XML 46 R34.htm IDEA: XBRL DOCUMENT

Separate Account Balances (Tables)

6 Months Ended

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.