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Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2020

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Revenue from contracts with customers by segment:	​	​	​	​	​	​
Retirement and Income Solutions:	​	​	​		​	​
Retirement and Income Solutions – Fee	​	$	156.4	​	$	58.4
Retirement and Income Solutions – Spread	​		2.1	​		2.9
Total Retirement and Income Solutions	​	​	158.5	​	​	61.3
Principal Global Investors	​		382.9	​		332.3
Principal International	​		109.5	​		114.9
U.S. Insurance Solutions:	​		​	​		​
Specialty Benefits insurance	​		3.8	​		3.7
Individual Life insurance	​		12.8	​		12.0
Total U.S. Insurance Solutions	​	​	16.6	​	​	15.7
Corporate	​		32.9	​		37.0
Total segment revenue from contracts with customers	​		700.4	​		561.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)	​		429.2	​		409.2
Pre-tax other adjustments (2)	​		15.7	​		3.1
Total fees and other revenues per consolidated statements of operations	​	$	1,145.3	​	$	973.5

(1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2) Pre-tax other adjustments relate to the recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and certain market value adjustments to fee revenues.

Retirement and Income Solutions | Retirement and Income Solutions - Fee

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Administrative service fee revenue (1)	​	$	156.2	​	$	58.2
Other fee revenue	​	​	0.2	​	​	0.2
Total revenues from contracts with customers	​	​	156.4	​	​	58.4
Fees and other revenues not within the scope of revenue recognition guidance	​	​	280.5	​	​	271.8
Total fees and other revenues	​		436.9	​		330.2
Premiums and other considerations	​		1.8	​		1.1
Net investment income	​		104.4	​		99.5
Total operating revenues	​	$	543.1	​	$	430.8

(1) Includes fee revenue for the Acquired Business in 2020.

Retirement and Income Solutions | Retirement and Income Solutions - Spread

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Deposit account fee revenue	​	$	2.1	​	$	2.9
Total revenues from contracts with customers	​	​	2.1	​	​	2.9
Fees and other revenues not within the scope of revenue recognition guidance	​	​	3.1	​	​	4.9
Total fees and other revenues	​		5.2	​		7.8
Premiums and other considerations	​		1,521.1	​		957.5
Net investment income	​		536.3	​		495.8
Total operating revenues	​	$	2,062.6	​	$	1,461.1

​

Principal Global Investors

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Management fee revenue	​	$	321.0	​	$	292.8
Other fee revenue	​		61.9	​		39.5
Total revenues from contracts with customers	​		382.9	​		332.3
Fees and other revenues not within the scope of revenue recognition guidance	​	​	5.5	​	​	4.3
Total fees and other revenues	​		388.4	​		336.6
Net investment income	​		2.4	​		2.4
Total operating revenues	​	$	390.8	​	$	339.0

​

Principal International

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Management fee revenue	​	$	108.5	​	$	114.3
Other fee revenue	​		1.0	​		0.6
Total revenues from contracts with customers	​		109.5	​		114.9
Fees and other revenues not within the scope of revenue recognition guidance	​	​	1.3	​	​	1.7
Total fees and other revenues	​		110.8	​		116.6
Premiums and other considerations	​		85.0	​		117.5
Net investment income	​		104.7	​		146.4
Total operating revenues	​	$	300.5	​	$	380.5
​	​	​	​	​	​	​
Revenues from contracts with customers by region:	​		​	​		​
Latin America	​	$	81.5	​	$	88.1
Asia	​		28.0	​		27.0
Principal International corporate / regional offices	​		0.2	​		0.2
Eliminations	​		(0.2)	​		(0.4)
Total revenues from contracts with customers	​	$	109.5	​	$	114.9

​

U.S. Insurance Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Specialty Benefits insurance:	​	​	​		​
Administrative service fees	​	$	3.8	​	$	3.7
Total revenues from contracts with customers	​	​	3.8	​		3.7
Fees and other revenues not within the scope of revenue recognition guidance	​	​	4.9	​	​	4.9
Total fees and other revenues	​	​	8.7	​		8.6
Premiums and other considerations	​	​	588.4	​		555.9
Net investment income	​	​	41.9	​		37.3
Total operating revenues	​	$	639.0	​	$	601.8

​

​

​	​	​	​	​	​	​
Individual Life insurance:	​	​	​	​		​
Administrative service fees	​	$	5.7	​	$	5.9
Commission income	​	​	7.1	​		6.1
Total revenues from contracts with customers	​	​	12.8	​		12.0
Fees and other revenues not within the scope of revenue recognition guidance	​	​	210.0	​	​	192.2
Total fees and other revenues	​	​	222.8	​		204.2
Premiums and other considerations	​	​	94.7	​		92.9
Net investment income	​	​	166.8	​		169.2
Total operating revenues	​	$	484.3	​	$	466.3

​

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Commission income	​	$	80.4	​	$	75.8
Other fee revenue	​		11.1	​		8.8
Eliminations	​		(58.6)	​		(47.6)
Total revenues from contracts with customers	​		32.9	​		37.0
Fees and other revenues not within the scope of revenue recognition guidance	​	​	(76.1)	​	​	(70.6)
Total fees and other revenues	​		(43.2)	​		(33.6)
Net investment income	​		52.5	​		34.8
Total operating revenues	​	$	9.3	​	$	1.2

​

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045

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