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v3.23.3

Nature of Operations and Significant Accounting Policies (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Recent Accounting Pronouncements |
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated other
​ | ​ | Retained earnings | ​ | comprehensive income
​ |  | Pre-Tax |  | Tax |  | After-Tax |  | Pre-Tax |  | Tax |  | After-Tax
​ |  | (in millions)
DAC and other actuarial balances: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Adjustment for reversal of unrealized loss from AOCI (1) (2) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 421.5 | ​ | $ | (88.5) | ​ | $ | 333.0
Cost of reinsurance asset (liability): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cumulative effect of amortization basis change | ​ |  | (9.0) | ​ |  | 1.9 | ​ |  | (7.1) | ​ |  | — | ​ |  | — | ​ |  | —
Adjustment of unrealized loss in AOCI | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 16.1 | ​ |  | (3.4) | ​ |  | 12.7
Reinsurance recoverable: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Adjustment for reversal of unrealized gain from AOCI (2) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (45.5) | ​ |  | 9.5 | ​ |  | (36.0)
Adjustment under the modified retrospective approach (3) | ​ |  | 31.4 | ​ |  | (6.6) | ​ |  | 24.8 | ​ |  | — | ​ |  | — | ​ |  | —
Effect of remeasurement of the recoverable at the current discount rate | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 201.8 | ​ |  | (42.4) | ​ |  | 159.4
Liability for future policy benefits: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Adjustment for reversal of unrealized loss from AOCI (2) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,965.3 | ​ |  | (452.2) | ​ |  | 1,513.1
Adjustment under the modified retrospective approach (3) | ​ |  | (119.1) | ​ |  | 29.8 | ​ |  | (89.3) | ​ |  | 17.9 | ​ |  | (4.8) | ​ |  | 13.1
Effect of remeasurement of the liability at the current discount rate | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (9,043.1) | ​ |  | 2,024.8 | ​ |  | (7,018.3)
Market risk benefits: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (4.8) | ​ |  | 1.0 | ​ |  | (3.8)
Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB | ​ |  | 20.9 | ​ |  | (4.4) | ​ |  | 16.5 | ​ |  | — | ​ |  | — | ​ |  | —
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) | ​ |  | (258.8) | ​ |  | 54.4 | ​ |  | (204.4) | ​ |  | — | ​ |  | — | ​ |  | —
Reclassification of nonperformance risk changes between retained earnings and AOCI (4) | ​ |  | 108.4 | ​ |  | (22.5) | ​ |  | 85.9 | ​ |  | (108.4) | ​ |  | 22.5 | ​ |  | (85.9)
Investment in equity method subsidiary impacted by LDTI (5) | ​ |  | 22.8 | ​ |  | (9.1) | ​ |  | 13.7 | ​ |  | (25.5) | ​ |  | 10.2 | ​ |  | (15.3)
Total impact on opening balance as of January 1, 2021 | ​ | $ | (203.4) | ​ | $ | 43.5 | ​ | $ | (159.9) | ​ | $ | (6,604.7) | ​ | $ | 1,476.7 | ​ | $ | (5,128.0)
(1) | Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality.
(2) | Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.
(3) | The impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. The foreign currency translation related to the liability for future policy benefits was reflected as an adjustment to the opening balance of AOCI.
(4) | The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.
(5) | Reflects the impact from our equity method investment in Brasilprev Seguros e Previdencia, which had transition impacts for the liability for future policy benefits and the additional liability for certain benefit features.
​
​ | ​ | ​ | ​
​ |  | Increase (decrease)
​ | ​ | (in millions)
Assets |  | ​ |
Other investments (1) | ​ | $ | (1.6)
Reinsurance recoverable and deposit receivable | ​ |  | 187.7
Premiums due and other receivables (2) | ​ |  | (24.4)
Deferred acquisition costs | ​ |  | 450.9
Market risk benefit asset (3) | ​ |  | 18.9
Other assets (4) | ​ |  | 19.3
Total assets | ​ | $ | 650.8
​ | ​ | ​ | ​
Liabilities | ​ |  |
Contractholder funds (5) | ​ | $ | (397.9)
Future policy benefits and claims (6) | ​ |  | 7,143.4
Market risk benefit liability (3) | ​ |  | 663.5
Other policyholder funds (7) | ​ |  | 48.8
Deferred income taxes | ​ |  | (1,519.1)
Total liabilities | ​ |  | 5,938.7
Stockholders’ equity | ​ |  |
Retained earnings | ​ |  | (159.9)
Accumulated other comprehensive income | ​ |  | (5,128.0)
Total stockholders’ equity | ​ |  | (5,287.9)
Total liabilities and stockholders’ equity | ​ | $ | 650.8
(1) | Reflects the impact on our investment in Brasilprev Seguros e Previdencia, which is accounted for using the equity method.
(2) | Includes the impact on the cost of reinsurance asset.
(3) | This is a new line item on the consolidated statements of financial position as a result of implementing LDTI. These contract features were previously recorded as embedded derivatives within contractholder funds or additional liabilities for certain benefit features within future policy benefits and claims on the consolidated statements of financial position.
(4) | Reflects the impact on the sales inducement asset.
(5) | Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI.
(6) | Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI.
(7) | Reflects the impact on the unearned revenue liability.
Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023 |  | December 31, 2022
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Workplace savings and retirement solutions | ​ | $ | 504.1 | ​ | $ | 498.0
Individual variable annuities | ​ |  | 277.7 | ​ |  | 278.0
Pension risk transfer | ​ |  | 13.8 | ​ |  | 8.1
Individual fixed deferred annuities | ​ |  | 112.2 | ​ |  | 131.0
Investment only | ​ |  | 12.7 | ​ |  | 14.9
Total Retirement and Income Solutions | ​ |  | 920.5 | ​ |  | 930.0
Benefits and Protection: | ​ |  | ​ | ​ |  |
Specialty Benefits: | ​ |  | ​ | ​ |  |
Individual disability | ​ |  | 658.0 | ​ |  | 626.1
Life Insurance: | ​ |  | ​ | ​ |  |
Universal life | ​ |  | 1,549.3 | ​ |  | 1,569.7
Term life | ​ |  | 692.1 | ​ |  | 685.7
Participating life | ​ |  | 86.6 | ​ |  | 93.0
Total Benefits and Protection | ​ |  | 2,986.0 | ​ |  | 2,974.5
Short-duration contracts | ​ |  | 34.2 | ​ |  | 34.7
Other balances (1) | ​ |  | 7.7 | ​ |  | 8.8
Total DAC per consolidated statements of financial position | ​ | $ | 3,948.4 | ​ | $ | 3,948.0
(1) | Includes insignificant balances for long-duration contracts.
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table) | Benefits and Protection The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:
​ | ​ | ​ | ​
​ |  | For the year ended
​ | ​ | December 31, 2021
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 384.4
Deferrals | ​ |  | 66.1
Revenue recognized | ​ |  | (25.2)
Balance at end of period | ​ | $ | 425.3
Disaggregated Rollforward at Adoption - Liability for Future Policy Benefits (Table) | Retirement and Income Solutions and Principal Asset Management – Principal International
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Principal
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Asset
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Management –
​ | ​ | Retirement and Income | ​ | Principal
​ | ​ | Solutions | ​ | International
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Latin America
​ | ​ | Pension | ​ | Individual | ​ | Individual
​ | ​ | risk | ​ | fixed income | ​ | fixed income
​ |  | transfer |  | annuities |  | annuities
​ | ​ | (in millions)
Present value of expected future policy benefit payments |  | ​ |  |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 25,863.7 | ​ | $ | 7,145.8 | ​ | $ | 6,561.5
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (4,827.9) | ​ |  | (1,213.5) | ​ |  | (2,096.0)
Balance at beginning of period at original discount rate | ​ |  | 21,035.8 | ​ |  | 5,932.3 | ​ |  | 4,465.5
Effect of actual variances from expected experience | ​ |  | (2.4) | ​ |  | (1.3) | ​ |  | (4.9)
Adjusted beginning of period balance at original discount rate | ​ |  | 21,033.4 | ​ |  | 5,931.0 | ​ |  | 4,460.6
Interest accrual | ​ |  | 916.7 | ​ |  | 240.5 | ​ |  | 444.3
Benefit payments | ​ |  | (1,772.5) | ​ |  | (532.0) | ​ |  | (436.0)
Issuances | ​ |  | 1,801.7 | ​ |  | 82.9 | ​ |  | 141.3
Foreign currency translation adjustment | ​ |  | — | ​ |  | — | ​ |  | (751.9)
Balance at end of period at original discount rate | ​ |  | 21,979.3 | ​ |  | 5,722.4 | ​ |  | 3,858.3
Effect of changes in discount rate assumptions at end of period | ​ |  | 3,386.5 | ​ |  | 812.6 | ​ |  | 478.5
Future policy benefits | ​ | $ | 25,365.8 | ​ | $ | 6,535.0 | ​ | $ | 4,336.8
Benefits and Protection and Corporate ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31, 2021
​ | ​ | Benefits and Protection | ​ | Corporate
​ | ​ | Specialty | ​ | Life | ​ | ​ | ​
​ | ​ | Benefits | ​ | Insurance | ​ | ​
​ | ​ | Individual | ​ | ​ | ​ | Long-term
​ |  | disability |  | Term life |  | care insurance
​ |  | (in millions)
Present value of expected net premiums |  | ​ |  |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 3,148.3 | ​ | $ | 3,799.0 | ​ | $ | 66.7
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (340.7) | ​ |  | (861.1) | ​ |  | (17.6)
Balance at beginning of period at original discount rate | ​ |  | 2,807.6 | ​ |  | 2,937.9 | ​ |  | 49.1
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | — | ​ |  | 2.8
Effect of actual variances from expected experience | ​ |  | 122.0 | ​ |  | 211.4 | ​ |  | (0.8)
Adjusted beginning of period balance at original discount rate | ​ |  | 2,929.6 | ​ |  | 3,149.3 | ​ |  | 51.1
Interest accrual | ​ |  | 95.4 | ​ |  | 151.1 | ​ |  | 2.9
Net premiums collected | ​ |  | (280.4) | ​ |  | (315.0) | ​ |  | (5.2)
Issuances | ​ |  | 206.4 | ​ |  | 518.2 | ​ |  | —
Balance at end of period at original discount rate | ​ |  | 2,951.0 | ​ |  | 3,503.6 | ​ |  | 48.8
Effect of changes in discount rate assumptions at end of period | ​ |  | 198.9 | ​ |  | 690.1 | ​ |  | 14.0
Balance at end of period | ​ | $ | 3,149.9 | ​ | $ | 4,193.7 | ​ | $ | 62.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Present value of expected future policy benefit payments | ​ |  |  | ​ |  |  | ​ |  |
Balance at beginning of period | ​ | $ | 5,649.2 | ​ | $ | 4,959.3 | ​ | $ | 324.3
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (834.1) | ​ |  | (1,179.9) | ​ |  | (111.1)
Balance at beginning of period at original discount rate | ​ |  | 4,815.1 | ​ |  | 3,779.4 | ​ |  | 213.2
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | — | ​ |  | 0.5
Effect of actual variances from expected experience | ​ |  | 118.8 | ​ |  | 216.0 | ​ |  | (4.6)
Adjusted beginning of period balance at original discount rate | ​ |  | 4,933.9 | ​ |  | 3,995.4 | ​ |  | 209.1
Interest accrual | ​ |  | 181.0 | ​ |  | 194.3 | ​ |  | 12.4
Benefit payments | ​ |  | (179.7) | ​ |  | (335.7) | ​ |  | (13.5)
Issuances | ​ |  | 212.1 | ​ |  | 543.4 | ​ |  | —
Balance at end of period at original discount rate | ​ |  | 5,147.3 | ​ |  | 4,397.4 | ​ |  | 208.0
Effect of changes in discount rate assumptions at end of period | ​ |  | 501.0 | ​ |  | 913.9 | ​ |  | 89.5
Balance at end of period | ​ | $ | 5,648.3 | ​ | $ | 5,311.3 | ​ | $ | 297.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Future policy benefits (1) | ​ | $ | 2,498.4 | ​ | $ | 1,117.6 | ​ | $ | 234.7
Reinsurance impact | ​ |  | (549.9) | ​ |  | (0.1) | ​ |  | (234.7)
Future policy benefits after reinsurance | ​ | $ | 1,948.5 | ​ | $ | 1,117.5 | ​ | $ | —
(1) | Represents the present value of expected future policy benefit payments less the present value of expected net premiums.
Disaggregated Rollforward at Adoption - Additional Liability for Certain Benefit Features (Table) | Additional Liability for Certain Benefit Features Benefits and Protection The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance - Universal life were as follows: ​
​ | ​ | ​ | ​
​ |  | For the year ended,
​ | ​ | December 31, 2021
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 3,463.9
Effect of changes in cash flow assumptions | ​ |  | (11.1)
Effect of actual variances from expected experience | ​ |  | 18.1
Interest accrual | ​ |  | 158.3
Net assessments collected | ​ |  | 324.7
Benefit payments | ​ |  | (83.1)
Other (1) | ​ |  | (56.6)
Balance at end of period | ​ | $ | 3,814.2
(1)Reflects model refinements accounted for as a change in accounting estimate.
Disaggregated Rollforward at Adoption - Market Risk Benefits (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31, 2021
​ | ​ | Retirement and Income | ​ | Principal Asset Management –
​ | ​ | Solutions | ​ | Principal International
​ | ​ | ​ | ​ | ​ | Asia
​ |  | Individual variable annuities |  | Guaranteed pension
​ |  | (in millions)
Balance at beginning of period | ​ | $ | (591.3) | ​ | $ | (53.3)
Effect of changes in nonperformance risk at beginning of period | ​ |  | 106.7 | ​ |  | 6.5
Adjusted balance at beginning of period | ​ |  | (484.6) | ​ |  | (46.8)
Effect of: | ​ |  |  | ​ |  |
Interest accrual and expected policyholder behavior | ​ |  | (120.7) | ​ |  | (5.3)
Benefit payments | ​ |  | 0.4 | ​ |  | 5.7
Changes in interest rates | ​ |  | 154.3 | ​ |  | 7.6
Changes in equity markets | ​ |  | 106.4 | ​ |  | 1.4
Changes in equity index volatility | ​ |  | 15.1 | ​ |  | —
Actual policyholder behavior different from expected behavior | ​ |  | 2.3 | ​ |  | 3.6
Changes in future expected policyholder behavior | ​ |  | (96.6) | ​ |  | 0.5
Changes in other future expected assumptions | ​ |  | 38.2 | ​ |  | 2.3
Foreign currency translation adjustment | ​ |  | — | ​ |  | 0.2
Adjusted balance at end of period | ​ |  | (385.2) | ​ |  | (30.8)
Effect of changes in nonperformance risk at end of period | ​ |  | (109.5) | ​ |  | (4.3)
Balance at end of period | ​ | $ | (494.7) | ​ | $ | (35.1)
Actuarial recohorting pre-tax impacts to comprehensive income (Table) | ​
​ | ​ | ​ | ​
​ |  | For the nine
​ | ​ | months ended
​ | ​ | September 30, 2022
​ | ​ | (in millions)
Increase to income before taxes |  | ​ |
Cost of reinsurance amortization (1) | ​ | $ | 33.7
Change in additional liability for certain benefit features (1) | ​ |  | 167.4
Total increase to income before income taxes | ​ |  | 201.1
​ | ​ | ​ | ​
Increase to pre-tax other comprehensive income | ​ |  |
Cost of reinsurance unrealized losses | ​ |  | (2.1)
Change in additional liability for certain benefit features unrealized gains | ​ |  | 7.8
Total increase to pre-tax other comprehensive income | ​ |  | 5.7
​ | ​ | ​ | ​
Total increase to pre-tax comprehensive income | ​ | $ | 206.8
(1) | Reported in liability for future policy benefits remeasurement (gain) loss.
Deferred acquisition costs |
Recent Accounting Pronouncements |
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Adjustment | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for reversal of | ​ | ​ | ​
​ | ​ | Balance as of | ​ | unrealized loss | ​ | Balance as of
​ |  | December 31, 2020 |  | from AOCI (1) |  | January 1, 2021 (2)
​ |  | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |  |  | ​ |
Workplace savings and retirement solutions | ​ | $ | 424.6 | ​ | $ | 52.6 | ​ | $ | 477.2
Individual variable annuities | ​ |  | 281.7 | ​ |  | 0.2 | ​ |  | 281.9
Pension risk transfer (3) | ​ |  | — | ​ |  | — | ​ |  | —
Individual fixed deferred annuities | ​ |  | 11.5 | ​ |  | 181.2 | ​ |  | 192.7
Investment only | ​ |  | 12.6 | ​ |  | — | ​ |  | 12.6
Total Retirement and Income Solutions | ​ |  | 730.4 | ​ |  | 234.0 | ​ |  | 964.4
Benefits and Protection: | ​ |  |  | ​ |  |  | ​ |  |
Specialty Benefits: | ​ |  |  | ​ |  |  | ​ |  |
Individual disability | ​ |  | 529.8 | ​ |  | — | ​ |  | 529.8
Life Insurance: | ​ |  |  | ​ |  |  | ​ |  |
Universal life | ​ |  | 1,443.0 | ​ |  | 165.3 | ​ |  | 1,608.3
Term life | ​ |  | 607.9 | ​ |  | — | ​ |  | 607.9
Participating life | ​ |  | 60.3 | ​ |  | 51.6 | ​ |  | 111.9
Total Benefits and Protection | ​ |  | 2,641.0 | ​ |  | 216.9 | ​ |  | 2,857.9
Total | ​ | $ | 3,371.4 | ​ | $ | 450.9 | ​ | $ | 3,822.3
(1) | Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.
(2) | Does not include DAC for short-duration contracts or insignificant balances for long-duration contracts not included in our levels of aggregation for disclosures. Refer to Note 5, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC.
(3) | This product began recording DAC upon implementing LDTI.
Unearned revenue liability |
Recent Accounting Pronouncements |
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table) | Unearned Revenue Liability ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Adjustment | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | for reversal of | ​ | ​ | ​
​ | ​ | Balance as of | ​ | unrealized gain | ​ | Balance as of
​ |  | December 31, 2020 |  | from AOCI (1) |  | January 1, 2021 (2)
​ | ​ | (in millions)
Benefits and Protection - Life Insurance: |  | ​ |  |  | ​ |  |  | ​ |
Universal life | ​ | $ | 335.6 | ​ | $ | 48.8 | ​ | $ | 384.4
Total | ​ | $ | 335.6 | ​ | $ | 48.8 | ​ | $ | 384.4
(1) | Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.
(2) | Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 5, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability.
Liability for future policy benefits |
Recent Accounting Pronouncements |
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table) | Liability for Future Policy Benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Effect of | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Adjustment | ​ | remeasurement | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Adjustment | ​ | under the | ​ | of the liability | ​ | ​ | ​
​ | ​ | Balance as of | ​ | for reversal of | ​ | modified | ​ | at the current | ​ | Balance as of
​ | ​ | December 31, | ​ | unrealized loss | ​ | retrospective | ​ | discount | ​ | January 1,
​ |  | 2020 |  | from AOCI (1) |  | approach (2) |  | rate (3) |  | 2021 (4)
​ |  | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Pension risk transfer | ​ | $ | 21,982.8 | ​ | $ | (947.0) | ​ | $ | — | ​ | $ | 4,827.9 | ​ | $ | 25,863.7
Individual fixed income annuities | ​ |  | 6,147.2 | ​ |  | (215.0) | ​ |  | 0.1 | ​ |  | 1,213.5 | ​ |  | 7,145.8
Total Retirement and Income Solutions | ​ |  | 28,130.0 | ​ |  | (1,162.0) | ​ |  | 0.1 | ​ |  | 6,041.4 | ​ |  | 33,009.5
Principal Asset Management - Principal International: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Latin America: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ |  | 5,038.4 | ​ |  | (634.6) | ​ |  | 61.7 | ​ |  | 2,096.0 | ​ |  | 6,561.5
Benefits and Protection: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Specialty Benefits: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Individual disability | ​ |  | 2,173.8 | ​ |  | (168.7) | ​ |  | 2.4 | ​ |  | 493.4 | ​ |  | 2,500.9
Life Insurance: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Term life | ​ |  | 834.5 | ​ |  | — | ​ |  | 7.0 | ​ |  | 318.8 | ​ |  | 1,160.3
Total Benefits and Protection | ​ |  | 3,008.3 | ​ |  | (168.7) | ​ |  | 9.4 | ​ |  | 812.2 | ​ |  | 3,661.2
Corporate: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Long-term care insurance | ​ |  | 134.1 | ​ |  | — | ​ |  | 30.0 | ​ |  | 93.5 | ​ |  | 257.6
Total | ​ | $ | 36,310.8 | ​ | $ | (1,965.3) | ​ | $ | 101.2 | ​ | $ | 9,043.1 | ​ | $ | 43,489.8
(1) | Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.
(2) | As a result of updating cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level, the impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI.
(3) | The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI.
(4) | Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 8, Future Policy Benefits and Claims, for further information on the liability for future policy benefits.
Market risk benefits |
Recent Accounting Pronouncements |
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table) | Market Risk Benefits ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Cumulative | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | effect of | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | changes in the | ​ | Retained earnings | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | nonperformance | ​ | adjustment | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | risk between the | ​ | for the valuation of | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | original contract | ​ | contracts as MRBs | ​ | ​ | ​
​ | ​ | Asset (liability) | ​ | issue date and | ​ | (exclusive of | ​ | Asset (liability)
​ | ​ | balance as of | ​ | the transition | ​ | nonperformance | ​ | balance as of
​ |  | December 31, 2020 (1) |  | date (2) |  | risk changes) (3) |  | January 1, 2021 (4)
​ |  | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Individual variable annuities | ​ | $ | (348.6) | ​ | $ | (4.8) | ​ | $ | (237.9) | ​ | $ | (591.3)
Principal Asset Management - Principal International: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Asia: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Guaranteed pension (5) | ​ |  | (53.3) | ​ |  | — | ​ |  | — | ​ |  | (53.3)
Total | ​ | $ | (401.9) | ​ | $ | (4.8) | ​ | $ | (237.9) | ​ | $ | (644.6)
(1) | The balance as of December 31, 2020, for MRBs represents the contract features that meet the definition of an MRB under LDTI and the related carrying amount of those features prior to adoption. These contract features were previously accounted for as an embedded derivative, or as an additional liability for annuitization benefits or death or other insurance benefits.
(2) | The cumulative effect of the change in our own nonperformance risk between the original contract issuance date and the transition date of LDTI for contract features previously accounted for as an additional liability for certain benefit features was recorded as an adjustment to the opening balance of AOCI.
(3) | The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings.
(4) | Refer to Note 9, Market Risk Benefits, for further information on MRBs. The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.
(5) | This product had nominal transition adjustments.
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts |
Recent Accounting Pronouncements |
Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table) | Retirement and Income Solutions
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021
​ | ​ | Workplace | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | savings and | ​ | Individual | ​ | Pension | ​ | Individual | ​ | ​ | ​
​ |  | retirement |  | variable |  | risk |  | fixed deferred |  | Investment
​ | ​ | solutions | ​ | annuities | ​ | transfer (1) | ​ | annuities | ​ | only
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 477.2 | ​ | $ | 281.9 | ​ | $ | — | ​ | $ | 192.7 | ​ | $ | 12.6
Costs deferred | ​ |  | 50.1 | ​ |  | 26.4 | ​ |  | 2.7 | ​ |  | 7.6 | ​ |  | 9.1
Amortized to expense | ​ |  | (38.3) | ​ |  | (27.1) | ​ |  | — | ​ |  | (38.1) | ​ |  | (3.6)
Balance at end of period | ​ | $ | 489.0 | ​ | $ | 281.2 | ​ | $ | 2.7 | ​ | $ | 162.2 | ​ | $ | 18.1
(1) | Amortization during 2021 was nominal.
Benefits and Protection ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31, 2021
​ | ​ | Specialty | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Benefits | ​ | Life Insurance
​ | ​ | Individual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | disability |  | Universal life |  | Term life |  | Participating life
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 529.8 | ​ | $ | 1,608.3 | ​ | $ | 607.9 | ​ | $ | 111.9
Costs deferred | ​ |  | 89.8 | ​ |  | 84.3 | ​ |  | 126.5 | ​ |  | 1.9
Amortized to expense | ​ |  | (38.9) | ​ |  | (96.4) | ​ |  | (55.5) | ​ |  | (11.5)
Balance at end of period | ​ | $ | 580.7 | ​ | $ | 1,596.2 | ​ | $ | 678.9 | ​ | $ | 102.3

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