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Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)

​

​	​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
​	​	(in millions)
Assets:	​	​	​	​	​	​	​
Retirement and Income Solutions	​	$	221,993.8	​	$	207,288.4	​
Principal Global Investors	​	​	2,445.1	​	​	2,294.3	​
Principal International	​	​	42,812.4	​	​	51,707.6	​
U.S. Insurance Solutions	​	​	33,222.6	​	​	31,438.9	​
Corporate	​	​	4,183.3	​	​	3,898.5	​
Total consolidated assets	​	$	304,657.2	​	$	296,627.7	​

Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Operating revenues by segment:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions – Fee	​	$	2,322.7	​	$	2,149.8	​	$	2,003.0	​
Retirement and Income Solutions – Spread	​	​	4,187.3	​	​	5,353.7	​	​	6,951.4	​
Total Retirement and Income Solutions (1)	​	​	6,510.0	​	​	7,503.5	​	​	8,954.4	​
Principal Global Investors (2)	​	​	1,828.0	​	​	1,539.1	​		1,505.8	​
Principal International	​	​	1,351.8	​	​	1,096.8	​		1,523.2	​
U.S. Insurance Solutions:	​	​	​	​	​	​	​	​	​	​
Specialty Benefits insurance	​	​	2,709.6	​	​	2,525.4	​		2,493.6	​
Individual Life insurance	​	​	2,057.2	​	​	1,955.0	​		1,955.6	​
Eliminations	​	​	(0.2)	​	​	(0.2)	​		(0.2)	​
Total U.S. Insurance Solutions	​	​	4,766.6	​	​	4,480.2	​		4,449.0	​
Corporate	​	​	1.8	​	​	(39.7)	​		(39.3)	​
Total segment operating revenues	​	​	14,458.2	​	​	14,579.9	​		16,393.1	​
Net realized capital gains (losses), net of related revenue adjustments	​	​	(164.0)	​	​	195.3	​		(98.5)	​
Adjustments related to equity method investments	​	​	(31.5)	​	​	(33.5)	​	​	(72.5)	​
Total revenues per consolidated statements of operations	​	$	14,262.7	​	$	14,741.7	​	$	16,222.1	​
​	​	​	​	​	​	​	​	​	​	​
Pre-tax operating earnings (losses) by segment:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions	​	$	1,141.2	​	$	966.9	​	$	874.0	​
Principal Global Investors	​	​	708.4	​	​	512.9	​		483.3	​
Principal International	​	​	309.0	​	​	243.6	​		390.7	​
U.S. Insurance Solutions	​	​	470.8	​	​	239.9	​		521.6	​
Corporate	​	​	(368.0)	​	​	(326.4)	​		(380.3)	​
Total segment pre-tax operating earnings	​	​	2,261.4	​	​	1,636.9	​		1,889.3	​
Pre-tax net realized capital gains (losses), as adjusted (3)	​	​	(179.8)	​	​	63.6	​		(140.9)	​
Adjustments related to equity method investments and noncontrolling interest	​	​	2.0	​	​	(7.0)	​	​	(55.1)	​
Income before income taxes per consolidated statements of operations	​	$	2,083.6	​	$	1,693.5	​	$	1,693.3	​

(1) Reflects inter-segment revenues of $413.1 million, $342.6 million and $357.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

(2) Reflects inter-segment revenues of $308.9 million, $273.8 million and $264.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

​

(3) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Net realized capital gains (losses)	​	$	2.5	​	$	302.6	​	$	(52.8)	​
Derivative and hedging-related revenue adjustments	​	​	(160.3)	​	​	(132.9)	​		(80.4)	​
Market value adjustments to fee revenues	​	​	(0.6)	​	​	(1.6)	​		—	​
Adjustments related to equity method investments	​	​	(24.0)	​	​	(1.5)	​	​	2.6	​
Adjustments related to sponsored investment funds	​	​	21.3	​	​	17.3	​	​	23.6	​
Recognition of front-end fee revenue	​	​	(2.9)	​	​	11.4	​		8.5	​
Net realized capital gains (losses), net of related revenue adjustments	​	​	(164.0)	​	​	195.3	​		(98.5)	​
Amortization of deferred acquisition costs and other actuarial balances	​	​	11.1	​	​	(26.8)	​		(40.8)	​
Capital gains distributed	​	​	(106.7)	​	​	(49.9)	​		(68.2)	​
Market value adjustments of embedded derivatives	​	​	79.8	​	​	(55.0)	​		66.6	​
Pre-tax net realized capital gains (losses), as adjusted (a)	​	$	(179.8)	​	$	63.6	​	$	(140.9)	​

(a) As adjusted before noncontrolling interest capital gains (losses).

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Income tax expense (benefit) by segment:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions	​	$	130.1	​	$	106.6	​	$	71.8	​
Principal Global Investors	​	​	192.3	​	​	141.9	​		121.8	​
Principal International	​	​	69.8	​	​	62.0	​		106.8	​
U.S. Insurance Solutions	​	​	92.3	​	​	47.9	​		101.8	​
Corporate	​	​	(70.7)	​	​	(87.9)	​		(82.0)	​
Total segment income taxes from operating earnings	​	​	413.8	​	​	270.5	​		320.2	​
Tax expense (benefit) related to net realized capital losses, as adjusted	​	​	(56.2)	​	​	28.2	​		1.3	​
Certain adjustments related to equity method investments and noncontrolling interest	​	​	(31.4)	​	​	(33.7)	​	​	(72.3)	​
Total income taxes per consolidated statements of operations	​	$	326.2	​	$	265.0	​	$	249.2	​

​

Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Depreciation and amortization expense by segment:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions	​	$	81.7	​	$	69.1	​	$	48.2	​
Principal Global Investors	​	​	21.1	​		21.6	​		18.9	​
Principal International	​	​	57.3	​		56.0	​		58.6	​
U.S. Insurance Solutions	​	​	24.2	​		25.1	​		25.0	​
Corporate	​	​	23.7	​		14.8	​		16.1	​
Total depreciation and amortization expense included in our consolidated statements of operations	​	$	208.0	​	$	186.6	​	$	166.8	​

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