XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.25.2

Future Policy Benefits and Claims (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Future Policy Benefits and Claims |
Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Liability for future policy benefits by segment (1): |  | ​ |  |  | ​ |
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Pension risk transfer | ​ | $ | 25,999.1 |  | $ | 24,958.1
Individual fixed income annuities | ​ |  | 4,447.3 |  | ​ | 4,504.6
Total Retirement and Income Solutions | ​ |  | 30,446.4 |  | ​ | 29,462.7
Principal Asset Management – International Pension: | ​ |  | ​ |  | ​ | ​
Latin America: | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ |  | 4,407.9 |  | ​ | 4,126.9
Benefits and Protection: | ​ |  | ​ |  | ​ | ​
Specialty Benefits: | ​ |  | ​ |  | ​ | ​
Individual disability | ​ |  | 1,915.0 |  | ​ | 1,829.0
Life Insurance: | ​ |  | ​ |  | ​ | ​
Term life | ​ |  | 1,349.0 |  | ​ | 1,248.0
Total Benefits and Protection | ​ |  | 3,264.0 |  | ​ | 3,077.0
Corporate: | ​ |  | ​ |  | ​ | ​
Long-term care insurance | ​ |  | 166.7 |  | ​ | 164.8
Total liability for future policy benefits | ​ |  | 38,285.0 |  | ​ | 36,831.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Additional liability for certain benefit features by segment (2): | ​ |  | ​ |  | ​ | ​
Benefits and Protection – Life Insurance: | ​ |  | ​ |  | ​ | ​
Universal life | ​ |  | 6,303.1 |  | ​ | 6,037.2
Total additional liability for certain benefit features | ​ |  | 6,303.1 |  | ​ | 6,037.2
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciling items: | ​ |  | ​ |  | ​ | ​
Participating contracts | ​ |  | 2,851.7 |  | ​ | 2,924.2
Short-duration contracts | ​ |  | 1,226.9 |  | ​ | 1,267.4
Cost of reinsurance liability | ​ |  | 962.9 |  | ​ | 958.1
Reinsurance recoverable liability | ​ | ​ | 68.0 | ​ | ​ | 60.3
Other (3) | ​ |  | 248.3 |  | ​ | 100.8
Future policy benefits and claims per consolidated statements of financial position | ​ | $ | 49,945.9 |  | $ | 48,179.4
(1) | Amounts include the deferred profit liability.
(2) | Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.
(3) | Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.
Schedule of Liability for Unpaid Claims (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 1,379.9 | ​ | $ | 1,405.9
Less: reinsurance recoverable | ​ |  | 61.2 | ​ |  | 67.8
Net balance at beginning of period | ​ |  | 1,318.7 | ​ |  | 1,338.1
Incurred: | ​ |  | ​ | ​ |  | ​
Current year | ​ |  | 926.1 | ​ |  | 899.7
Prior years | ​ |  | (71.1) | ​ |  | (68.3)
Total incurred | ​ |  | 855.0 | ​ |  | 831.4
Payments: | ​ |  | ​ | ​ |  | ​
Current year | ​ |  | 615.5 | ​ |  | 578.6
Prior years | ​ |  | 254.1 | ​ |  | 250.4
Total payments | ​ |  | 869.6 | ​ |  | 829.0
Net balance at end of period | ​ |  | 1,304.1 | ​ |  | 1,340.5
Plus: reinsurance recoverable | ​ |  | 59.7 | ​ |  | 63.7
Balance at end of period | ​ | $ | 1,363.8 | ​ | $ | 1,404.2
Summary of gross premiums or assessments and interest accretion recognized by segment (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross premiums or assessments (1)
​ | ​ | For the three months ended |  | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ |  | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Pension risk transfer | ​ | $ | 444.0 | ​ | $ | 991.1 |  | $ | 1,250.1 |  | $ | 1,744.1
Individual fixed income annuities | ​ |  | 5.9 | ​ |  | 11.2 |  | ​ | 14.1 |  | ​ | 28.2
Total Retirement and Income Solutions | ​ |  | 449.9 | ​ |  | 1,002.3 |  | ​ | 1,264.2 |  | ​ | 1,772.3
Principal Asset Management – International Pension: | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Latin America: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ |  | 4.1 | ​ |  | 10.9 |  | ​ | 5.9 |  | ​ | 13.0
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Specialty Benefits: | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Individual disability | ​ |  | 161.8 | ​ |  | 159.6 |  | ​ | 320.4 |  | ​ | 314.5
Life Insurance: | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Universal life | ​ |  | 177.2 | ​ |  | 180.7 |  | ​ | 354.2 |  | ​ | 356.9
Term life | ​ |  | 173.7 | ​ |  | 169.6 |  | ​ | 344.0 |  | ​ | 333.7
Total Benefits and Protection | ​ |  | 512.7 | ​ |  | 509.9 |  | ​ | 1,018.6 |  | ​ | 1,005.1
Corporate: | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Long-term care insurance | ​ |  | 1.2 | ​ |  | 1.2 |  | ​ | 2.9 |  | ​ | 2.7
Total per consolidated statements of operations | ​ | $ | 967.9 | ​ | $ | 1,524.3 |  | $ | 2,291.6 |  | $ | 2,793.1
(1) | Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest accretion (1)
​ | ​ | For the three months ended |  | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ |  | (in millions)
Retirement and Income Solutions: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Pension risk transfer | ​ | $ | 308.1 | ​ | $ | 279.7 |  | $ | 608.6 |  | $ | 552.6
Individual fixed income annuities | ​ | ​ | 49.6 | ​ |  | 52.6 |  | ​ | 99.9 |  | ​ | 105.8
Total Retirement and Income Solutions | ​ | ​ | 357.7 | ​ |  | 332.3 |  | ​ | 708.5 |  | ​ | 658.4
Principal Asset Management – International Pension: | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Latin America: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities (2) | ​ | ​ | 78.4 | ​ |  | 91.7 |  | ​ | 167.2 |  | ​ | 162.8
Benefits and Protection: | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Specialty Benefits: | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Individual disability | ​ | ​ | 26.2 | ​ |  | 24.6 |  | ​ | 52.0 |  | ​ | 49.0
Life Insurance: | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Universal life | ​ | ​ | 69.8 | ​ |  | 61.6 |  | ​ | 138.3 |  | ​ | 122.0
Term life | ​ | ​ | 16.1 | ​ |  | 13.6 |  | ​ | 31.6 |  | ​ | 26.8
Total Benefits and Protection | ​ | ​ | 112.1 | ​ |  | 99.8 |  | ​ | 221.9 |  | ​ | 197.8
Corporate: | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
Long-term care insurance | ​ | ​ | 2.3 | ​ |  | 2.3 |  | ​ | 4.7 |  | ​ | 4.5
Total per consolidated statements of operations | ​ | $ | 550.5 | ​ | $ | 526.1 |  | $ | 1,102.3 |  | $ | 1,023.5
(1) | Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.
(2) | Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.
Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ |  | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Pension risk transfer |  | ​ |  |  | ​ |
Expected undiscounted future benefit payments | ​ | $ | 40,756.9 |  | $ | 39,532.3
​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ |  | ​ |  | ​ |
Expected undiscounted future benefit payments | ​ | $ | 6,413.9 |  | $ | 6,622.6
​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Asset Management – International Pension: | ​ |  | ​ |  | ​ |
Latin America: | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ |  | ​ |  | ​ |
Expected undiscounted future benefit payments | ​ | $ | 5,841.6 |  | $ | 5,509.1
​ | ​ | ​ | ​ | ​ | ​ | ​
Benefits and Protection – Specialty Benefits: | ​ |  | ​ |  | ​ |
Individual disability | ​ |  | ​ |  | ​ |
Expected discounted future gross premiums | ​ | $ | 5,588.0 |  | $ | 5,484.0
Expected undiscounted future gross premiums | ​ | $ | 8,693.9 |  | $ | 8,680.0
Expected undiscounted future benefit payments | ​ | $ | 9,925.1 |  | $ | 9,808.8
​ | ​ | ​ | ​ | ​ | ​ | ​
Benefits and Protection – Life Insurance: | ​ |  | ​ |  | ​ |
Term life | ​ |  | ​ |  | ​ |
Expected discounted future gross premiums | ​ | $ | 6,821.1 |  | $ | 6,651.2
Expected undiscounted future gross premiums | ​ | $ | 11,533.7 |  | $ | 11,391.4
Expected undiscounted future benefit payments | ​ | $ | 9,066.8 |  | $ | 8,970.7
​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate: | ​ |  | ​ |  | ​ |
Long-term care insurance | ​ |  | ​ |  | ​ |
Expected discounted future gross premiums | ​ | $ | 36.7 | ​ | $ | 38.4
Expected undiscounted future gross premiums | ​ | $ | 52.3 |  | $ | 55.7
Expected undiscounted future benefit payments | ​ | $ | 351.4 |  | $ | 357.3
Summary of weighted-average rates of interest accretion and current discount (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest accretion rate | ​ | Current discount rate |
​ |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |
Retirement and Income Solutions: |  |  |  |  |  |  |  |  | ​
Pension risk transfer |  | 4.66 | % | 4.61 | % | 5.38 | % | 5.55 | %
Individual fixed income annuities |  | 4.22 | % | 4.22 | % | 5.28 | % | 5.50 | %
Principal Asset Management – International Pension (1): |  | ​ |  |  |  | ​ |  |  | ​
Latin America: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individual fixed income annuities | ​ | 4.20 | % | 4.21 | % | 3.01 | % | 3.04 | %
Benefits and Protection: |  | ​ |  | ​ |  | ​ |  |  | ​
Specialty Benefits: |  | ​ |  | ​ |  | ​ |  |  | ​
Individual disability |  | 3.86 | % | 3.89 | % | 5.51 | % | 5.64 | %
Life Insurance: |  | ​ |  |  |  | ​ |  |  | ​
Universal life |  | 4.74 | % | 4.75 | % | See note (2) |  | See note (2) | ​
Term life |  | 4.81 | % | 4.82 | % | 4.99 | % | 5.35 | %
Corporate: |  | ​ |  | ​ |  | ​ |  |  | ​
Long-term care insurance |  | 6.16 | % | 6.16 | % | 5.41 | % | 5.58 | %
(1) | The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency.
(2) | The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.
Retirement and Income Solutions |
Future Policy Benefits and Claims |
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
​ | ​ | Pension | ​ | Individual | ​ | Pension | ​ | Individual
​ | ​ | risk | ​ | fixed income | ​ | risk | ​ | fixed income
​ |  | transfer |  | annuities |  | transfer |  | annuities
​ |  | ($ in millions)
Present value of expected future policy benefit payments |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 24,958.1 | ​ | $ | 4,504.6 | ​ | $ | 23,855.8 | ​ | $ | 4,914.1
Effect of changes in discount rate assumptions at beginning of period | ​ |  | 1,938.8 | ​ |  | 420.4 | ​ |  | 1,036.1 | ​ |  | 296.7
Balance at beginning of period at original discount rate | ​ |  | 26,896.9 | ​ |  | 4,925.0 | ​ |  | 24,891.9 | ​ |  | 5,210.8
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | — | ​ |  | (3.4) | ​ |  | (38.4)
Effect of actual variances from expected experience | ​ |  | (8.5) | ​ |  | 0.2 | ​ |  | (1.5) | ​ |  | (1.7)
Adjusted beginning of period balance at original discount rate | ​ |  | 26,888.4 | ​ |  | 4,925.2 | ​ |  | 24,887.0 | ​ |  | 5,170.7
Interest accrual | ​ |  | 608.6 | ​ |  | 99.9 | ​ |  | 1,135.1 | ​ |  | 208.4
Benefit payments | ​ |  | (1,212.8) | ​ |  | (248.0) | ​ |  | (2,238.1) | ​ |  | (500.2)
Issuances | ​ |  | 1,257.4 | ​ |  | 13.9 | ​ |  | 3,112.9 | ​ |  | 46.1
Balance at end of period at original discount rate | ​ |  | 27,541.6 | ​ |  | 4,791.0 | ​ |  | 26,896.9 | ​ |  | 4,925.0
Effect of changes in discount rate assumptions at end of period | ​ |  | (1,542.5) | ​ |  | (343.7) | ​ |  | (1,938.8) | ​ |  | (420.4)
Future policy benefits | ​ |  | 25,999.1 | ​ |  | 4,447.3 | ​ |  | 24,958.1 | ​ |  | 4,504.6
Reinsurance impact | ​ |  | — | ​ |  | (4,403.6) | ​ |  | — | ​ |  | (4,469.4)
Future policy benefits after reinsurance | ​ | $ | 25,999.1 | ​ | $ | 43.7 | ​ | $ | 24,958.1 | ​ | $ | 35.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average duration for future policy benefits (years) (1) | ​ |  | 8.0 | ​ |  | 7.1 | ​ |  | 8.0 | ​ |  | 7.2
(1) | Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.
Benefits and Protection |
Future Policy Benefits and Claims |
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended | ​ | For the year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
​ | ​ | Specialty | ​ | Life | ​ | Specialty | ​ | Life
​ | ​ | Benefits | ​ | Insurance | ​ | Benefits | ​ | Insurance
​ | ​ | Individual | ​ | ​ | ​ | ​ | Individual | ​ | ​ | ​
​ |  | disability |  | Term life |  | disability |  | Term life
​ | ​ | ($ in millions)
Present value of expected net premiums |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 2,680.6 | ​ | $ | 4,107.2 | ​ | $ | 2,552.3 | ​ | $ | 3,793.7
Effect of changes in discount rate assumptions at beginning of period | ​ |  | 436.4 | ​ |  | 290.1 | ​ |  | 313.7 | ​ |  | 100.1
Balance at beginning of period at original discount rate | ​ |  | 3,117.0 | ​ |  | 4,397.3 | ​ |  | 2,866.0 | ​ |  | 3,893.8
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | — | ​ |  | 183.9 | ​ |  | 419.9
Effect of actual variances from expected experience | ​ |  | 57.0 | ​ |  | 2.3 | ​ |  | 168.3 | ​ |  | 42.5
Adjusted beginning of period balance at original discount rate | ​ |  | 3,174.0 | ​ |  | 4,399.6 | ​ |  | 3,218.2 | ​ |  | 4,356.2
Interest accrual | ​ |  | 54.3 | ​ |  | 101.9 | ​ |  | 103.5 | ​ |  | 190.9
Net premiums collected | ​ |  | (147.5) | ​ |  | (206.1) | ​ |  | (289.1) | ​ |  | (390.8)
Issuances | ​ |  | 35.3 | ​ |  | 110.3 | ​ |  | 84.4 | ​ |  | 241.0
Balance at end of period at original discount rate | ​ |  | 3,116.1 | ​ |  | 4,405.7 | ​ |  | 3,117.0 | ​ |  | 4,397.3
Effect of changes in discount rate assumptions at end of period | ​ |  | (386.5) | ​ |  | (222.4) | ​ |  | (436.4) | ​ |  | (290.1)
Balance at end of period | ​ | $ | 2,729.6 | ​ | $ | 4,183.3 | ​ | $ | 2,680.6 | ​ | $ | 4,107.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Present value of expected future policy benefit payments | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Balance at beginning of period | ​ | $ | 4,509.6 | ​ | $ | 5,355.2 | ​ | $ | 4,450.7 | ​ | $ | 4,879.6
Effect of changes in discount rate assumptions at beginning of period | ​ |  | 1,302.8 | ​ |  | 366.0 | ​ |  | 903.5 | ​ |  | 124.5
Balance at beginning of period at original discount rate | ​ |  | 5,812.4 | ​ |  | 5,721.2 | ​ |  | 5,354.2 | ​ |  | 5,004.1
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | — | ​ |  | 216.2 | ​ |  | 488.1
Effect of actual variances from expected experience | ​ |  | 57.1 | ​ |  | (4.9) | ​ |  | 173.2 | ​ |  | 45.1
Adjusted beginning of period balance at original discount rate | ​ |  | 5,869.5 | ​ |  | 5,716.3 | ​ |  | 5,743.6 | ​ |  | 5,537.3
Interest accrual | ​ |  | 106.3 | ​ |  | 133.5 | ​ |  | 203.3 | ​ |  | 247.9
Benefit payments | ​ |  | (112.4) | ​ |  | (168.7) | ​ |  | (219.0) | ​ |  | (321.6)
Issuances | ​ |  | 34.6 | ​ |  | 116.8 | ​ |  | 84.5 | ​ |  | 257.6
Balance at end of period at original discount rate | ​ |  | 5,898.0 | ​ |  | 5,797.9 | ​ |  | 5,812.4 | ​ |  | 5,721.2
Effect of changes in discount rate assumptions at end of period | ​ |  | (1,253.4) | ​ |  | (265.6) | ​ |  | (1,302.8) | ​ |  | (366.0)
Balance at end of period | ​ | $ | 4,644.6 | ​ | $ | 5,532.3 | ​ | $ | 4,509.6 | ​ | $ | 5,355.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Future policy benefits (1) | ​ | $ | 1,915.0 | ​ | $ | 1,349.0 | ​ | $ | 1,829.0 | ​ | $ | 1,248.0
Reinsurance impact | ​ |  | (426.0) | ​ |  | 23.2 | ​ |  | (412.1) | ​ |  | 19.5
Future policy benefits after reinsurance | ​ | $ | 1,489.0 | ​ | $ | 1,372.2 | ​ | $ | 1,416.9 | ​ | $ | 1,267.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average duration for future policy benefits (years) (2) | ​ |  | 17.7 | ​ |  | 8.1 | ​ |  | 18.3 | ​ |  | 8.4
(1) | Represents the present value of expected future policy benefit payments less the present value of expected net premiums.
(2) | Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.
Summary of balances and the changes in the additional liability for certain benefits features (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended | ​ | For the year ended
​ |  | June 30, 2025 |  | December 31, 2024
​ | ​ | ($ in millions)
Balance at beginning of period | ​ | $ | 6,037.2 | ​ | $ | 5,326.5
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | 151.9
Effect of actual variances from expected experience | ​ |  | 9.0 | ​ |  | 28.0
Interest accrual | ​ |  | 138.3 | ​ |  | 253.3
Net assessments collected | ​ |  | 213.5 | ​ |  | 425.2
Benefit payments | ​ |  | (94.9) | ​ |  | (147.7)
Balance at end of period | ​ |  | 6,303.1 | ​ |  | 6,037.2
Reinsurance impact | ​ |  | (6,287.5) | ​ |  | (6,011.3)
Balance at end of period after reinsurance | ​ | $ | 15.6 | ​ | $ | 25.9
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average duration for additional liability (years) (1) | ​ |  | 22.4 | ​ |  | 23.3
(1) | Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.
Principal Asset Management | International Pension |
Future Policy Benefits and Claims |
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended |  | For the year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
​ |  | ($ in millions)
Present value of expected future policy benefit payments |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 4,126.9 | ​ | $ | 4,593.7
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (368.4) | ​ |  | (351.8)
Balance at beginning of period at original discount rate | ​ |  | 3,758.5 | ​ |  | 4,241.9
Effect of actual variances from expected experience | ​ |  | (0.1) | ​ |  | 1.1
Adjusted beginning of period balance at original discount rate | ​ |  | 3,758.4 | ​ |  | 4,243.0
Interest accrual (1) | ​ |  | 167.2 | ​ |  | 330.2
Benefit payments | ​ |  | (166.4) | ​ |  | (326.7)
Issuances | ​ |  | 5.8 | ​ |  | 29.4
Foreign currency translation adjustment | ​ |  | 245.3 | ​ |  | (517.4)
Balance at end of period at original discount rate | ​ |  | 4,010.3 | ​ |  | 3,758.5
Effect of changes in discount rate assumptions at end of period | ​ |  | 397.6 | ​ |  | 368.4
Future policy benefits | ​ | $ | 4,407.9 | ​ | $ | 4,126.9
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average duration for future policy benefits (years) (2) | ​ |  | 9.6 | ​ |  | 9.8
(1) | Includes inflation adjustments.
(2) | Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.
Corporate |
Future Policy Benefits and Claims |
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended | ​ | For the year ended
​ | ​ | June 30, 2025 | ​ | December 31, 2024
​ | ​ | ($ in millions)
Present value of expected net premiums |  | ​ |  |  | ​ |
Balance at beginning of period | ​ | $ | 30.8 | ​ | $ | 42.8
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (1.3) | ​ |  | (3.0)
Balance at beginning of period at original discount rate | ​ |  | 29.5 | ​ |  | 39.8
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | (5.3)
Effect of actual variances from expected experience | ​ |  | 0.4 | ​ |  | (2.2)
Adjusted beginning of period balance at original discount rate | ​ |  | 29.9 | ​ |  | 32.3
Interest accrual | ​ |  | 0.9 | ​ |  | 1.9
Net premiums collected | ​ |  | (2.5) | ​ |  | (4.7)
Balance at end of period at original discount rate | ​ |  | 28.3 | ​ |  | 29.5
Effect of changes in discount rate assumptions at end of period | ​ |  | 1.7 | ​ |  | 1.3
Balance at end of period | ​ | $ | 30.0 | ​ | $ | 30.8
​ | ​ | ​ | ​ | ​ | ​ | ​
Present value of expected future policy benefit payments | ​ |  | ​ | ​ |  |
Balance at beginning of period | ​ | $ | 195.6 | ​ | $ | 209.5
Effect of changes in discount rate assumptions at beginning of period | ​ |  | (8.8) | ​ |  | (20.0)
Balance at beginning of period at original discount rate | ​ |  | 186.8 | ​ |  | 189.5
Effect of changes in cash flow assumptions | ​ |  | — | ​ |  | (1.2)
Effect of actual variances from expected experience | ​ |  | 1.2 | ​ |  | 2.5
Adjusted beginning of period balance at original discount rate | ​ |  | 188.0 | ​ |  | 190.8
Interest accrual | ​ |  | 5.6 | ​ |  | 11.2
Benefit payments | ​ |  | (7.9) | ​ |  | (15.2)
Balance at end of period at original discount rate | ​ |  | 185.7 | ​ |  | 186.8
Effect of changes in discount rate assumptions at end of period | ​ |  | 11.0 | ​ |  | 8.8
Balance at end of period | ​ | $ | 196.7 | ​ | $ | 195.6
​ | ​ | ​ | ​ | ​ | ​ | ​
Future policy benefits (1) | ​ | $ | 166.7 | ​ | $ | 164.8
Reinsurance impact | ​ |  | (166.7) | ​ |  | (164.8)
Future policy benefits after reinsurance | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average duration for future policy benefits (years) (2) | ​ |  | 9.1 | ​ |  | 9.3
(1) | Represents the present value of expected future policy benefit payments less the present value of expected net premiums.
(2) | Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

X
- Definition The tabular disclosure of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums. + References No definition available. + Details
Name: | pfg_LiabilityForFuturePolicyBenefitExpectedUndiscountedFutureBenefitPaymentsExpectedUndiscountedFutureGrossPremiumsAndExpectedDiscountedFutureGrossPremiumsTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The tabular disclosure of gross premiums or assessments and interest accretion recognized by segment. + References No definition available. + Details
Name: | pfg_LiabilityForFuturePolicyBenefitGrossPremiumOrAssessmentAndInterestAccretionTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The tabular disclosure of weighted-average rates of interest accretion and current discount. + References No definition available. + Details
Name: | pfg_LiabilityForFuturePolicyBenefitWeightedAverageRatesOfInterestAccretionAndCurrentDiscountTableTextBlock
Namespace Prefix: | pfg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of present value of total expected payment to policyholder in excess of present value of total expected assessment from application of revised benefit ratio as of contract issue date. Excludes benefit classified as market risk benefit or under provisions of Topic 815 on derivative and hedging. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 + Details
Name: | us-gaap_AdditionalLiabilityLongDurationInsuranceTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(6) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(5) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitActivityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
Name: | us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentRetirementAndIncomeSolutionsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentBenefitsAndProtectionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentPrincipalAssetManagementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_SubsegmentsAxis=pfg_SubsegmentInternationalPensionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=pfg_SegmentCorporateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |