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v3.25.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Information |
Reconciliation of Assets from Segment to Consolidated (Table) | ​ Segment Assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Retirement and Income Solutions | ​ | $ | 219,759.2 | ​ | $ | 222,967.0
Principal Asset Management | ​ |  | 44,916.7 | ​ |  | 43,029.4
Benefits and Protection | ​ |  | 46,350.0 | ​ |  | 46,006.7
Corporate | ​ |  | 1,977.4 | ​ |  | 1,660.5
Total assets per consolidated statements of financial position | ​ | $ | 313,003.3 | ​ | $ | 313,663.6
Reconciliation of revenue from segments to consolidated revenues | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2025
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Revenue from contracts with external customers (1) | ​ | $ | 1,259.0 | ​ | $ | 450.0 | ​ | $ | 1,055.5 | ​ | $ | 63.1 | ​ | $ | 2,827.6
Adjustments for revenue from contracts with external customers not included in operating revenues (2) | ​ | ​ | (17.4) | ​ | ​ | — | ​ | ​ | 6.8 | ​ | ​ | — | ​ | ​ | (10.6)
Net investment income included in operating revenues | ​ | ​ | 822.0 | ​ | ​ | 117.6 | ​ | ​ | 149.8 | ​ | ​ | 62.4 | ​ | ​ | 1,151.8
Operating revenues from equity method investments | ​ | ​ | — | ​ | ​ | 44.6 | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | 44.5
Inter-segment operating revenues | ​ | ​ | 11.6 | ​ | ​ | 74.6 | ​ | ​ | 2.1 | ​ | ​ | 79.1 | ​ | ​ | 167.4
Eliminations of inter-segment operating revenues | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (167.4) | ​ | ​ | (167.4)
Segment operating revenues (3) | ​ | $ | 2,075.2 | ​ | $ | 686.8 | ​ | $ | 1,214.2 | ​ | $ | 37.1 | ​ | ​ | 4,013.3
Net realized capital losses, net of related revenue adjustments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (101.7)
Revenues from exited business (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (188.0)
Adjustments related to equity method investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16.6)
Market risk benefit derivative settlements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (11.1)
Total revenues per consolidated statements of operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,695.9
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2024
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Revenue from contracts with external customers (1) |  | $ | 1,212.3 |  | $ | 437.5 |  | $ | 1,027.9 |  | $ | 58.7 |  | $ | 2,736.4
Adjustments for revenue from contracts with external customers not included in operating revenues (2) | ​ |  | (19.4) | ​ |  | — | ​ |  | 3.3 | ​ |  | — | ​ |  | (16.1)
Net investment income included in operating revenues | ​ |  | 726.8 | ​ |  | 95.0 | ​ |  | 152.5 | ​ |  | 61.5 | ​ |  | 1,035.8
Operating revenues from equity method investments | ​ |  | — | ​ |  | 48.7 | ​ |  | — | ​ |  | (0.1) | ​ |  | 48.6
Inter-segment operating revenues | ​ |  | 12.7 | ​ |  | 74.1 | ​ |  | 2.2 | ​ |  | 56.2 | ​ |  | 145.2
Eliminations of inter-segment operating revenues | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (145.2) | ​ |  | (145.2)
Segment operating revenues (3) | ​ | $ | 1,932.4 | ​ | $ | 655.3 | ​ | $ | 1,185.9 | ​ | $ | 31.1 | ​ | ​ | 3,804.7
Net realized capital gains, net of related revenue adjustments | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 31.0
Revenues from exited business (4) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 242.3
Adjustments related to equity method investments | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (13.4)
Market risk benefit derivative settlements | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (11.3)
Total revenues per consolidated statements of operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 4,053.3
(1) | Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statement of operations.
(2) | Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses and fees associated with net realized capital gains (losses) that are not included in segment operating revenue.
(3) | See Note 19, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues.
(4) | Revenues from exited business included:
Revenues from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Change in fair value of funds withheld embedded derivative | ​ | $ | (209.7) | ​ | $ | 197.0
Net realized capital gains on funds withheld assets | ​ | ​ | 28.0 | ​ | ​ | 47.5
Amortization of reinsurance gain | ​ | ​ | 0.5 | ​ | ​ | 1.1
Other impacts of exited business | ​ |  | (6.8) | ​ |  | (3.3)
Total revenues from exited business | ​ | $ | (188.0) | ​ | $ | 242.3
Reconciliation of Expenses from Segments to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2025
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Benefits, claims and settlement expenses |  | $ | 1,353.9 |  | $ | 90.6 |  | $ | 699.3 |  | $ | 23.6 |  | ​ | ​
Liability for future policy benefits remeasurement (gain) loss | ​ |  | (4.8) | ​ |  | 0.5 | ​ |  | (0.4) | ​ |  | — |  | ​ | ​
Market risk benefit remeasurement loss | ​ |  | 1.9 | ​ |  | — | ​ |  | — | ​ |  | — |  | ​ | ​
Dividends to policyholders | ​ |  | — | ​ |  | — | ​ |  | 19.1 | ​ |  | — |  | ​ | ​
Commission expense | ​ |  | 69.5 | ​ |  | 48.1 | ​ |  | 151.0 | ​ |  | 23.8 |  | ​ | ​
Capitalization of deferred acquisition costs and contract costs | ​ |  | (40.9) | ​ |  | (7.7) | ​ |  | (87.3) | ​ |  | — |  | ​ | ​
Amortization of deferred acquisition costs and contract costs | ​ |  | 21.1 | ​ |  | 5.8 | ​ |  | 64.0 | ​ |  | — |  | ​ | ​
Depreciation and amortization | ​ |  | 19.4 | ​ |  | 13.9 | ​ |  | 4.3 | ​ |  | 4.1 |  | ​ | ​
Interest expense on corporate debt | ​ |  | — | ​ |  | 0.5 | ​ |  | — | ​ |  | 42.2 |  | ​ | ​
Compensation and other | ​ |  | 370.8 | ​ |  | 342.8 | ​ |  | 244.7 | ​ |  | 50.2 |  | ​ | ​
Total operating expenses | ​ | ​ | 439.9 | ​ | ​ | 403.4 | ​ | ​ | 376.7 | ​ | ​ | 120.3 | ​ | ​ | ​
Total segment expenses | ​ | $ | 1,790.9 | ​ | $ | 494.5 | ​ | $ | 1,094.7 | ​ | $ | 143.9 | ​ | $ | 3,524.0
Net realized capital losses expense adjustments | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 27.8
Market risk benefit derivative settlements | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (11.1)
Expenses from exited business (1) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 126.3
Total expenses per consolidated statements of operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 3,667.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2024
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Benefits, claims and settlement expenses |  | $ | 1,243.3 |  | $ | 74.5 |  | $ | 681.9 |  | $ | 10.2 |  | ​ |
Liability for future policy benefits remeasurement (gain) loss | ​ |  | (2.4) | ​ |  | — | ​ |  | 6.3 | ​ |  | — |  | ​ |
Market risk benefit remeasurement loss | ​ |  | 0.1 | ​ |  | — | ​ |  | — | ​ |  | — |  | ​ |
Dividends to policyholders | ​ |  | — | ​ |  | — | ​ |  | 29.3 | ​ |  | — |  | ​ |
Commission expense | ​ |  | 58.8 | ​ |  | 45.5 | ​ |  | 141.8 | ​ |  | 17.6 |  | ​ |
Capitalization of deferred acquisition costs and contract costs | ​ |  | (29.2) | ​ |  | (6.9) | ​ |  | (86.4) | ​ |  | — |  | ​ |
Amortization of deferred acquisition costs and contract costs | ​ |  | 20.0 | ​ |  | 8.0 | ​ |  | 62.6 | ​ |  | — |  | ​ |
Depreciation and amortization | ​ |  | 20.7 | ​ |  | 17.5 | ​ |  | 5.9 | ​ |  | 4.6 |  | ​ |
Interest expense on corporate debt | ​ |  | — | ​ |  | 1.0 | ​ |  | — | ​ |  | 41.7 |  | ​ |
Compensation and other | ​ |  | 358.9 | ​ |  | 326.6 | ​ |  | 232.7 | ​ |  | 45.6 |  | ​ |
Total operating expenses | ​ |  | 429.2 | ​ |  | 391.7 | ​ |  | 356.6 | ​ |  | 109.5 |  | ​ |
Total segment expenses | ​ | $ | 1,670.2 | ​ | $ | 466.2 | ​ | $ | 1,074.1 | ​ | $ | 119.7 | ​ | $ | 3,330.2
Net realized capital losses expense adjustments | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 62.6
Market risk benefit derivative settlements | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (11.3)
Expenses from exited business (1) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 44.7
Total expenses per consolidated statements of operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 3,426.2
(1)Expenses from exited business included: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (in millions)
Amortization of reinsurance loss |  | $ | 26.9 |  | $ | 11.2
Other impacts of exited business | ​ |  | 99.4 | ​ |  | 33.5
Total expenses from exited business | ​ | $ | 126.3 | ​ | $ | 44.7
​
Reconciliation Expenses from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (in millions)
Amortization of reinsurance loss |  | $ | 26.9 |  | $ | 11.2
Other impacts of exited business | ​ |  | 99.4 | ​ |  | 33.5
Total expenses from exited business | ​ | $ | 126.3 | ​ | $ | 44.7
Reconciliation of Pre-tax Operating Earnings from Segments to Consolidated (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months March 31, 2025
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Segment pre-tax operating earnings (losses) |  | $ | 283.7 |  | $ | 187.5 |  | $ | 119.5 |  | $ | (105.6) |  | $ | 485.1
Pre-tax net realized capital losses, as adjusted (1) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (129.5)
Pre-tax loss from exited business (2) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (314.3)
Adjustments related to equity method investments and noncontrolling interest | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (12.4)
Total income before income taxes per consolidated statements of operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 28.9
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months March 31, 2024
​ | ​ | Retirement | ​ | Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Total
​ | ​ | (in millions)
Segment pre-tax operating earnings (losses) |  | $ | 262.2 |  | $ | 187.1 |  | $ | 111.8 |  | $ | (88.9) |  | $ | 472.2
Pre-tax net realized capital losses, as adjusted (1) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (31.6)
Pre-tax income from exited business (2) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 197.6
Adjustments related to equity method investments and noncontrolling interest | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (11.1)
Total income before income taxes per consolidated statements of operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 627.1
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Net realized capital losses | ​ | $ | (117.1) | ​ | $ | (0.9)
Derivative and hedging-related revenue adjustments | ​ | ​ | (13.2) | ​ | ​ | 18.1
Market value adjustments to fee revenues | ​ | ​ | (0.1) | ​ | ​ | —
Certain variable annuity fees | ​ | ​ | 17.0 | ​ | ​ | 18.2
Equity method investments | ​ | ​ | 4.6 | ​ | ​ | (10.3)
Sponsored investment funds and other adjustments | ​ | ​ | 7.1 | ​ | ​ | 5.9
Net realized capital gains (losses), net of related revenue adjustments | ​ |  | (101.7) | ​ |  | 31.0
​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of actuarial balances | ​ |  | (1.9) | ​ |  | (0.2)
Capital (gains) losses distributed | ​ |  | 39.5 | ​ |  | (60.3)
Derivative and hedging-related expense adjustments | ​ | ​ | 0.5 | ​ | ​ | (1.3)
Market value adjustments of market risk benefits | ​ | ​ | (43.9) | ​ | ​ | 3.3
Market value adjustments of embedded derivatives | ​ |  | (22.0) | ​ |  | (4.1)
Net realized capital losses, net of related expense adjustments | ​ | ​ | (27.8) | ​ | ​ | (62.6)
Pre-tax net realized capital losses, as adjusted (a) | ​ | $ | (129.5) | ​ | $ | (31.6)
(a)As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Change in fair value of funds withheld embedded derivative | ​ | $ | (209.7) | ​ | $ | 197.0
Net realized capital gains on funds withheld assets | ​ | ​ | 28.0 | ​ | ​ | 47.5
Amortization of reinsurance loss | ​ | ​ | (26.4) | ​ | ​ | (10.1)
Other impacts of exited business | ​ | ​ | (106.2) | ​ | ​ | (36.8)
Total pre-tax income (loss) from exited business | ​ | $ | (314.3) | ​ | $ | 197.6
​

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