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v3.20.2

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2020 |  | December 31, 2019
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 196,631.2 | ​ | $ | 192,698.1
Principal Global Investors | ​ |  | 2,228.3 | ​ |  | 2,363.3
Principal International | ​ |  | 45,833.6 | ​ |  | 48,857.6
U.S. Insurance Solutions | ​ |  | 30,375.9 | ​ |  | 28,669.6
Corporate | ​ |  | 3,415.8 | ​ |  | 3,499.2
Total consolidated assets | ​ | $ | 278,484.8 | ​ | $ | 276,087.8
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 531.6 | ​ | $ | 559.4 | ​ | $ | 1,584.1 | ​ | $ | 1,440.7
Retirement and Income Solutions – Spread | ​ |  | 1,048.3 | ​ |  | 2,013.7 | ​ | ​ | 4,081.5 | ​ |  | 5,183.9
Total Retirement and Income Solutions (1) | ​ |  | 1,579.9 | ​ |  | 2,573.1 | ​ | ​ | 5,665.6 | ​ |  | 6,624.6
Principal Global Investors (2) | ​ |  | 382.8 | ​ |  | 369.9 | ​ | ​ | 1,126.5 | ​ |  | 1,068.4
Principal International | ​ |  | 225.3 | ​ |  | 404.6 | ​ | ​ | 802.2 | ​ |  | 1,196.7
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 618.1 | ​ | ​ | 629.8 | ​ | ​ | 1,884.1 | ​ | ​ | 1,857.4
Individual Life insurance | ​ |  | 503.3 | ​ |  | 562.8 | ​ | ​ | 1,448.8 | ​ |  | 1,490.7
Eliminations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 1,121.4 | ​ | ​ | 1,192.6 | ​ | ​ | 3,332.8 | ​ | ​ | 3,348.0
Corporate | ​ | ​ | (17.0) | ​ | ​ | (16.4) | ​ | ​ | (24.0) | ​ | ​ | (31.0)
Total segment operating revenues | ​ | ​ | 3,292.4 | ​ | ​ | 4,523.8 | ​ | ​ | 10,903.1 | ​ | ​ | 12,206.7
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | 31.6 | ​ | ​ | (46.6) | ​ | ​ | 105.4 | ​ | ​ | 23.9
Adjustments related to equity method investments | ​ | ​ | (13.3) | ​ | ​ | (18.8) | ​ | ​ | (31.9) | ​ | ​ | (55.7)
Total revenues per consolidated statements of operations | ​ | $ | 3,310.7 | ​ | $ | 4,458.4 | ​ | $ | 10,976.6 | ​ | $ | 12,174.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 281.1 | ​ | $ | 169.7 | ​ | $ | 700.1 | ​ | $ | 666.5
Principal Global Investors | ​ |  | 140.9 | ​ |  | 123.0 | ​ | ​ | 361.0 | ​ |  | 339.3
Principal International | ​ |  | 58.7 | ​ |  | 108.9 | ​ | ​ | 184.0 | ​ |  | 313.2
U.S. Insurance Solutions | ​ |  | (134.1) | ​ |  | 120.1 | ​ | ​ | 150.4 | ​ |  | 377.1
Corporate | ​ |  | (69.7) | ​ |  | (102.1) | ​ | ​ | (244.8) | ​ |  | (284.6)
Total segment pre-tax operating earnings | ​ |  | 276.9 | ​ |  | 419.6 | ​ | ​ | 1,150.7 | ​ |  | 1,411.5
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | 9.9 | ​ |  | (60.2) | ​ | ​ | (41.1) | ​ |  | (43.2)
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (11.7) | ​ | ​ | (13.7) | ​ | ​ | (7.7) | ​ | ​ | (46.3)
Income before income taxes per consolidated statements of operations | ​ | $ | 275.1 | ​ | $ | 345.7 | ​ | $ | 1,101.9 | ​ | $ | 1,322.0
(1) | Reflects inter-segment revenues of $87.5 million and $92.2 million for the three months ended September 30, 2020 and 2019, respectively, $249.1 million and $266.4 million for the nine months ended September 30, 2020 and 2019, respectively.
(2) | Reflects inter-segment revenues of $65.6 million and $67.5 million for the three months ended September 30, 2020 and 2019, respectively, $200.7 million and $195.2 million for the nine months ended September 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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | 65.5 | ​ | $ | (42.4) | ​ | $ | 169.5 | ​ | $ | 38.1
Derivative and hedging-related revenue adjustments | ​ |  | (37.0) | ​ |  | (17.9) | ​ | ​ | (85.7) | ​ |  | (50.8)
Adjustments related to equity method investments | ​ | ​ | 0.2 | ​ | ​ | 1.7 | ​ | ​ | (4.9) | ​ | ​ | 2.5
Adjustments related to sponsored investment funds | ​ | ​ | 5.1 | ​ | ​ | 6.2 | ​ | ​ | 12.5 | ​ | ​ | 21.0
Recognition of front-end fee revenue | ​ | ​ | (2.2) | ​ | ​ | 5.8 | ​ | ​ | 14.0 | ​ | ​ | 13.1
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | 31.6 | ​ |  | (46.6) | ​ | ​ | 105.4 | ​ |  | 23.9
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 62.1 | ​ |  | (34.6) | ​ | ​ | (67.7) | ​ |  | (80.1)
Capital gains distributed | ​ |  | (43.7) | ​ |  | (30.0) | ​ | ​ | (15.7) | ​ |  | (53.9)
Market value adjustments of embedded derivatives | ​ |  | (40.1) | ​ |  | 51.0 | ​ | ​ | (63.1) | ​ |  | 66.9
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | 9.9 | ​ | $ | (60.2) | ​ | $ | (41.1) | ​ | $ | (43.2)
(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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