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Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	130.8	$	144.2	$	411.0	$	433.8
Retirement and Income Solutions – Spread		3.0		2.4		8.5		7.2
Total Retirement and Income Solutions		133.8		146.6		419.5		441.0
Principal Global Investors		395.8		453.5		1,277.0		1,303.6
Principal International		102.3		125.1		321.9		373.5
U.S. Insurance Solutions:
Specialty Benefits insurance		3.7		3.9		11.4		11.4
Individual Life insurance		17.0		15.8		48.6		44.5
Eliminations		—		—		(0.1)		(0.1)
Total U.S. Insurance Solutions		20.7		19.7		59.9		55.8
Corporate		40.3		51.6		115.9		155.9
Total segment revenue from contracts with customers		692.9		796.5		2,194.2		2,329.8
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		319.2		455.9		946.5		1,385.7
Pre-tax other adjustments (2)		3.6		(0.6)		37.6		(4.5)
Total fees and other revenues per consolidated statements of operations	$	1,015.7	$	1,251.8	$	3,178.3	$	3,711.0

(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 revenues from exited business and 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,
	2022		2021		2022			2021

	(in millions)
Administrative service fee revenue	$	129.9	$	144.2	$	408.9	$	431.4
Other fee revenue		0.9		—		2.1		2.4
Total revenues from contracts with customers		130.8		144.2		411.0		433.8
Fees and other revenues not within the scope of revenue recognition guidance		291.3		324.1		900.5		964.3
Total fees and other revenues		422.1		468.3		1,311.5		1,398.1
Premiums and other considerations		—		—		—		0.5
Net investment income		129.4		112.6		382.3		325.3
Total operating revenues	$	551.5	$	580.9	$	1,693.8	$	1,723.9


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Deposit account fee revenue	$	2.6	$	2.2	$	7.6	$	6.7
Commission income		0.4		0.2		0.9		0.5
Total revenues from contracts with customers		3.0		2.4		8.5		7.2
Fees and other revenues not within the scope of revenue recognition guidance		0.9		2.1		2.1		6.8
Total fees and other revenues		3.9		4.5		10.6		14.0
Premiums and other considerations		607.3		482.1		1,197.6		1,111.9
Net investment income		419.9		585.4		1,300.5		1,698.0
Total operating revenues	$	1,031.1	$	1,072.0	$	2,508.7	$	2,823.9


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Management fee revenue	$	351.7	$	389.9	$	1,095.2	$	1,119.9
Other fee revenue		44.1		63.6		181.8		183.7
Total revenues from contracts with customers		395.8		453.5		1,277.0		1,303.6
Fees and other revenues not within the scope of revenue recognition guidance		6.4		11.0		20.6		27.1
Total fees and other revenues		402.2		464.5		1,297.6		1,330.7
Net investment income		3.8		0.7		7.3		3.4
Total operating revenues	$	406.0	$	465.2	$	1,304.9	$	1,334.1


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Management fee revenue	$	100.1	$	123.0	$	314.6	$	367.8
Other fee revenue		2.2		2.1		7.3		5.7
Total revenues from contracts with customers		102.3		125.1		321.9		373.5
Fees and other revenues not within the scope of revenue recognition guidance		1.1		1.0		3.4		3.1
Total fees and other revenues		103.4		126.1		325.3		376.6
Premiums and other considerations		33.8		36.6		74.2		105.8
Net investment income		239.7		165.4		731.4		459.9
Total operating revenues	$	376.9	$	328.1	$	1,130.9	$	942.3

Revenues from contracts with customers by region:
Latin America	$	74.6	$	91.5	$	238.3	$	273.3
Asia		27.5		33.5		83.1		99.3
Principal International corporate / regional offices		0.5		0.5		1.4		2.0
Eliminations		(0.3)		(0.4)		(0.9)		(1.1)
Total revenues from contracts with customers	$	102.3	$	125.1	$	321.9	$	373.5


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	3.7	$	3.9	$	11.4	$	11.4
Total revenues from contracts with customers		3.7		3.9		11.4		11.4
Fees and other revenues not within the scope of revenue recognition guidance		4.8		5.4		14.0		14.9
Total fees and other revenues		8.5		9.3		25.4		26.3
Premiums and other considerations		704.0		629.6		2,056.4		1,851.7
Net investment income		36.5		45.5		136.5		129.9
Total operating revenues	$	749.0	$	684.4	$	2,218.3	$	2,007.9


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

	(in millions)
Individual Life insurance:
Administrative service fees	$	7.0	$	6.8	$	20.9	$	19.3
Commission income		10.0		9.0		27.7		25.2
Total revenues from contracts with customers		17.0		15.8		48.6		44.5
Fees and other revenues not within the scope of revenue recognition guidance		91.3		204.1		253.3		635.8
Total fees and other revenues		108.3		219.9		301.9		680.3
Premiums and other considerations		142.7		82.2		415.1		265.4
Net investment income		93.0		203.6		307.6		593.4
Total operating revenues	$	344.0	$	505.7	$	1,024.6	$	1,539.1


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022			2021

	(in millions)
Commission income	$	89.5	$	99.8	$	280.1	$	287.5
Other fee revenue		20.4		17.3		59.1		51.0
Eliminations		(69.6)		(65.5)		(223.3)		(182.6)
Total revenues from contracts with customers		40.3		51.6		115.9		155.9
Fees and other revenues not within the scope of revenue recognition guidance		(76.6)		(91.8)		(247.4)		(266.3)
Total fees and other revenues		(36.3)		(40.2)		(131.5)		(110.4)
Premiums and other considerations		(1.2)		—		(2.9)		—
Net investment income		21.6		25.9		111.2		88.6
Total operating revenues	$	(15.9)	$	(14.3)	$	(23.2)	$	(21.8)