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v3.21.2

Revenues from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2021
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 147.7 | ​ | $ | 151.2 | ​ | $ | 289.6 | ​ | $ | 307.6
Retirement and Income Solutions – Spread | ​ |  | 2.4 | ​ |  | 2.0 | ​ |  | 4.8 | ​ |  | 4.1
Total Retirement and Income Solutions | ​ | ​ | 150.1 | ​ | ​ | 153.2 | ​ | ​ | 294.4 | ​ | ​ | 311.7
Principal Global Investors | ​ |  | 444.0 | ​ |  | 348.2 | ​ |  | 850.1 | ​ |  | 731.1
Principal International | ​ |  | 126.5 | ​ |  | 101.6 | ​ |  | 248.4 | ​ |  | 211.1
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Specialty Benefits insurance | ​ |  | 3.8 | ​ |  | 3.5 | ​ |  | 7.5 | ​ |  | 7.3
Individual Life insurance | ​ |  | 15.0 | ​ |  | 11.0 | ​ |  | 28.7 | ​ |  | 23.8
Eliminations | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 18.7 | ​ | ​ | 14.4 | ​ | ​ | 36.1 | ​ | ​ | 31.0
Corporate | ​ |  | 55.9 | ​ |  | 35.9 | ​ |  | 104.3 | ​ |  | 68.8
Total segment revenue from contracts with customers | ​ |  | 795.2 | ​ |  | 653.3 | ​ |  | 1,533.3 | ​ |  | 1,353.7
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ |  | 466.1 | ​ |  | 390.5 | ​ |  | 929.8 | ​ |  | 819.7
Pre-tax other adjustments (2) | ​ |  | 4.0 | ​ |  | 0.5 | ​ |  | (3.9) | ​ |  | 16.2
Total fees and other revenues per consolidated statements of operations | ​ | $ | 1,265.3 | ​ | $ | 1,044.3 | ​ | $ | 2,459.2 | ​ | $ | 2,189.6
(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 | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | ​ | 2020
​ | ​ | (in millions)
Administrative service fee revenue | ​ | $ | 145.4 | ​ | $ | 150.7 | ​ | $ | 287.2 | ​ | $ | 306.9
Other fee revenue | ​ | ​ | 2.3 | ​ | ​ | 0.5 | ​ | ​ | 2.4 | ​ | ​ | 0.7
Total revenues from contracts with customers | ​ | ​ | 147.7 | ​ | ​ | 151.2 | ​ | ​ | 289.6 | ​ | ​ | 307.6
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 326.5 | ​ | ​ | 255.1 | ​ | ​ | 640.2 | ​ | ​ | 535.6
Total fees and other revenues | ​ |  | 474.2 | ​ |  | 406.3 | ​ |  | 929.8 | ​ |  | 843.2
Premiums and other considerations | ​ |  | — | ​ |  | 0.9 | ​ |  | 0.5 | ​ |  | 2.7
Net investment income | ​ |  | 105.7 | ​ |  | 102.2 | ​ |  | 212.7 | ​ |  | 206.6
Total operating revenues | ​ | $ | 579.9 | ​ | $ | 509.4 | ​ | $ | 1,143.0 | ​ | $ | 1,052.5
​
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 | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Deposit account fee revenue | ​ | $ | 2.2 | ​ | $ | 2.0 | ​ | $ | 4.5 | ​ | $ | 4.1
Commission income | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | 0.3 | ​ | ​ | —
Total revenues from contracts with customers | ​ | ​ | 2.4 | ​ | ​ | 2.0 | ​ | ​ | 4.8 | ​ | ​ | 4.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 2.7 | ​ | ​ | 2.8 | ​ | ​ | 4.7 | ​ | ​ | 5.9
Total fees and other revenues | ​ |  | 5.1 | ​ |  | 4.8 | ​ |  | 9.5 | ​ |  | 10.0
Premiums and other considerations | ​ |  | 525.0 | ​ |  | 459.5 | ​ |  | 629.8 | ​ |  | 1,980.6
Net investment income | ​ |  | 560.9 | ​ |  | 506.3 | ​ |  | 1,112.6 | ​ |  | 1,042.6
Total operating revenues | ​ | $ | 1,091.0 | ​ | $ | 970.6 | ​ | $ | 1,751.9 | ​ | $ | 3,033.2
​
Principal Global Investors |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Management fee revenue | ​ | $ | 374.1 | ​ | $ | 303.5 | ​ | $ | 730.0 | ​ | $ | 624.5
Other fee revenue | ​ |  | 69.9 | ​ |  | 44.7 | ​ |  | 120.1 | ​ |  | 106.6
Total revenues from contracts with customers | ​ |  | 444.0 | ​ |  | 348.2 | ​ |  | 850.1 | ​ |  | 731.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 8.1 | ​ | ​ | 3.9 | ​ | ​ | 16.1 | ​ | ​ | 9.4
Total fees and other revenues | ​ |  | 452.1 | ​ |  | 352.1 | ​ |  | 866.2 | ​ |  | 740.5
Net investment income | ​ |  | 1.6 | ​ |  | 0.8 | ​ |  | 2.7 | ​ |  | 3.2
Total operating revenues | ​ | $ | 453.7 | ​ | $ | 352.9 | ​ | $ | 868.9 | ​ | $ | 743.7
​
Principal International |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Management fee revenue | ​ | $ | 124.7 | ​ | $ | 100.7 | ​ | $ | 244.8 | ​ | $ | 209.2
Other fee revenue | ​ |  | 1.8 | ​ |  | 0.9 | ​ |  | 3.6 | ​ |  | 1.9
Total revenues from contracts with customers | ​ |  | 126.5 | ​ |  | 101.6 | ​ |  | 248.4 | ​ |  | 211.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 1.1 | ​ | ​ | 1.5 | ​ | ​ | 2.1 | ​ | ​ | 2.8
Total fees and other revenues | ​ |  | 127.6 | ​ |  | 103.1 | ​ |  | 250.5 | ​ |  | 213.9
Premiums and other considerations | ​ |  | 41.9 | ​ |  | 28.6 | ​ |  | 69.2 | ​ |  | 113.6
Net investment income | ​ |  | 136.7 | ​ |  | 144.7 | ​ |  | 294.5 | ​ |  | 249.4
Total operating revenues | ​ | $ | 306.2 | ​ | $ | 276.4 | ​ | $ | 614.2 | ​ | $ | 576.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from contracts with customers by region: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Latin America | ​ | $ | 92.7 | ​ | $ | 74.3 | ​ | $ | 181.8 | ​ | $ | 155.8
Asia | ​ |  | 33.5 | ​ |  | 27.3 | ​ |  | 65.8 | ​ |  | 55.3
Principal International corporate / regional offices | ​ |  | 0.7 | ​ |  | 0.3 | ​ |  | 1.5 | ​ |  | 0.5
Eliminations | ​ |  | (0.4) | ​ |  | (0.3) | ​ |  | (0.7) | ​ |  | (0.5)
Total revenues from contracts with customers | ​ | $ | 126.5 | ​ | $ | 101.6 | ​ | $ | 248.4 | ​ | $ | 211.1
​
U.S. Insurance Solutions |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Specialty Benefits insurance: | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Administrative service fees | ​ | $ | 3.8 | ​ | $ | 3.5 | ​ | $ | 7.5 | ​ | $ | 7.3
Total revenues from contracts with customers | ​ | ​ | 3.8 | ​ |  | 3.5 | ​ | ​ | 7.5 | ​ |  | 7.3
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 4.7 | ​ | ​ | 4.6 | ​ | ​ | 9.5 | ​ | ​ | 9.5
Total fees and other revenues | ​ | ​ | 8.5 | ​ |  | 8.1 | ​ | ​ | 17.0 | ​ |  | 16.8
Premiums and other considerations | ​ | ​ | 616.8 | ​ |  | 582.5 | ​ | ​ | 1,222.1 | ​ |  | 1,170.9
Net investment income | ​ | ​ | 42.6 | ​ |  | 36.4 | ​ | ​ | 84.4 | ​ |  | 78.3
Total operating revenues | ​ | $ | 667.9 | ​ | $ | 627.0 | ​ | $ | 1,323.5 | ​ | $ | 1,266.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Individual Life insurance: | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Administrative service fees | ​ | $ | 6.6 | ​ | $ | 5.0 | ​ | $ | 12.5 | ​ | $ | 10.7
Commission income | ​ | ​ | 8.4 | ​ |  | 6.0 | ​ | ​ | 16.2 | ​ |  | 13.1
Total revenues from contracts with customers | ​ | ​ | 15.0 | ​ |  | 11.0 | ​ | ​ | 28.7 | ​ |  | 23.8
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 211.5 | ​ | ​ | 191.8 | ​ | ​ | 431.7 | ​ | ​ | 401.8
Total fees and other revenues | ​ | ​ | 226.5 | ​ |  | 202.8 | ​ | ​ | 460.4 | ​ |  | 425.6
Premiums and other considerations | ​ | ​ | 86.0 | ​ |  | 81.6 | ​ | ​ | 183.2 | ​ |  | 176.3
Net investment income | ​ | ​ | 201.6 | ​ |  | 176.8 | ​ | ​ | 389.8 | ​ |  | 343.6
Total operating revenues | ​ | $ | 514.1 | ​ | $ | 461.2 | ​ | $ | 1,033.4 | ​ | $ | 945.5
​
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | ​ | 2020
​ | ​ | (in millions)
Commission income | ​ | $ | 95.7 | ​ | $ | 72.6 | ​ | $ | 187.7 | ​ | $ | 153.0
Other fee revenue | ​ |  | 17.4 | ​ |  | 13.6 | ​ | ​ | 33.7 | ​ | ​ | 24.7
Eliminations | ​ |  | (57.2) | ​ |  | (50.3) | ​ | ​ | (117.1) | ​ | ​ | (108.9)
Total revenues from contracts with customers | ​ |  | 55.9 | ​ |  | 35.9 | ​ | ​ | 104.3 | ​ | ​ | 68.8
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | (88.5) | ​ | ​ | (69.2) | ​ | ​ | (174.5) | ​ | ​ | (145.3)
Total fees and other revenues | ​ |  | (32.6) | ​ |  | (33.3) | ​ | ​ | (70.2) | ​ | ​ | (76.5)
Net investment income | ​ |  | 33.7 | ​ |  | 17.0 | ​ | ​ | 62.7 | ​ | ​ | 69.5
Total operating revenues | ​ | $ | 1.1 | ​ | $ | (16.3) | ​ | $ | (7.5) | ​ | $ | (7.0)
​

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