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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022 |
​ | ​ | (in millions) |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 213,208.3 | ​ | $ | 202,582.9 | ​
Principal Asset Management | ​ | ​ | 45,905.2 | ​ | ​ | 45,950.7 | ​
Benefits and Protection | ​ | ​ | 43,763.5 | ​ | ​ | 40,048.3 | ​
Corporate | ​ | ​ | 2,169.7 | ​ | ​ | 2,285.1 | ​
Total consolidated assets | ​ | $ | 305,046.7 | ​ | $ | 290,867.0 | ​
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions (1) | ​ | $ | 7,250.2 | ​ | $ | 5,899.2 | ​ | $ | 6,429.4 | ​
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ | ​ | 1,611.2 | ​ | ​ | 1,715.5 | ​ |  | 1,828.0 | ​
Principal International | ​ | ​ | 1,192.8 | ​ | ​ | 1,489.4 | ​ |  | 1,391.1 | ​
Eliminations | ​ | ​ | (21.7) | ​ | ​ | (23.6) | ​ | ​ | (26.1) | ​
Total Principal Asset Management (2) | ​ | ​ | 2,782.3 | ​ | ​ | 3,181.3 | ​ | ​ | 3,193.0 | ​
Benefits and Protection: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Specialty Benefits | ​ | ​ | 3,229.4 | ​ | ​ | 2,984.6 | ​ |  | 2,709.6 | ​
Life Insurance | ​ | ​ | 1,323.7 | ​ | ​ | 1,318.8 | ​ |  | 2,083.0 | ​
Eliminations | ​ | ​ | (1.8) | ​ | ​ | (0.6) | ​ |  | (0.2) | ​
Total Benefits and Protection | ​ | ​ | 4,551.3 | ​ | ​ | 4,302.8 | ​ |  | 4,792.4 | ​
Corporate | ​ | ​ | 76.4 | ​ | ​ | 17.1 | ​ |  | 27.9 | ​
Total segment operating revenues | ​ | ​ | 14,660.2 | ​ | ​ | 13,400.4 | ​ |  | 14,442.7 | ​
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | 57.9 | ​ | ​ | (189.6) | ​ |  | 64.8 | ​
Revenues from exited business (3) | ​ | ​ | (927.5) | ​ | ​ | 4,414.8 | ​ | ​ | — | ​
Adjustments related to equity method investments | ​ | ​ | (78.9) | ​ | ​ | (54.5) | ​ | ​ | (47.2) | ​
Market risk benefit derivative settlements | ​ | ​ | (45.9) | ​ | ​ | (35.0) | ​ | ​ | (32.5) | ​
Total revenues per consolidated statements of operations | ​ | $ | 13,665.8 | ​ | $ | 17,536.1 | ​ | $ | 14,427.8 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 1,051.4 | ​ | $ | 959.1 | ​ | $ | 972.6 | ​
Principal Asset Management | ​ | ​ | 817.7 | ​ | ​ | 902.7 | ​ |  | 1,036.1 | ​
Benefits and Protection | ​ | ​ | 537.6 | ​ | ​ | 570.3 | ​ |  | 366.9 | ​
Corporate | ​ | ​ | (396.8) | ​ | ​ | (469.4) | ​ |  | (368.0) | ​
Total segment pre-tax operating earnings | ​ | ​ | 2,009.9 | ​ | ​ | 1,962.7 | ​ |  | 2,007.6 | ​
Pre-tax net realized capital losses, as adjusted (4) | ​ | ​ | (88.6) | ​ | ​ | (251.4) | ​ |  | (83.0) | ​
Pre-tax income (loss) from exited business (5) | ​ | ​ | (1,129.8) | ​ | ​ | 4,260.1 | ​ | ​ | — | ​
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (52.7) | ​ | ​ | 15.6 | ​ | ​ | (13.7) | ​
Income before income taxes per consolidated statements of operations | ​ | $ | 738.8 | ​ | $ | 5,987.0 | ​ | $ | 1,910.9 | ​
(1) | Reflects inter-segment revenues of $398.3 million, $364.4 million and $413.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
(2) | Reflects inter-segment revenues of $297.8 million, $306.0 million and $287.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ |  | (in millions)
Revenues from exited business: |  |  |  |  |  |  |  |  |
Change in fair value of funds withheld embedded derivative |  | $ | (1,085.7) |  | $ | 3,652.8 |  | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 165.0 | ​ | ​ | 749.4 | ​ | ​ | —
Amortization of reinsurance gain | ​ | ​ | 5.9 | ​ | ​ | 12.6 | ​ | ​ | —
Other impacts of reinsured business | ​ | ​ | (12.7) | ​ | ​ | — | ​ | ​ | —
Total revenues from exited business |  | $ | (927.5) |  | $ | 4,414.8 |  | $ | —
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Net realized capital gains (losses) | ​ | $ | (72.2) | ​ | $ | (182.1) | ​ | $ | 115.4 | ​
Derivative and hedging-related revenue adjustments | ​ | ​ | 23.3 | ​ | ​ | (91.3) | ​ |  | (127.8) | ​
Market value adjustments to fee revenues | ​ | ​ | 1.3 | ​ | ​ | 0.7 | ​ |  | (0.6) | ​
Certain variable annuity fees | ​ | ​ | 73.3 | ​ | ​ | 75.9 | ​ | ​ | 80.5 | ​
Adjustments related to equity method investments | ​ | ​ | 8.8 | ​ | ​ | (15.0) | ​ | ​ | (24.0) | ​
Adjustments related to sponsored investment funds | ​ | ​ | 23.4 | ​ | ​ | 22.2 | ​ | ​ | 21.3 | ​
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | 57.9 | ​ | ​ | (189.6) | ​ |  | 64.8 | ​
Amortization of deferred acquisition costs and other actuarial balances | ​ | ​ | (0.2) | ​ | ​ | (0.1) | ​ |  | 9.7 | ​
Capital (gains) losses distributed | ​ | ​ | (78.5) | ​ | ​ | 136.4 | ​ |  | (106.7) | ​
Derivative and hedging-related expense adjustments | ​ | ​ | 1.8 | ​ | ​ | — | ​ | ​ | — | ​
Market value adjustments of market risk benefits | ​ | ​ | (71.3) | ​ | ​ | (157.2) | ​ | ​ | (36.9) | ​
Market value adjustments of embedded derivatives | ​ | ​ | 1.7 | ​ | ​ | (40.9) | ​ |  | (13.9) | ​
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (88.6) | ​ | $ | (251.4) | ​ | $ | (83.0) | ​
| (a) | As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ |  | (in millions)
Pre-tax income (loss) from exited business |  |  |  |  |  |  |  |  |
Change in fair value of funds withheld embedded derivative |  | $ | (1,085.7) |  | $ | 3,652.8 |  | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 165.0 | ​ | ​ | 749.4 | ​ | ​ | —
Strategic review costs and impacts | ​ | ​ | — | ​ | ​ | 40.4 | ​ | ​ | —
Amortization of reinsurance loss | ​ | ​ | (68.7) | ​ | ​ | (56.7) | ​ | ​ | —
Other impacts of reinsured business | ​ | ​ | (140.4) | ​ | ​ | (125.8) | ​ | ​ | —
Total pre-tax income (loss) from exited business |  | $ | (1,129.8) |  | $ | 4,260.1 |  | $ | —
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Income tax expense (benefit) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 130.9 | ​ | $ | 90.6 | ​ | $ | 94.7 | ​
Principal Asset Management | ​ | ​ | 220.7 | ​ | ​ | 213.3 | ​ |  | 272.2 | ​
Benefits and Protection | ​ | ​ | 97.7 | ​ | ​ | 109.1 | ​ |  | 70.5 | ​
Corporate | ​ | ​ | (42.2) | ​ | ​ | (69.1) | ​ |  | (70.7) | ​
Total segment income taxes from operating earnings | ​ | ​ | 407.1 | ​ | ​ | 343.9 | ​ |  | 366.7 | ​
Tax benefit related to net realized capital losses, as adjusted | ​ | ​ | (22.0) | ​ | ​ | (56.6) | ​ |  | (35.7) | ​
Tax expense (benefit) related to other after-tax adjustments (1) | ​ | ​ | (238.1) | ​ | ​ | 956.4 | ​ |  | — | ​
Certain adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (78.3) | ​ | ​ | (54.2) | ​ | ​ | (47.1) | ​
Total income taxes per consolidated statements of operations | ​ | $ | 68.7 | ​ | $ | 1,189.5 | ​ | $ | 283.9 | ​
(1) | Income tax expense (benefit) related to exited business is derived as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ |  | (in millions)
Income tax expense (benefit) related to exited business: |  |  |  |  |  |  |  |  |
Change in fair value of funds withheld embedded derivative |  | $ | (228.0) |  | $ | 767.1 |  | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 34.6 | ​ | ​ | 157.4 | ​ | ​ | —
Strategic review costs and impacts (a) | ​ | ​ | (0.9) | ​ | ​ | 70.3 | ​ | ​ | —
Amortization of reinsurance loss | ​ | ​ | (14.4) | ​ | ​ | (12.0) | ​ | ​ | —
Other impacts of reinsured business | ​ | ​ | (29.4) | ​ | ​ | (26.4) | ​ | ​ | —
Total income tax expense (benefit) related to exited business |  | $ | (238.1) |  | $ | 956.4 |  | $ | —
| (a) | Includes Global Intangible Low-Taxed Income allocated to exited business.
Income tax expense (benefit) related to exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ |  | (in millions)
Income tax expense (benefit) related to exited business: |  |  |  |  |  |  |  |  |
Change in fair value of funds withheld embedded derivative |  | $ | (228.0) |  | $ | 767.1 |  | $ | —
Net realized capital gains on funds withheld assets | ​ | ​ | 34.6 | ​ | ​ | 157.4 | ​ | ​ | —
Strategic review costs and impacts (a) | ​ | ​ | (0.9) | ​ | ​ | 70.3 | ​ | ​ | —
Amortization of reinsurance loss | ​ | ​ | (14.4) | ​ | ​ | (12.0) | ​ | ​ | —
Other impacts of reinsured business | ​ | ​ | (29.4) | ​ | ​ | (26.4) | ​ | ​ | —
Total income tax expense (benefit) related to exited business |  | $ | (238.1) |  | $ | 956.4 |  | $ | —
| (a) | Includes Global Intangible Low-Taxed Income allocated to exited business.
Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Depreciation and amortization expense by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 85.3 | ​ | $ | 86.2 | ​ | $ | 81.7 | ​
Principal Asset Management | ​ | ​ | 76.0 | ​ |  | 74.6 | ​ |  | 78.4 | ​
Benefits and Protection | ​ | ​ | 23.9 | ​ | ​ | 23.7 | ​ | ​ | 24.2 | ​
Corporate | ​ | ​ | 17.7 | ​ |  | 18.4 | ​ |  | 23.7 | ​
Total segment depreciation and amortization expense included in pre-tax operating earnings | ​ | ​ | 202.9 | ​ | ​ | 202.9 | ​ | ​ | 208.0 | ​
Depreciation and amortization expense related to exited business | ​ | ​ | — | ​ | ​ | 27.1 | ​ | ​ | — | ​
Total depreciation and amortization expense included in our consolidated statements of operations | ​ | $ | 202.9 | ​ | $ | 230.0 | ​ | $ | 208.0 | ​
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