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v3.21.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2021 |  | December 31, 2020
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 215,437.4 | ​ | $ | 207,288.4
Principal Global Investors | ​ |  | 2,305.1 | ​ |  | 2,294.3
Principal International | ​ |  | 48,128.9 | ​ |  | 51,707.6
U.S. Insurance Solutions | ​ |  | 32,352.2 | ​ |  | 31,438.9
Corporate | ​ |  | 3,941.9 | ​ |  | 3,898.5
Total consolidated assets | ​ | $ | 302,165.5 | ​ | $ | 296,627.7
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 579.9 | ​ | $ | 509.4 | ​ | $ | 1,143.0 | ​ | $ | 1,052.5
Retirement and Income Solutions – Spread | ​ |  | 1,091.0 | ​ |  | 970.6 | ​ | ​ | 1,751.9 | ​ |  | 3,033.2
Total Retirement and Income Solutions (1) | ​ |  | 1,670.9 | ​ |  | 1,480.0 | ​ | ​ | 2,894.9 | ​ |  | 4,085.7
Principal Global Investors (2) | ​ |  | 453.7 | ​ |  | 352.9 | ​ | ​ | 868.9 | ​ |  | 743.7
Principal International | ​ |  | 306.2 | ​ |  | 276.4 | ​ | ​ | 614.2 | ​ |  | 576.9
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 667.9 | ​ | ​ | 627.0 | ​ | ​ | 1,323.5 | ​ | ​ | 1,266.0
Individual Life insurance | ​ |  | 514.1 | ​ |  | 461.2 | ​ | ​ | 1,033.4 | ​ |  | 945.5
Eliminations | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 1,181.9 | ​ | ​ | 1,088.1 | ​ | ​ | 2,356.8 | ​ | ​ | 2,211.4
Corporate | ​ | ​ | 1.1 | ​ | ​ | (16.3) | ​ | ​ | (7.5) | ​ | ​ | (7.0)
Total segment operating revenues | ​ | ​ | 3,613.8 | ​ | ​ | 3,181.1 | ​ | ​ | 6,727.3 | ​ | ​ | 7,610.7
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | (71.8) | ​ | ​ | (56.2) | ​ | ​ | 31.2 | ​ | ​ | 73.8
Adjustments related to equity method investments | ​ | ​ | (2.6) | ​ | ​ | (10.3) | ​ | ​ | (10.6) | ​ | ​ | (18.6)
Total revenues per consolidated statements of operations | ​ | $ | 3,539.4 | ​ | $ | 3,114.6 | ​ | $ | 6,747.9 | ​ | $ | 7,665.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 280.2 | ​ | $ | 213.9 | ​ | $ | 568.2 | ​ | $ | 419.0
Principal Global Investors | ​ |  | 184.4 | ​ |  | 108.4 | ​ | ​ | 325.5 | ​ |  | 220.1
Principal International | ​ |  | 47.7 | ​ |  | 94.5 | ​ | ​ | 122.8 | ​ |  | 125.3
U.S. Insurance Solutions | ​ |  | 126.6 | ​ |  | 155.0 | ​ | ​ | 221.8 | ​ |  | 284.5
Corporate | ​ |  | (82.7) | ​ |  | (84.0) | ​ | ​ | (176.5) | ​ |  | (175.1)
Total segment pre-tax operating earnings | ​ |  | 556.2 | ​ |  | 487.8 | ​ | ​ | 1,061.8 | ​ |  | 873.8
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | (123.1) | ​ |  | 18.4 | ​ | ​ | (8.2) | ​ |  | (51.0)
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (0.5) | ​ | ​ | (7.6) | ​ | ​ | (7.1) | ​ | ​ | 4.0
Income before income taxes per consolidated statements of operations | ​ | $ | 432.6 | ​ | $ | 498.6 | ​ | $ | 1,046.5 | ​ | $ | 826.8
(1) | Reflects inter-segment revenues of $102.9 million and $77.6 million for the three months ended June 30, 2021 and 2020, respectively, $201.7 million and $161.6 million for the six months ended June 30, 2021 and 2020, respectively.
(2) | Reflects inter-segment revenues of $71.1 million and $62.4 million for the three months ended June 30, 2021 and 2020, respectively, $144.2 million and $135.1 million for the six months ended June 30, 2021 and 2020, respectively.
(3) | Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | (41.1) | ​ | $ | (27.4) | ​ | $ | 110.3 | ​ | $ | 104.0
Derivative and hedging-related revenue adjustments | ​ | ​ | (39.4) | ​ | ​ | (35.1) | ​ | ​ | (77.8) | ​ |  | (48.7)
Market value adjustments to fee revenues | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.4) | ​ | ​ | —
Adjustments related to equity method investments | ​ | ​ | (0.4) | ​ | ​ | 2.3 | ​ | ​ | (7.5) | ​ | ​ | (5.1)
Adjustments related to sponsored investment funds | ​ | ​ | 5.1 | ​ | ​ | 3.5 | ​ | ​ | 10.1 | ​ | ​ | 7.4
Recognition of front-end fee revenue | ​ | ​ | 4.0 | ​ | ​ | 0.5 | ​ | ​ | (3.5) | ​ | ​ | 16.2
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | (71.8) | ​ |  | (56.2) | ​ | ​ | 31.2 | ​ |  | 73.8
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | (20.9) | ​ |  | 89.6 | ​ | ​ | 12.9 | ​ |  | (129.8)
Capital (gains) losses distributed | ​ |  | (32.9) | ​ |  | (15.4) | ​ | ​ | (53.3) | ​ |  | 28.0
Market value adjustments of embedded derivatives | ​ |  | 2.5 | ​ |  | 0.4 | ​ | ​ | 1.0 | ​ |  | (23.0)
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | (123.1) | ​ | $ | 18.4 | ​ | $ | (8.2) | ​ | $ | (51.0)
(a) | As adjusted before noncontrolling interest capital gains (losses).

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