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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Information  
Reconciliation of Assets from Segment to Consolidated (Table)

 

 

 

September 30, 2018

 

December 31, 2017

 

 

 

(in millions)

 

Assets:

 

 

 

 

 

Retirement and Income Solutions

 

$
176,653.1

 

$
169,757.8

 

Principal Global Investors

 
2,362.7

 
2,322.9

 

Principal International

 
49,706.7

 
51,684.0

 

U.S. Insurance Solutions

 
25,507.5

 
25,092.9

 

Corporate

 
4,528.3

 
5,083.6

 

 

 

 

 

 

 

Total consolidated assets

 

$
258,758.3

 

$
253,941.2

 

 

 

 

 

 

 

 

 

 

Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table)

 

 

 

For the three months ended

 

For the nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Operating revenues by segment:

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions:

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions – Fee

 

$
469.2

 

$
455.3

 

$
1,385.6

 

$
1,357.2

 

Retirement and Income Solutions – Spread

 
1,969.4

 
1,915.5

 
3,685.9

 
4,180.0

 

 

 

 

 

 

 

 

 

 

 

Total Retirement and Income Solutions (1)

 
2,438.6

 
2,370.8

 
5,071.5

 
5,537.2

 

Principal Global Investors (2)

 
632.8

 
367.5

 
1,380.9

 
1,068.9

 

Principal International

 
287.4

 
274.7

 
1,060.1

 
915.4

 

U.S. Insurance Solutions:

 

 

 

 

 

 

 

 

 

Specialty Benefits insurance

 
592.6

 
550.1

 
1,731.5

 
1,615.9

 

Individual Life insurance

 
436.7

 
435.4

 
1,314.6

 
1,296.7

 

Eliminations

 

—

 

—

 
(0.1)

 
(0.1)

 

 

 

 

 

 

 

 

 

 

 

Total U.S. Insurance Solutions

 
1,029.3

 
985.5

 
3,046.0

 
2,912.5

 

Corporate

 
(21.4)

 
(20.3)

 
(38.4)

 
(41.6)

 

 

 

 

 

 

 

 

 

 

 

Total segment operating revenues

 
4,366.7

 
3,978.2

 
10,520.1

 
10,392.4

 

Net realized capital gains (losses), net of related revenue adjustments

 
(20.2)

 
668.7

 
(11.8)

 
525.5

 

Adjustments related to equity method investments

 
1.6

 
(19.1)

 
(41.7)

 
(62.4)

 

 

 

 

 

 

 

 

 

 

 

Total revenues per consolidated statements of operations

 

$
4,348.1

 

$
4,627.8

 

$
10,466.6

 

$
10,855.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax operating earnings (losses) by segment:

 

 

 

 

 

 

 

 

 

Retirement and Income Solutions

 

$
259.8

 

$
210.1

 

$
709.3

 

$
698.1

 

Principal Global Investors

 
215.4

 
130.2

 
452.7

 
345.6

 

Principal International

 
32.4

 
72.4

 
201.5

 
251.7

 

U.S. Insurance Solutions

 
118.2

 
83.2

 
336.0

 
273.8

 

Corporate

 
(32.4)

 
(43.0)

 
(123.9)

 
(149.0)

 

 

 

 

 

 

 

 

 

 

 

Total segment pre-tax operating earnings

 
593.4

 
452.9

 
1,575.6

 
1,420.2

 

Pre-tax net realized capital gains (losses), as adjusted (3)

 
(27.9)

 
720.7

 
(2.9)

 
570.6

 

Adjustments related to equity method investments and noncontrolling interest

 
3.6

 
(15.8)

 
(31.2)

 
(53.4)

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes per consolidated statements of operations

 

$
569.1

 

$
1,157.8

 

$
1,541.5

 

$
1,937.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Reflects inter-segment revenues of $103.9 million and $103.7 million for the three months ended September 30, 2018 and 2017, respectively, $304.5 million and $296.6 million for the nine months ended September 30, 2018 and 2017, respectively.

(2)

Reflects inter-segment revenues of $69.2 million and $68.2 million for the three months ended September 30, 2018 and 2017, respectively, $199.2 million and $188.7 million for the nine months ended September 30, 2018 and 2017, respectively.

(3)

Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:

 

 

 

For the three months ended

 

For the nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(in millions)

 

Net realized capital gains (losses):

 

 

 

 

 

 

 

 

 

Net realized capital gains (losses)

 

$
(5.5)

 

$
676.6

 

$
36.8

 

$
564.1

 

Derivative and hedging-related adjustments

 
(15.8)

 
(10.8)

 
(48.5)

 
(45.3)

 

Adjustments related to equity method investments

 
(0.9)

 
1.3

 
(4.9)

 
2.4

 

Market value adjustments to fee revenues

 

—

 
(0.1)

 
0.1

 
(0.1)

 

Adjustments related to sponsored investment funds

 
2.9

 
1.6

 
8.0

 
4.5

 

Recognition of front-end fee revenue

 
(0.9)

 
0.1

 
(3.3)

 
(0.1)

 

 

 

 

 

 

 

 

 

 

 

Net realized capital gains (losses), net of related revenue adjustments

 
(20.2)

 
668.7

 
(11.8)

 
525.5

 

Amortization of deferred acquisition costs and other actuarial balances

 
5.9

 
23.4

 
12.7

 
41.5

 

Capital gains distributed

 
(17.7)

 
(11.5)

 
(15.4)

 
(39.6)

 

Market value adjustments of embedded derivatives

 
4.1

 
40.1

 
11.6

 
43.2

 

 

 

 

 

 

 

 

 

 

 

Pre-tax net realized capital gains (losses), as adjusted (a)

 

$
(27.9)

 

$
720.7

 

$
(2.9)

 

$
570.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

As adjusted before noncontrolling interest capital gains (losses).