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v3.23.2

Revenues from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2023
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 139.6 |  | $ | 141.3 | ​ | ​ | 269.8 | ​ | $ | 285.7
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 380.5 | ​ |  | 451.6 | ​ |  | 761.8 | ​ |  | 881.2
Principal International | ​ |  | 116.9 | ​ |  | 109.2 | ​ |  | 230.1 | ​ |  | 219.6
Eliminations | ​ | ​ | (5.4) | ​ | ​ | (6.0) | ​ | ​ | (10.7) | ​ | ​ | (12.6)
Total Principal Asset Management | ​ | ​ | 492.0 | ​ | ​ | 554.8 | ​ | ​ | 981.2 | ​ | ​ | 1,088.2
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Specialty Benefits | ​ |  | 4.1 | ​ |  | 3.7 | ​ |  | 8.0 | ​ |  | 7.7
Life Insurance | ​ |  | 18.4 | ​ |  | 16.2 | ​ |  | 35.1 | ​ |  | 31.6
Eliminations | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.1)
Total Benefits and Protection | ​ | ​ | 22.5 | ​ | ​ | 19.8 | ​ | ​ | 43.1 | ​ | ​ | 39.2
Corporate | ​ |  | 44.9 | ​ |  | 32.3 | ​ |  | 90.0 | ​ |  | 85.3
Total segment revenue from contracts with customers | ​ |  | 699.0 | ​ |  | 748.2 | ​ |  | 1,384.1 | ​ |  | 1,498.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ |  | 298.5 | ​ |  | 139.2 | ​ |  | 588.9 | ​ |  | 588.2
Pre-tax other adjustments (2) | ​ |  | 20.1 | ​ |  | 24.1 | ​ |  | 39.9 | ​ |  | 44.1
Total fees and other revenues per consolidated statements of operations | ​ | $ | 1,017.6 | ​ | $ | 911.5 | ​ | $ | 2,012.9 | ​ | $ | 2,130.7
(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 revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.
Retirement and Income Solutions |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Administrative service fee revenue | ​ | $ | 135.3 | ​ | $ | 137.5 | ​ | $ | 261.8 | ​ | $ | 279.0
Deposit account fee revenue | ​ | ​ | 2.8 | ​ | ​ | 2.5 | ​ | ​ | 5.7 | ​ | ​ | 5.0
Commission income | ​ | ​ | 0.4 | ​ | ​ | 0.3 | ​ | ​ | 0.8 | ​ | ​ | 0.5
Other fee revenue | ​ | ​ | 1.1 | ​ | ​ | 1.0 | ​ | ​ | 1.5 | ​ | ​ | 1.2
Total revenues from contracts with customers | ​ | ​ | 139.6 | ​ | ​ | 141.3 | ​ | ​ | 269.8 | ​ | ​ | 285.7
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 278.1 | ​ | ​ | 271.9 | ​ | ​ | 556.4 | ​ | ​ | 571.3
Total fees and other revenues | ​ |  | 417.7 | ​ |  | 413.2 | ​ |  | 826.2 | ​ |  | 857.0
Premiums and other considerations | ​ |  | 619.3 | ​ |  | 467.0 | ​ |  | 1,202.0 | ​ |  | 590.3
Net investment income | ​ |  | 636.7 | ​ |  | 437.6 | ​ |  | 1,261.6 | ​ |  | 1,133.5
Total operating revenues | ​ | $ | 1,673.7 | ​ | $ | 1,317.8 | ​ | $ | 3,289.8 | ​ | $ | 2,580.8
​
Principal Asset Management | Principal International |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Principal International: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 115.0 | ​ | $ | 106.8 | ​ | $ | 225.9 | ​ | $ | 214.5
Other fee revenue | ​ |  | 1.9 | ​ |  | 2.4 | ​ |  | 4.2 | ​ |  | 5.1
Total revenues from contracts with customers | ​ |  | 116.9 | ​ |  | 109.2 | ​ |  | 230.1 | ​ |  | 219.6
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 1.5 | ​ | ​ | 1.1 | ​ | ​ | 2.9 | ​ | ​ | 2.3
Total fees and other revenues | ​ |  | 118.4 | ​ |  | 110.3 | ​ |  | 233.0 | ​ |  | 221.9
Premiums and other considerations | ​ |  | 8.5 | ​ |  | 30.1 | ​ |  | 14.9 | ​ |  | 40.4
Net investment income | ​ |  | 175.4 | ​ |  | 304.4 | ​ |  | 359.5 | ​ |  | 509.7
Total operating revenues | ​ | $ | 302.3 | ​ | $ | 444.8 | ​ | $ | 607.4 | ​ | $ | 772.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from contracts with customers by region: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Latin America | ​ | $ | 89.2 | ​ | $ | 82.1 | ​ | $ | 175.1 | ​ | $ | 164.2
Asia | ​ |  | 27.9 | ​ |  | 27.3 | ​ |  | 55.4 | ​ |  | 55.8
Eliminations | ​ |  | (0.2) | ​ |  | (0.2) | ​ |  | (0.4) | ​ |  | (0.4)
Total revenues from contracts with customers | ​ | $ | 116.9 | ​ | $ | 109.2 | ​ | $ | 230.1 | ​ | $ | 219.6
Principal Asset Management | Principal Global Investors |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Principal Global Investors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 340.9 | ​ | $ | 364.5 | ​ | $ | 680.6 | ​ | $ | 743.5
Other fee revenue | ​ |  | 39.6 | ​ |  | 87.1 | ​ |  | 81.2 | ​ |  | 137.7
Total revenues from contracts with customers | ​ |  | 380.5 | ​ |  | 451.6 | ​ |  | 761.8 | ​ |  | 881.2
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 2.6 | ​ | ​ | 8.9 | ​ | ​ | 7.2 | ​ | ​ | 14.2
Total fees and other revenues | ​ |  | 383.1 | ​ |  | 460.5 | ​ |  | 769.0 | ​ |  | 895.4
Net investment income | ​ |  | 7.0 | ​ |  | 3.1 | ​ |  | 13.8 | ​ |  | 3.5
Total operating revenues | ​ | $ | 390.1 | ​ | $ | 463.6 | ​ | $ | 782.8 | ​ | $ | 898.9
Benefits and Protection | Specialty Benefits |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Specialty Benefits: | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Administrative service fees | ​ | $ | 4.1 | ​ | $ | 3.7 | ​ | $ | 8.0 | ​ | $ | 7.7
Total revenues from contracts with customers | ​ | ​ | 4.1 | ​ |  | 3.7 | ​ | ​ | 8.0 | ​ |  | 7.7
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 4.5 | ​ | ​ | 4.5 | ​ | ​ | 9.1 | ​ | ​ | 9.2
Total fees and other revenues | ​ | ​ | 8.6 | ​ |  | 8.2 | ​ | ​ | 17.1 | ​ |  | 16.9
Premiums and other considerations | ​ | ​ | 741.6 | ​ |  | 686.8 | ​ | ​ | 1,475.2 | ​ |  | 1,352.4
Net investment income | ​ | ​ | 42.0 | ​ |  | 56.6 | ​ | ​ | 82.1 | ​ |  | 100.0
Total operating revenues | ​ | $ | 792.2 | ​ | $ | 751.6 | ​ | $ | 1,574.4 | ​ | $ | 1,469.3
Benefits and Protection | Life Insurance |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Life Insurance: | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Administrative service fees | ​ | $ | 7.5 | ​ | $ | 7.1 | ​ | $ | 14.7 | ​ | $ | 13.9
Commission income | ​ | ​ | 10.9 | ​ |  | 9.1 | ​ | ​ | 20.4 | ​ |  | 17.7
Total revenues from contracts with customers | ​ | ​ | 18.4 | ​ |  | 16.2 | ​ | ​ | 35.1 | ​ |  | 31.6
Fees and other revenues not within the scope of revenue recognition guidance (1) | ​ | ​ | 83.7 | ​ | ​ | (69.2) | ​ | ​ | 161.0 | ​ | ​ | 159.1
Total fees and other revenues | ​ | ​ | 102.1 | ​ |  | (53.0) | ​ | ​ | 196.1 | ​ |  | 190.7
Premiums and other considerations | ​ | ​ | 126.9 | ​ |  | 183.6 | ​ | ​ | 257.7 | ​ |  | 272.4
Net investment income | ​ | ​ | 104.2 | ​ |  | 21.4 | ​ | ​ | 200.8 | ​ |  | 214.6
Total operating revenues | ​ | $ | 333.2 | ​ | $ | 152.0 | ​ | $ | 654.6 | ​ | $ | 677.7
(1) | As a result of the Reinsurance Transaction that closed during the second quarter of 2022 with an economic effective date of January 1, 2022, applicable fees and other revenues for the first quarter 2022 were ceded to the reinsurer during the second quarter of 2022. As a result, the amount for the three months ended June 30, 2022, shown above reflects this true-up and results in a negative amount for fees and other revenues not within scope of revenue recognition guidance.
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | ​ | 2022
​ | ​ | (in millions)
Commission income | ​ | $ | 94.1 | ​ | $ | 93.4 | ​ | $ | 182.0 | ​ | $ | 190.6
Other fee revenue | ​ |  | 20.7 | ​ |  | 18.9 | ​ | ​ | 41.2 | ​ | ​ | 38.7
Eliminations | ​ |  | (69.9) | ​ |  | (80.0) | ​ | ​ | (133.2) | ​ | ​ | (144.0)
Total revenues from contracts with customers | ​ |  | 44.9 | ​ |  | 32.3 | ​ | ​ | 90.0 | ​ | ​ | 85.3
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | (71.7) | ​ | ​ | (77.9) | ​ | ​ | (147.3) | ​ | ​ | (167.6)
Total fees and other revenues | ​ |  | (26.8) | ​ |  | (45.6) | ​ | ​ | (57.3) | ​ | ​ | (82.3)
Premiums and other considerations | ​ | ​ | (1.2) | ​ | ​ | (1.2) | ​ | ​ | (2.5) | ​ | ​ | (1.7)
Net investment income | ​ |  | 42.6 | ​ |  | 45.8 | ​ | ​ | 102.0 | ​ | ​ | 89.3
Total operating revenues | ​ | $ | 14.6 | ​ | $ | (1.0) | ​ | $ | 42.2 | ​ | $ | 5.3
​

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