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Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	144.2	$	133.4	$	433.8	$	441.0
Retirement and Income Solutions – Spread		2.4		2.1		7.2		6.2
Total Retirement and Income Solutions		146.6		135.5		441.0		447.2
Principal Global Investors		453.5		377.0		1,303.6		1,108.1
Principal International		125.1		111.1		373.5		322.2
U.S. Insurance Solutions:
Specialty Benefits insurance		3.9		3.9		11.4		11.2
Individual Life insurance		15.8		12.0		44.5		35.8
Eliminations		—		—		(0.1)		(0.1)
Total U.S. Insurance Solutions		19.7		15.9		55.8		46.9
Corporate		51.6		42.4		155.9		111.2
Total segment revenue from contracts with customers		796.5		681.9		2,329.8		2,035.6
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		455.9		463.3		1,385.7		1,283.0
Pre-tax other adjustments (2)		(0.6)		(2.2)		(4.5)		14.0
Total fees and other revenues per consolidated statements of operations	$	1,251.8	$	1,143.0	$	3,711.0	$	3,332.6

(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 nine months ended
	September 30,				September 30,
	2021		2020		2021			2020

	(in millions)
Administrative service fee revenue	$	144.2	$	132.8	$	431.4	$	439.7
Other fee revenue		—		0.6		2.4		1.3
Total revenues from contracts with customers		144.2		133.4		433.8		441.0
Fees and other revenues not within the scope of revenue recognition guidance		324.1		293.5		964.3		829.1
Total fees and other revenues		468.3		426.9		1,398.1		1,270.1
Premiums and other considerations		—		0.7		0.5		3.4
Net investment income		112.6		104.0		325.3		310.6
Total operating revenues	$	580.9	$	531.6	$	1,723.9	$	1,584.1


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Deposit account fee revenue	$	2.2	$	2.1	$	6.7	$	6.2
Commission income		0.2		—		0.5		—
Total revenues from contracts with customers		2.4		2.1		7.2		6.2
Fees and other revenues not within the scope of revenue recognition guidance		2.1		1.9		6.8		7.8
Total fees and other revenues		4.5		4.0		14.0		14.0
Premiums and other considerations		482.1		517.1		1,111.9		2,497.7
Net investment income		585.4		527.2		1,698.0		1,569.8
Total operating revenues	$	1,072.0	$	1,048.3	$	2,823.9	$	4,081.5


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Management fee revenue	$	389.9	$	330.2	$	1,119.9	$	954.7
Other fee revenue		63.6		46.8		183.7		153.4
Total revenues from contracts with customers		453.5		377.0		1,303.6		1,108.1
Fees and other revenues not within the scope of revenue recognition guidance		11.0		4.8		27.1		14.2
Total fees and other revenues		464.5		381.8		1,330.7		1,122.3
Net investment income		0.7		1.0		3.4		4.2
Total operating revenues	$	465.2	$	382.8	$	1,334.1	$	1,126.5


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Management fee revenue	$	123.0	$	110.1	$	367.8	$	319.3
Other fee revenue		2.1		1.0		5.7		2.9
Total revenues from contracts with customers		125.1		111.1		373.5		322.2
Fees and other revenues not within the scope of revenue recognition guidance		1.0		1.4		3.1		4.2
Total fees and other revenues		126.1		112.5		376.6		326.4
Premiums and other considerations		36.6		16.6		105.8		130.2
Net investment income		165.4		96.2		459.9		345.6
Total operating revenues	$	328.1	$	225.3	$	942.3	$	802.2

Revenues from contracts with customers by region:
Latin America	$	91.5	$	80.7	$	273.3	$	236.5
Asia		33.5		30.5		99.3		85.8
Principal International corporate / regional offices		0.5		0.2		2.0		0.7
Eliminations		(0.4)		(0.3)		(1.1)		(0.8)
Total revenues from contracts with customers	$	125.1	$	111.1	$	373.5	$	322.2


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	3.9	$	3.9	$	11.4	$	11.2
Total revenues from contracts with customers		3.9		3.9		11.4		11.2
Fees and other revenues not within the scope of revenue recognition guidance		5.4		4.9		14.9		14.4
Total fees and other revenues		9.3		8.8		26.3		25.6
Premiums and other considerations		629.6		570.9		1,851.7		1,741.8
Net investment income		45.5		38.4		129.9		116.7
Total operating revenues	$	684.4	$	618.1	$	2,007.9	$	1,884.1


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Individual Life insurance:
Administrative service fees	$	6.8	$	5.4	$	19.3	$	16.1
Commission income		9.0		6.6		25.2		19.7
Total revenues from contracts with customers		15.8		12.0		44.5		35.8
Fees and other revenues not within the scope of revenue recognition guidance		204.1		232.6		635.8		634.4
Total fees and other revenues		219.9		244.6		680.3		670.2
Premiums and other considerations		82.2		79.0		265.4		255.3
Net investment income		203.6		179.7		593.4		523.3
Total operating revenues	$	505.7	$	503.3	$	1,539.1	$	1,448.8


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021			2020

	(in millions)
Commission income	$	99.8	$	78.0	$	287.5	$	231.0
Other fee revenue		17.3		13.6		51.0		38.3
Eliminations		(65.5)		(49.2)		(182.6)		(158.1)
Total revenues from contracts with customers		51.6		42.4		155.9		111.2
Fees and other revenues not within the scope of revenue recognition guidance		(91.8)		(75.8)		(266.3)		(221.1)
Total fees and other revenues		(40.2)		(33.4)		(110.4)		(109.9)
Net investment income		25.9		16.4		88.6		85.9
Total operating revenues	$	(14.3)	$	(17.0)	$	(21.8)	$	(24.0)