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Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	540.0	$	580.2	$	591.2
Retirement and Income Solutions – Spread		11.4		9.9		8.6
Total Retirement and Income Solutions		551.4		590.1		599.8
Principal Global Investors		1,675.0		1,787.9		1,511.2
Principal International		426.3		492.7		439.2
U.S. Insurance Solutions:
Specialty Benefits insurance		15.1		14.9		14.8
Individual Life insurance		65.1		60.6		48.6
Eliminations		(0.1)		(0.2)		(0.2)
Total U.S. Insurance Solutions		80.1		75.3		63.2
Corporate		148.1		204.1		154.9
Total segment revenue from contracts with customers		2,880.9		3,150.1		2,768.3
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		1,255.8		1,866.0		1,733.0
Pre-tax other adjustments (2)		41.0		(3.5)		9.8
Total fees and other revenues per consolidated statements of operations	$	4,177.7	$	5,012.6	$	4,511.1

(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 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 year ended December 31,
	2022		2021		2020

	(in millions)
Administrative service fee revenue	$	537.0	$	576.7	$	589.2
Other fee revenue		3.0		3.5		2.0
Total revenues from contracts with customers		540.0		580.2		591.2
Fees and other revenues not within the scope of revenue recognition guidance		1,187.1		1,299.6		1,130.4
Total fees and other revenues		1,727.1		1,879.8		1,721.6
Premiums and other considerations		—		0.5		5.0
Net investment income		526.8		442.4		423.2
Total operating revenues	$	2,253.9	$	2,322.7	$	2,149.8


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Deposit account fee revenue	$	10.2	$	9.2	$	8.4
Commission income		1.2		0.7		0.2
Total revenues from contracts with customers		11.4		9.9		8.6
Fees and other revenues not within the scope of revenue recognition guidance		2.9		7.9		9.5
Total fees and other revenues		14.3		17.8		18.1
Premiums and other considerations		1,959.7		1,883.1		3,216.0
Net investment income		1,747.3		2,286.4		2,119.6
Total operating revenues	$	3,721.3	$	4,187.3	$	5,353.7


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Management fee revenue	$	1,434.6	$	1,514.1	$	1,298.4
Other fee revenue		240.4		273.8		212.8
Total revenues from contracts with customers		1,675.0		1,787.9		1,511.2
Fees and other revenues not within the scope of revenue recognition guidance		27.4		36.2		22.3
Total fees and other revenues		1,702.4		1,824.1		1,533.5
Net investment income		13.1		3.9		5.6
Total operating revenues	$	1,715.5	$	1,828.0	$	1,539.1


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Management fee revenue	$	417.1	$	484.4	$	435.3
Other fee revenue		9.2		8.3		3.9
Total revenues from contracts with customers		426.3		492.7		439.2
Fees and other revenues not within the scope of revenue recognition guidance		4.5		4.1		5.6
Total fees and other revenues		430.8		496.8		444.8
Premiums and other considerations		77.7		127.5		156.6
Net investment income		967.4		727.5		495.4
Total operating revenues	$	1,475.9	$	1,351.8	$	1,096.8

Revenues from contracts with customers by region:
Latin America	$	314.4	$	362.6	$	323.5
Asia		111.9		128.8		115.9
Principal International corporate / regional offices		2.0		2.6		0.9
Eliminations		(2.0)		(1.3)		(1.1)
Total revenues from contracts with customers	$	426.3	$	492.7	$	439.2


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	15.1	$	14.9	$	14.8
Total revenues from contracts with customers		15.1		14.9		14.8
Fees and other revenues not within the scope of revenue recognition guidance		18.6		19.0		19.3
Total fees and other revenues		33.7		33.9		34.1
Premiums and other considerations		2,771.1		2,496.4		2,330.7
Net investment income		179.8		179.3		160.6
Total operating revenues	$	2,984.6	$	2,709.6	$	2,525.4

Individual Life insurance:
Administrative service fees	$	27.6	$	26.7	$	21.8
Commission income		37.5		33.9		26.8
Total revenues from contracts with customers		65.1		60.6		48.6
Fees and other revenues not within the scope of revenue recognition guidance		333.6		859.2		849.8
Total fees and other revenues		398.7		919.8		898.4
Premiums and other considerations		535.9		334.0		329.1
Net investment income		396.3		803.4		727.5
Total operating revenues	$	1,330.9	$	2,057.2	$	1,955.0


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Commission income	$	366.2	$	388.9	$	316.6
Other fee revenue		79.7		68.8		59.1
Eliminations		(297.8)		(253.6)		(220.8)
Total revenues from contracts with customers		148.1		204.1		154.9
Fees and other revenues not within the scope of revenue recognition guidance		(318.3)		(360.0)		(303.9)
Total fees and other revenues		(170.2)		(155.9)		(149.0)
Premiums and other considerations		(4.2)		—		—
Net investment income		167.9		157.7		109.3
Total operating revenues	$	(6.5)	$	1.8	$	(39.7)