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Nature of Operations and Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2023
Nature of Operations and Significant Accounting Policies |
Basis of Presentation - Policy | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023, especially when considering risks and uncertainties that may impact our business, results of operations, financial condition and liquidity. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, the fair value of market risk benefits (“MRBs”), funds withheld embedded derivative, deferred acquisition costs (“DAC”) and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2022, included in our Form 10-K for the year ended December 31, 2022, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2022, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. On January 1, 2023, we adopted the guidance commonly referred to as long-duration targeted improvements (“LDTI”), which updates certain requirements in the accounting for long-duration insurance and annuity contracts. The guidance was applied as of the January 1, 2021, transition date. As such, results for 2022 and 2021 have been recast and are also presented under the new LDTI guidance. In the first quarter of 2023 we implemented changes to our organizational structure to better align businesses, distribution teams and product offerings for future growth. We integrated our global asset management and international pension businesses under one segment, Principal Asset Management. Results of our historically reported Principal Global Investors and Principal International segments are reported within this segment. Additionally, we are now reporting results for our Retirement and Income Solutions segment in total and not separated into Fee and Spread components. Finally, we updated the name of our U.S. Insurance Solutions segment to Benefits and Protection and will continue to report the results of Specialty Benefits and Life Insurance within this segment. Our segment results have been modified to reflect these changes, which did not have an impact on our consolidated financial statements. See Note 17, Segment Information, for financial results of our segments. During the second quarter of 2022, we closed a coinsurance with funds withheld reinsurance transaction with Talcott Life & Annuity Re, Ltd. (“Talcott Life & Annuity Re”), a limited liability company organized under the laws of the Cayman Islands and an affiliate of Talcott Resolution Life, Inc., a subsidiary of Sixth Street, pursuant to which we ceded our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business (the “Reinsurance Transaction”). The economics of the Reinsurance Transaction were effective as of January 1, 2022. See Note 10, Reinsurance, for further details. Certain reclassifications have been made to prior periods relating to the presentation of our loss adjustment expense (“LAE”) liability and the change in that liability to conform to the current presentation. See Note 8, Future Policy Benefits and Claims. The LAE liability was previously reported in other liabilities in the consolidated statements of financial position and the change in the liability was previously reported in operating expenses in the consolidated statements of operations. The LAE liability is now reported in future policy benefits and claims in the consolidated statements of financial position and the change in the liability is now reported in benefits, claims and settlement expenses in the consolidated statements of operations.
Consolidation - Policy | Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 2, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. ​ ​
Recent Accounting Pronouncements - Policy | Recent Accounting Pronouncements
Description | Date of adoption | Effect on our consolidated financial statements or other significant matters
--- | --- | ---
Standards adopted: | ​ | ​
Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. MRBs, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. 3. DAC and other actuarial balances for all insurance and annuity contracts are amortized on a constant basis over the expected term of the related contracts. | January 1, 2023 | We created a governance framework and a plan to support implementation of the standard. Our implementation and evaluation process included, but was not limited to the following: ● identifying and documenting contracts and contract features in scope of the guidance; ● identifying the actuarial models, systems and processes to be updated; ● evaluating and selecting our systems solutions for implementing the new guidance; ● building models and evaluating preliminary output as models are developed; ● evaluating and finalizing our key accounting policies; ● assessing the impact to our chart of accounts; ● developing format and content of new disclosures;
Description | Date of adoption | Effect on our consolidated financial statements or other significant matters
--- | --- | ---
4. Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement. The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply the changes retrospectively. The guidance for market risk benefits was applied retrospectively. | ​ | ● conducting financial dry runs using model output and updated chart of accounts; ● evaluating transition requirements and impacts and ● establishing and documenting appropriate internal controls. This guidance changed how we account for many of our insurance and annuity products. The guidance did not have a material impact on our consolidated statements of operations. Further details about transition impacts of the guidance are included under the caption “Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance.” The additional disclosure requirements can be found in the following notes: ● Note 5, Deferred Acquisition Costs and Other Actuarial Balances ● Note 6, Separate Account Balances ● Note 7, Contractholder Funds ● Note 8, Future Policy Benefits and Claims ● Note 9, Market Risk Benefits
Troubled debt restructurings and vintage disclosures This authoritative guidance eliminated the accounting requirements for Troubled Debt Restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted. | January 1, 2023 | This guidance did not have a material impact on our consolidated financial statements.
Description | Date of adoption | Effect on our consolidated financial statements or other significant matters
--- | --- | ---
Targeted improvements to accounting for hedging activities – portfolio layer method This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted. | January 1, 2023 | This guidance did not have a material impact on our consolidated financial statements.
Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance. | March 12, 2020 | We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption.
​ When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts.
Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance - Policy | Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance As mentioned above, we adopted LDTI on January 1, 2023. For traditional and limited-payment long-duration contracts, we review and update, if necessary, assumptions used to measure cash flows for the liability for future policy benefits during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. Cohorts are used as the unit of account for liability measurement. Discount rate assumptions are prescribed as the current upper-medium grade (low-credit-risk) fixed-income instrument yield. The discount rate is updated quarterly at each reporting date with the impact recognized in OCI. The provision for risk of adverse deviation is eliminated, as is premium deficiency, or loss recognition, testing. We also removed unrealized gain (loss) adjustments, previously recorded in accumulated other comprehensive income (“AOCI”), attributable to the impact of unrealized gains and losses on premium deficiency testing. Under LDTI, market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. Certain contract features previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits are recorded as MRBs under LDTI. LDTI simplified the amortization of DAC and other actuarial balances such as the unearned revenue liability and sales inducement asset for long-duration contracts. These balances were previously amortized in proportion to premiums, estimated gross profits, estimated gross margins or estimated gross revenues; however, these balances are now amortized on a constant level basis over the expected life of the related contracts. Impairment testing is no longer applicable for DAC. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, as the LDTI amortization is not impacted by investment gains and losses. LDTI also requires disaggregated rollforwards for the liability for future policy benefits, additional liability for certain benefit features, MRBs, DAC and other actuarial balances required to be amortized on a basis consistent with DAC. Although the accounting for the additional liability for certain benefit features, separate account liabilities and contractholder funds does not change under LDTI, the guidance requires disaggregated rollforwards for those balances. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement. The LDTI guidance is not prescriptive as to the appropriate level of aggregation for disclosures; however, amounts from different reportable segments cannot be aggregated. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for LDTI disclosures. The disclosures do not include levels of aggregation for insignificant balances.
| ● | Retirement and Income Solutions:
| o | Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans
| o | Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings
| o | Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions
| o | Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings
| o | Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines
| o | Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions
| ● | Principal Asset Management – Principal International
| o | Latin America:
| ◾ | Individual fixed income annuities – SPIAs offered to individuals
| ◾ | Pension – Certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements as separate account assets and liabilities and are only in the scope of LDTI disclosures for separate accounts
| o | Asia:
| ◾ | Guaranteed pension – Pension savings schemes offered to both employers and employees
| ● | Benefits and Protection – Specialty Benefits:
| o | Individual disability – Disability insurance providing protection to individuals and/or business owners
| ● | Benefits and Protection – Life Insurance:
| o | Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited ULSG business
| o | Term life – Term life insurance products offered to individuals and/or business owners
| o | Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of LDTI disclosures for DAC
| ● | Corporate:
| o | Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis.
For the separate account liability disclosures, our Retirement and Income Solutions segment will use a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses. Impact of Adoption We adopted the guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC and other actuarial balances on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. We adopted the guidance for MRBs and cost of reinsurance retrospectively. Results for reporting periods beginning January 1, 2021, within our consolidated financial statements are presented under the new guidance. A cumulative effect adjustment of $159.9 million was recorded as a decrease to retained earnings and a cumulative effect adjustment of $5,128.0 million was recorded as a decrease to AOCI as of January 1, 2021, as shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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.
The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021. ​
​ | ​ | ​ | ​
​ |  | 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.
The disaggregated rollforwards below reconcile the ending asset or liability balances as of December 31, 2020, to the opening balance as of January 1, 2021, which is the earliest period presented within the consolidated financial statements, for those balances impacted by LDTI with associated disaggregated disclosure requirements. The level of aggregation presented within the rollforwards is consistent with the disaggregated rollforwards required by the guidance. The balances as of December 31, 2020, shown in the rollforwards below, do not equal amounts reported on the consolidated statements of financial position as they do not include balances for short-duration contracts, insignificant balances not included in our levels of aggregation for disclosures and other amounts not within the scope of the disaggregated rollforwards. Deferred Acquisition Costs ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | 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.
The balances and changes in DAC for 2021 for each level of aggregation were as follows: 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
​ 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.
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
​ 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.
The balances and changes in the liability for future policy benefits for 2021 for each level of aggregation were as follows: 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.
​ 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. ​ 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.
The balances and changes in MRBs for 2021 for each level of aggregation were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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)

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