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Revenues from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) | ​
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 556.3 | ​ | $ | 551.4 | ​ | $ | 590.1 | ​
Principal Asset Management: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Principal Global Investors | ​ | ​ | 1,554.1 | ​ |  | 1,675.0 | ​ |  | 1,787.9 | ​
Principal International | ​ | ​ | 456.5 | ​ | ​ | 426.3 | ​ | ​ | 492.7 | ​
Eliminations | ​ | ​ | (21.0) | ​ | ​ | (23.7) | ​ | ​ | (26.0) | ​
Total Principal Asset Management | ​ | ​ | 1,989.6 | ​ | ​ | 2,077.6 | ​ | ​ | 2,254.6 | ​
Benefits and Protection: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Specialty Benefits | ​ | ​ | 15.9 | ​ |  | 15.1 | ​ |  | 14.9 | ​
Life Insurance | ​ | ​ | 74.0 | ​ |  | 65.1 | ​ |  | 60.6 | ​
Eliminations | ​ | ​ | (0.1) | ​ |  | (0.1) | ​ |  | (0.2) | ​
Total Benefits and Protection | ​ | ​ | 89.8 | ​ |  | 80.1 | ​ |  | 75.3 | ​
Corporate | ​ | ​ | 179.2 | ​ |  | 166.7 | ​ |  | 230.1 | ​
Total segment revenue from contracts with customers | ​ | ​ | 2,814.9 | ​ |  | 2,875.8 | ​ |  | 3,150.1 | ​
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ | ​ | 1,200.5 | ​ |  | 1,172.8 | ​ |  | 1,811.3 | ​
Pre-tax other adjustments (2) | ​ | ​ | 80.5 | ​ |  | 89.2 | ​ |  | 79.9 | ​
Total fees and other revenues per consolidated statements of operations |  | $ | 4,095.9 |  | $ | 4,137.8 |  | $ | 5,041.3 | ​
(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 year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Administrative service fee revenue | ​ | $ | 539.5 | ​ | $ | 537.0 | ​ | $ | 576.7 | ​
Deposit account fee revenue | ​ | ​ | 11.3 | ​ | ​ | 10.2 | ​ | ​ | 9.2 | ​
Commission income | ​ | ​ | 1.9 | ​ | ​ | 1.2 | ​ | ​ | 0.7 | ​
Other fee revenue | ​ |  | 3.6 | ​ |  | 3.0 | ​ |  | 3.5 | ​
Total revenues from contracts with customers | ​ |  | 556.3 | ​ |  | 551.4 | ​ |  | 590.1 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 1,118.7 | ​ |  | 1,114.0 | ​ |  | 1,226.9 | ​
Total fees and other revenues | ​ |  | 1,675.0 | ​ |  | 1,665.4 | ​ |  | 1,817.0 | ​
Premiums and other considerations | ​ |  | 2,935.0 | ​ |  | 1,959.7 | ​ |  | 1,883.6 | ​
Net investment income | ​ |  | 2,640.2 | ​ |  | 2,274.1 | ​ |  | 2,728.8 | ​
Total operating revenues | ​ | $ | 7,250.2 | ​ | $ | 5,899.2 | ​ | $ | 6,429.4 | ​
Principal Asset Management | Principal International |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ |  | (in millions) | ​
Principal International: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 448.1 | ​ | $ | 417.1 | ​ | $ | 484.4 | ​
Other fee revenue | ​ |  | 8.4 | ​ |  | 9.2 | ​ |  | 8.3 | ​
Total revenues from contracts with customers | ​ |  | 456.5 | ​ |  | 426.3 | ​ |  | 492.7 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 5.8 | ​ |  | 4.5 | ​ |  | 4.2 | ​
Total fees and other revenues | ​ |  | 462.3 | ​ |  | 430.8 | ​ |  | 496.9 | ​
Premiums and other considerations | ​ |  | 29.0 | ​ |  | 77.7 | ​ |  | 127.5 | ​
Net investment income | ​ |  | 701.5 | ​ |  | 980.9 | ​ |  | 766.7 | ​
Total operating revenues | ​ | $ | 1,192.8 | ​ | $ | 1,489.4 | ​ | $ | 1,391.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from contracts with customers by region: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​
Latin America | ​ | $ | 346.9 | ​ | $ | 315.2 | ​ | $ | 364.0 | ​
Asia | ​ |  | 110.4 | ​ |  | 111.5 | ​ |  | 129.6 | ​
Eliminations | ​ |  | (0.8) | ​ |  | (0.4) | ​ |  | (0.9) | ​
Total revenues from contracts with customers | ​ | $ | 456.5 | ​ | $ | 426.3 | ​ | $ | 492.7 | ​
Principal Asset Management | Principal Global Investors |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Principal Global Investors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 1,372.0 | ​ | $ | 1,434.6 | ​ | $ | 1,514.1 | ​
Other fee revenue | ​ |  | 182.1 | ​ |  | 240.4 | ​ |  | 273.8 | ​
Total revenues from contracts with customers | ​ | ​ | 1,554.1 | ​ |  | 1,675.0 | ​ |  | 1,787.9 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 24.9 | ​ |  | 27.4 | ​ |  | 36.2 | ​
Total fees and other revenues | ​ | ​ | 1,579.0 | ​ |  | 1,702.4 | ​ |  | 1,824.1 | ​
Net investment income | ​ | ​ | 32.2 | ​ |  | 13.1 | ​ |  | 3.9 | ​
Total operating revenues | ​ | $ | 1,611.2 | ​ | $ | 1,715.5 | ​ | $ | 1,828.0 | ​
Benefits and Protection | Life Insurance |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Specialty Benefits: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Administrative service fees | ​ | $ | 15.9 | ​ | $ | 15.1 | ​ | $ | 14.9 | ​
Total revenues from contracts with customers | ​ |  | 15.9 | ​ |  | 15.1 | ​ |  | 14.9 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 18.2 | ​ |  | 18.6 | ​ |  | 19.0 | ​
Total fees and other revenues | ​ |  | 34.1 | ​ |  | 33.7 | ​ |  | 33.9 | ​
Premiums and other considerations | ​ |  | 3,020.9 | ​ |  | 2,771.1 | ​ |  | 2,496.4 | ​
Net investment income | ​ |  | 174.4 | ​ |  | 179.8 | ​ |  | 179.3 | ​
Total operating revenues | ​ | $ | 3,229.4 | ​ | $ | 2,984.6 | ​ | $ | 2,709.6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
​ | ​ | (in millions) | ​
Life Insurance: | ​ |  |  | ​ |  |  | ​ |  |  | ​
Administrative service fees | ​ | $ | 31.2 | ​ | $ | 27.6 | ​ | $ | 26.7 | ​
Commission income | ​ |  | 42.8 | ​ |  | 37.5 | ​ |  | 33.9 | ​
Total revenues from contracts with customers | ​ |  | 74.0 | ​ |  | 65.1 | ​ |  | 60.6 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 333.3 | ​ |  | 321.5 | ​ |  | 885.0 | ​
Total fees and other revenues | ​ |  | 407.3 | ​ |  | 386.6 | ​ |  | 945.6 | ​
Premiums and other considerations | ​ |  | 514.9 | ​ |  | 535.9 | ​ |  | 334.0 | ​
Net investment income | ​ |  | 401.5 | ​ |  | 396.3 | ​ |  | 803.4 | ​
Total operating revenues | ​ | $ | 1,323.7 | ​ | $ | 1,318.8 | ​ | $ | 2,083.0 | ​
​
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
​ | ​ | (in millions) | ​
Commission income | ​ | $ | 373.9 | ​ | $ | 366.2 | ​ | $ | 388.9 | ​
Other fee revenue | ​ | ​ | 84.1 | ​ | ​ | 79.7 | ​ | ​ | 68.8 | ​
Eliminations | ​ |  | (278.8) | ​ |  | (279.2) | ​ |  | (227.6) | ​
Total revenues from contracts with customers | ​ |  | 179.2 | ​ |  | 166.7 | ​ |  | 230.1 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | (299.0) | ​ |  | (312.6) | ​ |  | (359.3) | ​
Total fees and other revenues | ​ |  | (119.8) | ​ |  | (145.9) | ​ |  | (129.2) | ​
Premiums and other considerations | ​ | ​ | (14.5) | ​ | ​ | (4.2) | ​ | ​ | — | ​
Net investment income | ​ |  | 210.7 | ​ |  | 167.2 | ​ |  | 157.1 | ​
Total operating revenues | ​ | $ | 76.4 | ​ | $ | 17.1 | ​ | $ | 27.9 | ​

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