Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	141.7	$	141.9
Retirement and Income Solutions – Spread		2.7		2.4
Total Retirement and Income Solutions		144.4		144.3
Principal Global Investors		429.6		406.1
Principal International		110.4		121.9
U.S. Insurance Solutions:
Specialty Benefits insurance		4.0		3.7
Individual Life insurance		15.4		13.7
Total U.S. Insurance Solutions		19.4		17.4
Corporate		47.9		48.4
Total segment revenue from contracts with customers		751.7		738.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		465.2		463.7
Pre-tax other adjustments (2)		(1.9)		(7.9)
Total fees and other revenues per consolidated statements of operations	$	1,215.0	$	1,193.9

(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
	March 31,
	2022		2021
	(in millions)
Administrative service fee revenue	$	141.5	$	141.8
Other fee revenue		0.2		0.1
Total revenues from contracts with customers		141.7		141.9
Fees and other revenues not within the scope of revenue recognition guidance		318.3		313.7
Total fees and other revenues		460.0		455.6
Premiums and other considerations		—		0.5
Net investment income		118.8		107.0
Total operating revenues	$	578.8	$	563.1

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
	March 31,
	2022		2021
	(in millions)
Deposit account fee revenue	$	2.5	$	2.3
Commission income		0.2		0.1
Total revenues from contracts with customers		2.7		2.4
Fees and other revenues not within the scope of revenue recognition guidance		1.1		2.0
Total fees and other revenues		3.8		4.4
Premiums and other considerations		123.3		104.8
Net investment income		577.1		551.7
Total operating revenues	$	704.2	$	660.9

Principal Global Investors

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Management fee revenue	$	379.0	$	355.9
Other fee revenue		50.6		50.2
Total revenues from contracts with customers		429.6		406.1
Fees and other revenues not within the scope of revenue recognition guidance		5.3		8.0
Total fees and other revenues		434.9		414.1
Net investment income		0.4		1.1
Total operating revenues	$	435.3	$	415.2

Principal International

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Management fee revenue	$	107.7	$	120.1
Other fee revenue		2.7		1.8
Total revenues from contracts with customers		110.4		121.9
Fees and other revenues not within the scope of revenue recognition guidance		1.2		1.0
Total fees and other revenues		111.6		122.9
Premiums and other considerations		10.3		27.3
Net investment income		193.0		157.8
Total operating revenues	$	314.9	$	308.0
Revenues from contracts with customers by region:
Latin America	$	82.0	$	89.1
Asia		28.3		32.3
Principal International corporate / regional offices		0.4		0.8
Eliminations		(0.3)		(0.3)
Total revenues from contracts with customers	$	110.4	$	121.9

U.S. Insurance Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	4.0	$	3.7
Total revenues from contracts with customers		4.0		3.7
Fees and other revenues not within the scope of revenue recognition guidance		4.7		4.8
Total fees and other revenues		8.7		8.5
Premiums and other considerations		665.6		605.3
Net investment income		43.4		41.8
Total operating revenues	$	717.7	$	655.6

Individual Life insurance:
Administrative service fees	$	6.8	$	5.9
Commission income		8.6		7.8
Total revenues from contracts with customers		15.4		13.7
Fees and other revenues not within the scope of revenue recognition guidance		226.0		220.2
Total fees and other revenues		241.4		233.9
Premiums and other considerations		88.8		97.2
Net investment income		193.2		188.2
Total operating revenues	$	523.4	$	519.3

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Commission income	$	97.2	$	92.0
Other fee revenue		19.8		16.3
Eliminations		(69.1)		(59.9)
Total revenues from contracts with customers		47.9		48.4
Fees and other revenues not within the scope of revenue recognition guidance		(91.4)		(86.0)
Total fees and other revenues		(43.5)		(37.6)
Premiums and other considerations		(0.5)		—
Net investment income		43.7		29.0
Total operating revenues	$	(0.3)	$	(8.6)