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v3.25.3

Revenues from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 155.4 |  | $ | 169.3 | ​ | $ | 449.3 | ​ | $ | 493.3
Principal Asset Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment Management | ​ | ​ | 448.6 | ​ | ​ | 433.9 | ​ | ​ | 1,308.4 | ​ | ​ | 1,253.9
International Pension | ​ | ​ | 88.7 | ​ | ​ | 92.3 | ​ | ​ | 272.5 | ​ | ​ | 279.2
Eliminations | ​ | ​ | (4.8) | ​ | ​ | (3.5) | ​ | ​ | (14.1) | ​ | ​ | (11.8)
Total Principal Asset Management | ​ | ​ | 532.5 | ​ | ​ | 522.7 | ​ | ​ | 1,566.8 | ​ | ​ | 1,521.3
Benefits and Protection: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Specialty Benefits | ​ |  | 4.0 | ​ |  | 3.8 | ​ |  | 11.7 | ​ |  | 11.6
Life Insurance | ​ |  | 23.1 | ​ |  | 24.7 | ​ |  | 66.9 | ​ |  | 69.8
Eliminations | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Total Benefits and Protection | ​ | ​ | 27.0 | ​ | ​ | 28.5 | ​ | ​ | 78.5 | ​ | ​ | 81.3
Corporate | ​ |  | 64.9 | ​ |  | 52.6 | ​ |  | 181.0 | ​ |  | 166.3
Total segment revenue from contracts with customers | ​ |  | 779.8 | ​ |  | 773.1 | ​ |  | 2,275.6 | ​ |  | 2,262.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ |  | 331.2 | ​ |  | 299.7 | ​ |  | 961.1 | ​ |  | 886.5
Pre-tax other adjustments (2) | ​ |  | 17.7 | ​ |  | 18.3 | ​ |  | 52.3 | ​ |  | 56.7
Total fees and other revenues per consolidated statements of operations | ​ | $ | 1,128.7 | ​ | $ | 1,091.1 | ​ | $ | 3,289.0 | ​ | $ | 3,205.4
(1) | Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.
(2) | Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.
Retirement and Income Solutions |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Administrative service fee revenue | ​ | $ | 150.5 | ​ | $ | 165.3 | ​ | $ | 435.3 | ​ | $ | 481.6
Deposit account fee revenue | ​ | ​ | 3.3 | ​ | ​ | 3.1 | ​ | ​ | 9.9 | ​ | ​ | 9.2
Commission income | ​ | ​ | 1.6 | ​ | ​ | 0.9 | ​ | ​ | 4.1 | ​ | ​ | 2.5
Total revenues from contracts with customers | ​ | ​ | 155.4 | ​ | ​ | 169.3 | ​ | ​ | 449.3 | ​ | ​ | 493.3
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 303.9 | ​ | ​ | 283.9 | ​ | ​ | 885.4 | ​ | ​ | 838.7
Total fees and other revenues | ​ |  | 459.3 | ​ |  | 453.2 | ​ |  | 1,334.7 | ​ |  | 1,332.0
Premiums and other considerations | ​ |  | 566.5 | ​ |  | 471.7 | ​ |  | 1,824.0 | ​ |  | 2,236.8
Net investment income | ​ |  | 860.4 | ​ |  | 761.5 | ​ |  | 2,521.0 | ​ |  | 2,244.3
Total operating revenues | ​ | $ | 1,886.2 | ​ | $ | 1,686.4 | ​ | $ | 5,679.7 | ​ | $ | 5,813.1
​
Principal Asset Management | Investment Management |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Investment Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 409.5 | ​ | $ | 390.1 | ​ | $ | 1,186.7 | ​ | $ | 1,134.9
Other fee revenue | ​ |  | 39.1 | ​ |  | 43.8 | ​ |  | 121.7 | ​ |  | 119.0
Total revenues from contracts with customers | ​ |  | 448.6 | ​ |  | 433.9 | ​ |  | 1,308.4 | ​ |  | 1,253.9
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 8.9 | ​ | ​ | 4.1 | ​ | ​ | 21.5 | ​ | ​ | 14.9
Total fees and other revenues | ​ |  | 457.5 | ​ |  | 438.0 | ​ |  | 1,329.9 | ​ |  | 1,268.8
Net investment income | ​ |  | 26.4 | ​ |  | 28.4 | ​ |  | 74.9 | ​ |  | 77.3
Total operating revenues | ​ | $ | 483.9 | ​ | $ | 466.4 | ​ | $ | 1,404.8 | ​ | $ | 1,346.1
Principal Asset Management | International Pension |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
International Pension: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 85.2 | ​ | $ | 89.0 | ​ | $ | 262.0 | ​ | $ | 267.8
Other fee revenue | ​ |  | 3.5 | ​ |  | 3.3 | ​ |  | 10.5 | ​ |  | 11.4
Total revenues from contracts with customers | ​ |  | 88.7 | ​ |  | 92.3 | ​ |  | 272.5 | ​ |  | 279.2
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 5.7 | ​ | ​ | 1.3 | ​ | ​ | 8.4 | ​ | ​ | 4.1
Total fees and other revenues | ​ |  | 94.4 | ​ |  | 93.6 | ​ |  | 280.9 | ​ |  | 283.3
Premiums and other considerations | ​ |  | 0.5 | ​ |  | 4.8 | ​ |  | 6.1 | ​ |  | 18.0
Net investment income | ​ |  | 153.1 | ​ |  | 179.0 | ​ |  | 439.6 | ​ |  | 445.0
Total operating revenues | ​ | $ | 248.0 | ​ | $ | 277.4 | ​ | $ | 726.6 | ​ | $ | 746.3
Benefits and Protection | Specialty Benefits |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Specialty Benefits: | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Administrative service fees | ​ | $ | 4.0 | ​ | $ | 3.8 | ​ | $ | 11.7 | ​ | $ | 11.6
Total revenues from contracts with customers | ​ | ​ | 4.0 | ​ |  | 3.8 | ​ | ​ | 11.7 | ​ |  | 11.6
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 4.4 | ​ | ​ | 4.4 | ​ | ​ | 13.1 | ​ | ​ | 13.4
Total fees and other revenues | ​ | ​ | 8.4 | ​ |  | 8.2 | ​ | ​ | 24.8 | ​ |  | 25.0
Premiums and other considerations | ​ | ​ | 836.8 | ​ |  | 810.6 | ​ | ​ | 2,492.1 | ​ |  | 2,408.6
Net investment income | ​ | ​ | 51.3 | ​ |  | 50.1 | ​ | ​ | 155.7 | ​ |  | 141.9
Total operating revenues | ​ | $ | 896.5 | ​ | $ | 868.9 | ​ | $ | 2,672.6 | ​ | $ | 2,575.5
Benefits and Protection | Life Insurance |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Life Insurance: | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Administrative service fees | ​ | $ | 11.0 | ​ | $ | 10.3 | ​ | $ | 32.8 | ​ | $ | 28.9
Commission income | ​ | ​ | 12.1 | ​ |  | 14.4 | ​ | ​ | 34.1 | ​ |  | 40.9
Total revenues from contracts with customers | ​ | ​ | 23.1 | ​ |  | 24.7 | ​ | ​ | 66.9 | ​ |  | 69.8
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 89.7 | ​ | ​ | 84.9 | ​ | ​ | 271.1 | ​ | ​ | 251.6
Total fees and other revenues | ​ | ​ | 112.8 | ​ |  | 109.6 | ​ | ​ | 338.0 | ​ |  | 321.4
Premiums and other considerations | ​ | ​ | 136.1 | ​ |  | 131.5 | ​ | ​ | 384.0 | ​ |  | 380.7
Net investment income | ​ | ​ | 115.3 | ​ |  | 103.7 | ​ | ​ | 326.9 | ​ |  | 309.6
Total operating revenues | ​ | $ | 364.2 | ​ | $ | 344.8 | ​ | $ | 1,048.9 | ​ | $ | 1,011.7
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | ​ | 2024
​ | ​ | (in millions)
Commission income | ​ | $ | 133.5 | ​ | $ | 129.4 | ​ | $ | 396.9 | ​ | $ | 351.8
Other fee revenue | ​ |  | 25.2 | ​ |  | 22.4 | ​ | ​ | 74.2 | ​ | ​ | 66.5
Eliminations | ​ |  | (93.8) | ​ |  | (99.2) | ​ | ​ | (290.1) | ​ | ​ | (252.0)
Total revenues from contracts with customers | ​ |  | 64.9 | ​ |  | 52.6 | ​ | ​ | 181.0 | ​ | ​ | 166.3
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | (81.4) | ​ | ​ | (78.7) | ​ | ​ | (238.4) | ​ | ​ | (235.8)
Total fees and other revenues | ​ |  | (16.5) | ​ |  | (26.1) | ​ | ​ | (57.4) | ​ | ​ | (69.5)
Premiums and other considerations | ​ | ​ | (1.3) | ​ | ​ | (1.3) | ​ | ​ | (4.0) | ​ | ​ | (3.9)
Net investment income | ​ |  | 42.0 | ​ |  | 58.5 | ​ | ​ | 144.3 | ​ | ​ | 142.0
Total operating revenues | ​ | $ | 24.2 | ​ | $ | 31.1 | ​ | $ | 82.9 | ​ | $ | 68.6
​

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