Separate Account Balance (Tables)

9 Months Ended

Sep. 30, 2023

Summary of separate account assets by investment category (Table)

	September 30, 2023		December 31, 2022
	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,156.2	$	7,339.6
Non-U.S. governments		7,618.1		8,424.3
States and political subdivisions		198.5		211.7
Corporate		12,808.7		14,429.7
Residential mortgage-backed pass-through securities		3,776.9		3,894.5
Commercial mortgage-backed securities		213.1		206.2
Other debt obligations		485.6		299.5
Total fixed maturities		33,257.1		34,805.5
Equity securities		108,349.0		105,053.3
Real estate		497.0		610.6
Other investments		8,688.9		10,278.6
Cash and cash equivalents		3,757.2		3,583.8
Other assets		929.0		1,043.3
Total separate account assets per consolidated statements of financial position	$	155,478.2	$	155,375.1

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)

	September 30, 2023		December 31, 2022
	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	108,677.4	$	107,240.1
Individual variable annuities		8,574.3		8,659.0
Total Retirement and Income Solutions		117,251.7		115,899.1
Principal Asset Management — Principal International:
Latin America:
Pension		31,680.8		33,316.7
Asia:
Guaranteed pension		892.1		915.0
Total Principal Asset Management — Principal International		32,572.9		34,231.7
Benefits and Protection - Life Insurance:
Universal life		5,416.3		5,011.0
Other balances (1)		237.3		233.3
Total separate account liabilities per consolidated statements of financial position	$	155,478.2	$	155,375.1

(1) Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)

	For the nine months ended				For the year ended
	September 30, 2023				December 31, 2022
	Group		Individual		Group		Individual
	retirement		variable		retirement		variable
	contracts		annuities		contracts		annuities
	(in millions)
Balance at beginning of period	$	107,240.1	$	8,659.0	$	131,188.6	$	11,000.0
Premiums and deposits (1)		8,623.2		259.0		14,859.3		354.1
Policy charges		(253.0)		(154.0)		(383.7)		(211.1)
Surrenders, withdrawals and benefit payments (1)		(10,148.7)		(720.5)		(14,479.4)		(790.1)
Investment performance		5,403.7		481.9		(20,641.3)		(1,723.3)
Net transfers (to) from general account (1)		(2,057.8)		27.4		(2,571.7)		29.4
Other (2)		(130.1)		21.5		(731.7)		—
Balance at end of period	$	108,677.4	$	8,574.3	$	107,240.1	$	8,659.0
Cash surrender value (3)	$	107,646.9	$	8,458.8	$	106,125.7	$	8,538.7

(1) Within the policyholder account balances rollforwards in Note 7, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.

(2) Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.

(3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Principal Asset Management | Principal International

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)

	For the nine months ended				For the year ended
	September 30, 2023				December 31, 2022
	Latin America		Asia		Latin America		Asia
			Guaranteed				Guaranteed
	Pension		pension		Pension		pension
	(in millions)
Balance at beginning of period	$	33,316.7	$	915.0	$	33,030.6	$	971.3
Premiums and deposits		2,786.4		166.8		3,620.4		276.2
Policy charges		(13.7)		(14.7)		(18.2)		(19.8)
Surrenders, withdrawals and benefit payments		(3,215.3)		(201.0)		(3,984.6)		(247.0)
Investment performance		396.7		29.3		498.8		(64.0)
Other		2.7		(0.2)		(0.8)		(0.4)
Foreign currency translation adjustment		(1,592.7)		(3.1)		170.5		(1.3)
Balance at end of period	$	31,680.8	$	892.1	$	33,316.7	$	915.0
Cash surrender value	$	31,680.8	$	892.1	$	33,316.7	$	915.0

Benefits and Protection | Life Insurance | Universal life

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)

	For the nine months ended		For the year ended
	September 30, 2023		December 31, 2022
	(in millions)
Balance at beginning of period	$	5,011.0	$	5,886.1
Premiums and deposits (1)		404.9		514.7
Policy charges		(96.5)		(122.1)
Surrenders, withdrawals and benefit payments (1)		(271.2)		(208.6)
Investment performance		361.1		(1,054.5)
Net transfers (to) from general account (1)		7.0		(4.6)
Balance at end of period	$	5,416.3	$	5,011.0
Cash surrender value (2)	$	5,474.4	$	5,055.8

(1) Within the policyholder account balances rollforwards in Note 7, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account.

(2) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.