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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Information |
Segment Information | 18. Segment Information We provide financial products and services through the following segments: Retirement and Income Solutions, Principal Asset Management and Benefits and Protection. In addition, we have a Corporate segment. The segments are managed and reported separately because they provide different products and services, have different strategies or have different markets and distribution channels. The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment includes workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities (including RILAs), pension risk transfer, investment only and our exited retail fixed annuities business. The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The segment is organized into Investment Management, which provides public, multi-asset and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives; and International Pension, which provides long-term savings and retirement solutions through pension accumulation and income annuities in Asia and Latin America. The Benefits and Protection segment focuses on solutions primarily for small-to-mid sized businesses and their employees. The segment is organized into Specialty Benefits, which provides group dental, group life insurance, group disability insurance (including short-term disability, long-term disability and paid family and medical leave), supplemental health products (including vision, critical illness, accident and hospital indemnity) and individual disability insurance; and Life Insurance, which provides life insurance focused on the business market customer, including universal life and variable universal life (including indexed universal life) and traditional life insurance (including term life insurance). All remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life), traditional life insurance (including participating whole life, adjustable life products and term life insurance) and our exited ULSG business. Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc. (“PSI”), our retail broker-dealer and registered investment advisor (“RIA”); and our exited group medical and long-term care insurance businesses are reported in this segment. Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM and management team, use segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. In addition, the financial information provided to our CODM is used in making decisions about the allocation of resources and determining annual incentive compensation paid to our employees. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax income (loss) from exited business, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business. The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings:
| ● | Periodic settlements and accruals on derivative instruments not designated as hedging instruments,
| ● | Certain market value adjustments of derivatives and embedded derivatives and
| ● | Certain market value adjustments of derivative instruments used to economically hedge embedded derivatives.
Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for:
| ● | Amortization of hedge accounting book value adjustments for certain discontinued hedges,
| ● | Certain hedge accounting market value revenue adjustments,
| ● | Certain market value adjustments to fee revenues,
| ● | Pre-tax net realized capital gains (losses) related to equity method investments,
| ● | Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments,
| ● | Certain variable annuity fees,
| ● | Market value adjustments of market risk benefits,
| ● | Related changes in the amortization pattern of actuarial balances,
| ● | Certain hedge accounting market value expense adjustments and
| ● | Net realized capital gains (losses) distributed.
Pre-tax income (loss) from exited business includes amounts associated with our exited U.S. retail fixed annuity and ULSG businesses as well as amounts associated with other exited or divested businesses. Pre-tax income (loss) from exited business includes the change in fair value of the funds withheld embedded derivative, net realized capital gains (losses) on funds withheld assets, amortization of reinsurance gain (loss) and other impacts of exited business. Other impacts of exited business primarily includes change in reserves and DAC amortization. Other impacts of exited business in 2025 also include the impairment of assets associated with an exited business. Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding:
| ● | Net realized capital gains (losses), except periodic settlements and accruals on derivatives not designated as hedging instruments and certain market value adjustments of derivative instruments used to economically hedge embedded derivatives, and their impact on:
| ● | Amortization of hedge accounting book value adjustments for certain discontinued hedges,
| ● | Certain hedge accounting market value revenue adjustments,
| ● | Certain variable annuity fees,
| ● | Certain market value adjustments to fee revenues,
| ● | Pre-tax net realized capital gains (losses) related to equity method investments and
| ● | Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments.
| ● | Pre-tax revenues from exited business,
| ● | Pre-tax other revenue adjustments and income taxes of equity method investments and
| ● | Pre-tax other revenue adjustments management believes are not indicative of overall operating trends.
Segment expenses reflect consolidated U.S. GAAP total expenses excluding:
| ● | Pre-tax expenses associated with net realized capital gains (losses),
| ● | Periodic settlements and accruals on derivatives used to hedge MRBs,
| ● | Pre-tax expenses from exited business and
| ● | Pre-tax expense adjustments management believes are not indicative of overall operating trends.
​ The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of: (1) pension and other postretirement employee benefits cost allocations, (2) certain expenses deemed to benefit the entire organization and (3) income tax allocations. For purposes of determining pre-tax operating earnings, the segments are allocated the service component of pension and other postretirement benefit costs. The Corporate segment reflects the non-service components of pension and other postretirement benefit costs as assumptions are established and funding decisions are managed from a company-wide perspective. Additionally, the Corporate segment reflects expenses that benefit the entire organization for which the segments are not able to influence the spend. This includes expenses such as public company costs, executive management costs, acquisition and disposition costs, among others. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. For purposes of determining non-GAAP operating earnings, the segments are allocated tax adjustments consistent with the positions we took on tax returns. The Corporate segment results reflect any differences between the tax returns and the estimated resolution of any disputes. The following tables summarize select financial information by segment and reconcile segment totals to those reported in the consolidated financial statements. ​ 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
​ Segment Operating 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:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​ Segment Expenses The expense categories within total segment expenses included: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ Segment Pre-Tax Operating Earnings ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
(1)Pre-tax net realized capital gains (losses), as adjusted, is derived as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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). (2)Pre-tax income (loss) from exited business included: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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