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v3.22.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2022 |  | December 31, 2021
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 210,364.5 | ​ | $ | 221,993.8
Principal Global Investors | ​ |  | 2,263.2 | ​ |  | 2,445.1
Principal International | ​ |  | 44,055.1 | ​ |  | 42,812.4
U.S. Insurance Solutions | ​ |  | 31,628.8 | ​ |  | 33,222.6
Corporate | ​ |  | 3,226.9 | ​ |  | 4,183.3
Total consolidated assets | ​ | $ | 291,538.5 | ​ | $ | 304,657.2
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 578.8 | ​ | $ | 563.1
Retirement and Income Solutions – Spread | ​ |  | 704.2 | ​ |  | 660.9
Total Retirement and Income Solutions (1) | ​ |  | 1,283.0 | ​ |  | 1,224.0
Principal Global Investors (2) | ​ |  | 435.3 | ​ |  | 415.2
Principal International | ​ |  | 314.9 | ​ |  | 308.0
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 717.7 | ​ | ​ | 655.6
Individual Life insurance | ​ |  | 523.4 | ​ |  | 519.3
Eliminations | ​ | ​ | (0.1) | ​ | ​ | —
Total U.S. Insurance Solutions | ​ | ​ | 1,241.0 | ​ | ​ | 1,174.9
Corporate | ​ | ​ | (0.3) | ​ | ​ | (8.6)
Total segment operating revenues | ​ | ​ | 3,273.9 | ​ | ​ | 3,113.5
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | (150.3) | ​ | ​ | 103.0
Adjustments related to equity method investments | ​ | ​ | (13.6) | ​ | ​ | (8.0)
Total revenues per consolidated statements of operations | ​ | $ | 3,110.0 | ​ | $ | 3,208.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 317.9 | ​ | $ | 288.0
Principal Global Investors | ​ |  | 143.4 | ​ |  | 141.1
Principal International | ​ |  | 58.1 | ​ |  | 75.1
U.S. Insurance Solutions | ​ |  | 115.8 | ​ |  | 95.2
Corporate | ​ |  | (129.0) | ​ |  | (93.8)
Total segment pre-tax operating earnings | ​ |  | 506.2 | ​ |  | 505.6
Pre-tax net realized capital gains (losses), as adjusted (3) | ​ |  | (80.4) | ​ |  | 114.9
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | 2.2 | ​ | ​ | (6.6)
Income before income taxes per consolidated statements of operations | ​ | $ | 428.0 | ​ | $ | 613.9
(1) | Reflects inter-segment revenues of $97.4 million and $98.8 million for the three months ended March 31, 2022 and 2021, respectively.
(2) | Reflects inter-segment revenues of $81.3 million and $73.1 million for the three months ended March 31, 2022 and 2021, respectively.
(3) | Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | (110.5) | ​ | $ | 151.4
Derivative and hedging-related revenue adjustments | ​ | ​ | (40.1) | ​ | ​ | (38.4)
Market value adjustments to fee revenues | ​ | ​ | — | ​ | ​ | (0.4)
Adjustments related to equity method investments | ​ | ​ | (3.6) | ​ | ​ | (7.1)
Adjustments related to sponsored investment funds | ​ | ​ | 5.8 | ​ | ​ | 5.0
Recognition of front-end fee revenue | ​ | ​ | (1.9) | ​ | ​ | (7.5)
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | (150.3) | ​ |  | 103.0
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | (1.3) | ​ |  | 33.8
Capital (gains) losses distributed | ​ |  | 91.0 | ​ |  | (20.4)
Market value adjustments of embedded derivatives | ​ |  | (19.8) | ​ |  | (1.5)
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | (80.4) | ​ | $ | 114.9
(a) | As adjusted before noncontrolling interest capital gains (losses).

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- Definition Tabular disclosure of the identification, description, and amounts of all significant reconciling items in the reconciliation of (1) operating revenues from reportable segments to consolidated revenues; (2) pre-tax operating earnings from reportable segments to consolidated income before income taxes; and (3) consolidated net realized capital gains (losses) to pre-tax net realized capital gains (losses), as adjusted, which includes the impacts of specific adjustments related to net realized capital gains (losses). + References No definition available. + Details
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