Revenues from Contracts with Customers (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Revenue from contracts with customers by segment: | | | | | | | | | | | | | Retirement and Income Solutions | | $ | 148.2 | | $ | 164.7 | | $ | 293.9 | | $ | 324.0 | Principal Asset Management: | | | | | | | | | | | | | Investment Management | | | 433.1 | | | 412.9 | | | 859.8 | | | 820.0 | International Pension | | | 91.4 | | | 93.6 | | | 183.8 | | | 186.9 | Eliminations | | | (4.9) | | | (4.5) | | | (9.3) | | | (8.3) | Total Principal Asset Management | | | 519.6 | | | 502.0 | | | 1,034.3 | | | 998.6 | Benefits and Protection: | | | | | | | | | | | | | Specialty Benefits | | | 4.0 | | | 4.0 | | | 7.7 | | | 7.8 | Life Insurance | | | 22.7 | | | 24.2 | | | 43.8 | | | 45.1 | Eliminations | | | — | | | (0.1) | | | — | | | (0.1) | Total Benefits and Protection | | | 26.7 | | | 28.1 | | | 51.5 | | | 52.8 | Corporate | | | 55.5 | | | 55.8 | | | 116.1 | | | 113.7 | Total segment revenue from contracts with customers | | | 750.0 | | | 750.6 | | | 1,495.8 | | | 1,489.1 | Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | | | 315.4 | | | 291.7 | | | 629.9 | | | 586.8 | Pre-tax other adjustments (2) | | | 17.2 | | | 19.1 | | | 34.6 | | | 38.4 | Total fees and other revenues per consolidated statements of operations | | $ | 1,082.6 | | $ | 1,061.4 | | $ | 2,160.3 | | $ | 2,114.3 |
| (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, certain variable annuity fees and market value adjustments to fee revenues. |
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| Retirement and Income Solutions |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Administrative service fee revenue | | $ | 143.6 | | $ | 160.8 | | $ | 284.8 | | $ | 316.3 | Deposit account fee revenue | | | 3.2 | | | 3.0 | | | 6.6 | | | 6.1 | Commission income | | | 1.4 | | | 0.9 | | | 2.5 | | | 1.6 | Total revenues from contracts with customers | | | 148.2 | | | 164.7 | | | 293.9 | | | 324.0 | Fees and other revenues not within the scope of revenue recognition guidance | | | 286.0 | | | 275.5 | | | 581.5 | | | 554.8 | Total fees and other revenues | | | 434.2 | | | 440.2 | | | 875.4 | | | 878.8 | Premiums and other considerations | | | 447.2 | | | 999.5 | | | 1,257.5 | | | 1,765.1 | Net investment income | | | 836.9 | | | 754.6 | | | 1,660.6 | | | 1,482.8 | Total operating revenues | | $ | 1,718.3 | | $ | 2,194.3 | | $ | 3,793.5 | | $ | 4,126.7 |
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| Principal Asset Management | Investment Management |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Investment Management: | | | | | | | | | | | | | Management fee revenue | | $ | 388.1 | | $ | 374.3 | | $ | 777.2 | | $ | 744.8 | Other fee revenue | | | 45.0 | | | 38.6 | | | 82.6 | | | 75.2 | Total revenues from contracts with customers | | | 433.1 | | | 412.9 | | | 859.8 | | | 820.0 | Fees and other revenues not within the scope of revenue recognition guidance | | | 9.8 | | | 5.6 | | | 12.6 | | | 10.8 | Total fees and other revenues | | | 442.9 | | | 418.5 | | | 872.4 | | | 830.8 | Net investment income | | | 24.3 | | | 25.7 | | | 48.5 | | | 48.9 | Total operating revenues | | $ | 467.2 | | $ | 444.2 | | $ | 920.9 | | $ | 879.7 |
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| Principal Asset Management | International Pension |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | International Pension: | | | | | | | | | | | | | Management fee revenue | | $ | 87.6 | | $ | 89.7 | | $ | 176.8 | | $ | 178.8 | Other fee revenue | | | 3.8 | | | 3.9 | | | 7.0 | | | 8.1 | Total revenues from contracts with customers | | | 91.4 | | | 93.6 | | | 183.8 | | | 186.9 | Fees and other revenues not within the scope of revenue recognition guidance | | | 1.5 | | | 1.5 | | | 2.7 | | | 2.8 | Total fees and other revenues | | | 92.9 | | | 95.1 | | | 186.5 | | | 189.7 | Premiums and other considerations | | | 3.9 | | | 11.2 | | | 5.6 | | | 13.2 | Net investment income | | | 144.0 | | | 138.8 | | | 286.5 | | | 266.0 | Total operating revenues | | $ | 240.8 | | $ | 245.1 | | $ | 478.6 | | $ | 468.9 |
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| Benefits and Protection | Specialty Benefits |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Specialty Benefits: | | | | | | | | | | | | | Administrative service fees | | $ | 4.0 | | $ | 4.0 | | $ | 7.7 | | $ | 7.8 | Total revenues from contracts with customers | | | 4.0 | | | 4.0 | | | 7.7 | | | 7.8 | Fees and other revenues not within the scope of revenue recognition guidance | | | 4.1 | | | 4.4 | | | 8.7 | | | 9.0 | Total fees and other revenues | | | 8.1 | | | 8.4 | | | 16.4 | | | 16.8 | Premiums and other considerations | | | 832.1 | | | 805.1 | | | 1,655.3 | | | 1,598.0 | Net investment income | | | 52.0 | | | 44.8 | | | 104.4 | | | 91.8 | Total operating revenues | | $ | 892.2 | | $ | 858.3 | | $ | 1,776.1 | | $ | 1,706.6 |
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| Benefits and Protection | Life Insurance |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in millions) | Life Insurance: | | | | | | | | | | | | | Administrative service fees | | $ | 10.9 | | $ | 10.7 | | $ | 21.8 | | $ | 18.6 | Commission income | | | 11.8 | | | 13.5 | | | 22.0 | | | 26.5 | Total revenues from contracts with customers | | | 22.7 | | | 24.2 | | | 43.8 | | | 45.1 | Fees and other revenues not within the scope of revenue recognition guidance | | | 91.8 | | | 82.5 | | | 181.4 | | | 166.7 | Total fees and other revenues | | | 114.5 | | | 106.7 | | | 225.2 | | | 211.8 | Premiums and other considerations | | | 123.5 | | | 120.3 | | | 247.9 | | | 249.2 | Net investment income | | | 116.2 | | | 102.1 | | | 211.6 | | | 205.9 | Total operating revenues | | $ | 354.2 | | $ | 329.1 | | $ | 684.7 | | $ | 666.9 |
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| Corporate |
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| Revenues from Contracts with Customers |
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| Disaggregation of Revenues from Contracts with Customers (Table) |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | | 2024 | | | | (in millions) | Commission income | | $ | 131.9 | | $ | 116.9 | | $ | 263.4 | | $ | 222.4 | Other fee revenue | | | 25.1 | | | 22.4 | | | 49.0 | | | 44.1 | Eliminations | | | (101.5) | | | (83.5) | | | (196.3) | | | (152.8) | Total revenues from contracts with customers | | | 55.5 | | | 55.8 | | | 116.1 | | | 113.7 | Fees and other revenues not within the scope of revenue recognition guidance | | | (78.1) | | | (77.8) | | | (157.0) | | | (157.1) | Total fees and other revenues | | | (22.6) | | | (22.0) | | | (40.9) | | | (43.4) | Premiums and other considerations | | | (1.4) | | | (1.3) | | | (2.7) | | | (2.6) | Net investment income | | | 45.6 | | | 29.7 | | | 102.3 | | | 83.5 | Total operating revenues | | $ | 21.6 | | $ | 6.4 | | $ | 58.7 | | $ | 37.5 |
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