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v3.24.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | (in millions)
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 219,558.2 | ​ | $ | 213,208.3
Principal Asset Management | ​ |  | 43,458.5 | ​ |  | 45,905.2
Benefits and Protection | ​ |  | 44,716.5 | ​ |  | 43,763.5
Corporate | ​ |  | 1,044.1 | ​ |  | 2,169.7
Total consolidated assets | ​ | $ | 308,777.3 | ​ | $ | 305,046.7
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Operating revenues by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions (1) | ​ | $ | 2,194.3 | ​ | $ | 1,673.7 | ​ | $ | 4,126.7 | ​ | $ | 3,289.8
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 410.3 | ​ |  | 390.1 | ​ | ​ | 815.1 | ​ |  | 782.8
Principal International | ​ |  | 279.0 | ​ |  | 302.3 | ​ | ​ | 535.7 | ​ |  | 607.4
Eliminations | ​ | ​ | (4.5) | ​ | ​ | (5.5) | ​ | ​ | (10.7) | ​ | ​ | (10.8)
Total Principal Asset Management (2) | ​ | ​ | 684.8 | ​ | ​ | 686.9 | ​ | ​ | 1,340.1 | ​ | ​ | 1,379.4
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Specialty Benefits | ​ | ​ | 858.3 | ​ | ​ | 792.2 | ​ | ​ | 1,706.6 | ​ | ​ | 1,574.4
Life Insurance | ​ |  | 329.1 | ​ |  | 333.2 | ​ | ​ | 666.9 | ​ |  | 654.6
Eliminations | ​ | ​ | (0.2) | ​ | ​ | (0.1) | ​ | ​ | (0.4) | ​ | ​ | (0.3)
Total Benefits and Protection | ​ | ​ | 1,187.2 | ​ | ​ | 1,125.3 | ​ | ​ | 2,373.1 | ​ | ​ | 2,228.7
Corporate | ​ | ​ | 6.4 | ​ | ​ | 14.6 | ​ | ​ | 37.5 | ​ | ​ | 42.2
Total segment operating revenues | ​ | ​ | 4,072.7 | ​ | ​ | 3,500.5 | ​ | ​ | 7,877.4 | ​ | ​ | 6,940.1
Net realized capital gains (losses), net of related revenue adjustments | ​ | ​ | 23.2 | ​ | ​ | (45.4) | ​ | ​ | 54.2 | ​ | ​ | (84.6)
Revenues from exited business (3) | ​ | ​ | 244.8 | ​ | ​ | 130.9 | ​ | ​ | 487.1 | ​ | ​ | (416.7)
Adjustments related to equity method investments | ​ | ​ | (18.5) | ​ | ​ | (16.8) | ​ | ​ | (31.9) | ​ | ​ | (39.4)
Market risk benefit derivative settlements | ​ | ​ | (11.4) | ​ | ​ | (11.9) | ​ | ​ | (22.7) | ​ | ​ | (23.1)
Total revenues per consolidated statements of operations | ​ | $ | 4,310.8 | ​ | $ | 3,557.3 | ​ | $ | 8,364.1 | ​ | $ | 6,376.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax operating earnings (losses) by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 267.8 | ​ | $ | 232.3 | ​ | $ | 530.0 | ​ | $ | 482.1
Principal Asset Management | ​ |  | 189.4 | ​ |  | 188.2 | ​ | ​ | 376.5 | ​ |  | 376.0
Benefits and Protection | ​ | ​ | 132.3 | ​ | ​ | 124.9 | ​ | ​ | 244.1 | ​ | ​ | 224.2
Corporate | ​ |  | (103.4) | ​ |  | (97.4) | ​ | ​ | (192.3) | ​ |  | (193.5)
Total segment pre-tax operating earnings | ​ |  | 486.1 | ​ |  | 448.0 | ​ | ​ | 958.3 | ​ |  | 888.8
Pre-tax net realized capital losses, as adjusted (4) | ​ |  | (21.6) | ​ |  | (61.1) | ​ | ​ | (53.2) | ​ |  | (85.4)
Pre-tax income (loss) from exited business (5) | ​ | ​ | (3.9) | ​ | ​ | 81.4 | ​ | ​ | 193.7 | ​ | ​ | (526.9)
Adjustments related to equity method investments and noncontrolling interest | ​ | ​ | (16.7) | ​ | ​ | (14.7) | ​ | ​ | (27.8) | ​ | ​ | (35.4)
Income before income taxes per consolidated statements of operations | ​ | $ | 443.9 | ​ | $ | 453.6 | ​ | $ | 1,071.0 | ​ | $ | 241.1
(1) | Reflects inter-segment revenues of $117.3 million and $97.0 million for the three months ended June 30, 2024 and 2023, respectively, $226.0 million and $191.8 million for the six months ended June 30, 2024 and 2023, respectively.
(2) | Reflects inter-segment revenues of $72.1 million and $69.9 million for the three months ended June 30, 2024 and 2023, respectively, $146.2 million and $140.6 million for the six months ended June 30, 2024 and 2023, respectively.
(3) | Revenues from exited business is derived as follows:
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Revenues from exited business: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of funds withheld embedded derivative | ​ | $ | 232.9 | ​ | $ | 93.9 | ​ | $ | 429.9 | ​ | $ | (532.7)
Net realized capital gains on funds withheld assets | ​ | ​ | 19.0 | ​ | ​ | 37.8 | ​ | ​ | 66.5 | ​ | ​ | 118.8
Amortization of reinsurance gain | ​ | ​ | 1.0 | ​ | ​ | 1.5 | ​ | ​ | 2.1 | ​ | ​ | 2.9
Other impacts of reinsured business | ​ |  | (8.1) | ​ |  | (2.3) | ​ |  | (11.4) | ​ |  | (5.7)
Total revenues from exited business | ​ | $ | 244.8 | ​ | $ | 130.9 | ​ | $ | 487.1 | ​ | $ | (416.7)
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Net realized capital losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net realized capital losses | ​ | $ | (15.2) | ​ | $ | (72.8) | ​ | $ | (16.1) | ​ | $ | (138.8)
Derivative and hedging-related revenue adjustments | ​ | ​ | 17.0 | ​ | ​ | (5.0) | ​ | ​ | 35.1 | ​ |  | (2.9)
Market value adjustments to fee revenues | ​ | ​ | 0.1 | ​ | ​ | 0.2 | ​ | ​ | 0.1 | ​ | ​ | 0.2
Certain variable annuity fees | ​ | ​ | 18.0 | ​ | ​ | 18.4 | ​ | ​ | 36.2 | ​ | ​ | 36.8
Equity method investments | ​ | ​ | (3.6) | ​ | ​ | 8.1 | ​ | ​ | (13.9) | ​ | ​ | 8.3
Sponsored investment funds and other adjustments | ​ | ​ | 6.9 | ​ | ​ | 5.7 | ​ | ​ | 12.8 | ​ | ​ | 11.8
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | 23.2 | ​ |  | (45.4) | ​ | ​ | 54.2 | ​ |  | (84.6)
Amortization of actuarial balances | ​ |  | (0.1) | ​ |  | 0.1 | ​ | ​ | (0.3) | ​ |  | 0.1
Capital (gains) losses distributed | ​ |  | (31.7) | ​ |  | (16.8) | ​ | ​ | (92.0) | ​ |  | 1.6
Derivative and hedging-related expense adjustments | ​ | ​ | 1.1 | ​ | ​ | 0.1 | ​ | ​ | (0.2) | ​ | ​ | 0.1
Market value adjustments of market risk benefits | ​ | ​ | (8.1) | ​ | ​ | (4.4) | ​ | ​ | (4.8) | ​ | ​ | (10.9)
Market value adjustments of embedded derivatives | ​ |  | (6.0) | ​ |  | 5.3 | ​ | ​ | (10.1) | ​ |  | 8.3
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (21.6) | ​ | $ | (61.1) | ​ | $ | (53.2) | ​ | $ | (85.4)
(a) | As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Pre-tax income (loss) from exited business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of funds withheld embedded derivative | ​ | $ | 232.9 | ​ | $ | 93.9 | ​ | $ | 429.9 | ​ | $ | (532.7)
Net realized capital gains on funds withheld assets | ​ | ​ | 19.0 | ​ | ​ | 37.8 | ​ | ​ | 66.5 | ​ | ​ | 118.8
Amortization of reinsurance loss (a) | ​ | ​ | (417.5) | ​ | ​ | (20.3) | ​ | ​ | (427.6) | ​ | ​ | (42.4)
Other impacts of reinsured business (a) | ​ | ​ | 161.7 | ​ | ​ | (30.0) | ​ | ​ | 124.9 | ​ | ​ | (70.6)
Total pre-tax income (loss) from exited business | ​ | $ | (3.9) | ​ | $ | 81.4 | ​ | $ | 193.7 | ​ | $ | (526.9)
(a)Includes the one-time impact of YRT reinsurance transactions in 2024.

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