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Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2020


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	151.2	$	63.9	$	307.6	$	122.3
Retirement and Income Solutions – Spread		2.0		2.3		4.1		5.2
Total Retirement and Income Solutions		153.2		66.2		311.7		127.5
Principal Global Investors		348.2		346.2		731.1		678.5
Principal International		101.6		116.2		211.1		231.1
U.S. Insurance Solutions:
Specialty Benefits insurance		3.5		3.6		7.3		7.3
Individual Life insurance		11.0		12.6		23.8		24.6
Eliminations		(0.1)		(0.1)		(0.1)		(0.1)
Total U.S. Insurance Solutions		14.4		16.1		31.0		31.8
Corporate		35.9		42.5		68.8		79.5
Total segment revenue from contracts with customers		653.3		587.2		1,353.7		1,148.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		390.5		415.2		819.7		824.4
Pre-tax other adjustments (2)		0.5		4.2		16.2		7.3
Total fees and other revenues per consolidated statements of operations	$	1,044.3	$	1,006.6	$	2,189.6	$	1,980.1

(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.


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020			2019

	(in millions)
Administrative service fee revenue (1)	$	150.7	$	63.3	$	306.9	$	121.5
Other fee revenue		0.5		0.6		0.7		0.8
Total revenues from contracts with customers		151.2		63.9		307.6		122.3
Fees and other revenues not within the scope of revenue recognition guidance		255.1		281.6		535.6		553.4
Total fees and other revenues		406.3		345.5		843.2		675.7
Premiums and other considerations		0.9		0.6		2.7		1.7
Net investment income		102.2		104.4		206.6		203.9
Total operating revenues	$	509.4	$	450.5	$	1,052.5	$	881.3

(1)	Includes fee revenue for the Acquired Business in 2020.


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Deposit account fee revenue	$	2.0	$	2.3	$	4.1	$	5.2
Total revenues from contracts with customers		2.0		2.3		4.1		5.2
Fees and other revenues not within the scope of revenue recognition guidance		2.8		4.2		5.9		9.1
Total fees and other revenues		4.8		6.5		10.0		14.3
Premiums and other considerations		459.5		1,171.5		1,980.6		2,129.0
Net investment income		506.3		531.1		1,042.6		1,026.9
Total operating revenues	$	970.6	$	1,709.1	$	3,033.2	$	3,170.2


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Management fee revenue	$	303.5	$	304.2	$	624.5	$	597.0
Other fee revenue		44.7		42.0		106.6		81.5
Total revenues from contracts with customers		348.2		346.2		731.1		678.5
Fees and other revenues not within the scope of revenue recognition guidance		3.9		10.4		9.4		14.7
Total fees and other revenues		352.1		356.6		740.5		693.2
Net investment income		0.8		2.9		3.2		5.3
Total operating revenues	$	352.9	$	359.5	$	743.7	$	698.5


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Management fee revenue	$	100.7	$	115.5	$	209.2	$	229.8
Other fee revenue		0.9		0.7		1.9		1.3
Total revenues from contracts with customers		101.6		116.2		211.1		231.1
Fees and other revenues not within the scope of revenue recognition guidance		1.5		1.7		2.8		3.4
Total fees and other revenues		103.1		117.9		213.9		234.5
Premiums and other considerations		28.6		109.5		113.6		227.0
Net investment income		144.7		184.2		249.4		330.6
Total operating revenues	$	276.4	$	411.6	$	576.9	$	792.1

Revenues from contracts with customers by region:
Latin America	$	74.3	$	88.6	$	155.8	$	176.7
Asia		27.3		27.6		55.3		54.6
Principal International corporate / regional offices		0.3		0.2		0.5		0.4
Eliminations		(0.3)		(0.2)		(0.5)		(0.6)
Total revenues from contracts with customers	$	101.6	$	116.2	$	211.1	$	231.1


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	3.5	$	3.6	$	7.3	$	7.3
Total revenues from contracts with customers		3.5		3.6		7.3		7.3
Fees and other revenues not within the scope of revenue recognition guidance		4.6		4.9		9.5		9.8
Total fees and other revenues		8.1		8.5		16.8		17.1
Premiums and other considerations		582.5		571.6		1,170.9		1,127.5
Net investment income		36.4		45.7		78.3		83.0
Total operating revenues	$	627.0	$	625.8	$	1,266.0	$	1,227.6


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019

	(in millions)
Individual Life insurance:
Administrative service fees	$	5.0	$	6.2	$	10.7	$	12.1
Commission income		6.0		6.4		13.1		12.5
Total revenues from contracts with customers		11.0		12.6		23.8		24.6
Fees and other revenues not within the scope of revenue recognition guidance		191.8		190.3		401.8		382.5
Total fees and other revenues		202.8		202.9		425.6		407.1
Premiums and other considerations		81.6		79.7		176.3		172.6
Net investment income		176.8		179.0		343.6		348.2
Total operating revenues	$	461.2	$	461.6	$	945.5	$	927.9


	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020			2019

	(in millions)
Commission income	$	72.6	$	78.7	$	153.0	$	154.5
Other fee revenue		13.6		11.2		24.7		20.0
Eliminations		(50.3)		(47.4)		(108.9)		(95.0)
Total revenues from contracts with customers		35.9		42.5		68.8		79.5
Fees and other revenues not within the scope of revenue recognition guidance		(69.2)		(77.9)		(145.3)		(148.5)
Total fees and other revenues		(33.3)		(35.4)		(76.5)		(69.0)
Net investment income		17.0		19.6		69.5		54.4
Total operating revenues	$	(16.3)	$	(15.8)	$	(7.0)	$	(14.6)