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v3.21.2

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2021
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 216,039.3 | ​ | $ | 207,288.4
Principal Global Investors | ​ |  | 2,358.4 | ​ |  | 2,294.3
Principal International | ​ |  | 43,524.9 | ​ |  | 51,707.6
U.S. Insurance Solutions | ​ |  | 32,702.7 | ​ |  | 31,438.9
Corporate | ​ |  | 4,283.1 | ​ |  | 3,898.5
Total consolidated assets | ​ | $ | 298,908.4 | ​ | $ | 296,627.7
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 580.9 | ​ | $ | 531.6 | ​ | $ | 1,723.9 | ​ | $ | 1,584.1
Retirement and Income Solutions – Spread | ​ |  | 1,072.0 | ​ |  | 1,048.3 | ​ | ​ | 2,823.9 | ​ |  | 4,081.5
Total Retirement and Income Solutions (1) | ​ |  | 1,652.9 | ​ |  | 1,579.9 | ​ | ​ | 4,547.8 | ​ |  | 5,665.6
Principal Global Investors (2) | ​ |  | 465.2 | ​ |  | 382.8 | ​ | ​ | 1,334.1 | ​ |  | 1,126.5
Principal International | ​ |  | 328.1 | ​ |  | 225.3 | ​ | ​ | 942.3 | ​ |  | 802.2
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 684.4 | ​ | ​ | 618.1 | ​ | ​ | 2,007.9 | ​ | ​ | 1,884.1
Individual Life insurance | ​ |  | 505.7 | ​ |  | 503.3 | ​ | ​ | 1,539.1 | ​ |  | 1,448.8
Eliminations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 1,190.1 | ​ | ​ | 1,121.4 | ​ | ​ | 3,546.9 | ​ | ​ | 3,332.8
Corporate | ​ | ​ | (14.3) | ​ | ​ | (17.0) | ​ | ​ | (21.8) | ​ | ​ | (24.0)
Total segment operating revenues | ​ | ​ | 3,622.0 | ​ | ​ | 3,292.4 | ​ | ​ | 10,349.3 | ​ | ​ | 10,903.1
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | (188.2) | ​ | ​ | 31.6 | ​ | ​ | (157.0) | ​ | ​ | 105.4
Adjustments related to equity method investments | ​ | ​ | (10.1) | ​ | ​ | (13.3) | ​ | ​ | (20.7) | ​ | ​ | (31.9)
Total revenues per consolidated statements of operations | ​ | $ | 3,423.7 | ​ | $ | 3,310.7 | ​ | $ | 10,171.6 | ​ | $ | 10,976.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 243.2 | ​ | $ | 281.1 | ​ | $ | 811.4 | ​ | $ | 700.1
Principal Global Investors | ​ |  | 190.1 | ​ |  | 140.9 | ​ | ​ | 515.6 | ​ |  | 361.0
Principal International | ​ |  | 81.0 | ​ |  | 58.7 | ​ | ​ | 203.8 | ​ |  | 184.0
U.S. Insurance Solutions | ​ |  | 151.6 | ​ |  | (134.1) | ​ | ​ | 373.4 | ​ |  | 150.4
Corporate | ​ |  | (97.1) | ​ |  | (69.7) | ​ | ​ | (273.6) | ​ |  | (244.8)
Total segment pre-tax operating earnings | ​ |  | 568.8 | ​ |  | 276.9 | ​ | ​ | 1,630.6 | ​ |  | 1,150.7
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | (133.5) | ​ |  | 9.9 | ​ | ​ | (141.7) | ​ |  | (41.1)
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (7.2) | ​ | ​ | (11.7) | ​ | ​ | (14.3) | ​ | ​ | (7.7)
Income before income taxes per consolidated statements of operations | ​ | $ | 428.1 | ​ | $ | 275.1 | ​ | $ | 1,474.6 | ​ | $ | 1,101.9
(1) | Reflects inter-segment revenues of $106.0 million and $87.5 million for the three months ended September 30, 2021 and 2020, respectively, $307.7 million and $249.1 million for the nine months ended September 30, 2021 and 2020, respectively.
(2) | Reflects inter-segment revenues of $79.7 million and $65.6 million for the three months ended September 30, 2021 and 2020, respectively, $223.9 million and $200.7 million for the nine months ended September 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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | (152.0) | ​ | $ | 65.5 | ​ | $ | (41.7) | ​ | $ | 169.5
Derivative and hedging-related revenue adjustments | ​ | ​ | (30.6) | ​ | ​ | (37.0) | ​ | ​ | (108.4) | ​ |  | (85.7)
Market value adjustments to fee revenues | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | (0.6) | ​ | ​ | —
Adjustments related to equity method investments | ​ | ​ | (10.8) | ​ | ​ | 0.2 | ​ | ​ | (18.3) | ​ | ​ | (4.9)
Adjustments related to sponsored investment funds | ​ | ​ | 5.8 | ​ | ​ | 5.1 | ​ | ​ | 15.9 | ​ | ​ | 12.5
Recognition of front-end fee revenue | ​ | ​ | (0.4) | ​ | ​ | (2.2) | ​ | ​ | (3.9) | ​ | ​ | 14.0
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | (188.2) | ​ |  | 31.6 | ​ | ​ | (157.0) | ​ |  | 105.4
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 9.9 | ​ |  | 62.1 | ​ | ​ | 22.8 | ​ |  | (67.7)
Capital gains distributed | ​ |  | (33.0) | ​ |  | (43.7) | ​ | ​ | (86.3) | ​ |  | (15.7)
Market value adjustments of embedded derivatives | ​ |  | 77.8 | ​ |  | (40.1) | ​ | ​ | 78.8 | ​ |  | (63.1)
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | (133.5) | ​ | $ | 9.9 | ​ | $ | (141.7) | ​ | $ | (41.1)
(a) | As adjusted before noncontrolling interest capital gains (losses).

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