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v3.24.2

Market Risk Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
Market Risk Benefits |
Summary of disaggregated MRB amounts in an asset and liability position (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net asset | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net asset
​ |  | Asset |  | Liability |  | (liability) |  | Asset |  | Liability |  | (liability)
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Individual variable annuities | ​ | $ | 212.3 | ​ | $ | 69.3 | ​ | $ | 143.0 |  | $ | 153.4 |  | $ | 111.9 |  | $ | 41.5
Principal Asset Management – Principal International: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  |  |  |  |  |  |  |
Asia: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Guaranteed pension (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |  |  | — |  |  | 21.3 |  |  | (21.3)
Total MRB per consolidated statements of financial position | ​ | $ | 212.3 | ​ | $ | 69.3 | ​ | $ | 143.0 |  | $ | 153.4 |  | $ | 133.2 |  | $ | 20.2
(1)The guaranteed pension funds were closed in the second quarter of 2024.
Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 | ​ | December 31, 2023 |
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | ​ | Weighted- |
​ | ​ | Range of inputs |  | Average |  | Range of inputs |  | Average |
Retirement and Income Solutions: |  |  |  |  |  |  |  |  |  |  |  |  | ​
Individual variable annuities |  |  |  |  |  |  |  |  |  |  |  |  | ​
Long-term interest rate (1) |  | 4.51 | - | 4.60 | % | 4.55 | % | 4.00 | - | 4.20 | % | 4.10 | %
Long-term equity market volatility |  | 18.30 | - | 32.80 | % | 21.50 | % | 18.00 | - | 33.00 | % | 22.00 | %
Nonperformance risk |  | 0.57 | - | 1.29 | % | 1.10 | % | 0.80 | - | 1.60 | % | 1.30 | %
Lapse rate |  | 1.10 | - | 55.00 | % | 6.16 | % | 1.10 | - | 55.00 | % | 5.90 | %
Principal Asset Management – Principal International: |  | ​ |  | ​ |  | ​ |  |  |  |  |  |  | ​
Asia: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Guaranteed pension (2) |  | ​ |  | ​ |  | ​ |  |  |  |  |  |  | ​
Long-term interest rate (1) |  | N/A | ​ | N/A | ​ | N/A | ​ | 4.54 | - | 4.70 | % | 4.61 | %
Long-term equity market volatility |  | N/A | ​ | N/A | ​ | N/A | ​ | 16.39 | - | 23.75 | % | 19.64 | %
Nonperformance risk |  | N/A | ​ | N/A | ​ | N/A | ​ | 0.90 | - | 1.77 | % | 1.51 | %
Lapse rate |  | N/A | ​ | N/A | ​ | N/A | ​ | 4.95 | - | 19.35 | % | 16.80 | %
(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.
(2) | The guaranteed pension funds were closed in the second quarter of 2024.
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 (Table) | ​
​ | ​ | For the six months ended | ​ | For the year ended
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ |  | ​ |  | 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 | ​ | Increased | ​ | Favorable
Equity market volatilities | ​ | Decreased | ​ | Favorable | ​ | Decreased | ​ | Favorable
Own nonperformance risk | ​ | Decreased | ​ | Unfavorable | ​ | Decreased | ​ | Unfavorable
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) | The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ |  | ($ in millions)
Balance at beginning of period | ​ | $ | 41.5 | ​ | $ | (72.2)
Effect of changes in nonperformance risk at beginning of period | ​ |  | 7.7 | ​ |  | (31.7)
Adjusted balance at beginning of period | ​ |  | 49.2 | ​ |  | (103.9)
Effect of: | ​ |  |  | ​ |  |
Interest accrual and expected policyholder behavior | ​ |  | (39.3) | ​ |  | (80.9)
Benefit payments | ​ |  | 0.5 | ​ |  | 0.4
Changes in interest rates | ​ |  | 68.9 | ​ |  | 39.9
Changes in equity markets | ​ |  | 66.2 | ​ |  | 155.1
Changes in equity index volatility | ​ |  | 19.3 | ​ |  | 47.9
Actual policyholder behavior different from expected behavior | ​ |  | (3.5) | ​ |  | (4.0)
Changes in other future expected assumptions | ​ |  | — | ​ |  | (5.3)
Adjusted balance at end of period | ​ |  | 161.3 | ​ |  | 49.2
Effect of changes in nonperformance risk at end of period | ​ |  | (18.3) | ​ |  | (7.7)
Balance at end of period | ​ | $ | 143.0 | ​ | $ | 41.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average attained age of policyholders (years) (1) | ​ |  | 67.6 | ​ |  | 67.7
Net amount at risk (2) | ​ | $ | 50.0 | ​ | $ | 111.2
(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 2024 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.
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) | The net asset (liability) balances and the changes in the valuation of the MRBs for Asia – Guaranteed pension were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ |  | ($ in millions)
Balance at beginning of period | ​ | $ | (21.3) | ​ | $ | (26.0)
Effect of changes in nonperformance risk at beginning of period | ​ |  | 1.0 | ​ |  | 1.2
Adjusted balance at beginning of period | ​ |  | (20.3) | ​ |  | (24.8)
Effect of: | ​ |  | ​ | ​ |  |
Interest accrual and expected policyholder behavior | ​ |  | (0.2) | ​ |  | (10.1)
Benefit payments (1) | ​ |  | 20.2 | ​ |  | 13.8
Changes in interest rates | ​ |  | (0.6) | ​ |  | 1.2
Changes in equity markets | ​ |  | 0.7 | ​ |  | 0.2
Actual policyholder behavior different from expected behavior | ​ |  | 0.2 | ​ |  | (0.6)
Adjusted balance at end of period | ​ |  | — | ​ |  | (20.3)
Effect of changes in nonperformance risk at end of period | ​ |  | — | ​ |  | (1.0)
Balance at end of period | ​ | $ | — | ​ | $ | (21.3)
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average attained age of policyholders (years) (2) | ​ |  | — | ​ |  | 54.0
Net amount at risk (3) | ​ | $ | — | ​ | $ | 25.1
(1) | The guaranteed pension funds were closed in the second quarter of 2024.
(2) | 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.
(3) | 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.

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