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Revenues from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	138.5	$	147.7	$	280.2	$	289.6
Retirement and Income Solutions – Spread		2.8		2.4		5.5		4.8
Total Retirement and Income Solutions		141.3		150.1		285.7		294.4
Principal Global Investors		451.6		444.0		881.2		850.1
Principal International		109.2		126.5		219.6		248.4
U.S. Insurance Solutions:
Specialty Benefits insurance		3.7		3.8		7.7		7.5
Individual Life insurance		16.2		15.0		31.6		28.7
Eliminations		(0.1)		(0.1)		(0.1)		(0.1)
Total U.S. Insurance Solutions		19.8		18.7		39.2		36.1
Corporate		27.7		55.9		75.6		104.3
Total segment revenue from contracts with customers		749.6		795.2		1,501.3		1,533.3
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		162.1		466.1		627.3		929.8
Pre-tax other adjustments (2)		35.9		4.0		34.0		(3.9)
Total fees and other revenues per consolidated statements of operations	$	947.6	$	1,265.3	$	2,162.6	$	2,459.2

(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,
	2022		2021		2022			2021

	(in millions)
Administrative service fee revenue	$	137.5	$	145.4	$	279.0	$	287.2
Other fee revenue		1.0		2.3		1.2		2.4
Total revenues from contracts with customers		138.5		147.7		280.2		289.6
Fees and other revenues not within the scope of revenue recognition guidance		290.9		326.5		609.2		640.2
Total fees and other revenues		429.4		474.2		889.4		929.8
Premiums and other considerations		—		—		—		0.5
Net investment income		134.1		105.7		252.9		212.7
Total operating revenues	$	563.5	$	579.9	$	1,142.3	$	1,143.0


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Deposit account fee revenue	$	2.5	$	2.2	$	5.0	$	4.5
Commission income		0.3		0.2		0.5		0.3
Total revenues from contracts with customers		2.8		2.4		5.5		4.8
Fees and other revenues not within the scope of revenue recognition guidance		0.1		2.7		1.2		4.7
Total fees and other revenues		2.9		5.1		6.7		9.5
Premiums and other considerations		467.0		525.0		590.3		629.8
Net investment income		303.5		560.9		880.6		1,112.6
Total operating revenues	$	773.4	$	1,091.0	$	1,477.6	$	1,751.9


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Management fee revenue	$	364.5	$	374.1	$	743.5	$	730.0
Other fee revenue		87.1		69.9		137.7		120.1
Total revenues from contracts with customers		451.6		444.0		881.2		850.1
Fees and other revenues not within the scope of revenue recognition guidance		8.9		8.1		14.2		16.1
Total fees and other revenues		460.5		452.1		895.4		866.2
Net investment income		3.1		1.6		3.5		2.7
Total operating revenues	$	463.6	$	453.7	$	898.9	$	868.9


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Management fee revenue	$	106.8	$	124.7	$	214.5	$	244.8
Other fee revenue		2.4		1.8		5.1		3.6
Total revenues from contracts with customers		109.2		126.5		219.6		248.4
Fees and other revenues not within the scope of revenue recognition guidance		1.1		1.1		2.3		2.1
Total fees and other revenues		110.3		127.6		221.9		250.5
Premiums and other considerations		30.1		41.9		40.4		69.2
Net investment income		298.7		136.7		491.7		294.5
Total operating revenues	$	439.1	$	306.2	$	754.0	$	614.2

Revenues from contracts with customers by region:
Latin America	$	81.7	$	92.7	$	163.7	$	181.8
Asia		27.3		33.5		55.6		65.8
Principal International corporate / regional offices		0.5		0.7		0.9		1.5
Eliminations		(0.3)		(0.4)		(0.6)		(0.7)
Total revenues from contracts with customers	$	109.2	$	126.5	$	219.6	$	248.4


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	3.7	$	3.8	$	7.7	$	7.5
Total revenues from contracts with customers		3.7		3.8		7.7		7.5
Fees and other revenues not within the scope of revenue recognition guidance		4.5		4.7		9.2		9.5
Total fees and other revenues		8.2		8.5		16.9		17.0
Premiums and other considerations		686.8		616.8		1,352.4		1,222.1
Net investment income		56.6		42.6		100.0		84.4
Total operating revenues	$	751.6	$	667.9	$	1,469.3	$	1,323.5


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021

	(in millions)
Individual Life insurance:
Administrative service fees	$	7.1	$	6.6	$	13.9	$	12.5
Commission income		9.1		8.4		17.7		16.2
Total revenues from contracts with customers		16.2		15.0		31.6		28.7
Fees and other revenues not within the scope of revenue recognition guidance		(64.0)		211.5		162.0		431.7
Total fees and other revenues		(47.8)		226.5		193.6		460.4
Premiums and other considerations		183.6		86.0		272.4		183.2
Net investment income		21.4		201.6		214.6		389.8
Total operating revenues	$	157.2	$	514.1	$	680.6	$	1,033.4


	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022			2021

	(in millions)
Commission income	$	93.4	$	95.7	$	190.6	$	187.7
Other fee revenue		18.9		17.4		38.7		33.7
Eliminations		(84.6)		(57.2)		(153.7)		(117.1)
Total revenues from contracts with customers		27.7		55.9		75.6		104.3
Fees and other revenues not within the scope of revenue recognition guidance		(79.4)		(88.5)		(170.8)		(174.5)
Total fees and other revenues		(51.7)		(32.6)		(95.2)		(70.2)
Premiums and other considerations		(1.2)		—		(1.7)		—
Net investment income		45.9		33.7		89.6		62.7
Total operating revenues	$	(7.0)	$	1.1	$	(7.3)	$	(7.5)