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v3.21.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021 |  | December 31, 2020
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 206,958.5 | ​ | $ | 207,288.4
Principal Global Investors | ​ |  | 2,187.9 | ​ |  | 2,294.3
Principal International | ​ |  | 51,109.4 | ​ |  | 51,707.6
U.S. Insurance Solutions | ​ |  | 31,205.9 | ​ |  | 31,438.9
Corporate | ​ |  | 4,172.9 | ​ |  | 3,898.5
Total consolidated assets | ​ | $ | 295,634.6 | ​ | $ | 296,627.7
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2021 |  | 2020
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 563.1 | ​ | $ | 543.1
Retirement and Income Solutions – Spread | ​ |  | 660.9 | ​ |  | 2,062.6
Total Retirement and Income Solutions (1) | ​ |  | 1,224.0 | ​ |  | 2,605.7
Principal Global Investors (2) | ​ |  | 415.2 | ​ |  | 390.8
Principal International | ​ |  | 308.0 | ​ |  | 300.5
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 655.6 | ​ | ​ | 639.0
Individual Life insurance | ​ |  | 519.3 | ​ |  | 484.3
Total U.S. Insurance Solutions | ​ | ​ | 1,174.9 | ​ | ​ | 1,123.3
Corporate | ​ | ​ | (8.6) | ​ | ​ | 9.3
Total segment operating revenues | ​ | ​ | 3,113.5 | ​ | ​ | 4,429.6
Net realized capital gains, net of related revenue adjustments | ​ | ​ | 103.0 | ​ | ​ | 130.0
Adjustments related to equity method investments | ​ | ​ | (8.0) | ​ | ​ | (8.3)
Total revenues per consolidated statements of operations | ​ | $ | 3,208.5 | ​ | $ | 4,551.3
​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 288.0 | ​ | $ | 205.1
Principal Global Investors | ​ |  | 141.1 | ​ |  | 111.7
Principal International | ​ |  | 75.1 | ​ |  | 30.8
U.S. Insurance Solutions | ​ |  | 95.2 | ​ |  | 129.5
Corporate | ​ |  | (93.8) | ​ |  | (91.1)
Total segment pre-tax operating earnings | ​ |  | 505.6 | ​ |  | 386.0
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | 114.9 | ​ |  | (69.4)
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (6.6) | ​ | ​ | 11.6
Income before income taxes per consolidated statements of operations | ​ | $ | 613.9 | ​ | $ | 328.2
(1) | Reflects inter-segment revenues of $98.8 million and $84.0 million for the three months ended March 31, 2021 and 2020, respectively.
(2) | Reflects inter-segment revenues of $73.1 million and $72.7 million for the three months ended March 31, 2021 and 2020, respectively.
(3) | Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2021 |  | 2020
​ | ​ | (in millions)
Net realized capital gains: | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains | ​ | $ | 151.4 | ​ | $ | 131.4
Derivative and hedging-related revenue adjustments | ​ | ​ | (38.4) | ​ | ​ | (13.6)
Market value adjustments to fee revenues | ​ | ​ | (0.4) | ​ | ​ | —
Adjustments related to equity method investments | ​ | ​ | (7.1) | ​ | ​ | (7.4)
Adjustments related to sponsored investment funds | ​ | ​ | 5.0 | ​ | ​ | 3.9
Recognition of front-end fee revenue | ​ | ​ | (7.5) | ​ | ​ | 15.7
Net realized capital gains, net of related revenue adjustments | ​ |  | 103.0 | ​ |  | 130.0
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 33.8 | ​ |  | (219.4)
Capital (gains) losses distributed | ​ |  | (20.4) | ​ |  | 43.4
Market value adjustments of embedded derivatives | ​ |  | (1.5) | ​ |  | (23.4)
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | 114.9 | ​ | $ | (69.4)
(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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