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Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2021			2020			2019
​	​	(in millions)								​
Revenue from contracts with customers by segment:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions:	​	​	​	​	​	​	​	​	​	​
Retirement and Income Solutions – Fee		$	580.2		$	591.2		$	455.5	​
Retirement and Income Solutions – Spread	​	​	9.9	​		8.6	​		9.3	​
Total Retirement and Income Solutions	​	​	590.1	​		599.8	​		464.8	​
Principal Global Investors	​	​	1,787.9	​		1,511.2	​		1,456.7	​
Principal International	​	​	492.7	​		439.2	​		462.2	​
U.S. Insurance Solutions:	​	​	​	​	​	​	​	​	​	​
Specialty Benefits insurance	​	​	14.9	​		14.8	​		14.9	​
Individual Life insurance	​	​	60.6	​		48.6	​		51.2	​
Eliminations	​	​	(0.2)	​		(0.2)	​		(0.2)	​
Total U.S. Insurance Solutions	​	​	75.3	​		63.2	​		65.9	​
Corporate	​	​	204.1	​		154.9	​		160.4	​
Total segment revenue from contracts with customers	​	​	3,150.1	​		2,768.3	​		2,610.0	​
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)	​	​	1,866.0	​		1,733.0	​		1,791.4	​
Pre-tax other adjustments (2)	​	​	(3.5)	​		9.8	​		8.5	​
Total fees and other revenues per consolidated statements of operations		$	5,012.6		$	4,511.1		$	4,409.9	​

(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 year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Administrative service fee revenue	​	$	576.7	​	$	589.2	​	$	453.7	​
Other fee revenue	​		3.5	​		2.0	​		1.8	​
Total revenues from contracts with customers	​		580.2	​		591.2	​		455.5	​
Fees and other revenues not within the scope of revenue recognition guidance	​		1,299.6	​		1,130.4	​		1,139.0	​
Total fees and other revenues	​		1,879.8	​		1,721.6	​		1,594.5	​
Premiums and other considerations	​		0.5	​		5.0	​		3.5	​
Net investment income	​		442.4	​		423.2	​		405.0	​
Total operating revenues	​	$	2,322.7	​	$	2,149.8	​	$	2,003.0	​

Retirement and Income Solutions | Retirement and Income Solutions - Spread

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)								​
Deposit account fee revenue	​	$	9.2	​	$	8.4	​	$	9.3	​
Commission income	​	​	0.7	​	​	0.2	​	​	—	​
Total revenues from contracts with customers	​		9.9	​		8.6	​		9.3	​
Fees and other revenues not within the scope of revenue recognition guidance	​		7.9	​		9.5	​		13.9	​
Total fees and other revenues	​		17.8	​		18.1	​		23.2	​
Premiums and other considerations	​		1,883.1	​		3,216.0	​		4,859.2	​
Net investment income	​		2,286.4	​		2,119.6	​		2,069.0	​
Total operating revenues	​	$	4,187.3	​	$	5,353.7	​	$	6,951.4	​

Principal Global Investors

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Management fee revenue	​	$	1,514.1	​	$	1,298.4	​	$	1,239.1	​
Other fee revenue	​		273.8	​		212.8	​		217.6	​
Total revenues from contracts with customers	​	​	1,787.9	​		1,511.2	​		1,456.7	​
Fees and other revenues not within the scope of revenue recognition guidance	​	​	36.2	​		22.3	​		38.5	​
Total fees and other revenues	​	​	1,824.1	​		1,533.5	​		1,495.2	​
Net investment income	​	​	3.9	​		5.6	​		10.6	​
Total operating revenues	​	$	1,828.0	​	$	1,539.1	​	$	1,505.8	​

Principal International

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​		(in millions)								​
Management fee revenue	​	$	484.4	​	$	435.3	​	$	459.3	​
Other fee revenue	​		8.3	​		3.9	​		2.9	​
Total revenues from contracts with customers	​		492.7	​		439.2	​		462.2	​
Fees and other revenues not within the scope of revenue recognition guidance	​		4.1	​		5.6	​		6.3	​
Total fees and other revenues	​		496.8	​		444.8	​		468.5	​
Premiums and other considerations	​		127.5	​		156.6	​		393.3	​
Net investment income	​		727.5	​		495.4	​		661.4	​
Total operating revenues	​	$	1,351.8	​	$	1,096.8	​	$	1,523.2	​
​	​	​	​	​	​	​	​	​	​	​
Revenues from contracts with customers by region:	​		​	​		​	​		​	​
Latin America	​	$	362.6	​	$	323.5	​	$	351.5	​
Asia	​		128.8	​		115.9	​		111.0	​
Principal International corporate / regional offices	​		2.6	​		0.9	​		0.9	​
Eliminations	​		(1.3)	​		(1.1)	​		(1.2)	​
Total revenues from contracts with customers	​	$	492.7	​	$	439.2	​	$	462.2	​

U.S. Insurance Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Specialty Benefits insurance:		​			​			​		​
Administrative service fees	​	$	14.9	​	$	14.8	​	$	14.9	​
Total revenues from contracts with customers	​		14.9	​		14.8	​		14.9	​
Fees and other revenues not within the scope of revenue recognition guidance	​		19.0	​		19.3	​		19.6	​
Total fees and other revenues	​		33.9	​		34.1	​		34.5	​
Premiums and other considerations	​		2,496.4	​		2,330.7	​		2,292.7	​
Net investment income	​		179.3	​		160.6	​		166.4	​
Total operating revenues	​	$	2,709.6	​	$	2,525.4	​	$	2,493.6	​
​	​	​	​	​	​	​	​	​	​	​
Individual Life insurance:	​			​			​			​
Administrative service fees	​	$	26.7	​	$	21.8	​	$	24.3	​
Commission income	​		33.9	​		26.8	​		26.9	​
Total revenues from contracts with customers	​		60.6	​		48.6	​		51.2	​
Fees and other revenues not within the scope of revenue recognition guidance	​		859.2	​		849.8	​		875.9	​
Total fees and other revenues	​		919.8	​		898.4	​		927.1	​
Premiums and other considerations	​		334.0	​		329.1	​		317.9	​
Net investment income	​		803.4	​		727.5	​		710.6	​
Total operating revenues	​	$	2,057.2	​	$	1,955.0	​	$	1,955.6	​

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2021			2020			2019		​
​	​	(in millions)								​
Commission income	​	$	388.9	​	$	316.6	​	$	320.2	​
Other fee revenue	​	​	68.8	​	​	59.1	​	​	46.1	​
Eliminations	​		(253.6)	​		(220.8)	​		(205.9)	​
Total revenues from contracts with customers	​		204.1	​		154.9	​		160.4	​
Fees and other revenues not within the scope of revenue recognition guidance	​		(360.0)	​		(303.9)	​		(301.8)	​
Total fees and other revenues	​		(155.9)	​		(149.0)	​		(141.4)	​
Net investment income	​		157.7	​		109.3	​		102.1	​
Total operating revenues	​	$	1.8	​	$	(39.7)	​	$	(39.3)	​

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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=123351226&loc=SL49130545-203045

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