Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)

	March 31, 2023		December 31, 2022
	(in millions)
Assets:
Retirement and Income Solutions	$	207,109.0	$	202,294.2
Principal Asset Management		48,462.3		45,950.7
Benefits and Protection		41,082.2		40,048.3
Corporate		2,754.7		2,285.1
Total consolidated assets	$	299,408.2	$	290,578.3

Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table)

	For the three months ended
	March 31,
	2023		2022
	(in millions)
Operating revenues by segment:
Retirement and Income Solutions (1)	$	1,616.1	$	1,263.0
Principal Asset Management:
Principal Global Investors		392.7		435.3
Principal International		305.1		327.2
Eliminations		(5.3)		(6.6)
Total Principal Asset Management (2)		692.5		755.9
Benefits and Protection:
Specialty Benefits		782.2		717.7
Life Insurance		321.4		525.7
Eliminations		(0.2)		(0.1)
Total Benefits and Protection		1,103.4		1,243.3
Corporate		27.6		6.3
Total segment operating revenues		3,439.6		3,268.5
Net realized capital losses, net of related revenue adjustments		(39.2)		(146.4)
Revenues from exited business (3)		(547.6)		—
Adjustments related to equity method investments		(22.6)		(18.5)
Market risk benefit derivative settlements		(11.2)		(8.1)
Total revenues per consolidated statements of operations	$	2,819.0	$	3,095.5
Pre-tax operating earnings (losses) by segment:
Retirement and Income Solutions	$	249.8	$	294.2
Principal Asset Management		187.8		211.0
Benefits and Protection		99.3		92.8
Corporate		(96.1)		(129.0)
Total segment pre-tax operating earnings		440.8		469.0
Pre-tax net realized capital losses, as adjusted (4)		(24.3)		(87.9)
Pre-tax loss from exited business (5)		(608.3)		—
Adjustments related to equity method investments and noncontrolling interest		(20.7)		(2.7)
Income (loss) before income taxes per consolidated statements of operations	$	(212.5)	$	378.4

(1) Reflects inter-segment revenues of $94.8 million and $97.4 million for the three months ended March 31, 2023 and 2022, respectively.

(2) Reflects inter-segment revenues of $70.7 million and $76.5 million for the three months ended March 31, 2023 and 2022, respectively.

Revenues from exited business (Table)

	For the three months ended
	March 31,
	2023		2022
	(in millions)
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$	(626.6)	$	—
Net realized capital gains on funds withheld assets		81.0		—
Amortization of reinsurance gain		1.4		—
Other impacts of reinsured business		(3.4)		—
Total revenues from exited business	$	(547.6)	$	—

Pre-tax net realized capital gains (losses), as adjusted from exited business (Table)

	For the three months ended
	March 31,
	2023		2022
	(in millions)
Net realized capital losses:
Net realized capital losses	$	(66.0)	$	(136.6)
Derivative and hedging-related revenue adjustments		2.1		(32.0)
Certain variable annuity fees		18.4		20.0
Adjustments related to equity method investments		0.2		(3.6)
Adjustments related to sponsored investment funds		6.1		5.8
Net realized capital losses, net of related revenue adjustments		(39.2)		(146.4)
Amortization of deferred acquisition costs and other actuarial balances		—		6.6
Capital losses distributed		18.4		91.0
Market value adjustments of market risk benefits		(6.5)		(22.7)
Market value adjustments of embedded derivatives		3.0		(16.4)
Pre-tax net realized capital losses, as adjusted (a)	$	(24.3)	$	(87.9)

(a) As adjusted before noncontrolling interest capital gains (losses).

Pre-tax income (loss) from exited business (Table)

	For the three months ended
	March 31,
	2023		2022
	(in millions)
Pre-tax loss from exited business
Change in fair value of funds withheld embedded derivative	$	(626.6)	$	—
Net realized capital gains on funds withheld assets		81.0		—
Amortization of reinsurance loss		(22.1)		—
Other impacts of reinsured business		(40.6)		—
Total pre-tax loss from exited business	$	(608.3)	$	—