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v3.22.2.2

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | December 31, 2021
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 201,000.7 | ​ | $ | 221,993.8
Principal Global Investors | ​ |  | 2,239.1 | ​ |  | 2,445.1
Principal International | ​ |  | 37,535.1 | ​ |  | 42,812.4
U.S. Insurance Solutions | ​ |  | 39,969.5 | ​ |  | 33,222.6
Corporate | ​ |  | 1,836.2 | ​ |  | 4,183.3
Total consolidated assets | ​ | $ | 282,580.6 | ​ | $ | 304,657.2
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,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions – Fee | ​ | $ | 551.5 | ​ | $ | 580.9 | ​ | $ | 1,693.8 | ​ | $ | 1,723.9
Retirement and Income Solutions – Spread | ​ |  | 1,031.1 | ​ |  | 1,072.0 | ​ | ​ | 2,508.7 | ​ |  | 2,823.9
Total Retirement and Income Solutions (1) | ​ |  | 1,582.6 | ​ |  | 1,652.9 | ​ | ​ | 4,202.5 | ​ |  | 4,547.8
Principal Global Investors (2) | ​ |  | 406.0 | ​ |  | 465.2 | ​ | ​ | 1,304.9 | ​ |  | 1,334.1
Principal International | ​ |  | 376.9 | ​ |  | 328.1 | ​ | ​ | 1,130.9 | ​ |  | 942.3
U.S. Insurance Solutions: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits insurance | ​ | ​ | 749.0 | ​ | ​ | 684.4 | ​ | ​ | 2,218.3 | ​ | ​ | 2,007.9
Individual Life insurance | ​ |  | 344.0 | ​ |  | 505.7 | ​ | ​ | 1,024.6 | ​ |  | 1,539.1
Eliminations | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.4) | ​ | ​ | (0.1)
Total U.S. Insurance Solutions | ​ | ​ | 1,092.9 | ​ | ​ | 1,190.1 | ​ | ​ | 3,242.5 | ​ | ​ | 3,546.9
Corporate | ​ | ​ | (15.9) | ​ | ​ | (14.3) | ​ | ​ | (23.2) | ​ | ​ | (21.8)
Total segment operating revenues | ​ | ​ | 3,442.5 | ​ | ​ | 3,622.0 | ​ | ​ | 9,857.6 | ​ | ​ | 10,349.3
Net realized capital losses, net of related revenue adjustments | ​ | ​ | (76.6) | ​ | ​ | (188.2) | ​ | ​ | (493.0) | ​ | ​ | (157.0)
Revenues from exited business (3) | ​ | ​ | 1,249.6 | ​ | ​ | — | ​ | ​ | 5,043.2 | ​ | ​ | —
Adjustments related to equity method investments | ​ | ​ | (14.6) | ​ | ​ | (10.1) | ​ | ​ | (38.2) | ​ | ​ | (20.7)
Total revenues per consolidated statements of operations | ​ | $ | 4,600.9 | ​ | $ | 3,423.7 | ​ | $ | 14,369.6 | ​ | $ | 10,171.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 278.6 | ​ | $ | 243.2 | ​ | $ | 852.4 | ​ | $ | 811.4
Principal Global Investors | ​ |  | 142.0 | ​ |  | 190.1 | ​ | ​ | 465.4 | ​ |  | 515.6
Principal International | ​ |  | 66.7 | ​ |  | 81.0 | ​ | ​ | 216.9 | ​ |  | 203.8
U.S. Insurance Solutions | ​ |  | 135.7 | ​ |  | 151.6 | ​ | ​ | 403.2 | ​ |  | 373.4
Corporate | ​ |  | (100.8) | ​ |  | (97.1) | ​ | ​ | (382.7) | ​ |  | (273.6)
Total segment pre-tax operating earnings | ​ |  | 522.2 | ​ |  | 568.8 | ​ | ​ | 1,555.2 | ​ |  | 1,630.6
Pre-tax net realized capital losses, as adjusted (4) | ​ |  | (47.4) | ​ |  | (133.5) | ​ | ​ | (405.2) | ​ |  | (141.7)
Pre-tax income from exited business (5) | ​ | ​ | 1,268.6 | ​ | ​ | — | ​ | ​ | 4,887.1 | ​ | ​ | —
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (13.3) | ​ | ​ | (7.2) | ​ | ​ | 18.1 | ​ | ​ | (14.3)
Income before income taxes per consolidated statements of operations | ​ | $ | 1,730.1 | ​ | $ | 428.1 | ​ | $ | 6,055.2 | ​ | $ | 1,474.6
(1) | Reflects inter-segment revenues of $89.9 million and $106.0 million for the three months ended September 30, 2022 and 2021, respectively, $275.9 million and $307.7 million for the nine months ended September 30, 2022 and 2021, respectively.
(2) | Reflects inter-segment revenues of $73.7 million and $79.7 million for the three months ended September 30, 2022 and 2021, respectively, $244.5 million and $223.9 million for the nine months ended September 30, 2022 and 2021, respectively.
(3) | Revenues from exited business is derived as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
​ | ​ | (in millions)
Revenues from exited business: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | 1,237.7 | ​ | $ | — | ​ | $ | 4,305.0 | ​ | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 8.5 | ​ | ​ | — | ​ | ​ | 697.5 | ​ | ​ | —
Strategic review costs and impacts | ​ |  | — | ​ |  | — | ​ |  | 32.4 | ​ |  | —
Amortization of reinsurance gain | ​ |  | 3.4 | ​ |  | — | ​ |  | 8.3 | ​ |  | —
Total revenues from exited business | ​ | $ | 1,249.6 | ​ | $ | — | ​ | $ | 5,043.2 | ​ | $ | —
​
(4) | 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,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | (in millions)
Net realized capital losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital losses | ​ | $ | (55.7) | ​ | $ | (152.0) | ​ | $ | (394.1) | ​ | $ | (41.7)
Derivative and hedging-related revenue adjustments | ​ | ​ | (32.9) | ​ | ​ | (30.6) | ​ | ​ | (106.7) | ​ |  | (108.4)
Market value adjustments to fee revenues | ​ | ​ | — | ​ | ​ | (0.2) | ​ | ​ | 0.1 | ​ | ​ | (0.6)
Adjustments related to equity method investments | ​ | ​ | 6.6 | ​ | ​ | (10.8) | ​ | ​ | (6.0) | ​ | ​ | (18.3)
Adjustments related to sponsored investment funds | ​ | ​ | 5.2 | ​ | ​ | 5.8 | ​ | ​ | 16.9 | ​ | ​ | 15.9
Recognition of front-end fee revenue | ​ | ​ | 0.2 | ​ | ​ | (0.4) | ​ | ​ | (3.2) | ​ | ​ | (3.9)
Net realized capital losses, net of related revenue adjustments | ​ |  | (76.6) | ​ |  | (188.2) | ​ | ​ | (493.0) | ​ |  | (157.0)
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 7.7 | ​ |  | 9.9 | ​ | ​ | (13.0) | ​ |  | 22.8
Capital (gains) losses distributed | ​ |  | 25.5 | ​ |  | (33.0) | ​ | ​ | 146.1 | ​ |  | (86.3)
Market value adjustments of embedded derivatives | ​ |  | (4.0) | ​ |  | 77.8 | ​ | ​ | (45.3) | ​ |  | 78.8
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (47.4) | ​ | $ | (133.5) | ​ | $ | (405.2) | ​ | $ | (141.7)
| (a) | As adjusted before noncontrolling interest capital gains (losses).
(5) | Pre-tax income (loss) from exited business included:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
​ | ​ | (in millions)
Pre-tax income from exited business |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | 1,237.7 | ​ | $ | — | ​ | $ | 4,305.0 | ​ | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 8.5 | ​ | ​ | — | ​ | ​ | 697.5 | ​ | ​ | —
Strategic review costs and impacts | ​ | ​ | (27.6) | ​ | ​ | — | ​ | ​ | (95.0) | ​ | ​ | —
Amortization of reinsurance loss | ​ |  | (18.8) | ​ |  | — | ​ |  | (60.2) | ​ |  | —
Impacts to actuarial balances of reinsured business | ​ |  | 68.8 | ​ |  | — | ​ |  | 39.8 | ​ |  | —
Total pre-tax income from exited business | ​ | $ | 1,268.6 | ​ | $ | — | ​ | $ | 4,887.1 | ​ | $ | —

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