XML 55 R44.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023 |  | December 31, 2022
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 207,716.5 | ​ | $ | 202,294.2
Principal Asset Management | ​ |  | 48,273.3 | ​ |  | 45,950.7
Benefits and Protection | ​ |  | 41,703.6 | ​ |  | 40,048.3
Corporate | ​ |  | 1,493.5 | ​ |  | 2,285.1
Total consolidated assets | ​ | $ | 299,186.9 | ​ | $ | 290,578.3
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions (1) | ​ | $ | 1,673.7 | ​ | $ | 1,317.8 | ​ | $ | 3,289.8 | ​ | $ | 2,580.8
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 390.1 | ​ |  | 463.6 | ​ | ​ | 782.8 | ​ |  | 898.9
Principal International | ​ |  | 302.3 | ​ |  | 444.8 | ​ | ​ | 607.4 | ​ |  | 772.0
Eliminations | ​ | ​ | (5.5) | ​ | ​ | (6.0) | ​ | ​ | (10.8) | ​ | ​ | (12.6)
Total Principal Asset Management (2) | ​ | ​ | 686.9 | ​ | ​ | 902.4 | ​ | ​ | 1,379.4 | ​ | ​ | 1,658.3
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits | ​ | ​ | 792.2 | ​ | ​ | 751.6 | ​ | ​ | 1,574.4 | ​ | ​ | 1,469.3
Life Insurance | ​ |  | 333.2 | ​ |  | 152.0 | ​ | ​ | 654.6 | ​ |  | 677.7
Eliminations | ​ | ​ | (0.1) | ​ | ​ | (0.2) | ​ | ​ | (0.3) | ​ | ​ | (0.3)
Total Benefits and Protection | ​ | ​ | 1,125.3 | ​ | ​ | 903.4 | ​ | ​ | 2,228.7 | ​ | ​ | 2,146.7
Corporate | ​ | ​ | 14.6 | ​ | ​ | (1.0) | ​ | ​ | 42.2 | ​ | ​ | 5.3
Total segment operating revenues | ​ | ​ | 3,500.5 | ​ | ​ | 3,122.6 | ​ | ​ | 6,940.1 | ​ | ​ | 6,391.1
Net realized capital losses, net of related revenue adjustments | ​ | ​ | (45.4) | ​ | ​ | (198.3) | ​ | ​ | (84.6) | ​ | ​ | (344.7)
Revenues from exited business (3) | ​ | ​ | 130.9 | ​ | ​ | 3,761.2 | ​ | ​ | (416.7) | ​ | ​ | 3,761.2
Adjustments related to equity method investments | ​ | ​ | (16.8) | ​ | ​ | (12.3) | ​ | ​ | (39.4) | ​ | ​ | (30.8)
Market risk benefit derivative settlements | ​ | ​ | (11.9) | ​ | ​ | (8.7) | ​ | ​ | (23.1) | ​ | ​ | (16.8)
Total revenues per consolidated statements of operations | ​ | $ | 3,557.3 | ​ | $ | 6,664.5 | ​ | $ | 6,376.3 | ​ | $ | 9,760.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 232.3 | ​ | $ | 254.6 | ​ | $ | 482.1 | ​ | $ | 548.8
Principal Asset Management | ​ |  | 188.2 | ​ |  | 269.4 | ​ | ​ | 376.0 | ​ |  | 480.4
Benefits and Protection | ​ | ​ | 124.9 | ​ | ​ | 157.6 | ​ | ​ | 224.2 | ​ | ​ | 250.4
Corporate | ​ |  | (97.4) | ​ |  | (152.9) | ​ | ​ | (193.5) | ​ |  | (281.9)
Total segment pre-tax operating earnings | ​ |  | 448.0 | ​ |  | 528.7 | ​ | ​ | 888.8 | ​ |  | 997.7
Pre-tax net realized capital losses, as adjusted (4) | ​ |  | (61.1) | ​ |  | (309.5) | ​ | ​ | (85.4) | ​ |  | (397.4)
Pre-tax income (loss) from exited business (5) | ​ | ​ | 81.4 | ​ | ​ | 3,724.5 | ​ | ​ | (526.9) | ​ | ​ | 3,724.5
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (14.7) | ​ | ​ | 26.9 | ​ | ​ | (35.4) | ​ | ​ | 24.2
Income before income taxes per consolidated statements of operations | ​ | $ | 453.6 | ​ | $ | 3,970.6 | ​ | $ | 241.1 | ​ | $ | 4,349.0
(1) | Reflects inter-segment revenues of $97.0 million and $88.6 million for the three months ended June 30, 2023 and 2022, respectively, $191.8 million and $186.0 million for the six months ended June 30, 2023 and 2022, respectively.
(2) | Reflects inter-segment revenues of $69.9 million and $85.2 million for the three months ended June 30, 2023 and 2022, respectively, $140.6 million and $161.7 million for the six months ended June 30, 2023 and 2022, respectively.
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Revenues from exited business: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | 93.9 | ​ | $ | 3,067.3 | ​ | $ | (532.7) | ​ | $ | 3,067.3
Net realized capital gains on funds withheld assets | ​ | ​ | 37.8 | ​ | ​ | 689.0 | ​ | ​ | 118.8 | ​ | ​ | 689.0
Amortization of reinsurance gain | ​ |  | 1.5 | ​ |  | 4.9 | ​ |  | 2.9 | ​ |  | 4.9
Other impacts of reinsured business | ​ |  | (2.3) | ​ |  | — | ​ |  | (5.7) | ​ |  | —
Total revenues from exited business | ​ | $ | 130.9 | ​ | $ | 3,761.2 | ​ | $ | (416.7) | ​ | $ | 3,761.2
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Net realized capital losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital losses | ​ | $ | (72.8) | ​ | $ | (189.4) | ​ | $ | (138.8) | ​ | $ | (326.0)
Derivative and hedging-related revenue adjustments | ​ | ​ | (5.0) | ​ | ​ | (25.0) | ​ | ​ | (2.9) | ​ |  | (57.0)
Market value adjustments to fee revenues | ​ | ​ | 0.2 | ​ | ​ | 0.1 | ​ | ​ | 0.2 | ​ | ​ | 0.1
Certain variable annuity fees | ​ | ​ | 18.4 | ​ | ​ | 19.1 | ​ | ​ | 36.8 | ​ | ​ | 39.1
Adjustments related to equity method investments | ​ | ​ | 8.1 | ​ | ​ | (9.0) | ​ | ​ | 8.3 | ​ | ​ | (12.6)
Adjustments related to sponsored investment funds | ​ | ​ | 5.7 | ​ | ​ | 5.9 | ​ | ​ | 11.8 | ​ | ​ | 11.7
Net realized capital losses, net of related revenue adjustments | ​ |  | (45.4) | ​ |  | (198.3) | ​ | ​ | (84.6) | ​ |  | (344.7)
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | 0.1 | ​ |  | (6.7) | ​ | ​ | 0.1 | ​ |  | (0.1)
Capital (gains) losses distributed | ​ |  | (16.8) | ​ |  | 29.6 | ​ | ​ | 1.6 | ​ |  | 120.6
Derivative and hedging-related expense adjustments | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | —
Market value adjustments of market risk benefits | ​ | ​ | (4.4) | ​ | ​ | (113.9) | ​ | ​ | (10.9) | ​ | ​ | (136.6)
Market value adjustments of embedded derivatives | ​ |  | 5.3 | ​ |  | (20.2) | ​ | ​ | 8.3 | ​ |  | (36.6)
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (61.1) | ​ | $ | (309.5) | ​ | $ | (85.4) | ​ | $ | (397.4)
| (a) | As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Pre-tax income (loss) from exited business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of funds withheld embedded derivative | ​ | $ | 93.9 | ​ | $ | 3,067.3 | ​ | $ | (532.7) | ​ | $ | 3,067.3
Net realized capital gains on funds withheld assets | ​ | ​ | 37.8 | ​ | ​ | 689.0 | ​ | ​ | 118.8 | ​ | ​ | 689.0
Strategic review costs and impacts | ​ | ​ | — | ​ | ​ | 64.0 | ​ | ​ | — | ​ | ​ | 64.0
Amortization of reinsurance loss | ​ |  | (20.3) | ​ |  | (30.5) | ​ |  | (42.4) | ​ |  | (30.5)
Other impacts of reinsured business | ​ |  | (30.0) | ​ |  | (65.3) | ​ |  | (70.6) | ​ |  | (65.3)
Total pre-tax income (loss) from exited business | ​ | $ | 81.4 | ​ | $ | 3,724.5 | ​ | $ | (526.9) | ​ | $ | 3,724.5

X
- Definition Tabular disclosure of pre-tax net realized capital gains (losses) as adjusted from exited business. + References No definition available. + Details
Name: | pfg_PreTaxNetRealizedCapitalGainsLossesAsAdjustedFromExitedBusinessTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pre-tax income (loss) from exited business. + References No definition available. + Details
Name: | pfg_ScheduleOfPreTaxIncomeLossFromExitedBusinessTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | pfg_ScheduleOfReconciliationOfOperatingRevenueAndProfitLossFromSegmentsToConsolidatedTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to revenues from exited business. + References No definition available. + Details
Name: | pfg_ScheduleOfRevenuesFromExitedBusinessTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration