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v3.23.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2023 |  | December 31, 2022
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 207,109.0 | ​ | $ | 202,294.2
Principal Asset Management | ​ |  | 48,462.3 | ​ |  | 45,950.7
Benefits and Protection | ​ |  | 41,082.2 | ​ |  | 40,048.3
Corporate | ​ |  | 2,754.7 | ​ |  | 2,285.1
Total consolidated assets | ​ | $ | 299,408.2 | ​ | $ | 290,578.3
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions (1) | ​ | $ | 1,616.1 | ​ | $ | 1,263.0
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 392.7 | ​ |  | 435.3
Principal International | ​ |  | 305.1 | ​ |  | 327.2
Eliminations | ​ | ​ | (5.3) | ​ | ​ | (6.6)
Total Principal Asset Management (2) | ​ | ​ | 692.5 | ​ | ​ | 755.9
Benefits and Protection: | ​ |  | ​ | ​ |  | ​
Specialty Benefits | ​ | ​ | 782.2 | ​ | ​ | 717.7
Life Insurance | ​ |  | 321.4 | ​ |  | 525.7
Eliminations | ​ | ​ | (0.2) | ​ | ​ | (0.1)
Total Benefits and Protection | ​ | ​ | 1,103.4 | ​ | ​ | 1,243.3
Corporate | ​ | ​ | 27.6 | ​ | ​ | 6.3
Total segment operating revenues | ​ | ​ | 3,439.6 | ​ | ​ | 3,268.5
Net realized capital losses, net of related revenue adjustments | ​ | ​ | (39.2) | ​ | ​ | (146.4)
Revenues from exited business (3) | ​ | ​ | (547.6) | ​ | ​ | —
Adjustments related to equity method investments | ​ | ​ | (22.6) | ​ | ​ | (18.5)
Market risk benefit derivative settlements | ​ | ​ | (11.2) | ​ | ​ | (8.1)
Total revenues per consolidated statements of operations | ​ | $ | 2,819.0 | ​ | $ | 3,095.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 249.8 | ​ | $ | 294.2
Principal Asset Management | ​ |  | 187.8 | ​ |  | 211.0
Benefits and Protection | ​ | ​ | 99.3 | ​ | ​ | 92.8
Corporate | ​ |  | (96.1) | ​ |  | (129.0)
Total segment pre-tax operating earnings | ​ |  | 440.8 | ​ |  | 469.0
Pre-tax net realized capital losses, as adjusted (4) | ​ |  | (24.3) | ​ |  | (87.9)
Pre-tax loss from exited business (5) | ​ | ​ | (608.3) | ​ | ​ | —
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (20.7) | ​ | ​ | (2.7)
Income (loss) before income taxes per consolidated statements of operations | ​ | $ | (212.5) | ​ | $ | 378.4
(1) | Reflects inter-segment revenues of $94.8 million and $97.4 million for the three months ended March 31, 2023 and 2022, respectively.
(2) | Reflects inter-segment revenues of $70.7 million and $76.5 million for the three months ended March 31, 2023 and 2022, respectively.
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (in millions)
Revenues from exited business: |  | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | (626.6) | ​ | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 81.0 | ​ | ​ | —
Amortization of reinsurance gain | ​ |  | 1.4 | ​ |  | —
Other impacts of reinsured business | ​ |  | (3.4) | ​ |  | —
Total revenues from exited business | ​ | $ | (547.6) | ​ | $ | —
​
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Net realized capital losses: | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital losses | ​ | $ | (66.0) | ​ | $ | (136.6)
Derivative and hedging-related revenue adjustments | ​ | ​ | 2.1 | ​ | ​ | (32.0)
Certain variable annuity fees | ​ | ​ | 18.4 | ​ | ​ | 20.0
Adjustments related to equity method investments | ​ | ​ | 0.2 | ​ | ​ | (3.6)
Adjustments related to sponsored investment funds | ​ | ​ | 6.1 | ​ | ​ | 5.8
Net realized capital losses, net of related revenue adjustments | ​ |  | (39.2) | ​ |  | (146.4)
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | — | ​ |  | 6.6
Capital losses distributed | ​ |  | 18.4 | ​ |  | 91.0
Market value adjustments of market risk benefits | ​ | ​ | (6.5) | ​ | ​ | (22.7)
Market value adjustments of embedded derivatives | ​ |  | 3.0 | ​ |  | (16.4)
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (24.3) | ​ | $ | (87.9)
| (a) | As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (in millions)
Pre-tax loss from exited business |  | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | (626.6) | ​ | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 81.0 | ​ | ​ | —
Amortization of reinsurance loss | ​ |  | (22.1) | ​ |  | —
Other impacts of reinsured business | ​ |  | (40.6) | ​ |  | —
Total pre-tax loss from exited business | ​ | $ | (608.3) | ​ | $ | —

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