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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).

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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