XML 73 R57.htm IDEA: XBRL DOCUMENT v3.25.0.1

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Common Stock Dividends (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2024			2023			2022
Dividends declared per common share	​	$	2.85	​	$	2.60	​	$	2.56	​

Reconciliation of Outstanding Common Shares (Table)

​

​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2024		2023		2022
Beginning balance	​	236,438,294	​	243,549,782	​	261,673,076	​
Shares issued	​	2,455,503	​	2,469,841	​	4,937,910	​
Treasury stock acquired	​	(12,668,636)	​	(9,581,329)	​	(23,061,204)	​
Ending balance	​	226,225,161	​	236,438,294	​	243,549,782	​

Other Comprehensive Income (Loss) (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2024								​
​		Pre-Tax			Tax			After-Tax
​	​	(in millions)								​
Net unrealized losses on available-for-sale securities during the period	​	$	(1,033.4)	​	$	227.0	​	$	(806.4)	​
Reclassification adjustment for losses included in net income (1)	​		138.4	​		(26.2)	​		112.2	​
Adjustments for assumed changes in amortization patterns	​		9.8	​		(2.1)	​		7.7	​
Adjustments for assumed changes in policyholder liabilities	​		10.8	​		(2.3)	​		8.5	​
Net unrealized losses on available-for-sale securities	​		(874.4)	​		196.4	​		(678.0)	​
​	​	​	​	​	​	​	​	​	​	​
Net unrealized gains on derivative instruments during the period	​		71.2	​	​	(15.0)	​	​	56.2	​
Reclassification adjustment for gains included in net income (2)	​		(3.5)	​	​	0.8	​	​	(2.7)	​
Adjustments for assumed changes in amortization patterns	​		0.5	​	​	(0.1)	​	​	0.4	​
Net unrealized gains on derivative instruments	​		68.2	​	​	(14.3)	​	​	53.9	​
​	​	​	​	​	​	​	​	​	​	​
Liability for future policy benefits discount rate remeasurement gain (3)	​	​	1,281.9	​	​	(271.9)	​	​	1,010.0	​
​	​	​	​	​	​	​	​	​	​	​
Market risk benefit nonperformance risk remeasurement loss (4)	​	​	(10.3)	​	​	2.2	​	​	(8.1)	​
​	​	​	​	​	​	​	​	​	​	​
Foreign currency translation adjustment	​	​	(301.5)	​	​	4.9	​	​	(296.6)	​
​	​	​	​	​	​	​	​	​	​	​
Unrecognized postretirement benefit obligation during the period	​		20.7	​	​	(5.1)	​	​	15.6	​
Amortization of amounts included in net periodic benefit cost (6)	​		20.3	​	​	(5.2)	​	​	15.1	​
Net unrecognized postretirement benefit obligation	​		41.0	​	​	(10.3)	​	​	30.7	​
​	​	​	​	​	​	​	​	​	​	​
Other comprehensive income	​	$	204.9	​	$	(93.0)	​	$	111.9	​

​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2023								​
​		Pre-Tax			Tax			After-Tax
​	​	(in millions)								​
Net unrealized gains on available-for-sale securities during the period	​	$	1,986.8	​	$	(419.8)	​	$	1,567.0	​
Reclassification adjustment for losses included in net income (1)	​		351.1	​		(73.5)	​		277.6	​
Adjustments for assumed changes in amortization patterns	​		(2.6)	​		0.6	​		(2.0)	​
Adjustments for assumed changes in policyholder liabilities	​		0.7	​		(0.2)	​		0.5	​
Net unrealized gains on available-for-sale securities	​		2,336.0	​		(492.9)	​		1,843.1	​
​	​	​	​	​	​	​	​	​	​	​
Net unrealized losses on derivative instruments during the period	​		(44.9)	​	​	9.4	​	​	(35.5)	​
Reclassification adjustment for gains included in net income (2)	​		(7.4)	​	​	1.6	​	​	(5.8)	​
Adjustments for assumed changes in amortization patterns	​		(0.9)	​	​	0.2	​	​	(0.7)	​
Adjustments for assumed changes in policyholder liabilities	​		0.2	​	​	—	​	​	0.2	​
Net unrealized losses on derivative instruments	​		(53.0)	​	​	11.2	​	​	(41.8)	​
​	​	​	​	​	​	​	​	​	​	​
Liability for future policy benefits discount rate remeasurement loss (3)	​	​	(365.9)	​	​	53.2	​	​	(312.7)	​
​	​	​	​	​	​	​	​	​	​	​
Market risk benefit nonperformance risk remeasurement loss (4)	​	​	(39.2)	​	​	8.3	​	​	(30.9)	​
​	​	​	​	​	​	​	​	​	​	​
Foreign currency translation adjustment during the period	​	​	68.0	​	​	5.1	​	​	73.1	​
Reclassification adjustment for losses included in net income (5)	​	​	0.6	​	​	—	​	​	0.6	​
Foreign currency translation adjustment	​		68.6	​	​	5.1	​	​	73.7	​
​	​	​	​	​	​	​	​	​	​	​
Unrecognized postretirement benefit obligation during the period	​		(19.3)	​	​	5.2	​	​	(14.1)	​
Amortization of amounts included in net periodic benefit cost (6)	​		22.4	​	​	(5.9)	​	​	16.5	​
Net unrecognized postretirement benefit obligation	​		3.1	​	​	(0.7)	​	​	2.4	​
​	​	​	​	​	​	​	​	​	​	​
Other comprehensive income	​	$	1,949.6	​	$	(415.8)	​	$	1,533.8	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2022								​
​		Pre-Tax			Tax			After-Tax
​	​	(in millions)								​
Net unrealized losses on available-for-sale securities during the period	​	$	(13,158.9)	​	$	2,787.9	​	$	(10,371.0)	​
Reclassification adjustment for losses included in net income (1)	​		398.9	​		(87.6)	​		311.3	​
Adjustments for assumed changes in amortization patterns	​		(3.7)	​		0.7	​		(3.0)	​
Adjustments for assumed changes in policyholder liabilities	​		273.2	​		(57.3)	​		215.9	​
Net unrealized losses on available-for-sale securities	​		(12,490.5)	​		2,643.7	​		(9,846.8)	​
​	​	​	​	​	​	​	​	​	​	​
Net unrealized losses on derivative instruments during the period	​		(1.4)	​	​	0.3	​	​	(1.1)	​
Reclassification adjustment for gains included in net income (2)	​		(28.0)	​	​	5.8	​	​	(22.2)	​
Adjustments for assumed changes in amortization patterns	​		(0.1)	​	​	—	​	​	(0.1)	​
Adjustments for assumed changes in policyholder liabilities	​		0.4	​	​	(0.1)	​	​	0.3	​
Net unrealized losses on derivative instruments	​		(29.1)	​	​	6.0	​	​	(23.1)	​
​	​	​	​	​	​	​	​	​	​	​
Liability for future policy benefits discount rate remeasurement gain (3)	​	​	6,030.4	​	​	(1,251.9)	​	​	4,778.5	​
​	​	​	​	​	​	​	​	​	​	​
Market risk benefit nonperformance risk remeasurement gain (4)	​	​	144.3	​	​	(30.2)	​	​	114.1	​
​	​	​	​	​	​	​	​	​	​	​
Foreign currency translation adjustment	​	​	(26.9)	​	​	4.8	​	​	(22.1)	​
​	​	​	​	​	​	​	​	​	​	​
Unrecognized postretirement benefit obligation during the period	​		85.8	​	​	(22.3)	​	​	63.5	​
Amortization of amounts included in net periodic benefit cost (6)	​		36.7	​	​	(9.6)	​	​	27.1	​
Net unrecognized postretirement benefit obligation	​		122.5	​	​	(31.9)	​	​	90.6	​
​	​	​	​	​	​	​	​	​	​	​
Other comprehensive loss	​	$	(6,249.3)	​	$	1,340.5	​	$	(4,908.8)	​

(1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

(2) See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4) See Note 11, Market Risk Benefits, for further details.

(5) Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries.

(6) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 15, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MRB

​

​

​

​

​

​

​

​

​

​

​

Net unrealized

​

Net unrealized

​

LFPB

​

nonperformance

​

Foreign

​

Unrecognized

​

Accumulated

​

​

gains (losses) on

​

gains (losses)

​

discount rate

​

risk

​

currency

​

postretirement

​

other

​

​

available-for-sale

​

on derivative

​

remeasurement

​

remeasurement

​

translation

​

benefit

​

comprehensive

​

securities (1)

instruments

gain (loss)

gain (loss)

adjustment

obligation

loss

​

​

(in millions)

Balances as of January 1, 2022

​

$

3,880.4

​

$

56.6

​

$

(4,037.6)

​

$

(90.1)

​

$

(1,548.7)

​

$

(344.7)

​

$

(2,084.1)

Other comprehensive loss during the period, net of adjustments

​

(10,157.9)

​

​

(0.9)

​

​

4,778.5

​

​

114.1

​

​

(22.9)

​

​

63.5

​

​

(5,225.6)

Amounts reclassified from AOCI

​

311.3

​

​

(22.2)

​

​

—

​

​

—

​

​

—

​

​

27.1

​

​

316.2

Other comprehensive loss

​

(9,846.6)

​

​

(23.1)

​

​

4,778.5

​

​

114.1

​

​

(22.9)

​

​

90.6

​

​

(4,909.4)

Adjustment for reinsurance (2)

​

​

108.3

​

​

6.2

​

​

—

​

​

—

​

​

—

​

​

—

​

​

114.5

Balances as of December 31, 2022

​

​

(5,857.9)

​

​

39.7

​

​

740.9

​

​

24.0

​

​

(1,571.6)

​

​

(254.1)

​

​

(6,879.0)

Other comprehensive income during the period, net of adjustments

​

​

1,565.5

​

​

(36.0)

​

​

(312.7)

​

​

(30.9)

​

​

73.0

​

​

(14.1)

​

​

1,244.8

Amounts reclassified from AOCI

​

​

277.6

​

​

(5.8)

​

​

—

​

​

—

​

​

0.6

​

​

16.5

​

​

288.9

Other comprehensive income

​

​

1,843.1

​

​

(41.8)

​

​

(312.7)

​

​

(30.9)

​

​

73.6

​

​

2.4

​

​

1,533.7

Balances as of December 31, 2023

​

​

(4,014.8)

​

​

(2.1)

​

​

428.2

​

​

(6.9)

​

​

(1,498.0)

​

​

(251.7)

​

​

(5,345.3)

Other comprehensive loss during the period, net of adjustments

​

​

(790.3)

​

​

56.6

​

​

1,010.0

​

​

(8.1)

​

​

(287.9)

​

​

15.6

​

​

(4.1)

Amounts reclassified from AOCI

​

​

112.2

​

​

(2.7)

​

​

—

​

​

—

​

​

—

​

​

15.1

​

​

124.6

Other comprehensive income

​

​

(678.1)

​

​

53.9

​

​

1,010.0

​

​

(8.1)

​

​

(287.9)

​

​

30.7

​

​

120.5

Balances as of December 31, 2024

​

$

(4,692.9)

​

$

51.8

​

$

1,438.2

​

$

(15.0)

​

$

(1,785.9)

​

$

(221.0)

​

$

(5,224.8)

(1) Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(3.8) million, $(4.3) million and $0.3 million as of December 31, 2024, 2023 and 2022, respectively.

(2) Reflects the January 1, 2022, balance associated with our exited ULSG business that was ceded to an unaffiliated reinsurance company.

Redeemable Noncontrolling Interest (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2024			2023			2022
​	​	(in millions)								​
Beginning balance	​	$	248.9	​	$	262.0	​	$	332.5	​
Net income (loss) attributable to redeemable noncontrolling interest	​	​	11.8	​	​	23.7	​	​	(25.8)	​
Redeemable noncontrolling interest of deconsolidated entities (1)	​	​	(185.6)	​	​	(3.0)	​	​	(2.8)	​
Contributions from redeemable noncontrolling interest	​		330.0	​		43.3	​		67.3	​
Distributions to redeemable noncontrolling interest	​		(55.8)	​		(75.0)	​		(108.9)	​
Purchase of subsidiary shares from redeemable noncontrolling interest (2)	​		(0.6)	​		(1.6)	​		(1.1)	​
Change in redemption value of redeemable noncontrolling interest	​		(4.4)	​		(1.1)	​		(0.2)	​
Stock-based compensation attributable to redeemable noncontrolling interest	​	​	0.2	​	​	0.1	​	​	0.1	​
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	​		(6.8)	​		0.5	​		0.9	​
Ending balance	​	$	337.7	​	$	248.9	​	$	262.0	​

(1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

(2) In 2024, 2023 and 2022, we acquired an additional interest in Origin Asset Management.

X

- Definition

Tabular disclosure of components of other comprehensive income (loss) including: deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Discloses the pre-tax, tax, and after-tax amounts of the activity for each of these components.

+ References

No definition available.

+ Details

Name:	pfg_ScheduleOfOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	pfg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.

+ References

No definition available.

+ Details

Name:	us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

+ References

No definition available.

+ Details

Name:	us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Name:	us-gaap_ScheduleOfStockByClassTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration