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Segment Information (Tables)

3 Months Ended

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).

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