SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               ------------------



                                    FORM 8-K

                                 CURRENT REPORT



                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          Date of Report: MARCH 8, 2006
                        (Date of earliest event reported)



                        PRINCIPAL LIFE INSURANCE COMPANY
             (Exact name of registrant as specified in its charter)


           IOWA                       1-32109                     42-0127290
 (State or other jurisdiction  (Commission file number)       (I.R.S. Employer
      of incorporation)                                   Identification Number)


                     711 HIGH STREET, DES MOINES, IOWA 50392
                    (Address of principal executive offices)

                                 (515) 247-5111
              (Registrant's telephone number, including area code)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))

                               ------------------


<PAGE>


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION


Principal  Life  Insurance  Company  (Principal  Life)  recently  filed its 2005
statutory financial report with the state insurance departments, and the company
has made  that  filing  available  on the  Principal  Financial  Group  web site
(WWW.PRINCIPAL.COM).


The statutory report can be used to derive Principal Life's  risk-based  capital
(RBC) ratio as of December 31, 2005, 468%, which compares to 357% as of December
31, 2004. While the increase  reflects strong  financial  performance in 2005, a
larger  impact  arose  from a  permanent  election  Principal  Life  made in the
calculation  of its RBC. The  calculation  Principal  Life makes pursuant to its
election more  accurately  reflects how effectively a company matches its assets
and liabilities.


Principal  Financial  Group  continuously  reviews its capital usage strategy at
both the life company and the holding  company  level.  In the company's  fourth
quarter earnings  conference call, Chief Financial Officer Mike Gersie commented
that  preliminary  work on  statutory  capital  matters  indicated  a  potential
reduction in the amount of capital required by the rating agencies to be held by
Principal  Life.  The  filing  of the  statutory  financial  statement  and  the
calculation  of RBC as of year-end 2005 are just the first steps in  determining
the amount of additional  capital that could be released from Principal Life (by
dividend) and made available for other purposes.  Next steps include discussions
with both  rating  agencies  and  state  regulators.  The  company  will  update
investors  regularly on its capital position,  including the next update as part
of the release of first quarter 2006 financial results.

     SIGNATURE  Pursuant to the  requirements of the Securities  Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



                                PRINCIPAL LIFE INSURANCE COMPANY



                                By:   /S/ THOMAS J. GRAF
                                      ----------------------------------------
                                Name: Thomas J. Graf
                                Title: Senior Vice President, Investor Relations

Date:    March 8, 2006
[{"type": "8-K", "sequence": "1", "filename": "statfinancialsrbcstockrepur.txt", "description": "FORM 8-K", "secsgml_size_bytes": 4082}]
{"company-data": {"conformed-name": "PRINCIPAL LIFE INSURANCE CO", "cik": "0000009712", "irs-number": "420127290", "state-of-incorporation": "IA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32109", "film-number": "06672430"}, "business-address": {"street1": "711 HIGH STREET", "street2": "C/O THE PRINCIPAL FINANCIAL GROUP", "city": "DES MOINES", "state": "IA", "zip": "50392-0300", "phone": "515-248-38"}, "mail-address": {"street1": "711 HIGH STREET", "city": "DES MOINES", "state": "IA", "zip": "50392"}, "former-company": [{"former-conformed-name": "PRINCIPAL MUTUAL LIFE INSURANCE CO", "date-changed": "19920929"}, {"former-conformed-name": "BANKERS LIFE CO", "date-changed": "19600201"}, {"former-conformed-name": "BANKERS LIFE ASSOCIATION", "date-changed": "19600201"}]}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               ------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          Date of Report: MARCH 8, 2006
                        (Date of earliest event reported)

                        PRINCIPAL LIFE INSURANCE COMPANY
             (Exact name of registrant as specified in its charter)

           IOWA                       1-32109                     42-0127290
 (State or other jurisdiction  (Commission file number)       (I.R.S. Employer
      of incorporation)                                   Identification Number)

                     711 HIGH STREET, DES MOINES, IOWA 50392
                    (Address of principal executive offices)

                                 (515) 247-5111
              (Registrant's telephone number, including area code)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))

                               ------------------
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Principal  Life  Insurance  Company  (Principal  Life)  recently  filed its 2005
statutory financial report with the state insurance departments, and the company
has made  that  filing  available  on the  Principal  Financial  Group  web site
(WWW.PRINCIPAL.COM).

The statutory report can be used to derive Principal Life's  risk-based  capital
(RBC) ratio as of December 31, 2005, 468%, which compares to 357% as of December
31, 2004. While the increase  reflects strong  financial  performance in 2005, a
larger  impact  arose  from a  permanent  election  Principal  Life  made in the
calculation  of its RBC. The  calculation  Principal  Life makes pursuant to its
election more  accurately  reflects how effectively a company matches its assets
and liabilities.

Principal  Financial  Group  continuously  reviews its capital usage strategy at
both the life company and the holding  company  level.  In the company's  fourth
quarter earnings  conference call, Chief Financial Officer Mike Gersie commented
that  preliminary  work on  statutory  capital  matters  indicated  a  potential
reduction in the amount of capital required by the rating agencies to be held by
Principal  Life.  The  filing  of the  statutory  financial  statement  and  the
calculation  of RBC as of year-end 2005 are just the first steps in  determining
the amount of additional  capital that could be released from Principal Life (by
dividend) and made available for other purposes.  Next steps include discussions
with both  rating  agencies  and  state  regulators.  The  company  will  update
investors  regularly on its capital position,  including the next update as part
of the release of first quarter 2006 financial results.

     SIGNATURE  Pursuant to the  requirements of the Securities  Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                PRINCIPAL LIFE INSURANCE COMPANY

                                By:   /S/ THOMAS J. GRAF
                                      ----------------------------------------
                                Name: Thomas J. Graf
                                Title: Senior Vice President, Investor Relations

Date:    March 8, 2006