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Revenues from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2018
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Revenue from contracts with customers by segment:

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions:

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions – Fee

 

$
66.9

 

$
65.6

 

$
128.6

 

$
128.2

 

Retirement and Income Solutions – Spread

 
2.7

 
2.5

 
5.4

 
5.0

 

 

 

 

 

 

 

 

 

 

 

Total Retirement and Income Solutions

 
69.6

 
68.1

 
134.0

 
133.2

 

Principal Global Investors

 
371.1

 
344.0

 
731.4

 
684.3

 

Principal International

 
123.1

 
105.7

 
244.2

 
206.5

 

U.S. Insurance Solutions:

 

 

 

 

 

 

 

 

 

Specialty Benefits insurance

 
3.8

 
3.6

 
7.5

 
6.9

 

Individual Life insurance

 
9.8

 
9.0

 
19.2

 
18.7

 

Eliminations

 
(0.1)

 
(0.1)

 
(0.1)

 
(0.1)

 

 

 

 

 

 

 

 

 

 

 

Total U.S. Insurance Solutions

 
13.5

 
12.5

 
26.6

 
25.5

 

Corporate

 
37.0

 
37.5

 
80.9

 
69.6

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue from contracts with customers

 
614.3

 
567.8

 
1,217.1

 
1,119.1

 

Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)

 
399.0

 
387.3

 
809.1

 
776.8

 

Pre-tax other adjustments (2)

 
(0.7)

 

—

 
(2.3)

 
(0.2)

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues per consolidated statements of operations

 

$
1,012.6

 

$
955.1

 

$
2,023.9

 

$
1,895.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 the recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and certain market value adjustments to fee revenues.

 

Retirement and Income Solutions | Retirement and Income Solutions - Fee  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Administrative service fee revenue

 

$
66.3

 

$
65.1

 

$
127.9

 

$
127.6

 

Other fee revenue

 
0.6

 
0.5

 
0.7

 
0.6

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
66.9

 
65.6

 
128.6

 
128.2

 

Fees and other revenues not within the scope of revenue recognition guidance

 
282.8

 
271.4

 
569.2

 
538.5

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
349.7

 
337.0

 
697.8

 
666.7

 

Premiums and other considerations

 
0.9

 
0.7

 
2.4

 
1.8

 

Net investment income

 
106.2

 
113.8

 
216.2

 
233.4

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
456.8

 

$
451.5

 

$
916.4

 

$
901.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions | Retirement and Income Solutions - Spread  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Deposit account fee revenue

 

$
2.7

 

$
2.5

 

$
5.4

 

$
5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
2.7

 
2.5

 
5.4

 
5.0

 

Fees and other revenues not within the scope of revenue recognition guidance

 
2.9

 
4.2

 
5.6

 
8.0

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
5.6

 
6.7

 
11.0

 
13.0

 

Premiums and other considerations

 
555.1

 
814.0

 
843.4

 
1,437.6

 

Net investment income

 
433.3

 
411.6

 
862.1

 
813.9

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
994.0

 

$
1,232.3

 

$
1,716.5

 

$
2,264.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Global Investors  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Management fee revenue

 

$
312.2

 

$
300.3

 

$
628.5

 

$
592.2

 

Other fee revenue

 
58.9

 
43.7

 
102.9

 
92.1

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
371.1

 
344.0

 
731.4

 
684.3

 

Fees and other revenues not within the scope of revenue recognition guidance

 
7.3

 
10.2

 
14.0

 
14.6

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
378.4

 
354.2

 
745.4

 
698.9

 

Net investment income

 
1.2

 
1.3

 
2.7

 
2.5

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
379.6

 

$
355.5

 

$
748.1

 

$
701.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal International  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Management fee revenue

 

$
121.8

 

$
101.6

 

$
241.9

 

$
199.9

 

Other fee revenue

 
1.3

 
4.1

 
2.3

 
6.6

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
123.1

 
105.7

 
244.2

 
206.5

 

Fees and other revenues not within the scope of revenue recognition guidance

 
1.8

 
1.6

 
3.8

 
3.4

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
124.9

 
107.3

 
248.0

 
209.9

 

Premiums and other considerations

 
101.6

 
55.4

 
199.5

 
107.4

 

Net investment income

 
163.1

 
156.7

 
325.2

 
323.4

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
389.6

 

$
319.4

 

$
772.7

 

$
640.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from contracts with customers by region:

 

 

 

 

 

 

 

 

 

Latin America

 

$
96.5

 

$
78.6

 

$
189.0

 

$
154.9

 

Asia

 
26.7

 
27.2

 
55.4

 
51.9

 

Principal International corporate / regional offices

 
0.3

 
0.2

 
0.6

 
0.4

 

Eliminations

 
(0.4)

 
(0.3)

 
(0.8)

 
(0.7)

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 

$
123.1

 

$
105.7

 

$
244.2

 

$
206.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Insurance Solutions  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Specialty Benefits Insurance:

 

 

 

 

 

 

 

 

 

Administrative service fees

 

$
3.8

 

$
3.6

 

$
7.5

 

$
6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
3.8

 
3.6

 
7.5

 
6.9

 

Fees and other revenues not within the scope of revenue recognition guidance

 
5.2

 
5.4

 
10.4

 
10.8

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
9.0

 
9.0

 
17.9

 
17.7

 

Premiums and other considerations

 
527.7

 
490.2

 
1,044.7

 
969.1

 

Net investment income

 
35.8

 
38.1

 
76.3

 
79.0

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
572.5

 

$
537.3

 

$
1,138.9

 

$
1,065.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Individual Life Insurance:

 

 

 

 

 

 

 

 

 

Administrative service fees

 

$
5.8

 

$
5.4

 

$
11.6

 

$
10.6

 

Commission income

 
4.0

 
3.6

 
7.6

 
8.1

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
9.8

 
9.0

 
19.2

 
18.7

 

Fees and other revenues not within the scope of revenue recognition guidance

 
177.7

 
168.8

 
363.4

 
336.7

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
187.5

 
177.8

 
382.6

 
355.4

 

Premiums and other considerations

 
80.5

 
92.4

 
171.0

 
184.8

 

Net investment income

 
162.8

 
163.2

 
324.3

 
321.1

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
430.8

 

$
433.4

 

$
877.9

 

$
861.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate  
Revenues from Contracts with Customers  
Disaggregation of Revenues from Contracts with Customers (Table)

 

 

For the three months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Commission income

 

$
78.5

 

$
78.2

 

$
157.5

 

$
151.3

 

Other fee revenue

 
9.2

 
8.1

 
17.2

 
14.5

 

Eliminations

 
(50.7)

 
(48.8)

 
(93.8)

 
(96.2)

 

 

 

 

 

 

 

 

 

 

 

Total revenues from contracts with customers

 
37.0

 
37.5

 
80.9

 
69.6

 

Fees and other revenues not within the scope of revenue recognition guidance

 
(78.7)

 
(74.3)

 
(157.3)

 
(135.2)

 

 

 

 

 

 

 

 

 

 

 

Total fees and other revenues

 
(41.7)

 
(36.8)

 
(76.4)

 
(65.6)

 

Net investment income

 
24.7

 
17.0

 
59.4

 
44.3

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$
(17.0)

 

$
(19.8)

 

$
(17.0)

 

$
(21.3)