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v3.24.2

Separate Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Summary of separate account assets by investment category (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | (in millions)
Fixed maturities: |  | ​ |  |  | ​ |
U.S. government and agencies | ​ | $ | 7,949.6 | ​ | $ | 8,467.3
Non-U.S. governments | ​ |  | 7,911.2 | ​ |  | 8,522.3
States and political subdivisions | ​ |  | 185.5 | ​ |  | 205.1
Corporate | ​ |  | 12,759.1 | ​ |  | 13,386.4
Residential mortgage-backed pass-through securities | ​ |  | 3,716.9 | ​ |  | 4,126.1
Commercial mortgage-backed securities | ​ |  | 235.0 | ​ |  | 221.1
Other debt obligations | ​ |  | 679.5 | ​ |  | 575.6
Total fixed maturities | ​ |  | 33,436.8 | ​ |  | 35,503.9
Equity securities | ​ |  | 123,293.4 | ​ |  | 118,073.7
Real estate | ​ |  | 439.0 | ​ |  | 494.6
Other investments | ​ |  | 8,987.6 | ​ |  | 9,436.2
Cash and cash equivalents | ​ |  | 4,086.2 | ​ |  | 3,332.8
Other assets | ​ |  | 1,156.8 | ​ |  | 764.4
Total separate account assets per consolidated statements of financial position | ​ | $ | 171,399.8 | ​ | $ | 167,605.6
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Group retirement contracts | ​ | $ | 122,733.7 | ​ | $ | 117,518.5
Individual variable annuities | ​ |  | 9,037.8 | ​ |  | 9,131.9
Total Retirement and Income Solutions | ​ |  | 131,771.5 | ​ |  | 126,650.4
Principal Asset Management – Principal International: | ​ |  | ​ | ​ |  |
Latin America: | ​ |  | ​ | ​ |  |
Pension | ​ |  | 32,849.7 | ​ |  | 34,580.6
Asia: | ​ |  | ​ | ​ |  |
Guaranteed pension (1) | ​ |  | — | ​ |  | 144.2
Total Principal Asset Management – Principal International | ​ |  | 32,849.7 | ​ |  | 34,724.8
Benefits and Protection - Life Insurance: | ​ |  | ​ | ​ |  |
Universal life | ​ |  | 6,498.5 | ​ |  | 5,982.5
Other balances (2) | ​ |  | 280.1 | ​ |  | 247.9
Total separate account liabilities per consolidated statements of financial position | ​ | $ | 171,399.8 | ​ | $ | 167,605.6
(1) | The guaranteed constituent funds in Asia closed in the fourth quarter of 2023 and the second quarter of 2024.
(2) | Includes insignificant balances for long-duration contracts.
Retirement and Income Solutions |
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ | ​ | Group | ​ | Individual | ​ | Group | ​ | Individual
​ | ​ | retirement | ​ | variable | ​ | retirement | ​ | variable
​ |  | contracts |  | annuities |  | contracts |  | annuities
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 117,518.5 | ​ | $ | 9,131.9 | ​ | $ | 107,240.1 | ​ | $ | 8,659.0
Premiums and deposits (1) | ​ |  | 7,262.6 | ​ | ​ | 160.8 | ​ |  | 11,379.0 | ​ |  | 328.5
Policy charges | ​ |  | (169.4) | ​ | ​ | (101.3) | ​ |  | (366.0) | ​ |  | (204.5)
Surrenders, withdrawals and benefit payments (1) | ​ |  | (9,056.6) | ​ | ​ | (783.4) | ​ |  | (13,916.8) | ​ |  | (1,018.2)
Investment performance | ​ |  | 7,931.8 | ​ | ​ | 649.4 | ​ |  | 15,820.7 | ​ |  | 1,315.1
Net transfers (to) from general account (1) | ​ |  | (1,001.3) | ​ | ​ | 2.9 | ​ |  | (2,461.1) | ​ |  | 30.4
Other (2) | ​ |  | 248.1 | ​ | ​ | (22.5) | ​ |  | (177.4) | ​ |  | 21.6
Balance at end of period | ​ | $ | 122,733.7 | ​ | $ | 9,037.8 | ​ | $ | 117,518.5 | ​ | $ | 9,131.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value (3) | ​ | $ | 121,457.3 | ​ | $ | 8,918.7 | ​ | $ | 116,522.1 | ​ | $ | 9,011.5
(1) | Within the policyholder account balances rollforwards in Note 7, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.
(2) | Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.
(3) | Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.
Principal Asset Management | Principal International |
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ |  | June 30, 2024 |  | December 31, 2023
​ |  | Latin America |  | Asia |  | Latin America |  | Asia
​ | ​ | ​ |  | Guaranteed | ​ | ​ | ​ |  | Guaranteed
​ |  | Pension |  | pension |  | Pension |  | pension
​ |  | (in millions)
Balance at beginning of period | ​ | $ | 34,580.6 | ​ | $ | 144.2 | ​ | $ | 33,316.7 | ​ | $ | 915.0
Premiums and deposits | ​ |  | 1,657.8 | ​ | ​ | 31.9 | ​ |  | 3,628.6 | ​ |  | 217.2
Policy charges | ​ |  | (8.2) | ​ | ​ | (1.2) | ​ |  | (17.8) | ​ |  | (16.9)
Surrenders, withdrawals and benefit payments (1) | ​ |  | (1,802.3) | ​ | ​ | (142.8) | ​ |  | (4,191.7) | ​ |  | (1,006.8)
Investment performance | ​ |  | 994.6 | ​ | ​ | 3.3 | ​ |  | 2,733.7 | ​ |  | 37.7
Other (2) | ​ |  | 7.6 | ​ | ​ | (35.3) | ​ |  | 7.6 | ​ |  | (0.3)
Foreign currency translation adjustment | ​ |  | (2,580.4) | ​ | ​ | (0.1) | ​ |  | (896.5) | ​ |  | (1.7)
Balance at end of period | ​ | $ | 32,849.7 | ​ | $ | — | ​ | $ | 34,580.6 | ​ | $ | 144.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value | ​ | $ | 32,849.7 | ​ | $ | — | ​ | $ | 34,580.6 | ​ | $ | 144.2
(1) | Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023 and the second quarter of 2024.
(2) | Includes the removal of insignificant balances for non-guaranteed investment options in Asia from the rollforward in 2024.
Benefits and Protection | Life Insurance | Universal life |
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended | ​ | For the year ended
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 5,982.5 |  | $ | 5,011.0
Premiums and deposits (1) | ​ | ​ | 306.4 | ​ |  | 532.1
Policy charges | ​ | ​ | (66.5) | ​ |  | (129.0)
Surrenders, withdrawals and benefit payments (1) | ​ | ​ | (249.4) | ​ |  | (342.1)
Investment performance | ​ | ​ | 516.1 | ​ |  | 902.8
Net transfers (to) from general account (1) | ​ | ​ | 9.4 | ​ |  | 7.7
Balance at end of period | ​ | $ | 6,498.5 | ​ | $ | 5,982.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value (2) | ​ | $ | 6,554.7 | ​ | $ | 6,041.9
(1) | Within the policyholder account balances rollforwards in Note 7, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account.
(2) | Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.

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