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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2023 |  | December 31, 2022
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 201,802.1 | ​ | $ | 202,294.2
Principal Asset Management | ​ |  | 43,789.9 | ​ |  | 45,950.7
Benefits and Protection | ​ |  | 41,707.7 | ​ |  | 40,048.3
Corporate | ​ |  | 648.3 | ​ |  | 2,285.1
Total consolidated assets | ​ | $ | 287,948.0 | ​ | $ | 290,578.3
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions (1) | ​ | $ | 1,651.1 | ​ | $ | 1,563.8 | ​ | $ | 4,940.9 | ​ | $ | 4,144.6
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 424.6 | ​ |  | 406.0 | ​ | ​ | 1,207.4 | ​ |  | 1,304.9
Principal International | ​ |  | 249.6 | ​ |  | 382.7 | ​ | ​ | 857.0 | ​ |  | 1,154.7
Eliminations | ​ | ​ | (5.4) | ​ | ​ | (5.7) | ​ | ​ | (16.2) | ​ | ​ | (18.3)
Total Principal Asset Management (2) | ​ | ​ | 668.8 | ​ | ​ | 783.0 | ​ | ​ | 2,048.2 | ​ | ​ | 2,441.3
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits | ​ | ​ | 816.6 | ​ | ​ | 749.0 | ​ | ​ | 2,391.0 | ​ | ​ | 2,218.3
Life Insurance | ​ |  | 335.0 | ​ |  | 336.9 | ​ | ​ | 989.6 | ​ |  | 1,014.6
Eliminations | ​ | ​ | (0.2) | ​ | ​ | (0.1) | ​ | ​ | (0.5) | ​ | ​ | (0.4)
Total Benefits and Protection | ​ | ​ | 1,151.4 | ​ | ​ | 1,085.8 | ​ | ​ | 3,380.1 | ​ | ​ | 3,232.5
Corporate | ​ | ​ | 6.7 | ​ | ​ | (10.2) | ​ | ​ | 48.9 | ​ | ​ | (4.9)
Total segment operating revenues | ​ | ​ | 3,478.0 | ​ | ​ | 3,422.4 | ​ | ​ | 10,418.1 | ​ | ​ | 9,813.5
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | 226.2 | ​ | ​ | (21.2) | ​ | ​ | 141.6 | ​ | ​ | (365.9)
Revenues from exited business (3) | ​ | ​ | 924.9 | ​ | ​ | 1,249.6 | ​ | ​ | 508.2 | ​ | ​ | 5,010.8
Adjustments related to equity method investments | ​ | ​ | (18.5) | ​ | ​ | (16.9) | ​ | ​ | (57.9) | ​ | ​ | (47.7)
Market risk benefit derivative settlements | ​ | ​ | (11.9) | ​ | ​ | (8.6) | ​ | ​ | (35.0) | ​ | ​ | (25.4)
Total revenues per consolidated statements of operations | ​ | $ | 4,598.7 | ​ | $ | 4,625.3 | ​ | $ | 10,975.0 | ​ | $ | 14,385.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 304.7 | ​ | $ | 206.3 | ​ | $ | 786.8 | ​ | $ | 755.1
Principal Asset Management | ​ |  | 222.4 | ​ |  | 206.0 | ​ | ​ | 598.4 | ​ |  | 686.4
Benefits and Protection | ​ | ​ | 169.0 | ​ | ​ | 181.8 | ​ | ​ | 393.2 | ​ | ​ | 432.2
Corporate | ​ |  | (114.8) | ​ |  | (100.8) | ​ | ​ | (308.3) | ​ |  | (382.7)
Total segment pre-tax operating earnings | ​ |  | 581.3 | ​ |  | 493.3 | ​ | ​ | 1,470.1 | ​ |  | 1,491.0
Pre-tax net realized capital gains (losses), as adjusted (4) | ​ |  | 155.5 | ​ |  | (16.2) | ​ | ​ | 70.1 | ​ |  | (413.6)
Pre-tax income from exited business (5) | ​ | ​ | 879.2 | ​ | ​ | 1,178.9 | ​ | ​ | 352.3 | ​ | ​ | 4,903.4
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (11.1) | ​ | ​ | (15.6) | ​ | ​ | (46.5) | ​ | ​ | 8.6
Income before income taxes per consolidated statements of operations | ​ | $ | 1,604.9 | ​ | $ | 1,640.4 | ​ | $ | 1,846.0 | ​ | $ | 5,989.4
(1) | Reflects inter-segment revenues of $101.8 million and $89.9 million for the three months ended September 30, 2023 and 2022, respectively, $293.6 million and $275.9 million for the nine months ended September 30, 2023 and 2022, respectively.
(2) | Reflects inter-segment revenues of $79.9 million and $69.4 million for the three months ended September 30, 2023 and 2022, respectively, $220.5 million and $231.1 million for the nine months ended September 30, 2023 and 2022, respectively.
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (in millions)
Revenues from exited business: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | 925.6 | ​ | $ | 1,237.7 | ​ | $ | 392.9 | ​ | $ | 4,305.0
Net realized capital gains on funds withheld assets | ​ | ​ | 1.0 | ​ | ​ | 8.5 | ​ | ​ | 119.8 | ​ | ​ | 697.5
Amortization of reinsurance gain | ​ | ​ | 1.6 | ​ | ​ | 3.4 | ​ | ​ | 4.5 | ​ | ​ | 8.3
Other impacts of reinsured business | ​ |  | (3.3) | ​ |  | — | ​ |  | (9.0) | ​ |  | —
Total revenues from exited business | ​ | $ | 924.9 | ​ | $ | 1,249.6 | ​ | $ | 508.2 | ​ | $ | 5,010.8
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Net realized capital gains (losses): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital gains (losses) | ​ | $ | 179.3 | ​ | $ | (27.4) | ​ | $ | 40.5 | ​ | $ | (353.4)
Derivative and hedging-related revenue adjustments | ​ | ​ | 26.6 | ​ | ​ | (24.3) | ​ | ​ | 23.7 | ​ |  | (81.3)
Market value adjustments to fee revenues | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | 0.3 | ​ | ​ | 0.1
Certain variable annuity fees | ​ | ​ | 18.5 | ​ | ​ | 18.7 | ​ | ​ | 55.3 | ​ | ​ | 57.8
Adjustments related to equity method investments | ​ | ​ | (4.1) | ​ | ​ | 6.6 | ​ | ​ | 4.2 | ​ | ​ | (6.0)
Adjustments related to sponsored investment funds | ​ | ​ | 5.8 | ​ | ​ | 5.2 | ​ | ​ | 17.6 | ​ | ​ | 16.9
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | 226.2 | ​ |  | (21.2) | ​ | ​ | 141.6 | ​ |  | (365.9)
Amortization of deferred acquisition costs and other actuarial balances | ​ |  | (0.3) | ​ |  | 0.1 | ​ | ​ | (0.2) | ​ |  | —
Capital (gains) losses distributed | ​ |  | (31.8) | ​ |  | 25.5 | ​ | ​ | (30.2) | ​ |  | 146.1
Derivative and hedging-related expense adjustments | ​ | ​ | 0.8 | ​ | ​ | — | ​ | ​ | 0.9 | ​ | ​ | —
Market value adjustments of market risk benefits | ​ | ​ | (30.1) | ​ | ​ | (16.1) | ​ | ​ | (41.0) | ​ | ​ | (152.7)
Market value adjustments of embedded derivatives | ​ |  | (9.3) | ​ |  | (4.5) | ​ | ​ | (1.0) | ​ |  | (41.1)
Pre-tax net realized capital gains (losses), as adjusted (a) | ​ | $ | 155.5 | ​ | $ | (16.2) | ​ | $ | 70.1 | ​ | $ | (413.6)
(a) | As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
​ | ​ | (in millions)
Pre-tax income from exited business | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Change in fair value of funds withheld embedded derivative | ​ | $ | 925.6 | ​ | $ | 1,237.7 | ​ | $ | 392.9 | ​ | $ | 4,305.0
Net realized capital gains on funds withheld assets | ​ | ​ | 1.0 | ​ | ​ | 8.5 | ​ | ​ | 119.8 | ​ | ​ | 697.5
Strategic review costs and impacts | ​ | ​ | — | ​ | ​ | (27.6) | ​ | ​ | — | ​ | ​ | 36.4
Amortization of reinsurance loss | ​ | ​ | (8.1) | ​ | ​ | (7.7) | ​ | ​ | (50.5) | ​ | ​ | (38.2)
Other impacts of reinsured business | ​ | ​ | (39.3) | ​ | ​ | (32.0) | ​ | ​ | (109.9) | ​ | ​ | (97.3)
Total pre-tax income from exited business | ​ | $ | 879.2 | ​ | $ | 1,178.9 | ​ | $ | 352.3 | ​ | $ | 4,903.4
​

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