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Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Revenue from contracts with customers by segment:	​	​	​	​	​	​
Retirement and Income Solutions:	​	​	​		​	​
Retirement and Income Solutions – Fee	​	$	141.9	​	$	156.4
Retirement and Income Solutions – Spread	​		2.4	​		2.1
Total Retirement and Income Solutions	​	​	144.3	​	​	158.5
Principal Global Investors	​		406.1	​		382.9
Principal International	​		121.9	​		109.5
U.S. Insurance Solutions:	​		​	​		​
Specialty Benefits insurance	​		3.7	​		3.8
Individual Life insurance	​		13.7	​		12.8
Total U.S. Insurance Solutions	​	​	17.4	​	​	16.6
Corporate	​		48.4	​		32.9
Total segment revenue from contracts with customers	​		738.1	​		700.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)	​		463.7	​		429.2
Pre-tax other adjustments (2)	​		(7.9)	​		15.7
Total fees and other revenues per consolidated statements of operations	​	$	1,193.9	​	$	1,145.3

(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,
​		2021			2020
​	​	(in millions)
Administrative service fee revenue	​	$	141.8	​	$	156.2
Other fee revenue	​	​	0.1	​	​	0.2
Total revenues from contracts with customers	​	​	141.9	​	​	156.4
Fees and other revenues not within the scope of revenue recognition guidance	​	​	313.7	​	​	280.5
Total fees and other revenues	​		455.6	​		436.9
Premiums and other considerations	​		0.5	​		1.8
Net investment income	​		107.0	​		104.4
Total operating revenues	​	$	563.1	​	$	543.1

​

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,
​		2021			2020
​	​	(in millions)
Deposit account fee revenue	​	$	2.3	​	$	2.1
Commission income	​	​	0.1	​	​	—
Total revenues from contracts with customers	​	​	2.4	​	​	2.1
Fees and other revenues not within the scope of revenue recognition guidance	​	​	2.0	​	​	3.1
Total fees and other revenues	​		4.4	​		5.2
Premiums and other considerations	​		104.8	​		1,521.1
Net investment income	​		551.7	​		536.3
Total operating revenues	​	$	660.9	​	$	2,062.6

​

Principal Global Investors

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Management fee revenue	​	$	355.9	​	$	321.0
Other fee revenue	​		50.2	​		61.9
Total revenues from contracts with customers	​		406.1	​		382.9
Fees and other revenues not within the scope of revenue recognition guidance	​	​	8.0	​	​	5.5
Total fees and other revenues	​		414.1	​		388.4
Net investment income	​		1.1	​		2.4
Total operating revenues	​	$	415.2	​	$	390.8

​

Principal International

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Management fee revenue	​	$	120.1	​	$	108.5
Other fee revenue	​		1.8	​		1.0
Total revenues from contracts with customers	​		121.9	​		109.5
Fees and other revenues not within the scope of revenue recognition guidance	​	​	1.0	​	​	1.3
Total fees and other revenues	​		122.9	​		110.8
Premiums and other considerations	​		27.3	​		85.0
Net investment income	​		157.8	​		104.7
Total operating revenues	​	$	308.0	​	$	300.5
​	​	​	​	​	​	​
Revenues from contracts with customers by region:	​		​	​		​
Latin America	​	$	89.1	​	$	81.5
Asia	​		32.3	​		28.0
Principal International corporate / regional offices	​		0.8	​		0.2
Eliminations	​		(0.3)	​		(0.2)
Total revenues from contracts with customers	​	$	121.9	​	$	109.5

​

U.S. Insurance Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Specialty Benefits insurance:	​	​	​		​
Administrative service fees	​	$	3.7	​	$	3.8
Total revenues from contracts with customers	​	​	3.7	​		3.8
Fees and other revenues not within the scope of revenue recognition guidance	​	​	4.8	​	​	4.9
Total fees and other revenues	​	​	8.5	​		8.7
Premiums and other considerations	​	​	605.3	​		588.4
Net investment income	​	​	41.8	​		41.9
Total operating revenues	​	$	655.6	​	$	639.0

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Individual Life insurance:	​	​	​	​		​
Administrative service fees	​	$	5.9	​	$	5.7
Commission income	​	​	7.8	​		7.1
Total revenues from contracts with customers	​	​	13.7	​		12.8
Fees and other revenues not within the scope of revenue recognition guidance	​	​	220.2	​	​	210.0
Total fees and other revenues	​	​	233.9	​		222.8
Premiums and other considerations	​	​	97.2	​		94.7
Net investment income	​	​	188.2	​		166.8
Total operating revenues	​	$	519.3	​	$	484.3

​

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2021			2020
​	​	(in millions)
Commission income	​	$	92.0	​	$	80.4
Other fee revenue	​		16.3	​		11.1
Eliminations	​		(59.9)	​		(58.6)
Total revenues from contracts with customers	​		48.4	​		32.9
Fees and other revenues not within the scope of revenue recognition guidance	​	​	(86.0)	​	​	(76.1)
Total fees and other revenues	​		(37.6)	​		(43.2)
Net investment income	​		29.0	​		52.5
Total operating revenues	​	$	(8.6)	​	$	9.3

​

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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=121604090&loc=SL49130545-203045

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