Segment Information

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.

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).