** | **98056** | **32753** | **42358** |
| Net increase (decrease) in net assets resulting from operations | **11831** | **98056** | **32753** | **42358** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **54944** | **190177** | **74863** | **169501** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **—** | **(23249)** | **(65434)** | **(9669)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(2144)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **(5004)** | **—** | **131** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(21224)** | **(58504)** | **(1855)** | **(59394)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(1500)** | **(24430)** | **(6149)** | **(5121)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(477)** | **(312)** | **(861)** | **(753)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **—** | **(658)** | **3058** | **452** |
| Increase (decrease) in net assets from policy related transactions | **31743** | **75876** | **3622** | **95147** |
| Total increase (decrease) | **43574** | **173932** | **36375** | **137505** |
| **Net assets as of December 31, 2025** | $**152649** | $**868303** | $**248418** | $**311487** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT<br> Emerging Markets <br> Bond Portfolio<br> – Administrative <br> Class** | **PIMCO VIT High<br> Yield Portfolio <br> – Administrative <br> Class** | **PIMCO VIT<br> Long-Term U.S. <br> Government<br>Portfolio <br> – Administrative<br> Class** | **PIMCO VIT Low <br> Duration Portfolio <br> – Administrative<br> Class** |
| **Net assets as of January 1, 2024** | $82996 | $4510424 | $429106 | $298915 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6320 | 295874 | 10132 | 15258 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 516 | 79677 | (7681) | 1851 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 285 | (45457) | (19145) | 153 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 7121 | 330094 | (16694) | 17262 |
| Net increase (decrease) in net assets resulting from operations | 7121 | 330094 | (16694) | 17262 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 33714 | 3702693 | 114861 | 221269 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (1070) | (346877) | (9434) | (26138) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | 58367 | (1544) |  |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (11339) | (1898127) | (213485) | (81748) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (2677) | (120829) | (5162) | (8129) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (279) | (16465) | (1068) | (1190) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 81 | 26146 | 711 | 1970 |
| Increase (decrease) in net assets from policy related transactions | 18430 | 1404908 | (115121) | 106034 |
| Total increase (decrease) | 25551 | 1735002 | (131815) | 123296 |
| **Net assets as of December 31, 2024** | 108547 | 6245426 | 297291 | 422211 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **6863** | **397931** | **12286** | **24359** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **5366** | **173237** | **(13076)** | **4566** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **1308** | **(25693)** | **18718** | **4654** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **13537** | **545475** | **17928** | **33579** |
| Net increase (decrease) in net assets resulting from operations | **13537** | **545475** | **17928** | **33579** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **46088** | **4685613** | **288542** | **598823** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(42973)** | **(730029)** | **(2437)** | **(42694)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(26353)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **(26922)** | **361** | **—** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(33123)** | **(4414366)** | **(224425)** | **(150066)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(2520)** | **(113859)** | **(4857)** | **(13685)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(258)** | **(19851)** | **(1069)** | **(2015)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **2008** | **34117** | **114** | **1995** |
| Increase (decrease) in net assets from policy related transactions | **(30778)** | **(611650)** | **56229** | **392358** |
| Total increase (decrease) | **(17241)** | **(66175)** | **74157** | **425937** |
| **Net assets as of December 31, 2025** | $**91306** | $**6179251** | $**371448** | $**848148** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT Real<br> Return Portfolio <br> – Administrative<br> Class** | **PIMCO VIT <br> Short-Term <br> Portfolio <br> – Administrative<br> Class** | **PIMCO VIT Total <br> Return Portfolio <br> – Administrative<br> Class** | **Principal Capital <br> Appreciation<br> Account – Class 1** |
| **Net assets as of January 1, 2024** | $1723224 | $2977300 | $898330 | $4974140 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 47071 | 171770 | 45941 | 49678 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | (70068) | 28934 | 4895 | 536006 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 59817 | 61 | (15312) | 822661 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 36820 | 200765 | 35524 | 1408345 |
| Net increase (decrease) in net assets resulting from operations | 36820 | 200765 | 35524 | 1408345 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1345270 | 2386003 | 855740 | 2679807 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (109635) | (287587) | (155616) | (288224) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (2890) |  | (3240) | (165663) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (932362) | (1667298) | (293484) | (1290967) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (39568) | (50879) | (25996) | (220647) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (5905) | (10595) | (3924) | (7063) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 8264 | 21677 | 11730 | (4749) |
| Increase (decrease) in net assets from policy related transactions | 263174 | 391321 | 385210 | 702494 |
| Total increase (decrease) | 299994 | 592086 | 420734 | 2110839 |
| **Net assets as of December 31, 2024** | 2023218 | 3569386 | 1319064 | 7084979 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **90445** | **193999** | **113198** | **40070** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **20216** | **8096** | **19501** | **1013896** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **71923** | **(2374)** | **88741** | **(30641)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **182584** | **199721** | **221440** | **1023325** |
| Net increase (decrease) in net assets resulting from operations | **182584** | **199721** | **221440** | **1023325** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **3621693** | **2060289** | **5348882** | **2773538** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(374991)** | **(215859)** | **(156955)** | **(493164)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(4547)** | **(1327)** | **(4547)** | **(9814)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **1971** | **—** | **(7361)** | **(5825)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(2360138)** | **(635678)** | **(720488)** | **(1258765)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(56947)** | **(63851)** | **(57885)** | **(237057)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(8222)** | **(13841)** | **(8340)** | **(8777)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **17525** | **10088** | **7335** | **(6710)** |
| Increase (decrease) in net assets from policy related transactions | **836344** | **1139821** | **4400641** | **753426** |
| Total increase (decrease) | **1018928** | **1339542** | **4622081** | **1776751** |
| **Net assets as of December 31, 2025** | $**3042146** | $**4908928** | $**5941145** | $**8861730** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime <br> 2020 Account<br> – Class 1** | **Principal LifeTime <br> 2030 Account<br> – Class 1** | **Principal LifeTime<br> 2040 Account <br> – Class 1** | **Principal LifeTime <br> 2050 Account <br> – Class 1** |
| **Net assets as of January 1, 2024** | $13538407 | $48845360 | $29805192 | $13698575 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 449229 | 1335555 | 678915 | 283548 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | (137790) | (91157) | 460519 | 265229 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 717750 | 3702022 | 2706285 | 1544112 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 1029189 | 4946420 | 3845719 | 2092889 |
| Net increase (decrease) in net assets resulting from operations | 1029189 | 4946420 | 3845719 | 2092889 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 7090458 | 25297289 | 17503133 | 10164523 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (238687) | (2318437) | (724733) | (386861) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (608) | (10664) | (113) | (5) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (8690) | 38116 | (100901) | (175850) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (2914043) | (11685659) | (7267776) | (2290529) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (319261) | (1522214) | (943913) | (522235) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (48204) | (161691) | (89690) | (44998) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 12537 | 125427 | 22935 | 19827 |
| Increase (decrease) in net assets from policy related transactions | 3573502 | 9762167 | 8398942 | 6763872 |
| Total increase (decrease) | 4602691 | 14708587 | 12244661 | 8856761 |
| **Net assets as of December 31, 2024** | 18141098 | 63553947 | 42049853 | 22555336 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **511824** | **1740064** | **871639** | **386382** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **1395634** | **3921973** | **3846349** | **2230513** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **71464** | **3495989** | **3001676** | **1858952** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **1978922** | **9158026** | **7719664** | **4475847** |
| Net increase (decrease) in net assets resulting from operations | **1978922** | **9158026** | **7719664** | **4475847** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **7508643** | **26957564** | **22554634** | **11515829** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(3753952)** | **(2459348)** | **(2429050)** | **(1060326)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(124447)** | **(172948)** | **(27707)** | **(9850)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(7783)** | **51145** | **(238740)** | **(116426)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(4419233)** | **(12556187)** | **(7331345)** | **(4270889)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(339643)** | **(1559384)** | **(1085099)** | **(628134)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(56536)** | **(199343)** | **(128887)** | **(69050)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **174906** | **85911** | **103272** | **24071** |
| Increase (decrease) in net assets from policy related transactions | **(1018045)** | **10147410** | **11417078** | **5385225** |
| Total increase (decrease) | **960877** | **19305436** | **19136742** | **9861072** |
| **Net assets as of December 31, 2025** | $**19101975** | $**82859383** | $**61186595** | $**32416408** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal LifeTime<br> 2060 Account<br> – Class 1** | **Principal LifeTime<br> Strategic Income<br> Account – Class 1** | **Putnam VT <br> International<br> Value Fund <br> – Class IB** | **Putnam VT Large<br> Cap Growth Fund<br> – Class IB** |
| **Net assets as of January 1, 2024** | $8562957 | $5355886 | $168961 | $5551888 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 139979 | 166126 | 6227 |  |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 277135 | 134097 | 10380 | 476645 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 782874 | 77697 | (7219) | 1715168 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 1199988 | 377920 | 9388 | 2191813 |
| Net increase (decrease) in net assets resulting from operations | 1199988 | 377920 | 9388 | 2191813 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 4083903 | 3091155 | 285156 | 4012516 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (196058) | (67312) | (339) | (171747) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (750) | (2051) |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (30478) | 4216 |  | (108114) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (1570054) | (1820284) | (67394) | (850403) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (325494) | (157429) | (10171) | (234756) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (19724) | (19364) | (984) | (18521) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 2441 | 5074 | 26 | 8501 |
| Increase (decrease) in net assets from policy related transactions | 1943786 | 1034005 | 206294 | 2637476 |
| Total increase (decrease) | 3143774 | 1411925 | 215682 | 4829289 |
| **Net assets as of December 31, 2024** | 11706731 | 6767811 | 384643 | 10381177 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **196901** | **256988** | **6239** | **—** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **1252354** | **458403** | **63411** | **1808002** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **979795** | **113792** | **108046** | **3476** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **2429050** | **829183** | **177696** | **1811478** |
| Net increase (decrease) in net assets resulting from operations | **2429050** | **829183** | **177696** | **1811478** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **6780693** | **4211328** | **685528** | **5981422** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(605034)** | **(208371)** | **(6541)** | **(266473)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(13267)** | **(3449)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(20809)** | **5813** | **365** | **(38861)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(1827413)** | **(2409790)** | **(269525)** | **(2308252)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(358503)** | **(173072)** | **(17508)** | **(329753)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(31305)** | **(25008)** | **(2168)** | **(30412)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **24810** | **9200** | **306** | **3172** |
| Increase (decrease) in net assets from policy related transactions | **3949172** | **1406651** | **390457** | **3010843** |
| Total increase (decrease) | **6378222** | **2235834** | **568153** | **4822321** |
| **Net assets as of December 31, 2025** | $**18084953** | $**9003645** | $**952796** | $**15203498** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Putnam VT Small <br> Cap Growth Fund <br> – Class IB** | **Putnam VT Small <br> Cap Value Fund <br> – Class IB** | **Real Estate <br> Securities Account <br> – Class 1** | **Rydex VI Basic<br> Materials Fund** |
| **Net assets as of January 1, 2024** | $— | $— | $13834530 | $205603 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  | 346047 | 2463 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 49 | 22 | 83136 | 6016 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (23097) | 815 | 359283 | (17168) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (23048) | 837 | 788466 | (8689) |
| Net increase (decrease) in net assets resulting from operations | (23048) | 837 | 788466 | (8689) |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 394592 | 52424 | 4467338 | 118453 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | 1 |  | (652107) | (18098) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  | (8946) |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  |  | (234804) |  |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (1611) |  | (2410409) | (105032) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (3425) | (528) | (484319) | (6179) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (96) | (5) | (23173) | (721) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) |  |  | (13397) | 1364 |
| Increase (decrease) in net assets from policy related transactions | 389461 | 51891 | 640183 | (10213) |
| Total increase (decrease) | 366413 | 52728 | 1428649 | (18902) |
| **Net assets as of December 31, 2024** | 366413 | 52728 | 15263179 | 186701 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **1873** | **318** | **261413** | **3224** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **2926** | **3562** | **460362** | **27771** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **41599** | **455** | **(534402)** | **32429** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **46398** | **4335** | **187373** | **63424** |
| Net increase (decrease) in net assets resulting from operations | **46398** | **4335** | **187373** | **63424** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **696230** | **88945** | **4955592** | **78093** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **—** | **(1)** | **(855213)** | **(5484)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **—** | **(14831)** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(1)** | **—** | **(126996)** | **—** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(233738)** | **(10119)** | **(2640202)** | **(72311)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(21317)** | **(4631)** | **(474115)** | **(4712)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(1412)** | **(84)** | **(26887)** | **(671)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **—** | **—** | **(3725)** | **256** |
| Increase (decrease) in net assets from policy related transactions | **439762** | **74110** | **813623** | **(4829)** |
| Total increase (decrease) | **486160** | **78445** | **1000996** | **58595** |
| **Net assets as of December 31, 2025** | $**852573** | $**131173** | $**16264175** | $**245296** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rydex VI Utilities<br> Fund** | **SAM Balanced<br> Portfolio – Class 1** | **SAM Conservative<br> Balanced Portfolio<br> – Class 1** | **SAM Conservative<br> Growth Portfolio<br> – Class 1** |
| **Net assets as of January 1, 2024** | $— | $29062199 | $10790192 | $40868557 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 660670 | 271158 | 697484 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments |  | 89297 | 211133 | 934846 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments |  | 2979941 | 437166 | 4754099 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments |  | 3729908 | 919457 | 6386429 |
| Net increase (decrease) in net assets resulting from operations |  | 3729908 | 919457 | 6386429 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes |  | 6738585 | 2459315 | 8917283 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders |  | (845925) | (134059) | (1430092) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  | (2164) | (72033) | (277) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (717439) | (1613060) | (731341) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts |  | (1762100) | (1744893) | (3695741) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges |  | (1109229) | (433139) | (1550592) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges |  | (18823) | (15246) | (23401) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) |  | (44459) | (5143) | (102790) |
| Increase (decrease) in net assets from policy related transactions |  | 2238446 | (1558258) | 1383049 |
| Total increase (decrease) |  | 5968354 | (638801) | 7769478 |
| **Net assets as of December 31, 2024** |  | 35030553 | 10151391 | 48638035 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **350** | **930393** | **298973** | **880124** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **—** | **3345980** | **402943** | **4745538** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **1956** | **791320** | **458512** | **1771332** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **2306** | **5067693** | **1160428** | **7396994** |
| Net increase (decrease) in net assets resulting from operations | **2306** | **5067693** | **1160428** | **7396994** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **41914** | **7905571** | **1961476** | **9927166** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **—** | **(2178799)** | **(438430)** | **(3488432)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(473)** | **(82794)** | **(19708)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **(1172720)** | **294188** | **(712936)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(6802)** | **(1799848)** | **(1786283)** | **(2981865)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **—** | **(1250470)** | **(436409)** | **(1557373)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **—** | **(26625)** | **(12663)** | **(19857)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **—** | **(116983)** | **(1518)** | **(112096)** |
| Increase (decrease) in net assets from policy related transactions | **35112** | **1359653** | **(502433)** | **1034899** |
| Total increase (decrease) | **37418** | **6427346** | **657995** | **8431893** |
| **Net assets as of December 31, 2025** | $**37418** | $**41457899** | $**10809386** | $**57069928** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SAM Flexible<br> Income Portfolio**<br>**– Class 1** | **SAM Strategic <br> Growth Portfolio**<br>**– Class 1** | **Short-Term <br> Income Account**<br>**– Class 1** | **SmallCap Account**<br>**– Class 1** |
| **Net assets as of January 1, 2024** | $6798518 | $69976050 | $18108642 | $7250840 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 223337 | 902804 | 669498 | 30822 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | (86014) | 1801645 | 84181 | (15609) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 335339 | 9757597 | 206442 | 525072 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 472662 | 12462046 | 960121 | 540285 |
| Net increase (decrease) in net assets resulting from operations | 472662 | 12462046 | 960121 | 540285 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 1597604 | 14256537 | 6410352 | 2473373 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (102550) | (3133517) | (344836) | (311706) |
| &nbsp;&nbsp;&nbsp;Death benefit payments | (31) | (51978) |  | (12594) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (440617) | (2641439) | (5268) | (184380) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (774588) | (4387763) | (3567710) | (678358) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (247364) | (2575180) | (494889) | (256826) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (7560) | (43551) | (60059) | (12899) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (6110) | (27457) | 9751 | (3254) |
| Increase (decrease) in net assets from policy related transactions | 18784 | 1395652 | 1947341 | 1013356 |
| Total increase (decrease) | 491446 | 13857698 | 2907462 | 1553641 |
| **Net assets as of December 31, 2024** | 7289964 | 83833748 | 21016104 | 8804481 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **247907** | **1226605** | **584164** | **29970** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **77346** | **8775747** | **744694** | **521455** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **357099** | **4036585** | **(430600)** | **807669** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **682352** | **14038937** | **898258** | **1359094** |
| Net increase (decrease) in net assets resulting from operations | **682352** | **14038937** | **898258** | **1359094** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1231296** | **12888244** | **5526657** | **2444183** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(292685)** | **(4540219)** | **(2081571)** | **(550472)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **(17112)** | **(21089)** | **(5615)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(42588)** | **(97771)** | **(4004)** | **(133947)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(1453771)** | **(6558859)** | **(11046405)** | **(1570090)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(232824)** | **(2400029)** | **(393042)** | **(245080)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(5235)** | **(31607)** | **(49733)** | **(13704)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **1253** | **(128219)** | **93832** | **4262** |
| Increase (decrease) in net assets from policy related transactions | **(794554)** | **(885572)** | **(7975355)** | **(70463)** |
| Total increase (decrease) | **(112202)** | **13153365** | **(7077097)** | **1288631** |
| **Net assets as of December 31, 2025** | $**7177762** | $**96987113** | $**13939007** | $**10093112** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **T. Rowe Price<br> Health Sciences <br> Portfolio – II** | **TOPS® Managed<br> Risk Balanced <br> ETF Portfolio<br> – Class 2** | **TOPS® Managed<br> Risk Growth ETF <br> Portfolio – Class 2** | **TOPS® Managed <br> Risk Moderate <br> Growth ETF <br> Portfolio – Class 2** |
| **Net assets as of January 1, 2024** | $647079 | $749002 | $2569730 | $1813504 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) |  | 23048 | 66289 | 40087 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 83458 | (59051) | (192425) | (900117) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (83679) | 83434 | 326931 | 991802 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (221) | 47431 | 200795 | 131772 |
| Net increase (decrease) in net assets resulting from operations | (221) | 47431 | 200795 | 131772 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 328615 | 155134 | 409696 | 245409 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (9546) | (10260) | (38009) | (376575) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (24270) | (9548) | (9559) | (43257) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (122580) | (14265) | (27959) | (14965) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (21871) | (34321) | (225849) | (62391) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (2670) | (420) | (1023) | (655) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | 720 | (439) | (2425) | (16120) |
| Increase (decrease) in net assets from policy related transactions | 148398 | 85881 | 104872 | (268554) |
| Total increase (decrease) | 148177 | 133312 | 305667 | (136782) |
| **Net assets as of December 31, 2024** | 795256 | 882314 | 2875397 | 1676722 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **—** | **36073** | **66321** | **45128** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **18830** | **(60251)** | **(283644)** | **35293** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **137095** | **129699** | **567257** | **107601** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **155925** | **105521** | **349934** | **188022** |
| Net increase (decrease) in net assets resulting from operations | **155925** | **105521** | **349934** | **188022** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **348933** | **424319** | **605519** | **355701** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(87929)** | **(17148)** | **(12342)** | **(90526)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **(104)** | **(1247)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **(3477)** | **6527** | **(177586)** | **31896** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(197589)** | **(16954)** | **(226950)** | **(191842)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(17831)** | **(49236)** | **(231703)** | **(55802)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(2643)** | **(50)** | **(548)** | **(66)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **4109** | **(3843)** | **(349)** | **(2563)** |
| Increase (decrease) in net assets from policy related transactions | **43469** | **342368** | **(43959)** | **46798** |
| Total increase (decrease) | **199394** | **447889** | **305975** | **234820** |
| **Net assets as of December 31, 2025** | $**994650** | $**1330203** | $**3181372** | $**1911542** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VanEck VIP Trust<br> Global Resources<br> Fund – Class S <br> Shares** | **VanEck VIP Trust<br> Global Resources <br> Fund – Initial <br> Class Shares** | **Vanguard VIF <br> Balanced Portfolio** | **Vanguard VIF <br> Conservative <br> Allocation <br> Portfolio** |
| **Net assets as of January 1, 2024** | $1806327 | $165336 | $3545102 | $89504 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 30933 | 5518 | 90874 | 1876 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 130482 | (3359) | 301845 | 4455 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (130752) | (10290) | 199558 | (2410) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 30663 | (8131) | 592277 | 3921 |
| Net increase (decrease) in net assets resulting from operations | 30663 | (8131) | 592277 | 3921 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 325479 | 115404 | 3565186 | 78850 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | (58944) |  | (147711) | 1 |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (245528) |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (741957) | (59918) | (933007) | (22400) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (60711) | (4156) | (146864) | (8646) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (238) | (710) | (13779) | (135) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | (3415) |  | 11134 |  |
| Increase (decrease) in net assets from policy related transactions | (785314) | 50620 | 2334959 | 47670 |
| Total increase (decrease) | (754651) | 42489 | 2927236 | 51591 |
| **Net assets as of December 31, 2024** | 1051676 | 207825 | 6472338 | 141095 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **32403** | **5087** | **162664** | **5059** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **(454)** | **6112** | **929293** | **14126** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **355281** | **56654** | **232868** | **3084** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **387230** | **67853** | **1324825** | **22269** |
| Net increase (decrease) in net assets resulting from operations | **387230** | **67853** | **1324825** | **22269** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **848722** | **76038** | **5559973** | **89441** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(46009)** | **—** | **(742619)** | **(65048)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **184236** | **96** | **(4)** | **—** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(679505)** | **(131442)** | **(3059219)** | **(161)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(56221)** | **(3293)** | **(228922)** | **(11122)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(16)** | **(733)** | **(26166)** | **(351)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **(1302)** | **—** | **34706** | **3040** |
| Increase (decrease) in net assets from policy related transactions | **249905** | **(59334)** | **1537749** | **15799** |
| Total increase (decrease) | **637135** | **8519** | **2862574** | **38068** |
| **Net assets as of December 31, 2025** | $**1688811** | $**216344** | $**9334912** | $**179163** |

---

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard VIF<br> Equity Income <br> Portfolio** | **Vanguard VIF<br> Global Bond Index <br> Portfolio** | **Vanguard VIF<br> International<br> Portfolio** | **Vanguard VIF <br> Mid-Cap Index<br> Portfolio** |
| **Net assets as of January 1, 2024** | $1129 | $1152897 | $32334 | $18567199 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1590 | 34270 | 811 | 287542 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 3126 | (7601) | 4510 | (21349) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | 11835 | 5888 | (1455) | 2922495 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | 16551 | 32557 | 3866 | 3188688 |
| Net increase (decrease) in net assets resulting from operations | 16551 | 32557 | 3866 | 3188688 |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 336890 | 732221 | 133667 | 12053927 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders |  | (13888) | (16) | (1308251) |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |  |  | (2893) |
| &nbsp;&nbsp;&nbsp;Policy loan transfers |  | (8373) | (630) | (44200) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (62950) | (194969) | (24739) | (3748896) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (7237) | (24203) | (2582) | (458433) |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | (490) | (4820) | (259) | (78099) |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) |  | 1047 | 1 | 98611 |
| Increase (decrease) in net assets from policy related transactions | 266213 | 487015 | 105442 | 6511766 |
| Total increase (decrease) | 282764 | 519572 | 109308 | 9700454 |
| **Net assets as of December 31, 2024** | 283893 | 1672469 | 141642 | 28267653 |
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **13357** | **54841** | **1767** | **391472** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **49646** | **7759** | **20065** | **2245058** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **129822** | **73118** | **37772** | **1140148** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **192825** | **135718** | **59604** | **3776678** |
| Net increase (decrease) in net assets resulting from operations | **192825** | **135718** | **59604** | **3776678** |
| Policy related transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **1909490** | **1844873** | **572515** | **20230310** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(48452)** | **(25550)** | **(4458)** | **(2672858)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** | **—** | **—** | **(42503)** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **—** | **3769** | **1219** | **(93008)** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(284434)** | **(472374)** | **(79680)** | **(10973645)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(29773)** | **(40204)** | **(10980)** | **(566704)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(3373)** | **(8274)** | **(1170)** | **(109697)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **2264** | **1194** | **208** | **124914** |
| Increase (decrease) in net assets from policy related transactions | **1545722** | **1303434** | **477654** | **5896809** |
| Total increase (decrease) | **1738547** | **1439152** | **537258** | **9673487** |
| **Net assets as of December 31, 2025** | $**2022440** | $**3111621** | $**678900** | $**37941140** |

---

*See accompanying notes.*

Principal National Life Insurance Co<br> Variable Life Separate Account

Statements of Changes in Net Assets<br> Years ended December 31, 2025 and 2024

---

| | |
|:---|:---|
|  | **Vanguard VIF <br> Real Estate Index <br> Portfolio** |
| **Net assets as of January 1, 2024** | $45385 |
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2063 |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | 3559 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | (9216) |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | (3594) |
| Net increase (decrease) in net assets resulting from operations | (3594) |
| Policy related transactions: |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | 581784 |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders |  |
| &nbsp;&nbsp;&nbsp;Death benefit payments |  |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | (334) |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | (413260) |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | (3624) |
| Mortality and expenses charges | (287) |
| Surrender charges (refunds) |  |
| Increase (decrease) in net assets from policy related transactions | 164279 |
| Total increase (decrease) | 160685 |
| **Net assets as of December 31, 2024** | 206070 |
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | **6571** |
| &nbsp;&nbsp;&nbsp;Total realized gains (losses) on investments | **2242** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of investments | **(154)** |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on investments | **8659** |
| Net increase (decrease) in net assets resulting from operations | **8659** |
| Policy related transactions: |  |
| &nbsp;&nbsp;&nbsp;Net premium payments, less sales charges and applicable premium taxes | **3428450** |
| &nbsp;&nbsp;&nbsp;Contract terminations and surrenders | **(57604)** |
| &nbsp;&nbsp;&nbsp;Death benefit payments | **—** |
| &nbsp;&nbsp;&nbsp;Policy loan transfers | **548** |
| &nbsp;&nbsp;&nbsp;Transfers to other contracts | **(3315371)** |
| &nbsp;&nbsp;&nbsp;Cost of insurance and administration charges | **(7239)** |
| &nbsp;&nbsp;&nbsp;Mortality and expenses charges | **(816)** |
| &nbsp;&nbsp;&nbsp;Surrender charges (refunds) | **2692** |
| Increase (decrease) in net assets from policy related transactions | **50660** |
| Total increase (decrease) | **59319** |
| **Net assets as of December 31, 2025** | $**265389** |

---

 

*See accompanying notes.*

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

1. Nature of Operations and Significant Accounting Policies

**Description of Business**

Principal National Life Insurance Co Variable Life Separate Account ("the Separate Account") is a segregated investment account of Principal National Life Insurance Company ("Principal National") and is registered under the Investment Company Act of 1940 as a unit investment trust, with no stated limitations on the number of authorized units. As directed by eligible contractholders, each division (i.e., subaccount) of the Separate Account invests exclusively in shares representing interests in a corresponding investment option. As of December 31, 2025, contractholder investment options included the following diversified open–end management investment companies:

Principal Variable Contracts Funds, Inc. – Class 1: (1)

Bond Market Index Account

Core Plus Bond Account

Diversified International Account

Equity Income Account

Global Emerging Markets Account

Government & High Quality Bond Account

LargeCap Growth Account I

LargeCap S&P 500 Index Account

MidCap Account

Principal Capital Appreciation Account

Principal LifeTime 2020 Account

Principal LifeTime 2030 Account

Principal LifeTime 2040 Account

Principal LifeTime 2050 Account

Principal LifeTime 2060 Account

Principal LifeTime Strategic Income Account

Real Estate Securities Account

Short-Term Income Account

SmallCap Account

Strategic Asset Management (''SAM''):

Balanced Portfolio

Conservative Balanced Portfolio

Conservative Growth Portfolio

Flexible Income Portfolio

Strategic Growth Portfolio

AllianceBernstein VPS:

Discovery Value Portfolio – Class A

International Value Portfolio – Class A

Small Cap Growth Portfolio – Class A

Sustainable Global Thematic Portfolio – Class A

American Funds Insurance Series:

Capital World Bond Fund – Class 2 Shares

Global Balanced Fund – Class 2 Shares

Global Small Capitalization Fund – Class 2 Shares

Growth Fund – Class 2 Shares

International Fund – Class 2 Shares

New World Fund – Class 2 Shares

Washington Mutual Investors Fund – Class 2 Shares

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

BNY Mellon IP:

MidCap Stock Portfolio – Service Shares

Technology Growth Portfolio – Service Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares

BNY Mellon VIF Appreciation Portfolio – Service Shares

ClearBridge:

Variable Mid Cap Portfolio – Class I Shares

Variable Small Cap Growth Portfolio – Class I Shares

Columbia VP Acorn International

CVT:

EAFE International Index Portfolio – Class F

Investment Grade Bond Index Portfolio – Class I

Russell 2000 Small Cap Index Portfolio – Class F

S&P 500 Index Portfolio

S&P MidCap 400 Index Portfolio – Class F

DWS:

Alternative Asset Allocation VIP – Class B

Small Mid Cap Value VIP – Class B

Fidelity VIP:

Consumer Staples Portfolio – Service Class 2

Contrafund® Portfolio – Service Class 2

Energy Portfolio - Service Class 2

Equity-Income Portfolio – Service Class 2

Extended Market Index Portfolio – Service Class 2

Government Money Market Portfolio – Service Class

High Income Portfolio – Service Class 2

International Index Portfolio – Service Class 2

Mid Cap Portfolio – Service Class 2

Strategic Income Portfolio – Service Class 2

Total Market Index Portfolio – Service Class 2

Franklin Templeton VIP Trust:

Franklin Income VIP Fund – Class 2

Franklin Mutual Global Discovery VIP Fund – Class 2

Franklin Mutual Shares VIP Fund – Class 2

Franklin Rising Dividends VIP Fund – Class 2

Franklin Small Cap Value VIP Fund – Class 2

Franklin Strategic Income VIP Fund – Class 2

Franklin U.S. Government Securities VIP Fund – Class 2

Templeton Developing Markets VIP Fund – Class 2

Templeton Foreign VIP Fund – Class 2

Templeton Global Bond VIP Fund – Class 2

Invesco V.I.:

American Franchise Fund – Series II Shares

American Value Fund – Series I

Shares Core Equity Fund – Series II Shares

Discovery Mid Cap Growth Fund – Series I Shares

EQV International Equity Fund – Series I Shares

Global Real Estate Fund – Series I Shares

Health Care Fund – Series I Shares

Main Street Mid Cap Fund – Series II Shares

Main Street Small Cap Fund – Series II Shares

Small Cap Equity Fund – Series I Shares

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

Janus Henderson Global Sustainable Equity Portfolio – Service Shares

Janus Henderson Series:

Balanced Portfolio – Service Shares

Enterprise Portfolio – Service Shares

Flexible Bond Portfolio – Service Shares

Forty Portfolio – Service Shares

Global Research Portfolio – Service Shares

Global Technology and Innovation Portfolio – Service Shares

Lord Abbett Series Fund:

Developing Growth Portfolio - Class VC

LVIP American Century:

Capital Appreciation Fund – Service Class

Disciplined Core Value Fund – Service Class

Inflation Protection Fund – Service Class

International Fund – Service Class

Mid Cap Value Fund – Service Class

Value Fund – Service Class

Macquarie VIP:

Small Cap Value Series - Service Class

MFS®:

Blended Research® Small Cap Equity Portfolio – Service Class

Global Equity Series – Service Class

Growth Series – Service Class

Inflation–Adjusted Bond Portfolio – Service Class

International Intrinsic Value Portfolio – Service Class

Mid Cap Value Portfolio – Service Class

New Discovery Series – Service Class

New Discovery Value Portfolio – Service Class

Research International Portfolio – Service Class

Total Return Series – Service Class

Utilities Series – Service Class

Value Series – Service Class

Neuberger Berman AMT:

Mid Cap Growth Portfolio – S Class Shares

Quality Equity Portfolio – I Class Shares

PIMCO VIT:

All Asset Portfolio – Administrative Class

CommodityRealReturn® Strategy Portfolio – Administrative Class

Emerging Markets Bond Portfolio – Administrative Class

High Yield Portfolio – Administrative Class

Long-Term U.S. Government Portfolio – Administrative Class

Low Duration Portfolio – Administrative Class

Real Return Portfolio – Administrative Class

Short-Term Portfolio – Administrative Class

Total Return Portfolio – Administrative Class

Putnam VT:

International Value Fund – Class IB

Large Cap Growth Fund – Class IB

Small Cap Growth Fund – Class IB

Small Cap Value Fund – Class IB

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

Rydex VI:

Basic Materials Fund

Utilities Fund

T. Rowe Price:

Health Sciences Portfolio - II

TOPS® Managed Risk:

Balanced ETF Portfolio – Class 2

Growth ETF Portfolio – Class 2

Moderate Growth ETF Portfolio – Class 2

VanEck VIP Trust:

Global Resources Fund – Class S Shares

Global Resources Fund – Initial Class Shares

Vanguard VIF:

Balanced Portfolio

Conservative Allocation Portfolio

Equity Income Portfolio

Global Bond Index Portfolio

International Portfolio

Mid-Cap Index Portfolio

Real Estate Index Portfolio

(1) Organized by Principal Life.

No divisions were liquidated in 2025.

The assets of the Separate Account are owned by Principal National. The assets of the Separate Account support the following variable life insurance contracts of Principal National and may not be used to satisfy the liabilities arising from any other business of Principal National:

Principal® Executive Variable Universal Life III;

Principal® Variable Universal Life Income III and

Principal® Variable Universal Life Income IV.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of financial statements and accompanying notes of the Separate Account in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the financial statements and accompanying notes.

**Investments**

Investments are stated at the closing net asset value ("NAV") per share on December 31, 2025. Realized capital gains (losses) on sales of investments are determined on the basis of specific identification under the first-in, first-out method. Investment transactions are accounted for on a trade date basis. Dividends and realized gains (losses) on investments are recognized on an accrual basis as of the ex-dividend date and are automatically reinvested in shares of the funds on the payable date.

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

**Fair Value Measurements**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 1** – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Level 2** – Fair values are based on inputs
other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 3** – Fair values are based on at least one significant unobservable input for the asset or liability.

All investments of the open-end management investment companies listed above represent investments in mutual funds for which a daily NAV is calculated and published. Therefore, the investments fall into Level 1 of the fair value hierarchy.

**Recent Accounting Pronouncements**

As of December 31, 2024, the Separate Account adopted the *Improvements to Reportable Segment* standard. Adoption of the new standard impacted financial statement disclosures only and did not affect the Separate Account's statement of assets and liabilities, statement of operations or statement of changes in net assets. The intent of this authoritative guidance is to enhance disclosures about a public entity's reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment's expenses.

**Segment Information**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is responsible for deciding which divisions are made available to policyholders and the ongoing assessment of those divisions.

The Variable Life Registered Separate Accounts Governance Committee acts as the Separate Account's CODM assessing performance and making decisions about variable life insurance products. Each division represents a single operating segment, as the CODM monitors the operating results of the division and as a whole, the division's long-term strategic asset allocation is pre-determined based on a defined investment strategy. The change in net assets resulting from operations, which is used by the CODM to assess the segment's performance is consistent with that presented within the division's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as total net assets and significant segment expenses are listed on the accompanying Statement of Operations.

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;2. Expenses and Related Party Transactions

Principal National is compensated for the following expenses and charges:

Principal® Variable Universal Life Income III contracts - Asset based charges assumed by Principal National are compensated for by a monthly charge equivalent to an annual rate of 0.15% of the asset value of each policy through the tenth policy year. The current administrative charge is $25 per month during the first policy year. After the first policy year, the administration charge is $10 per month. A cost of insurance charge, which is based on Principal National's expected future mortality experience, is deducted as compensation for insurance charges. All charges are assessed through the redemption of units. A sales charge of no greater than 4.25% of premiums paid up to target premium is deducted from each payment on behalf of each participant during the first policy year. In policy years two and later, the sales charge of no greater than 3.00% of premiums paid up to target premium. A tax charge of 2.00% for state and local taxes and 1.25% for federal taxes is deducted from each premium payment on behalf of each participant. The sales and tax charges are deducted from premiums received by Principal National prior to their transfer to the Separate Account.

Principal® Variable Universal Life Income IV contracts - The current administrative charge is $25 per month during the first policy year. After the first policy year, the administration charge is $10 per month. A cost of insurance charge, which is based on Principal National's expected future mortality experience, is deducted as compensation for insurance charges. All charges are assessed through the redemption of units. A sales charge of 4.00% of premiums paid up to target premium is deducted from each payment on behalf of each participant during the first policy year. In policy years two and later, the sales charge is 2.00% of premiums paid up to target premium. A tax charge of 2.00% for state and local taxes and 1.25% for federal taxes is deducted from each premium payment on behalf of each participant. The sales and tax charges are deducted from contributions by Principal National prior to their transfer to the Separate Account.

Principal® Executive Variable Universal Life III contracts - Principal Life assumes a risk that expenses incurred in issuing and administering a policy are greater than originally estimated. The asset based charge is deducted at an annual rate of 0.35% of the net policy value in years one through five, 0.30% in years six through fifteen, and 0.25% thereafter to cover this risk. A cost of insurance charge, which is based on Principal Life's expected future mortality experience, is deducted as compensation for insurance charges. All charges are assessed through the redemption of units. In the first year, a sales charge no greater than 3.50% of premiums paid is deducted from each payment on behalf of each participant. In years two through seven, a sales charge no greater than 7.50% of premiums paid is deducted from each payment on behalf of each participant. Each year thereafter, a sales charge no greater than 3.75% of premiums paid is deducted from each payment on behalf of each participant. A tax charge of 3.25% for state, local and federal taxes is deducted from each premium payment on behalf of each participant. The sales and tax charges are deducted from premiums by Principal Life prior to their transfer to the Separate Account.

During the year ended December 31, 2025, investment advisory and management fees were paid indirectly to Principal Global Investors, LLC ("Manager") (wholly owned by Principal Financial Services, Inc.) in its capacity as advisor to Principal Variable Contracts Funds, Inc. A portion of the management fee is paid by the Manager to the sub-advisor of each of the Accounts, some of which are affiliates of the Manager. The annual rate paid by the SAM Portfolios is based upon the aggregate average daily net assets ("aggregate net assets") of the SAM Portfolios. The investment advisory and management fee schedule for the SAM Portfolios is 0.25% of aggregate net assets up to the first $1 billion and 0.20% of aggregate net assets over $1 billion. The Principal LifeTime divisions do not pay investment advisory and management fees.

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

The annual rates used in this calculation for each of the other divisions are shown in the following tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** |
|  | **First $100** | **Next $100** | **Next $100** | **Next $100** | **Thereafter** |
| Core Plus Bond Account | 0.50% | 0.45% | 0.40% | 0.35% | 0.30% |
| Government & High Quality Bond Account | 0.48 | 0.47 | 0.46 | 0.45 | 0.44 |
| LargeCap Growth Account I | 0.80 | 0.75 | 0.70 | 0.65 | 0.60 |
| Real Estate Securities Account | 0.79 | 0.77 | 0.73 | 0.70 | 0.68 |
| SmallCap Account | 0.85 | 0.80 | 0.75 | 0.70 | 0.65 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** |
|  | **First $100** | **Next $100** | **Next $100** | **Next $100** | **Next $300** | **Next $300** | **Thereafter** |
| Equity Income Account | 0.60% | 0.55% | 0.50% | 0.45% | 0.40% | 0.39% | 0.38% |
| MidCap Account | 0.65 | 0.60 | 0.55 | 0.50 | 0.45 | 0.44 | 0.43 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** |
|  | **First $250** | **Next $250** | **Next $250** | **Next $250** | **Thereafter** |
| Diversified International Account | 0.81% | 0.78% | 0.75% | 0.70% | 0.65% |
| Global Emerging Markets Account | 1.00 | 0.98 | 0.96 | 0.95 | 0.90 |

---

---

| | | |
|:---|:---|:---|
|  | **Net Assets of Accounts <br> (in millions)** | **Net Assets of Accounts <br> (in millions)** |
|  | **First $500** | **Over $500** |
| Principal Capital Appreciation Account | 0.625% | 0.500% |
| Short-Term Income Account | 0.40 | 0.39 |

---

---

| | | |
|:---|:---|:---|
|  | **Net Assets of Accounts <br> (in billions)** | **Net Assets of Accounts <br> (in billions)** |
|  | **First $3** | **Over $3** |
| LargeCap S&P 500 Index Account | 0.19% | 0.15% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Assets of Fund <br> (in billions)** | **Net Assets of Fund <br> (in billions)** | **Net Assets of Fund <br> (in billions)** |
|  | **First $3** | **Next $3** | **Over $6** |
| Bond Market Index Account | 0.14% | 0.12% | 0.10% |

---

The Manager has contractually agreed to waive the Separate Account's management and investment advisory fees for certain of the divisions. The expense waiver will reduce the Separate Account's management and investment advisory fees by the following amounts:

---

| | | |
|:---|:---|:---|
|  | **From January 1, 2025 through December 31, 2025** | **From January 1, 2025 through December 31, 2025** |
|  | **All Classes** | **Expiration** |
| LargeCap Growth Account I | 0.016% | April 30, 2026 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

The Manager has contractually agreed to limit the expenses (excluding interest expense, expenses related to account investments, acquired account fees and expenses, and tax reclaim recovery expenses and other extraordinary expenses) for certain classes of shares of certain of the Accounts. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each class of shares on an annualized basis during the reporting period. The expenses borne by the Manager are subject to reimbursement by the Accounts through the fiscal year end, provided no reimbursement will be made if it would result in the Accounts exceeding the total operating expense limits. Any amounts outstanding at the end of the year are shown as an expense reimbursement from Manager or expense reimbursement to Manager on the statements of assets and liabilities. The operating expense limits, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **From January 1, 2025 through December 31, 2025** | **From January 1, 2025 through December 31, 2025** | **From January 1, 2025 through December 31, 2025** | **From January 1, 2025 through December 31, 2025** |
|  | **Class 1** | **Class 1** | **Expiration** | **Expiration** |
| LargeCap Growth Account I |  | 0.69 |  | April 30, 2025 |

---

**Reinsurance**

A modified coinsurance reinsurance agreement is in place between Principal Life Insurance Company and Principal National for the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;3. Federal Income Taxes

The operations of the Separate Account are a part of the operations of Principal National. Under current practice, no federal income taxes are allocated by Principal National to the operations of the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

The aggregate cost of purchases and proceeds from sales of investments were as follows for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Division** | **Purchases** | **Sales** |
| AllianceBernstein VPS Discovery Value Portfolio – Class A | $**2012153** | $**1449255** |
| AllianceBernstein VPS International Value Portfolio – Class A | $**1493129** | $**481312** |
| AllianceBernstein VPS Small Cap Growth Portfolio – Class A | $**20324** | $**13837** |
| AllianceBernstein VPS Sustainable Global Thematic Portfolio – Class A | $**159484** | $**262226** |
| American Funds Insurance Series – Capital World Bond Fund – Class 2 Shares | $**461710** | $**348516** |
| American Funds Insurance Series – Global Balanced Fund – Class 2 Shares | $**484870** | $**229434** |
| American Funds Insurance Series – Global Small Capitalization Fund – Class 2 Shares | $**18657** | $**133565** |
| American Funds Insurance Series – Growth Fund – Class 2 Shares | $**21331876** | $**12161322** |
| American Funds Insurance Series – International Fund – Class 2 Shares | $**3222514** | $**1438727** |
| American Funds Insurance Series – New World Fund – Class 2 Shares | $**5337730** | $**2758880** |
| American Funds Insurance Series – Washington Mutual Investors Fund – Class 2 Shares | $**6507414** | $**3222582** |
| BNY Mellon IP MidCap Stock Portfolio – Service Shares | $**1084600** | $**120050** |
| BNY Mellon IP Technology Growth Portfolio – Service Shares | $**885310** | $**318986** |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares | $**228554** | $**69554** |
| BNY Mellon VIF Appreciation Portfolio – Service Shares | $**336756** | $**240929** |
| Bond Market Index Account – Class 1 | $**19695896** | $**18626906** |
| ClearBridge Variable Mid Cap Portfolio – Class I Shares | $**445424** | $**173689** |
| ClearBridge Variable Small Cap Growth Portfolio – Class I Shares | $**1626808** | $**1597393** |
| Columbia VP - Acorn International Fund | $**657506** | $**485840** |
| Core Plus Bond Account – Class 1 | $**13655066** | $**9240644** |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Division** | **Purchases** | **Sales** |
| CVT EAFE International Index Portfolio – Class F | $**1998451** | $**1417757** |
| CVT Investment Grade Bond Index Portfolio – Class I | $**1889023** | $**585612** |
| CVT Russell 2000 Small Cap Index Portfolio – Class F | $**14572047** | $**14184913** |
| CVT S&P 500 Index Portfolio | $**89875** | $**71491** |
| CVT S&P MidCap 400 Index Portfolio – Class F | $**1651560** | $**672022** |
| Diversified International Account – Class 1 | $**4784382** | $**3642118** |
| DWS Alternative Asset Allocation VIP – Class B | $**149155** | $**151158** |
| DWS Small Mid Cap Value VIP – Class B | $**201580** | $**158148** |
| Equity Income Account – Class 1 | $**11226362** | $**6561329** |
| Fidelity VIP Consumer Staples Portfolio – Service Class 2 | $**3093** | $**92** |
| Fidelity VIP Contrafund® Portfolio – Service Class 2 | $**14999597** | $**5986065** |
| Fidelity VIP Energy Portfolio – Service Class 2 | $**6363** | $**511** |
| Fidelity VIP Equity-Income Portfolio – Service Class 2 | $**3367183** | $**1652812** |
| Fidelity VIP Extended Market Index Portfolio – Service Class 2 | $**4806637** | $**2462244** |
| Fidelity VIP Government Money Market Portfolio – Service Class | $**110985765** | $**81549512** |
| Fidelity VIP High Income Portfolio – Service Class 2 | $**1966174** | $**1008482** |
| Fidelity VIP International Index Portfolio – Service Class 2 | $**22742215** | $**15920615** |
| Fidelity VIP Mid Cap Portfolio – Service Class 2 | $**3489864** | $**2078685** |
| Fidelity VIP Strategic Income Portfolio – Service Class 2 | $**5059986** | $**1394846** |
| Fidelity VIP Total Market Index Portfolio – Service Class 2 | $**44405238** | $**42682671** |
| Franklin Templeton VIP Trust – Franklin Income VIP Fund – Class 2 | $**1588180** | $**268332** |
| Franklin Templeton VIP Trust – Franklin Mutual Global Discovery VIP Fund – Class 2 | $**1021656** | $**478371** |
| Franklin Templeton VIP Trust – Franklin Mutual Shares VIP Fund – Class 2 | $**163610** | $**3844** |
| Franklin Templeton VIP Trust – Franklin Rising Dividends VIP Fund – Class 2 | $**3147866** | $**1468992** |
| Franklin Templeton VIP Trust – Franklin Small Cap Value VIP Fund – Class 2 | $**1548674** | $**1159064** |
| Franklin Templeton VIP Trust – Franklin Strategic Income VIP Fund – Class 2 | $**431635** | $**436157** |
| Franklin Templeton VIP Trust – Franklin U.S. Government Securities VIP Fund – Class 2 | $**90218** | $**6818** |
| Franklin Templeton VIP Trust – Templeton Developing Markets VIP Fund – Class 2 | $**335601** | $**295580** |
| Franklin Templeton VIP Trust – Templeton Foreign VIP Fund – Class 2 | $**244752** | $**53009** |
| Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund – Class 2 | $**1292697** | $**1101054** |
| Global Emerging Markets Account – Class 1 | $**1436176** | $**1136055** |
| Government & High Quality Bond Account – Class 1 | $**1611347** | $**916208** |
| Invesco V.I. American Franchise Fund – Series II Shares | $**1009532** | $**375330** |
| Invesco V.I. American Value Fund – Series I Shares | $**1044235** | $**251116** |
| Invesco V.I. Core Equity Fund – Series II Shares | $**458225** | $**106242** |
| Invesco V.I. Discovery Mid Cap Growth Fund – Series I Shares | $**891610** | $**309061** |
| Invesco V.I. EQV International Equity Fund – Series I Shares | $**332420** | $**86851** |
| Invesco V.I. Global Real Estate Fund – Series I Shares | $**383541** | $**97613** |
| Invesco V.I. Health Care Fund – Series I Shares | $**1860088** | $**1390590** |
| Invesco V.I. Main Street Mid Cap Fund – Series II Shares | $**513253** | $**312118** |
| Invesco V.I. Main Street Small Cap Fund – Series II Shares | $**1269256** | $**928422** |
| Invesco V.I. Small Cap Equity Fund – Series I Shares | $**204014** | $**79863** |
| Janus Henderson Global Sustainable Equity Portfolio – Service Shares | $**211548** | $**298951** |
| Janus Henderson Series Balanced Portfolio – Service Shares | $**4799618** | $**3533416** |
| Janus Henderson Series Enterprise Portfolio – Service Shares | $**5638344** | $**3431127** |
| Janus Henderson Series Flexible Bond Portfolio – Service Shares | $**7536425** | $**2663403** |
| Janus Henderson Series Forty Portfolio – Service Shares | $**3901715** | $**1697921** |
| Janus Henderson Series Global Research Portfolio – Service Shares | $**754675** | $**548873** |
| Janus Henderson Series Global Technology and Innovation Portfolio – Service Shares | $**8819160** | $**5524161** |
| LargeCap Growth Account I – Class 1 | $**24776663** | $**17619133** |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Division** | **Purchases** | **Sales** |
| LargeCap S&P 500 Index Account – Class 1 | $**119307653** | $**52115367** |
| Lord Abbett Series Fund Developing Growth Portfolio – Class VC | $**1475051** | $**1201833** |
| LVIP American Century Capital Appreciation Fund – Service Class | $**1158603** | $**835341** |
| LVIP American Century Disciplined Core Value Fund – Service Class | $**1149227** | $**542461** |
| LVIP American Century Inflation Protection Fund – Service Class | $**587139** | $**204467** |
| LVIP American Century International Fund – Service Class | $**119592** | $**101713** |
| LVIP American Century Mid Cap Value Fund – Service Class | $**2665926** | $**1978015** |
| LVIP American Century Value Fund – Service Class | $**1505587** | $**1251883** |
| Macquarie VIP Small Cap Value Series – Service Class | $**2853689** | $**1975181** |
| MFS® Blended Research® Small Cap Equity Portfolio – Service Class | $**463089** | $**483984** |
| MFS® Global Equity Series – Service Class | $**442365** | $**228082** |
| MFS® Growth Series – Service Class | $**4518114** | $**1131619** |
| MFS® Inflation–Adjusted Bond Portfolio – Service Class | $**28081** | $**80877** |
| MFS® International Intrinsic Value Portfolio – Service Class | $**4678406** | $**4124495** |
| MFS® Mid Cap Value Portfolio – Service Class | $**4923184** | $**2862104** |
| MFS® New Discovery Series – Service Class | $**683730** | $**585652** |
| MFS® New Discovery Value Portfolio – Service Class | $**1404180** | $**688739** |
| MFS® Research International Portfolio – Service Class | $**590317** | $**192710** |
| MFS® Total Return Series – Service Class | $**322139** | $**122844** |
| MFS® Utilities Series – Service Class | $**1135049** | $**1458540** |
| MFS® Value Series – Service Class | $**5695423** | $**4079740** |
| MidCap Account – Class 1 | $**10528758** | $**5538352** |
| Neuberger Berman AMT Mid Cap Growth Portfolio – S Class Shares | $**76337** | $**23201** |
| Neuberger Berman AMT Quality Equity Portfolio – I Class Shares | $**238249** | $**114301** |
| PIMCO VIT All Asset Portfolio – Administrative Class | $**86553** | $**71241** |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio – Administrative Class | $**176993** | $**74354** |
| PIMCO VIT Emerging Markets Bond Portfolio – Administrative Class | $**52951** | $**76866** |
| PIMCO VIT High Yield Portfolio – Administrative Class | $**5083544** | $**5297263** |
| PIMCO VIT Long-Term U.S. Government Portfolio – Administrative Class | $**300828** | $**232313** |
| PIMCO VIT Low Duration Portfolio – Administrative Class | $**623182** | $**206465** |
| PIMCO VIT Real Return Portfolio – Administrative Class | $**3712138** | $**2785349** |
| PIMCO VIT Short-Term Portfolio – Administrative Class | $**2254288** | $**920468** |
| PIMCO VIT Total Return Portfolio – Administrative Class | $**5462080** | $**948241** |
| Principal Capital Appreciation Account – Class 1 | $**3437694** | $**2020112** |
| Principal LifeTime 2020 Account – Class 1 | $**8718260** | $**8526688** |
| Principal LifeTime 2030 Account – Class 1 | $**32227853** | $**16810154** |
| Principal LifeTime 2040 Account – Class 1 | $**26277000** | $**11137556** |
| Principal LifeTime 2050 Account – Class 1 | $**13718439** | $**6130604** |
| Principal LifeTime 2060 Account – Class 1 | $**7847921** | $**2831521** |
| Principal LifeTime Strategic Income Account – Class 1 | $**4686576** | $**2804677** |
| Putnam VT International Value Fund – Class IB | $**696141** | $**295071** |
| Putnam VT Large Cap Growth Fund – Class IB | $**7070732** | $**2970579** |
| Putnam VT Small Cap Growth Fund – Class IB | $**730630** | $**256468** |
| Putnam VT Small Cap Value Fund – Class IB | $**93615** | $**14835** |
| Real Estate Securities Account – Class 1 | $**5805898** | $**4141969** |
| Rydex VI Basic Materials Fund | $**99254** | $**82922** |
| Rydex VI Utilities Fund | $**42264** | $**6802** |
| SAM Balanced Portfolio – Class 1 | $**11719106** | $**6545918** |
| SAM Conservative Balanced Portfolio – Class 1 | $**2500008** | $**2463909** |
| SAM Conservative Growth Portfolio – Class 1 | $**14379484** | $**8892267** |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Division** | **Purchases** | **Sales** |
| SAM Flexible Income Portfolio – Class 1 | $**1479203** | $**2025850** |
| SAM Strategic Growth Portfolio – Class 1 | $**20709435** | $**13773816** |
| Short-Term Income Account – Class 1 | $**6110821** | $**13502012** |
| SmallCap Account – Class 1 | $**2940689** | $**2514646** |
| T. Rowe Price Health Sciences Portfolio – II | $**384947** | $**305464** |
| TOPS® Managed Risk Balanced ETF Portfolio – Class 2 | $**460392** | $**81951** |
| TOPS® Managed Risk Growth ETF Portfolio – Class 2 | $**671840** | $**649478** |
| TOPS® Managed Risk Moderate Growth ETF Portfolio – Class 2 | $**400829** | $**308903** |
| VanEck VIP Trust Global Resources Fund – Class S Shares | $**881125** | $**598817** |
| VanEck VIP Trust Global Resources Fund – Initial Class Shares | $**81125** | $**135372** |
| Vanguard VIF Balanced Portfolio | $**6419377** | $**4022224** |
| Vanguard VIF Conservative Allocation Portfolio | $**100427** | $**73642** |
| Vanguard VIF Equity Income Portfolio | $**1963450** | $**363768** |
| Vanguard VIF Global Bond Index Portfolio | $**1903057** | $**541439** |
| Vanguard VIF International Portfolio | $**586190** | $**94861** |
| Vanguard VIF Mid-Cap Index Portfolio | $**22181357** | $**14333501** |
| Vanguard VIF Real Estate Index Portfolio | $**3439229** | $**3377790** |

---

**5.** **Changes in Units Outstanding** 

Transactions in units were as follows for each of the years ended December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>&nbsp;&nbsp;&nbsp;**Division** | **Purchases** | **Redemptions** | **Net increase** <br> **(decrease)** | **Purchases** | **Redemptions** | **Net increase** <br> **(decrease)** |
| AllianceBernstein VPS Discovery Value Portfolio – Class A | **34761** | **37308** | **(2547)** | 38169 | 27428 | 10741 |
| AllianceBernstein VPS International Value Portfolio – Class A | **120488** | **41494** | **78994** | 33911 | 66904 | (32993) |
| AllianceBernstein VPS Small Cap Growth Portfolio – Class A | **426** | **289** | **137** | 376 | 721 | (345) |
| AllianceBernstein VPS Sustainable Global Thematic Portfolio – Class A | **3469** | **7872** | **(4403)** | 6707 | 2715 | 3992 |
| American Funds Insurance Series – Capital World Bond Fund – Class 2 Shares | **42536** | **33506** | **9030** | 48865 | 25592 | 23273 |
| American Funds Insurance Series – Global Balanced Fund – Class 2 Shares | **27170** | **14751** | **12419** | 39433 | 25710 | 13723 |
| American Funds Insurance Series – Global Small Capitalization Fund – Class 2 Shares | **1245** | **9848** | **(8603)** | 2768 | 635 | 2133 |
| American Funds Insurance Series – Growth Fund – Class 2 Shares | **343853** | **229408** | **114445** | 236918 | 155003 | 81915 |
| American Funds Insurance Series – International Fund – Class 2 Shares | **195989** | **89898** | **106091** | 108310 | 59975 | 48335 |
| American Funds Insurance Series – New World Fund – Class 2 Shares | **252369** | **147737** | **104632** | 203164 | 136907 | 66257 |
| American Funds Insurance Series – Washington Mutual Investors Fund – Class 2 Shares | **198975** | **118521** | **80454** | 149661 | 122203 | 27458 |
| BNY Mellon IP MidCap Stock Portfolio – Service Shares | **43530** | **5512** | **38018** | 8267 | 9987 | (1720) |
| BNY Mellon IP Technology Growth Portfolio – Service Shares | **7068** | **5004** | **2064** | 8501 | 2788 | 5713 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Division** | **Purchases** | **Redemptions** | **Net increase (decrease)** | **Purchases** | **Redemptions** | **Net increase (decrease)** |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares | **3292** | **1081** | **2211** | 3701 | 2613 | 1088 |
| BNY Mellon VIF Appreciation Portfolio – Service Shares | **3796** | **3866** | **(70)** | 6481 | 4995 | 1486 |
| Bond Market Index Account – Class 1 | **1609028** | **1543012** | **66016** | 395296 | 229833 | 165463 |
| ClearBridge Variable Mid Cap Portfolio – Class I Shares | **18297** | **9164** | **9133** | 15730 | 19330 | (3600) |
| ClearBridge Variable Small Cap Growth Portfolio – Class I Shares | **48083** | **56159** | **(8076)** | 52353 | 34600 | 17753 |
| Columbia VP - Acorn International Fund | **47222** | **36661** | **10561** | 40128 | 35896 | 4232 |
| Core Plus Bond Account – Class 1 | **431602** | **316055** | **115547** | 435562 | 165073 | 270489 |
| CVT EAFE International Index Portfolio – Class F | **102825** | **78265** | **24560** | 130601 | 26701 | 103900 |
| CVT Investment Grade Bond Index Portfolio – Class I | **145324** | **48740** | **96584** | 162290 | 43301 | 118989 |
| CVT Russell 2000 Small Cap Index Portfolio – Class F | **367825** | **381664** | **(13839)** | 209304 | 133827 | 75477 |
| CVT S&P 500 Index Portfolio | **619** | **1892** | **(1273)** | 1826 | 1994 | (168) |
| CVT S&P MidCap 400 Index Portfolio – Class F | **27634** | **15725** | **11909** | 27529 | 22127 | 5402 |
| Diversified International Account – Class 1 | **80999** | **78340** | **2659** | 95783 | 60920 | 34863 |
| DWS Alternative Asset Allocation VIP – Class B | **10398** | **10816** | **(418)** | 3822 | 2052 | 1770 |
| DWS Small Mid Cap Value VIP – Class B | **4269** | **5447** | **(1178)** | 3336 | 4513 | (1177) |
| Equity Income Account – Class 1 | **176235** | **153091** | **23144** | 196384 | 115694 | 80690 |
| Fidelity VIP Consumer Staples Portfolio – Service Class 2 | **283** | **9** | **274** | 420 |  | 420 |
| Fidelity VIP Contrafund® Portfolio – Service Class 2 | **81561** | **55280** | **26281** | 85617 | 46934 | 38683 |
| Fidelity VIP Energy Portfolio – Service Class 2 | **670** | **52** | **618** |  |  |  |
| Fidelity VIP Equity-Income Portfolio – Service Class 2 | **54004** | **31534** | **22470** | 36070 | 32981 | 3089 |
| Fidelity VIP Extended Market Index Portfolio – Service Class 2 | **283686** | **140288** | **143398** | 135790 | 31202 | 104588 |
| Fidelity VIP Government Money Market Portfolio – Service Class | **9008874** | **6870166** | **2138708** | 9822927 | 8127478 | 1695449 |
| Fidelity VIP High Income Portfolio – Service Class 2 | **39309** | **25721** | **13588** | 35769 | 20356 | 15413 |
| Fidelity VIP International Index Portfolio – Service Class 2 | **1466245** | **1048745** | **417500** | 277056 | 136649 | 140407 |
| Fidelity VIP Mid Cap Portfolio – Service Class 2 | **30346** | **28131** | **2215** | 26990 | 20423 | 6567 |
| Fidelity VIP Strategic Income Portfolio – Service Class 2 | **365139** | **105872** | **259267** | 159920 | 101981 | 57939 |
| Fidelity VIP Total Market Index Portfolio – Service Class 2 | **2057104** | **1982424** | **74680** | 592082 | 273723 | 318359 |
| Franklin Templeton VIP Trust – Franklin Income VIP Fund – Class 2 | **30361** | **5801** | **24560** | 24542 | 7449 | 17093 |
| Franklin Templeton VIP Trust – Franklin Mutual Global Discovery VIP Fund – Class 2 | **8616** | **8084** | **532** | 9599 | 7925 | 1674 |
| Franklin Templeton VIP Trust – Franklin Mutual Shares VIP Fund – Class 2 | **3769** | **94** | **3675** | 180 | 681 | (501) |
| Franklin Templeton VIP Trust – Franklin Rising Dividends VIP Fund – Class 2 | **32427** | **21534** | **10893** | 31302 | 24191 | 7111 |
| Franklin Templeton VIP Trust – Franklin Small Cap Value VIP Fund – Class 2 | **20315** | **18586** | **1729** | 14388 | 16001 | (1613) |
| Franklin Templeton VIP Trust – Franklin Strategic Income VIP Fund – Class 2 | **20998** | **23050** | **(2052)** | 27374 | 21523 | 5851 |
| Franklin Templeton VIP Trust – Franklin U.S. Government Securities VIP Fund – Class 2 | **7282** | **551** | **6731** | 2747 | 1949 | 798 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Division** | **Purchases** | **Redemptions** | **Net increase (decrease)** | **Purchases** | **Redemptions** | **Net increase (decrease)** |
| Franklin Templeton VIP Trust – Templeton Developing Markets VIP Fund – Class 2 | **11897** | **11795** | **102** | 13134 | 11271 | 1863 |
| Franklin Templeton VIP Trust – Templeton Foreign VIP Fund – Class 2 | **12613** | **3321** | **9292** | 15056 | 10649 | 4407 |
| Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund – Class 2 | **89829** | **76706** | **13123** | 66324 | 45972 | 20352 |
| Global Emerging Markets Account – Class 1 | **24408** | **20800** | **3608** | 18353 | 19302 | (949) |
| Government & High Quality Bond Account – Class 1 | **101186** | **63805** | **37381** | 100139 | 44696 | 55443 |
| Invesco V.I. American Franchise Fund – Series II Shares | **14865** | **6552** | **8313** | 11881 | 6334 | 5547 |
| Invesco V.I. American Value Fund – Series I Shares | **34111** | **10740** | **23371** | 18094 | 8100 | 9994 |
| Invesco V.I. Core Equity Fund – Series II Shares | **4681** | **1435** | **3246** | 8489 | 3629 | 4860 |
| Invesco V.I. Discovery Mid Cap Growth Fund – Series I Shares | **43537** | **18592** | **24945** | 42049 | 64804 | (22755) |
| Invesco V.I. EQV International Equity Fund – Series I Shares | **6157** | **1975** | **4182** | 4945 | 2575 | 2370 |
| Invesco V.I. Global Real Estate Fund – Series I Shares | **29339** | **7736** | **21603** | 13577 | 5194 | 8383 |
| Invesco V.I. Health Care Fund – Series I Shares | **33490** | **29078** | **4412** | 25107 | 25322 | (215) |
| Invesco V.I. Main Street Mid Cap Fund – Series II Shares | **9640** | **8379** | **1261** | 6252 | 8196 | (1944) |
| Invesco V.I. Main Street Small Cap Fund – Series II Shares | **21393** | **18937** | **2456** | 15444 | 15927 | (483) |
| Invesco V.I. Small Cap Equity Fund – Series I Shares | **4967** | **2052** | **2915** | 3157 | 2555 | 602 |
| Janus Henderson Global Sustainable Equity Portfolio – Service Shares | **14380** | **20804** | **(6424)** | 15984 | 4533 | 11451 |
| Janus Henderson Series Balanced Portfolio – Service Shares | **70785** | **59294** | **11491** | 92560 | 37379 | 55181 |
| Janus Henderson Series Enterprise Portfolio – Service Shares | **58502** | **44845** | **13657** | 54020 | 33514 | 20506 |
| Janus Henderson Series Flexible Bond Portfolio – Service Shares | **295222** | **106040** | **189182** | 49599 | 27634 | 21965 |
| Janus Henderson Series Forty Portfolio – Service Shares | **35619** | **26068** | **9551** | 38096 | 32204 | 5892 |
| Janus Henderson Series Global Research Portfolio – Service Shares | **12757** | **11097** | **1660** | 10381 | 3505 | 6876 |
| Janus Henderson Series Global Technology and Innovation Portfolio – Service Shares | **266422** | **192592** | **73830** | 162493 | 61294 | 101199 |
| LargeCap Growth Account I – Class 1 | **116495** | **123206** | **(6711)** | 125213 | 106235 | 18978 |
| LargeCap S&P 500 Index Account – Class 1 | **1221288** | **767954** | **453334** | 958368 | 431655 | 526713 |
| Lord Abbett Series Fund Developing Growth Portfolio – Class VC | **52822** | **41031** | **11791** | 53101 | 40119 | 12982 |
| LVIP American Century Capital Appreciation Fund – Service Class | **27383** | **26624** | **759** | 62942 | 7875 | 55067 |
| LVIP American Century Disciplined Core Value Fund – Service Class | **21834** | **10663** | **11171** | 68090 | 10124 | 57966 |
| LVIP American Century Inflation Protection Fund – Service Class | **31493** | **14352** | **17141** | 119146 | 11146 | 108000 |
| LVIP American Century International Fund – Service Class | **3517** | **3023** | **494** | 7021 | 199 | 6822 |
| LVIP American Century Mid Cap Value Fund – Service Class | **35566** | **36733** | **(1167)** | 167813 | 29311 | 138502 |
| LVIP American Century Value Fund – Service Class | **20699** | **22575** | **(1876)** | 82514 | 14548 | 67966 |
| Macquarie VIP Small Cap Value Series – Service Class | **63898** | **50105** | **13793** | 30605 | 28269 | 2336 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Division** | **Purchases** | **Redemptions** | **Net increase (decrease)** | **Purchases** | **Redemptions** | **Net increase (decrease)** |
| MFS® Blended Research® Small Cap Equity Portfolio – Service Class | **14828** | **22590** | **(7762)** | 29477 | 18645 | 10832 |
| MFS® Global Equity Series – Service Class | **5576** | **5145** | **431** | 7856 | 2832 | 5024 |
| MFS® Growth Series – Service Class | **24688** | **10207** | **14481** | 28935 | 8066 | 20869 |
| MFS® Inflation–Adjusted Bond Portfolio – Service Class | **2531** | **8201** | **(5670)** | 9717 | 3750 | 5967 |
| MFS® International Intrinsic Value Portfolio – Service Class | **167770** | **160919** | **6851** | 78357 | 62428 | 15929 |
| MFS® Mid Cap Value Portfolio – Service Class | **188676** | **129310** | **59366** | 114275 | 93239 | 21036 |
| MFS® New Discovery Series – Service Class | **11612** | **9993** | **1619** | 12165 | 8026 | 4139 |
| MFS® New Discovery Value Portfolio – Service Class | **43921** | **28145** | **15776** | 43197 | 33330 | 9867 |
| MFS® Research International Portfolio – Service Class | **33746** | **11266** | **22480** | 23173 | 17334 | 5839 |
| MFS® Total Return Series – Service Class | **9862** | **4328** | **5534** | 6733 | 2625 | 4108 |
| MFS® Utilities Series – Service Class | **31327** | **48870** | **(17543)** | 34238 | 37109 | (2871) |
| MFS® Value Series – Service Class | **86914** | **67980** | **18934** | 36165 | 13777 | 22388 |
| MidCap Account – Class 1 | **34574** | **25469** | **9105** | 31320 | 22105 | 9215 |
| Neuberger Berman AMT Mid Cap Growth Portfolio – S Class Shares | **2323** | **898** | **1425** | 1943 | 1273 | 670 |
| Neuberger Berman AMT Quality Equity Portfolio – I Class Shares | **8687** | **5407** | **3280** | 3493 | 4086 | (593) |
| PIMCO VIT All Asset Portfolio – Administrative Class | **4083** | **3763** | **320** | 3221 | 349 | 2872 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio – Administrative Class | **18113** | **7904** | **10209** | 22477 | 24199 | (1722) |
| PIMCO VIT Emerging Markets Bond Portfolio – Administrative Class | **2921** | **4890** | **(1969)** | 2373 | 1070 | 1303 |
| PIMCO VIT High Yield Portfolio – Administrative Class | **191949** | **216208** | **(24259)** | 161026 | 100873 | 60153 |
| PIMCO VIT Long-Term U.S. Government Portfolio – Administrative Class | **27320** | **22266** | **5054** | 10791 | 21055 | (10264) |
| PIMCO VIT Low Duration Portfolio – Administrative Class | **51627** | **17835** | **33792** | 20172 | 10407 | 9765 |
| PIMCO VIT Real Return Portfolio – Administrative Class | **232687** | **179669** | **53018** | 89588 | 72095 | 17493 |
| PIMCO VIT Short-Term Portfolio – Administrative Class | **149048** | **66363** | **82685** | 182654 | 152301 | 30353 |
| PIMCO VIT Total Return Portfolio – Administrative Class | **346474** | **62293** | **284181** | 59649 | 32307 | 27342 |
| Principal Capital Appreciation Account – Class 1 | **80025** | **58316** | **21709** | 87593 | 62755 | 24838 |
| Principal LifeTime 2020 Account – Class 1 | **218091** | **248036** | **(29945)** | 220821 | 111185 | 109636 |
| Principal LifeTime 2030 Account – Class 1 | **696715** | **433655** | **263060** | 716531 | 435621 | 280910 |
| Principal LifeTime 2040 Account – Class 1 | **506951** | **248013** | **258938** | 432133 | 222965 | 209168 |
| Principal LifeTime 2050 Account – Class 1 | **238971** | **127240** | **111731** | 235377 | 79190 | 156187 |
| Principal LifeTime 2060 Account – Class 1 | **238133** | **100019** | **138114** | 160434 | 84737 | 75697 |
| Principal LifeTime Strategic Income Account – Class 1 | **173075** | **113742** | **59333** | 135548 | 90421 | 45127 |
| Putnam VT International Value Fund – Class IB | **35939** | **15247** | **20692** | 18255 | 4995 | 13260 |
| Putnam VT Large Cap Growth Fund – Class IB | **138490** | **69030** | **69460** | 108465 | 37604 | 70861 |
| Putnam VT Small Cap Growth Fund – Class IB | **61090** | **23027** | **38063** | 33882 | 451 | 33431 |
| Putnam VT Small Cap Value Fund – Class IB | **8308** | **1452** | **6856** | 5079 | 50 | 5029 |
| Real Estate Securities Account – Class 1 | **41336** | **34516** | **6820** | 39464 | 33883 | 5581 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Division** | **Purchases** | **Redemptions** | **Net increase (decrease)** | **Purchases** | **Redemptions** | **Net increase (decrease)** |
| Rydex VI Basic Materials Fund | **5068** | **5219** | **(151)** | 8038 | 9024 | (986) |
| Rydex VI Utilities Fund | **2407** | **390** | **2017** |  |  |  |
| SAM Balanced Portfolio – Class 1 | **253434** | **208707** | **44727** | 234435 | 157347 | 77088 |
| SAM Conservative Balanced Portfolio – Class 1 | **74501** | **93228** | **(18727)** | 101848 | 165431 | (63583) |
| SAM Conservative Growth Portfolio – Class 1 | **274121** | **251753** | **22368** | 277949 | 231755 | 46194 |
| SAM Flexible Income Portfolio – Class 1 | **52319** | **85809** | **(33490)** | 72893 | 71286 | 1607 |
| SAM Strategic Growth Portfolio – Class 1 | **342338** | **365598** | **(23260)** | 423621 | 369669 | 53952 |
| Short-Term Income Account – Class 1 | **351159** | **858839** | **(507680)** | 427471 | 298264 | 129207 |
| SmallCap Account – Class 1 | **44337** | **44977** | **(640)** | 46224 | 27299 | 18925 |
| T. Rowe Price Health Sciences Portfolio – II | **17907** | **15374** | **2533** | 16075 | 8900 | 7175 |
| TOPS® Managed Risk Balanced ETF Portfolio – Class 2 | **24695** | **4730** | **19965** | 9388 | 4205 | 5183 |
| TOPS® Managed Risk Growth ETF Portfolio – Class 2 | **32054** | **33440** | **(1386)** | 22182 | 16469 | 5713 |
| TOPS® Managed Risk Moderate Growth ETF Portfolio – Class 2 | **18905** | **15913** | **2992** | 13549 | 28354 | (14805) |
| VanEck VIP Trust Global Resources Fund – Class S Shares | **92426** | **68911** | **23515** | 38777 | 125930 | (87153) |
| VanEck VIP Trust Global Resources Fund – Initial Class Shares | **7018** | **12136** | **(5118)** | 11518 | 6622 | 4896 |
| Vanguard VIF Balanced Portfolio | **89229** | **63056** | **26173** | 63099 | 22347 | 40752 |
| Vanguard VIF Conservative Allocation Portfolio | **7953** | **6286** | **1667** | 7242 | 3047 | 4195 |
| Vanguard VIF Equity Income Portfolio | **135185** | **25741** | **109444** | 26962 | 5598 | 21364 |
| Vanguard VIF Global Bond Index Portfolio | **188603** | **54892** | **133711** | 78510 | 26340 | 52170 |
| Vanguard VIF International Portfolio | **58145** | **9410** | **48735** | 15521 | 3299 | 12222 |
| Vanguard VIF Mid-Cap Index Portfolio | **252694** | **178027** | **74667** | 166088 | 76438 | 89650 |
| Vanguard VIF Real Estate Index Portfolio | **323177** | **318293** | **4884** | 53729 | 38642 | 15087 |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

**6.** **Financial Highlights** 

Principal National sells variable life insurance products, which have multiple investment options that could have different returns.

The Separate Account has presented the following disclosures for 2025, 2024, 2023, 2022 and 2021 in accordance with the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| AllianceBernstein VPS Discovery Value Portfolio – Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **138** | $**41.00** | $**5648** | **0.86%** | **—%** | **2.89%** |
| &nbsp;&nbsp;&nbsp;2024 | 140 | $39.85 | $5591 | 0.86% | —% | 10.02% |
| &nbsp;&nbsp;&nbsp;2023 | 130 | $36.22 | $4693 | 1.06% | —% | 17.18% |
| &nbsp;&nbsp;&nbsp;2022 | 124 | $30.91 | $3848 | 1.13% | —% | (15.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 103 | $36.64 | $3787 | 0.80% | —% | 35.96% |
| AllianceBernstein VPS International Value Portfolio – Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **270** | $**13.86** | $**3751** | **2.79%** | **—%** | **41.72%** |
| &nbsp;&nbsp;&nbsp;2024 | 191 | $9.78 | $1873 | 2.70% | —% | 5.05% |
| &nbsp;&nbsp;&nbsp;2023 | 224 | $9.31 | $2090 | 0.84% | —% | 15.08% |
| &nbsp;&nbsp;&nbsp;2022 | 186 | $8.09 | $1502 | 4.91% | —% | (13.59)% |
| &nbsp;&nbsp;&nbsp;2021 | 155 | $9.36 | $1455 | 2.15% | —% | 11.03% |
| AllianceBernstein VPS Small Cap Growth Portfolio – Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **5** | $**52.49** | $**281** | **—%** | **—%** | **4.81%** |
| &nbsp;&nbsp;&nbsp;2024 | 5 | $50.08 | $261 | 0.24% | —% | 18.62% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | $42.22 | $234 | —% | —% | 18.03% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | $35.77 | $252 | —% | —% | (39.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 7 | $58.73 | $416 | —% | —% | 9.45% |
| AllianceBernstein VPS Sustainable Global Thematic Portfolio – Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **9** | $**35.53** | $**330** | **—%** | **—%** | **6.31%** |
| &nbsp;&nbsp;&nbsp;2024 | 14 | $33.42 | $458 | —% | —% | 6.23% |
| &nbsp;&nbsp;&nbsp;2023 | 10 | $31.46 | $305 | 0.39% | —% | 16.00% |
| &nbsp;&nbsp;&nbsp;2022 | 9 | $27.12 | $236 | —% | —% | (26.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | $37.14 | $177 | —% | —% | 22.86% |
| American Funds Insurance Series – Capital World Bond Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **69** | $**10.80** | $**741** | **3.12%** | **—%** | **9.31%** |
| &nbsp;&nbsp;&nbsp;2024 | 60 | $9.88 | $588 | 2.41% | —% | (3.04)% |
| &nbsp;&nbsp;&nbsp;2023 | 36 | $10.19 | $370 | —% | —% | 6.15% |
| &nbsp;&nbsp;&nbsp;2022 | 24 | $9.60 | $231 | 0.25% | —% | (17.67)% |
| &nbsp;&nbsp;&nbsp;2021 | 19 | $11.66 | $220 | 2.07% | —% | (4.89)% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| American Funds Insurance Series – Global Balanced Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **91** | $**16.60** | $**1504** | **1.45%** | **—%** | **17.15%** |
| &nbsp;&nbsp;&nbsp;2024 | 78 | $14.17 | $1108 | 1.85% | —% | 6.54% |
| &nbsp;&nbsp;&nbsp;2023 | 64 | $13.30 | $857 | 1.82% | —% | 13.87% |
| &nbsp;&nbsp;&nbsp;2022 | 35 | $11.68 | $408 | —% | —% | (14.56)% |
| &nbsp;&nbsp;&nbsp;2021 | 24 | $13.67 | $327 | 1.06% | —% | 10.78% |
| American Funds Insurance Series – Global Small Capitalization Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **—** | $**13.71** | $**6** | **0.02%** | **—%** | **14.63%** |
| &nbsp;&nbsp;&nbsp;2024 | 9 | $11.96 | $108 | 1.09% | —% | 2.31% |
| &nbsp;&nbsp;&nbsp;2023 | 7 | $11.69 | $81 | 0.27% | —% | 16.20% |
| &nbsp;&nbsp;&nbsp;2022 (4) |  | $10.06 | $4 | —% | —% | (29.60)% |
| American Funds Insurance Series – Growth Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **722** | $**61.07** | $**44119** | **0.15%** | **—%** | **20.24%** |
| &nbsp;&nbsp;&nbsp;2024 | 608 | $50.79 | $30883 | 0.35% | —% | 31.61% |
| &nbsp;&nbsp;&nbsp;2023 | 526 | $38.59 | $20301 | 0.38% | —% | 38.46% |
| &nbsp;&nbsp;&nbsp;2022 | 412 | $27.87 | $11489 | 0.36% | —% | (29.92)% |
| &nbsp;&nbsp;&nbsp;2021 | 295 | $39.77 | $11732 | 0.23% | —% | 21.99% |
| American Funds Insurance Series – International Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **465** | $**18.03** | $**8384** | **1.53%** | **—%** | **26.79%** |
| &nbsp;&nbsp;&nbsp;2024 | 359 | $14.22 | $5105 | 1.24% | —% | 3.12% |
| &nbsp;&nbsp;&nbsp;2023 | 311 | $13.79 | $4282 | 1.36% | —% | 15.88% |
| &nbsp;&nbsp;&nbsp;2022 | 274 | $11.90 | $3259 | 1.89% | —% | (20.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 196 | $15.03 | $2945 | 2.73% | —% | (1.44)% |
| American Funds Insurance Series – New World Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **652** | $**21.52** | $**14036** | **1.22%** | **—%** | **28.32%** |
| &nbsp;&nbsp;&nbsp;2024 | 548 | $16.77 | $9185 | 1.46% | —% | 6.54% |
| &nbsp;&nbsp;&nbsp;2023 | 481 | $15.74 | $7578 | 1.60% | —% | 15.99% |
| &nbsp;&nbsp;&nbsp;2022 | 411 | $13.57 | $5579 | 1.50% | —% | (22.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 241 | $17.42 | $4204 | 0.98% | —% | 4.94% |
| American Funds Insurance Series – Washington Mutual Investors Fund – Class 2 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **521** | $**29.98** | $**15625** | **1.47%** | **—%** | **17.20%** |
| &nbsp;&nbsp;&nbsp;2024 | 441 | $25.58 | $11273 | 1.63% | —% | 19.14% |
| &nbsp;&nbsp;&nbsp;2023 | 413 | $21.47 | $8872 | 1.98% | —% | 17.26% |
| &nbsp;&nbsp;&nbsp;2022 | 354 | $18.31 | $6473 | 2.11% | —% | (8.45)% |
| &nbsp;&nbsp;&nbsp;2021 | 245 | $20.00 | $4906 | 1.54% | —% | 27.80% |
| BNY Mellon IP MidCap Stock Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **68** | $**24.40** | $**1671** | **0.31%** | **—%** | **9.81%** |
| &nbsp;&nbsp;&nbsp;2024 | 30 | $22.22 | $676 | 0.61% | —% | 12.34% |
| &nbsp;&nbsp;&nbsp;2023 | 32 | $19.78 | $636 | 0.52% | —% | 17.95% |
| &nbsp;&nbsp;&nbsp;2022 | 29 | $16.77 | $486 | 0.42% | —% | (14.26)% |
| &nbsp;&nbsp;&nbsp;2021 | 25 | $19.56 | $498 | 0.42% | —% | 25.55% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| BNY Mellon IP Technology Growth Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **15** | $**77.92** | $**1165** | **—%** | **—%** | **27.86%** |
| &nbsp;&nbsp;&nbsp;2024 | 13 | $60.94 | $785 | —% | —% | 25.39% |
| &nbsp;&nbsp;&nbsp;2023 | 7 | $48.60 | $349 | —% | —% | 58.98% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | $30.57 | $112 | —% | —% | (46.51)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | $57.15 | $174 | —% | —% | 12.63% |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **6** | $**68.67** | $**403** | **0.05%** | **—%** | **15.66%** |
| &nbsp;&nbsp;&nbsp;2024 | 4 | $**59.37** | $217 | 0.31% | —% | 24.57% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | $**47.66** | $123 | 0.42% | —% | 23.50% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | $**38.59** | $76 | 0.06% | —% | (23.05)% |
| &nbsp;&nbsp;&nbsp;2021 |  | $**50.15** | $16 | 0.37% | —% | 26.67% |
| BNY Mellon VIF Appreciation Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **11** | $**66.55** | $**756** | **0.16%** | **—%** | **9.78%** |
| &nbsp;&nbsp;&nbsp;2024 | 11 | $**60.62** | $693 | 0.17% | —% | 12.49% |
| &nbsp;&nbsp;&nbsp;2023 | 10 | $**53.89** | $536 | 0.50% | —% | 20.67% |
| &nbsp;&nbsp;&nbsp;2022 | 6 | $**44.66** | $267 | 0.54% | —% | (18.25)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | $**54.63** | $89 | 0.19% | —% | 26.84% |
| Bond Market Index Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **539** | $**12.59** | $**6792** | **4.32%** | **—%** | **7.15%** |
| &nbsp;&nbsp;&nbsp;2024 | 473 | $**11.75** | $5563 | 3.10% | —% | 1.03% |
| &nbsp;&nbsp;&nbsp;2023 | 308 | $**11.63** | $3580 | 2.43% | —% | 5.54% |
| &nbsp;&nbsp;&nbsp;2022 | 189 | $**11.02** | $2080 | 2.23% | —% | (13.16)% |
| &nbsp;&nbsp;&nbsp;2021 | 148 | $**12.69** | $1881 | 2.02% | —% | (1.78)% |
| ClearBridge Variable Mid Cap Portfolio – Class I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **85** | $**19.71** | $**1672** | **0.30%** | **—%** | **4.34%** |
| &nbsp;&nbsp;&nbsp;2024 | 76 | $18.89 | $1430 | 0.60% | —% | 10.02% |
| &nbsp;&nbsp;&nbsp;2023 | 79 | $17.17 | $1362 | 0.14% | —% | 12.89% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | $15.21 | $1003 | 0.41% | —% | (25.29)% |
| &nbsp;&nbsp;&nbsp;2021 | 52 | $20.36 | $1050 | 0.03% | —% | 28.70% |
| ClearBridge Variable Small Cap Growth Portfolio – Class I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **136** | $**29.75** | $**4056** | **—%** | **—%** | **9.21%** |
| &nbsp;&nbsp;&nbsp;2024 | 144 | $27.24 | $3934 | —% | —% | 4.53% |
| &nbsp;&nbsp;&nbsp;2023 | 127 | $26.06 | $3301 | —% | —% | 8.40% |
| &nbsp;&nbsp;&nbsp;2022 | 99 | $24.04 | $2377 | —% | —% | (28.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 60 | $33.79 | $2043 | —% | —% | 12.60% |
| Columbia VP - Acorn International Fund: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025 (13)** | **122** | $**13.86** | $**1692** | **1.28%** | **—%** | **12.77%** |
| &nbsp;&nbsp;&nbsp;2024 | 112 | $12.29 | $1371 | 1.39% | —% | (8.28)% |
| &nbsp;&nbsp;&nbsp;2023 | 107 | $13.40 | $1438 | 0.36% | —% | 16.93% |
| &nbsp;&nbsp;&nbsp;2022 | 96 | $11.46 | $1095 | 0.93% | —% | (33.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 73 | $17.32 | $1269 | 0.54% | —% | 18.87% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Core Plus Bond Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **860** | $**30.29** | $**26062** | **4.40%** | **—%** | **7.45%** |
| &nbsp;&nbsp;&nbsp;2024 | 745 | $28.19 | $20995 | 3.54% | —% | 0.89% |
| &nbsp;&nbsp;&nbsp;2023 | 474 | $27.94 | $13250 | 3.14% | —% | 5.35% |
| &nbsp;&nbsp;&nbsp;2022 | 294 | $26.52 | $7787 | 3.50% | —% | (14.12)% |
| &nbsp;&nbsp;&nbsp;2021 | 156 | $30.88 | $4828 | 2.70% | —% | (0.45)% |
| CVT EAFE International Index Portfolio – Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **227** | $**20.94** | $**4745** | **2.59%** | **—%** | **30.63%** |
| &nbsp;&nbsp;&nbsp;2024 | 202 | $16.03 | $3239 | 3.37% | —% | 2.95% |
| &nbsp;&nbsp;&nbsp;2023 | 98 | $15.57 | $1528 | 3.55% | —% | 17.51% |
| &nbsp;&nbsp;&nbsp;2022 | 61 | $13.25 | $803 | 3.60% | —% | (14.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 39 | $15.54 | $613 | 2.08% | —% | 10.60% |
| CVT Investment Grade Bond Index Portfolio – Class I: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **387** | $**12.45** | $**4815** | **3.21%** | **—%** | **6.87%** |
| &nbsp;&nbsp;&nbsp;2024 | 290 | $11.65 | $3380 | 3.32% | —% | 1.04% |
| &nbsp;&nbsp;&nbsp;2023 | 171 | $11.53 | $1974 | 2.92% | —% | 5.49% |
| &nbsp;&nbsp;&nbsp;2022 | 116 | $10.93 | $1273 | 2.73% | —% | (12.49)% |
| &nbsp;&nbsp;&nbsp;2021 | 125 | $12.49 | $1563 | 2.45% | —% | (1.81)% |
| CVT Russell 2000 Small Cap Index Portfolio – Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **334** | $**42.39** | $**14160** | **1.60%** | **—%** | **12.23%** |
| &nbsp;&nbsp;&nbsp;2024 | 348 | $37.77 | $13139 | 1.30% | —% | 10.99% |
| &nbsp;&nbsp;&nbsp;2023 | 272 | $34.03 | $9268 | 0.95% | —% | 16.38% |
| &nbsp;&nbsp;&nbsp;2022 | 219 | $29.24 | $6396 | 0.93% | —% | (20.67)% |
| &nbsp;&nbsp;&nbsp;2021 | 129 | $36.86 | $4759 | 0.82% | —% | 14.29% |
| CVT S&P 500 Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **16** | $**43.29** | $**681** | **1.10%** | **—%** | **17.51%** |
| &nbsp;&nbsp;&nbsp;2024 | 17 | $36.84 | $627 | 1.22% | —% | 24.63% |
| &nbsp;&nbsp;&nbsp;2023 | 17 | $29.56 | $508 | 1.57% | —% | 25.89% |
| &nbsp;&nbsp;&nbsp;2022 | 13 | $23.48 | $309 | 1.24% | —% | (18.33)% |
| &nbsp;&nbsp;&nbsp;2021 | 14 | $28.75 | $388 | 1.35% | —% | 28.41% |
| CVT S&P MidCap 400 Index Portfolio – Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **145** | $**45.82** | $**6665** | **1.14%** | **—%** | **6.91%** |
| &nbsp;&nbsp;&nbsp;2024 | 134 | $42.86 | $5723 | 1.23% | —% | 13.30% |
| &nbsp;&nbsp;&nbsp;2023 | 128 | $37.83 | $4847 | 1.26% | —% | 15.90% |
| &nbsp;&nbsp;&nbsp;2022 | 120 | $32.64 | $3912 | 0.96% | —% | (13.51)% |
| &nbsp;&nbsp;&nbsp;2021 | 111 | $37.74 | $4171 | 0.87% | —% | 24.19% |
| Diversified International Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **284** | $**53.55** | $**15222** | **2.15%** | **—%** | **32.34%** |
| &nbsp;&nbsp;&nbsp;2024 | 281 | $40.46 | $11392 | 3.13% | —% | 4.71% |
| &nbsp;&nbsp;&nbsp;2023 | 246 | $38.64 | $9530 | 1.32% | —% | 17.43% |
| &nbsp;&nbsp;&nbsp;2022 | 219 | $32.90 | $7217 | 2.84% | —% | (20.01)% |
| &nbsp;&nbsp;&nbsp;2021 | 159 | $41.13 | $6537 | 1.36% | —% | 9.74% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| DWS Alternative Asset Allocation VIP – Class B: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **10** | $**14.68** | $**147** | **3.20%** | **—%** | **10.04%** |
| &nbsp;&nbsp;&nbsp;2024 | 10 | $13.34 | $139 | 3.06% | —% | 5.29% |
| &nbsp;&nbsp;&nbsp;2023 | 9 | $12.67 | $110 | 5.72% | —% | 5.67% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | $11.99 | $58 | 4.86% | —% | (7.70)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | $12.99 | $15 | 3.25% | —% | 12.27% |
| DWS Small Mid Cap Value VIP – Class B: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **18** | $**34.86** | $**634** | **0.61%** | **—%** | **17.85%** |
| &nbsp;&nbsp;&nbsp;2024 | 19 | $29.58 | $573 | 0.80% | —% | 5.79% |
| &nbsp;&nbsp;&nbsp;2023 | 21 | $27.96 | $574 | 0.89% | —% | 14.59% |
| &nbsp;&nbsp;&nbsp;2022 | 23 | $24.40 | $565 | 0.45% | —% | (16.15)% |
| &nbsp;&nbsp;&nbsp;2021 | 19 | $29.10 | $541 | 0.87% | —% | 30.03% |
| Equity Income Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **751** | $**47.30** | $**35542** | **1.79%** | **—%** | **15.51%** |
| &nbsp;&nbsp;&nbsp;2024 | 728 | $40.95 | $29823 | 2.12% | —% | 15.48% |
| &nbsp;&nbsp;&nbsp;2023 | 648 | $35.46 | $22960 | 2.15% | —% | 11.23% |
| &nbsp;&nbsp;&nbsp;2022 | 577 | $31.88 | $18388 | 2.06% | —% | (10.50)% |
| &nbsp;&nbsp;&nbsp;2021 | 409 | $35.62 | $14552 | 2.08% | —% | 22.45% |
| Fidelity VIP Consumer Staples Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **1** | $**9.78** | $**7** | **2.04%** | **—%** | **(3.26)%** |
| &nbsp;&nbsp;&nbsp;2024 (11) |  | $10.11 | $4 | —% | —% | 1.20% |
| Fidelity VIP Contrafund® Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **328** | $**123.27** | $**40423** | **—%** | **—%** | **21.20%** |
| &nbsp;&nbsp;&nbsp;2024 | 302 | $101.71 | $30681 | 0.03% | —% | 33.44% |
| &nbsp;&nbsp;&nbsp;2023 | 263 | $76.22 | $20042 | 0.28% | —% | 33.11% |
| &nbsp;&nbsp;&nbsp;2022 | 242 | $57.26 | $13852 | 0.29% | —% | (26.49)% |
| &nbsp;&nbsp;&nbsp;2021 | 210 | $77.89 | $16336 | 0.03% | —% | 27.52% |
| Fidelity VIP Energy Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025 (12)** | **1** | $**10.00** | $**6** | **2.12%** | **—%** | **10.38%** |
| Fidelity VIP Equity-Income Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **121** | $**58.40** | $**7039** | **1.85%** | **—%** | **18.75%** |
| &nbsp;&nbsp;&nbsp;2024 | 98 | $49.18 | $4822 | 1.63% | —% | 15.04% |
| &nbsp;&nbsp;&nbsp;2023 | 95 | $42.75 | $4059 | 1.87% | —% | 10.38% |
| &nbsp;&nbsp;&nbsp;2022 | 83 | $38.73 | $3225 | 1.85% | —% | (5.24)% |
| &nbsp;&nbsp;&nbsp;2021 | 73 | $40.87 | $2998 | 1.77% | —% | 24.60% |
| Fidelity VIP Extended Market Index Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **365** | $**18.54** | $**6768** | **1.02%** | **—%** | **12.02%** |
| &nbsp;&nbsp;&nbsp;2024 | 222 | $16.55 | $3668 | 1.39% | —% | 12.05% |
| &nbsp;&nbsp;&nbsp;2023 | 117 | $14.77 | $1729 | 2.05% | —% | 17.13% |
| &nbsp;&nbsp;&nbsp;2022 | 42 | $12.61 | $525 | 1.49% | —% | (18.33)% |
| &nbsp;&nbsp;&nbsp;2021 | 22 | $15.44 | $344 | 1.71% | —% | 20.91% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| **Fidelity VIP Government Money Market Portfolio – Service Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **9595** | $**12.13** | $**116349** | **3.89%** | **—%** | **4.03%** |
| &nbsp;&nbsp;&nbsp;2024 | 7456 | $11.66 | $86912 | 4.78% | —% | 5.05% |
| &nbsp;&nbsp;&nbsp;2023 | 5761 | $11.10 | $63942 | 4.59% | —% | 4.82% |
| &nbsp;&nbsp;&nbsp;2022 | 3629 | $10.59 | $38441 | 1.50% | —% | 1.34% |
| &nbsp;&nbsp;&nbsp;2021 | 1868 | $10.45 | $19516 | 0.01% | —% | —% |
| Fidelity VIP High Income Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **155** | $**41.40** | $**6410** | **7.14%** | **—%** | **10.31%** |
| &nbsp;&nbsp;&nbsp;2024 | 141 | $37.53 | $5301 | 6.64% | —% | 8.63% |
| &nbsp;&nbsp;&nbsp;2023 | 126 | $34.55 | $4348 | 6.05% | —% | 10.24% |
| &nbsp;&nbsp;&nbsp;2022 | 117 | $31.34 | $3682 | 5.50% | —% | (11.69)% |
| &nbsp;&nbsp;&nbsp;2021 | 105 | $35.49 | $3718 | 5.48% | —% | 4.29% |
| Fidelity VIP International Index Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **902** | $**17.67** | $**15936** | **3.03%** | **—%** | **32.86%** |
| &nbsp;&nbsp;&nbsp;2024 | 484 | $13.30 | $6444 | 3.15% | —% | 4.81% |
| &nbsp;&nbsp;&nbsp;2023 | 344 | $12.69 | $4366 | 3.03% | —% | 15.89% |
| &nbsp;&nbsp;&nbsp;2022 | 229 | $10.95 | $2508 | 2.64% | —% | (16.22)% |
| &nbsp;&nbsp;&nbsp;2021 | 105 | $13.07 | $1369 | 3.84% | —% | 7.48% |
| Fidelity VIP Mid Cap Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **136** | $**58.81** | $**12243** | **0.25%** | **—%** | **11.49%** |
| &nbsp;&nbsp;&nbsp;2024 | 134 | $52.75 | $10907 | 0.35% | —% | 17.17% |
| &nbsp;&nbsp;&nbsp;2023 | 127 | $45.02 | $8950 | 0.41% | —% | 14.79% |
| &nbsp;&nbsp;&nbsp;2022 | 119 | $39.22 | $7206 | 0.29% | —% | (14.97)% |
| &nbsp;&nbsp;&nbsp;2021 | 106 | $46.12 | $7730 | 0.39% | —% | 25.29% |
| Fidelity VIP Strategic Income Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **564** | $**13.74** | $**7748** | **4.04%** | **—%** | **8.62%** |
| &nbsp;&nbsp;&nbsp;2024 | 305 | $12.65 | $3855 | 3.63% | —% | 5.77% |
| &nbsp;&nbsp;&nbsp;2023 | 247 | $11.96 | $2951 | 5.02% | —% | 9.12% |
| &nbsp;&nbsp;&nbsp;2022 | 166 | $10.96 | $1817 | 4.23% | —% | (11.47)% |
| &nbsp;&nbsp;&nbsp;2021 | 99 | $12.38 | $1231 | 3.00% | —% | 3.51% |
| Fidelity VIP Total Market Index Portfolio – Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **806** | $**24.81** | $**19995** | **0.92%** | **—%** | **16.81%** |
| &nbsp;&nbsp;&nbsp;2024 | 731 | $21.24 | $15525 | 1.30% | —% | 23.42% |
| &nbsp;&nbsp;&nbsp;2023 | 413 | $17.21 | $7104 | 0.98% | —% | 25.71% |
| &nbsp;&nbsp;&nbsp;2022 | 282 | $13.69 | $3862 | 1.46% | —% | (19.42)% |
| &nbsp;&nbsp;&nbsp;2021 | 133 | $16.99 | $2258 | 1.08% | —% | 25.39% |
| Franklin Templeton VIP Trust – Franklin Income VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **78** | $**49.21** | $**3852** | **5.02%** | **—%** | **12.56%** |
| &nbsp;&nbsp;&nbsp;2024 | 54 | $43.72 | $2349 | 5.21% | —% | 7.21% |
| &nbsp;&nbsp;&nbsp;2023 | 37 | $40.78 | $1494 | 5.18% | —% | 8.63% |
| &nbsp;&nbsp;&nbsp;2022 | 11 | $37.54 | $423 | 4.91% | —% | (5.49)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | $39.72 | $205 | 4.33% | —% | 16.75% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Franklin Templeton VIP Trust – Franklin Mutual Global Discovery VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **68** | $**65.48** | $**4450** | **1.92%** | **—%** | **23.34%** |
| &nbsp;&nbsp;&nbsp;2024 | 67 | $53.09 | $3579 | 1.75% | —% | 4.65% |
| &nbsp;&nbsp;&nbsp;2023 | 66 | $50.73 | $3335 | 2.53% | —% | 20.33% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | $42.16 | $2801 | 1.44% | —% | (4.77)% |
| &nbsp;&nbsp;&nbsp;2021 | 66 | $44.27 | $2906 | 2.77% | —% | 19.13% |
| Franklin Templeton VIP Trust – Franklin Mutual Shares VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **4** | $**43.53** | $**185** | **1.87%** | **—%** | **11.53%** |
| &nbsp;&nbsp;&nbsp;2024 | 1 | $39.03 | $23 | 1.70% | —% | 11.26% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | $35.08 | $38 | 1.77% | —% | 13.49% |
| &nbsp;&nbsp;&nbsp;2022 | 1 | $30.91 | $27 | 2.20% | —% | (7.46)% |
| &nbsp;&nbsp;&nbsp;2021 |  | $33.40 | $— | —% | —% | 19.20% |
| Franklin Templeton VIP Trust – Franklin Rising Dividends VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **133** | $**72.92** | $**9709** | **0.80%** | **—%** | **11.81%** |
| &nbsp;&nbsp;&nbsp;2024 | 122 | $65.22 | $7973 | 0.99% | —% | 10.79% |
| &nbsp;&nbsp;&nbsp;2023 | 115 | $58.87 | $6778 | 0.92% | —% | 12.07% |
| &nbsp;&nbsp;&nbsp;2022 | 102 | $52.53 | $5373 | 0.79% | —% | (10.57)% |
| &nbsp;&nbsp;&nbsp;2021 | 84 | $58.74 | $4948 | 0.85% | —% | 26.79% |
| Franklin Templeton VIP Trust – Franklin Small Cap Value VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **49** | $**66.61** | $**3256** | **1.05%** | **—%** | **7.66%** |
| &nbsp;&nbsp;&nbsp;2024 | 47 | $61.87 | $2918 | 0.89% | —% | 11.70% |
| &nbsp;&nbsp;&nbsp;2023 | 49 | $55.39 | $2701 | 0.53% | —% | 12.74% |
| &nbsp;&nbsp;&nbsp;2022 | 43 | $49.13 | $2106 | 0.91% | —% | (10.07)% |
| &nbsp;&nbsp;&nbsp;2021 | 32 | $54.63 | $1751 | 1.02% | —% | 25.38% |
| Franklin Templeton VIP Trust – Franklin Strategic Income VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **36** | $**19.68** | $**710** | **4.78%** | **—%** | **7.25%** |
| &nbsp;&nbsp;&nbsp;2024 | 38 | $18.35 | $700 | 3.84% | —% | 4.02% |
| &nbsp;&nbsp;&nbsp;2023 | 32 | $17.64 | $569 | 5.30% | —% | 8.15% |
| &nbsp;&nbsp;&nbsp;2022 | 30 | $16.31 | $483 | 4.23% | —% | (10.73)% |
| &nbsp;&nbsp;&nbsp;2021 | 9 | $18.27 | $169 | 3.65% | —% | 2.12% |
| Franklin Templeton VIP Trust – Franklin U.S. Government Securities VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **8** | $**12.74** | $**98** | **1.39%** | **—%** | **6.70%** |
| &nbsp;&nbsp;&nbsp;2024 | 1 | $11.94 | $11 | 1.83% | —% | 1.36% |
| &nbsp;&nbsp;&nbsp;2023 |  | $11.78 | $2 | 1.99% | —% | 4.43% |
| &nbsp;&nbsp;&nbsp;2022 |  | $11.28 | $1 | 2.07% | —% | (9.69)% |
| &nbsp;&nbsp;&nbsp;2021 |  | $12.49 | $— | —% | —% | (1.89)% |
| Franklin Templeton VIP Trust – Templeton Developing Markets VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **28** | $**31.68** | $**893** | **0.52%** | **—%** | **46.26%** |
| &nbsp;&nbsp;&nbsp;2024 | 28 | $21.66 | $608 | 3.76% | —% | 7.71% |
| &nbsp;&nbsp;&nbsp;2023 | 26 | $20.11 | $528 | 1.80% | —% | 12.60% |
| &nbsp;&nbsp;&nbsp;2022 | 13 | $17.86 | $228 | 2.08% | —% | (21.97)% |
| &nbsp;&nbsp;&nbsp;2021 | 11 | $22.89 | $242 | 0.58% | —% | (5.76)% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Franklin Templeton VIP Trust – Templeton Foreign VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **34** | $**18.11** | $**616** | **2.29%** | **—%** | **29.17%** |
| &nbsp;&nbsp;&nbsp;2024 | 25 | $14.02 | $347 | 2.30% | —% | (0.99)% |
| &nbsp;&nbsp;&nbsp;2023 | 20 | $14.16 | $288 | 3.13% | —% | 20.82% |
| &nbsp;&nbsp;&nbsp;2022 | 11 | $11.72 | $132 | 2.84% | —% | (7.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 3 | $12.69 | $43 | 2.02% | —% | 4.19% |
| Franklin Templeton VIP Trust – Templeton Global Bond VIP Fund – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **209** | $**15.06** | $**3146** | **—%** | **—%** | **15.73%** |
| &nbsp;&nbsp;&nbsp;2024 | 196 | $13.01 | $2547 | —% | —% | (11.38)% |
| &nbsp;&nbsp;&nbsp;2023 | 175 | $14.68 | $2575 | —% | —% | 2.87% |
| &nbsp;&nbsp;&nbsp;2022 | 148 | $14.27 | $2106 | —% | —% | (4.93)% |
| &nbsp;&nbsp;&nbsp;2021 | 132 | $15.01 | $1979 | —% | —% | (5.00)% |
| Global Emerging Markets Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **105** | $**64.81** | $**6800** | **0.67%** | **—%** | **37.25%** |
| &nbsp;&nbsp;&nbsp;2024 | 101 | $47.22 | $4783 | 2.04% | —% | 6.52% |
| &nbsp;&nbsp;&nbsp;2023 | 102 | $44.33 | $4532 | 2.37% | —% | 12.50% |
| &nbsp;&nbsp;&nbsp;2022 | 115 | $39.40 | $4520 | 1.70% | —% | (22.65)% |
| &nbsp;&nbsp;&nbsp;2021 | 96 | $50.94 | $4901 | 0.46% | —% | 0.57% |
| Government & High Quality Bond Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **321** | $**14.94** | $**4797** | **3.60%** | **—%** | **7.95%** |
| &nbsp;&nbsp;&nbsp;2024 | 284 | $13.84 | $3928 | 3.15% | —% | 0.58% |
| &nbsp;&nbsp;&nbsp;2023 | 228 | $13.76 | $3141 | 2.42% | —% | 4.64% |
| &nbsp;&nbsp;&nbsp;2022 | 186 | $13.15 | $2450 | 1.48% | —% | (11.80)% |
| &nbsp;&nbsp;&nbsp;2021 | 173 | $14.91 | $2573 | 2.20% | —% | (1.32)% |
| Invesco V.I. American Franchise Fund – Series II Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **36** | $**60.17** | $**2140** | **—%** | **—%** | **11.38%** |
| &nbsp;&nbsp;&nbsp;2024 | 27 | $54.02 | $1472 | —% | —% | 34.58% |
| &nbsp;&nbsp;&nbsp;2023 | 22 | $40.14 | $871 | —% | —% | 40.60% |
| &nbsp;&nbsp;&nbsp;2022 | 15 | $28.55 | $425 | —% | —% | (31.30)% |
| &nbsp;&nbsp;&nbsp;2021 | 11 | $41.56 | $478 | —% | —% | 11.66% |
| Invesco V.I. American Value Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **60** | $**27.76** | $**1656** | **0.51%** | **—%** | **21.01%** |
| &nbsp;&nbsp;&nbsp;2024 | 36 | $22.94 | $833 | 1.09% | —% | 30.42% |
| &nbsp;&nbsp;&nbsp;2023 | 26 | $17.59 | $463 | 0.53% | —% | 15.57% |
| &nbsp;&nbsp;&nbsp;2022 | 30 | $15.22 | $453 | 0.88% | —% | (2.62)% |
| &nbsp;&nbsp;&nbsp;2021 | 12 | $15.63 | $189 | 0.46% | —% | 28.01% |
| Invesco V.I. Core Equity Fund – Series II Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **21** | $**79.32** | $**1683** | **0.43%** | **—%** | **15.88%** |
| &nbsp;&nbsp;&nbsp;2024 | 18 | $68.45 | $1230 | 0.46% | —% | 25.30% |
| &nbsp;&nbsp;&nbsp;2023 | 13 | $54.63 | $716 | 0.52% | —% | 23.07% |
| &nbsp;&nbsp;&nbsp;2022 | 10 | $44.39 | $440 | 0.70% | —% | (20.75)% |
| &nbsp;&nbsp;&nbsp;2021 | 7 | $56.01 | $401 | 0.47% | —% | 27.38% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Invesco V.I. Discovery Mid Cap Growth Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **109** | $**18.16** | $**1978** | **—%** | **—%** | **4.79%** |
| &nbsp;&nbsp;&nbsp;2024 | 84 | $17.33 | $1455 | —% | —% | 24.23% |
| &nbsp;&nbsp;&nbsp;2023 | 107 | $13.95 | $1489 | —% | —% | 13.14% |
| &nbsp;&nbsp;&nbsp;2022 | 110 | $12.33 | $1362 | —% | —% | (30.96)% |
| &nbsp;&nbsp;&nbsp;2021 | 57 | $17.86 | $1024 | —% | —% | 19.07% |
| Invesco V.I. EQV International Equity Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **18** | $**47.37** | $**864** | **1.50%** | **—%** | **16.50%** |
| &nbsp;&nbsp;&nbsp;2024 | 14 | $40.66 | $571 | 1.74% | —% | 0.62% |
| &nbsp;&nbsp;&nbsp;2023 | 12 | $40.41 | $472 | 0.21% | —% | 18.16% |
| &nbsp;&nbsp;&nbsp;2022 | 8 | $34.20 | $278 | 2.16% | —% | (18.32)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | $41.87 | $88 | 1.25% | —% | 5.89% |
| Invesco V.I. Global Real Estate Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **45** | $**13.02** | $**584** | **2.53%** | **—%** | **7.78%** |
| &nbsp;&nbsp;&nbsp;2024 | 23 | $12.08 | $281 | 2.88% | —% | (1.79)% |
| &nbsp;&nbsp;&nbsp;2023 | 15 | $12.30 | $183 | 1.67% | —% | 9.04% |
| &nbsp;&nbsp;&nbsp;2022 | 10 | $11.28 | $110 | 2.75% | —% | (24.90)% |
| &nbsp;&nbsp;&nbsp;2021 | 9 | $15.02 | $133 | 2.57% | —% | 25.69% |
| Invesco V.I. Health Care Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **134** | $**52.10** | $**6989** | **—%** | **—%** | **15.32%** |
| &nbsp;&nbsp;&nbsp;2024 | 130 | $45.18 | $5861 | —% | —% | 4.17% |
| &nbsp;&nbsp;&nbsp;2023 | 130 | $43.37 | $5636 | —% | —% | 3.02% |
| &nbsp;&nbsp;&nbsp;2022 | 125 | $42.10 | $5262 | —% | —% | (13.32)% |
| &nbsp;&nbsp;&nbsp;2021 | 110 | $48.57 | $5334 | 0.22% | —% | 12.30% |
| Invesco V.I. Main Street Mid Cap Fund – Series II Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **36** | $**40.97** | $**1483** | **0.11%** | **—%** | **8.96%** |
| &nbsp;&nbsp;&nbsp;2024 | 35 | $37.60 | $1313 | 0.12% | —% | 16.81% |
| &nbsp;&nbsp;&nbsp;2023 | 37 | $32.19 | $1187 | 0.04% | —% | 14.15% |
| &nbsp;&nbsp;&nbsp;2022 | 32 | $28.20 | $891 | 0.07% | —% | (14.47)% |
| &nbsp;&nbsp;&nbsp;2021 | 31 | $32.97 | $1037 | 0.27% | —% | 22.88% |
| Invesco V.I. Main Street Small Cap Fund – Series II Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **43** | $**53.22** | $**2263** | **0.23%** | **—%** | **8.44%** |
| &nbsp;&nbsp;&nbsp;2024 | 40 | $49.08 | $1967 | —% | —% | 12.41% |
| &nbsp;&nbsp;&nbsp;2023 | 41 | $43.66 | $1771 | 1.01% | —% | 17.81% |
| &nbsp;&nbsp;&nbsp;2022 | 32 | $37.06 | $1198 | 0.26% | —% | (16.04)% |
| &nbsp;&nbsp;&nbsp;2021 | 32 | $44.14 | $1409 | 0.19% | —% | 22.27% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Invesco V.I. Small Cap Equity Fund – Series I Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **7** | $**41.19** | $**286** | **—%** | **—%** | **8.03%** |
| &nbsp;&nbsp;&nbsp;2024 | 4 | $38.13 | $154 | 0.13% | —% | 18.09% |
| &nbsp;&nbsp;&nbsp;2023 | 3 | $32.29 | $111 | —% | —% | 16.57% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | $27.70 | $50 | —% | —% | (20.49)% |
| &nbsp;&nbsp;&nbsp;2021 (6) | 2 | $34.84 | $58 | 0.12% | —% | 20.39% |
| Janus Henderson Global Sustainable Equity Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **6** | $**15.00** | $**91** | **0.18%** | **—%** | **17.28%** |
| &nbsp;&nbsp;&nbsp;2024 | 12 | $12.79 | $160 | 0.43% | —% | 11.02% |
| &nbsp;&nbsp;&nbsp;2023 | 1 | $11.52 | $12 | 1.09% | —% | 23.21% |
| &nbsp;&nbsp;&nbsp;2022 (7) | 1 | $9.35 | $8 | 1.08% | —% | (6.87)% |
| Janus Henderson Series Balanced Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **209** | $**65.32** | $**13636** | **1.73%** | **—%** | **14.82%** |
| &nbsp;&nbsp;&nbsp;2024 | 197 | $56.89 | $11222 | 1.83% | —% | 15.14% |
| &nbsp;&nbsp;&nbsp;2023 | 142 | $49.41 | $7020 | 1.88% | —% | 15.15% |
| &nbsp;&nbsp;&nbsp;2022 | 76 | $42.91 | $3255 | 1.28% | —% | (16.61)% |
| &nbsp;&nbsp;&nbsp;2021 | 37 | $51.46 | $1882 | 0.97% | —% | 16.90% |
| Janus Henderson Series Enterprise Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **186** | $**79.87** | $**14875** | **0.18%** | **—%** | **7.41%** |
| &nbsp;&nbsp;&nbsp;2024 | 173 | $74.36 | $12833 | 0.63% | —% | 15.32% |
| &nbsp;&nbsp;&nbsp;2023 | 152 | $64.48 | $9806 | 0.09% | —% | 17.77% |
| &nbsp;&nbsp;&nbsp;2022 | 143 | $54.75 | $7839 | 0.25% | —% | (16.14)% |
| &nbsp;&nbsp;&nbsp;2021 | 110 | $65.29 | $7178 | 0.16% | —% | 16.55% |
| Janus Henderson Series Flexible Bond Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **324** | $**25.71** | $**8341** | **4.08%** | **—%** | **7.21%** |
| &nbsp;&nbsp;&nbsp;2024 | 135 | $23.98 | $3242 | 4.33% | —% | 1.61% |
| &nbsp;&nbsp;&nbsp;2023 | 113 | $23.60 | $2672 | 3.90% | —% | 5.31% |
| &nbsp;&nbsp;&nbsp;2022 | 77 | $22.41 | $1727 | 2.28% | —% | (13.91)% |
| &nbsp;&nbsp;&nbsp;2021 | 35 | $26.03 | $899 | 2.63% | —% | (1.10)% |
| Janus Henderson Series Forty Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **181** | $**73.20** | $**13255** | **0.26%** | **—%** | **17.87%** |
| &nbsp;&nbsp;&nbsp;2024 | 172 | $62.10 | $10653 | 0.01% | —% | 28.12% |
| &nbsp;&nbsp;&nbsp;2023 | 166 | $48.47 | $8028 | 0.13% | —% | 39.64% |
| &nbsp;&nbsp;&nbsp;2022 | 153 | $34.71 | $5315 | 0.06% | —% | (33.72)% |
| &nbsp;&nbsp;&nbsp;2021 | 129 | $52.37 | $6777 | 0.52% | —% | 22.62% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Janus Henderson Series Global Research Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **28** | $**54.53** | $**1520** | **0.60%** | **—%** | **20.61%** |
| &nbsp;&nbsp;&nbsp;2024 | 26 | $45.21 | $1185 | 0.62% | —% | 23.26% |
| &nbsp;&nbsp;&nbsp;2023 | 19 | $36.68 | $709 | 0.86% | —% | 26.48% |
| &nbsp;&nbsp;&nbsp;2022 | 11 | $29.00 | $324 | 1.53% | —% | (19.62)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | $36.08 | $85 | 0.46% | —% | 17.79% |
| Janus Henderson Series Global Technology and Innovation Portfolio – Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **444** | $**33.16** | $**14734** | **—%** | **—%** | **24.85%** |
| &nbsp;&nbsp;&nbsp;2024 | 371 | $26.56 | $9841 | —% | —% | 31.75% |
| &nbsp;&nbsp;&nbsp;2023 | 269 | $20.16 | $5429 | —% | —% | 54.25% |
| &nbsp;&nbsp;&nbsp;2022 | 201 | $13.07 | $2633 | —% | —% | (37.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 146 | $20.78 | $3036 | 0.64% | —% | 17.73% |
| LargeCap Growth Account I – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **349** | $**154.83** | $**54005** | **—%** | **—%** | **11.40%** |
| &nbsp;&nbsp;&nbsp;2024 | 356 | $138.99 | $49414 | —% | —% | 25.14% |
| &nbsp;&nbsp;&nbsp;2023 | 337 | $111.07 | $37380 | —% | —% | 40.35% |
| &nbsp;&nbsp;&nbsp;2022 | 277 | $79.14 | $21921 | —% | —% | (34.16)% |
| &nbsp;&nbsp;&nbsp;2021 | 189 | $120.20 | $22769 | —% | —% | 21.89% |
| LargeCap S&P 500 Index Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **2918** | $**76.89** | $**224349** | **1.43%** | **—%** | **17.62%** |
| &nbsp;&nbsp;&nbsp;2024 | 2465 | $65.37 | $161103 | 1.52% | —% | 24.75% |
| &nbsp;&nbsp;&nbsp;2023 | 1938 | $52.40 | $101552 | 1.48% | —% | 25.96% |
| &nbsp;&nbsp;&nbsp;2022 | 1397 | $41.60 | $58118 | 1.41% | —% | (18.34)% |
| &nbsp;&nbsp;&nbsp;2021 | 861 | $50.94 | $43865 | 1.44% | —% | 28.34% |
| Lord Abbett Series Fund Developing Growth Portfolio – Class VC: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **139** | $**32.47** | $**4506** | **0.20%** | **—%** | **14.61%** |
| &nbsp;&nbsp;&nbsp;2024 | 127 | $28.33 | $3598 | 0.17% | —% | 22.16% |
| &nbsp;&nbsp;&nbsp;2023 | 114 | $23.19 | $2644 | —% | —% | 8.16% |
| &nbsp;&nbsp;&nbsp;2022 | 91 | $21.44 | $1947 | —% | —% | (35.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 59 | $33.49 | $1988 | —% | —% | (2.76)% |
| LVIP American Century Capital Appreciation Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **56** | $**32.35** | $**1806** | **—%** | **—%** | **6.55%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 55 | $30.36 | $1672 | —% | —% | 15.35% |
| LVIP American Century Disciplined Core Value Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **69** | $**55.71** | $**3852** | **1.61%** | **—%** | **14.56%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 58 | $48.63 | $2819 | 1.02% | —% | 6.41% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| LVIP American Century Inflation Protection Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **125** | $**14.69** | $**1838** | **7.95%** | **—%** | **6.30%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 108 | $13.82 | $1492 | 4.53% | —% | 3.37% |
| LVIP American Century International Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **7** | $**35.77** | $**262** | **1.10%** | **—%** | **15.80%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 7 | $30.89 | $211 | 1.04% | —% | 0.16% |
| LVIP American Century Mid Cap Value Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **137** | $**56.58** | $**7770** | **1.65%** | **—%** | **8.83%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 139 | $51.99 | $7200 | 2.60% | —% | 6.71% |
| LVIP American Century Value Fund – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **66** | $**62.38** | $**4122** | **1.56%** | **—%** | **15.86%** |
| &nbsp;&nbsp;&nbsp;2024 (10) | 68 | $53.84 | $3659 | 2.82% | —% | 6.47% |
| Macquarie VIP Small Cap Value Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **118** | $**42.74** | $**5033** | **0.94%** | **—%** | **7.85%** |
| &nbsp;&nbsp;&nbsp;2024 | 104 | $39.63 | $4121 | 0.98% | —% | 11.01% |
| &nbsp;&nbsp;&nbsp;2023 | 102 | $35.70 | $3628 | 0.61% | —% | 9.11% |
| &nbsp;&nbsp;&nbsp;2022 | 92 | $32.72 | $3023 | 0.50% | —% | (12.37)% |
| &nbsp;&nbsp;&nbsp;2021 | 78 | $37.34 | $2910 | 0.58% | —% | 34.03% |
| MFS® Blended Research® Small Cap Equity Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **64** | $**22.94** | $**1469** | **0.78%** | **—%** | **5.52%** |
| &nbsp;&nbsp;&nbsp;2024 | 72 | $21.74 | $1561 | 0.82% | —% | 4.62% |
| &nbsp;&nbsp;&nbsp;2023 | 61 | $20.78 | $1267 | 0.54% | —% | 18.68% |
| &nbsp;&nbsp;&nbsp;2022 | 55 | $17.51 | $957 | 0.51% | —% | (18.56)% |
| &nbsp;&nbsp;&nbsp;2021 | 36 | $21.50 | $784 | 0.71% | —% | 29.21% |
| MFS® Global Equity Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **24** | $**47.20** | $**1153** | **0.65%** | **—%** | **13.27%** |
| &nbsp;&nbsp;&nbsp;2024 | 24 | $41.67 | $1000 | 0.75% | —% | 5.36% |
| &nbsp;&nbsp;&nbsp;2023 | 19 | $39.55 | $751 | 0.54% | —% | 13.88% |
| &nbsp;&nbsp;&nbsp;2022 | 14 | $34.73 | $471 | 0.23% | —% | (17.93)% |
| &nbsp;&nbsp;&nbsp;2021 | 9 | $42.32 | $373 | 0.53% | —% | 16.87% |
| MFS® Growth Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **85** | $**118.32** | $**10011** | **—%** | **—%** | **11.91%** |
| &nbsp;&nbsp;&nbsp;2024 | 70 | $105.73 | $7415 | —% | —% | 31.15% |
| &nbsp;&nbsp;&nbsp;2023 | 49 | $80.62 | $3972 | —% | —% | 35.52% |
| &nbsp;&nbsp;&nbsp;2022 | 39 | $59.49 | $2309 | —% | —% | (31.81)% |
| &nbsp;&nbsp;&nbsp;2021 | 30 | $87.24 | $2580 | —% | —% | 23.24% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| MFS® Inflation–Adjusted Bond Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **8** | $**10.25** | $**78** | **3.23%** | **—%** | **8.24%** |
| &nbsp;&nbsp;&nbsp;2024 | 13 | $9.47 | $126 | 3.09% | —% | (4.15)% |
| &nbsp;&nbsp;&nbsp;2023 | 7 | $9.88 | $72 | 2.53% | —% | 2.49% |
| &nbsp;&nbsp;&nbsp;2022 | 6 | $9.64 | $61 | 4.34% | —% | (21.69)% |
| &nbsp;&nbsp;&nbsp;2021 | 5 | $12.31 | $63 | 0.80% | —% | 1.32% |
| MFS® International Intrinsic Value Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **191** | $**29.73** | $**5676** | **1.36%** | **—%** | **32.96%** |
| &nbsp;&nbsp;&nbsp;2024 | 184 | $22.36 | $4115 | 1.15% | —% | 6.99% |
| &nbsp;&nbsp;&nbsp;2023 | 168 | $20.90 | $3514 | 0.49% | —% | 17.35% |
| &nbsp;&nbsp;&nbsp;2022 | 122 | $17.81 | $2165 | 0.55% | —% | (23.76)% |
| &nbsp;&nbsp;&nbsp;2021 | 63 | $23.36 | $1461 | 0.15% | —% | 10.29% |
| MFS® Mid Cap Value Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **336** | $**23.27** | $**7822** | **0.88%** | **—%** | **5.72%** |
| &nbsp;&nbsp;&nbsp;2024 | 277 | $22.01 | $6090 | 1.02% | —% | 13.51% |
| &nbsp;&nbsp;&nbsp;2023 | 256 | $19.39 | $4957 | 1.69% | —% | 12.41% |
| &nbsp;&nbsp;&nbsp;2022 | 172 | $17.25 | $2962 | 0.83% | —% | (9.02)% |
| &nbsp;&nbsp;&nbsp;2021 | 119 | $18.96 | $2263 | 0.82% | —% | 30.58% |
| MFS® New Discovery Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **43** | $**65.34** | $**2832** | **—%** | **—%** | **12.56%** |
| &nbsp;&nbsp;&nbsp;2024 | 42 | $58.05 | $2422 | —% | —% | 6.44% |
| &nbsp;&nbsp;&nbsp;2023 | 38 | $54.54 | $2049 | —% | —% | 14.24% |
| &nbsp;&nbsp;&nbsp;2022 | 35 | $47.74 | $1661 | —% | —% | (29.99)% |
| &nbsp;&nbsp;&nbsp;2021 | 26 | $68.19 | $1784 | —% | —% | 1.56% |
| MFS® New Discovery Value Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **114** | $**25.38** | $**2901** | **1.63%** | **—%** | **2.88%** |
| &nbsp;&nbsp;&nbsp;2024 | 99 | $24.67 | $2431 | 1.09% | —% | 9.16% |
| &nbsp;&nbsp;&nbsp;2023 | 89 | $22.60 | $2003 | 0.97% | —% | 11.22% |
| &nbsp;&nbsp;&nbsp;2022 | 66 | $20.32 | $1349 | 0.45% | —% | (11.23)% |
| &nbsp;&nbsp;&nbsp;2021 | 37 | $22.89 | $847 | 0.63% | —% | 33.86% |
| MFS® Research International Portfolio – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **97** | $**18.50** | $**1785** | **1.31%** | **—%** | **21.71%** |
| &nbsp;&nbsp;&nbsp;2024 | 74 | $15.20 | $1125 | 1.43% | —% | 2.84% |
| &nbsp;&nbsp;&nbsp;2023 | 68 | $14.78 | $1008 | 0.83% | —% | 12.82% |
| &nbsp;&nbsp;&nbsp;2022 | 54 | $13.10 | $709 | 1.77% | —% | (17.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 29 | $15.94 | $468 | 0.71% | —% | 11.24% |
| MFS® Total Return Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **16** | $**30.83** | $**488** | **2.32%** | **—%** | **10.90%** |
| &nbsp;&nbsp;&nbsp;2024 | 10 | $27.80 | $286 | 2.28% | —% | 7.46% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | $25.87 | $160 | 1.95% | —% | 10.23% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | $23.47 | $91 | 1.87% | —% | (9.83)% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | $26.03 | $38 | 1.81% | —% | 13.82% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| MFS® Utilities Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **151** | $**32.09** | $**4855** | **2.59%** | **—%** | **14.77%** |
| &nbsp;&nbsp;&nbsp;2024 | 169 | $27.96 | $4721 | 2.12% | —% | 11.35% |
| &nbsp;&nbsp;&nbsp;2023 | 172 | $25.11 | $4313 | 3.47% | —% | (2.33)% |
| &nbsp;&nbsp;&nbsp;2022 | 170 | $25.71 | $4383 | 2.17% | —% | 0.47% |
| &nbsp;&nbsp;&nbsp;2021 | 153 | $25.59 | $3924 | 1.58% | —% | 13.83% |
| MFS® Value Series – Service Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **88** | $**65.02** | $**5733** | **1.45%** | **—%** | **12.76%** |
| &nbsp;&nbsp;&nbsp;2024 | 69 | $57.66 | $3993 | 1.48% | —% | 11.36% |
| &nbsp;&nbsp;&nbsp;2023 | 47 | $51.78 | $2426 | 1.50% | —% | 7.63% |
| &nbsp;&nbsp;&nbsp;2022 | 28 | $48.11 | $1368 | 1.15% | —% | (6.15)% |
| &nbsp;&nbsp;&nbsp;2021 | 23 | $51.26 | $1169 | 1.10% | —% | 25.18% |
| MidCap Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **103** | $**216.32** | $**22275** | **0.32%** | **—%** | **1.78%** |
| &nbsp;&nbsp;&nbsp;2024 | 94 | $212.53 | $19949 | 0.25% | —% | 20.27% |
| &nbsp;&nbsp;&nbsp;2023 | 85 | $176.71 | $14958 | —% | —% | 26.08% |
| &nbsp;&nbsp;&nbsp;2022 | 62 | $140.16 | $8649 | 0.19% | —% | (22.98)% |
| &nbsp;&nbsp;&nbsp;2021 | 54 | $181.97 | $9890 | 0.14% | —% | 25.53% |
| Neuberger Berman AMT Mid Cap Growth Portfolio – S Class Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **6** | $**26.59** | $**153** | **—%** | **—%** | **5.22%** |
| &nbsp;&nbsp;&nbsp;2024 | 4 | $25.27 | $109 | —% | —% | 23.81% |
| &nbsp;&nbsp;&nbsp;2023 | 4 | $20.41 | $74 | —% | —% | 17.91% |
| &nbsp;&nbsp;&nbsp;2022 | 2 | $17.31 | $35 | —% | —% | (28.82)% |
| &nbsp;&nbsp;&nbsp;2021 (6) | 1 | $24.32 | $18 | —% | —% | 12.75% |
| Neuberger Berman AMT Quality Equity Portfolio – I Class Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025 (14)** | **36** | $**23.94** | $**868** | **—%** | **—%** | **13.73%** |
| &nbsp;&nbsp;&nbsp;2024 | 33 | $21.05 | $694 | 0.23% | —% | 25.82% |
| &nbsp;&nbsp;&nbsp;2023 | 34 | $16.73 | $562 | 0.34% | —% | 26.93% |
| &nbsp;&nbsp;&nbsp;2022 | 35 | $13.18 | $465 | 0.45% | —% | (18.44)% |
| &nbsp;&nbsp;&nbsp;2021 | 35 | $16.16 | $569 | 0.39% | —% | 23.45% |
| PIMCO VIT All Asset Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **13** | $**19.58** | $**248** | **4.94%** | **—%** | **14.24%** |
| &nbsp;&nbsp;&nbsp;2024 | 12 | $17.14 | $212 | 6.56% | —% | 3.88% |
| &nbsp;&nbsp;&nbsp;2023 | 9 | $16.50 | $157 | 3.13% | —% | 7.98% |
| &nbsp;&nbsp;&nbsp;2022 | 4 | $15.28 | $59 | 7.88% | —% | (11.83)% |
| &nbsp;&nbsp;&nbsp;2021 (6) | 1 | $17.33 | $22 | 3.67% | —% | 16.23% |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **30** | $**10.25** | $**311** | **3.01%** | **—%** | **18.77%** |
| &nbsp;&nbsp;&nbsp;2024 | 20 | $8.63 | $174 | 2.38% | —% | 4.10% |
| &nbsp;&nbsp;&nbsp;2023 | 22 | $8.29 | $181 | 14.84% | —% | (7.79)% |
| &nbsp;&nbsp;&nbsp;2022 | 22 | $8.99 | $197 | 19.52% | —% | 8.57% |
| &nbsp;&nbsp;&nbsp;2021 | 17 | $8.28 | $137 | 5.27% | —% | 33.33% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| PIMCO VIT Emerging Markets Bond Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **5** | $**17.01** | $**91** | **7.10%** | **—%** | **15.01%** |
| &nbsp;&nbsp;&nbsp;2024 | 7 | $14.79 | $109 | 6.38% | —% | 7.56% |
| &nbsp;&nbsp;&nbsp;2023 | 6 | $13.75 | $83 | 5.62% | —% | 11.16% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | $12.37 | $58 | 4.81% | —% | (15.74)% |
| &nbsp;&nbsp;&nbsp;2021 | 2 | $14.68 | $34 | 4.55% | —% | (2.59)% |
| PIMCO VIT High Yield Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **240** | $**25.78** | $**6179** | **6.27%** | **—%** | **9.01%** |
| &nbsp;&nbsp;&nbsp;2024 | 264 | $23.65 | $6245 | 5.73% | —% | 6.92% |
| &nbsp;&nbsp;&nbsp;2023 | 204 | $22.12 | $4510 | 5.53% | —% | 12.23% |
| &nbsp;&nbsp;&nbsp;2022 | 150 | $19.71 | $2965 | 5.09% | —% | (10.29)% |
| &nbsp;&nbsp;&nbsp;2021 | 91 | $21.97 | $1998 | 4.30% | —% | 3.63% |
| PIMCO VIT Long-Term U.S. Government Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **34** | $**10.98** | $**371** | **3.28%** | **—%** | **6.40%** |
| &nbsp;&nbsp;&nbsp;2024 | 29 | $10.32 | $297 | 2.73% | —% | (6.10)% |
| &nbsp;&nbsp;&nbsp;2023 | 39 | $10.99 | $429 | 2.37% | —% | 4.07% |
| &nbsp;&nbsp;&nbsp;2022 | 30 | $10.56 | $319 | 2.05% | —% | (28.94)% |
| &nbsp;&nbsp;&nbsp;2021 | 13 | $14.86 | $197 | 1.44% | —% | (4.74)% |
| PIMCO VIT Low Duration Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **71** | $**11.87** | $**848** | **3.87%** | **—%** | **5.51%** |
| &nbsp;&nbsp;&nbsp;2024 | 38 | $11.25 | $422 | 3.94% | —% | 4.55% |
| &nbsp;&nbsp;&nbsp;2023 | 28 | $10.76 | $299 | 3.68% | —% | 4.98% |
| &nbsp;&nbsp;&nbsp;2022 | 131 | $10.25 | $1347 | 1.80% | —% | (5.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 33 | $10.88 | $362 | 0.54% | —% | (0.91)% |
| PIMCO VIT Real Return Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **188** | $**16.23** | $**3042** | **3.42%** | **—%** | **7.91%** |
| &nbsp;&nbsp;&nbsp;2024 | 134 | $15.04 | $2023 | 2.58% | —% | 2.10% |
| &nbsp;&nbsp;&nbsp;2023 | 117 | $14.73 | $1723 | 3.01% | —% | 3.66% |
| &nbsp;&nbsp;&nbsp;2022 | 90 | $14.21 | $1280 | 6.83% | —% | (11.90)% |
| &nbsp;&nbsp;&nbsp;2021 | 52 | $16.13 | $831 | 5.25% | —% | 5.63% |
| PIMCO VIT Short-Term Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **346** | $**14.19** | $**4909** | **4.40%** | **—%** | **4.72%** |
| &nbsp;&nbsp;&nbsp;2024 | 263 | $13.55 | $3569 | 4.92% | —% | 6.03% |
| &nbsp;&nbsp;&nbsp;2023 | 233 | $12.78 | $2977 | 4.43% | —% | 5.97% |
| &nbsp;&nbsp;&nbsp;2022 | 123 | $12.06 | $1481 | 1.66% | —% | (0.17)% |
| &nbsp;&nbsp;&nbsp;2021 | 95 | $12.08 | $1143 | 0.98% | —% | (0.08)% |
| PIMCO VIT Total Return Portfolio – Administrative Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **375** | $**15.85** | $**5941** | **3.86%** | **—%** | **8.86%** |
| &nbsp;&nbsp;&nbsp;2024 | 91 | $14.56 | $1319 | 3.96% | —% | 2.54% |
| &nbsp;&nbsp;&nbsp;2023 | 63 | $14.20 | $898 | 3.58% | —% | 5.97% |
| &nbsp;&nbsp;&nbsp;2022 | 74 | $13.40 | $987 | 2.64% | —% | (14.32)% |
| &nbsp;&nbsp;&nbsp;2021 | 43 | $15.64 | $666 | 1.80% | —% | (1.26)% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Principal Capital Appreciation Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **235** | $**37.71** | $**8862** | **0.51%** | **—%** | **13.52%** |
| &nbsp;&nbsp;&nbsp;2024 | 213 | $33.22 | $7085 | 0.77% | —% | 25.83% |
| &nbsp;&nbsp;&nbsp;2023 | 188 | $26.40 | $4974 | 0.84% | —% | 25.18% |
| &nbsp;&nbsp;&nbsp;2022 | 160 | $21.09 | $3381 | 0.79% | —% | (16.44)% |
| &nbsp;&nbsp;&nbsp;2021 | 150 | $25.24 | $3786 | 0.89% | —% | 27.86% |
| Principal LifeTime 2020 Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **523** | $**36.51** | $**19102** | **2.79%** | **—%** | **11.31%** |
| &nbsp;&nbsp;&nbsp;2024 | 553 | $32.80 | $18141 | 2.89% | —% | 7.43% |
| &nbsp;&nbsp;&nbsp;2023 | 443 | $30.53 | $13538 | 2.69% | —% | 12.28% |
| &nbsp;&nbsp;&nbsp;2022 | 355 | $27.19 | $9659 | 3.41% | —% | (14.39)% |
| &nbsp;&nbsp;&nbsp;2021 | 215 | $31.76 | $6818 | 1.67% | —% | 9.18% |
| Principal LifeTime 2030 Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **1998** | $**41.45** | $**82859** | **2.35%** | **—%** | **13.22%** |
| &nbsp;&nbsp;&nbsp;2024 | 1735 | $36.61 | $63554 | 2.26% | —% | 9.02% |
| &nbsp;&nbsp;&nbsp;2023 | 1455 | $33.57 | $48845 | 1.82% | —% | 15.08% |
| &nbsp;&nbsp;&nbsp;2022 | 1006 | $29.17 | $29343 | 3.07% | —% | (16.85)% |
| &nbsp;&nbsp;&nbsp;2021 | 621 | $35.08 | $21797 | 1.46% | —% | 12.79% |
| Principal LifeTime 2040 Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **1258** | $**48.61** | $**61187** | **1.63%** | **—%** | **15.57%** |
| &nbsp;&nbsp;&nbsp;2024 | 999 | $42.06 | $42050 | 1.80% | —% | 11.54% |
| &nbsp;&nbsp;&nbsp;2023 | 790 | $37.71 | $29805 | 1.37% | —% | 18.28% |
| &nbsp;&nbsp;&nbsp;2022 | 571 | $31.88 | $18196 | 3.55% | —% | (18.11)% |
| &nbsp;&nbsp;&nbsp;2021 | 357 | $38.93 | $13883 | 1.36% | —% | 15.28% |
| Principal LifeTime 2050 Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **612** | $**52.91** | $**32416** | **1.40%** | **—%** | **17.49%** |
| &nbsp;&nbsp;&nbsp;2024 | 501 | $45.03 | $22555 | 1.51% | —% | 13.28% |
| &nbsp;&nbsp;&nbsp;2023 | 345 | $39.75 | $13699 | 1.21% | —% | 20.37% |
| &nbsp;&nbsp;&nbsp;2022 | 240 | $33.02 | $7939 | 3.74% | —% | (18.81)% |
| &nbsp;&nbsp;&nbsp;2021 | 154 | $40.67 | $6263 | 1.16% | —% | 17.03% |
| Principal LifeTime 2060 Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **580** | $**31.19** | $**18085** | **1.31%** | **—%** | **17.65%** |
| &nbsp;&nbsp;&nbsp;2024 | 442 | $26.51 | $11707 | 1.35% | —% | 13.29% |
| &nbsp;&nbsp;&nbsp;2023 | 366 | $23.40 | $8563 | 1.14% | —% | 20.31% |
| &nbsp;&nbsp;&nbsp;2022 | 259 | $19.45 | $5038 | 3.45% | —% | (18.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 199 | $23.95 | $4760 | 1.04% | —% | 17.98% |
| Principal LifeTime Strategic Income Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **350** | $**25.76** | $**9004** | **3.14%** | **—%** | **10.46%** |
| &nbsp;&nbsp;&nbsp;2024 | 290 | $23.32 | $6768 | 2.69% | —% | 6.73% |
| &nbsp;&nbsp;&nbsp;2023 | 245 | $21.85 | $5356 | 1.40% | —% | 10.75% |
| &nbsp;&nbsp;&nbsp;2022 | 76 | $19.72 | $1502 | 3.54% | —% | (13.09)% |
| &nbsp;&nbsp;&nbsp;2021 | 53 | $22.69 | $1200 | 2.30% | —% | 4.51% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Putnam VT International Value Fund – Class IB: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **45** | $**21.01** | $**953** | **0.90%** | **—%** | **34.68%** |
| &nbsp;&nbsp;&nbsp;2024 | 25 | $15.60 | $385 | 1.98% | —% | 5.19% |
| &nbsp;&nbsp;&nbsp;2023 | 11 | $14.83 | $169 | 1.18% | —% | 18.73% |
| &nbsp;&nbsp;&nbsp;2022 | 5 | $12.49 | $64 | 1.70% | —% | (6.86)% |
| &nbsp;&nbsp;&nbsp;2021 (5) | 1 | $13.41 | $13 | 0.77% | —% | 15.01% |
| Putnam VT Large Cap Growth Fund – Class IB: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **317** | $**48.00** | $**15203** | **—%** | **—%** | **14.34%** |
| &nbsp;&nbsp;&nbsp;2024 | 247 | $41.98 | $10381 | —% | —% | 33.40% |
| &nbsp;&nbsp;&nbsp;2023 | 176 | $31.47 | $5552 | —% | —% | 44.49% |
| &nbsp;&nbsp;&nbsp;2022 | 99 | $21.78 | $2149 | —% | —% | (30.50)% |
| &nbsp;&nbsp;&nbsp;2021 | 67 | $31.34 | $2112 | —% | —% | 22.66% |
| Putnam VT Small Cap Growth Fund – Class IB: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **71** | $**11.93** | $**853** | **0.30%** | **—%** | **8.85%** |
| &nbsp;&nbsp;&nbsp;2024 (11) | 33 | $10.96 | $366 | —% | —% | 10.26% |
| Putnam VT Small Cap Value Fund – Class IB: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **12** | $**11.04** | $**131** | **0.42%** | **—%** | **5.34%** |
| &nbsp;&nbsp;&nbsp;2024 (11) | 5 | $10.48 | $53 | —% | —% | 5.86% |
| Real Estate Securities Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **137** | $**118.93** | $**16264** | **1.60%** | **—%** | **1.24%** |
| &nbsp;&nbsp;&nbsp;2024 | 130 | $117.47 | $15263 | 2.40% | —% | 5.58% |
| &nbsp;&nbsp;&nbsp;2023 | 124 | $111.26 | $13835 | 2.05% | —% | 13.33% |
| &nbsp;&nbsp;&nbsp;2022 | 118 | $98.17 | $11610 | 1.33% | —% | (25.41)% |
| &nbsp;&nbsp;&nbsp;2021 | 87 | $131.62 | $11476 | 1.52% | —% | 40.44% |
| Rydex VI Basic Materials Fund: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **13** | $**18.61** | $**245** | **1.48%** | **—%** | **32.83%** |
| &nbsp;&nbsp;&nbsp;2024 | 13 | $14.01 | $187 | 0.99% | —% | (2.44)% |
| &nbsp;&nbsp;&nbsp;2023 | 14 | $14.36 | $206 | —% | —% | 8.95% |
| &nbsp;&nbsp;&nbsp;2022 | 9 | $13.18 | $118 | 0.62% | —% | (9.66)% |
| &nbsp;&nbsp;&nbsp;2021 | 6 | $14.59 | $94 | 0.68% | —% | 23.02% |
| Rydex VI Utilities Fund: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **2** | $**18.55** | $**37** | **1.80%** | **—%** | **17.03%** |
| &nbsp;&nbsp;&nbsp;2024 |  | $15.85 | $— | —% | —% | 19.89% |
| &nbsp;&nbsp;&nbsp;2023 |  | $13.22 | $— | 2.65% | —% | (7.16)% |
| &nbsp;&nbsp;&nbsp;2022 |  | $14.24 | $4 | 0.93% | —% | 1.06% |
| &nbsp;&nbsp;&nbsp;2021 |  | $14.09 | $4 | 1.54% | —% | 14.55% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| SAM Balanced Portfolio – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **1219** | $**34.00** | $**41458** | **2.39%** | **—%** | **13.98%** |
| &nbsp;&nbsp;&nbsp;2024 | 1175 | $29.82 | $35031 | 2.04% | —% | 12.61% |
| &nbsp;&nbsp;&nbsp;2023 | 1098 | $26.48 | $29062 | 2.43% | —% | 15.99% |
| &nbsp;&nbsp;&nbsp;2022 | 1050 | $22.83 | $23962 | 2.40% | —% | (16.16)% |
| &nbsp;&nbsp;&nbsp;2021 | 1165 | $27.22 | $31717 | 1.60% | —% | 13.74% |
| SAM Conservative Balanced Portfolio – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **383** | $**28.21** | $**10809** | **2.84%** | **—%** | **11.68%** |
| &nbsp;&nbsp;&nbsp;2024 | 402 | $25.26 | $10151 | 2.59% | —% | 8.97% |
| &nbsp;&nbsp;&nbsp;2023 | 465 | $23.18 | $10790 | 3.12% | —% | 11.98% |
| &nbsp;&nbsp;&nbsp;2022 | 368 | $20.70 | $7625 | 2.47% | —% | (14.46)% |
| &nbsp;&nbsp;&nbsp;2021 | 307 | $24.20 | $7437 | 1.87% | —% | 9.70% |
| SAM Conservative Growth Portfolio – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **1477** | $**38.64** | $**57070** | **1.71%** | **—%** | **15.55%** |
| &nbsp;&nbsp;&nbsp;2024 | 1454 | $33.44 | $48638 | 1.52% | —% | 15.23% |
| &nbsp;&nbsp;&nbsp;2023 | 1408 | $29.02 | $40869 | 1.80% | —% | 19.37% |
| &nbsp;&nbsp;&nbsp;2022 | 1342 | $24.31 | $32623 | 2.14% | —% | (17.79)% |
| &nbsp;&nbsp;&nbsp;2021 | 1258 | $29.57 | $37189 | 1.22% | —% | 17.71% |
| SAM Flexible Income Portfolio – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **287** | $**25.03** | $**7178** | **3.43%** | **—%** | **9.97%** |
| &nbsp;&nbsp;&nbsp;2024 | 320 | $22.76 | $7290 | 3.10% | —% | 6.65% |
| &nbsp;&nbsp;&nbsp;2023 | 319 | $21.34 | $6799 | 3.41% | —% | 9.38% |
| &nbsp;&nbsp;&nbsp;2022 | 330 | $19.51 | $6428 | 2.96% | —% | (13.10)% |
| &nbsp;&nbsp;&nbsp;2021 | 287 | $22.45 | $6436 | 2.30% | —% | 6.85% |
| SAM Strategic Growth Portfolio – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **2301** | $**42.15** | $**96987** | **1.36%** | **—%** | **16.86%** |
| &nbsp;&nbsp;&nbsp;2024 | 2324 | $36.07 | $83834 | 1.12% | —% | 16.99% |
| &nbsp;&nbsp;&nbsp;2023 | 2270 | $30.83 | $69976 | 1.41% | —% | 21.86% |
| &nbsp;&nbsp;&nbsp;2022 | 2140 | $25.30 | $54126 | 2.16% | —% | (18.81)% |
| &nbsp;&nbsp;&nbsp;2021 | 2106 | $31.14 | $65593 | 0.97% | —% | 19.86% |
| Short-Term Income Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **860** | $**16.21** | $**13939** | **3.48%** | **—%** | **5.47%** |
| &nbsp;&nbsp;&nbsp;2024 | 1368 | $15.37 | $21016 | 3.43% | —% | 5.13% |
| &nbsp;&nbsp;&nbsp;2023 | 1239 | $14.62 | $18109 | 1.88% | —% | 5.56% |
| &nbsp;&nbsp;&nbsp;2022 | 1090 | $13.85 | $15096 | 1.31% | —% | (3.42)% |
| &nbsp;&nbsp;&nbsp;2021 | 556 | $14.34 | $7977 | 1.59% | —% | (0.69)% |
| SmallCap Account – Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **159** | $**63.64** | $**10093** | **0.33%** | **—%** | **15.08%** |
| &nbsp;&nbsp;&nbsp;2024 | 159 | $55.30 | $8804 | 0.37% | —% | 7.00% |
| &nbsp;&nbsp;&nbsp;2023 | 140 | $51.68 | $7251 | 0.30% | —% | 15.54% |
| &nbsp;&nbsp;&nbsp;2022 | 127 | $44.73 | $5697 | 0.06% | —% | (20.64)% |
| &nbsp;&nbsp;&nbsp;2021 | 106 | $56.36 | $5963 | 0.32% | —% | 20.12% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| T. Rowe Price Health Sciences Portfolio – II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **44** | $**22.82** | $**995** | **—%** | **—%** | **17.81%** |
| &nbsp;&nbsp;&nbsp;2024 | 41 | $19.37 | $795 | —% | —% | 1.41% |
| &nbsp;&nbsp;&nbsp;2023 | 34 | $19.10 | $647 | —% | —% | 2.69% |
| &nbsp;&nbsp;&nbsp;2022 | 22 | $18.60 | $407 | —% | —% | (12.72)% |
| &nbsp;&nbsp;&nbsp;2021 | 10 | $21.31 | $223 | —% | —% | 12.87% |
| TOPS® Managed Risk Balanced ETF Portfolio – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **72** | $**18.44** | $**1330** | **2.98%** | **—%** | **9.05%** |
| &nbsp;&nbsp;&nbsp;2024 | 52 | $16.91 | $882 | 2.80% | —% | 6.09% |
| &nbsp;&nbsp;&nbsp;2023 | 47 | $15.94 | $749 | 0.30% | —% | 9.03% |
| &nbsp;&nbsp;&nbsp;2022 | 41 | $14.62 | $603 | 19.87% | —% | (11.87)% |
| &nbsp;&nbsp;&nbsp;2021 | 36 | $16.59 | $591 | 1.12% | —% | 8.57% |
| TOPS® Managed Risk Growth ETF Portfolio – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **151** | $**21.00** | $**3181** | **2.24%** | **—%** | **11.64%** |
| &nbsp;&nbsp;&nbsp;2024 | 153 | $18.81 | $2875 | 2.39% | —% | 7.73% |
| &nbsp;&nbsp;&nbsp;2023 | 147 | $17.46 | $2570 | 0.49% | —% | 11.14% |
| &nbsp;&nbsp;&nbsp;2022 | 139 | $15.71 | $2188 | 7.96% | —% | (13.73)% |
| &nbsp;&nbsp;&nbsp;2021 | 146 | $18.21 | $2656 | 1.11% | —% | 12.55% |
| TOPS® Managed Risk Moderate Growth ETF Portfolio – Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **93** | $**20.44** | $**1912** | **2.47%** | **—%** | **10.31%** |
| &nbsp;&nbsp;&nbsp;2024 | 91 | $18.53 | $1677 | 2.27% | —% | 7.61% |
| &nbsp;&nbsp;&nbsp;2023 | 105 | $17.22 | $1814 | 0.42% | —% | 10.31% |
| &nbsp;&nbsp;&nbsp;2022 | 97 | $15.61 | $1514 | 15.59% | —% | (13.33)% |
| &nbsp;&nbsp;&nbsp;2021 | 93 | $18.01 | $1676 | 1.15% | —% | 11.04% |
| VanEck VIP Trust Global Resources Fund – Class S Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **155** | $**10.92** | $**1689** | **2.58%** | **—%** | **36.16%** |
| &nbsp;&nbsp;&nbsp;2024 | 131 | $8.02 | $1052 | 2.22% | —% | (3.02)% |
| &nbsp;&nbsp;&nbsp;2023 | 218 | $8.27 | $1806 | 2.61% | —% | (3.84)% |
| &nbsp;&nbsp;&nbsp;2022 | 165 | $8.60 | $1422 | 1.59% | —% | 8.04% |
| &nbsp;&nbsp;&nbsp;2021 | 178 | $7.96 | $1416 | 0.33% | —% | 18.63% |
| VanEck VIP Trust Global Resources Fund – Initial Class Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **16** | $**13.15** | $**216** | **2.35%** | **—%** | **36.55%** |
| &nbsp;&nbsp;&nbsp;2024 | 22 | $9.63 | $208 | 2.65% | —% | (2.83)% |
| &nbsp;&nbsp;&nbsp;2023 | 17 | $9.91 | $165 | 3.00% | —% | (3.60)% |
| &nbsp;&nbsp;&nbsp;2022 | 7 | $10.28 | $76 | 1.64% | —% | 8.32% |
| &nbsp;&nbsp;&nbsp;2021 | 1 | $9.49 | $10 | 0.18% | —% | 18.92% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** | **For the year ended December 31, except<br> as noted** |
| <br>**Division** | **Units<br> (000's)** | **Unit fair<br> value** | **Net assets<br> (000's)** | **Investment<br> income<br> ratio (1)** | **Expense<br> ratio (2)** | **Total return<br> (3)** |
| Vanguard VIF Balanced Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **136** | $**68.66** | $**9335** | **1.93%** | **—%** | **16.47%** |
| &nbsp;&nbsp;&nbsp;2024 | 110 | $58.95 | $6472 | 1.90% | —% | 14.80% |
| &nbsp;&nbsp;&nbsp;2023 | 69 | $51.35 | $3545 | 1.60% | —% | 14.31% |
| &nbsp;&nbsp;&nbsp;2022 | 33 | $44.92 | $1503 | 1.27% | —% | (14.29)% |
| &nbsp;&nbsp;&nbsp;2021 | 9 | $52.41 | $453 | 1.40% | —% | 19.01% |
| Vanguard VIF Conservative Allocation Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **15** | $**12.06** | $**179** | **2.74%** | **—%** | **12.71%** |
| &nbsp;&nbsp;&nbsp;2024 | 13 | $10.70 | $141 | 2.45% | —% | 7.54% |
| &nbsp;&nbsp;&nbsp;2023 (9) | 9 | $9.95 | $90 | —% | —% | 6.53% |
| Vanguard VIF Equity Income Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **131** | $**15.45** | $**2022** | **1.16%** | **—%** | **16.78%** |
| &nbsp;&nbsp;&nbsp;2024 | 21 | $13.23 | $284 | 1.01% | —% | 15.14% |
| &nbsp;&nbsp;&nbsp;2023 (9) |  | $11.49 | $1 | —% | —% | 10.59% |
| Vanguard VIF Global Bond Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **310** | $**10.05** | $**3112** | **2.17%** | **—%** | **5.68%** |
| &nbsp;&nbsp;&nbsp;2024 | 176 | $9.51 | $1672 | 2.38% | —% | 2.04% |
| &nbsp;&nbsp;&nbsp;2023 | 124 | $9.32 | $1153 | 1.41% | —% | 6.51% |
| &nbsp;&nbsp;&nbsp;2022 | 71 | $8.75 | $622 | 1.20% | —% | (13.11)% |
| &nbsp;&nbsp;&nbsp;2021 (5) | 20 | $10.07 | $205 | 0.49% | —% | (1.85)% |
| Vanguard VIF International Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **65** | $**10.44** | $**679** | **0.41%** | **—%** | **19.86%** |
| &nbsp;&nbsp;&nbsp;2024 | 16 | $8.71 | $142 | 0.88% | —% | 9.01% |
| &nbsp;&nbsp;&nbsp;2023 (8) | 4 | $7.99 | $32 | —% | —% | 14.63% |
| Vanguard VIF Mid-Cap Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **442** | $**85.87** | $**37941** | **1.15%** | **—%** | **11.55%** |
| &nbsp;&nbsp;&nbsp;2024 | 367 | $76.98 | $28268 | 1.20% | —% | 15.07% |
| &nbsp;&nbsp;&nbsp;2023 | 278 | $66.90 | $18567 | 1.27% | —% | 15.84% |
| &nbsp;&nbsp;&nbsp;2022 | 220 | $57.75 | $12678 | 0.88% | —% | (18.82)% |
| &nbsp;&nbsp;&nbsp;2021 | 99 | $71.14 | $7013 | 0.78% | —% | 24.35% |
| Vanguard VIF Real Estate Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**2025** | **24** | $**10.83** | $**265** | **2.59%** | **—%** | **3.04%** |
| &nbsp;&nbsp;&nbsp;2024 | 20 | $10.51 | $206 | 2.23% | —% | 4.79% |
| &nbsp;&nbsp;&nbsp;2023 (8) | 5 | $10.03 | $45 | 0.92% | —% | 11.69% |

---

Principal National Life Insurance Co

Variable Life Separate Account

Notes to Financial Statements

December 31, 2025

(1) These amounts represent the dividends, excluding distributions of capital gains, received by the
division from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets.
These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values.
The recognition of investment income by the division is affected by the timing of the declaration of dividends by the underlying
fund in which the divisions invest. These ratios are annualized for periods less than one year.

(2) These ratios represent the annualized contract expenses of the division, consisting primarily of
mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction
to unit values. Charges made directly to contractholder accounts through the redemption of units and expenses of the underlying
fund are excluded.

(3) These amounts represent the total return for the years indicated, including changes in the value
of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any
expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in
the total return presented. Investment options with a date notation indicate the effective date of that investment option in the
variable account. For purposes of the total return calculation the beginning unit value is typically equal to an investment option
with a similar expense structure and if no such similar investment option exists, a beginning unit value of ten would typically
be used. The total return is calculated for the year indicated or from the effective date through the end of the reporting period.
Total returns have not been annualized for periods less than one year. These percentages represent the range of total returns available
as of the report date and correspond with the expense ratio lowest to highest.

(4) Commenced operations June 5, 2020. Fund did not have net assets until 2022.

(5) Fund was made available to policyholders on June 8, 2020. Fund did not have net assets until 2021.

(6) Fund was made available to policyholders on January 1, 2020. Fund did not have net assets until
2021. (7) Fund was made available to policyholders on June 6, 2022. Investment income
ratios have been annualized for the year ended December 31, 2022.

(8) Fund was made available to policyholders on June 6, 2022. Fund did not have net assets until 2023.

(9) Fund was made available to policyholders on June 5, 2023. Investment income
ratios have been annualized for the year ended December 31, 2023.

(10) Fund was made available to policyholders on April 26, 2024. Investment income
ratios have been annualized for the year ended December 31, 2024.

(11) Fund was made available to policyholders on June 3, 2024. Investment income
ratios have been annualized for the year ended December 31, 2024.

(12) Fund was made available to policyholders on June 3, 2024. Fund did not have net assets until 2025.

(13) Represented the operations of Wanger International until June 2, 2025.

(14) Represented the operations of Neuberger Berman AMT Sustainable Equity Portfolio
- I Class Shares until July 30, 2025.

**7.** **Subsequent Events** 

The Separate Account performed an evaluation of subsequent events through April 2, 2026, and determined no items required recognition or disclosure.

STATUTORY-BASIS FINANCIAL STATEMENTS

Principal National Life Insurance Company<br> Years Ended December 31, 2025, 2024 and 2023

Principal National Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2025, 2024 and 2023

**Contents**

---

| | |
|:---|:---|
| Report of Independent Auditors |  |
| Audited Statutory-Basis Financial Statements |  |
| Statutory-Basis Statements of Financial Position | 1 |
| Statutory-Basis Statements of Operations and Capital and Surplus | 2 |
| Statutory-Basis Statements of Cash Flows | 3 |
| Notes to Statutory-Basis Financial Statements | 4 |

---

---

| | | |
|:---|:---|:---|
| ![](tm2612469d3_img002.jpg) | Ernst & Young LLP<br> Suite 3100 <br>801 Grand Avenue<br>Des Moines, IA 50309-2764 | Tel: +1 515 243 2727<br> ey.com |

---

Report of Independent Auditors

The Board of Directors and Stockholder

Principal National Life Insurance Company

**Opinion**

We have audited the statutory-basis financial statements of Principal National Life Insurance Company (the Company), which comprise the statutory-basis statements of financial position as of December 31, 2025 and 2024, and the related statutory-basis statements of operations and capital and surplus and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the financial statements (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory-Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, on the basis of accounting described in Note 1.

*Adverse Opinion on US. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

A member firm of Ernst & Young Global Limited

![](tm2612469d3_img003.jpg)

 

*Basis for Adverse Opinion on US. Generally Accepted Accounting Principles*

As described in Note 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Insurance Division of the Department oflnsurance and Financial Services of the State oflowa, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Insurance and Financial Services of the State of Iowa. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

A member firm of Ernst & Young Global Limited

![](tm2612469d3_img003.jpg)

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;• Exercise
 professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;• Identify
 and assess the risks of material misstatement of the financial statements, whether due
 to fraud or error, and design and perform audit procedures responsive to those risks.
 Such procedures include examining, on a test basis, evidence regarding the amounts and
 disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain
 an understanding of internal control relevant to the audit in order to design audit procedures
 that are appropriate in the circumstances, but not for the purpose of expressing an opinion
 on the effectiveness of the Company's internal control. Accordingly, no such opinion
 is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate
 the appropriateness of accounting policies used and the reasonableness of significant
 accounting estimates made by management, as well as evaluate the overall presentation
 of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude
 whether, in our judgment, there are conditions or events, considered in the aggregate,
 that raise substantial doubt about the Company's ability to continue as a going
 concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

![](tm2612469d3_img004.jpg)

April 9, 2026

A member firm of Ernst & Young Global Limited

**Principal National Life Insurance Company**<br> **Statutory-Basis Statements of Financial Position**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Admitted assets** |  |  |
| Bonds | $**64535915** | $66472209 |
| Cash, cash equivalents and short-term investments | **10309663** | 11082831 |
| Accrued investment income | **596265** | 586088 |
| Amounts receivable on reinsurance | **9733473** | 9765259 |
| Net deferred tax asset | **9924665** | 10186397 |
| Separate Account assets | **1878551247** | 1384647616 |
| Receivables from parent, subsidiaries and affiliates | **16948** | 17089 |
| Receivables for securities | **72552** | 45600 |
| Admitted disallowed interest maintenance reserve | **47520** |  |
| Other assets | **2015969** | 1923504 |
| Total admitted assets | $**1975804217** | $1484726593 |
| **Liabilities** |  |  |
| Insurance reserves | $**16771** | $16833 |
| Asset valuation reserve | **604259** | 631101 |
| Interest maintenance reserve |  | 109466 |
| Payables to parent, subsidiaries and affiliates | **14952160** | 11162310 |
| Federal income tax payable | **2958705** | 2482170 |
| Separate Account liabilities | **1878551247** | 1384647616 |
| Other liabilities | **2631978** | 7581386 |
| Total liabilities | **1899715120** | 1406630882 |
| **Capital and surplus** |  |  |
| Common capital stock, par value $1 per share - 5,000,000 shares authorized, 2,500,000 shares issued and outstanding (wholly owned indirectly by Principal Financial Group, Inc.) | **2500000** | 2500000 |
| Preferred stock, par value $1 per share - 1,000,000 shares authorized, none issued and outstanding |  |  |
| Paid-in and contributed surplus | **131642157** | 128475343 |
| Special surplus funds | **47520** |  |
| Unassigned deficit | **(58100580)** | (52879632) |
| Total capital and surplus | **76089097** | 78095711 |
| Total liabilities and capital and surplus | $**1975804217** | $1484726593 |

---

 

*See accompanying notes.*

**Principal National Life Insurance Company**<br> **Statutory-Basis Statements of Operations and Capital and Surplus**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Income** |  |  |  |
| Premiums and annuity and other considerations | $**7874** | $7690 | $8564 |
| Net investment income | **1695916** | 1408567 | 1399907 |
| Commissions and expense allowances on reinsurance ceded | **261567135** | 272299612 | 256447511 |
| Other income | **318985731** | 278378446 | 262053879 |
| Total income | **582256656** | 552094315 | 519909861 |
| **Benefits and expenses** |  |  |  |
| Changes to policyholder reserves | **(62)** | (775) | (601) |
| Net transfers to Separate Accounts | **315814292** | 275888822 | 260191294 |
| Insurance expenses and taxes | **264389553** | 274337664 | 258478274 |
| Total benefits and expenses | **580203783** | 550225711 | 518668967 |
| Gain from operations before federal income taxes and net realized capital gains (losses) | **2052873** | 1868604 | 1240894 |
| Federal income taxes (excluding tax on net realized capital gains (losses)) | **6593486** | 6881695 | 5372827 |
| Net loss from operations before net realized capital gains (losses) | **(4540613)** | (5013091) | (4131933) |
| Net realized capital gains (losses) net of related taxes | **(137089)** | (120613) | 16429 |
| Net loss | $**(4677702)** | $(5133704) | $(4115504) |
| **Capital and surplus** |  |  |  |
| Common capital stock at beginning and end of year | $**2500000** | $2500000 | $2500000 |
| Paid-in and contributed surplus at beginning of year | $**128475343** | $125633523 | $122936714 |
| Other adjustments | **3166814** | 2841820 | 2696809 |
| Paid-in and contributed surplus at end of year | $**131642157** | $128475343 | $125633523 |
| Unassigned deficit and special surplus funds at beginning of year | $**(52879632)** | $(47116791) | $(42530766) |
| Net loss | **(4677702)** | (5133704) | (4115504) |
| Change in non-admitted assets and related items | **(7712389)** | (7667056) | (6182924) |
| Change in net deferred taxes | **7464304** | 7296105 | 5946235 |
| Change in asset valuation reserve | **26842** | 25468 | 14003 |
| Other adjustments | **(274483)** | (283654) | (247835) |
| Unassigned deficit and special surplus funds at end of year | $**(58053060)** | $(52879632) | $(47116791) |
| Total capital and surplus | $**76089097** | $78095711 | $81016732 |

---

 

*See accompanying notes.*

**Principal National Life Insurance Company**<br> **Statutory-Basis Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Operating activities** |  |  |  |
| Premiums and annuity and other considerations received | $**42420486** | $36273334 | $30495017 |
| Net investment income received | **2722490** | 2947114 | 2900481 |
| Reinsured benefit payments other than dividends | **276275414** | 241693624 | 231189367 |
| Insurance expenses and taxes received (paid) | **(496789)** | (1160663) | 6403084 |
| Federal income taxes paid | **(6254040)** | (5722063) | (8114364) |
| Net transfers for Separate Accounts operations | **(316708774)** | (274464871) | (261679209) |
| Net cash provided by (used in) operating activities | **(2041213)** | (433525) | 1194376 |
| **Investing activities** |  |  |  |
| Bonds sold and matured | **1612300** | 3002552 | 266237 |
| Other investing activities | **(26951)** | 35081 | 1965 |
| Net cash provided by investing activities | **1585349** | 3037633 | 268202 |
| **Financing and miscellaneous activities** |  |  |  |
| Other cash provided (applied) | **(317304)** | 7190880 | (1079105) |
| Net cash provided by (used in) financing and miscellaneous activities | **(317304)** | 7190880 | (1079105) |
| Net increase (decrease) in cash, cash equivalents and short-term investments | **(773168)** | 9794988 | 383473 |
| Cash, cash equivalents and short-term investments at beginning of year | **11082831** | 1287843 | 904370 |
| Cash, cash equivalents and short-term investments at end of year | $**1023092663** | $11082831 | $1287843 |

---

*See accompanying notes.*

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements<br> December 31, 2025**

1. Nature of Operations and Significant Accounting Policies

**Description of Business**

Principal National Life Insurance Company is a direct wholly owned subsidiary of Principal Financial Services, Inc. ("PFS"), which in turn is a direct wholly owned subsidiary of Principal Financial Group, Inc. ("PFG"), our ultimate parent. We are a life insurance company licensed in 49 states selling traditional term, universal life, variable universal life and indexed universal life insurance products.

**Basis of Presentation**

Our financial statements have been prepared in conformity with accounting practices and procedures of the National Association ofinsurance Commissioners ("NAIC") as prescribed or permitted by the State ofiowa.

The Insurance Division of the Department ofinsurance & Financial Services of the State ofiowa ("Iowa Insurance Division") recognizes only statutory accounting practices prescribed or permitted by the State ofiowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Iowa Insurance Law. The NATC's *Accounting Practices and Procedures Manual* has been adopted as a component of prescribed practices by the State ofiowa. The Commissioner oflnsurance of the State oflowa (the "Commissioner") has the right to permit other specific practices that deviate from the prescribed practices.

The more significant differences between statutory accounting practices and U.S. generally accepted accounting principles ("U.S. GAAP"), are as follows:

Investments in bonds are reported at amortized cost or fair value based on their designation or value from the NAIC for statutory purposes. For U.S. GAAP purposes, such investments in fixed maturities are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity investments in fixed maturities are reported at amortized cost. The remaining investments in fixed maturities are reported at fair value with the unrealized holding gains and losses reported in net income for those designated as trading and as a separate component of equity for those designated as available-for-sale.

The costs of acquiring and renewing certain business are charged to net income as incurred for statutory purposes rather than deferred and amortized on a constant level basis over the expected life of the related contracts for U.S. GAAP purposes.

Policy reserves on traditional term life insurance products for statutory purposes are based on prescribed mortality, morbidity, and interest rates. Additionally, policies issued on or after January 1, 2020, use VM-20: *Requirements for Principle-Based Reserves for Life Products* ("VM-20") for statutory purposes. The VM-20 net premium reserves are based on prescribed assumptions and the deterministic reserve uses prudent estimate assumptions and interest scenario. These may differ from reserves based on the present value of expected future policy benefit payments less the present value of expected net premiums computed for issue year cohorts using assumptions for mortality, interest, morbidity and lapse used for U.S. GAAP purposes.

Policy reserves on interest sensitive universal life, variable universal life and indexed universal life insurance products for statutory purposes are based on prescribed mortality, morbidity, lapse (for some universal life secondary guarantee reserves) and interest rates. Additionally, policies issued on or after January 1, 2020, use VM-20 principle-based reserves for statutory purposes. The VM-20 net premium reserves are based on prescribed assumptions and the deterministic and stochastic reserves use prudent estimate assumptions and interest/equity scenarios. This differs from the full account values under U.S. GAAP.

Reinsurance amounts are netted against the corresponding policyholder receivable or payable balances for statutory purposes rather than shown as gross amounts on the statements of financial position under U.S. GAAP.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

For statutory purposes, the deferred tax asset ("DTA"), net of any valuation allowance established for the DTA not yet realizable, is limited to (1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a timeframe corresponding with Internal Revenue Service ("IRS") tax loss carryback provisions, not to exceed three years, plus (2) the lesser of the remaining gross DTA expected to be realized within three years of the date of the statement of financial position or 15% of capital and surplus excluding any net DTA, electronic data processing equipment and operating software and any net positive goodwill, plus (3) the amount of remaining gross DTA that can be offset against the existing gross deferred tax liability ("DTL"). The remaining DTA is non-admitted. Under U.S. GAAP, a DTA is recorded for the amount of gross DTA expected to be realized in future years, and a valuation allowance is established for the DTA not realizable. All changes in the gross DTA and DTL are recorded directly to unassigned surplus for statutory purposes. Certain changes to the DTA and DTL, including changes in tax rates, are reported directly to net income under U.S. GAAP.

Under a formula determined by the NAIC, we defer in the Interest Maintenance Reserve ("IMR") the portion ofrealized gains and losses on sales (net of federal income tax) of fixed income investments, principally bonds, attributable to changes in the general level of interest rates and amortize those deferrals over the remaining period to maturity. Realized capital gains and losses are reported in net income net of federal income taxes and transfers to the IMR for statutory purposes rather than reported in net income in the period the gain or loss occurs under U.S. GAAP.

Declines in the value of investments due to noninterest related risk are provided for through the establishment of an Asset Valuation Reserve ("AVR"), which is carried as a liability. The reserve is determined by an NAIC prescribed formula with changes charged directly to unassigned surplus. The reserve is not recognized for U.S. GAAP.

Certain assets designated as "non-admitted assets" have been charged directly to unassigned surplus for statutory purposes rather than being reported as assets, as applicable, under U.S. GAAP.

For statutory purposes, revenues for universal life, variable universal life and indexed universal life-type policies consist of premiums received. Under U.S. GAAP, revenues consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values. Amounts received as payments for such contracts are not reported as premium revenue under U.S. GAAP.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the statutory-basis financial statements and accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Included among the material (or potentially material) reported amounts and disclosures that require extensive use of estimates are the fair value of certain invested assets, policy and contract liabilities and income taxes.

**Accounting Changes**

In August 2023, the NAIC adopted revisions to Statement of Statutory Accounting Principles ("SSAP") No. 26, *Bonds,* SSAP No. 43, *Asset-Backed Securities* ("ABS") and other related SSAPs as part of its principles-based bond project (the "Bond Project"). Under the new bond definition, bonds are classified as either an "issuer credit obligation" ("ICO") or an ABS. An ICO is defined as a bond where repayment is supported by the general creditworthiness of an operating entity, while an ABS is defined as a bond issued by an entity created primarily to raise capital through debt backed by financial or cash-generating non-financial assets. Following the adoption of these revisions, investments that do not qualify as bonds will no longer be permitted to be reported as bonds on Schedule D, Part 1, with no grandfathering for existing investments that do not meet the revised criteria. The revisions were effective January 1, 2025. The adoption of this guidance did not have a material impact on our financial position and results of operations. Refer to Note 3, Investments, for additional details.

The NAIC adopted INT 23-01 - *Net Negative (Disallowed) Interest Maintenance Reserve* ("INT 23-01"), in August 2023. INT 23-01 prescribes limited-time, optional, statutory accounting guidance, as an exception to the existing guidance detailed in SSAP No. 7 *-Asset Valuation Reserve and Interest Maintenance Reserve,* and the annual statement instructions that requires non-admittance of net negative IMR.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

INT 23-01 permits reporting entities to admit net negative IMR up to 10% of the reporting entity's adjusted General Account capital and surplus as required to be shown on the statutory balance sheet of the reporting entity for its most recently filed statement with the domiciliary state commissioner. The capital and surplus shall be adjusted to exclude any net positive goodwill, electronic data processing ("EDP") and operating system software, net DTA and admitted net negative IMR. Reporting entities applying this interpretation are also required to have risk-based capital ("RBC") greater than 300% authorized control level after an adjustment to total adjusted capital that reflects a reduction to remove any net positive goodwill, EDP and operating system software, net DTA and admitted net negative IMR. Reporting entities that admit net negative IMR shall allocate an amount equal to the General Account or Separate Account admitted IMR asset to aggregate write-in for special surplus funds. The provisions within INT 23-01 are permitted as a short-tenn solution until December 31, 2026, and will automatically terminate on January 1, 2027. We implemented the guidance effective September 30, 2023.

**Transactions Affecting Comparability**

The 2024 cash values and account values in Note 4, Life Reserves, have been updated to reflect the 2025 presentation.

**Cash, Cash Equivalents and Short-Term Investments**

In connection with the preparation of our statutory-basis statements of cash flows, we consider all highly liquid investments with a maturity of one year or less when purchased to be short-term investments, and all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash includes cash on hand.

**Investments**

Investments in bonds are reported at amortized cost computed using the constant yield method, or fair value based on their NAIC designation and adjusted for other-than-temporary declines in fair value. Additionally, certain ABS qualify to be reported at fair value as determined by methods identified in the *Purposes and Procedures Manual of the NAJC Investment Analysis Office.* See Note 9, Fair Value Measurements, for policies related to the determination of fair value. For the ABS included in the bond portfolio, we recognize income using a constant effective yield based on security specific facts that may include expectations of delinquency and default rates, loss severity, prepayment speeds as detennined by external or internal estimates and the expected maturity of the securities. Significant changes in estimated cash flows from the original purchase assumptions are primarily accounted for using the retrospective method for those ABS that are of high credit quality and using the prospective method for those ABS that are not of high credit quality.

Net realized capital gains and losses on the sale of investments are determined using the specific identification basis.

The AYR provides a reserve for noninterest related gains and losses (net of federal income taxes) from investments in bonds with related increases or decreases being recorded directly to unassigned surplus. As of December 31, 2025 and 2024, the AYR was $604,259 and $631,101, respectively.

The IMR primarily defers certain interest-related gains and losses (net of federal income taxes) on fixed income investments, which are amortized into net income over the estimated remaining lives of the investments sold. When in a net deferred interest-related loss position, the IMR is reported as an asset. When in a net deferred interest-related gain position, the IMR is reported as a liability. The General Account admitted negative IMR is included in other assets and the Separate Account admitted negative IMR is included in Separate Account assets in the statements of financial position.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

Our admitted negative IMR associated with the General Account, included in special surplus, was as follows:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Net negative (disallowed) IMR | $**47520** |
| Negative (disallowed) IMR admitted | $**47520** |

---

---

| | |
|:---|:---|
|  | **Total** |
| Calculated adjusted capital and surplus **(1)** |  |
| a. Prior period General Account capital and surplus from prior period financial statements | $**77845618** |
| b. Net positive goodwill (admitted) |  |
| c. EDP equipment and operating system software (admitted) |  |
| d. Net DTAs (admitted) | **10153779** |
| e. Net negative (disallowed) IMR (admitted) | **8274** |
| f. Adjusted capital and surplus (a-(b+c+d+e)) | $**67683565** |
| Percentage of total net negative IMR admitted in General Account to adjusted capital and surplus | **0%** |

---

(1) "Prior
 period" referenced within the subsequent tables, related to negative **IMR** admittance
 is representative of the prior quarter-to-date period of the respective year.

We did not have any allocated gains or losses to **IMR** from derivatives during 2025.

Fixed income investments generating **IMR** losses comply with our documented investment management policies and liability management policies. Any deviation from this was either because of a temporary and transitory timing issue or related to a specific event, such as a reinsurance transaction, that mechanically made the cause of IMR losses not reflective of reinvestment activities.

Asset sales that were generating admitted negative IMR were not compelled by liquidity pressures.

As of December 31, 2024, the IMR liability associated with the General Account was $109,466. As of December 31, 2025 and 2024, we did not have net negative IMR associated with the Separate Accounts.

**Other Admitted Assets**

Other admitted assets are valued as prescribed by the State of Iowa Insurance Laws.

**Reserves for Insurance**

The reserves for life policies, developed by actuarial methods, are established and maintained on the basis of mortality and morbidity tables using assumed interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than the minimum valuation required by law or guaranteed policy cash values.

Reserves on substandard policies are calculated based on multiples of valuation mortality tables for substandard table ratings and adjustments to valuation mortality for flat extra substandard ratings, with various interest rates.

As of December 31, 2025 and 2024, we had $2,646,771,844 and $3,090,765,364, respectively, of direct insurance in force for which the gross premiums were less than the net premiums according to the standard valuation set by the State of Iowa.

Deduction of deferred fractional premiums is waived upon death and portions of premium beyond the date of death are refunded. Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

Tabular interest, tabular less actual reserves released and tabular cost have been determined either by formula or the basic data for the calculation of policy reserves, depending on type of coverage.

**Recognition of Premium Revenues and Costs**

Life insurance premiums are recognized as revenues over the premium-paying period. Commissions and other costs applicable to the acquisition of new and renewal business are charged to net income as incurred.

**Reinsurance**

We reinsure certain of our risks with an affiliate, Principal Life Insurance Company ("Principal Life"). See Note 2, Related Party Transactions, for additional details. Reinsurance premiums, expenses and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed.

**Separate Accounts**

The Separate Account assets and liabilities presented in the financial statements represent the fair market value of funds that are separately administered by us for contracts with equity investments. The contract owner, rather than us, bears the investment risk of these funds. The Separate Account assets are legally insulated and are not subject to claims that arise out of any of our other business. An equivalent amount is reported as Separate Account liabilities, which represents the obligation to return monies to the contract owner. We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services.

Separate Account assets and liabilities are disclosed in the aggregate in the statements of financial position. The statements of operations include the net effect of the premiums, increases in reserves, benefits and other items arising from operations of the Separate Accounts.

**Income Taxes**

We are included in a consolidated federal income tax return filed by PFG. Members of the affiliated group joining the consolidated federal income tax return filed by PFG include the following:

---

| | |
|:---|:---|
| Business Owner Ecosystem, Inc.<br> Delaware Charter Guarantee & Trust Company<br> Diversified Dental Services, Inc.<br> Employers Dental Services, Inc. <br> Equity FC, Ltd.<br> First Dental Health<br> Preferred Product Network, Inc.<br> Principal Bank<br> Principal Dental Services, Inc. <br> Principal Financial Services, Inc.<br> Principal Funds Distributor, Inc.<br> Principal Global Investors Trust Company | Principal Innovations, Inc. <br> Principal Life Insurance Company<br> Principal National Life Insurance Company<br> Principal Real Estate Portfolio, Inc.<br> Principal Reinsurance Company of Delaware<br> Principal Reinsurance Company of Delaware II <br> Principal Reinsurance Company of Vermont<br> Principal Reinsurance Company of Vermont II <br> Principal Securities, Inc.<br> Principal Shareholder Services, Inc.<br> Spectrum Asset Management, Inc. |

---

The method of allocating income taxes and benefits between PFG and certain of its subsidiaries is subject to a written tax sharing agreement, approved by the President of PFG and reviewed and approved by the Iowa Insurance Division pursuant to the Iowa Insurance Holding Company Act. This tax sharing agreement provides for a method of allocation among parties to the agreement based on a pro rata contribution of taxable income or operating losses for U.S. regular corporate income tax purposes. PFG, with which we join as a member of a consolidated federal income tax return, is an "Applicable Corporation", subject to the corporate alternative minimum tax ("CAMT") under the Inflation Reduction Act of 2022. The tax sharing agreement allocates the CAMT exclusively to PFS, our direct parent. We do not expect to pay any of the CAMT liability on behalf of our co-obligators and therefore are not required to calculate or recognize CAMT in our current or deferred tax computations.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

2. Related Party

**Transactions Reinsurance**

We have a reinsurance transaction with Principal Life, an affiliate, and cede 100% of our life insurance business to Principal Life. We also provide reinsurance services for Principal Life. Significant effects of affiliated reinsurance were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| <br>**Statements of Operations and Capital and Surplus line** | **2025** | **2024** | **2023** |
| Premiums and annuity and other considerations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $**7874** | $7690 | $8564 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $**1396460424** | $1312035132 | $1243595720 |
| Benefit payments other than dividends: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $**480387456** | $461605228 | $386598457 |
| Commissions and expense allowance: |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $**261567135** | $272299612 | $256447511 |

---

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| <br>**Statements of Financial Position line** | **2025** | **2024** |
| Insurance reserves: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | $**16771** | $16833 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $**11584558403** | $10957173904 |
| Amounts receivable under reinsurance contract: |  |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | $**9733473** | $9765259 |

---

**Expense Agreements**

We have entered into various related party transactions with PFG and other affiliates. During the years ended December 31, 2025, 2024 and 2023, we received $19,356,931, $19,719,213 and $27,280,895, respectively, of expense reimbursements from affiliated entities. We have a management services agreement with Principal Global Investors, LLC and management fees paid were $68,477, $72,422 and $73,487 during 2025, 2024 and 2023, respectively.

**Cash Advance Agreement**

We are a party to a cash advance agreement with PFS, which allows us to pool our available cash with other affiliates in order to more efficiently and effectively invest our cash. The cash advance agreement allows (i) us to advance cash to PFS in aggregate principal amounts not to exceed $20,000,000, with such advanced amounts earning interest at the secured overnight financing rate plus ten basis points (the "Internal Crediting Rate"); and (ii) PFS to advance cash to us in aggregate principal amounts not to exceed $20,000,000, with such advance amounts paying interest at the Internal Crediting Rate to reimburse PFS for the costs incurred in maintaining short-term investing and borrowing programs. Under this cash advance agreement, we had a payable of $7,694,597 and $3,796,020 as of December 31, 2025 and 2024, respectively. During 2025, 2024 and 2023, we earned interest income of$350,418, $288,038 and $277,035 respectively, related to the cash advance agreement.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

**Employee Benefit Plans**

PFG provides defined benefit pension plan benefits to its employees. We were allocated an appropriate share of the costs associated with these benefits in accordance with an expense allocation agreement. Our allocated share of these benefits was $3,825,902, $4,379,130 and $3,611,783 in 2025, 2024 and 2023, respectively.

PFG provides qualified and non-qualified defined contribution and non-qualified deferred compensation plan benefits to its employees. We were allocated an appropriate share of the costs associated with these benefits in accordance with an expense allocation agreement. Our allocated share of these benefits was $4,107,803, $4,566,852 and $4,068,348 in 2025, 2024 and 2023, respectively.

3. Investments

Investments in bonds are generally held for investment purposes to maturity and, therefore, are carried in the financial statements at amortized cost adjusted for other-than-temporary declines in the fair value of the investment.

**Bonds**

Effective January I, 2025, the Bond Project did not impact our investments on Schedule **D** - Part I or Schedule BA. See Note 9, Fair Value Measurements, for policies related to the determination of fair value. The carrying value and fair value of investments in bonds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |<br>**Book/adjusted**<br>**carrying value** | **Gross**<br>**unrealized**<br>**gains** | **Gross**<br>**unrealized**<br>**losses** |<br>**Fair value** |
| ICO bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government obligations (exempt from RBC) | $**5186529** | $— | $**(1329498)** | $**3857031** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | **1000000** |  | **(198259)** | **801741** |
| &nbsp;&nbsp;&nbsp;Project finance bonds issued by operating entities (unaffiliated) | **7863438** |  | **(1660329)** | **6203109** |
| &nbsp;&nbsp;&nbsp;Corporate bonds (unaffiliated) | **42261951** | **1595** | **(9154142)** | **33109404** |
| &nbsp;&nbsp;&nbsp;Single entity backed obligations (unaffiliated) | **281411** |  | **(3176)** | **278235** |
| &nbsp;&nbsp;&nbsp;Bonds issued from U.S. Securities and Exchange Commission ("SEC")-registered business development corps, closed end funds and real estate investment trusts (unaffiliated) | **1000000** |  | **(99960)** | **900040** |
| Total ICO bonds | **57593329** | **1595** | **(12445364)** | **45149560** |
| ABS bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency residential mortgage-backed ("RMBS") - not/partially guaranteed (not exempt from RBC) | **986690** |  | **(154716)** | **831974** |
| &nbsp;&nbsp;&nbsp;Non-agency commercial mortgage-backed securities ("CMBS") (unaffiliated) | **4307477** |  | **(427308)** | **3880169** |
| &nbsp;&nbsp;&nbsp;Non-agency - collateralized loan obligations/collateralized bond obligations/collateralized debt obligations (unaffiliated) | **1648419** | **4474** |  | **1652893** |
| Total ABS bonds | **6942586** | **4474** | **(582024)** | **6365036** |
| Total bonds | $**64535915** | $**6069** | $**(13027388)** | $**51514596** |

---

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Book/adjusted** <br> **carrying value** | **Gross**<br> **unrealized <br> gains** | **Gross**<br> **unrealized <br> losses** | **Fair value** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. governments | $5195339 | $— | $(1454323) | $3741016 |
| &nbsp;&nbsp;&nbsp;U.S. special revenue | 15179558 |  | (3787360) | 11392198 |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 45097312 | 7616 | (9216708) | 35888220 |
| &nbsp;&nbsp;&nbsp;Hybrid securities | 1000000 |  | (14847) | 985153 |
| Total bonds | $66472209 | $7616 | $(14473238) | $52006587 |

---

The carrying value and fair value of bonds as of December 31, 2025, by contractual maturity were as follows:

---

| | | |
|:---|:---|:---|
|  | **Carrying value** | **Fair value** |
| Due in one year or less | $**1999883** | $**1991072** |
| Due after one year through five years | **1281411** | **1249285** |
| Due after five years through ten years | **5955141** | **5382134** |
| Due after ten years through twenty years | **9645848** | **7638110** |
| Due after twenty years | **38711046** | **28888959** |
|  | **57593329** | **45149560** |
| Mortgage-backed and other ABS | **6942586** | **6365036** |
| Total | $**64535915** | $**51514596** |

---

Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits.

We invest in privately placed bonds to enhance the overall value of the portfolio, increase diversification and obtain higher yields than are possible with comparable quality public market bonds. Generally, private placements provide broader access to management information, strengthened negotiated protective covenants, call protection features and, where applicable, a higher level of collateral. They are, however, generally less liquid because of restrictions imposed by federal and state securities laws.

**Net Investment Income**

Major components of net investment income were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Bonds | $**2439146** | $2587243 | $2646876 |
| Cash, cash equivalents and short-term investments | **42706** | 38397 | 23668 |
| Other | **353725** | 296131 | 270128 |
| Gross investment income | **2835577** | 2921771 | 2940672 |
| Less: investment expenses | **1139661** | 1513204 | 1540765 |
| Net investment income | $**1695916** | $1408567 | $1399907 |

---

The gross and admitted amount for interest income due and accrued was $596,265 as of December 31, 2025. As of December 31, 2025, no amount was non-admitted.

During 2025, we did not have any aggregate deferred interest or cumulative amounts of paid-in-kind interest included in the current principal balance.

**Prepayment Penalties and Acceleration Fees**

We did not have any prepayment penalties or acceleration fees during 2025, 2024 and 2023.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

**Realized and Unrealized Capital Gains and Losses**

Realized capital gains (losses) on investments, net ofIMR, are reflected in net income. Unrealized capital gains (losses) are reflected directly in unassigned surplus when required. During 2025, 2024 and 2023, we did not record any unrealized capital gains (losses) in surplus. The major components of net realized capital gains (losses) on investments reflected in net income were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Bonds | $— | $(296914) | $— |
| Net capital gains (losses) |  | (296914) |  |
| Related federal income tax (expense) benefit | **(137089)** | (58261) | 16429 |
| Transferred to IMR |  | 234562 |  |
| Net realized capital gains (losses) net of related taxes | $**(137089)** | $(1206132) | $16429 |

---

Proceeds from sales of investments (excluding call and maturity proceeds) in bonds were $0, $702,910 and $0 in 2025, 2024 and 2023, respectively. Gross gains of$0, $0 and $0 and gross losses of$0, $296,914 and $0 in 2025, 2024 and 2023, respectively, were realized on those sales.

We recognize impairment losses for bonds and other assets when declines in value are other-than-temporary. Recoveries on previously impaired assets are primarily recognized at the time of sale. During 2025, 2024 and 2023, we did not record any realized capital losses related to other-than-temporary impairments ("OTTI"). We consider relevant facts and circumstances in evaluating whether the impairment of a security is other-than-temporary. Relevant facts and circumstances considered include (1) the length of time the fair value has been below amortized cost, (2) the reasons for the decline in value, (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) our ability and intent to hold the security to maturity or until it recovers in value.

For ABS, we bifurcate our realized gains and losses between credit related and interest related realized losses. We estimate the amount of the credit loss component of an ABS impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate to accrete the security. The cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. We did not recognize any OTTI on the basis of intent to sell ABS during 2025, 2024 and 2023. We did not recognize any OTTI on the basis of inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis of ABS during 2025, 2024 and 2023. We had no recorded investments in restructured bonds for which an impairment has been recognized as of December 31, 2025 and 2024.

We accrue interest income on impaired bonds to the extent it is deemed collectible and the bond continues to perform under its original or restructured contractual terms. Interest income on non-perfonning bonds is generally recognized on a cash basis. Interest income on bonds in default that is over 90 days past due and has been deemed collectible is non-admitted. As of December 31, 2025 and 2024, we had no interest overdue beyond 90 days on bonds.

**Principal National Life Insurance Company <br> Notes to Statutory-Basis Financial Statements - (continued)<br> December 31, 2025**

**Gross Unrealized Losses on Bonds**

For bonds with unrealized losses, including other-than-temporary impairment losses reported in unassigned surplus, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than <br> twelve months** | **Less than <br> twelve months** | **Greater than or equal<br> to twelve months** | **Greater than or equal<br> to twelve months** | **Total** | **Total** |
|  | **Fair <br> value** | **Gross <br> unrealized<br> losses** | **Fair<br> value** | **Gross <br> unrealized <br> losses** | **Fair <br> value** | **Gross<br> unrealized <br> losses** |
| ICO bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government obligations (exempt from RBC) | $— | $— | $**3857031** | $**1329498** | $**3857031** | $**1329498** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue |  |  | **801741** | **198259** | **801741** | **198259** |
| &nbsp;&nbsp;&nbsp;Project finance bonds issued by operating entities (unaffiliated) |  |  | **6203109** | 1660329 | 6203109 | **1660329** |
| &nbsp;&nbsp;&nbsp;Corporate bonds (unaffiliated) | **876984** | **174444** | **31230825** | 8979698 | 32107809 | **9154142** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single entity backed obligations (unaffiliated) |  |  | **278235** | 3176 | 278235 | **3176** |
| &nbsp;&nbsp;&nbsp;Bonds issued from SEC-registered business development corps, closed end funds and real estate investment trusts (unaffiliated) |  |  | **900040** | 99960 | 900040 | **99960** |
| Total ICO bonds | **876984** | **174444** | **43270981** | 12270920 | 44147965 | **12445364** |
| ABS bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS - not/partially guaranteed (not exempt from RBC) |  |  | **831974** | 154716 | **831974** | **154716** |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS (unaffiliated) |  |  | **3880169** | 427308 | **3880169** | **427308** |
| Total ABS bonds |  |  | **4712143** | 582024 | **4712143** | **582024** |
| Total bonds | $**876984** | $**174444** | $**47983124** | $**12852944** | $**48860108** | $**13027388** |

---

Of the bonds within our portfolio in a gross unrealized loss position, 95% were investment grade (designated NAIC 1 or 2) with an average price of79 (fair value/amortized cost) as of December 31, 2025. As of December 31, 2025, $0 had been recorded as an adjustment to unassigned surplus. Gross unrealized losses in our bond portfolio decreased during the year ended December 31, 2025, primarily due to a decrease in interest rates, which was partially offset by a widening of credit spreads.

For those bonds that had been in a continuous unrealized loss position for less than twelve months, we held 1 bond reflecting an average price of83 as of December 31, 2025. That bond was investment grade (designated NAIC I or 2) as of December 31, 2025, with associated unrealized losses of $174,444.

For those bonds that had been in a continuous unrealized loss position greater than or equal to twelve months, we held 52 bonds reflecting an average price of 79 and an average designation equivalent to an NAIC designation of 2 as of December 31, 2025.

Because we expected to recover our carrying value and it was not our intent to sell the securities with unrealized losses before recovery of the amortized cost, which may be maturity, we did not consider those securities to be other-than-temporarily impaired as of December 31, 2025.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **December 31, 2024** | **December 31, 2024** | | |
|  | | | **Greater than or equal** | **Greater than or equal** | | |
|  | **Less than twelve months** | **Less than twelve months** | **to twelve months** | **to twelve months** | **Total** | **Total** |
|  |<br>**Fair**<br>**value** | **Gross**<br>**unrealized**<br>**losses** |<br>**Fair**<br>**value** | **Gross**<br>**unrealized**<br>**losses** |<br>**Fair**<br>**value** | **Gross**<br>**unrealized**<br>**losses** |
| Bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. governments | $— | $— | $3741016 | $1454323 | $3741016 | $1454323 |
| &nbsp;&nbsp;&nbsp;U.S. special revenue |  |  | 11,392, I 98 | 3787360 | 11392198 | 3787360 |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 807896 | 187402 | 32073512 | 9029306 | 32881408 | 9216708 |
| &nbsp;&nbsp;&nbsp;Hybrid securities |  |  | 985153 | 14847 | 985153 | 14847 |
| Total fair value and gross unrealized losses reported in the notes to the financial statements | $807896 | $187402 | $48191879 | $14285836 | $48999775 | $14473238 |

---

Of the bonds within our portfolio in a gross unrealized loss position, 92% were investment grade (designated NAIC 1 or 2) with an average price of 77 (fair value/amortized cost) as of December 31, 2024. As of December 31, 2024, $0 had been recorded as an adjustment to unassigned surplus. Gross unrealized losses in our bond portfolio increased during the year ended December 3I, 2024, primarily due to an increase in interest rates, which was partially offset by a tightening of credit spreads.

For those bonds that had been in a continuous unrealized loss position for less than twelve months, we held l bond reflecting an average price of 81 as of December 31, 2024. That bond was investment grade (designated NAIC I or 2) as of December 31, 2024, with associated unrealized losses of $187,402.

For those bonds that had been in a continuous unrealized loss position greater than or equal to twelve months, we held 53 bonds reflecting an average price of77 and an average designation equivalent to an NAIC designation of2 as of December 3 I, 2024.

As of December 31, 2024, investments in ABS that had unrealized losses which had not been recognized in earnings had a fair value of $6,723,148. Securities in an unrealized loss position for less than twelve months had a fair value of $0 and unrealized losses of $0. Securities in an unrealized loss position for greater than twelve months had a fair value of $6,723,148 and unrealized losses of $1,316,986. These securities were primarily categorized as industrial and miscellaneous.

Because we expected to recover our carrying value and it was not our intent to sell the securities with unrealized losses before recovery of the amortized cost, which may be maturity, we did not consider those securities to be other-than-temporarily impaired as of December 31, 2024.

**Restricted Assets** 

As of December 31, 2025 and 2024, we had admitted assets on deposit with states in the General Account of $4,968,695 and $4,977,135, respectively.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Life Reserves** 

The account value, cash value and reserve for life insurance were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **General Account** | **General Account** | **General Account** |
|  | **Account**<br>**value** | **Cash**<br>**value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $**611618148** | $**444300519** | $**468779013** |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | **1625165720** | **1234369024** | **5781891950** |
| &nbsp;&nbsp;&nbsp;Indexed universal life | **634195927** | **514035746** | **516283942** |
| &nbsp;&nbsp;&nbsp;Variable universal life | **42119149** | **41308296** | **63308756** |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | **XXX** | **XXX** | **4654105103** |
| &nbsp;&nbsp;&nbsp;Disability - active lives | **XXX** | **XXX** | **7480264** |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | **XXX** | **XXX** | **1933979** |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | **XXX** | **XXX** | **90792167** |
| Total account value, cash value and reserve before reinsurance ceded | **2913098944** | **2234013585** | **11584575174** |
| Reinsurance ceded | **2913098944** | **2234013585** | **l l,584,558,403** |
| Net account value, cash value and reserve | $— | $— | $**16771** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Separate Account - nonguaranteed** | **Separate Account - nonguaranteed** | **Separate Account - nonguaranteed** |
|  | **Account**<br>**value** | **Cash**<br>**value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | $**1876063356** | $**1904286090** | $**1908276942** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **General Account** | **General Account** | **General Account** |
|  | **Account**<br>**value** | **Cash**<br>**value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $570423366 | $417932323 | $434742351 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 1684428292 | 1241174204 | 5432840418 |
| &nbsp;&nbsp;&nbsp;Indexed universal life | 595584789 | 479784426 | 485267983 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 40190458 | 39557905 | 59212881 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | **XXX** | **XXX** | 4444161561 |
| &nbsp;&nbsp;&nbsp;Disability - active lives | **XXX** | **XXX** | 7280134 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | **XXX** | **XXX** | 1376150 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | **XXX** | **XXX** | 92309259 |
| Total account value, cash value and reserve before reinsurance ceded | 2890626905 | 2178448858 | 10957190737 |
| Reinsurance ceded | 2890626905 | 2178448858 | 10957173904 |
| Net account value, cash value and reserve | $— | $— | $16833 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Separate Account - nonguaranteed** | **Separate Account - nonguaranteed** | **Separate Account - nonguaranteed** |
|  | **Account**<br>**value** | **Cash**<br>**value** |<br>**Reserve** |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | $1383040733 | $1393109992 | $1568270002 |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

A reconciliation of our life reserves of the Life and Accident and Health Annual Statement and the Separate Accounts Annual Statement was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| <u>Life and Accident and Health Annual Statement:</u> |  |  |
| Exhibit 5, Life insurance section, total (net) | $**16771** | $16833 |
| <u>Separate Accounts Annual Statement:</u> |  |  |
| Exhibit 3, Life insurance section, total | **1908276942** | 1568270002 |
| Combined total | $**1908293713** | $1568286835 |

---

**5. Separate Account** 

We utilize Separate Accounts to record and account for assets and liabilities for particular lines of business. As of December 3 I, 2025 and 2024, we reported assets and liabilities from variable universal life products in Separate Accounts.

Separate Account assets are accounted for at fair value in accordance with SSAP No. 56, *Separate Accounts.* 

In accordance with the products/transactions recorded within the Separate Accounts, all assets are considered legally insulated from the General Account. As of December 31, 2025 and 2024, our Separate Accounts included legally insulated assets of$1,878,551,247 and $1,384,647,616, respectively.

As of December 31, 2025 and 2024, the General Account had maximum guarantees for the Separate Account liabilities of $1,573,263 and $3,342,656, respectively. The General Account was not compensated for the risk taken during 2025, 2024 or 2023. The General Account did not pay toward Separate Account guarantees during 2025, 2024 or 2023.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

Information regarding our Separate Accounts as of and for the years ended December 31, 2025 and 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Separate Accounts** | **Separate Accounts** | | |
|  | | **with guarantees** | **with guarantees** | | |
|  |<br><br><br>**Indexed** | **Nonindexed**<br>**guarantee**<br>**less than or**<br>**equal to 4%** | **Nonindexed**<br>**guarantee**<br>**greater**<br>**than 4%** |<br><br>**Nonguaranteed**<br>**Separate**<br>**Accounts** |<br><br><br>**Total** |
| Premiums, considerations or deposits | $— | $— | $— | $**393904490** | $**393904490** |
| Reserves for Separate Accounts with assets at: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value | $— | $— | $— | $**1908276942** | $**1908276942** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized cost |  |  |  |  |  |
| Total reserves | $— | $— | $— | $**1908276942** | $**1908276942** |
| Reserves for Separate Accounts by withdrawal characteristics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $- | $- | $- | $**-** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  |  | **1908276942** | **1908276942** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  | **1908276942** | **1908276942** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  |  |  |  |  |
| Total Separate Account reserves | $— | $— | $— | $**1908276942** | $**1908276942** |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | **Separate Accounts** | **Separate Accounts** | | |
|  | | **with guarantees** | **with guarantees** | | |
|  |<br><br><br>**Indexed** | **Nonindexed**<br>**guarantee**<br>**less than or**<br>**equal to 4%** | **Nonindexed**<br>**guarantee**<br>**greater**<br>**than 4%** |<br><br>**Nonguaranteed**<br>**Separate**<br>**Accounts** |<br><br><br>**Total** |
| Premiums, considerations or deposits | $— | $— | $— | $344783095 | $344783095 |
| Reserves for Separate Accounts with assets at: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value | $— | $— | $— | $1568270002 | $1568270002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized cost |  |  |  |  |  |
| Total reserves | $— | $— | $— | $1568270002 | $1568270002 |
| Reserves for Separate Accounts by withdrawal characteristics: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $- | $- | $- | $- | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge of 5% or more |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  |  | 1568270002 | 1568270002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At book value without market value adjustment and with current surrender charge less than 5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  |  | 1568270002 | 1568270002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not subject to discretionary withdrawal |  |  |  |  |  |
| Total Separate Account reserves | $— | $— | $— | $1568270002 | $1568270002 |

---

A reconciliation of the amounts transferred to and from the Separate Accounts is presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Transfers as reported in the summary of operations of the |  |  |  |
| &nbsp;&nbsp;&nbsp;Separate Accounts Annual Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers to Separate Accounts | $**394113922** | $344784712 | $299164140 |
| &nbsp;&nbsp;&nbsp;Transfers from Separate Accounts | **(231313665)** | 10119225 | 24493101 |
| Net transfers to Separate Accounts | **162800257** | 354903937 | 323657241 |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers for cost of insurance and other reconciling items | **153014035** | (79015115) | (63465947) |
| Net transfers to Separate Accounts as reported in the statements of operations and capital and surplus | $**315814292** | $275888822 | $260191294 |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Federal Income Taxes** 

**Net Deferred Income Taxes** 

The components of the net DTA and DTL were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** | **Total** |
| Gross DTA | $**76956723** | $| $**76956723** |
| Statutory valuation allowance adjustments |  |  |  |
| Adjusted gross DTA | **76956723** |  | **76956723** |
| DTA non-admitted | **66389106** |  | **66389106** |
| Subtotal net admitted DTA | **10567617** |  | **10567617** |
| DTL | **642952** |  | **642952** |
| Net admitted DTA | $**9924665** | $| $**9924665** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** | **Total** |
| Gross DTA | $69279836 | $| $69279836 |
| Statutory valuation allowance adjustments |  |  |  |
| Adjusted gross DTA | 69279836 |  | 69279836 |
| DTA non-admitted | 58663070 |  | 58663070 |
| Subtotal net admitted DTA | 10616766 |  | 10616766 |
| DTL | 430369 |  | 430369 |
| Net admitted DTA | $10186397 | $| $10186397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change** | **Change** | **Change** |
|  | **Ordinary** | **Capital** | **Total** |
| Gross DTA | $7676887 | $| $7676887 |
| Statutory valuation allowance adjustments |  |  |  |
| Adjusted gross DTA | 7676887 |  | 7676887 |
| DTA non-admitted | 7726036 |  | 7726036 |
| Subtotal net admitted DTA | (49149) |  | (49149) |
| DTL | 212583 |  | 212583 |
| Net admitted DTA | $(261732) | $| $(261732) |

---

**OTA Admissibility** 

The admission calculation components were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | | **Ordinary** | **Capital** | **Total** |
| a. | Federal income taxes paid in prior years recoverable through loss carrybacks | Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| b. | Adjusted gross DTA expected to be realized (excluding the amount of **DTA** from a. above) after application of the threshold limitation (The lesser of b.i. and b.ii. below) | Adjusted gross DTA expected to be realized (excluding the amount of **DTA** from a. above) after application of the threshold limitation (The lesser of b.i. and b.ii. below) | **9924665** |  | **9924665** |
|  | i. | Adjusted gross DTA expected to be realized following the balance sheet date | **21046254** |  | **21046254** |
|  | ii. | Adjusted gross DTA allowed per limitation threshold | **XXX** | **XXX** | 9924665 |
| C. | Adjusted gross DTA (excluding the amount of DTA from a. and b. above) offset by gross DTL | Adjusted gross DTA (excluding the amount of DTA from a. and b. above) offset by gross DTL | 642952 |  | 642952 |
| DTA admitted | DTA admitted | DTA admitted | $10567617 | $— | $10567617 |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | **Ordinary** | **Capital** | **Total** |
| a. | Federal income taxes paid in prior years recoverable through loss carrybacks | Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| b. | Adjusted gross DTA expected to be realized (excluding the amount ofDTA from a. above) after application of the threshold limitation (The lesser ofb.i. and b.ii. below) | Adjusted gross DTA expected to be realized (excluding the amount ofDTA from a. above) after application of the threshold limitation (The lesser ofb.i. and b.ii. below) | 10186397 |  | 10186397 |
|  | i. | Adjusted gross **DTA** expected to be realized following the balance sheet date | 19492648 |  | 19492648 |
|  | ii. | Adjusted gross DTA allowed per limitation threshold | **XXX** | **XXX** | 10186397 |
| C. | Adjusted gross DTA (excluding the amount ofDTA from a. and b. above) offset by gross DTL | Adjusted gross DTA (excluding the amount ofDTA from a. and b. above) offset by gross DTL | 430369 |  | 430369 |
| DTA admitted | DTA admitted | DTA admitted | $10616766 | $— | $10616766 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Change** | **Change** | **Change** |
| | | | **Ordinary** | **Capital** | **Total** |
| a. | Federal income taxes paid in prior years recoverable through loss carrybacks | Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— |
| b. | Adjusted gross DTA expected to be realized (excluding the amount of DTA from a. above) after application of the threshold limitation (The lesser of b.i. and b.ii. below) | Adjusted gross DTA expected to be realized (excluding the amount of DTA from a. above) after application of the threshold limitation (The lesser of b.i. and b.ii. below) | (261732) |  | (261732) |
|  | i. | Adjusted gross **DTA** expected to be realized following the balance sheet date | 1553606 |  | 1553606 |
|  | ii. | Adjusted gross DTA allowed per limitation threshold | **XXX** | **XXX** | (261732) |
| C. | Adjusted gross DTA (excluding the amount of DTA from a. and b. above) offset by gross DTL | Adjusted gross DTA (excluding the amount of DTA from a. and b. above) offset by gross DTL | 212583 |  | 212583 |
| DTA admitted | DTA admitted | DTA admitted | ${49, 1492 | $— | $(49149) |

---

**Threshold Limitation** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Ratio percentage used to determine recovery period and threshold limitation amount | **602%** | 640% |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation | $**66164432** | $67909314 |

---

**Impacts of Tax-Planning Strategies** 

The impacts of tax-planning strategies were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Ordinary** | **Capital** |
| Determination of adjusted gross DTA and net admitted DTA by tax character as a percentage |  |  |
| Adjusted gross **DTA** amount | $**76956723** | $— |
| Percentage of adjusted gross DTA by tax character attributable to the impact of tax planning strategies | -% | -% |
| Net admitted adjusted gross DTA amount | $**10567617** | $— |
| Percentage of net admitted adjusted gross DTA by tax character admitted because of the impact of tax planning strategies | -% | -% |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Ordinary** | **Capital** |
| Determination of adjusted gross DTA and net admitted DTA by tax character as a percentage |  |  |
| Adjusted gross DTA amount | $69279836 | $— |
| Percentage of adjusted gross DTA by tax character attributable to the impact of tax planning strategies | —% | —% |
| Net admitted adjusted gross DTA amount | $10616766 | $— |
| Percentage of net admitted adjusted gross DTA by tax character admitted because of the impact of tax planning strategies | —% | —% |

---

---

| | | |
|:---|:---|:---|
|  | **Change** | **Change** |
|  | **Ordinary** | **Capital** |
| Determination of adjusted gross DTA and net admitted DTA by tax character as a percentage |  |  |
| Adjusted gross DTA amount | $7676887 | $— |
| Percentage of adjusted gross DTA by tax character attributable to the impact of tax planning strategies | —% | —% |
| Net admitted adjusted gross DTA amount | $(49149) | $— |
| Percentage of net admitted adjusted gross DTA by tax character admitted because of the impact of tax planning strategies | —% | —% |

---

As of December 31, 2025 and 2024, our tax planning strategies did not include the use of reinsurance.

As of December 31, 2025 and 2024, we had no temporary differences for which a DTL was not recognized.

**Income Taxes Incurred** 

Current income taxes incurred consists of the following major components:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Federal | $**6593486** | $6881695 | $5372827 |
| Foreign |  |  |  |
| &nbsp;&nbsp;&nbsp;Subtotal | **6593486** | 6881695 | 5372827 |
| Federal income tax expense (benefit) on net capital gains | **137089** | 58261 | (16429) |
| Other |  |  |  |
| Federal and foreign income taxes incurred | $**6730575** | $6939956 | $5356398 |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

**OTA and DTL Components** 

The main components of the DTA and DTL were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | |
|  | **2025** | **2024** |<br>**Change** |
| DTA: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | $**75715737** | $68241689 | $7474048 |
| &nbsp;&nbsp;&nbsp;Investments | **165922** | 30048 | 135874 |
| &nbsp;&nbsp;&nbsp;Other | **1075064** | 1008099 | 66965 |
| Gross ordinary DTA | **76956723** | 69279836 | 7676887 |
| Non-admitted ordinary DTA | **66389106** | 58663070 | 7726036 |
| Admitted ordinary DTA | **10567617** | 10616766 | (49149) |
| DTL: |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder reserves | **521636** | 333817 | 187819 |
| &nbsp;&nbsp;&nbsp;Other | **121316** | 96552 | 24764 |
| Total ordinary DTL | **642952** | 430369 | 212583 |
| Net admitted DTA | $**9924665** | $10186397 | $(261732) |

---

**Rate Reconciliation** 

Our provision for income taxes may not have the customary relationship of taxes to income. The differences between the prevailing U.S. corporate income tax rate of 21% and the effective tax rate on pre-tax income are generally due to inherent differences between income for financial reporting purposes and income for tax purposes and the establishment of adequate provisions for any challenges of the tax filings and tax payments to the various taxing jurisdictions.

Our income taxes incurred and change in deferred taxes differ from the amount obtained by applying the federal statutory rate of 21% to pre-tax net income for the following reasons:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Income before federal income taxes | $**2052873** | $1571690 | $1240894 |
| Expected federal income tax expense | $**431103** | $330055 | $260588 |
| Dividends received deduction | **(727487)** | (434228) | (444035) |
| Foreign tax credits | **(245377)** | (177473) | (95420) |
| Share-based compensation | **(197667)** | (191234) | (306134) |
| Exclude IMR amortization | **(32967)** | (46493) | (64695) |
| Reserve basis and other surplus adjustments |  | 113636 |  |
| Disallowed expenses | **35735** | 46872 | 32432 |
| Change in non-admitted assets | **2866** | 2111 | 2045 |
| Other | **65** | 605 | 25382 |
| Total income tax benefit and change in net deferred taxes | $**(733729)** | $(356149) | $(589837) |
| Current income taxes incurred | $**6730575** | $6939956 | $5356398 |
| Change in net DTA, before impact of non-admitting any DTA | **(7464304)** | (7296105) | (5946235) |
| Total income tax benefit and change in net deferred taxes | $**(733729)** | $(356149) | $(589837) |

---

**Tax Carryforwards** 

As of December 31, 2025 and 2024, we did not have any operating loss carryforwards, capital loss carryforwards or tax credit carryforwards.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

The following income taxes were incurred in the current and prior years that will be available for recoupment in the event of future capital losses:

---

| | |
|:---|:---|
| 2025 | $**137089** |
| 2024 | 58553 |
| 2023 | 9116 |

---

**Tax Loss Contingencies and Other Tax Disclosures** 

As of December 31, 2025, we did not have any federal or foreign income tax loss contingencies.

On July 4, 2025, the United States enacted Public Law 119-2 I. The accounting consequences of a change in tax law are required to be recognized in the period legislation is enacted. Generally, a company is also required to consider the impact of new tax law on realizability of its DTAs, including determination of whether a change in valuation allowance is necessary. We have evaluated the provisions of Public Law 119-21 and incorporated the effects into our 2025 financial statements, which were not material. We will continue to monitor developments related to the legislation and assess any future impacts as additional guidance becomes available.

We do not believe there is a reasonable possibility the total amount of the tax loss contingencies will significantly increase or decrease in the next twelve months considering recent settlements and the status of current and pending IRS examinations. The U.S. federal statute of limitations has expired for tax years prior to 2015. The IRS is currently auditing the U.S. federal income tax returns for tax years 2015-2018 and 2019-2022. The statutes remain open through normal statute extensions. We do not expect the results of these audits, subsequent related adjustments or developments in other tax areas for all open tax years to significantly change the possible increase in tax loss contingencies, but the outcome of tax reviews is uncertain and unforeseen results can occur. We believe we have adequate defenses against, or sufficient provisions for, contested issues, but final resolution could take several years depending on whether legal remedies are pursued. Consequently, we do not believe issues that might arise in tax years subsequent to 2014 will have a material impact on our net income.

We recognize interest related to tax loss contingencies in income tax expense. Penalties related to tax loss contingencies are reported in operating expenses. As of December 31, 2025 and 2024, we did not recognize accumulated pre-tax interest and penalties related to tax loss contingencies.

We do not have any deposits under Internal Revenue Code Section 6603.

We were not subject to the repatriation transition tax as of December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Capital and Surplus** 

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be detennined based on the various risk factors related to it. As of December 31, 2025 and 2024, we met the minimum RBC requirements.

Under Iowa law, we may pay dividends only from the earned surplus arising from our business and must receive the prior approval of the Commissioner to pay stockholder dividends or make any other distribution if such dividends or distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of our policyholder surplus as of the previous year end excluding admitted disallowed IMR or (ii) the net gain from operations from the previous calendar year, not to exceed earned surplus. Based on this limitation and 2025 statutory results, we cannot pay dividends in 2026 without exceeding the statutory limitation.

We did not pay any dividends during 2025, 2024 or 2023.

The expenses related to stock-based compensation issued by PFG are allocated to certain subsidiaries. The allocation is not settled in cash and, therefore, is reported in capital and surplus. Our allocation of stock-based compensation was $3,166,814, $2,841,820 and $2,696,809 for the years ended December 31, 2025, 2024 and 2023, respectively.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Contingencies and Assessments** 

**Contingencies** 

We are not aware of any material contingencies. It is possible we could be involved in legal and regulatory actions in the ordinary course of business. The outcome of such matters is always uncertain, and unforeseen results can occur. It is possible that such outcomes could result in losses or require us to establish accruals.

**Assessments** 

We have an ongoing reserve to cover an estimated future guaranty fund liability for retrospective-premium-based guaranty fund assessments. Assessments for a given insolvency may take place over several years. Future premium tax offsets related to those assessments can also take place over several years depending on each state's statute; however, generally the recoveries take place over 5 years. No asset impairments for future premium tax offsets have occurred and none are anticipated.

The following year-to-date recognized balance of total projected future assessments not yet paid as of December 31, 2025, includes recognized assets for future premium tax offsets related to those assessments:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Amount eligible for future premium tax offset | $**741962** | $858980 |
| Amount not eligible for future premium tax offset | **126563** | 175743 |
| Total projected future assessments | $**868525** | $1034723 |

---

We have also received information from the National Organization of Life and Health Guaranty Associations of a potential risk related to a company currently in pre-liquidation, which may result in future retrospective-premium-based guaranty fund assessments. A liability has not been recognized for this pre-liquidation company as it does not warrant accrual under current statutory guidance.

Following is a reconciliation of recognized assets for future premium tax offsets or policy surcharges:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year-end | $**1494493** | $1111345 |
| &nbsp;&nbsp;&nbsp;Premium tax offset paid | **68765** | 620294 |
| &nbsp;&nbsp;&nbsp;Premium tax offset accrued | **(117019)** | (237146) |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges current year-end | $**1446239** | $1494493 |

---

**9. Fair Value** 

**Measurements Valuation** 

**Hierarchy** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability.

● **Level 1** - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

● **Level 2** - Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

● **Level 3** - Fair values are based on at least one significant unobservable input for the asset or liability.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

**Assets and Liabilities Measured at Fair Value** 

Assets measured at fair value are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Separate Account assets | $**1707060886** | $**171490361** | $| $**1878551247** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Separate Account assets | $1269890129 | $114757487 | $| $1384647616 |

---

**Determination of Fair Value** 

The following discussion describes the valuation methodologies and inputs used for assets measured at fair value or disclosed at fair value. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below.

Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2025.

***Bonds***

Bonds, including ABS, are measured and reported at amortized cost except those with an NAIC designation of 6, which are reported at the lower of amortized cost or fair value.

Additionally, certain ABS qualify to be reported at fair value as determined by methods identified in the *Purposes and Procedures Manual of the NAJC Investment Analysis Office.* 

When available, the fair value of bonds is based on quoted prices of identical assets in active markets. These are reflected in Level land primarily include U.S. Treasury bonds. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confinn they are utilizing observable market infonnation. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Bonds with validated prices from pricing services, which includes the majority of our public bonds, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, designation and average life. Each pricing category is assigned a risk spread based on studies of observable public market data for specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors.

The primary inputs for valuations of the majority of our Level 2 bonds include recently executed transactions, market price quotations, benchmark yields, issuer spreads and observations of equity and credit default swap curves related to the issuer. For private placement corporate securities valued through the matrix valuation approach inputs include the current Treasury curve and risk spreads based on sector, designation and average life of the issuance. For ABS, inputs include cash flows, priority of the tranche in the capital structure, expected time to maturity for the specific tranche, reinvestment period remaining and performance of the underlying collateral including prepayments, defaults, deferrals, loss severity of defaulted collateral and, for residential mortgage-backed securities, prepayment speed assumptions. Other inputs include market indices and recently executed transactions.

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued)**

**December 31, 2025** 

If we are unable to price a bond using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include bonds across all asset classes.

***Cash***

The carrying amount of cash disclosed at fair value approximates its fair value, which is reflected in Level I given the nature of cash.

***Separate Account Assets***

Separate Account assets are measured and reported at fair value. These assets include common stocks, cash and cash equivalents. The fair value of cash is determined as previously described and reflected in Level 1. Fair values of unaffiliated common stock are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. Fair values of cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available for cash equivalents, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2.

**Transfers** 

We did not have any transfers into or out of Level 3 during 2025, 2024 and 2023.

**Financial Instruments Disclosed at Fair Value** 

We use fair value measurements to record fair value of certain assets and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements.

The carrying value and estimated fair value of financial instruments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate**<br>**fair**<br>**value** |<br>**Admitted**<br>**assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level3** |
| Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ICO | $**45149560** | $**57593329** | $**3857031** | $**39615705** | $**1676824** |
| &nbsp;&nbsp;&nbsp;ABS | **6365036** | **6942586** |  | **6365036** |  |
| Cash | **10309663** | **10309663** | **10309663** |  |  |
| Separate Account assets | **1878551247** | **1878551247** | **1707060886** | **171490361** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate**<br>**fair**<br>**value** |<br>**Admitted**<br>**assets** |<br>**Level I** |<br>**Level 2** |<br>**Level 3** |
| Bonds | $52006587 | $66472209 | $3741016 | $46583330 | $1682241 |
| Cash | 11082831 | 11082831 | 11082831 |  |  |
| Separate Account assets | 1384647616 | 1384647616 | 1269890129 | 114757487 |  |

---

**Principal National Life Insurance Company** 

**Notes to Statutory-Basis Financial Statements** - **(continued) <br> December 31, 2025** 

**10. Subsequent Events** 

We have evaluated subsequent events through April 9, 2026, which was the date our statutory-basis financial statements were available to be issued. On March 27, 2026, we received a $4,000,000 capital contribution from PFS.

Report of Independent Auditors

To the Stockholder and Board of Directors of <br> Principal National Life Insurance Company

We have audited the statutory-basis financial statements of Principal National Life Insurance Company (the Company) as of December 31, 2025 and 2024, for each of the three years in the period ended December 31, 2025, and have issued our report thereon dated April 9, 2026 incorporated by reference in this Form N-6. Our audits of the statutory-basis financial statements included the financial statement schedules included in form N-VPFS (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 financial statements.

/s/ Ernst & Young LLP

Des Moines, Iowa

April 9, 2026

**Schedule I - Summary of Investments - Other Than Investments in Related Parties <br> December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Type of Investment** |<br>**Cost (1)** |<br>**Fair**<br>**Vaue** | **Amount at**<br>**which shown in**<br>**the balance sheet** |
| **Fixed maturities** |  |  |  |
| Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;Governments and Municipalities | $**6240039** | $**4658772** | $**6186529** |
| &nbsp;&nbsp;&nbsp;All Other Issuer Credit Obligations | **51604099** | **40490788** | **51406800** |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | **8187001** | **6365036** | **6942586** |
| Total fixed maturities | **66031139** | **51514596** | **64535915** |
| Receivables and securities | **72552** |  | **72552** |
| Cash and other invested assets | **10309663** |  | **10309663** |
| Total investments | $**76413354** |  | $**74918130** |

---

(1) As to fixed maturities, original cost is reduced by repayments and other-than-temporary impairments, as applicable.

**Principal National Life Insurance Company <br> Supplementary Insurance Information** 

**SCHEDULE III**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Future policy**<br>**benefits**<br>**and expenses** |<br>**Unearned**<br>**premiums** |<br>**Policy and**<br>**contract**<br>**liabilities** |<br>**Premium**<br>**revenue** |<br>**Net**<br>**investment**<br>**income** | **Benefits, claims**<br>**losses and**<br>**settlement**<br>**expenses** |<br>**Other**<br>**operating**<br>**expenses (1)** |
| **Year ended December 31, 2025** | | | | | | | |
| Individual life | $**16771** | $**-** | $**-** | $**7874** | $**(1063175)** | $**(62)** | $**579404671** |
| Other | **-** | **-** | **-** | **-** | **2916077** | **-** | **799174** |
|  | $**16771** | $**-** | $**-** | $**7874** | $**1852902** | $**(62)** | $**580203845** |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |
| Individual life | $**16833** | $**-** | $**-** | $**7690** | $**(1408168)** | $**(775)** | $**549494835** |
| Other | **-** | **-** | **-** | **-** | **3038129** | **-** | **731651** |
|  | $**16833** | $**-** | $**-** | $**7690** | $**1629961** | $**(775)** | $**550226486** |
| **Year ended December 31, 2023** |  |  |  |  |  |  |  |
| Individual life | $**17608** | $**-** | $**-** | $**8564** | $**(1457428)** | $**(601)** | $**517813297** |
| Other | **-** | **-** | **-** | **-** | **3165408** | **-** | **856271** |
|  | $**17608** | $**-** | $**-** | $**8564** | $**1707980** | $**(601)** | $**518669568** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Principal National Life Insurance Company**

**Reinsurance** 

**SCHEDULE IV**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Gross amount** |<br>**Ceded to other**<br>**companies** | **Assumed from**<br>**other**<br>**companies** |<br>**Net amount** | **Percentage of**<br>**amount**<br>**assumed to net** |
| **Year ended December 31, 2025** |  |  |  |  |  |
| Life insurance in force | $**416578009517** | $**416578009517** | $**1184916** | $**1184916** | **100%** |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual life | $**1396460424** | $**1396460424** | $**7874** | $**7874** | **100%** |
| **Year ended December 31, 2024** |  |  |  |  |  |
| Life insurance in force | $**402470410666** | $**402470410666** | $**1272009** | $**1272009** | **100%** |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual life | $**1312035132** | $**1312035132** | $**7690** | $**7690** | **100%** |
| **Year ended December 31, 2023** |  |  |  |  |  |
| Life insurance in force | $**387564800931** | $**387564800931** | $**1443946** | $**1443946** | **100%** |
| Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual life | $**1243595720** | $**1243595720** | $**8564** | $**8564** | **100%** |

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