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Revenues from Contracts with Customers (Tables)

12 Months Ended

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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