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v3.20.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2020 |  | December 31, 2019
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 191,053.8 | ​ | $ | 192,698.1
Principal Global Investors | ​ |  | 2,197.2 | ​ |  | 2,363.3
Principal International | ​ |  | 45,381.9 | ​ |  | 48,857.6
U.S. Insurance Solutions | ​ |  | 29,745.6 | ​ |  | 28,669.6
Corporate | ​ |  | 2,930.9 | ​ |  | 3,499.2
Total consolidated assets | ​ | $ | 271,309.4 | ​ | $ | 276,087.8
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 509.4 | ​ | $ | 450.5 | ​ | $ | 1,052.5 | ​ | $ | 881.3
Retirement and Income Solutions – Spread | ​ |  | 970.6 | ​ |  | 1,709.1 | ​ | ​ | 3,033.2 | ​ |  | 3,170.2
Total Retirement and Income Solutions (1) | ​ |  | 1,480.0 | ​ |  | 2,159.6 | ​ | ​ | 4,085.7 | ​ |  | 4,051.5
Principal Global Investors (2) | ​ |  | 352.9 | ​ |  | 359.5 | ​ | ​ | 743.7 | ​ |  | 698.5
Principal International | ​ |  | 276.4 | ​ |  | 411.6 | ​ | ​ | 576.9 | ​ |  | 792.1
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 627.0 | ​ | ​ | 625.8 | ​ | ​ | 1,266.0 | ​ | ​ | 1,227.6
Individual Life insurance | ​ |  | 461.2 | ​ |  | 461.6 | ​ | ​ | 945.5 | ​ |  | 927.9
Eliminations | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 1,088.1 | ​ | ​ | 1,087.3 | ​ | ​ | 2,211.4 | ​ | ​ | 2,155.4
Corporate | ​ | ​ | (16.3) | ​ | ​ | (15.8) | ​ | ​ | (7.0) | ​ | ​ | (14.6)
Total segment operating revenues | ​ | ​ | 3,181.1 | ​ | ​ | 4,002.2 | ​ | ​ | 7,610.7 | ​ | ​ | 7,682.9
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | (56.2) | ​ | ​ | (13.2) | ​ | ​ | 73.8 | ​ | ​ | 70.5
Adjustments related to equity method investments | ​ | ​ | (10.3) | ​ | ​ | (16.4) | ​ | ​ | (18.6) | ​ | ​ | (36.9)
Total revenues per consolidated statements of operations | ​ | $ | 3,114.6 | ​ | $ | 3,972.6 | ​ | $ | 7,665.9 | ​ | $ | 7,716.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 213.9 | ​ | $ | 256.2 | ​ | $ | 419.0 | ​ | $ | 496.8
Principal Global Investors | ​ |  | 108.4 | ​ |  | 115.6 | ​ | ​ | 220.1 | ​ |  | 216.3
Principal International | ​ |  | 94.5 | ​ |  | 93.2 | ​ | ​ | 125.3 | ​ |  | 204.3
U.S. Insurance Solutions | ​ |  | 155.0 | ​ |  | 146.3 | ​ | ​ | 284.5 | ​ |  | 257.0
Corporate | ​ |  | (84.0) | ​ |  | (98.1) | ​ | ​ | (175.1) | ​ |  | (182.5)
Total segment pre-tax operating earnings | ​ |  | 487.8 | ​ |  | 513.2 | ​ | ​ | 873.8 | ​ |  | 991.9
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | 18.4 | ​ |  | (48.6) | ​ | ​ | (51.0) | ​ |  | 17.0
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (7.6) | ​ | ​ | (14.3) | ​ | ​ | 4.0 | ​ | ​ | (32.6)
Income before income taxes per consolidated statements of operations | ​ | $ | 498.6 | ​ | $ | 450.3 | ​ | $ | 826.8 | ​ | $ | 976.3
(1) | Reflects inter-segment revenues of $77.6 million and $88.5 million for the three months ended June 30, 2020 and 2019, respectively, $161.6 million and $174.2 million for the six months ended June 30, 2020 and 2019, respectively.
(2) | Reflects inter-segment revenues of $62.4 million and $66.2 million for the three months ended June 30, 2020 and 2019, respectively, $135.1 million and $127.7 million for the six months ended June 30, 2020 and 2019, respectively.
(3) | Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | (27.4) | ​ | $ | (4.0) | ​ | $ | 104.0 | ​ | $ | 80.5
Derivative and hedging-related revenue adjustments | ​ |  | (35.1) | ​ |  | (21.4) | ​ | ​ | (48.7) | ​ |  | (32.9)
Adjustments related to equity method investments | ​ | ​ | 2.3 | ​ | ​ | 1.2 | ​ | ​ | (5.1) | ​ | ​ | 0.8
Adjustments related to sponsored investment funds | ​ | ​ | 3.5 | ​ | ​ | 6.8 | ​ | ​ | 7.4 | ​ | ​ | 14.8
Recognition of front-end fee revenue | ​ | ​ | 0.5 | ​ | ​ | 4.2 | ​ | ​ | 16.2 | ​ | ​ | 7.3
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | (56.2) | ​ |  | (13.2) | ​ | ​ | 73.8 | ​ |  | 70.5
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 89.6 | ​ |  | (29.1) | ​ | ​ | (129.8) | ​ |  | (45.5)
Capital (gains) losses distributed | ​ |  | (15.4) | ​ |  | (15.2) | ​ | ​ | 28.0 | ​ |  | (23.9)
Market value adjustments of embedded derivatives | ​ |  | 0.4 | ​ |  | 8.9 | ​ | ​ | (23.0) | ​ |  | 15.9
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | 18.4 | ​ | $ | (48.6) | ​ | $ | (51.0) | ​ | $ | 17.0
(a) | As adjusted before noncontrolling interest capital gains (losses).

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- Definition Tabular disclosure of the identification, description, and amounts of all significant reconciling items in the reconciliation of (1) operating revenues from reportable segments to consolidated revenues; (2) pre-tax operating earnings from reportable segments to consolidated income before income taxes; and (3) consolidated net realized capital gains (losses) to pre-tax net realized capital gains (losses), as adjusted, which includes the impacts of specific adjustments related to net realized capital gains (losses). + References No definition available. + Details
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