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v3.23.3

Revenues from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2023
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 141.1 |  | $ | 133.8 | ​ | ​ | 410.9 | ​ | $ | 419.5
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 406.5 | ​ |  | 395.8 | ​ |  | 1,168.3 | ​ |  | 1,277.0
Principal International | ​ |  | 115.1 | ​ |  | 102.3 | ​ |  | 345.2 | ​ |  | 321.9
Eliminations | ​ | ​ | (5.4) | ​ | ​ | (5.7) | ​ | ​ | (16.1) | ​ | ​ | (18.3)
Total Principal Asset Management | ​ | ​ | 516.2 | ​ | ​ | 492.4 | ​ | ​ | 1,497.4 | ​ | ​ | 1,580.6
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Specialty Benefits | ​ |  | 4.0 | ​ |  | 3.7 | ​ |  | 12.0 | ​ |  | 11.4
Life Insurance | ​ |  | 19.4 | ​ |  | 17.0 | ​ |  | 54.5 | ​ |  | 48.6
Eliminations | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total Benefits and Protection | ​ | ​ | 23.3 | ​ | ​ | 20.7 | ​ | ​ | 66.4 | ​ | ​ | 59.9
Corporate | ​ |  | 44.4 | ​ |  | 44.8 | ​ |  | 134.4 | ​ |  | 130.1
Total segment revenue from contracts with customers | ​ |  | 725.0 | ​ |  | 691.7 | ​ |  | 2,109.1 | ​ |  | 2,190.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ |  | 300.5 | ​ |  | 294.5 | ​ |  | 889.4 | ​ |  | 882.7
Pre-tax other adjustments (2) | ​ |  | 20.2 | ​ |  | 22.1 | ​ |  | 60.1 | ​ |  | 66.2
Total fees and other revenues per consolidated statements of operations | ​ | $ | 1,045.7 | ​ | $ | 1,008.3 | ​ | $ | 3,058.6 | ​ | $ | 3,139.0
(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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Administrative service fee revenue | ​ | $ | 137.0 | ​ | $ | 129.9 | ​ | $ | 398.8 | ​ | $ | 408.9
Deposit account fee revenue | ​ | ​ | 2.8 | ​ | ​ | 2.6 | ​ | ​ | 8.5 | ​ | ​ | 7.6
Commission income | ​ | ​ | 0.5 | ​ | ​ | 0.4 | ​ | ​ | 1.3 | ​ | ​ | 0.9
Other fee revenue | ​ | ​ | 0.8 | ​ | ​ | 0.9 | ​ | ​ | 2.3 | ​ | ​ | 2.1
Total revenues from contracts with customers | ​ | ​ | 141.1 | ​ | ​ | 133.8 | ​ | ​ | 410.9 | ​ | ​ | 419.5
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 276.8 | ​ | ​ | 273.4 | ​ | ​ | 833.2 | ​ | ​ | 844.7
Total fees and other revenues | ​ |  | 417.9 | ​ |  | 407.2 | ​ |  | 1,244.1 | ​ |  | 1,264.2
Premiums and other considerations | ​ |  | 561.0 | ​ |  | 607.3 | ​ |  | 1,763.0 | ​ |  | 1,197.6
Net investment income | ​ |  | 672.2 | ​ |  | 549.3 | ​ |  | 1,933.8 | ​ |  | 1,682.8
Total operating revenues | ​ | $ | 1,651.1 | ​ | $ | 1,563.8 | ​ | $ | 4,940.9 | ​ | $ | 4,144.6
​
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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Principal International: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 113.3 | ​ | $ | 100.1 | ​ | $ | 339.2 | ​ | $ | 314.6
Other fee revenue | ​ |  | 1.8 | ​ |  | 2.2 | ​ |  | 6.0 | ​ |  | 7.3
Total revenues from contracts with customers | ​ |  | 115.1 | ​ |  | 102.3 | ​ |  | 345.2 | ​ |  | 321.9
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 1.4 | ​ | ​ | 1.1 | ​ | ​ | 4.3 | ​ | ​ | 3.4
Total fees and other revenues | ​ |  | 116.5 | ​ |  | 103.4 | ​ |  | 349.5 | ​ |  | 325.3
Premiums and other considerations | ​ |  | 2.3 | ​ |  | 33.8 | ​ |  | 17.2 | ​ |  | 74.2
Net investment income | ​ |  | 130.8 | ​ |  | 245.5 | ​ |  | 490.3 | ​ |  | 755.2
Total operating revenues | ​ | $ | 249.6 | ​ | $ | 382.7 | ​ | $ | 857.0 | ​ | $ | 1,154.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from contracts with customers by region: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Latin America | ​ | $ | 87.3 | ​ | $ | 74.7 | ​ | $ | 262.4 | ​ | $ | 238.9
Asia | ​ |  | 28.0 | ​ |  | 27.7 | ​ |  | 83.4 | ​ |  | 83.5
Eliminations | ​ |  | (0.2) | ​ |  | (0.1) | ​ |  | (0.6) | ​ |  | (0.5)
Total revenues from contracts with customers | ​ | $ | 115.1 | ​ | $ | 102.3 | ​ | $ | 345.2 | ​ | $ | 321.9
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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Principal Global Investors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 348.2 | ​ | $ | 351.7 | ​ | $ | 1,028.8 | ​ | $ | 1,095.2
Other fee revenue | ​ |  | 58.3 | ​ |  | 44.1 | ​ |  | 139.5 | ​ |  | 181.8
Total revenues from contracts with customers | ​ |  | 406.5 | ​ |  | 395.8 | ​ |  | 1,168.3 | ​ |  | 1,277.0
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 9.1 | ​ | ​ | 6.4 | ​ | ​ | 16.3 | ​ | ​ | 20.6
Total fees and other revenues | ​ |  | 415.6 | ​ |  | 402.2 | ​ |  | 1,184.6 | ​ |  | 1,297.6
Net investment income | ​ |  | 9.0 | ​ |  | 3.8 | ​ |  | 22.8 | ​ |  | 7.3
Total operating revenues | ​ | $ | 424.6 | ​ | $ | 406.0 | ​ | $ | 1,207.4 | ​ | $ | 1,304.9
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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Specialty Benefits: | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Administrative service fees | ​ | $ | 4.0 | ​ | $ | 3.7 | ​ | $ | 12.0 | ​ | $ | 11.4
Total revenues from contracts with customers | ​ | ​ | 4.0 | ​ |  | 3.7 | ​ | ​ | 12.0 | ​ |  | 11.4
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 4.6 | ​ | ​ | 4.8 | ​ | ​ | 13.7 | ​ | ​ | 14.0
Total fees and other revenues | ​ | ​ | 8.6 | ​ |  | 8.5 | ​ | ​ | 25.7 | ​ |  | 25.4
Premiums and other considerations | ​ | ​ | 762.7 | ​ |  | 704.0 | ​ | ​ | 2,237.9 | ​ |  | 2,056.4
Net investment income | ​ | ​ | 45.3 | ​ |  | 36.5 | ​ | ​ | 127.4 | ​ |  | 136.5
Total operating revenues | ​ | $ | 816.6 | ​ | $ | 749.0 | ​ | $ | 2,391.0 | ​ | $ | 2,218.3
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 nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Life Insurance: | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Administrative service fees | ​ | $ | 8.9 | ​ | $ | 7.0 | ​ | $ | 23.6 | ​ | $ | 20.9
Commission income | ​ | ​ | 10.5 | ​ |  | 10.0 | ​ | ​ | 30.9 | ​ |  | 27.7
Total revenues from contracts with customers | ​ | ​ | 19.4 | ​ |  | 17.0 | ​ | ​ | 54.5 | ​ |  | 48.6
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 85.7 | ​ | ​ | 84.2 | ​ | ​ | 246.7 | ​ | ​ | 243.3
Total fees and other revenues | ​ | ​ | 105.1 | ​ |  | 101.2 | ​ | ​ | 301.2 | ​ |  | 291.9
Premiums and other considerations | ​ | ​ | 136.7 | ​ |  | 142.7 | ​ | ​ | 394.4 | ​ |  | 415.1
Net investment income | ​ | ​ | 93.2 | ​ |  | 93.0 | ​ | ​ | 294.0 | ​ |  | 307.6
Total operating revenues | ​ | $ | 335.0 | ​ | $ | 336.9 | ​ | $ | 989.6 | ​ | $ | 1,014.6
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | ​ | 2022
​ | ​ | (in millions)
Commission income | ​ | $ | 94.9 | ​ | $ | 89.5 | ​ | $ | 276.9 | ​ | $ | 280.1
Other fee revenue | ​ |  | 21.3 | ​ |  | 20.4 | ​ | ​ | 62.5 | ​ | ​ | 59.1
Eliminations | ​ |  | (71.8) | ​ |  | (65.1) | ​ | ​ | (205.0) | ​ | ​ | (209.1)
Total revenues from contracts with customers | ​ |  | 44.4 | ​ |  | 44.8 | ​ | ​ | 134.4 | ​ | ​ | 130.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | (76.9) | ​ | ​ | (75.2) | ​ | ​ | (224.2) | ​ | ​ | (242.8)
Total fees and other revenues | ​ |  | (32.5) | ​ |  | (30.4) | ​ | ​ | (89.8) | ​ | ​ | (112.7)
Premiums and other considerations | ​ | ​ | (1.4) | ​ | ​ | (1.2) | ​ | ​ | (3.9) | ​ | ​ | (2.9)
Net investment income | ​ |  | 40.6 | ​ |  | 21.4 | ​ | ​ | 142.6 | ​ | ​ | 110.7
Total operating revenues | ​ | $ | 6.7 | ​ | $ | (10.2) | ​ | $ | 48.9 | ​ | $ | (4.9)
​

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