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v3.24.2

Revenues from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 164.7 |  | $ | 139.6 | ​ | $ | 324.0 | ​ | $ | 269.8
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Global Investors | ​ |  | 392.5 | ​ |  | 380.5 | ​ |  | 781.5 | ​ |  | 761.8
Principal International | ​ |  | 113.9 | ​ |  | 116.9 | ​ |  | 227.4 | ​ |  | 230.1
Eliminations | ​ | ​ | (4.4) | ​ | ​ | (5.4) | ​ | ​ | (10.3) | ​ | ​ | (10.7)
Total Principal Asset Management | ​ | ​ | 502.0 | ​ | ​ | 492.0 | ​ | ​ | 998.6 | ​ | ​ | 981.2
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Specialty Benefits | ​ |  | 4.0 | ​ |  | 4.1 | ​ |  | 7.8 | ​ |  | 8.0
Life Insurance | ​ |  | 24.2 | ​ |  | 18.4 | ​ |  | 45.1 | ​ |  | 35.1
Eliminations | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | —
Total Benefits and Protection | ​ | ​ | 28.1 | ​ | ​ | 22.5 | ​ | ​ | 52.8 | ​ | ​ | 43.1
Corporate | ​ |  | 55.8 | ​ |  | 44.9 | ​ |  | 113.7 | ​ |  | 90.0
Total segment revenue from contracts with customers | ​ |  | 750.6 | ​ |  | 699.0 | ​ |  | 1,489.1 | ​ |  | 1,384.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ |  | 291.7 | ​ |  | 298.5 | ​ |  | 586.8 | ​ |  | 588.9
Pre-tax other adjustments (2) | ​ |  | 19.1 | ​ |  | 20.1 | ​ |  | 38.4 | ​ |  | 39.9
Total fees and other revenues per consolidated statements of operations | ​ | $ | 1,061.4 | ​ | $ | 1,017.6 | ​ | $ | 2,114.3 | ​ | $ | 2,012.9
(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 three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Administrative service fee revenue | ​ | $ | 160.8 | ​ | $ | 135.3 | ​ | $ | 316.3 | ​ | $ | 261.8
Deposit account fee revenue | ​ | ​ | 3.0 | ​ | ​ | 2.8 | ​ | ​ | 6.1 | ​ | ​ | 5.7
Commission income | ​ | ​ | 0.9 | ​ | ​ | 0.4 | ​ | ​ | 1.6 | ​ | ​ | 0.8
Other fee revenue | ​ | ​ | — | ​ | ​ | 1.1 | ​ | ​ | — | ​ | ​ | 1.5
Total revenues from contracts with customers | ​ | ​ | 164.7 | ​ | ​ | 139.6 | ​ | ​ | 324.0 | ​ | ​ | 269.8
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 275.5 | ​ | ​ | 278.1 | ​ | ​ | 554.8 | ​ | ​ | 556.4
Total fees and other revenues | ​ |  | 440.2 | ​ |  | 417.7 | ​ |  | 878.8 | ​ |  | 826.2
Premiums and other considerations | ​ |  | 999.5 | ​ |  | 619.3 | ​ |  | 1,765.1 | ​ |  | 1,202.0
Net investment income | ​ |  | 754.6 | ​ |  | 636.7 | ​ |  | 1,482.8 | ​ |  | 1,261.6
Total operating revenues | ​ | $ | 2,194.3 | ​ | $ | 1,673.7 | ​ | $ | 4,126.7 | ​ | $ | 3,289.8
​
Principal Asset Management | Principal International |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Principal International: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 112.5 | ​ | $ | 115.0 | ​ | $ | 223.5 | ​ | $ | 225.9
Other fee revenue | ​ |  | 1.4 | ​ |  | 1.9 | ​ |  | 3.9 | ​ |  | 4.2
Total revenues from contracts with customers | ​ |  | 113.9 | ​ |  | 116.9 | ​ |  | 227.4 | ​ |  | 230.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 1.5 | ​ | ​ | 1.5 | ​ | ​ | 2.8 | ​ | ​ | 2.9
Total fees and other revenues | ​ |  | 115.4 | ​ |  | 118.4 | ​ |  | 230.2 | ​ |  | 233.0
Premiums and other considerations | ​ |  | 11.2 | ​ |  | 8.5 | ​ |  | 13.2 | ​ |  | 14.9
Net investment income | ​ |  | 152.4 | ​ |  | 175.4 | ​ |  | 292.3 | ​ |  | 359.5
Total operating revenues | ​ | $ | 279.0 | ​ | $ | 302.3 | ​ | $ | 535.7 | ​ | $ | 607.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from contracts with customers by region: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Latin America | ​ | $ | 86.3 | ​ | $ | 89.2 | ​ | $ | 173.0 | ​ | $ | 175.1
Asia | ​ |  | 27.7 | ​ |  | 27.9 | ​ |  | 54.7 | ​ |  | 55.4
Eliminations | ​ |  | (0.1) | ​ |  | (0.2) | ​ |  | (0.3) | ​ |  | (0.4)
Total revenues from contracts with customers | ​ | $ | 113.9 | ​ | $ | 116.9 | ​ | $ | 227.4 | ​ | $ | 230.1
Principal Asset Management | Principal Global Investors |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Principal Global Investors: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 355.2 | ​ | $ | 340.9 | ​ | $ | 707.5 | ​ | $ | 680.6
Other fee revenue | ​ |  | 37.3 | ​ |  | 39.6 | ​ |  | 74.0 | ​ |  | 81.2
Total revenues from contracts with customers | ​ |  | 392.5 | ​ |  | 380.5 | ​ |  | 781.5 | ​ |  | 761.8
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 5.9 | ​ | ​ | 2.6 | ​ | ​ | 11.3 | ​ | ​ | 7.2
Total fees and other revenues | ​ |  | 398.4 | ​ |  | 383.1 | ​ |  | 792.8 | ​ |  | 769.0
Net investment income | ​ |  | 11.9 | ​ |  | 7.0 | ​ |  | 22.3 | ​ |  | 13.8
Total operating revenues | ​ | $ | 410.3 | ​ | $ | 390.1 | ​ | $ | 815.1 | ​ | $ | 782.8
Benefits and Protection | Specialty Benefits |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Specialty Benefits: | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Administrative service fees | ​ | $ | 4.0 | ​ | $ | 4.1 | ​ | $ | 7.8 | ​ | $ | 8.0
Total revenues from contracts with customers | ​ | ​ | 4.0 | ​ |  | 4.1 | ​ | ​ | 7.8 | ​ |  | 8.0
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 4.4 | ​ | ​ | 4.5 | ​ | ​ | 9.0 | ​ | ​ | 9.1
Total fees and other revenues | ​ | ​ | 8.4 | ​ |  | 8.6 | ​ | ​ | 16.8 | ​ |  | 17.1
Premiums and other considerations | ​ | ​ | 805.1 | ​ |  | 741.6 | ​ | ​ | 1,598.0 | ​ |  | 1,475.2
Net investment income | ​ | ​ | 44.8 | ​ |  | 42.0 | ​ | ​ | 91.8 | ​ |  | 82.1
Total operating revenues | ​ | $ | 858.3 | ​ | $ | 792.2 | ​ | $ | 1,706.6 | ​ | $ | 1,574.4
Benefits and Protection | Life Insurance |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (in millions)
Life Insurance: | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Administrative service fees | ​ | $ | 10.7 | ​ | $ | 7.5 | ​ | $ | 18.6 | ​ | $ | 14.7
Commission income | ​ | ​ | 13.5 | ​ |  | 10.9 | ​ | ​ | 26.5 | ​ |  | 20.4
Total revenues from contracts with customers | ​ | ​ | 24.2 | ​ |  | 18.4 | ​ | ​ | 45.1 | ​ |  | 35.1
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 82.5 | ​ | ​ | 83.7 | ​ | ​ | 166.7 | ​ | ​ | 161.0
Total fees and other revenues | ​ | ​ | 106.7 | ​ |  | 102.1 | ​ | ​ | 211.8 | ​ |  | 196.1
Premiums and other considerations | ​ | ​ | 120.3 | ​ |  | 126.9 | ​ | ​ | 249.2 | ​ |  | 257.7
Net investment income | ​ | ​ | 102.1 | ​ |  | 104.2 | ​ | ​ | 205.9 | ​ |  | 200.8
Total operating revenues | ​ | $ | 329.1 | ​ | $ | 333.2 | ​ | $ | 666.9 | ​ | $ | 654.6
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | ​ | 2023
​ | ​ | (in millions)
Commission income | ​ | $ | 116.9 | ​ | $ | 94.1 | ​ | $ | 222.4 | ​ | $ | 182.0
Other fee revenue | ​ |  | 22.4 | ​ |  | 20.7 | ​ | ​ | 44.1 | ​ | ​ | 41.2
Eliminations | ​ |  | (83.5) | ​ |  | (69.9) | ​ | ​ | (152.8) | ​ | ​ | (133.2)
Total revenues from contracts with customers | ​ |  | 55.8 | ​ |  | 44.9 | ​ | ​ | 113.7 | ​ | ​ | 90.0
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | (77.8) | ​ | ​ | (71.7) | ​ | ​ | (157.1) | ​ | ​ | (147.3)
Total fees and other revenues | ​ |  | (22.0) | ​ |  | (26.8) | ​ | ​ | (43.4) | ​ | ​ | (57.3)
Premiums and other considerations | ​ | ​ | (1.3) | ​ | ​ | (1.2) | ​ | ​ | (2.6) | ​ | ​ | (2.5)
Net investment income | ​ |  | 29.7 | ​ |  | 42.6 | ​ | ​ | 83.5 | ​ | ​ | 102.0
Total operating revenues | ​ | $ | 6.4 | ​ | $ | 14.6 | ​ | $ | 37.5 | ​ | $ | 42.2
​

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