XML 62 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Market Risk Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Market Risk Benefits |
Summary of disaggregated MRB amounts in an asset and liability position (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net asset | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net asset
​ |  | Asset |  | Liability | ​ | (liability) |  | Asset |  | Liability |  | (liability)
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Individual variable annuities | ​ | $ | 153.4 | ​ | $ | 111.9 | ​ | $ | 41.5 | ​ | $ | 109.2 | ​ | $ | 181.4 | ​ | $ | (72.2)
Principal Asset Management – Principal International: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Asia: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Guaranteed pension | ​ | ​ | — | ​ |  | 21.3 | ​ |  | (21.3) | ​ |  | — | ​ |  | 26.0 | ​ |  | (26.0)
Total MRB per consolidated statements of financial position | ​ | $ | 153.4 | ​ | $ | 133.2 | ​ | $ | 20.2 | ​ | $ | 109.2 | ​ | $ | 207.4 | ​ | $ | (98.2)
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (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)
Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022 |
​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- |
​ | ​ | Range of inputs |  | Average |  | ​ | Range of inputs |  | Average |
Retirement and Income Solutions: |  |  |  |  |  |  |  |  |  | ​
Individual variable annuities | ​ |  |  |  |  |  |  |  |  | ​
Long-term interest rate (1) | ​ | 4.00 - 4.20 | % | 4.10 | % |  | 3.97 - 4.12 | % | 4.04 | %
Long-term equity market volatility | ​ | 18.00 - 33.00 | % | 22.00 | % |  | 18.10 - 34.15 | % | 22.07 | %
Nonperformance risk | ​ | 0.80 - 1.60 | % | 1.30 | % |  | 0.90 - 1.96 | % | 1.65 | %
Lapse rate | ​ | 1.10 - 55.00 | % | 5.90 | % |  | 1.25 - 24.75 | % | 5.76 | %
Principal Asset Management – Principal International: | ​ |  |  |  |  |  |  |  |  | ​
Asia: | ​ |  |  |  |  |  |  |  |  | ​
Guaranteed pension | ​ |  |  |  |  |  |  |  |  | ​
Long-term interest rate (1) | ​ | 4.54 - 4.70 | % | 4.61 | % |  | 3.80 - 3.98 | % | 3.88 | %
Long-term equity market volatility | ​ | 16.39 - 23.75 | % | 19.64 | % |  | 18.06 - 25.16 | % | 20.69 | %
Nonperformance risk | ​ | 0.90 - 1.77 | % | 1.51 | % |  | 0.90 - 1.98 | % | 1.68 | %
Lapse rate | ​ | 4.95 - 19.35 | % | 16.80 | % |  | 4.95 - 19.35 | % | 13.40 | %
(1) | Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.
Retirement and Income Solutions |
Market Risk Benefits |
Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement | ​
​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​
​ | ​ | For the year ended | ​ | For the year ended | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022 | ​
​ | ​ | ​ | ​ | Change in net | ​ | ​ | ​ | Change in net | ​
​ |  | Change in input |  | MRB asset (liability) |  | Change in input |  | MRB asset (liability) | ​
Long-term interest rate | ​ | Increased | ​ | Favorable | ​ | Increased | ​ | Favorable |
Equity markets | ​ | Increased | ​ | Favorable | ​ | Decreased | ​ | Unfavorable | ​
Equity market volatilities | ​ | Decreased | ​ | Favorable | ​ | Increased | ​ | Unfavorable | ​
Own nonperformance risk | ​ | Decreased | ​ | Unfavorable | ​ | Increased | ​ | Favorable | ​
Retirement and Income Solutions | Individual variable annuities |
Market Risk Benefits |
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | ($ in millions)
Balance at beginning of period | ​ | $ | (72.2) | ​ | $ | (494.7)
Effect of changes in nonperformance risk at beginning of period | ​ |  | (31.7) | ​ |  | 109.5
Adjusted balance at beginning of period | ​ |  | (103.9) | ​ |  | (385.2)
Effect of: | ​ |  |  | ​ |  |
Interest accrual and expected policyholder behavior | ​ |  | (80.9) | ​ |  | (90.1)
Benefit payments | ​ |  | 0.4 | ​ |  | 1.3
Changes in interest rates | ​ |  | 39.9 | ​ |  | 539.1
Changes in equity markets | ​ |  | 155.1 | ​ |  | (112.4)
Changes in equity index volatility | ​ |  | 47.9 | ​ |  | (50.2)
Actual policyholder behavior different from expected behavior | ​ |  | (4.0) | ​ |  | 1.5
Changes in future expected policyholder behavior | ​ |  | — | ​ |  | (6.1)
Changes in other future expected assumptions | ​ |  | (5.3) | ​ |  | (1.8)
Adjusted balance at end of period | ​ |  | 49.2 | ​ |  | (103.9)
Effect of changes in nonperformance risk at end of period | ​ |  | (7.7) | ​ |  | 31.7
Balance at end of period | ​ | $ | 41.5 | ​ | $ | (72.2)
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average attained age of policyholders (years) (1) | ​ |  | 67.7 | ​ |  | 67.4
Net amount at risk (2) | ​ | $ | 111.2 | ​ | $ | 415.5
(1) | The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.
(2) | The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. A decrease in the net amount at risk in 2023 as a result of increases in the equity markets was partially offset by an increase in the net amount at risk as a result of increases in interest rates. Decreases in the equity markets and increases in interest rates resulted in an increase in the net amount at risk in 2022.
Principal Asset Management | Principal International | Asia | Guaranteed pension |
Market Risk Benefits |
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | ($ in millions)
Balance at beginning of period | ​ | $ | (26.0) | ​ | $ | (35.1)
Effect of changes in nonperformance risk at beginning of period | ​ |  | 1.2 | ​ |  | 4.3
Adjusted balance at beginning of period | ​ |  | (24.8) | ​ |  | (30.8)
Effect of: | ​ |  |  | ​ |  |
Interest accrual and expected policyholder behavior | ​ |  | (10.1) | ​ |  | (7.1)
Benefit payments | ​ |  | 13.8 | ​ |  | 9.5
Changes in interest rates | ​ |  | 1.2 | ​ |  | 3.9
Changes in equity markets | ​ |  | 0.2 | ​ |  | (1.0)
Actual policyholder behavior different from expected behavior | ​ |  | (0.6) | ​ |  | 0.7
Adjusted balance at end of period | ​ |  | (20.3) | ​ |  | (24.8)
Effect of changes in nonperformance risk at end of period | ​ |  | (1.0) | ​ |  | (1.2)
Balance at end of period | ​ | $ | (21.3) | ​ | $ | (26.0)
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average attained age of policyholders (years) (1) | ​ |  | 54.0 | ​ |  | 50.0
Net amount at risk (2) | ​ | $ | 25.1 | ​ | $ | 91.0
(1) | The weighted-average attained age is calculated at the contract level using the guarantee amounts and the age of the underlying members of the contracts.
(2) | The net amount at risk for the minimum guarantee on withdrawal is defined as the current guaranteed balance in excess of the current account balance.

X
- Definition The tabular disclosure of disaggregated MRB amounts in an asset and liability position and reconcile the totals. + References No definition available. + Details
Name: | pfg_MarketRiskBenefitAfterIncreaseDecreaseFromInstrumentSpecificCreditRiskTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement. + References No definition available. + Details
Name: | pfg_SignificantChangesToInputsAndAssumptionsThatImpactedChangeInMarketRiskBenefitsFairValueMeasurementTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-7B + Details
Name: | us-gaap_MarketRiskBenefitActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-7B + Details
Name: | us-gaap_MarketRiskBenefitLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentRetirementAndIncomeSolutionsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_ProductOrServiceAxis=us-gaap_VariableAnnuityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentPrincipalAssetManagementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_SubsegmentsAxis=pfg_SubsegmentPrincipalInternationalMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_StatementGeographicalAxis=srt_AsiaMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_ProductOrServiceAxis=pfg_GuaranteedPensionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |