0001104659-24-025516 | 10-K | XBRL Viewer | Principal Financial Group INC

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Nature of Operations and Significant Accounting Policies - Contractholder and Policyholder Liabilities (Details) - Individual Life insurance	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractholder and Policyholder Liabilities
Participating business as a percentage of life insurance in force (as a percent)	3.00%	3.00%	4.00%
Participating business as a percentage of life insurance policies in force (as a percent)	16.00%	17.00%	18.00%
Participating business as a percentage of life insurance premiums (as a percent)	16.00%	17.00%	22.00%

Stock-Based Compensation Plans - Nonqualified Stock Options, Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Option expiration period	10 years
Change in options outstanding
Options granted (in shares)	0.0	0.0	0.8
Employee Stock Option [Member]
Change in options outstanding
Options outstanding at beginning of period (in shares)	3.3
Options granted (in shares)	0.0
Options exercised (in shares)	0.5
Options outstanding at end of period (in shares)	2.8	3.3
Options vested or expected to vest at end of period (in shares)	2.8
Options exercisable at end of period (in shares)	2.6
Options outstanding at beginning of period, Weighted-average exercise price (in dollars per share)	$ 54.36
Options exercised, Weighted-average exercise price (in dollars per share)	48.71
Options outstanding at end of period, Weighted-average exercise price (in dollars per share)	55.39	$ 54.36
Options vested or expected to vest at end of period, Weighted-average exercise price (in dollars per share)	55.39
Options exercisable at end of period, Weighted-average exercise price (in dollars per share)	$ 55.08
Options outstanding at end of period, Intrinsic value	$ 65.4
Options vested or expected to vest at end of period, Intrinsic value	65.4
Options exercisable at end of period, Intrinsic value	60.6
Total intrinsic value of options exercised	$ 15.2	$ 92.0	$ 23.5

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 449.1	$ 445.4
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(178.5)	(135.7)
Collateral received, financial assets	(261.8)	(276.3)
Net amount of assets subject to netting agreements	8.8	33.4
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	304.0	321.0
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(178.5)	(135.7)
Collateral received, financial assets	(116.7)	(151.9)
Net amount of assets subject to netting agreements	8.8	33.4
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	145.1	124.4
Collateral received, financial assets	$ (145.1)	$ (124.4)

Employee and Agent Benefits - Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	$ (3,209.4)	$ (4,183.7)
Service cost	(55.6)	(78.4)	$ (83.2)
Interest cost	(160.1)	(112.8)	(103.3)
Actuarial gain (loss)	(119.7)	1,023.5
Benefits paid	153.9	142.0
Benefit obligation at end of year	(3,390.9)	(3,209.4)	(4,183.7)
Change in plan assets
Fair value of plan assets at beginning of year	2,726.3	3,550.1
Actual return on plan assets	258.5	(754.3)
Employer contribution	78.7	72.5
Benefits paid	(153.9)	(142.0)
Fair value of plan assets at end of year	2,909.6	2,726.3	3,550.1
Amount recognized in statement of financial position
Amount recognized in other liabilities	(481.3)	(483.1)
Total assets (liabilities) recognized in statement of financial position	(481.3)	(483.1)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	425.4	442.0
Prior service (benefit) cost	(70.6)	(87.4)
Pre-tax accumulated other comprehensive (income) loss	354.8	354.6
Additional defined benefit plan disclosures
Accumulated benefit obligation	3,390.9	3,209.4
Market value of assets held in Rabbi trusts for benefit of nonqualified pension plan participants	342.2	336.7
Other postretirement benefits
Change in benefit obligation
Benefit obligation at beginning of year	(71.0)	(95.3)
Interest cost	(3.4)	(2.3)	(2.2)
Actuarial gain (loss)	(2.9)	19.5
Participant contributions	(6.1)	(6.4)
Benefits paid	15.0	13.5
Benefit obligation at end of year	(68.4)	(71.0)	(95.3)
Change in plan assets
Fair value of plan assets at beginning of year	94.4	119.8
Actual return on plan assets	12.7	(20.0)
Employer contribution	1.6	1.7
Participant contributions	6.1	6.4
Benefits paid	(15.0)	(13.5)
Fair value of plan assets at end of year	99.8	94.4	$ 119.8
Amount recognized in statement of financial position
Amount recognized in other assets	31.4	23.4
Total assets (liabilities) recognized in statement of financial position	31.4	23.4
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	(24.4)	(20.2)
Prior service (benefit) cost	(4.3)	(5.1)
Pre-tax accumulated other comprehensive (income) loss	$ (28.7)	$ (25.3)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Common Stock Dividends (Table)


	For the year ended December 31,
	2023		2022		2021
Dividends declared per common share	$	2.60	$	2.56	$	2.44

Reconciliation of Outstanding Common Shares (Table)


	For the year ended December 31,
	2023	2022	2021
Beginning balance	243,549,782	261,673,076	273,258,808
Shares issued	2,469,841	4,937,910	3,034,920
Treasury stock acquired	(9,581,329)	(23,061,204)	(14,620,652)
Ending balance	236,438,294	243,549,782	261,673,076

Other Comprehensive Income (Loss) (Table)


	For the year ended December 31, 2023
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,986.8	$	(419.8)	$	1,567.0
Reclassification adjustment for losses included in net income (1)		351.1		(73.5)		277.6
Adjustments for assumed changes in amortization patterns		(2.6)		0.6		(2.0)
Adjustments for assumed changes in policyholder liabilities		0.7		(0.2)		0.5
Net unrealized gains on available-for-sale securities		2,336.0		(492.9)		1,843.1

Net unrealized losses on derivative instruments during the period		(44.9)		9.4		(35.5)
Reclassification adjustment for gains included in net income (2)		(7.4)		1.6		(5.8)
Adjustments for assumed changes in amortization patterns		(0.9)		0.2		(0.7)
Adjustments for assumed changes in policyholder liabilities		0.2		—		0.2
Net unrealized losses on derivative instruments		(53.0)		11.2		(41.8)

Liability for future policy benefits discount rate remeasurement loss (3)		(365.9)		53.2		(312.7)

Market risk benefit nonperformance risk loss (4)		(39.2)		8.3		(30.9)

Foreign currency translation adjustment during the period		68.0		5.1		73.1
Reclassification adjustment for losses included in net income (5)		0.6		—		0.6
Foreign currency translation adjustment		68.6		5.1		73.7

Unrecognized postretirement benefit obligation during the period		(19.3)		5.2		(14.1)
Amortization of amounts included in net periodic benefit cost (6)		22.4		(5.9)		16.5
Net unrecognized postretirement benefit obligation		3.1		(0.7)		2.4

Other comprehensive income	$	1,949.6	$	(415.8)	$	1,533.8


	For the year ended December 31, 2022
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(13,158.9)	$	2,787.9	$	(10,371.0)
Reclassification adjustment for losses included in net income (1)		398.9		(87.6)		311.3
Adjustments for assumed changes in amortization patterns		(3.7)		0.7		(3.0)
Adjustments for assumed changes in policyholder liabilities		273.2		(57.3)		215.9
Net unrealized losses on available-for-sale securities		(12,490.5)		2,643.7		(9,846.8)

Net unrealized losses on derivative instruments during the period		(1.4)		0.3		(1.1)
Reclassification adjustment for gains included in net income (2)		(28.0)		5.8		(22.2)
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		0.4		(0.1)		0.3
Net unrealized losses on derivative instruments		(29.1)		6.0		(23.1)

Liability for future policy benefits discount rate remeasurement gain (3)		6,030.4		(1,251.9)		4,778.5

Market risk benefit nonperformance risk gain (4)		144.3		(30.2)		114.1

Foreign currency translation adjustment		(26.9)		4.8		(22.1)

Unrecognized postretirement benefit obligation during the period		85.8		(22.3)		63.5
Amortization of amounts included in net periodic benefit cost (6)		36.7		(9.6)		27.1
Net unrecognized postretirement benefit obligation		122.5		(31.9)		90.6

Other comprehensive loss	$	(6,249.3)	$	1,340.5	$	(4,908.8)


	For the year ended December 31, 2021
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,984.3)	$	675.1	$	(2,309.2)
Reclassification adjustment for losses included in net income (1)		19.4		(5.1)		14.3
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		266.9		(57.2)		209.7
Net unrealized losses on available-for-sale securities		(2,698.1)		612.8		(2,085.3)

Net unrealized gains on derivative instruments during the period		66.7		(14.0)		52.7
Reclassification adjustment for gains included in net income (2)		(25.5)		5.4		(20.1)
Adjustments for assumed changes in policyholder liabilities		1.2		(0.4)		0.8
Net unrealized gains on derivative instruments		42.4		(9.0)		33.4

Liability for future policy benefits discount rate remeasurement gain (3)		3,724.9		(885.2)		2,839.7

Market risk benefit nonperformance risk loss (4)		(0.6)		0.2		(0.4)

Foreign currency translation adjustment during the period		(259.6)		(5.6)		(265.2)
Reclassification adjustment for losses included in net income (5)		19.3		—		19.3
Foreign currency translation adjustment		(240.3)		(5.6)		(245.9)

Unrecognized postretirement benefit obligation during the period		106.5		(28.5)		78.0
Amortization of amounts included in net periodic benefit cost (6)		51.8		(14.0)		37.8
Net unrecognized postretirement benefit obligation		158.3		(42.5)		115.8

Other comprehensive income	$	986.6	$	(329.3)	$	657.3

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

(2)	See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3)	Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 11, Market Risk Benefits, for further details.

(5)	Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries.

(6)

Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 15, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)


	Net unrealized		Net unrealized		LFPB				Foreign		Unrecognized		Accumulated
	gains (losses) on		gains (losses)		discount rate		MRB		currency		postretirement		other
	available-for-sale		on derivative		remeasurement		nonperformance		translation		benefit		comprehensive
	securities (1)		instruments		gain (loss)		risk gain (loss)		adjustment		obligation		income (loss)

	(in millions)
Balances as of January 1, 2021	$	4,138.3	$	18.2	$	—	$	—	$	(1,312.9)	$	(460.5)	$	2,383.1
Other comprehensive income during the period, net of adjustments		(2,099.6)		53.5		2,839.7		(0.4)		(261.7)		78.0		609.5
Amounts reclassified from AOCI		14.3		(20.1)		—		—		19.3		37.8		51.3
Other comprehensive income		(2,085.3)		33.4		2,839.7		(0.4)		(242.4)		115.8		660.8
Effects of implementation of accounting change related to long-duration insurance contracts, net		1,827.4		5.0		(6,877.3)		(89.7)		6.6		—		(5,128.0)
Balances as of December 31, 2021		3,880.4		56.6		(4,037.6)		(90.1)		(1,548.7)		(344.7)		(2,084.1)
Other comprehensive loss during the period, net of adjustments		(10,157.9)		(0.9)		4,778.5		114.1		(22.9)		63.5		(5,225.6)
Amounts reclassified from AOCI		311.3		(22.2)		—		—		—		27.1		316.2
Other comprehensive loss		(9,846.6)		(23.1)		4,778.5		114.1		(22.9)		90.6		(4,909.4)
Adjustment for reinsurance (2)		108.3		6.2		—		—		—		—		114.5
Balances as of December 31, 2022		(5,857.9)		39.7		740.9		24.0		(1,571.6)		(254.1)		(6,879.0)
Other comprehensive income during the period, net of adjustments		1,565.5		(36.0)		(312.7)		(30.9)		73.0		(14.1)		1,244.8
Amounts reclassified from AOCI		277.6		(5.8)		—		—		0.6		16.5		288.9
Other comprehensive income		1,843.1		(41.8)		(312.7)		(30.9)		73.6		2.4		1,533.7
Balances as of December 31, 2023	$	(4,014.8)	$	(2.1)	$	428.2	$	(6.9)	$	(1,498.0)	$	(251.7)	$	(5,345.3)

(1)	Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(4.3) million, $0.3 million and $(2.1) million as of December 31, 2023, 2022 and 2021, respectively.

(2)	Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.

Redeemable Noncontrolling Interest (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Beginning balance	$	262.0	$	332.5	$	255.6
Net income (loss) attributable to redeemable noncontrolling interest		23.7		(25.8)		17.5
Redeemable noncontrolling interest of deconsolidated entities (1)		(3.0)		(2.8)		(37.4)
Contributions from redeemable noncontrolling interest		43.3		67.3		166.8
Distributions to redeemable noncontrolling interest		(75.0)		(108.9)		(66.8)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(1.6)		(1.1)		(6.1)
Change in redemption value of redeemable noncontrolling interest		(1.1)		(0.2)		3.1
Stock-based compensation attributable to redeemable noncontrolling interest		0.1		0.1		—
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		0.5		0.9		(0.2)
Ending balance	$	248.9	$	262.0	$	332.5

(1)	We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

(2)	In 2023, 2022 and 2021, we acquired an additional interest in Origin Asset Management. In 2021, we also acquired the remaining interest in Principal Innovations, Inc. and its wholly owned subsidiary, RobustWealth, Inc.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Investments

12 Months Ended

Dec. 31, 2023

Investments

Investments

4. Investments

Our investments include assets backing reserves as part of a coinsurance with funds withheld agreement. The funds withheld invested assets are reported within their respective line items, primarily consisting of fixed maturities available-for-sale, mortgage loans and other investments. See Note 12, Reinsurance, for more information on the funds withheld invested assets.

Fixed Maturities

The amortized cost, gross unrealized gains and losses, allowance for credit loss and fair value of fixed maturities, available-for-sale were as follows:



			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2023
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,745.3	$	19.3	$	235.8	$	—	$	1,528.8
Non-U.S. governments		550.3		17.3		59.7		—		507.9
States and political subdivisions		7,566.4		44.3		933.9		—		6,676.8
Corporate		38,431.3		578.5		3,195.2		4.6		35,810.0
Residential mortgage-backed pass-through securities		3,199.7		26.0		164.6		—		3,061.1
Commercial mortgage-backed securities		5,428.6		1.2		654.3		—		4,775.5
Collateralized debt obligations (2)		5,386.0		44.9		27.2		—		5,403.7
Other debt obligations		8,473.8		42.1		606.5		0.1		7,909.3
Total fixed maturities, available-for-sale	$	70,781.4	$	773.6	$	5,877.2	$	4.7	$	65,673.1


			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2022
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,990.9	$	0.1	$	251.2	$	—	$	1,739.8
Non-U.S. governments		611.2		20.9		64.8		—		567.3
States and political subdivisions		7,355.4		13.7		1,136.8		—		6,232.3
Corporate		40,370.4		461.0		4,640.5		7.7		36,183.2
Residential mortgage-backed pass-through securities		2,420.6		6.2		198.1		—		2,228.7
Commercial mortgage-backed securities		5,572.2		0.5		708.1		—		4,864.6
Collateralized debt obligations (2)		4,705.6		4.5		143.7		—		4,566.4
Other debt obligations		7,236.8		5.7		734.8		0.1		6,507.6
Total fixed maturities, available-for-sale	$	70,263.1	$	512.6	$	7,878.0	$	7.8	$	62,889.9

(1)	Amortized cost excludes accrued interest receivable of $619.2 million and $578.0 million as of December 31, 2023 and December 31, 2022, respectively.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

The amortized cost and fair value of fixed maturities, available-for-sale as of December 31, 2023, by expected maturity, were as follows:


	Amortized cost		Fair value

	(in millions)
Due in one year or less	$	1,352.4	$	1,337.2
Due after one year through five years		8,852.6		8,672.4
Due after five years through ten years		9,880.9		9,360.1
Due after ten years		28,207.4		25,153.8
Subtotal		48,293.3		44,523.5
Mortgage-backed and other asset-backed securities		22,488.1		21,149.6
Total	$	70,781.4	$	65,673.1

Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits.

Net Investment Income

The major components of net investment income are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 12, Reinsurance, for further details.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Fixed maturities, available-for-sale	$	2,508.9	$	2,100.3	$	2,766.3
Fixed maturities, trading		43.3		36.8		19.3
Equity securities		66.3		8.9		57.7
Mortgage loans		761.7		771.7		790.2
Real estate		177.2		277.7		194.4
Policy loans		41.3		36.5		38.8
Cash and cash equivalents		196.6		57.4		4.3
Derivatives		38.6		171.3		28.2
Other		496.1		517.7		645.5
Total		4,330.0		3,978.3		4,544.7
Investment expenses		(238.1)		(139.8)		(115.1)
Net investment income	$	4,091.9	$	3,838.5	$	4,429.6

Net Realized Capital Gains and Losses

The major components of net realized capital gains (losses) on investments are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 12, Reinsurance, for further details. The amounts below do not include net realized capital gains (losses) on funds withheld assets that are not passed to the reinsurer, which are separately reported on the consolidated statements of operations. Net realized capital gains (losses) on funds withheld assets includes gains (losses) realized upon sale of assets put into the funds withheld at the start of the Talcott Reinsurance Transaction for the unrealized gain (losses) on the date of transfer into the funds withheld, the change in the valuation allowance on funds withheld commercial mortgage loans and unrealized gains and losses related to the change in fair value of funds withheld fixed maturities, trading and equity securities.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	51.4	$	41.5	$	64.4
Gross losses		(141.7)		(191.5)		(29.2)
Net credit losses (1)		(26.2)		(8.9)		(45.0)
Hedging, net		2.2		(0.7)		(9.5)
Fixed maturities, trading (2)		(8.6)		(13.4)		(33.3)
Equity securities (3)		64.0		(171.9)		100.0
Mortgage loans (4)		(134.5)		(74.6)		6.5
Derivatives		(34.1)		237.0		(4.0)
Other		155.3		0.4		65.5
Net realized capital gains (losses)	$	(72.2)	$	(182.1)	$	115.4

(1)	Net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(9.6) million, $(3.2) million and $(32.2) million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $2.9 million, $(16.6) million and $0.0 million in unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in market risk benefit remeasurement (gain) loss and $6.8 million, $(1.4) million and $0.0 million of unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(3)

Unrealized gains (losses) on equity securities still held at the reporting date were $73.4 million, $(117.1) million and $58.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $34.7 million, $(0.7) million and $28.7 million of unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net investment income and $1.7 million, $(1.7) million and $0.0 million of unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(4)	Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in both 2023 and 2022.

Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $5,392.7 million, $13,647.0 million and $2,110.9 million in 2023, 2022 and 2021, respectively.

Allowance for Credit Loss

We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues.

Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income.

We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability.

Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity.

A rollforward of the allowance for credit loss by major security type was as follows.

For the year ended December 31, 2023

Residential

mortgage-

backed

Commercial

Collateralized

U.S.

States and

pass-

mortgage-

debt

Other

government

Non-U.S.

political

through

backed

obligations

debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

—

7.7

—

0.1

7.8

Additions for credit losses not previously recorded

—

8.2

—

8.2

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

(7.5)

—

(7.5)

Write-offs charged against allowance

—

(3.8)

—

(3.8)

Ending balance

—

4.6

—

0.1

4.7

Accrued interest written off to net investment income

—

0.1

—

0.1


	For the year ended December 31, 2022
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5
Additions for credit losses not previously recorded		—		—		—		5.8		—		—		—		—		5.8
Reductions for securities sold during the period		—		—		—		(8.7)		—		—		—		—		(8.7)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(4.2)		—		—		—		—		(4.2)
Write-offs charged against allowance		—		—		—		—		—		(0.3)		—		—		(0.3)
Foreign currency translation adjustment		—		—		—		(0.3)		—		—		—		—		(0.3)
Ending balance	$	—	$	—	$	—	$	7.7	$	—	$	—	$	—	$	0.1	$	7.8


	For the year ended December 31, 2021
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	0.9	$	—	$	4.3	$	2.2	$	—	$	7.4
Additions for credit losses not previously recorded		—		—		—		27.5		—		0.4		—		0.1		28.0
Reductions for securities sold during the period		—		—		—		(12.4)		—		—		—		—		(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		2.4		0.4		—		2.8
Write-offs charged against allowance		—		—		—		—		—		(6.8)		(2.6)		—		(9.4)
Foreign currency translation adjustment		—		—		—		(0.9)		—		—		—		—		(0.9)
Ending balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.2	$	—	$	—	$	—	$	—	$	0.2

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

During 2022, we did not write off any accrued interest to net investment income.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss

For available-for-sale securities with unrealized losses for which an allowance for credit loss has not been recorded, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

December 31, 2023

Less than

Greater than or

twelve months

equal to twelve months

Total

Gross

Fair

unrealized

Fair

unrealized

Fair

unrealized

value

losses

value

losses

value

losses

(in millions)

Fixed maturities, available-for-sale (1):

U.S. government and agencies

316.4

3.1

997.1

232.6

1,313.5

235.7

Non-U.S. governments

41.9

1.7

331.3

57.9

373.2

59.6

States and political subdivisions

596.6

19.0

5,075.1

914.8

5,671.7

933.8

Corporate

3,210.1

126.9

22,929.1

3,064.4

26,139.2

3,191.3

Residential mortgage-backed pass- through securities

633.0

4.9

1,275.6

159.7

1,908.6

164.6

Commercial mortgage-backed securities

280.3

4.1

4,192.4

650.1

4,472.7

654.2

Collateralized debt obligations (2)

405.6

1.8

2,301.6

25.4

2,707.2

27.2

Other debt obligations

1,183.7

18.5

4,408.8

588.0

5,592.5

606.5

Total fixed maturities, available-for-sale

6,667.6

180.0

41,511.0

5,692.9

48,178.6

5,872.9

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Of the total amounts, Principal Life Insurance Company’s (“Principal Life”) consolidated portfolio represented $46,553.9 million in available-for-sale fixed maturities with gross unrealized losses of $5,717.1 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 94% were investment grade (rated AAA through BBB-) with an average price of 89 (carrying value/amortized cost) as of December 31, 2023. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2023, primarily due to a tightening of credit spreads.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life’s consolidated portfolio held 983 securities with a carrying value of $5,836.0 million and unrealized losses of $140.5 million reflecting an average price of 98 as of December 31, 2023. Of this portfolio, 91% was investment grade (rated AAA through BBB-) as of December 31, 2023, with associated unrealized losses of $131.2 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio held 7,042 securities with a carrying value of $40,717.9 million and unrealized losses of $5,576.6 million as of December 31, 2023. The average credit rating of this portfolio was A with an average price of 88 as of December 31, 2023. Of the $5,576.6 million in unrealized losses, the corporate sector accounts for $2,968.9 million in unrealized losses with an average price of 88 and an average credit rating of BBB+. Furthermore, unrealized losses include $906.9 million within the states and political subdivisions sector with an average price of 85 and an average credit rating of AA-; $645.6 million within the CMBS sector with an average price of 87 and an average credit rating of AA; and $472.9 million within the collateralized mortgage obligation security sector with an average price of 85 and an average credit rating of AAA. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2023. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value.


	December 31, 2022
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses

	(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies	$	1,528.3	$	209.4	$	181.5	$	41.8	$	1,709.8	$	251.2
Non-U.S. governments		407.5		57.7		19.9		7.1		427.4		64.8
States and political subdivisions		5,303.5		1,008.9		391.9		127.8		5,695.4		1,136.7
Corporate		27,309.5		3,944.6		2,944.1		698.0		30,253.6		4,642.6
Residential mortgage-backed pass-through securities		1,201.7		97.5		574.8		105.7		1,776.5		203.2
Commercial mortgage-backed securities		3,648.5		484.0		1,124.8		222.5		4,773.3		706.5
Collateralized debt obligations (2)		2,832.2		89.0		1,330.1		54.7		4,162.3		143.7
Other debt obligations		3,419.8		292.0		2,283.8		437.6		5,703.6		729.6
Total fixed maturities, available-for-sale	$	45,651.0	$	6,183.1	$	8,850.9	$	1,695.2	$	54,501.9	$	7,878.3

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Of the total amounts, Principal Life’s consolidated portfolio represented $53,353.1 million in available-for-sale fixed maturities with gross unrealized losses of $7,741.4 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 94% were investment grade (rated AAA through BBB-) with an average price of 87 (carrying value/amortized cost) as of December 31, 2022. Gross unrealized losses in our fixed maturities portfolio increased during the year ended December 31, 2022, primarily due to an increase in interest rates and a widening of credit spreads.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life’s consolidated portfolio held 7,589 securities with a carrying value of $44,857.0 million and unrealized losses of $6,096.3 million reflecting an average price of 88 as of December 31, 2022. Of this portfolio, 95% was investment grade (rated AAA through BBB-) as of December 31, 2022, with associated unrealized losses of $5,920.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio held 1,654 securities with a carrying value of $8,496.1 million and unrealized losses of $1,645.1 million as of December 31, 2022. The average credit rating of this portfolio was AA- with an average price of 84 as of December 31, 2022. Of the $1,645.1 million in unrealized losses, the corporate sector accounts for $654.9 million in unrealized losses with an average price of 80 and an average credit rating of BBB+. Furthermore, unrealized losses include $320.2 million within the collateralized mortgage obligation security sector with an average price of 81 and an average credit rating of AAA; $220.9 million within the CMBS sector with an average price of 83 and an average credit rating of AA+; and $126.8 million within the states and political subdivisions sector with an average price of 75 and an average credit rating of AA-. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2022. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments

The net unrealized gains and losses on investments in available-for-sale securities and the net unrealized gains and losses on derivative instruments in cash flow hedge relationships are reported as separate components of stockholders’ equity. The cumulative amount of net unrealized gains and losses on available-for-sale securities and derivative instruments in cash flow hedge relationships net of adjustments related to actuarial balances, policyholder liabilities, noncontrolling interest and applicable income taxes was as follows:


	December 31, 2023		December 31, 2022

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(5,143.0)	$	(7,445.7)
Net unrealized gains (losses) on derivative instruments		(1.6)		50.7
Adjustments for assumed changes in amortization patterns		(5.2)		(1.7)
Adjustments for assumed changes in policyholder liabilities		1.4		0.5
Net unrealized gains on other investments and noncontrolling interest adjustments		43.1		7.9
Provision for deferred income tax benefits		1,088.4		1,570.1
Net unrealized losses on available-for-sale securities and derivative instruments	$	(4,016.9)	$	(5,818.2)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Financing Receivables

Mortgage Loans

Mortgage loans consist of commercial and residential mortgage loans. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on stabilized properties. Our residential mortgage loan portfolio is composed of first lien and home equity mortgages concentrated in Chile and the United States.

Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. Further details relating to our valuation allowance are included under the caption “Financing Receivables Valuation Allowance.”

Direct Financing Leases

Our direct financing leases are concentrated in Chile. Our Chilean operations enter into private placement contracts for commercial, industrial and office space properties whereby our Chilean operations purchase the real estate and/or building from the seller-lessee but then lease the property back to the seller-lessee. Ownership of the property is transferred to the lessee by the end of the lease term. Direct financing leases are reported as a component of other investments in the consolidated statements of financial position.

Reinsurance Recoverable and Deposit Receivable

Our reinsurance recoverables include amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported or policy benefits. We cede life, disability, medical and long-term care insurance as well as fixed annuity contracts with significant life insurance risk to other insurance companies through reinsurance. Deposit receivables include amounts due from the reinsurer for fixed annuity contracts without significant life insurance risk recorded using the deposit method of accounting.

Other Loans

Our other loans include consumer, auto and other loans (“other loans”) of a consolidated VIE for which the fair value option was elected as well as consumer loans for which the fair value option was not elected. Other loans are generally subject to amortized cost accounting and a valuation allowance if the fair value option is not elected. Other loans are reported as a component of other investments in the consolidated statements of financial position.

Credit Quality Information for Financing Receivables

The amortized cost of our financing receivables by credit risk and vintage was as follows:

December 31, 2023

2023

2022

2021

2020

2019

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

664.8

1,277.1

2,364.0

1,587.3

1,954.4

5,576.6

13,424.2

BBB+ thru BBB-

282.4

356.0

374.8

212.0

337.3

911.7

2,474.2

BB+ thru BB-

110.5

142.2

16.7

2.7

35.2

234.2

541.5

B+ and below

—

83.4

58.5

141.9

Total

1,057.7

1,775.3

2,755.5

1,802.0

2,410.3

6,781.0

16,581.8

Direct financing leases:

A- and above

1.1

122.0

12.4

56.7

1.3

207.3

400.8

BBB+ thru BBB-

2.8

23.5

20.8

46.9

11.6

76.3

181.9

BB+ thru BB-

42.2

—

15.6

8.0

—

1.6

67.4

Total

46.1

145.5

48.8

111.6

12.9

285.2

650.1

Residential mortgage loans:

Performing

502.3

1,064.3

1,341.8

228.4

120.8

421.0

3,678.6

Non-performing

1.1

4.0

4.9

1.3

2.0

4.6

17.9

Total

503.4

1,068.3

1,346.7

229.7

122.8

425.6

3,696.5

Other loans:

Performing

168.5

—

168.5

Non-performing

—

0.1

Total

168.5

—

0.1

168.6

Reinsurance recoverable and deposit receivable

20,614.9


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total

		(in millions)
Commercial mortgage loans:
A- and above	$	1,036.4	$	2,277.9	$	1,807.3	$	2,210.2	$	2,187.9	$	4,624.9	$	14,144.6
BBB+ thru BBB-		385.6		439.6		156.8		418.7		238.9		691.7		2,331.3
BB+ thru BB-		104.0		16.8		3.0		—		8.9		71.7		204.4
B+ and below		—		—		—		—		8.3		41.7		50.0
Total	$	1,526.0	$	2,734.3	$	1,967.1	$	2,628.9	$	2,444.0	$	5,430.0	$	16,730.3

Direct financing leases:
A- and above	$	110.5	$	13.0	$	39.9	$	1.4	$	42.9	$	167.3	$	375.0
BBB+ thru BBB-		33.9		21.9		62.4		11.9		11.7		70.4		212.2
BB+ thru BB-		2.7		57.3		12.1		2.0		—		2.1		76.2
B+ and below		—		1.6		—		—		—		—		1.6
Total	$	147.1	$	93.8	$	114.4	$	15.3	$	54.6	$	239.8	$	665.0

Residential mortgage loans:
Performing	$	1,144.8	$	1,740.7	$	447.1	$	133.0	$	75.4	$	417.8	$	3,958.8
Non-performing		8.0		4.7		2.2		1.7		0.6		7.0		24.2
Total	$	1,152.8	$	1,745.4	$	449.3	$	134.7	$	76.0	$	424.8	$	3,983.0

Reinsurance recoverable and deposit receivable													$	21,445.4

The amortized cost of commercial mortgage loans, direct financing leases, residential mortgage loans and other loans excluded accrued interest receivable of $58.3 million, $1.2 million, $11.4 million and $1.6 million respectively, as of December 31, 2023, and $57.7 million, $0.0 million, $19.6 million and $0.0 million, respectively, as of December 31, 2022.

Financing Receivables Credit Monitoring

Commercial Mortgage Loan Credit Risk Profile Based on Internal Rating

We actively monitor and manage our commercial mortgage loan and direct financing lease portfolios. All commercial mortgage loans and direct financing leases are analyzed regularly and substantially all are internally rated, based on a proprietary risk rating cash flow model, in order to monitor the financial quality of these assets. The models stress expected cash flows at various levels and at different points in time depending on the durability of the income stream, which includes our assessment of factors such as location (macro and micro markets), tenant quality and lease expirations. Our internal rating analysis presents expected losses in terms of an S&P Global (“S&P”) bond equivalent rating for domestic commercial mortgage loans and Feller rate equivalent for Chilean commercial mortgage loans and direct financing leases. As the credit risk for commercial mortgage loans and direct financing leases increases, we adjust our internal ratings downward with loans in the category “B+ and below” having the highest risk for credit loss. Internal ratings on commercial mortgage loans and direct financing leases are updated at least annually and potentially more often for certain investments with material changes in collateral value or occupancy and for investments on an internal “watch list”.

Commercial mortgage loans and direct financing leases that require more frequent and detailed attention are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests.

Residential Mortgage Loan Credit Risk Profile Based on Performance Status

Our residential mortgage loan portfolio is monitored based on performance of the loans. Monitoring on a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of potential impairment. We define non-performing domestic residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status. We define non-performing residential first lien mortgages in the Chilean market as loans that have missed a specified number of coupon payments based on the nature of the loans and collection practices in that market.

Other Loans Credit Risk Profile Based on Performance Status

Our other loans are monitored based on performance of the loans. Monitoring on other loans increases when the loan is delinquent or earlier if there is an indication of potential impairment.

Non-Accrual Financing Receivables

Financing receivables are placed on non-accrual status if we have concern regarding the collectability of future payments or if a financing receivable has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow for commercial mortgage loans and direct financing leases or number of days past due and other circumstances for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal, against the valuation allowance or according to the contractual terms. When a financing receivable is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. Financing receivables in the Chilean market are carried on accrual for a longer period of delinquency than domestic financing receivables, as assessment of collectability is based on the nature of the financing receivables and collection practices in that market.

The amortized cost of financing receivables on non-accrual status was as follows:


	December 31, 2023
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	50.0	$	58.4	$	—
Residential mortgage loans		17.8		10.2		0.5
Total	$	67.8	$	68.6	$	0.5


	December 31, 2022
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	13.2	$	50.0	$	—
Residential mortgage loans		4.0		17.8		0.6
Total	$	17.2	$	67.8	$	0.6

Interest income recognized on non-accrual financing receivables was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commercial mortgage loans	$	1.2	$	0.9	$	0.5
Total	$	1.2	$	0.9	$	0.5

The aging of our financing receivables, based on amortized cost, was as follows:

December 31, 2023

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total past

more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

7.8

0.8

12.5

21.1

16,560.7

16,581.8

—

Direct financing leases

—

4.1

—

4.1

646.0

650.1

—

Residential mortgage loans

46.0

15.6

16.4

78.0

3,618.5

3,696.5

7.7

Other loans

1.0

0.5

0.7

2.2

166.4

168.6

0.6

Total

54.8

21.0

29.6

105.4

20,991.6

21,097.0

8.3


	December 31, 2022
													Amortized
													cost
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total (1)		accruing

	(in millions)
Commercial mortgage loans	$	45.9	$	7.5	$	14.4	$	67.8	$	16,662.5	$	16,730.3	$	—
Direct financing leases		6.6		6.2		1.6		14.4		650.6		665.0		1.6
Residential mortgage loans		73.1		15.4		16.2		104.7		3,878.3		3,983.0		6.4
Total	$	125.6	$	29.1	$	32.2	$	186.9	$	21,191.4	$	21,378.3	$	8.0

(1)	As of both December 31, 2023 and December 31, 2022, no reinsurance recoverables or deposit receivables were considered past due.

Financing Receivables Valuation Allowance

We establish a valuation allowance to provide for the risk of credit losses inherent in our financing receivables. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost excluding accrued interest receivable and includes reserves for pools of financing receivables with similar risk characteristics. We do not measure a credit loss allowance on accrued interest receivable because we write off the uncollectible accrued interest receivable balance to net investment income in a timely manner, generally within 90 days domestically or, in the Chilean market, based on the nature of the loans and collection practices in that market. During 2023 and 2022, we did not write off any commercial mortgage loan accrued interest or residential mortgage loan accrued interest.

For commercial and residential mortgage loans and direct financing leases, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks in the portfolio, adverse situations that may affect a borrower’s ability to repay, the estimated value of the underlying collateral, composition of the portfolio, portfolio delinquency information, underwriting standards, peer group information, current and forecasted economic conditions, loss experience and other relevant factors. For reinsurance recoverables and deposit receivables, management’s periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks, adverse situations that may affect a reinsurer’s ability to repay, current and forecasted economic conditions, industry loss experience and other relevant factors.

Our commercial mortgage loans and direct financing leases are pooled by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historical loss experience for each risk rating level as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for two years or less with immediate reversion to historical experience. The allowance for direct financing leases is also adjusted for the residual value of the leased assets. A commercial mortgage loan or direct financing lease is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic commercial mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually. We analyze the need for an individual evaluation for any Chilean commercial mortgage loan or direct financing lease that is considered past due based on collection practices in the Chilean market and the nature of the loan or lease.

We estimate expected credit losses for certain commercial mortgage loan or direct financing lease commitments where we have a contractual obligation to extend credit. The expected credit losses are estimated based on the commercial mortgage loan or direct financing lease valuation allowance process described previously, adjusted for probability of funding. The estimated expected credit losses for commercial mortgage loan and direct financing lease commitments are reported in other liabilities on the consolidated statements of financial position. The change in the credit loss liability for commitments is included in net realized capital gains (losses) on the consolidated statements of operations. Once funded, expected credit losses for commercial mortgage loans or direct financing leases are included within the commercial mortgage loan or direct financing lease valuation allowance described previously.

We evaluate residential mortgage loans based on aggregated risk factors and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present and forecasted conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. A residential mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic residential mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually. We analyze the need for an individual evaluation for any Chilean residential mortgage loan that is considered past due based on collection practices in the Chilean market and the nature of the loan.

As discussed previously, commercial and residential mortgage loans and direct financing leases are evaluated individually if the asset does not continue to share similar risk characteristics of a pool. When we determine a commercial or residential mortgage loan is probable of foreclosure, a valuation allowance is established equal to the difference between the carrying amount of the mortgage loan and the estimated value of the collateral reduced by the cost to sell. For certain commercial mortgage loans where repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we elect to establish a valuation allowance equal to the difference between the carrying amount of the mortgage loan and the estimated value of the real estate collateral, which may be reduced by the cost to sell. Estimated value may also be based on either the present value of the expected future cash flows discounted at the asset’s effective interest rate or the asset’s observable market price. Subsequent changes in the estimated value are reflected in the valuation allowance. Amounts on financing receivables deemed to be uncollectible are charged off and removed from the valuation allowance. The change in the valuation allowance for loans and direct financing leases is included in net realized capital gains (losses) on the consolidated statements of operations.

Our reinsurance recoverables and deposit receivable are pooled by reinsurer risk rating with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon industry historical loss experience and expected recovery timing as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for five years or less with immediate reversion to industry historical experience. A reinsurance recoverable or deposit receivable is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any reinsurance recoverable or deposit receivable based on past due payments and changes in reinsurer risk ratings. The change in the valuation allowance for reinsurance recoverables and deposit receivable is included in benefits, claims and settlement expenses on the consolidated statements of operations.

A rollforward of our valuation allowance was as follows:

For the year ended December 31, 2023

Direct

Commercial

financing

Residential

Reinsurance

mortgage loans

leases

mortgage loans

recoverables

Total

(in millions)

Beginning balance

77.9

0.6

5.6

2.7

86.8

Provision

51.0

0.3

0.1

0.5

51.9

Charge-offs

—

(0.4)

—

(0.4)

Recoveries

—

1.4

—

1.4

Foreign currency translation adjustment

(0.1)

—

(0.1)

Ending balance

128.8

0.9

6.7

3.2

139.6


	For the year ended December 31, 2022
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0
Provision		34.0		0.2		1.5		—		35.7
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		2.3		—		2.3
Ending balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8


	For the year ended December 31, 2021
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	43.2	$	0.1	$	6.9	$	2.7	$	52.9
Provision (1)		1.0		0.4		(8.0)		—		(6.6)
Charge-offs		—		—		(0.5)		—		(0.5)
Recoveries		—		—		3.6		—		3.6
Foreign currency translation adjustment		(0.3)		(0.1)		—		—		(0.4)
Ending balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0

(1)

During the year ended December 31, 2021, certain valuation allowances for residential mortgage loans were released. This release was a result of further adjustments to our current and forecasted environmental factors management believed to be relevant as global economic activity improved from previously adverse impacts due to COVID-19.

For the years ended December 31, 2023, 2022 and 2021, no allowance was recorded for other loans.

Mortgage Loans

We periodically purchase mortgage loans as well as sell mortgage loans we have originated. Mortgage loans purchased and sold were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commercial mortgage loans:
Purchased	$	109.2	$	325.4	$	118.2
Sold		12.1		15.6		73.8
Residential mortgage loans:
Purchased (1)		554.7		1,846.0		2,370.9
Sold		115.9		535.7		88.9

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs.

Our commercial mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:


	December 31, 2023				December 31, 2022
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	366.5	2.2	%	$	512.1	3.1	%
Middle Atlantic		4,512.6	27.1			4,505.6	26.9
East North Central		583.3	3.5			652.5	3.9
West North Central		336.0	2.0			370.9	2.2
South Atlantic		2,761.9	16.7			2,558.3	15.3
East South Central		429.4	2.6			339.8	2.0
West South Central		1,268.6	7.7			1,204.9	7.2
Mountain		824.2	5.0			938.7	5.6
Pacific		4,974.4	30.0			5,115.3	30.6
International		524.9	3.2			532.2	3.2
Total	$	16,581.8	100.0	%	$	16,730.3	100.0	%

Property type distribution
Office	$	3,643.0	21.9	%	$	4,322.0	25.9	%
Retail		1,454.7	8.8			1,499.4	9.0
Industrial		3,515.7	21.2			3,235.9	19.3
Apartments		7,128.2	43.0			6,827.1	40.8
Hotel		68.6	0.4			72.5	0.4
Mixed use/other		771.6	4.7			773.4	4.6
Total	$	16,581.8	100.0	%	$	16,730.3	100.0	%

Mortgage Loan Modifications

Our commercial and residential mortgage loan portfolios include loans that have been modified. We assess loan modifications that are related to our borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension (or a combination thereof). Generally, an assessment of whether a borrower is experiencing financial difficulty is made on the date of the modification.

The financing receivables valuation allowance utilizes an estimate of lifetime expected credit losses and it is recorded on each loan upon origination or acquisition. The starting point for the estimate of the valuation allowance is historical loss information, which includes losses from modification of receivables to borrowers experiencing financial difficulty. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the valuation allowance because of the measurement methodologies used to estimate the allowance, a change to the valuation allowance is generally not recorded upon modification.

Occasionally, a modification of a loan from a borrower experiencing financial difficulty is in the form of principal forgiveness. When principal forgiveness is provided as a modification, the amount of the principal forgiven is deemed uncollectible. Therefore, that portion of the loan is written off, which results in a reduction of the amortized cost and a corresponding adjustment to the valuation allowance.

In some cases, we modify a loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness may be granted.

We did not have any significant mortgage loans that were modified for the year ended December 31, 2023.

Troubled Debt Restructuring

Prior to the implementation of authoritative guidance in 2023, we assessed loan modifications on a case-by-case basis to evaluate whether a TDR has occurred. When we had commercial mortgage loan TDRs, they were modified to delay or reduce principal payments and to reduce or delay interest payments. The commercial mortgage loan modifications result in delayed cash receipts, a decrease in interest income and loan rates that were considered below market. When we had residential mortgage loan TDRs, they included modifications of interest-only payment periods, delays in principal balloon payments and interest rate reductions. Residential mortgage loan modifications resulted in delayed or decreased cash receipts and a decrease in interest income.

When we had commercial mortgage loan TDRs, they were reserved for in the mortgage loan valuation allowance at the estimated fair value of the underlying collateral reduced by the cost to sell.

When we had residential mortgage loan TDRs, they were specifically reserved for in the mortgage loan valuation allowance if losses resulted from the modification. Residential mortgage loans that had defaulted or had been discharged through bankruptcy were reduced to the expected collectible amount.

The following table includes information about outstanding loans that were modified and met the criteria of a TDR during the periods indicated.


	For the year ended December 31, 2022
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
			(in millions)			(in millions)
Commercial mortgage loans	1	$	35.5	—	$	—
Total	1	$	35.5	—	$	—

We did not have any significant loans that were modified and met the criteria of a TDR for the year ended December 31, 2021.

Real Estate

Depreciation expense on invested real estate was $69.9 million, $66.1 million and $67.4 million in 2023, 2022 and 2021, respectively. Accumulated depreciation was $749.6 million and $708.5 million as of December 31, 2023 and 2022, respectively.

Other Investments

Other investments include interests in unconsolidated entities, domestic and international joint ventures and partnerships and properties owned jointly with venture partners and operated by the partners. Such investments are generally accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees in net investment income. Summarized financial information for these unconsolidated entities was as follows:


	December 31,
	2023		2022

	(in millions)
Total assets	$	215,978.7	$	209,546.0
Total liabilities		100,865.3		81,160.9
Total equity	$	115,113.4	$	128,385.1
Net investment in unconsolidated entities (1)	$	3,488.7	$	2,767.9


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Total revenues	$	12,449.3	$	44,974.8	$	21,751.9
Net income (loss)		(2,674.2)		34,322.7		15,732.5
Our share of net income of unconsolidated entities (1)		314.9		302.2		406.6

(1)	Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

In addition, other investments include direct financing leases and other loans. See the captions “Financing Receivables” and “Financing Receivables Valuation Allowance” for further details related to our valuation of direct financing leases and other loans.

Furthermore, other investments include $1,186.3 million and $1,115.6 million of cash surrender value of company owned life insurance as of December 31, 2023 and 2022, respectively.

Derivative assets are carried at fair value and reported as a component of other investments. See Note 5, Derivative Financial Instruments, for further details. Certain sponsored investment funds are also carried at fair value and reported as a component of other investments, with changes in fair value included in net realized capital gains (losses) on our consolidated statements of operations. The fair value of these funds was $576.9 million and $617.8 million as of December 31, 2023 and 2022, respectively.

Securities Posted as Collateral

As of December 31, 2023 and 2022, we posted $6,616.8 million and $6,411.0 million, respectively, in commercial mortgage loans and residential first lien mortgages to satisfy collateral requirements associated with our obligation under funding agreements with Federal Home Loan Bank of Des Moines (“FHLB Des Moines”). In addition, as of December 31, 2023 and 2022, we posted $4,139.7 million and $3,569.7 million, respectively, in fixed maturities, available-for-sale and trading securities to satisfy collateral requirements primarily associated with a reinsurance arrangement, our derivative credit support annex (collateral) agreements, Futures Commission Merchant (“FCM”) agreements, a lending arrangement and our obligation under funding agreements with FHLB Des Moines. Since we did not relinquish ownership rights on these instruments, they are reported as mortgage loans, fixed maturities, available-for-sale and fixed maturities, trading, respectively, on our consolidated statements of financial position. Of the securities posted as collateral, as of December 31, 2023 and 2022, $519.9 million and $503.8 million, respectively, could be sold or repledged by the secured party.

Balance Sheet Offsetting

Financial assets subject to master netting agreements or similar agreements were as follows:


			Gross amounts not offset in the
			consolidated statements
			of financial position
	Gross amount
	of recognized		Financial		Collateral
	assets (1)		instruments (2)		received		Net amount

	(in millions)
December 31, 2023
Derivative assets	$	304.0	$	(178.5)	$	(116.7)	$	8.8
Reverse repurchase agreements		145.1		—		(145.1)		—
Total	$	449.1	$	(178.5)	$	(261.8)	$	8.8
December 31, 2022
Derivative assets	$	321.0	$	(135.7)	$	(151.9)	$	33.4
Reverse repurchase agreements		124.4		—		(124.4)		—
Total	$	445.4	$	(135.7)	$	(276.3)	$	33.4

(1)

The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial liabilities subject to master netting agreements or similar agreements were as follows:

Gross amounts not offset in the

consolidated statements

of financial position

Gross amount

of recognized

Financial

Collateral

liabilities (1)

instruments (2)

pledged

Net amount

(in millions)

December 31, 2023

Derivative liabilities

494.0

(178.5)

(301.1)

14.4

December 31, 2022

Derivative liabilities

634.2

(135.7)

(485.1)

13.4

(1)

The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

The financial instruments that are subject to master netting agreements or similar agreements include right of setoff provisions. Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral or variation margin provisions, which are generally settled daily with each counterparty. See Note 5, Derivative Financial Instruments, for further details.

Repurchase and reverse repurchase agreements include provisions to setoff other repurchase and reverse repurchase balances with the same counterparty. Repurchase and reverse repurchase agreements also include collateral provisions with the counterparties. For reverse repurchase agreements we require the counterparties to pledge collateral with a value greater than the amount of cash transferred. We have the right but do not sell or repledge collateral received in reverse repurchase agreements. Repurchase agreements are structured as secured borrowings for all counterparties. We pledge fixed maturities available-for-sale, which the counterparties have the right to sell or repledge. Interest incurred on repurchase agreements is reported as part of operating expenses on the consolidated statements of operations. Net proceeds related to repurchase agreements are reported as a component of financing activities on the consolidated statements of cash flows. We did not have any outstanding repurchase agreements as of December 31, 2023 and December 31, 2022.

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 4,095.9	$ 4,137.8	$ 5,041.3
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	2,814.9	2,875.8	3,150.1
Operating Segments \| Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	556.3	551.4	590.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,118.7	1,114.0	1,226.9
Total fees and other revenues per consolidated statements of operations	1,675.0	1,665.4	1,817.0
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	1,989.6	2,077.6	2,254.6
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	89.8	80.1	75.3
Operating Segments \| Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	179.2	166.7	230.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	(299.0)	(312.6)	(359.3)
Total fees and other revenues per consolidated statements of operations	(119.8)	(145.9)	(129.2)
Operating Segments \| Principal Global Investors \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	1,554.1	1,675.0	1,787.9
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	24.9	27.4	36.2
Total fees and other revenues per consolidated statements of operations	1,579.0	1,702.4	1,824.1
Operating Segments \| Principal International \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	456.5	426.3	492.7
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	5.8	4.5	4.2
Total fees and other revenues per consolidated statements of operations	462.3	430.8	496.9
Operating Segments \| Specialty Benefits \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	15.9	15.1	14.9
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	18.2	18.6	19.0
Total fees and other revenues per consolidated statements of operations	34.1	33.7	33.9
Operating Segments \| Life Insurance \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	74.0	65.1	60.6
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	333.3	321.5	885.0
Total fees and other revenues per consolidated statements of operations	407.3	386.6	945.6
Operating Segments \| Eliminations \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(0.1)	(0.1)	(0.2)
Operating Segments \| Principal Asset Management Eliminations \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(21.0)	(23.7)	(26.0)
Reconciling Items
Revenues from Contracts with Customers - Disaggregation of Revenues
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,200.5	1,172.8	1,811.3
Pre-tax other adjustments	$ 80.5	$ 89.2	$ 79.9

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Short-Term Debt (Table)


			December 31, 2023
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			130.9		58.6
Other short-term borrowings	Uncollateralized debt			2.5		2.5
Total			$	933.4	$	61.1


			December 31, 2022
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			136.9		80.7
Total			$	936.9	$	80.7

(1)	The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year.

Long-Term Debt (Table)


	December 31, 2023
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount

	(in millions)
3.4% notes payable, due 2025	$	400.0	$	(0.7)	$	399.3
3.1% notes payable, due 2026		350.0		(1.1)		348.9
3.7% notes payable, due 2029		500.0		(3.8)		496.2
2.125% notes payable, due 2030		600.0		(3.2)		596.8
5.375% notes payable, due 2033		400.0		(3.8)		396.2
6.05% notes payable, due 2036		505.6		(2.1)		503.5
4.625% notes payable, due 2042		300.0		(2.8)		297.2
4.35% notes payable, due 2043		300.0		(2.9)		297.1
4.3% notes payable, due 2046		300.0		(3.0)		297.0
5.5% notes payable, due 2053		300.0		(4.3)		295.7
Non-recourse mortgages and notes payable		3.1		(0.1)		3.0
Total long-term debt	$	3,958.7	$	(27.8)	$	3,930.9


	December 31, 2022
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount

	(in millions)
3.125% notes payable, due 2023	$	300.0	$	(0.1)	$	299.9
3.4% notes payable, due 2025		400.0		(1.2)		398.8
3.1% notes payable, due 2026		350.0		(1.4)		348.6
3.7% notes payable, due 2029		500.0		(4.3)		495.7
2.125% notes payable, due 2030		600.0		(3.6)		596.4
6.05% notes payable, due 2036		505.6		(2.3)		503.3
4.625% notes payable, due 2042		300.0		(2.9)		297.1
4.35% notes payable, due 2043		300.0		(3.0)		297.0
4.3% notes payable, due 2046		300.0		(3.1)		296.9
Floating rate notes payable, due 2055		400.0		(4.5)		395.5
Non-recourse mortgages and notes payable		67.1		0.7		67.8
Total long-term debt	$	4,022.7	$	(25.7)	$	3,997.0

Future Annual Maturities of Long-Term Debt (Table)

As of December 31, 2023, future annual maturities of long-term debt were as follows (in millions):


Year ending December 31:
2024	$	0.1
2025		399.3
2026		349.9
2027		1.0
2028		1.0
Thereafter		3,179.6
Total future maturities of long-term debt	$	3,930.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments, exposure
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 544.2	$ 750.9
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	482.3	632.6
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	544.2	750.9
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	96.6
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	103.3	148.8
Notional amount	94,371.1	89,064.3
Gross credit exposure	314.3	331.2
Less: collateral received	148.7	191.9
Net credit exposure	165.6	139.3
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0.0
Principal payments made under contract	0.0
Notional amount	57,792.2	52,249.9
Gross credit exposure	42.9	64.2
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	4,498.4	4,418.9
Gross credit exposure	37.0	41.7
Interest rate forwards
Derivative Financial Instruments, exposure
Notional amount	1,990.8	2,527.5
Gross credit exposure	4.2	0.1
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	1,205.0	877.5
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	2,105.8	1,634.7
Gross credit exposure	120.9	171.1
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	1,062.5	1,123.1
Gross credit exposure	20.8	34.0
Equity options
Derivative Financial Instruments, exposure
Notional amount	2,331.3	2,049.3
Gross credit exposure	83.8	16.5
Equity futures
Derivative Financial Instruments, exposure
Notional amount	568.4	574.1
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	305.0	400.0
Gross credit exposure	4.7	3.6
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 22,511.7	$ 23,209.3

Investments - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 68.6	$ 67.8	$ 17.2
Financing receivables, Non-accrual assets without a valuation allowance	0.5	0.6
Financing receivables, Nonaccrual, Interest Income	1.2	0.9	0.5
Direct financing leases, Total amortized cost	650.1	665.0
Mortgage loans and direct financing leases, Total amortized cost	21,097.0	21,378.3
Direct financing leases, Recorded investment 90 days or more past due and accruing		1.6
Mortgage loans and direct financing leases, Recorded investment 90 days or more past due and accruing	8.3	8.0
Reinsurance recoverable and deposit receivable	20,614.9	21,445.4
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		6.6
Mortgage loans and direct financing leases, Total amortized cost	54.8	125.6
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	4.1	6.2
Mortgage loans and direct financing leases, Total amortized cost	21.0	29.1
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		1.6
Mortgage loans and direct financing leases, Total amortized cost	29.6	32.2
Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	4.1	14.4
Mortgage loans and direct financing leases, Total amortized cost	105.4	186.9
Reinsurance recoverable and deposit receivable	0.0	0.0
Current
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	646.0	650.6
Mortgage loans and direct financing leases, Total amortized cost	20,991.6	21,191.4
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	58.4	50.0	13.2
Financing receivables, Nonaccrual, Interest Income	1.2	0.9	0.5
Mortgage loans, Total amortized cost	16,581.8	16,730.3
Commercial mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	7.8	45.9
Commercial mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	0.8	7.5
Commercial mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	12.5	14.4
Commercial mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	21.1	67.8
Commercial mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	16,560.7	16,662.5
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	10.2	17.8	$ 4.0
Financing receivables, Non-accrual assets without a valuation allowance	0.5	0.6
Mortgage loans, Total amortized cost	3,696.5	3,983.0
Mortgage loans, Recorded investment 90 days or more past due and accruing	7.7	6.4
Residential mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	46.0	73.1
Residential mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	15.6	15.4
Residential mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	16.4	16.2
Residential mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	78.0	104.7
Residential mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	3,618.5	$ 3,878.3
Other loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	168.6
Mortgage loans, Recorded investment 90 days or more past due and accruing	0.6
Other loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.0
Other loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	0.5
Other loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	0.7
Other loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	2.2
Other loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	$ 166.4

Employee and Agent Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans

Obligations and Funded Status (Table)


					Other postretirement
	Pension benefits				benefits
	December 31,				December 31,
	2023		2022		2023		2022

	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	(3,209.4)	$	(4,183.7)	$	(71.0)	$	(95.3)
Service cost		(55.6)		(78.4)		—		—
Interest cost		(160.1)		(112.8)		(3.4)		(2.3)
Actuarial gain (loss)		(119.7)		1,023.5		(2.9)		19.5
Participant contributions		—		—		(6.1)		(6.4)
Benefits paid		153.9		142.0		15.0		13.5
Benefit obligation at end of year	$	(3,390.9)	$	(3,209.4)	$	(68.4)	$	(71.0)

Change in plan assets
Fair value of plan assets at beginning of year	$	2,726.3	$	3,550.1	$	94.4	$	119.8
Actual return on plan assets		258.5		(754.3)		12.7		(20.0)
Employer contribution		78.7		72.5		1.6		1.7
Participant contributions		—		—		6.1		6.4
Benefits paid		(153.9)		(142.0)		(15.0)		(13.5)
Fair value of plan assets at end of year	$	2,909.6	$	2,726.3	$	99.8	$	94.4

Amount recognized in statement of financial position
Other assets	$	—	$	—	$	31.4	$	23.4
Other liabilities		(481.3)		(483.1)		—		—
Total	$	(481.3)	$	(483.1)	$	31.4	$	23.4

Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	$	425.4	$	442.0	$	(24.4)	$	(20.2)
Prior service benefit		(70.6)		(87.4)		(4.3)		(5.1)
Pre-tax accumulated other comprehensive (income) loss	$	354.8	$	354.6	$	(28.7)	$	(25.3)

Components of Net Periodic Benefit Cost (Income) (Table)


	Pension benefits						Other postretirement benefits

	For the year ended December 31,
	2023		2022		2021		2023		2022		2021

	(in millions)
Service cost	$	55.6	$	78.4	$	83.2	$	—	$	—	$	—
Interest cost		160.1		112.8		103.3		3.4		2.3		2.2
Expected return on plan assets		(163.2)		(178.9)		(182.7)		(4.6)		(4.9)		(4.8)
Amortization of prior service benefit		(16.8)		(16.8)		(16.8)		(0.8)		(1.1)		(1.1)
Recognized net actuarial (gain) loss		41.0		55.7		70.2		(1.0)		(1.1)		(0.5)
Net periodic benefit cost (income)	$	76.7	$	51.2	$	57.2	$	(3.0)	$	(4.8)	$	(4.2)

Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table)


	Pension benefits				Other postretirement benefits

	For the year ended December 31,
	2023		2022		2023		2022

	(in millions)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	24.4	$	(90.3)	$	(5.2)	$	5.4
Amortization of gain (loss)		(41.0)		(55.7)		1.0		1.1
Amortization of prior service benefit		16.8		16.8		0.8		1.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	$	0.2	$	(129.2)	$	(3.4)	$	7.6
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	76.9	$	(78.0)	$	(6.4)	$	2.8

Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)


	Pension benefits
	December 31,
	2023		2022
Discount rate	4.90	%	5.10	%
Interest crediting rate - cash balance benefit	5.00	%	5.00	%
Rate of compensation increase	4.56	%	4.53	%

	Other postretirement benefits
	December 31,
	2023		2022
Discount rate	4.80	%	5.00	%
Rate of compensation increase	N/A		N/A

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table)


	Pension benefits
	For the year ended December 31,
	2023		2022		2021
Discount rate	5.10	%	2.75	%	2.50	%
Expected long-term return on plan assets	6.20	%	5.20	%	5.55	%
Interest crediting rate - cash balance benefit	5.00	%	5.00	%	5.00	%
Rate of compensation increase:
Cash balance benefit	4.53	%	4.59	%	4.92	%
Traditional benefit	N/A	%	N/A	%	2.96	%

	Other postretirement benefits
	For the year ended December 31,
	2023		2022		2021
Discount rate	5.00	%	2.50	%	2.10	%
Expected long-term return on plan assets	5.05	%	4.25	%	4.25	%
Rate of compensation increase	N/A		N/A		N/A

Assumed Health Care Cost Trend Rates (Table)


	December 31,
	2023		2022
Health care cost trend rate assumed for next year under age 65	7.50	%	7.00	%
Health care cost trend rate assumed for next year age 65 and over	6.50	%	6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate (under age 65)	2032		2031
Year that the rate reaches the ultimate trend rate (65 and older)	2031		2028

Estimated Future Benefit Payments (Table)


			Other postretirement
			benefits (gross benefit
			payments, including
	Pension benefits		prescription drug benefits)

	(in millions)
Year ending December 31:
2024	$	207.8	$	13.0
2025		191.1		11.9
2026		204.2		10.6
2027		214.0		9.3
2028		218.9		8.5
2029-2033		1,212.7		33.8

Defined Benefit Pension Plans Supplemental Information (Table)


	For the year ended December 31,
	2023						2022
	Qualified		Nonqualified				Qualified		Nonqualified
	Plan		Plan		Total		Plan		Plan		Total

	(in millions)
Amount recognized in statement of financial position
Other assets	$	—	$	—	$	—	$	—	$	—	$	—
Other liabilities		(58.3)		(423.0)		(481.3)		(70.7)		(412.4)		(483.1)
Total	$	(58.3)	$	(423.0)	$	(481.3)	$	(70.7)	$	(412.4)	$	(483.1)

Amount recognized in accumulated other comprehensive loss
Total net actuarial loss	$	361.4	$	64.0	$	425.4	$	390.7	$	51.3	$	442.0
Prior service benefit		(60.0)		(10.6)		(70.6)		(72.6)		(14.8)		(87.4)
Pre-tax accumulated other comprehensive loss	$	301.4	$	53.4	$	354.8	$	318.1	$	36.5	$	354.6

Components of net periodic benefit cost
Service cost	$	51.6	$	4.0	$	55.6	$	72.5	$	5.9	$	78.4
Interest cost		139.7		20.4		160.1		98.7		14.1		112.8
Expected return on plan assets		(163.2)		—		(163.2)		(178.9)		—		(178.9)
Amortization of prior service benefit		(12.6)		(4.2)		(16.8)		(12.6)		(4.2)		(16.8)
Recognized net actuarial loss		38.8		2.2		41.0		39.7		16.0		55.7
Net periodic benefit cost	$	54.3	$	22.4	$	76.7	$	19.4	$	31.8	$	51.2

Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	9.5	$	14.9	$	24.4	$	15.0	$	(105.3)	$	(90.3)
Amortization of net loss		(38.8)		(2.2)		(41.0)		(39.7)		(16.0)		(55.7)
Amortization of prior service benefit		12.6		4.2		16.8		12.6		4.2		16.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	$	(16.7)	$	16.9	$	0.2	$	(12.1)	$	(117.1)	$	(129.2)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	37.6	$	39.3	$	76.9	$	7.3	$	(85.3)	$	(78.0)

Pension benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Accumulated Benefit Obligation in Excess of Plan Assets (Table)


	December 31,
	2023		2022

	(in millions)
Projected benefit obligation	$	3,390.9	$	3,209.4
Accumulated benefit obligation		3,390.9		3,209.4
Fair value of plan assets		2,909.6		2,726.3

Fair Value of Plan Assets (Table)

December 31, 2023

Assets

Amount

Fair value hierarchy level

measured at

fair value

net asset value

Level 1

Level 2

Level 3

(in millions)

Asset category

Pooled separate account investments:

U.S. large cap equity portfolios (1)

290.9

—

290.9

—

U.S. small/mid cap equity portfolios (2)

49.5

—

49.5

—

Balanced asset portfolios (3)

97.0

—

97.0

—

International equity portfolios (4)

141.8

—

141.8

—

Fixed income security portfolios (5)

27.9

—

27.9

—

Real estate investment portfolios (6)

204.1

—

204.1

—

Single client separate account investments:

Fixed income securities:

U.S. government and agencies

124.9

—

124.9

—

States and political subdivisions

27.0

—

27.0

—

Corporate

1,394.2

—

1,394.2

—

Pooled separate account investment (8)

497.9

—

497.9

—

Other (9)

54.4

—

54.4

—

Total

2,909.6

—

124.9

2,784.7

—


	December 31, 2022
	Assets		Amount		Fair value hierarchy level
	measured at		measured at
	fair value		net asset value		Level 1		Level 2		Level 3

	(in millions)
Asset category
Pooled separate account investments:
U.S. large cap equity portfolios (1)	$	282.5	$	—	$	—	$	282.5	$	—
U.S. small/mid cap equity portfolios (2)		47.3		—		—		47.3		—
Balanced asset portfolios (3)		101.4		—		—		101.4		—
International equity portfolios (4)		143.9		—		—		143.9		—
Real estate investment portfolios (6)		238.4		—		—		238.4		—
Single client separate account investments:
Fixed income securities:
U.S. government and agencies		447.0		—		447.0		—		—
States and political subdivisions		25.0		—		—		25.0		—
Corporate		1,336.9		—		—		1,336.9		—
Commercial mortgage-backed securities		16.1		—		—		16.1		—
Other debt obligations		4.1		—		—		4.1		—
Hedge funds (7)		27.9		27.9		—		—		—
Pooled separate account investment (8)		43.7		—		—		43.7		—
Other (9)		12.1		—		—		12.1		—
Total	$	2,726.3	$	27.9	$	447.0	$	2,251.4	$	—

(1)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.

(2)	The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies.

(3)

The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value.

(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

(5)

The portfolios invest primarily in fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.

(6)	The portfolios invest primarily in U.S. commercial real estate properties through a separate account.

(7)	The hedge funds have varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds.

(8)	The single client separate accounts invest in a money market pooled separate account.

(9)	Includes cash and net (payables)/receivables for the single client separate accounts.

Target Asset Allocation (Table)


Asset category	Target allocation
Fixed income security portfolios	25	%	-	80	%
Equity portfolios	5	%	-	60	%
Private investments	10	%	-	20	%

Other postretirement benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair Value of Plan Assets (Table)

December 31, 2023

Assets

Fair value hierarchy level

measured at

fair value

Level 1

Level 2

Level 3

(in millions)

Asset category

Cash and cash equivalents

1.3

—

Fixed income security portfolios (1)

47.9

—

U.S. equity portfolios (2)

36.7

—

International equity portfolios (3)

13.9

—

Total

99.8

—


	December 31, 2022
	Assets		Fair value hierarchy level
	measured at
	fair value		Level 1		Level 2		Level 3

	(in millions)
Asset category
Cash and cash equivalents	$	0.6	$	0.6	$	—	$	—
Fixed income security portfolios (1)		47.6		47.6		—		—
U.S. equity portfolios (2)		33.6		33.6		—		—
International equity portfolios (3)		12.6		12.6		—		—
Total	$	94.4	$	94.4	$	—	$	—

(1)

The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.

(2)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.

(3)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

Target Asset Allocation (Table)


Asset category	Target allocation
Fixed income security portfolios	50	%
U.S. equity portfolios	35	%
International equity portfolios	15	%

Investments - Net Realized Capital Gains and Losses (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Major components of net realized capital gains (losses) on investments

Fixed maturities, available-for-sale: Gross gains

$ 51.4

$ 41.5

$ 64.4

Fixed maturities, available-for-sale: Gross losses

(141.7)

(191.5)

(29.2)

Fixed maturities, available-for-sale: Net credit recoveries (losses)

(26.2)

(8.9)

(45.0)

Fixed maturities, available-for-sale: Hedging, net

2.2

(0.7)

(9.5)

Fixed maturities, trading

(8.6)

(13.4)

(33.3)

Equity securities

64.0

(171.9)

100.0

Mortgage loans gains (losses)

(134.5)

(74.6)

6.5

Derivative net realized capital gains (losses)

(34.1)

237.0

(4.0)

Other gains (losses)

155.3

0.4

65.5

Net realized capital gains (losses)

^[1]

(72.2)

(182.1)

115.4

Unrealized gains (losses) on fixed maturities, trading

(9.6)

(3.2)

(32.2)

Unrealized gains (losses) on fixed maturities, trading, reported in net realized capital gains (losses) on funds withheld assets

6.8

(1.4)

0.0

Unrealized gains (losses) on fixed maturities, trading still head at reported in market risk benefit remeasurement (gain) loss

2.9

(16.6)

0.0

Unrealized gains (losses) on equity securities

73.4

(117.1)

58.6

Unrealized gains (losses) on equity securities reported in net investment income

34.7

(0.7)

28.7

Unrealized gains (losses) on equity securities reported in net realized capital gains (losses) on funds withheld assets

1.7

(1.7)

0.0

Proceeds from sales of investments

Proceeds from sales of investments in fixed maturities, available-for-sale

$ 5,392.7

$ 13,647.0

$ 2,110.9

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Future Policy Benefits and Claims - Expected Future Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	$ 36,325.5	$ 33,691.4
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	7,292.0	7,716.6
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	6,296.0	6,449.9
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Expected discounted future gross premiums	5,456.4	5,140.9
Expected undiscounted future gross premiums	8,264.8	7,978.7
Expected undiscounted future benefit payments	8,981.2	8,473.9
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Expected discounted future gross premiums	6,385.1	6,104.6
Expected undiscounted future gross premiums	10,287.2	10,146.3
Expected undiscounted future benefit payments	7,832.3	7,202.5
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Expected discounted future gross premiums	42.8	64.6
Expected undiscounted future gross premiums	60.3	96.5
Expected undiscounted future benefit payments	$ 371.0	$ 483.4

Investments - Real Estate (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Real Estate (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate
Depreciation expense on invested real estate	$ 69.9	$ 66.1	$ 67.4
Accumulated depreciation on invested real estate	$ 749.6	$ 708.5

Nature of Operations and Significant Accounting Policies - Market Risk Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Recent Accounting Pronouncements
Market risk benefits			$ (644.6)
Previously reported
Recent Accounting Pronouncements
Market risk benefits			(401.9)
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date
Recent Accounting Pronouncements
Market risk benefits			(4.8)
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes)
Recent Accounting Pronouncements
Market risk benefits			(237.9)
Individual variable annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits	$ (111.2)	$ (415.5)	(591.3)
Individual variable annuities \| Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			(348.6)
Individual variable annuities \| Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date \| Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			(4.8)
Individual variable annuities \| Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) \| Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			(237.9)
Guaranteed pension \| Principal Asset Management \| Principal International \| Asia
Recent Accounting Pronouncements
Market risk benefits	$ (25.1)	$ (91.0)	(53.3)
Guaranteed pension \| Previously reported \| Principal Asset Management \| Principal International \| Asia
Recent Accounting Pronouncements
Market risk benefits			$ (53.3)

Future Policy Benefits and Claims - Benefits and Protection (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits			$ 36,514.6	$ 34,064.4		$ 43,489.8
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits			2,984.3	2,607.8		3,661.2
Benefits and Protection \| Life Insurance \| Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			3,423.2	4,193.7
Effect of changes in discount rate assumptions at beginning of period			196.0	(690.1)	$ 861.1
Balance at beginning of period at original discount rate			3,619.2	3,503.6	2,937.9
Effect of changes in cash flow assumptions			143.5
Effect of actual variances from expected experience			103.3	128.6	211.4
Adjusted beginning of period balance at original discount rate			3,866.0	3,632.2	(3,149.3)
Interest accrual			171.9	162.9	151.1
Net premiums collected			(359.8)	(346.6)	(315.0)
Issuances			215.7	170.7	518.2
Balance at end of period at original discount rate			3,893.8	3,619.2	3,503.6
Effect of changes in discount rate assumptions at end of period			(100.1)	(196.0)	690.1
Balance at end of period, Present value of expected net premiums			3,793.7	3,423.2	4,193.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,332.2	5,311.3	4,959.3
Effect of changes in discount rate assumptions at beginning of period			251.6	(913.9)	(1,179.9)
Balance at beginning of period at original discount rate			4,583.8	4,397.4	3,779.4
Effect of changes in cash flow assumptions			181.8
Effect of actual variances from expected experience			116.8	139.0	216.0
Adjusted beginning of period balance at original discount rate			4,882.4	4,536.4	3,995.4
Interest accrual			220.1	206.8	194.3
Benefit payments			(330.4)	(340.6)	(335.7)
Issuances			232.0	181.2	543.4
Balance at end of period at original discount rate			5,004.1	4,583.8	4,397.4
Effect of changes in discount rate assumptions at end of period			(124.5)	(251.6)	913.9
Balance at end of period, Present value of expected future policy benefit payments			4,879.6	4,332.2	5,311.3
Future policy benefits			1,085.9	909.0	1,117.6	1,160.3
Reinsurance Impact			45.2	25.6	(0.1)
Future policy benefits after reinsurance			1,131.1	934.6	1,117.5
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions			$ 31.2	$ (279.4)
Weighted-average duration for future policy benefits (in years)			9 years 4 months 24 days	9 years 7 months 6 days
Benefits and Protection \| Specialty Benefits \| Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			$ 2,341.8	$ 3,149.9
Effect of changes in discount rate assumptions at beginning of period			395.2	(198.9)	340.7
Balance at beginning of period at original discount rate			2,737.0	2,951.0	2,807.6
Effect of changes in cash flow assumptions			(37.6)	(413.1)
Effect of actual variances from expected experience			244.3	235.9	122.0
Adjusted beginning of period balance at original discount rate			2,943.7	2,773.8	(2,929.6)
Interest accrual			95.6	95.2	95.4
Net premiums collected			(273.4)	(276.5)	(280.4)
Issuances			100.1	144.5	206.4
Balance at end of period at original discount rate			2,866.0	2,737.0	2,951.0
Effect of changes in discount rate assumptions at end of period			(313.7)	(395.2)	198.9
Balance at end of period, Present value of expected net premiums			2,552.3	2,341.8	3,149.9
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,040.6	5,648.3	5,649.2
Effect of changes in discount rate assumptions at beginning of period			1,021.4	(501.0)	(834.1)
Balance at beginning of period at original discount rate			5,062.0	5,147.3	4,815.1
Effect of changes in cash flow assumptions			(51.5)	(476.3)
Effect of actual variances from expected experience			260.8	240.0	118.8
Adjusted beginning of period balance at original discount rate			5,271.3	4,911.0	4,933.9
Interest accrual			190.1	185.4	181.0
Benefit payments			(210.0)	(183.7)	(179.7)
Issuances			102.8	149.3	212.1
Balance at end of period at original discount rate			5,354.2	5,062.0	5,147.3
Effect of changes in discount rate assumptions at end of period			(903.5)	(1,021.4)	501.0
Balance at end of period, Present value of expected future policy benefit payments			4,450.7	4,040.6	5,648.3
Future policy benefits			1,898.4	1,698.8	2,498.4	$ 2,500.9
Reinsurance Impact			(421.6)	(386.8)	(549.9)
Future policy benefits after reinsurance			1,476.8	1,312.0	$ 1,948.5
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions			$ 36.4	$ (928.3)
Increase (decrease) in LFPB from actuarial assumptions	$ (13.9)	$ (63.2)
Pre-tax operating earnings, net of reinsurance, increase (decrease) from actuarial assumptions	10.2	$ 52.4
Weighted-average duration for future policy benefits (in years)			18 years 4 months 24 days	18 years 6 months
Benefits and Protection \| Specialty Benefits \| Term life
Present value of expected future policy benefit payments
Increase (decrease) in LFPB from actuarial assumptions	38.3
Pre-tax operating earnings, net of reinsurance, increase (decrease) from actuarial assumptions	$ (25.4)

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3, net derivative assets (liabilities)	$ 0.1
Transfers out of Level 3 into Level 2, net derivative assets (liabilities)		$ 0.3
Available-for-sale \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	451.9	188.3	$ 352.9
Transfers out of Level 3 into Level 2	289.9	263.8	460.8
Available-for-sale \| States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		12.0	82.4
Transfers out of Level 3 into Level 2		10.2
Available-for-sale \| Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	212.4	176.3	175.8
Transfers out of Level 3 into Level 2	77.2	35.2
Available-for-sale \| Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2		10.2
Available-for-sale \| Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			74.1
Transfers out of Level 3 into Level 2	148.5	180.4	435.8
Available-for-sale \| Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	239.5		20.6
Transfers out of Level 3 into Level 2	$ 64.2	27.8	$ 25.0
Trading \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		$ 29.0

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

17. Stockholders’ Equity

Common Stock Dividends


	For the year ended December 31,
	2023		2022		2021
Dividends declared per common share	$	2.60	$	2.56	$	2.44

Reconciliation of Outstanding Common Shares


	For the year ended December 31,
	2023	2022	2021
Beginning balance	243,549,782	261,673,076	273,258,808
Shares issued	2,469,841	4,937,910	3,034,920
Treasury stock acquired	(9,581,329)	(23,061,204)	(14,620,652)
Ending balance	236,438,294	243,549,782	261,673,076

In February 2020, our Board of Directors (“Board”) authorized a share repurchase program of up to $900.0 million of our outstanding common stock, which was completed in November 2021. In June 2021, our Board authorized a share repurchase program of up to $1.2 billion of our outstanding common stock, which was completed in August 2022. In January 2022, our Board authorized a $1.6 billion increase to the June 2021 share repurchase program authorization, which has no expiration date. In February 2024, our Board authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which has no expiration. Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity.

In March 2022, we entered into an accelerated share repurchase program with a third party financial institution to repurchase $700.0 million of common stock. We received approximately 8.5 million shares at an initial cost of $560.0 million from our counterparty as of March 31, 2022, which was recorded in treasury stock. The associated $140.0 million forward contract was recorded in additional paid-in capital. This program closed in June 2022, at which time an additional 1.4 million shares were delivered based on the $70.53 daily volume-weighted average price of our common stock, less a discount, during the term of the program.

In August 2022, we entered into an accelerated share repurchase program with a third party financial institution to repurchase $400.0 million of common stock. We received approximately 4.1 million shares at an initial cost of $320.0 million from our counterparty as of August 16, 2022, which was recorded in treasury stock. This program closed in September 2022, at which time an additional 1.2 million shares were delivered based on the $76.48 daily volume-weighted average price of our common stock, less a discount, during the term of the program.

Other Comprehensive Income (Loss)


	For the year ended December 31, 2023
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,986.8	$	(419.8)	$	1,567.0
Reclassification adjustment for losses included in net income (1)		351.1		(73.5)		277.6
Adjustments for assumed changes in amortization patterns		(2.6)		0.6		(2.0)
Adjustments for assumed changes in policyholder liabilities		0.7		(0.2)		0.5
Net unrealized gains on available-for-sale securities		2,336.0		(492.9)		1,843.1

Net unrealized losses on derivative instruments during the period		(44.9)		9.4		(35.5)
Reclassification adjustment for gains included in net income (2)		(7.4)		1.6		(5.8)
Adjustments for assumed changes in amortization patterns		(0.9)		0.2		(0.7)
Adjustments for assumed changes in policyholder liabilities		0.2		—		0.2
Net unrealized losses on derivative instruments		(53.0)		11.2		(41.8)

Liability for future policy benefits discount rate remeasurement loss (3)		(365.9)		53.2		(312.7)

Market risk benefit nonperformance risk loss (4)		(39.2)		8.3		(30.9)

Foreign currency translation adjustment during the period		68.0		5.1		73.1
Reclassification adjustment for losses included in net income (5)		0.6		—		0.6
Foreign currency translation adjustment		68.6		5.1		73.7

Unrecognized postretirement benefit obligation during the period		(19.3)		5.2		(14.1)
Amortization of amounts included in net periodic benefit cost (6)		22.4		(5.9)		16.5
Net unrecognized postretirement benefit obligation		3.1		(0.7)		2.4

Other comprehensive income	$	1,949.6	$	(415.8)	$	1,533.8


	For the year ended December 31, 2022
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(13,158.9)	$	2,787.9	$	(10,371.0)
Reclassification adjustment for losses included in net income (1)		398.9		(87.6)		311.3
Adjustments for assumed changes in amortization patterns		(3.7)		0.7		(3.0)
Adjustments for assumed changes in policyholder liabilities		273.2		(57.3)		215.9
Net unrealized losses on available-for-sale securities		(12,490.5)		2,643.7		(9,846.8)

Net unrealized losses on derivative instruments during the period		(1.4)		0.3		(1.1)
Reclassification adjustment for gains included in net income (2)		(28.0)		5.8		(22.2)
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		0.4		(0.1)		0.3
Net unrealized losses on derivative instruments		(29.1)		6.0		(23.1)

Liability for future policy benefits discount rate remeasurement gain (3)		6,030.4		(1,251.9)		4,778.5

Market risk benefit nonperformance risk gain (4)		144.3		(30.2)		114.1

Foreign currency translation adjustment		(26.9)		4.8		(22.1)

Unrecognized postretirement benefit obligation during the period		85.8		(22.3)		63.5
Amortization of amounts included in net periodic benefit cost (6)		36.7		(9.6)		27.1
Net unrecognized postretirement benefit obligation		122.5		(31.9)		90.6

Other comprehensive loss	$	(6,249.3)	$	1,340.5	$	(4,908.8)


	For the year ended December 31, 2021
	Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,984.3)	$	675.1	$	(2,309.2)
Reclassification adjustment for losses included in net income (1)		19.4		(5.1)		14.3
Adjustments for assumed changes in amortization patterns		(0.1)		—		(0.1)
Adjustments for assumed changes in policyholder liabilities		266.9		(57.2)		209.7
Net unrealized losses on available-for-sale securities		(2,698.1)		612.8		(2,085.3)

Net unrealized gains on derivative instruments during the period		66.7		(14.0)		52.7
Reclassification adjustment for gains included in net income (2)		(25.5)		5.4		(20.1)
Adjustments for assumed changes in policyholder liabilities		1.2		(0.4)		0.8
Net unrealized gains on derivative instruments		42.4		(9.0)		33.4

Liability for future policy benefits discount rate remeasurement gain (3)		3,724.9		(885.2)		2,839.7

Market risk benefit nonperformance risk loss (4)		(0.6)		0.2		(0.4)

Foreign currency translation adjustment during the period		(259.6)		(5.6)		(265.2)
Reclassification adjustment for losses included in net income (5)		19.3		—		19.3
Foreign currency translation adjustment		(240.3)		(5.6)		(245.9)

Unrecognized postretirement benefit obligation during the period		106.5		(28.5)		78.0
Amortization of amounts included in net periodic benefit cost (6)		51.8		(14.0)		37.8
Net unrecognized postretirement benefit obligation		158.3		(42.5)		115.8

Other comprehensive income	$	986.6	$	(329.3)	$	657.3

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

(2)	See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(3)	Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 11, Market Risk Benefits, for further details.

(5)	Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries.

(6)

Accumulated Other Comprehensive Loss


	Net unrealized		Net unrealized		LFPB				Foreign		Unrecognized		Accumulated
	gains (losses) on		gains (losses)		discount rate		MRB		currency		postretirement		other
	available-for-sale		on derivative		remeasurement		nonperformance		translation		benefit		comprehensive
	securities (1)		instruments		gain (loss)		risk gain (loss)		adjustment		obligation		income (loss)

	(in millions)
Balances as of January 1, 2021	$	4,138.3	$	18.2	$	—	$	—	$	(1,312.9)	$	(460.5)	$	2,383.1
Other comprehensive income during the period, net of adjustments		(2,099.6)		53.5		2,839.7		(0.4)		(261.7)		78.0		609.5
Amounts reclassified from AOCI		14.3		(20.1)		—		—		19.3		37.8		51.3
Other comprehensive income		(2,085.3)		33.4		2,839.7		(0.4)		(242.4)		115.8		660.8
Effects of implementation of accounting change related to long-duration insurance contracts, net		1,827.4		5.0		(6,877.3)		(89.7)		6.6		—		(5,128.0)
Balances as of December 31, 2021		3,880.4		56.6		(4,037.6)		(90.1)		(1,548.7)		(344.7)		(2,084.1)
Other comprehensive loss during the period, net of adjustments		(10,157.9)		(0.9)		4,778.5		114.1		(22.9)		63.5		(5,225.6)
Amounts reclassified from AOCI		311.3		(22.2)		—		—		—		27.1		316.2
Other comprehensive loss		(9,846.6)		(23.1)		4,778.5		114.1		(22.9)		90.6		(4,909.4)
Adjustment for reinsurance (2)		108.3		6.2		—		—		—		—		114.5
Balances as of December 31, 2022		(5,857.9)		39.7		740.9		24.0		(1,571.6)		(254.1)		(6,879.0)
Other comprehensive income during the period, net of adjustments		1,565.5		(36.0)		(312.7)		(30.9)		73.0		(14.1)		1,244.8
Amounts reclassified from AOCI		277.6		(5.8)		—		—		0.6		16.5		288.9
Other comprehensive income		1,843.1		(41.8)		(312.7)		(30.9)		73.6		2.4		1,533.7
Balances as of December 31, 2023	$	(4,014.8)	$	(2.1)	$	428.2	$	(6.9)	$	(1,498.0)	$	(251.7)	$	(5,345.3)

(1)	Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(4.3) million, $0.3 million and $(2.1) million as of December 31, 2023, 2022 and 2021, respectively.

(2)	Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.

Noncontrolling Interest

Interests held by unaffiliated parties in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling partners’ share of the underlying net assets of our consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the consolidated statements of financial position.

The noncontrolling interest holders in certain of our consolidated entities maintain an equity interest that is redeemable at the option of the holder, which may be exercised on varying dates. Since redemption of the noncontrolling interest is outside of our control, this interest is excluded from stockholders’ equity and reported separately as redeemable noncontrolling interest on the consolidated statements of financial position. Our redeemable noncontrolling interest primarily relates to consolidated sponsored investment funds for which interests are redeemed at fair value from the net assets of the funds.

For our redeemable noncontrolling interest related to other consolidated subsidiaries, redemptions are required to be purchased at fair value or a value based on a formula that management intended to reasonably approximate fair value based on a fixed multiple of earnings over a measurement period. The carrying value of the redeemable noncontrolling interest is compared to the redemption value at each reporting period. Any adjustments to the carrying amount of the redeemable noncontrolling interest for changes in redemption value prior to exercise of the redemption option are determined after the attribution of net income or loss of the subsidiary and are recognized in the redemption value as they occur. Adjustments to the carrying value of redeemable noncontrolling interest result in adjustments to additional paid-in capital and/or retained earnings. Adjustments are recorded in retained earnings to the extent the redemption value of the redeemable noncontrolling interest exceeds its fair value and will impact the numerator in our earnings per share calculations. All other adjustments to the redeemable noncontrolling interest are recorded in additional paid-in capital.

Following is a reconciliation of the changes in the redeemable noncontrolling interest:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Beginning balance	$	262.0	$	332.5	$	255.6
Net income (loss) attributable to redeemable noncontrolling interest		23.7		(25.8)		17.5
Redeemable noncontrolling interest of deconsolidated entities (1)		(3.0)		(2.8)		(37.4)
Contributions from redeemable noncontrolling interest		43.3		67.3		166.8
Distributions to redeemable noncontrolling interest		(75.0)		(108.9)		(66.8)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(1.6)		(1.1)		(6.1)
Change in redemption value of redeemable noncontrolling interest		(1.1)		(0.2)		3.1
Stock-based compensation attributable to redeemable noncontrolling interest		0.1		0.1		—
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		0.5		0.9		(0.2)
Ending balance	$	248.9	$	262.0	$	332.5

(1)	We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

(2)	In 2023, 2022 and 2021, we acquired an additional interest in Origin Asset Management. In 2021, we also acquired the remaining interest in Principal Innovations, Inc. and its wholly owned subsidiary, RobustWealth, Inc.

Dividend Limitations

The declaration and payment of our common stock dividends is subject to the discretion of our Board of Directors and will depend on our overall financial condition, results of operations, capital levels, cash requirements, future prospects, receipt of dividends or other distributions from Principal Life (as described below), risk management considerations and other factors deemed relevant by the Board. No significant restrictions limit the payment of dividends by us, except those generally applicable to corporations incorporated in Delaware.

Under Iowa law, Principal Life may pay dividends or make other distributions only from the earned surplus arising from its business and must receive the prior approval of the Commissioner of Insurance of the State of Iowa (“the Commissioner”) to pay stockholder dividends or make any other distribution if such distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of Principal Life’s statutory policyholder surplus as of the previous year-end excluding admitted disallowed interest maintenance reserve or (ii) the statutory net gain from operations from the previous calendar year, not to exceed earned surplus. Based on this limitation and 2023 statutory results, Principal Life could pay approximately $1,497.8 million in ordinary stockholder dividends in 2024 without prior regulatory approval. However, because the dividend test is based on dividends previously paid over rolling twelve-month periods, if paid before a specified date during 2024, some or all of such dividends may be extraordinary and require regulatory approval.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Employee and Agent Benefits - Supplemental Information, Qualified and Nonqualified Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Amount recognized in statement of financial position
Amount recognized in other liabilities	$ (481.3)	$ (483.1)
Total assets (liabilities) recognized in statement of financial position	(481.3)	(483.1)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	425.4	442.0
Prior service (benefit) cost	(70.6)	(87.4)
Pre-tax accumulated other comprehensive (income) loss	354.8	354.6
Accumulated benefit obligation	3,390.9	3,209.4
Defined Benefit Plan Nonqualified Pension Plan Market Value Of Assets Held In Trust	342.2	336.7
Components of Net Periodic Benefit Cost (Income)
Service cost	55.6	78.4	$ 83.2
Interest cost	160.1	112.8	103.3
Expected return on plan assets	(163.2)	(178.9)	(182.7)
Amortization of prior service (benefit) cost	(16.8)	(16.8)	(16.8)
Recognized net actuarial (gain) loss	41.0	55.7	70.2
Net periodic benefit cost (income)	76.7	51.2	57.2
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	24.4	(90.3)
Amortization of gain (loss)	(41.0)	(55.7)
Amortization of prior service benefit (cost)	16.8	16.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	0.2	(129.2)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	76.9	(78.0)
Pension benefits \| Qualified benefit plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(58.3)	(70.7)
Total assets (liabilities) recognized in statement of financial position	(58.3)	(70.7)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	361.4	390.7
Prior service (benefit) cost	(60.0)	(72.6)
Pre-tax accumulated other comprehensive (income) loss	301.4	318.1
Components of Net Periodic Benefit Cost (Income)
Service cost	51.6	72.5
Interest cost	139.7	98.7
Expected return on plan assets	(163.2)	(178.9)
Amortization of prior service (benefit) cost	(12.6)	(12.6)
Recognized net actuarial (gain) loss	38.8	39.7
Net periodic benefit cost (income)	54.3	19.4
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	9.5	15.0
Amortization of gain (loss)	(38.8)	(39.7)
Amortization of prior service benefit (cost)	12.6	12.6
Total recognized in pre-tax accumulated other comprehensive (income) loss	(16.7)	(12.1)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	37.6	7.3
Pension benefits \| Nonqualified benefit plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(423.0)	(412.4)
Total assets (liabilities) recognized in statement of financial position	(423.0)	(412.4)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	64.0	51.3
Prior service (benefit) cost	(10.6)	(14.8)
Pre-tax accumulated other comprehensive (income) loss	53.4	36.5
Components of Net Periodic Benefit Cost (Income)
Service cost	4.0	5.9
Interest cost	20.4	14.1
Amortization of prior service (benefit) cost	(4.2)	(4.2)
Recognized net actuarial (gain) loss	2.2	16.0
Net periodic benefit cost (income)	22.4	31.8
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	14.9	(105.3)
Amortization of gain (loss)	(2.2)	(16.0)
Amortization of prior service benefit (cost)	4.2	4.2
Total recognized in pre-tax accumulated other comprehensive (income) loss	16.9	(117.1)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	39.3	(85.3)
Other postretirement benefits
Amount recognized in statement of financial position
Amount recognized in other assets	31.4	23.4
Total assets (liabilities) recognized in statement of financial position	31.4	23.4
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	(24.4)	(20.2)
Prior service (benefit) cost	(4.3)	(5.1)
Pre-tax accumulated other comprehensive (income) loss	(28.7)	(25.3)
Components of Net Periodic Benefit Cost (Income)
Interest cost	3.4	2.3	2.2
Expected return on plan assets	(4.6)	(4.9)	(4.8)
Amortization of prior service (benefit) cost	(0.8)	(1.1)	(1.1)
Recognized net actuarial (gain) loss	(1.0)	(1.1)	(0.5)
Net periodic benefit cost (income)	(3.0)	(4.8)	$ (4.2)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(5.2)	5.4
Amortization of gain (loss)	1.0	1.1
Amortization of prior service benefit (cost)	0.8	1.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	(3.4)	7.6
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ (6.4)	$ 2.8

Future Policy Benefits and Claims - Reconciliation of Unpaid Claims to Liability for Unpaid Claims Table (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	$ 1,401.5
Reconciling items
Reinsurance recoverable on unpaid claims	39.3
Impact of discounting	(215.0)
Loss adjustment expense liability	37.6
Liability for unpaid claims - short duration contracts		$ 1,295.6
Insurance contracts other than short duration	142.5
Liability for unpaid claims	1,405.9	1,395.0	$ 1,370.9	$ 1,686.0
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	1,237.9
Reconciling items
Reinsurance recoverable on unpaid claims	39.2
Impact of discounting	(215.0)	(209.4)
Loss adjustment expense liability	20.5
Liability for unpaid claims - short duration contracts	1,082.6	1,076.2
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	79.1
Reconciling items
Loss adjustment expense liability	4.6
Liability for unpaid claims - short duration contracts	83.7	79.7
Group Life
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	84.5
Reconciling items
Reinsurance recoverable on unpaid claims	0.1
Loss adjustment expense liability	12.5
Liability for unpaid claims - short duration contracts	$ 97.1	$ 73.6

Nature of Operations and Significant Accounting Policies - Cumulative effect adjustment on consolidated statements of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Assets
Other investments	$ 7,035.6	$ 6,122.0
Reinsurance recoverable and deposit receivable	20,611.7	21,442.7
Premiums due and other receivables	3,998.8	3,933.3
Deferred acquisition costs	3,950.5	3,948.0	$ 3,822.3
Market risk benefit asset	153.4	109.2
Other assets	895.7	1,205.6
Total assets	305,046.7	290,867.0
Liabilities
Contractholder funds	41,501.1	42,825.3
Future policy benefits and claims	46,826.5	43,314.0
Market risk benefit liability	133.2	207.4
Other policyholder funds	916.8	911.5
Deferred income taxes	1,613.3	1,324.2
Total liabilities	293,836.1	280,587.2
Stockholders' equity
Retained earnings	16,683.5	16,697.3
Accumulated other comprehensive income (loss)	(5,345.3)	(6,879.0)
Total stockholders' equity	10,916.0	9,976.7
Total liabilities and stockholders' equity	$ 305,046.7	$ 290,867.0
Effects of implementation of accounting change \| ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts
Assets
Other investments			(1.6)
Reinsurance recoverable and deposit receivable			187.7
Premiums due and other receivables			(24.4)
Deferred acquisition costs			450.9
Market risk benefit asset			18.9
Other assets			19.3
Total assets			650.8
Liabilities
Contractholder funds			(397.9)
Future policy benefits and claims			7,143.4
Market risk benefit liability			663.5
Other policyholder funds			48.8
Deferred income taxes			(1,519.1)
Total liabilities			5,938.7
Stockholders' equity
Retained earnings			(159.9)
Accumulated other comprehensive income (loss)			(5,128.0)
Total stockholders' equity			(5,287.9)
Total liabilities and stockholders' equity			$ 650.8

Nature of Operations and Significant Accounting Policies - Balances and changes in Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the additional liability for certain benefits features
Balance at end of period	$ 5,326.5	$ 4,095.2
Benefits and Protection \| Life Insurance \| Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period	4,095.2	3,814.2	$ 3,463.9
Effect of changes in cash flow assumptions	725.4	(6.0)	(11.1)
Effect of actual variances from expected experience	45.2	54.9	18.1
Interest accrual	209.2	171.2	158.3
Net assessments collected	378.1	320.3	324.7
Benefit payments	(126.6)	(91.9)	(83.1)
Other	0.0	(167.5)	(56.6)
Balance at end of period	$ 5,326.5	$ 4,095.2	$ 3,814.2

Investments - Mortgage Loan Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) contract
Mortgage Loan Modifications
Number of contracts \| contract	1
Recorded investment \| $	$ 35.5
Commercial mortgage loans
Mortgage Loan Modifications
Number of contracts \| contract	1
Recorded investment \| $	$ 35.5

Statutory Insurance Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Statutory Insurance Financial Information

Statutory Net Income (Loss) and Statutory Capital and Surplus of Principal Life (Table)


	As of or for the year ended December 31,
	2023		2022		2021

	(in millions)
Statutory net income (loss)	$	1,285.0	$	(1,563.1)	$	864.0
Statutory capital and surplus		4,753.4		4,304.4		5,375.2

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturities, available-for-sale	$ 65,673.1	$ 62,889.9
Fixed maturities, trading (2023 and 2022 include $81.2 million and $27.8 million related to consolidated variable interest entities)	836.2	760.7
Equity securities (2023 and 2022 include $394.4 million and $740.0 million related to consolidated variable interest entities)	1,478.1	1,708.6
Mortgage loans (2023 and 2022 include $871.9 million and $1,179.7 million related to consolidated variable interest entities)	20,142.8	20,629.8
Real estate (2023 and 2022 include $779.1 million and $649.0 million related to consolidated variable interest entities)	2,345.3	2,239.7
Policy loans	809.3	784.7
Other investments (2023 and 2022 include $596.4 million and $375.9 million related to consolidated variable interest entities and $163.2 million and $0.0 million measured at fair value under the fair value option)	7,035.6	6,122.0
Total investments	98,320.4	95,135.4
Cash and cash equivalents (2023 and 2022 include $83.6 million and $32.4 million related to consolidated variable interest entities)	4,707.7	4,848.0
Accrued investment income	786.2	742.1
Reinsurance recoverable and deposit receivable	20,611.7	21,442.7
Premiums due and other receivables	3,998.8	3,933.3
Deferred acquisition costs	3,950.5	3,948.0
Market risk benefit asset	153.4	109.2
Property and equipment	938.4	996.1
Goodwill	1,608.5	1,598.2
Other intangibles	1,469.8	1,533.3
Separate account assets (2023 and 2022 include $34,688.3 million and $34,193.8 million related to consolidated variable interest entities)	167,605.6	155,375.1
Other assets	895.7	1,205.6
Total assets	305,046.7	290,867.0
Liabilities
Contractholder funds (2023 and 2022 include $0.0 million and $334.0 million related to consolidated variable interest entities)	41,501.1	42,825.3
Future policy benefits and claims	46,826.5	43,314.0
Market risk benefit liability	133.2	207.4
Other policyholder funds	916.8	911.5
Short-term debt	61.1	80.7
Long-term debt	3,930.9	3,997.0
Income taxes currently payable	11.9	19.2
Deferred income taxes	1,613.3	1,324.2
Separate account liabilities (2023 and 2022 include $34,688.3 million and $34,193.8 million related to consolidated variable interest entities)	167,605.6	155,375.1
Funds withheld payable	19,629.5	20,436.1
Other liabilities (2023 and 2022 include $87.7 million and $86.8 million related to consolidated variable interest entities)	11,606.2	12,096.7
Total liabilities	293,836.1	280,587.2
Redeemable noncontrolling interest (2023 and 2022 include $226.4 million and $235.3 million related to consolidated variable interest entities)	248.9	262.0
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 492,279,405 and 489,809,564 shares issued as of 2023 and 2022; 236,438,294 and 243,549,782 shares outstanding as of 2023 and 2022	4.9	4.9
Additional paid-in capital	10,908.6	10,740.4
Retained earnings	16,683.5	16,697.3
Accumulated other comprehensive income (loss)	(5,345.3)	(6,879.0)
Treasury stock, at cost; 255,841,111 and 246,259,782 shares as of 2023 and 2022	(11,335.7)	(10,586.9)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,916.0	9,976.7
Noncontrolling interest	45.7	41.1
Total stockholders' equity	10,961.7	10,017.8
Total liabilities and stockholders' equity	$ 305,046.7	$ 290,867.0

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability Balances and Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	$ 467.4
Ending balance, Unearned Revenue Liability	492.7	$ 467.4
Benefits and Protection \| Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability			$ 384.4
Universal life \| Benefits and Protection \| Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	459.0	425.3	384.4
Deferrals	56.3	61.8	66.1
Revenue recognized	(29.8)	(28.1)	(25.2)
Ending balance, Unearned Revenue Liability	485.5	459.0	$ 425.3
Reinsurance impact	(225.1)	(227.9)
Balance at end of period after reinsurance	$ 260.4	$ 231.1

Nature of Operations and Significant Accounting Policies - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	$ 3,948.0		$ 3,822.3
Amortized to expense	(389.8)	$ (386.9)	(373.4)
Ending balance, Deferred acquisition costs	3,950.5	3,948.0
Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	930.0		964.4
Amortized to expense	(95.8)	(101.0)	(107.1)
Ending balance, Deferred acquisition costs	918.9	930.0
Benefits and Protection
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	3,009.2		2,857.9
Amortized to expense	(292.9)	(284.8)	(265.1)
Ending balance, Deferred acquisition costs	3,023.9	3,009.2
Workplace savings and retirement solutions \| Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	498.0	489.0	477.2
Costs deferred	48.1	48.3	50.1
Amortized to expense	(39.7)	(39.3)	(38.3)
Ending balance, Deferred acquisition costs	506.4	498.0	489.0
Individual variable annuities \| Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	278.0	281.2	281.9
Costs deferred	27.4	22.5	26.4
Amortized to expense	(25.9)	(25.7)	(27.1)
Ending balance, Deferred acquisition costs	279.5	278.0	281.2
Pension risk transfer \| Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	8.1	2.7
Costs deferred	7.9	5.6	2.7
Amortized to expense	(0.6)	(0.2)
Ending balance, Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities \| Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	131.0	162.2	192.7
Costs deferred			7.6
Amortized to expense	(24.9)	(31.2)	(38.1)
Ending balance, Deferred acquisition costs	106.1	131.0	162.2
Investment only \| Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	14.9	18.1	12.6
Costs deferred	1.3	1.4	9.1
Amortized to expense	(4.7)	(4.6)	(3.6)
Ending balance, Deferred acquisition costs	11.5	14.9	18.1
Individual disability \| Benefits and Protection \| Specialty Benefits
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	626.1	580.7	529.8
Costs deferred	86.7	87.6	89.8
Amortized to expense	(45.1)	(42.2)	(38.9)
Ending balance, Deferred acquisition costs	667.7	626.1	580.7
Universal life \| Benefits and Protection \| Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	1,569.7	1,596.2	1,608.3
Costs deferred	70.7	70.6	84.3
Amortized to expense	(95.1)	(97.1)	(96.4)
Ending balance, Deferred acquisition costs	1,545.3	1,569.7	1,596.2
Term life \| Benefits and Protection \| Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	685.7	678.9	607.9
Costs deferred	71.3	66.7	126.5
Amortized to expense	(61.9)	(59.9)	(55.5)
Ending balance, Deferred acquisition costs	695.1	685.7	678.9
Participating life \| Benefits and Protection \| Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	93.0	102.3	111.9
Costs deferred	1.4	1.4	1.9
Amortized to expense	(9.7)	(10.7)	(11.5)
Ending balance, Deferred acquisition costs	$ 84.7	$ 93.0	$ 102.3

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Financial Instruments

Derivative Financial Instruments, Exposure (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	57,792.2	$	52,249.9
Interest rate options		4,498.4		4,418.9
Interest rate forwards		1,990.8		2,527.5
Interest rate futures		1,205.0		877.5
Foreign exchange contracts:
Currency swaps		2,105.8		1,634.7
Currency forwards		1,062.5		1,123.1
Equity contracts:
Equity options		2,331.3		2,049.3
Equity futures		568.4		574.1
Credit contracts:
Credit default swaps		305.0		400.0
Other contracts:
Embedded derivatives		22,511.7		23,209.3
Total notional amounts at end of period	$	94,371.1	$	89,064.3

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	42.9	$	64.2
Interest rate options		37.0		41.7
Interest rate forwards		4.2		0.1
Foreign exchange contracts:
Currency swaps		120.9		171.1
Currency forwards		20.8		34.0
Equity contracts:
Equity options		83.8		16.5
Credit contracts:
Credit default swaps		4.7		3.6
Total gross credit exposure		314.3		331.2
Less: collateral received		148.7		191.9
Net credit exposure	$	165.6	$	139.3

Derivative Financial Instruments, Fair Value Disclosures (Table)


	Derivative assets (1)				Derivative liabilities (2)
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	9.0	$	20.0	$	72.6	$	105.1
Foreign exchange contracts		84.6		134.6		39.6		19.7
Total derivatives designated as hedging instruments	$	93.6	$	154.6	$	112.2	$	124.8

Derivatives not designated as hedging instruments
Interest rate contracts	$	70.3	$	81.1	$	284.3	$	439.9
Foreign exchange contracts		51.9		65.9		22.2		21.9
Equity contracts		83.8		16.5		74.2		45.6
Credit contracts		4.6		3.5		1.1		2.0
Other contracts		—		—		(2,451.6)		(3,606.4)
Total derivatives not designated as hedging instruments		210.6		167.0		(2,069.8)		(3,097.0)

Total derivative instruments	$	304.2	$	321.6	$	(1,957.6)	$	(2,972.2)

(1)	The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2)

The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $115.5 million and $46.4 million as of December 31, 2023 and December 31, 2022, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(2,567.1) million and $(3,652.8) million as of December 31, 2023 and December 31, 2022, respectively, are reported with funds withheld payable on the consolidated statements of financial position.

Credit Derivatives Sold (Table)

December 31, 2023

Weighted

Maximum

average

Notional

Fair

future

expected life

amount

value

payments

(in years)

(in millions)

Single name credit default swaps

Corporate debt

40.0

0.3

40.0

1.5

BBB

140.0

3.8

140.0

3.0

20.0

0.2

20.0

3.5

Sovereign

20.0

0.2

20.0

1.5

Total credit default swap protection sold

220.0

4.5

220.0

2.7


	December 31, 2022
							Weighted
					Maximum		average
	Notional		Fair		future		expected life
	amount		value		payments		(in years)

	(in millions)
Single name credit default swaps
Corporate debt
A	$	40.0	$	0.4	$	40.0	2.5
BBB		190.0		2.2		190.0	3.1
BB		20.0		(0.2)		20.0	4.5
Sovereign
A		20.0		0.2		20.0	2.5
Total credit default swap protection sold	$	270.0	$	2.6	$	270.0	3.1

Fair Value Hedges (Table)


					Cumulative amount of fair
					value hedging basis adjustment
Line item in the consolidated statements					increase/(decrease) included in the
of financial position in which the	Carrying amount of hedged item				carrying amount of the hedged item
hedged item is included	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

	(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships	$	3,510.1	$	3,498.6	$	(87.0)	$	(153.4)
Discontinued hedging relationships		304.7		48.8		(5.2)		1.3
Total fixed maturities, available-for-sale in active or discontinued hedging relationships	$	3,814.8	$	3,547.4	$	(92.2)	$	(152.1)

Investment contracts:
Active hedging relationships	$	300.5	$	—	$	0.4	$	—
Total investment contracts in active or discontinued hedging relationships	$	300.5	$	—	$	0.4	$	—

(1)

These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2023 and December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $3,178.5 million and $3,256.9 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(62.2) million and $(102.4) million, respectively, and the amount of the designated hedged items were $1,395.0 million and $1,110.0 million, respectively.

Cash Flow Hedges (Table)


		Amount of gain (loss) recognized in AOCI on derivatives
Derivatives in cash flow		for the year ended December 31,
hedging relationships	Related hedged item	2023		2022		2021

		(in millions)
Interest rate contracts	Fixed maturities, available-for-sale	$	30.4	$	(102.1)	$	—
Interest rate contracts	Investment contracts		(11.0)		15.9		4.1
Foreign exchange contracts	Fixed maturities, available-for-sale		(64.0)		84.2		53.4
Total		$	(44.6)	$	(2.0)	$	57.5

Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)


	For the year ended December 31, 2023
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		(losses) related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	4,091.9	$	(72.2)	$	7,788.2

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	45.3	$	—	$	0.4
Loss recognized on derivatives		(43.9)		—		(2.1)
Amounts related to periodic settlements on derivatives		60.5		—		(2.6)

Foreign exchange contracts:
Gain recognized on hedged item		—		3.7		—
Loss recognized on derivatives		—		(3.7)		—
Amounts related to periodic settlements on derivatives		0.6		—		—
Total gain (loss) recognized for fair value hedging relationships	$	62.5	$	—	$	(4.3)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	4.1	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.9		—
Amounts related to periodic settlements on derivatives		—		—		14.2

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		1.5		—
Amounts related to periodic settlements on derivatives		21.4		—		—
Total gain recognized for cash flow hedging relationships	$	25.5	$	3.4	$	14.1


	For the year ended December 31, 2022
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		(losses) related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,838.5	$	(182.1)	$	6,631.3

Gains on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(154.4)	$	—	$	—
Gain recognized on derivatives		151.6		—		—
Amortization of hedged item basis adjustments		(1.3)		—		—
Amounts related to periodic settlements on derivatives		5.2		—		—
Total gain recognized for fair value hedging relationships	$	1.1	$	—	$	—

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	9.0	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		18.5		—
Amounts related to periodic settlements on derivatives		—		—		3.7

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.6		—
Amounts related to periodic settlements on derivatives		14.5		—		—
Total gain recognized for cash flow hedging relationships	$	23.5	$	19.1	$	3.6


	For the year ended December 31, 2021
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	4,429.6	$	115.4	$	7,258.2

Losses on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(28.7)	$	—	$	—
Gain recognized on derivatives		28.6		—		—
Amortization of hedged item basis adjustments		(1.8)		—		—
Amounts related to periodic settlements on derivatives		(10.0)		—		—
Total loss recognized for fair value hedging relationships	$	(11.9)	$	—	$	—

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	15.4	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.0		—
Amounts related to periodic settlements on derivatives		—		—		(0.4)

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		9.2		—
Amounts related to periodic settlements on derivatives		9.6		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	25.0	$	10.2	$	(0.5)

Net Investment Hedges (Table)


	Amount of gain (loss) recognized
	in AOCI on derivatives
	for the year ended December 31,
Derivatives in net investment hedging relationships	2023		2022		2021

	(in millions)
Foreign exchange contracts	$	(0.7)	$	1.5	$	2.9
Total	$	(0.7)	$	1.5	$	2.9

Derivatives Not Designated as Hedging Instruments (Table)


	Amount of gain (loss) recognized in
	net income on derivatives for the
	year ended December 31,
Derivatives not designated as hedging instruments	2023		2022		2021

	(in millions)
Interest rate contracts	$	(61.4)	$	(317.7)	$	(46.6)
Foreign exchange contracts		(40.0)		83.7		(121.9)
Equity contracts		(144.1)		20.7		(81.5)
Credit contracts		4.1		0.1		0.1
Other contracts (1)		(1,154.9)		3,682.3		0.2
Total	$	(1,396.3)	$	3,469.1	$	(249.7)

(1)	Includes the change in fair value of the funds withheld embedded derivative.

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details

Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized cost of fixed maturities available-for-sale
Due in one year or less	$ 1,352.4
Due after one year through five years	8,852.6
Due after five years through ten years	9,880.9
Due after ten years	28,207.4
Subtotal	48,293.3
Mortgage-backed and other asset-backed securities	22,488.1
Amortized cost, fixed maturities	70,781.4	$ 70,263.1
Fair value of fixed maturities available-for-sale
Due in one year or less	1,337.2
Due after one year through five years	8,672.4
Due after five years through ten years	9,360.1
Due after ten years	25,153.8
Subtotal	44,523.5
Mortgage-backed and other asset-backed securities	21,149.6
Fair value, fixed maturities	$ 65,673.1	$ 62,889.9

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	556.3	$	551.4	$	590.1
Principal Asset Management:
Principal Global Investors		1,554.1		1,675.0		1,787.9
Principal International		456.5		426.3		492.7
Eliminations		(21.0)		(23.7)		(26.0)
Total Principal Asset Management		1,989.6		2,077.6		2,254.6
Benefits and Protection:
Specialty Benefits		15.9		15.1		14.9
Life Insurance		74.0		65.1		60.6
Eliminations		(0.1)		(0.1)		(0.2)
Total Benefits and Protection		89.8		80.1		75.3
Corporate		179.2		166.7		230.1
Total segment revenue from contracts with customers		2,814.9		2,875.8		3,150.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		1,200.5		1,172.8		1,811.3
Pre-tax other adjustments (2)		80.5		89.2		79.9
Total fees and other revenues per consolidated statements of operations	$	4,095.9	$	4,137.8	$	5,041.3

(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.

Retirement and Income Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Administrative service fee revenue	$	539.5	$	537.0	$	576.7
Deposit account fee revenue		11.3		10.2		9.2
Commission income		1.9		1.2		0.7
Other fee revenue		3.6		3.0		3.5
Total revenues from contracts with customers		556.3		551.4		590.1
Fees and other revenues not within the scope of revenue recognition guidance		1,118.7		1,114.0		1,226.9
Total fees and other revenues		1,675.0		1,665.4		1,817.0
Premiums and other considerations		2,935.0		1,959.7		1,883.6
Net investment income		2,640.2		2,274.1		2,728.8
Total operating revenues	$	7,250.2	$	5,899.2	$	6,429.4

Principal Asset Management | Principal International

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Principal International:
Management fee revenue	$	448.1	$	417.1	$	484.4
Other fee revenue		8.4		9.2		8.3
Total revenues from contracts with customers		456.5		426.3		492.7
Fees and other revenues not within the scope of revenue recognition guidance		5.8		4.5		4.2
Total fees and other revenues		462.3		430.8		496.9
Premiums and other considerations		29.0		77.7		127.5
Net investment income		701.5		980.9		766.7
Total operating revenues	$	1,192.8	$	1,489.4	$	1,391.1

Revenues from contracts with customers by region:
Latin America	$	346.9	$	315.2	$	364.0
Asia		110.4		111.5		129.6
Eliminations		(0.8)		(0.4)		(0.9)
Total revenues from contracts with customers	$	456.5	$	426.3	$	492.7

Principal Asset Management | Principal Global Investors

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Principal Global Investors:
Management fee revenue	$	1,372.0	$	1,434.6	$	1,514.1
Other fee revenue		182.1		240.4		273.8
Total revenues from contracts with customers		1,554.1		1,675.0		1,787.9
Fees and other revenues not within the scope of revenue recognition guidance		24.9		27.4		36.2
Total fees and other revenues		1,579.0		1,702.4		1,824.1
Net investment income		32.2		13.1		3.9
Total operating revenues	$	1,611.2	$	1,715.5	$	1,828.0

Benefits and Protection | Life Insurance

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Specialty Benefits:
Administrative service fees	$	15.9	$	15.1	$	14.9
Total revenues from contracts with customers		15.9		15.1		14.9
Fees and other revenues not within the scope of revenue recognition guidance		18.2		18.6		19.0
Total fees and other revenues		34.1		33.7		33.9
Premiums and other considerations		3,020.9		2,771.1		2,496.4
Net investment income		174.4		179.8		179.3
Total operating revenues	$	3,229.4	$	2,984.6	$	2,709.6

	For the year ended December 31,
	2023		2022		2021

	(in millions)
Life Insurance:
Administrative service fees	$	31.2	$	27.6	$	26.7
Commission income		42.8		37.5		33.9
Total revenues from contracts with customers		74.0		65.1		60.6
Fees and other revenues not within the scope of revenue recognition guidance		333.3		321.5		885.0
Total fees and other revenues		407.3		386.6		945.6
Premiums and other considerations		514.9		535.9		334.0
Net investment income		401.5		396.3		803.4
Total operating revenues	$	1,323.7	$	1,318.8	$	2,083.0

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commission income	$	373.9	$	366.2	$	388.9
Other fee revenue		84.1		79.7		68.8
Eliminations		(278.8)		(279.2)		(227.6)
Total revenues from contracts with customers		179.2		166.7		230.1
Fees and other revenues not within the scope of revenue recognition guidance		(299.0)		(312.6)		(359.3)
Total fees and other revenues		(119.8)		(145.9)		(129.2)
Premiums and other considerations		(14.5)		(4.2)		—
Net investment income		210.7		167.2		157.1
Total operating revenues	$	76.4	$	17.1	$	27.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Nature of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Recent Accounting Pronouncements

Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)


							Accumulated other
	Retained earnings						comprehensive income
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
DAC and other actuarial balances:
Adjustment for reversal of unrealized loss from AOCI (1) (2)	$	—	$	—	$	—	$	421.5	$	(88.5)	$	333.0
Cost of reinsurance asset (liability):
Cumulative effect of amortization basis change		(9.0)		1.9		(7.1)		—		—		—
Adjustment of unrealized loss in AOCI		—		—		—		16.1		(3.4)		12.7
Reinsurance recoverable:
Adjustment for reversal of unrealized gain from AOCI (2)		—		—		—		(45.5)		9.5		(36.0)
Adjustment under the modified retrospective approach (3)		31.4		(6.6)		24.8		—		—		—
Effect of remeasurement of the recoverable at the current discount rate		—		—		—		201.8		(42.4)		159.4
Liability for future policy benefits:
Adjustment for reversal of unrealized loss from AOCI (2)		—		—		—		1,965.3		(452.2)		1,513.1
Adjustment under the modified retrospective approach (3)		(119.1)		29.8		(89.3)		17.9		(4.8)		13.1
Effect of remeasurement of the liability at the current discount rate		—		—		—		(9,043.1)		2,024.8		(7,018.3)
Market risk benefits:
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date		—		—		—		(4.8)		1.0		(3.8)
Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB		20.9		(4.4)		16.5		—		—		—
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes)		(258.8)		54.4		(204.4)		—		—		—
Reclassification of nonperformance risk changes between retained earnings and AOCI (4)		108.4		(22.5)		85.9		(108.4)		22.5		(85.9)
Investment in equity method subsidiary impacted by LDTI (5)		22.8		(9.1)		13.7		(25.5)		10.2		(15.3)
Total impact on opening balance as of January 1, 2021	$	(203.4)	$	43.5	$	(159.9)	$	(6,604.7)	$	1,476.7	$	(5,128.0)

(1)	Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality.

(2)	Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(3)

The impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. The foreign currency translation related to the liability for future policy benefits was reflected as an adjustment to the opening balance of AOCI.

(4)	The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.

(5)	Reflects the impact from our equity method investment in Brasilprev Seguros e Previdencia, which had transition impacts for the liability for future policy benefits and the additional liability for certain benefit features.

The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021.


	Increase (decrease)
	(in millions)
Assets
Other investments (1)	$	(1.6)
Reinsurance recoverable and deposit receivable		187.7
Premiums due and other receivables (2)		(24.4)
Deferred acquisition costs		450.9
Market risk benefit asset (3)		18.9
Other assets (4)		19.3
Total assets	$	650.8

Liabilities
Contractholder funds (5)	$	(397.9)
Future policy benefits and claims (6)		7,143.4
Market risk benefit liability (3)		663.5
Other policyholder funds (7)		48.8
Deferred income taxes		(1,519.1)
Total liabilities		5,938.7
Stockholders’ equity
Retained earnings		(159.9)
Accumulated other comprehensive income		(5,128.0)
Total stockholders’ equity		(5,287.9)
Total liabilities and stockholders’ equity	$	650.8

(1)	Reflects the impact on our investment in Brasilprev Seguros e Previdencia, which is accounted for using the equity method.

(2)	Includes the impact on the cost of reinsurance asset.

(3)

This is a new line item on the consolidated statements of financial position as a result of implementing LDTI. These contract features were previously recorded as embedded derivatives within contractholder funds or additional liabilities for certain benefit features within future policy benefits and claims on the consolidated statements of financial position.

(4)	Reflects the impact on the sales inducement asset.

(5)	Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI.

(6)	Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI.

(7)	Reflects the impact on the unearned revenue liability.

Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	506.4	$	498.0
Individual variable annuities		279.5		278.0
Pension risk transfer		15.4		8.1
Individual fixed deferred annuities		106.1		131.0
Investment only		11.5		14.9
Total Retirement and Income Solutions		918.9		930.0
Benefits and Protection:
Specialty Benefits:
Individual disability		667.7		626.1
Life Insurance:
Universal life		1,545.3		1,569.7
Term life		695.1		685.7
Participating life		84.7		93.0
Total Benefits and Protection		2,992.8		2,974.5
Short-duration contracts		31.1		34.7
Other balances (1)		7.7		8.8
Total DAC per consolidated statements of financial position	$	3,950.5	$	3,948.0

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

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:


	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Disaggregated Rollforward at Adoption - Liability for Future Policy Benefits (Table)

Retirement and Income Solutions and Principal Asset Management – Principal International


	For the year ended December 31, 2021
					Principal
					Asset
					Management –
	Retirement and Income				Principal
	Solutions				International
					Latin America
	Pension		Individual		Individual
	risk		fixed income		fixed income
	transfer		annuities		annuities

	(in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	25,863.7	$	7,145.8	$	6,561.5
Effect of changes in discount rate assumptions at beginning of period		(4,827.9)		(1,213.5)		(2,096.0)
Balance at beginning of period at original discount rate		21,035.8		5,932.3		4,465.5
Effect of actual variances from expected experience		(2.4)		(1.3)		(4.9)
Adjusted beginning of period balance at original discount rate		21,033.4		5,931.0		4,460.6
Interest accrual		916.7		240.5		444.3
Benefit payments		(1,772.5)		(532.0)		(436.0)
Issuances		1,801.7		82.9		141.3
Foreign currency translation adjustment		—		—		(751.9)
Balance at end of period at original discount rate		21,979.3		5,722.4		3,858.3
Effect of changes in discount rate assumptions at end of period		3,386.5		812.6		478.5
Future policy benefits	$	25,365.8	$	6,535.0	$	4,336.8

Benefits and Protection and Corporate


	For the year ended December 31, 2021
	Benefits and Protection				Corporate
	Specialty		Life
	Benefits		Insurance
	Individual				Long-term
	disability		Term life		care insurance

	(in millions)
Present value of expected net premiums
Balance at beginning of period	$	3,148.3	$	3,799.0	$	66.7
Effect of changes in discount rate assumptions at beginning of period		(340.7)		(861.1)		(17.6)
Balance at beginning of period at original discount rate		2,807.6		2,937.9		49.1
Effect of changes in cash flow assumptions		—		—		2.8
Effect of actual variances from expected experience		122.0		211.4		(0.8)
Adjusted beginning of period balance at original discount rate		2,929.6		3,149.3		51.1
Interest accrual		95.4		151.1		2.9
Net premiums collected		(280.4)		(315.0)		(5.2)
Issuances		206.4		518.2		—
Balance at end of period at original discount rate		2,951.0		3,503.6		48.8
Effect of changes in discount rate assumptions at end of period		198.9		690.1		14.0
Balance at end of period	$	3,149.9	$	4,193.7	$	62.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	5,649.2	$	4,959.3	$	324.3
Effect of changes in discount rate assumptions at beginning of period		(834.1)		(1,179.9)		(111.1)
Balance at beginning of period at original discount rate		4,815.1		3,779.4		213.2
Effect of changes in cash flow assumptions		—		—		0.5
Effect of actual variances from expected experience		118.8		216.0		(4.6)
Adjusted beginning of period balance at original discount rate		4,933.9		3,995.4		209.1
Interest accrual		181.0		194.3		12.4
Benefit payments		(179.7)		(335.7)		(13.5)
Issuances		212.1		543.4		—
Balance at end of period at original discount rate		5,147.3		4,397.4		208.0
Effect of changes in discount rate assumptions at end of period		501.0		913.9		89.5
Balance at end of period	$	5,648.3	$	5,311.3	$	297.5

Future policy benefits (1)	$	2,498.4	$	1,117.6	$	234.7
Reinsurance impact		(549.9)		(0.1)		(234.7)
Future policy benefits after reinsurance	$	1,948.5	$	1,117.5	$	—

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

Disaggregated Rollforward at Adoption - Additional Liability for Certain Benefit Features (Table)

Benefits and Protection

The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows:


	For the year ended,
	December 31, 2021
	(in millions)
Balance at beginning of period	$	3,463.9
Effect of changes in cash flow assumptions		(11.1)
Effect of actual variances from expected experience		18.1
Interest accrual		158.3
Net assessments collected		324.7
Benefit payments		(83.1)
Other (1)		(56.6)
Balance at end of period	$	3,814.2

(1)	Reflects model refinements accounted for as a change in accounting estimate.

Disaggregated Rollforward at Adoption - Market Risk Benefits (Table)


	For the year ended December 31, 2021
	Retirement and Income		Principal Asset Management –
	Solutions		Principal International
			Asia
	Individual variable annuities		Guaranteed pension

	(in millions)
Balance at beginning of period	$	(591.3)	$	(53.3)
Effect of changes in nonperformance risk at beginning of period		106.7		6.5
Adjusted balance at beginning of period		(484.6)		(46.8)
Effect of:
Interest accrual and expected policyholder behavior		(120.7)		(5.3)
Benefit payments		0.4		5.7
Changes in interest rates		154.3		7.6
Changes in equity markets		106.4		1.4
Changes in equity index volatility		15.1		—
Actual policyholder behavior different from expected behavior		2.3		3.6
Changes in future expected policyholder behavior		(96.6)		0.5
Changes in other future expected assumptions		38.2		2.3
Foreign currency translation adjustment		—		0.2
Adjusted balance at end of period		(385.2)		(30.8)
Effect of changes in nonperformance risk at end of period		(109.5)		(4.3)
Balance at end of period	$	(494.7)	$	(35.1)

Actuarial recohorting pre-tax impacts to comprehensive income (Table)


	For the year ended
	December 31, 2022
	(in millions)
Increase to income before taxes
Cost of reinsurance amortization (1)	$	33.7
Change in additional liability for certain benefit features (1)		167.4
Total increase to income before income taxes		201.1

Increase to pre-tax other comprehensive income
Cost of reinsurance unrealized losses		(2.1)
Change in additional liability for certain benefit features unrealized gains		7.8
Total increase to pre-tax other comprehensive income		5.7

Total increase to pre-tax comprehensive income	$	206.8

(1)	Reported in liability for future policy benefits remeasurement (gain) loss.

Deferred acquisition costs

Recent Accounting Pronouncements

Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)


			Adjustment
			for reversal of
	Balance as of		unrealized loss		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	424.6	$	52.6	$	477.2
Individual variable annuities		281.7		0.2		281.9
Pension risk transfer (3)		—		—		—
Individual fixed deferred annuities		11.5		181.2		192.7
Investment only		12.6		—		12.6
Total Retirement and Income Solutions		730.4		234.0		964.4
Benefits and Protection:
Specialty Benefits:
Individual disability		529.8		—		529.8
Life Insurance:
Universal life		1,443.0		165.3		1,608.3
Term life		607.9		—		607.9
Participating life		60.3		51.6		111.9
Total Benefits and Protection		2,641.0		216.9		2,857.9
Total	$	3,371.4	$	450.9	$	3,822.3

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Does not include DAC for short-duration contracts or insignificant balances for long-duration contracts not included in our levels of aggregation for disclosures. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC.

(3)	This product began recording DAC upon implementing LDTI.

Unearned revenue liability

Recent Accounting Pronouncements

Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)


			Adjustment
			for reversal of
	Balance as of		unrealized gain		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	335.6	$	48.8	$	384.4
Total	$	335.6	$	48.8	$	384.4

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability.

Liability for future policy benefits

Recent Accounting Pronouncements

Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)

Liability for Future Policy Benefits


							Effect of
					Adjustment		remeasurement
			Adjustment		under the		of the liability
	Balance as of		for reversal of		modified		at the current		Balance as of
	December 31,		unrealized loss		retrospective		discount		January 1,
	2020		from AOCI (1)		approach (2)		rate (3)		2021 (4)

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	21,982.8	$	(947.0)	$	—	$	4,827.9	$	25,863.7
Individual fixed income annuities		6,147.2		(215.0)		0.1		1,213.5		7,145.8
Total Retirement and Income Solutions		28,130.0		(1,162.0)		0.1		6,041.4		33,009.5
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		5,038.4		(634.6)		61.7		2,096.0		6,561.5
Benefits and Protection:
Specialty Benefits:
Individual disability		2,173.8		(168.7)		2.4		493.4		2,500.9
Life Insurance:
Term life		834.5		—		7.0		318.8		1,160.3
Total Benefits and Protection		3,008.3		(168.7)		9.4		812.2		3,661.2
Corporate:
Long-term care insurance		134.1		—		30.0		93.5		257.6
Total	$	36,310.8	$	(1,965.3)	$	101.2	$	9,043.1	$	43,489.8

(1)	Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)

As a result of updating cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level, the impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI.

(3)	The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(4)	Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 10, Future Policy Benefits and Claims, for further information on the liability for future policy benefits.

Market risk benefits

Recent Accounting Pronouncements

Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)

Market Risk Benefits


			Cumulative
			effect of
			changes in the		Retained earnings
			nonperformance		adjustment
			risk between the		for the valuation of
			original contract		contracts as MRBs
	Asset (liability)		issue date and		(exclusive of		Asset (liability)
	balance as of		the transition		nonperformance		balance as of
	December 31, 2020 (1)		date (2)		risk changes) (3)		January 1, 2021 (4)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	(348.6)	$	(4.8)	$	(237.9)	$	(591.3)
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (5)		(53.3)		—		—		(53.3)
Total	$	(401.9)	$	(4.8)	$	(237.9)	$	(644.6)

(1)

The balance as of December 31, 2020, for MRBs represents the contract features that meet the definition of an MRB under LDTI and the related carrying amount of those features prior to adoption. These contract features were previously accounted for as an embedded derivative, or as an additional liability for annuitization benefits or death or other insurance benefits.

(2)

The cumulative effect of the change in our own nonperformance risk between the original contract issuance date and the transition date of LDTI for contract features previously accounted for as an additional liability for certain benefit features was recorded as an adjustment to the opening balance of AOCI.

(3)	The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings.

(4)

Refer to Note 11, Market Risk Benefits, for further information on MRBs. The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.

(5)	This product had nominal transition adjustments.

ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts

Recent Accounting Pronouncements

Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table)

Retirement and Income Solutions


	For the year ended December 31, 2021
	Workplace
	savings and		Individual		Pension		Individual
	retirement		variable		risk		fixed deferred		Investment
	solutions		annuities		transfer (1)		annuities		only

	(in millions)
Balance at beginning of period	$	477.2	$	281.9	$	—	$	192.7	$	12.6
Costs deferred		50.1		26.4		2.7		7.6		9.1
Amortized to expense		(38.3)		(27.1)		—		(38.1)		(3.6)
Balance at end of period	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1

(1)	Amortization during 2021 was nominal.

Benefits and Protection


	For the year ended December 31, 2021
	Specialty
	Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life

	(in millions)
Balance at beginning of period	$	529.8	$	1,608.3	$	607.9	$	111.9
Costs deferred		89.8		84.3		126.5		1.9
Amortized to expense		(38.9)		(96.4)		(55.5)		(11.5)
Balance at end of period	$	580.7	$	1,596.2	$	678.9	$	102.3

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 623.2	$ 4,756.9	$ 1,580.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Tax Expense (Benefit) from Continuing Operations


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Current income taxes (benefits):
U.S. federal	$	81.5	$	(56.3)	$	110.3
State		20.1		20.7		19.4
Foreign		38.8		53.1		38.0
Tax benefit of operating loss carryforward		(14.5)		(9.5)		(1.2)
Total current income taxes		125.9		8.0		166.5
Deferred income taxes (benefits):
U.S. federal		(63.2)		1,189.7		118.0
State		0.1		8.0		16.6
Foreign		5.9		(16.2)		(17.2)
Total deferred income taxes (benefits)		(57.2)		1,181.5		117.4
Income taxes	$	68.7	$	1,189.5	$	283.9

Income Before Income Taxes, Domestic and Foreign


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Domestic	$	412.8	$	5,766.1	$	1,715.2
Foreign		326.0		220.9		195.7
Total income before income taxes	$	738.8	$	5,987.0	$	1,910.9

Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations


	For the year ended December 31,
	2023		2022		2021
U.S. corporate income tax rate	21	%	21	%	21	%
Dividends received deduction	(10)		(1)		(4)
Tax credits	(8)		(1)		(2)
Impact of equity method presentation	(4)		—		(1)
Interest exclusion from taxable income	(3)		—		(1)
Foreign currency inflation	(1)		—		—
Impact of noncontrolling interest presentation	(1)		—		—
Global Intangible Low-Taxed Income	7		1		1
Low income housing tax credit amortization	5		—		—
State income taxes	2		—		2
Valuation allowance	1		—		—
Other	—		—		(1)
Effective income tax rate	9	%	20	%	15	%

Changes in Unrecognized Tax Benefits


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Balance at beginning of period	$	42.2	$	45.5	$	46.9
Additions based on tax positions related to the current year		0.3		—		1.8
Reductions for tax positions related to the current year		(3.2)		(3.3)		(3.2)
Balance at end of period (1)	$	39.3	$	42.2	$	45.5

(1)	If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2023 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.

Components of Net Deferred Income Taxes


	December 31,
	2023		2022

	(in millions)
Deferred income tax assets:
Net operating and capital loss carryforwards	$	123.0	$	86.1
Tax credit carryforwards		64.2		65.8
Net unrealized losses on available-for-sale securities		1,092.9		1,572.3
Employee benefits		315.4		305.3
Gross deferred income tax assets		1,595.5		2,029.5
Valuation allowance		(58.8)		(42.9)
Total deferred income tax assets		1,536.7		1,986.6
Deferred income tax liabilities:
Deferred acquisition costs		(679.2)		(639.6)
Investments, including derivatives		(240.9)		(224.7)
Funds withheld embedded derivative		(575.5)		(767.1)
Real estate		(136.7)		(141.0)
Intangible assets		(384.2)		(386.9)
Insurance liabilities		(886.1)		(814.3)
Other deferred income tax liabilities		(6.3)		(30.3)
Total deferred income tax liabilities		(2,908.9)		(3,003.9)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)

Net Deferred Income Taxes by Jurisdiction


	December 31,
	2023		2022

	(in millions)
Deferred income tax assets:
State	$	77.9	$	83.1
Foreign		163.2		223.8
Net deferred income tax assets		241.1		306.9
Deferred income tax liabilities:
U.S. federal		(1,312.9)		(1,051.0)
Foreign		(300.4)		(273.2)
Net deferred income tax liabilities		(1,613.3)		(1,324.2)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Cash Flows (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating activities

Net income (loss)

$ 670.1

$ 4,797.5

$ 1,627.0

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized capital (gains) losses

^[1]

72.2

182.1

(115.4)

Stock-based compensation

99.4

91.3

96.1

Changes in:

Net cash flows for trading securities and equity securities with operating intent

(56.0)

(339.5)

99.9

Current and deferred income tax benefits

(40.5)

854.8

117.9

Other

(146.5)

(125.9)

(15.4)

Net cash provided by (used in) operating activities

3,792.4

3,172.9

3,254.4

Investing activities

Fixed maturities available-for-sale and equity securities with intent to hold: Purchases

(11,417.0)

(19,352.6)

(16,625.5)

Sales

5,888.3

14,729.7

2,735.3

Maturities

5,190.8

6,853.7

10,960.0

Net (purchases) sales of property and equipment

(102.0)

(116.3)

(129.9)

Net change in other investments

(919.3)

(68.2)

(142.6)

Net cash provided by (used in) investing activities

(1,346.9)

1,058.5

(5,693.7)

Financing activities

Issuance of common stock

57.8

181.7

86.7

Acquisition of treasury stock

(740.4)

(1,661.1)

(937.2)

Dividends to common stockholders

(625.5)

(642.3)

(654.1)

Principal repayments of long-term debt

(764.0)

(302.0)

(1.8)

Issuance of long-term debt

691.5

15.4

Net cash provided by (used in) financing activities

(2,585.8)

(1,715.4)

1,921.5

Net increase (decrease) in cash and cash equivalents

(140.3)

2,516.0

(517.8)

Cash and cash equivalents at beginning of period

4,848.0

2,332.0

2,849.8

Cash and cash equivalents at end of period

4,707.7

4,848.0

2,332.0

Principal Financial Group, Inc. Parent Only | Legal Entities

Operating activities

Net income (loss)

623.2

4,756.9

1,580.2

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized capital (gains) losses

53.6

14.9

Stock-based compensation

1.7

1.6

Equity in the net (income) loss of subsidiaries

(787.8)

(4,948.8)

(1,701.9)

Changes in:

Net cash flows for trading securities and equity securities with operating intent

99.9

66.1

Current and deferred income tax benefits

(10.7)

(2.5)

(4.8)

Other

27.0

(30.1)

(34.4)

Net cash provided by (used in) operating activities

(146.6)

(69.3)

(78.3)

Investing activities

Fixed maturities available-for-sale and equity securities with intent to hold: Purchases

(462.3)

Sales

935.9

Maturities

1.9

52.7

190.2

Net (purchases) sales of property and equipment

(0.1)

Net change in other investments

0.6

14.3

46.7

Dividends and returns of capital received from (contributed to) unconsolidated entities

1,239.0

1,660.3

1,826.3

Net cash provided by (used in) investing activities

1,241.4

2,663.1

1,600.8

Financing activities

Issuance of common stock

57.8

181.7

86.7

Acquisition of treasury stock

(740.4)

(1,661.0)

(937.2)

Dividends to common stockholders

(625.5)

(642.3)

(654.1)

Principal repayments of long-term debt

(700.0)

(300.0)

Issuance of long-term debt

691.5

Net cash provided by (used in) financing activities

(1,316.6)

(2,421.6)

(1,504.6)

Net increase (decrease) in cash and cash equivalents

(221.8)

172.2

17.9

Cash and cash equivalents at beginning of period

492.5

320.3

302.4

Cash and cash equivalents at end of period

$ 270.7

$ 492.5

$ 320.3

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Employee and Agent Benefits - Plan Information (Details)	12 Months Ended
	Dec. 31, 2023
Pension benefits
Defined Benefit Plan Disclosures
Period of employment used to calculate average annual compensation for the final average pay benefit	5 years

Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Share Awards
Stock-Based Compensation Plans - Disclosures
Performance period for goals	3 years
Change in nonvested units outstanding
Awards or units granted (in shares)	0.3	0.3	0.2
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 91.47	$ 66.62	$ 58.68
Awards or units vested (in shares)	0.2
Awards or units canceled (in shares)	0.1
Awards or units outstanding at end of period (in shares)	0.8	0.8
Awards or units outstanding at beginning of period (in shares)	0.8
Awards or units vested, Weighted-average grant-date fair value (in dollars per share)	$ 52.65
Awards or units canceled, Weighted-average grant-date fair value (in dollars per share)	65.92
Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share)	71.66	$ 59.19
Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share)	$ 59.19
Other award and unit disclosures
Intrinsic value from awards or units vested	$ 11.0	$ 11.6	$ 4.7
Lower limit multiple of initial target awards (as a percent)	0.00%	0.00%
Upper limit multiple of initial target awards (as a percent)	180.00%	150.00%
Unrecognized compensation costs	$ 15.9
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 8 months 12 days
Tax benefits realized for the tax deductions from awards or units paid out	$ 7.7	$ 6.4	$ 1.8
Restricted Stock Units
Change in nonvested units outstanding
Awards or units granted (in shares)	0.9	1.3	1.1
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 87.71	$ 70.29	$ 59.17
Awards or units vested (in shares)	1.0
Awards or units canceled (in shares)	0.1
Awards or units outstanding at end of period (in shares)	3.0	3.2
Awards or units outstanding at beginning of period (in shares)	3.2
Awards or units vested, Weighted-average grant-date fair value (in dollars per share)	$ 51.70
Awards or units canceled, Weighted-average grant-date fair value (in dollars per share)	73.13
Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share)	71.83	$ 60.69
Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share)	$ 60.69
Other award and unit disclosures
Intrinsic value from awards or units vested	$ 102.8	$ 81.1	$ 51.7
Unrecognized compensation costs	$ 68.5
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 6 months
Tax benefits realized for the tax deductions from awards or units paid out	$ 35.9	$ 27.0	$ 17.8
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan \| Restricted Stock Units
Other award and unit disclosures
Vesting period	3 years
2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Directors Stock Plan and 2005 Directors Stock Plan \| Restricted Stock Units
Other award and unit disclosures
Vesting period	1 year

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating activities

Net income (loss)

$ 670.1

$ 4,797.5

$ 1,627.0

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized capital (gains) losses

^[1]

72.2

182.1

(115.4)

Net realized capital (gains) losses on funds withheld assets

(165.0)

(749.4)

Change in fair value of funds withheld embedded derivative

1,085.7

(3,652.8)

(0.0)

Depreciation and amortization expense

272.7

295.9

275.3

Amortization of deferred acquisition costs and contract costs

428.1

422.4

405.8

Additions to deferred acquisition costs and contract costs

(429.3)

(427.2)

(522.1)

Amortization of reinsurance (gain) loss

17.7

19.3

23.0

Market risk benefit remeasurement (gain) loss

29.1

125.3

98.3

Stock-based compensation

99.4

91.3

96.1

Income from equity method investments, net of dividends received

(110.2)

(111.0)

(189.8)

Changes in:

Accrued investment income

(44.1)

(46.3)

13.8

Net cash flows for trading securities and equity securities with operating intent

(56.0)

(339.5)

99.9

Premiums due and other receivables

(36.7)

(3,301.9)

8.3

Contractholder and policyholder liabilities and dividends

2,562.0

1,914.7

1,430.6

Current and deferred income taxes (benefits)

(40.5)

854.8

117.9

Real estate acquired through operating activities

(130.8)

(164.4)

(73.7)

Real estate sold through operating activities

164.8

7.9

1.8

Funds withheld, net of reinsurance recoverable and deposit receivable

(665.2)

3,038.6

(36.0)

Other assets and liabilities

214.9

341.5

9.0

Other

(146.5)

(125.9)

(15.4)

Net adjustments

3,122.3

(1,624.6)

1,627.4

Net cash provided by (used in) operating activities

3,792.4

3,172.9

3,254.4

Investing activities

Fixed maturities available-for-sale and equity securities with intent to hold: Purchases

(11,417.0)

(19,352.6)

(16,625.5)

Fixed maturities available-for-sale and equity securities with intent to hold: Sales

5,888.3

14,729.7

2,735.3

Fixed maturities available-for-sale and equity securities with intent to hold: Maturities

5,190.8

6,853.7

10,960.0

Mortgage loans acquired or originated

(2,044.2)

(3,731.2)

(5,223.5)

Mortgage loans sold or repaid

2,112.0

2,614.6

2,853.2

Real estate acquired

(187.5)

(245.2)

(281.4)

Real estate sold

132.0

374.0

133.7

Net (purchases) sales of property and equipment

(102.0)

(116.3)

(129.9)

Sale of interests in subsidiaries

27.0

Net change in other investments

(919.3)

(68.2)

(142.6)

Net cash provided by (used in) investing activities

(1,346.9)

1,058.5

(5,693.7)

Financing activities

Issuance of common stock

57.8

181.7

86.7

Accelerated stock repurchase settlement

(33.9)

Acquisition of treasury stock

(740.4)

(1,661.1)

(937.2)

Payments for financing element derivatives

(42.1)

(50.6)

(39.9)

Purchase of subsidiary shares from noncontrolling interest

(2.8)

(9.2)

(24.2)

Dividends to common stockholders

(625.5)

(642.3)

(654.1)

Issuance of long-term debt

691.5

15.4

Principal repayments of long-term debt

(764.0)

(302.0)

(1.8)

Net proceeds from (repayments of) short-term borrowings

(18.5)

0.9

10.2

Investment contract deposits

8,618.9

7,346.7

9,359.8

Investment contract withdrawals

(9,422.4)

(7,647.3)

(8,801.0)

Net increase (decrease) in banking operation deposits

(338.6)

1,086.3

2,922.9

Other

0.3

0.1

Net cash provided by (used in) financing activities

(2,585.8)

(1,715.4)

1,921.5

Net increase (decrease) in cash and cash equivalents

(140.3)

2,516.0

(517.8)

Cash and cash equivalents at beginning of period

4,848.0

2,332.0

2,849.8

Cash and cash equivalents at end of period

4,707.7

4,848.0

2,332.0

Supplemental information:

Cash paid for interest

170.7

175.8

166.1

Cash paid for income taxes

68.1

142.1

109.9

Asset changes resulting from deconsolidation of residential whole loan securitizations:

Decrease in mortgage loans

389.7

220.7

Increase in fixed maturities, available-for-sale

286.2

167.6

Increase in fixed maturities, trading

$ 10.8

Assets transferred in kind for settlement to reinsurer

$ (428.5)

Changes from re-designation of other postretirement employee benefits ("OPEB") plan assets to cover non-retiree benefits:

Increases in equity securities re-designated from funded status of OPEB plan

548.1

Increases in other investments re-designated from funded status of OPEB plan

117.5

Decrease in tax receivable re-designated from funded status of OPEB plan

(9.1)

Decrease in accumulated other comprehensive income ("AOCI") due to reclassifying excess assets out of funded status of OPEB plan

9.1

Decrease in other assets due to reclassifying excess assets out of funded status of OPEB plan

(665.6)

Assets received in kind from pension risk transfer transactions

$ 109.5

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Market Risk Benefits

Summary of disaggregated MRB amounts in an asset and liability position (Table)


	December 31, 2023						December 31, 2022
					Net asset						Net asset
	Asset		Liability		(liability)		Asset		Liability		(liability)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	153.4	$	111.9	$	41.5	$	109.2	$	181.4	$	(72.2)
Principal Asset Management – Principal International:
Asia:
Guaranteed pension		—		21.3		(21.3)		—		26.0		(26.0)
Total MRB per consolidated statements of financial position	$	153.4	$	133.2	$	20.2	$	109.2	$	207.4	$	(98.2)

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)


	For the year ended December 31, 2021
	Retirement and Income		Principal Asset Management –
	Solutions		Principal International
			Asia
	Individual variable annuities		Guaranteed pension

	(in millions)
Balance at beginning of period	$	(591.3)	$	(53.3)
Effect of changes in nonperformance risk at beginning of period		106.7		6.5
Adjusted balance at beginning of period		(484.6)		(46.8)
Effect of:
Interest accrual and expected policyholder behavior		(120.7)		(5.3)
Benefit payments		0.4		5.7
Changes in interest rates		154.3		7.6
Changes in equity markets		106.4		1.4
Changes in equity index volatility		15.1		—
Actual policyholder behavior different from expected behavior		2.3		3.6
Changes in future expected policyholder behavior		(96.6)		0.5
Changes in other future expected assumptions		38.2		2.3
Foreign currency translation adjustment		—		0.2
Adjusted balance at end of period		(385.2)		(30.8)
Effect of changes in nonperformance risk at end of period		(109.5)		(4.3)
Balance at end of period	$	(494.7)	$	(35.1)

Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)


	December 31, 2023				December 31, 2022
			Weighted-				Weighted-
	Range of inputs		Average		Range of inputs		Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)	4.00 - 4.20	%	4.10	%	3.97 - 4.12	%	4.04	%
Long-term equity market volatility	18.00 - 33.00	%	22.00	%	18.10 - 34.15	%	22.07	%
Nonperformance risk	0.80 - 1.60	%	1.30	%	0.90 - 1.96	%	1.65	%
Lapse rate	1.10 - 55.00	%	5.90	%	1.25 - 24.75	%	5.76	%
Principal Asset Management – Principal International:
Asia:
Guaranteed pension
Long-term interest rate (1)	4.54 - 4.70	%	4.61	%	3.80 - 3.98	%	3.88	%
Long-term equity market volatility	16.39 - 23.75	%	19.64	%	18.06 - 25.16	%	20.69	%
Nonperformance risk	0.90 - 1.77	%	1.51	%	0.90 - 1.98	%	1.68	%
Lapse rate	4.95 - 19.35	%	16.80	%	4.95 - 19.35	%	13.40	%

(1)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Retirement and Income Solutions

Market Risk Benefits

Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022
		Change in net		Change in net
	Change in input	MRB asset (liability)	Change in input	MRB asset (liability)
Long-term interest rate	Increased	Favorable	Increased	Favorable
Equity markets	Increased	Favorable	Decreased	Unfavorable
Equity market volatilities	Decreased	Favorable	Increased	Unfavorable
Own nonperformance risk	Decreased	Unfavorable	Increased	Favorable

Retirement and Income Solutions | Individual variable annuities

Market Risk Benefits

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	(72.2)	$	(494.7)
Effect of changes in nonperformance risk at beginning of period		(31.7)		109.5
Adjusted balance at beginning of period		(103.9)		(385.2)
Effect of:
Interest accrual and expected policyholder behavior		(80.9)		(90.1)
Benefit payments		0.4		1.3
Changes in interest rates		39.9		539.1
Changes in equity markets		155.1		(112.4)
Changes in equity index volatility		47.9		(50.2)
Actual policyholder behavior different from expected behavior		(4.0)		1.5
Changes in future expected policyholder behavior		—		(6.1)
Changes in other future expected assumptions		(5.3)		(1.8)
Adjusted balance at end of period		49.2		(103.9)
Effect of changes in nonperformance risk at end of period		(7.7)		31.7
Balance at end of period	$	41.5	$	(72.2)

Weighted-average attained age of policyholders (years) (1)		67.7		67.4
Net amount at risk (2)	$	111.2	$	415.5

(1)	The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2)

The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. A decrease in the net amount at risk in 2023 as a result of increases in the equity markets was partially offset by an increase in the net amount at risk as a result of increases in interest rates. Decreases in the equity markets and increases in interest rates resulted in an increase in the net amount at risk in 2022.

Principal Asset Management | Principal International | Asia | Guaranteed pension

Market Risk Benefits

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	(26.0)	$	(35.1)
Effect of changes in nonperformance risk at beginning of period		1.2		4.3
Adjusted balance at beginning of period		(24.8)		(30.8)
Effect of:
Interest accrual and expected policyholder behavior		(10.1)		(7.1)
Benefit payments		13.8		9.5
Changes in interest rates		1.2		3.9
Changes in equity markets		0.2		(1.0)
Actual policyholder behavior different from expected behavior		(0.6)		0.7
Adjusted balance at end of period		(20.3)		(24.8)
Effect of changes in nonperformance risk at end of period		(1.0)		(1.2)
Balance at end of period	$	(21.3)	$	(26.0)

Weighted-average attained age of policyholders (years) (1)		54.0		50.0
Net amount at risk (2)	$	25.1	$	91.0

(1)	The weighted-average attained age is calculated at the contract level using the guarantee amounts and the age of the underlying members of the contracts.

(2)	The net amount at risk for the minimum guarantee on withdrawal is defined as the current guaranteed balance in excess of the current account balance.

Statutory Insurance Financial Information

12 Months Ended

Dec. 31, 2023

Statutory Insurance Financial Information

Statutory Insurance Financial Information

19. Statutory Insurance Financial Information

Principal Life, the largest indirect subsidiary of PFG, prepares statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the “Iowa Insurance Division”). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets.

Principal Life cedes certain term, universal life and Closed Block life insurance statutory reserves to its affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2023 and 2022, Principal Life’s affiliated reinsurance subsidiaries assumed statutory reserves of $18,474.2 million and $17,815.1 million from Principal Life, respectively. In the states of Vermont and Delaware, Principal Life’s affiliated reinsurance subsidiaries had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2023 and 2022, assets admitted under these practices totaled $4,153.8 million and $3,748.4 million, respectively. In addition, as of December 31, 2023 and 2022, one of Principal Life’s affiliated reinsurance subsidiaries in Vermont ceded $10,406.3 million and $9,956.9 million, respectively, of the ULSG reserves it assumed from Principal Life to Talcott Life & Annuity Re.

Life and health insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. As of December 31, 2023, Principal Life met the minimum RBC requirements.

Statutory net income (loss) and statutory capital and surplus of Principal Life were as follows:


	As of or for the year ended December 31,
	2023		2022		2021

	(in millions)
Statutory net income (loss)	$	1,285.0	$	(1,563.1)	$	864.0
Statutory capital and surplus		4,753.4		4,304.4		5,375.2

Future Policy Benefits and Claims - Principal Asset Management - Principal International (Details) - Principal Asset Management - Principal International - Latin America - Individual fixed income annuities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 5,042.3	$ 4,336.8	$ 6,561.5
Effect of changes in discount rate assumptions at beginning of period	(754.6)	(478.5)	(2,096.0)
Balance at beginning of period at original discount rate	4,287.7	3,858.3	4,465.5
Effect of actual variances from expected experience	0.9	(4.7)	(4.9)
Adjusted beginning of period balance at original discount rate	4,288.6	3,853.6	4,460.6
Interest accrual	385.8	662.0	444.3
Benefit payments	(355.9)	(325.8)	(436.0)
Issuances	30.0	86.4	141.3
Foreign currency translation adjustment	(106.6)	11.5	(751.9)
Balance at end of period at original discount rate	4,241.9	4,287.7	3,858.3
Effect of changes in discount rate assumptions at end of period	351.8	754.6	478.5
Balance at end of period, Present value of expected future policy benefit payments	$ 4,593.7	$ 5,042.3	$ 4,336.8
Weighted-average duration for future policy benefits (in years)	9 years 10 months 24 days	10 years 10 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ (402.8)	$ 276.1

Nature of Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Nature of Operations and Significant Accounting Policies

Nature of Operations and Significant Accounting Policies

1. Nature of Operations and Significant Accounting Policies

Description of Business

Principal Financial Group, Inc. (“PFG”) is a leader in global investment management offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through our diverse family of financial services companies.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of PFG and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated.

Uncertainties may impact our business, results of operations, financial condition and liquidity. See “Use of Estimates in the Preparation of Financial Statements” for additional details. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance.

On January 1, 2023, we adopted the guidance commonly referred to as long-duration targeted improvements (“LDTI”), which updates certain requirements in the accounting for long-duration insurance and annuity contracts. The guidance was applied as of the January 1, 2021, transition date. As such, results for 2022 and 2021 have been recast and are also presented under the new LDTI guidance.

In the first quarter of 2023 we implemented changes to our organizational structure to better align businesses, distribution teams and product offerings for future growth. We integrated our global asset management and international pension businesses under one segment, Principal Asset Management. Results of our historically reported Principal Global Investors and Principal International segments are reported within this segment. Additionally, we are now reporting results for our Retirement and Income Solutions segment in total and not separated into Fee and Spread components. Finally, we updated the name of our U.S. Insurance Solutions segment to Benefits and Protection and will continue to report the results of Specialty Benefits and Life Insurance within this segment. Our segment results have been modified to reflect these changes, which did not have an impact on our consolidated financial statements. See Note 20, Segment Information, for financial results of our segments.

Certain reclassifications have been made to prior periods relating to the presentation of our loss adjustment expense (“LAE”) liability and the change in that liability to conform to the current presentation. See Note 10, Future Policy Benefits and Claims. The LAE liability was previously reported in other liabilities in the consolidated statements of financial position and the change in the liability was previously reported in operating expenses in the consolidated statements of operations. The LAE liability is now reported in future policy benefits and claims in the consolidated statements of financial position and the change in the liability is now reported in benefits, claims and settlement expenses in the consolidated statements of operations.

During the second quarter of 2022, we closed a coinsurance with funds withheld reinsurance transaction with Talcott Life &Annuity Re, Ltd. (“Talcott Life & Annuity Re”), a limited liability company organized under the laws of the Cayman Islands and an affiliate of Talcott Resolution Life, Inc., a subsidiary of Sixth Street, pursuant to which we ceded our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business (the “Talcott Reinsurance Transaction”). The economics of the transaction were effective as of January 1, 2022. See Note 12, Reinsurance, for further details.

Consolidation

We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 3, Variable Interest Entities.

If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method.

Recent Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses.	January 1, 2025	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.	January 1, 2025	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Standards adopted:
Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. MRBs, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI.	January 1, 2023	We created a governance framework and a plan to support implementation of the standard. Our implementation and evaluation process included, but was not limited to the following: ● identifying and documenting contracts and contract features in scope of the guidance; ● identifying the actuarial models, systems and processes to be updated; ● evaluating and selecting our systems solutions for implementing the new guidance; ● building models and evaluating preliminary output as models were developed; ● evaluating and finalizing our key accounting policies; ● assessing the impact to our chart of accounts; ● developing format and content of new disclosures; ● conducting financial dry runs using model output and updated chart of accounts; ● evaluating transition requirements and impacts and ● establishing and documenting appropriate internal controls. This guidance changed how we account for many of our insurance and annuity products.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are amortized on a constant basis over the expected term of the related contracts.

Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement.

The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply the changes retrospectively. The guidance for market risk benefits was applied retrospectively.

The guidance did not have a material impact on our consolidated statements of operations. Further details about transition impacts of the guidance are included under the caption “Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance.”

The additional disclosure requirements can be found in the following notes:

●

Note 7, Deferred Acquisition Costs and Other Actuarial Balances

●

Note 8, Separate Account Balances

●

Note 9, Contractholder Funds

●

Note 10, Future Policy Benefits and Claims

●

Note 11, Market Risk Benefits

Troubled debt restructurings and vintage disclosures

This authoritative guidance eliminated the accounting requirements for Troubled Debt Restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted.

January 1, 2023

This guidance did not have a material impact on our consolidated financial statements.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Targeted improvements to accounting for hedging activities – portfolio layer method

This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted.

January 1, 2023

This guidance did not have a material impact on our consolidated financial statements.

Simplifying the accounting for income taxes

This authoritative guidance simplified the accounting for income taxes by removing certain exceptions, including exceptions related to the incremental approach for intraperiod tax allocation, calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Also, the guidance clarified the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill and enacted changes in tax laws or rates. It specifies that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, although an entity may elect to do so. The guidance was applied based on varying transition methods defined by amendment. Early adoption was permitted.

January 1, 2021

This guidance did not have a material impact on our consolidated financial statements.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Facilitation of the effects of reference rate reform on financial reporting

This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance.

March 12, 2020

We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption.

When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates.

Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance

As mentioned above, we adopted LDTI on January 1, 2023.

For traditional and limited-payment long-duration contracts, we review and update, if necessary, assumptions used to measure cash flows for the liability for future policy benefits during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. Cohorts are used as the unit of account for liability measurement. Discount rate assumptions are prescribed as the current upper-medium grade (low-credit-risk) fixed-income instrument yield. The discount rate is updated quarterly at each reporting date with the impact recognized in OCI. The provision for risk of adverse deviation is eliminated, as is premium deficiency, or loss recognition, testing. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, attributable to the impact of unrealized gains and losses on premium deficiency testing.

Under LDTI, market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. Certain contract features previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits are recorded as MRBs under LDTI.

LDTI simplified the amortization of DAC and other actuarial balances such as the unearned revenue liability and sales inducement asset for long-duration contracts. These balances were previously amortized in proportion to premiums, estimated gross profits, estimated gross margins or estimated gross revenues; however, these balances are now amortized on a constant level basis over the expected life of the related contracts. Impairment testing is no longer applicable for DAC. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, as the LDTI amortization is not impacted by investment gains and losses.

LDTI also requires disaggregated rollforwards for the liability for future policy benefits, additional liability for certain benefit features, MRBs, DAC and other actuarial balances required to be amortized on a basis consistent with DAC. Although the accounting for the additional liability for certain benefit features, separate account liabilities and contractholder funds does not change under LDTI, the guidance requires disaggregated rollforwards for those balances. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement.

The LDTI guidance is not prescriptive as to the appropriate level of aggregation for disclosures; however, amounts from different reportable segments cannot be aggregated. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for LDTI disclosures. The disclosures do not include levels of aggregation for insignificant balances.

●

Retirement and Income Solutions:

o

Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans

o

Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings

o

Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions

o

Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings

o

Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines

o

Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions

●

Principal Asset Management – Principal International

o

Latin America:

◾

Individual fixed income annuities – SPIAs offered to individuals

◾

Pension – Certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements as separate account assets and liabilities and are only in the scope of LDTI disclosures for separate accounts

o

Asia:

◾

Guaranteed pension – Pension savings schemes offered to both employers and employees

●

Benefits and Protection – Specialty Benefits:

o

Individual disability – Disability insurance providing protection to individuals and/or business owners

●

Benefits and Protection – Life Insurance:

o

Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited ULSG business

o

Term life – Term life insurance products offered to individuals and/or business owners

o

Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of LDTI disclosures for DAC

●

Corporate:

o

Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis.

For the separate account liability disclosures, our Retirement and Income Solutions segment will use a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses.

Impact of Adoption

We adopted the guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC and other actuarial balances on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. We adopted the guidance for MRBs and cost of reinsurance retrospectively. Results for reporting periods beginning January 1, 2021, within our consolidated financial statements are presented under the new guidance.

A cumulative effect adjustment of $159.9 million was recorded as a decrease to retained earnings and a cumulative effect adjustment of $5,128.0 million was recorded as a decrease to AOCI as of January 1, 2021, as shown below.


							Accumulated other
	Retained earnings						comprehensive income
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
DAC and other actuarial balances:
Adjustment for reversal of unrealized loss from AOCI (1) (2)	$	—	$	—	$	—	$	421.5	$	(88.5)	$	333.0
Cost of reinsurance asset (liability):
Cumulative effect of amortization basis change		(9.0)		1.9		(7.1)		—		—		—
Adjustment of unrealized loss in AOCI		—		—		—		16.1		(3.4)		12.7
Reinsurance recoverable:
Adjustment for reversal of unrealized gain from AOCI (2)		—		—		—		(45.5)		9.5		(36.0)
Adjustment under the modified retrospective approach (3)		31.4		(6.6)		24.8		—		—		—
Effect of remeasurement of the recoverable at the current discount rate		—		—		—		201.8		(42.4)		159.4
Liability for future policy benefits:
Adjustment for reversal of unrealized loss from AOCI (2)		—		—		—		1,965.3		(452.2)		1,513.1
Adjustment under the modified retrospective approach (3)		(119.1)		29.8		(89.3)		17.9		(4.8)		13.1
Effect of remeasurement of the liability at the current discount rate		—		—		—		(9,043.1)		2,024.8		(7,018.3)
Market risk benefits:
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date		—		—		—		(4.8)		1.0		(3.8)
Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB		20.9		(4.4)		16.5		—		—		—
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes)		(258.8)		54.4		(204.4)		—		—		—
Reclassification of nonperformance risk changes between retained earnings and AOCI (4)		108.4		(22.5)		85.9		(108.4)		22.5		(85.9)
Investment in equity method subsidiary impacted by LDTI (5)		22.8		(9.1)		13.7		(25.5)		10.2		(15.3)
Total impact on opening balance as of January 1, 2021	$	(203.4)	$	43.5	$	(159.9)	$	(6,604.7)	$	1,476.7	$	(5,128.0)

(1)	Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality.

(2)	Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(3)

(4)	The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.

(5)	Reflects the impact from our equity method investment in Brasilprev Seguros e Previdencia, which had transition impacts for the liability for future policy benefits and the additional liability for certain benefit features.

The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021.


	Increase (decrease)
	(in millions)
Assets
Other investments (1)	$	(1.6)
Reinsurance recoverable and deposit receivable		187.7
Premiums due and other receivables (2)		(24.4)
Deferred acquisition costs		450.9
Market risk benefit asset (3)		18.9
Other assets (4)		19.3
Total assets	$	650.8

Liabilities
Contractholder funds (5)	$	(397.9)
Future policy benefits and claims (6)		7,143.4
Market risk benefit liability (3)		663.5
Other policyholder funds (7)		48.8
Deferred income taxes		(1,519.1)
Total liabilities		5,938.7
Stockholders’ equity
Retained earnings		(159.9)
Accumulated other comprehensive income		(5,128.0)
Total stockholders’ equity		(5,287.9)
Total liabilities and stockholders’ equity	$	650.8

(1)	Reflects the impact on our investment in Brasilprev Seguros e Previdencia, which is accounted for using the equity method.

(2)	Includes the impact on the cost of reinsurance asset.

(3)

(4)	Reflects the impact on the sales inducement asset.

(5)	Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI.

(6)	Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI.

(7)	Reflects the impact on the unearned revenue liability.

The disaggregated rollforwards below reconcile the ending asset or liability balances as of December 31, 2020, to the opening balance as of January 1, 2021, which is the earliest period presented within the consolidated financial statements, for those balances impacted by LDTI with associated disaggregated disclosure requirements. The level of aggregation presented within the rollforwards is consistent with the disaggregated rollforwards required by the guidance. The balances as of December 31, 2020, shown in the rollforwards below, do not equal amounts reported on the consolidated statements of financial position as they do not include balances for short-duration contracts, insignificant balances not included in our levels of aggregation for disclosures and other amounts not within the scope of the disaggregated rollforwards.

Deferred Acquisition Costs


			Adjustment
			for reversal of
	Balance as of		unrealized loss		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	424.6	$	52.6	$	477.2
Individual variable annuities		281.7		0.2		281.9
Pension risk transfer (3)		—		—		—
Individual fixed deferred annuities		11.5		181.2		192.7
Investment only		12.6		—		12.6
Total Retirement and Income Solutions		730.4		234.0		964.4
Benefits and Protection:
Specialty Benefits:
Individual disability		529.8		—		529.8
Life Insurance:
Universal life		1,443.0		165.3		1,608.3
Term life		607.9		—		607.9
Participating life		60.3		51.6		111.9
Total Benefits and Protection		2,641.0		216.9		2,857.9
Total	$	3,371.4	$	450.9	$	3,822.3

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Does not include DAC for short-duration contracts or insignificant balances for long-duration contracts not included in our levels of aggregation for disclosures. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC.

(3)	This product began recording DAC upon implementing LDTI.

The balances and changes in DAC for 2021 for each level of aggregation were as follows:

Retirement and Income Solutions


	For the year ended December 31, 2021
	Workplace
	savings and		Individual		Pension		Individual
	retirement		variable		risk		fixed deferred		Investment
	solutions		annuities		transfer (1)		annuities		only

	(in millions)
Balance at beginning of period	$	477.2	$	281.9	$	—	$	192.7	$	12.6
Costs deferred		50.1		26.4		2.7		7.6		9.1
Amortized to expense		(38.3)		(27.1)		—		(38.1)		(3.6)
Balance at end of period	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1

(1)	Amortization during 2021 was nominal.

Benefits and Protection


	For the year ended December 31, 2021
	Specialty
	Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life

	(in millions)
Balance at beginning of period	$	529.8	$	1,608.3	$	607.9	$	111.9
Costs deferred		89.8		84.3		126.5		1.9
Amortized to expense		(38.9)		(96.4)		(55.5)		(11.5)
Balance at end of period	$	580.7	$	1,596.2	$	678.9	$	102.3

Unearned Revenue Liability


			Adjustment
			for reversal of
	Balance as of		unrealized gain		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	335.6	$	48.8	$	384.4
Total	$	335.6	$	48.8	$	384.4

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability.

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:


	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Liability for Future Policy Benefits


							Effect of
					Adjustment		remeasurement
			Adjustment		under the		of the liability
	Balance as of		for reversal of		modified		at the current		Balance as of
	December 31,		unrealized loss		retrospective		discount		January 1,
	2020		from AOCI (1)		approach (2)		rate (3)		2021 (4)

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	21,982.8	$	(947.0)	$	—	$	4,827.9	$	25,863.7
Individual fixed income annuities		6,147.2		(215.0)		0.1		1,213.5		7,145.8
Total Retirement and Income Solutions		28,130.0		(1,162.0)		0.1		6,041.4		33,009.5
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		5,038.4		(634.6)		61.7		2,096.0		6,561.5
Benefits and Protection:
Specialty Benefits:
Individual disability		2,173.8		(168.7)		2.4		493.4		2,500.9
Life Insurance:
Term life		834.5		—		7.0		318.8		1,160.3
Total Benefits and Protection		3,008.3		(168.7)		9.4		812.2		3,661.2
Corporate:
Long-term care insurance		134.1		—		30.0		93.5		257.6
Total	$	36,310.8	$	(1,965.3)	$	101.2	$	9,043.1	$	43,489.8

(1)	Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)

(3)	The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(4)	Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 10, Future Policy Benefits and Claims, for further information on the liability for future policy benefits.

The balances and changes in the liability for future policy benefits for 2021 for each level of aggregation were as follows:

Retirement and Income Solutions and Principal Asset Management – Principal International


	For the year ended December 31, 2021
					Principal
					Asset
					Management –
	Retirement and Income				Principal
	Solutions				International
					Latin America
	Pension		Individual		Individual
	risk		fixed income		fixed income
	transfer		annuities		annuities

	(in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	25,863.7	$	7,145.8	$	6,561.5
Effect of changes in discount rate assumptions at beginning of period		(4,827.9)		(1,213.5)		(2,096.0)
Balance at beginning of period at original discount rate		21,035.8		5,932.3		4,465.5
Effect of actual variances from expected experience		(2.4)		(1.3)		(4.9)
Adjusted beginning of period balance at original discount rate		21,033.4		5,931.0		4,460.6
Interest accrual		916.7		240.5		444.3
Benefit payments		(1,772.5)		(532.0)		(436.0)
Issuances		1,801.7		82.9		141.3
Foreign currency translation adjustment		—		—		(751.9)
Balance at end of period at original discount rate		21,979.3		5,722.4		3,858.3
Effect of changes in discount rate assumptions at end of period		3,386.5		812.6		478.5
Future policy benefits	$	25,365.8	$	6,535.0	$	4,336.8

Benefits and Protection and Corporate


	For the year ended December 31, 2021
	Benefits and Protection				Corporate
	Specialty		Life
	Benefits		Insurance
	Individual				Long-term
	disability		Term life		care insurance

	(in millions)
Present value of expected net premiums
Balance at beginning of period	$	3,148.3	$	3,799.0	$	66.7
Effect of changes in discount rate assumptions at beginning of period		(340.7)		(861.1)		(17.6)
Balance at beginning of period at original discount rate		2,807.6		2,937.9		49.1
Effect of changes in cash flow assumptions		—		—		2.8
Effect of actual variances from expected experience		122.0		211.4		(0.8)
Adjusted beginning of period balance at original discount rate		2,929.6		3,149.3		51.1
Interest accrual		95.4		151.1		2.9
Net premiums collected		(280.4)		(315.0)		(5.2)
Issuances		206.4		518.2		—
Balance at end of period at original discount rate		2,951.0		3,503.6		48.8
Effect of changes in discount rate assumptions at end of period		198.9		690.1		14.0
Balance at end of period	$	3,149.9	$	4,193.7	$	62.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	5,649.2	$	4,959.3	$	324.3
Effect of changes in discount rate assumptions at beginning of period		(834.1)		(1,179.9)		(111.1)
Balance at beginning of period at original discount rate		4,815.1		3,779.4		213.2
Effect of changes in cash flow assumptions		—		—		0.5
Effect of actual variances from expected experience		118.8		216.0		(4.6)
Adjusted beginning of period balance at original discount rate		4,933.9		3,995.4		209.1
Interest accrual		181.0		194.3		12.4
Benefit payments		(179.7)		(335.7)		(13.5)
Issuances		212.1		543.4		—
Balance at end of period at original discount rate		5,147.3		4,397.4		208.0
Effect of changes in discount rate assumptions at end of period		501.0		913.9		89.5
Balance at end of period	$	5,648.3	$	5,311.3	$	297.5

Future policy benefits (1)	$	2,498.4	$	1,117.6	$	234.7
Reinsurance impact		(549.9)		(0.1)		(234.7)
Future policy benefits after reinsurance	$	1,948.5	$	1,117.5	$	—

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

Additional Liability for Certain Benefit Features

Benefits and Protection

The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows:


	For the year ended,
	December 31, 2021
	(in millions)
Balance at beginning of period	$	3,463.9
Effect of changes in cash flow assumptions		(11.1)
Effect of actual variances from expected experience		18.1
Interest accrual		158.3
Net assessments collected		324.7
Benefit payments		(83.1)
Other (1)		(56.6)
Balance at end of period	$	3,814.2

(1)	Reflects model refinements accounted for as a change in accounting estimate.

Market Risk Benefits


			Cumulative
			effect of
			changes in the		Retained earnings
			nonperformance		adjustment
			risk between the		for the valuation of
			original contract		contracts as MRBs
	Asset (liability)		issue date and		(exclusive of		Asset (liability)
	balance as of		the transition		nonperformance		balance as of
	December 31, 2020 (1)		date (2)		risk changes) (3)		January 1, 2021 (4)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	(348.6)	$	(4.8)	$	(237.9)	$	(591.3)
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (5)		(53.3)		—		—		(53.3)
Total	$	(401.9)	$	(4.8)	$	(237.9)	$	(644.6)

(1)

(2)

(3)	The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings.

(4)

(5)	This product had nominal transition adjustments.

The balances and changes in MRBs for 2021 for each level of aggregation were as follows:


	For the year ended December 31, 2021
	Retirement and Income		Principal Asset Management –
	Solutions		Principal International
			Asia
	Individual variable annuities		Guaranteed pension

	(in millions)
Balance at beginning of period	$	(591.3)	$	(53.3)
Effect of changes in nonperformance risk at beginning of period		106.7		6.5
Adjusted balance at beginning of period		(484.6)		(46.8)
Effect of:
Interest accrual and expected policyholder behavior		(120.7)		(5.3)
Benefit payments		0.4		5.7
Changes in interest rates		154.3		7.6
Changes in equity markets		106.4		1.4
Changes in equity index volatility		15.1		—
Actual policyholder behavior different from expected behavior		2.3		3.6
Changes in future expected policyholder behavior		(96.6)		0.5
Changes in other future expected assumptions		38.2		2.3
Foreign currency translation adjustment		—		0.2
Adjusted balance at end of period		(385.2)		(30.8)
Effect of changes in nonperformance risk at end of period		(109.5)		(4.3)
Balance at end of period	$	(494.7)	$	(35.1)

Use of Estimates in the Preparation of Financial Statements

The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining:

●

the fair value of investments in the absence of quoted market values;

●

investment impairments and valuation allowances;

●

the fair value of derivatives;

●

the fair value of MRBs;

●

the measurement of goodwill, indefinite lived intangible assets, finite lived intangible assets and related impairments or amortization, if any;

●

the liability for future policy benefits and claims, including the deferred profit liability;

●

the value of our pension and other postretirement benefit obligations and

●

accounting for income taxes and the valuation of deferred tax assets.

A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates.

Closed Block

Principal Life Insurance Company (“Principal Life”) operates a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 6, Closed Block, for further details.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased.

Investments

Fixed maturities include bonds, asset-backed securities (“ABS”), redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 18, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to fixed maturities, available-for-sale, excluding those in fair value hedging relationships, are reflected in stockholders’ equity, net of adjustments associated with related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on certain equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Mark-to-market adjustments on certain fixed maturities, trading are reflected in market risk benefit remeasurement (gain) loss. Unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships are reflected in net investment income. Mark-to-market adjustments related to certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reflected in net investment income.

The amortized cost of fixed maturities includes cost adjusted for amortization of premiums and discounts, computed using the interest method. The amortized cost of fixed maturities, available-for-sale is adjusted for changes in fair value of the hedged portions of securities in fair value hedging relationships and excludes accrued interest receivable. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Fixed maturities, available-for-sale are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized capital gains (losses). Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows.

Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. See Note 4, Investments, for further details of our valuation allowance.

Our commercial and residential mortgage loan portfolios can include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a TDR has occurred. In response to the novel coronavirus (“COVID-19”), the Coronavirus Aid, Relief and Economic Security Act, which was subsequently amended by the Consolidated Appropriations Act, 2021, (collectively the “CARES Act”) provides a temporary suspension of TDR accounting for certain COVID-19 related loan modifications where the loan was not more than 30 days past due as of December 31, 2019. We elected the TDR relief in the CARES Act beginning in the second quarter of 2020. The CARES Act TDR relief does not apply to modifications completed subsequent to the earlier of 60 days after the national emergency related to COVID-19 ends, or January 1, 2022. In addition, the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (As Revised on April 7, 2020) (“Interagency Statement”) provides additional guidance to determine if a short-term COVID-19 related loan modification is a TDR. We consider the CARES Act and the Interagency Statement when assessing loan modifications to determine whether a TDR has occurred. As of January 1, 2022, the TDR relief ended. See Note 4, Investments, under the caption “Mortgage Loan Modifications” for further details.

Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property’s expected undiscounted cash flows are not sufficient to recover the property’s carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $230.6 million and $240.6 million as of December 31, 2023 and 2022, respectively. Any impairment losses and any changes in valuation allowances are reported in net income.

Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on certain equity securities, mark-to-market adjustments on certain fixed maturities, trading, mark-to-market adjustments on sponsored investment funds, mark-to-market adjustments on derivatives not designated as hedges, cash flow hedge gains (losses) when the hedged item impacts realized capital gains (losses), changes in the valuation allowance for fixed maturities, available-for-sale and certain financing receivables, impairments of real estate held for investment and impairments of equity method investments. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses).

Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We had certain real estate ventures for which the fair value option had been elected in prior periods. See Note 18, Fair Value Measurements, for detail on these investments.

Derivatives

Overview

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 18, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity.

Accounting and Financial Statement Presentation

We designate derivatives as either:

(a)

a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency (“fair value hedge”);

(b)

a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency (“cash flow hedge”);

(c)

a hedge of a net investment in a foreign operation or

(d)

a derivative not designated as a hedging instrument.

Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating activities in the consolidated statements of cash flows, with the exception of cash paid for certain options with deferred premiums. Those derivatives are included in payments for financing element derivatives within financing activities in the consolidated statements of cash flows.

Fair Value Hedges. When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset, liability or firm commitment attributable to the hedged risk, are reported in the same consolidated statements of operations line item that is used to report the earnings effect of the hedged item. For fair value hedges of fixed maturities, available-for-sale, these changes in fair value are reported in net investment income or net realized capital gains (losses). For fair value hedges of liabilities, changes in fair value are reported in cost of interest credited. The change in the fair value of excluded components is recorded in OCI and is recognized in net income through periodic settlements. A fair value hedge determined to be highly effective may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. Certain fair value hedges use the portfolio layer method to hedge a designated layer amount within a closed portfolio of prepayable assets that is expected to remain outstanding for the length of the hedging relationship and is not expected to be impacted by prepayments, defaults or other factors that affect the timing and amount of cash flows. Prepayment risk is excluded when measuring the change in fair value attributable to the hedged risk under the portfolio layer method.

Cash Flow Hedges. When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded as a component of OCI. At the time the variability of cash flows being hedged impacts net income, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net income.

Net Investment in a Foreign Operation Hedge. When a derivative is used as a hedge of a net investment in a foreign operation, its change in fair value, to the extent effective as a hedge, is recorded as a component of OCI. If the foreign operation is sold or upon complete or substantially complete liquidation, the deferred gains or losses on the derivative instrument are reclassified into net income.

Non-Hedge Derivatives. If a derivative does not qualify or is not designated for hedge accounting, all changes in fair value are reported in net income without considering the changes in the fair value of the economically associated assets or liabilities.

Hedge Documentation and Effectiveness Testing. At inception, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes associating all derivatives designated as fair value or cash flow hedges with specific assets or liabilities on the consolidated statements of financial position or with specific firm commitments or forecasted transactions. Documentation of fair value hedges that use the portfolio layer method supports the expectation that the hedged layer amount is anticipated to be outstanding at the end of the hedging relationship and includes expectations of prepayments, defaults or other factors that affect the timing and amount of cash flows. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Even if a hedge is determined to be highly effective, the hedge may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk.

We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. For portfolio layer method hedges, the assessment of hedge effectiveness includes confirming we expect the hedged layer amount to be outstanding at the end of the hedging relationship.

Termination of Hedge Accounting. We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met, e.g., a derivative is determined to no longer be highly effective in offsetting the change in fair value or cash flows of a hedged item; (2) the derivative expires, is sold, terminated or exercised or (3) we remove the designation of the derivative being the hedging instrument for a fair value or cash flow hedge.

If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. If a portfolio layer method hedging relationship is discontinued, the outstanding basis adjustment is allocated to the individual assets in the closed portfolio and those amounts are amortized consistent with the amortization of other discounts or premiums associated with those assets.

The component of AOCI related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income.

Embedded Derivatives. We purchase and issue certain financial instruments and products that contain a derivative that is embedded in the financial instrument or product. We assess whether this embedded derivative is clearly and closely related to the asset or liability that serves as its host contract. If we deem that the embedded derivative’s terms are not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the derivative is bifurcated from that contract and held at fair value on the consolidated statements of financial position, with changes in fair value reported in net income.

Contractholder and Policyholder Liabilities

Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims, MRBs and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group hospital indemnity, paid family and medical leave (“PFML”), group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies.

Investment contracts are contractholders’ funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. See Note 9, Contractholder Funds, for additional details.

We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years and universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features.

Refer to Note 10, Future Policy Benefits and Claims, under the caption “Long-Duration Contracts” for information about the calculation of reserves for long-duration insurance and annuity contracts.

Contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other than nominal capital market risk are classified as MRBs and reported at fair value. See Note 11, Market Risk Benefits, for additional details.

Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract.

Participating business represented approximately 3%, 3% and 4% of our life insurance in force and 16%, 17% and 18% of the number of life insurance policies in force as of December 31, 2023, 2022 and 2021, respectively. Participating business represented approximately 16%, 17% and 22% of life insurance premiums for the years ended December 31, 2023, 2022 and 2021, respectively. The amount of dividends to policyholders is declared annually by Principal Life’s Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date.

Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. See Note 7, Deferred Acquisition Costs and Other Actuarial Balances, under the caption “Unearned Revenue Liability” for additional details.

Short-Duration Contracts

We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident, PFML, hospital indemnity and group life. Refer to Note 10, Future Policy Benefits and Claims, under the caption “Short-Duration Contracts” for additional details.

Liability for Unpaid Claims

The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considerable variability is inherent in such estimates, we believe the liability for unpaid claims is adequate. These estimates are continually reviewed and, as adjustments to this liability become necessary, such adjustments are reflected in net income.

We incur claim adjustment expenses for both long-duration and short-duration contracts that cannot be allocated to a specific claim. Our claim adjustment expense liability is estimated using actuarial analyses based on historical trends of expenses and expected claim runout patterns.

See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Unpaid Claims” for further details.

Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits

Products with fixed and guaranteed premiums and benefits consist principally of whole life and term life insurance policies and individual disability income. Premiums from these products are recognized as premium revenue when due. Related policy benefits and expenses for individual life products are associated with earned premiums and result in the recognition of profits over the expected term of the policies and contracts.

Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves using estimates for mortality and interest assumptions. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves. Any gross premium received in excess of the net premium is recognized as a deferred profit liability and amortized in relation to the expected future benefit payments. See Note 10, Future Policy Benefits and Claims, for additional details.

Group life, dental, vision, critical illness, accident, PFML, hospital indemnity and disability premiums are generally recorded as premium revenue over the term of the coverage. Certain group contracts contain experience premium refund provisions based on a pre-defined formula that reflects their claim experience. Experience premium refunds reduce revenue over the term of the coverage and are adjusted to reflect current experience. Related policy benefits and expenses are associated with earned premiums and result in the recognition of profits over the term of the policies and contracts. Fees for contracts providing claim processing or other administrative services are recorded as revenue over the period the service is provided.

Universal life-type policies are insurance contracts with terms that are not fixed. Amounts received as payments for such contracts are not reported as premium revenues. Revenues for universal life-type insurance contracts consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values and investment income. Policy benefits and claims that are charged to expense include interest credited to contracts and benefit claims incurred in the period in excess of related policy account balances.

Investment contracts do not subject us to significant risks arising from policyholder mortality or morbidity and consist primarily of guaranteed investment contracts (“GICs”), funding agreements and certain deferred annuities. Amounts received as payments for investment contracts are established as investment contract liability balances and are not reported as premium revenues. Revenues for investment contracts consist of investment income and policy administration charges. Investment contract benefits that are charged to expense include benefit claims incurred in the period in excess of related investment contract liability balances and interest credited to investment contract liability balances.

Fees and other revenues are earned for asset management, investment advisory and distribution services provided to retail and institutional clients based largely upon contractual rates applied to the specified amounts in the clients’ portfolios, which include various platforms such as mutual funds, collective investment trusts and business trusts. Additionally, fees and other revenues are earned for administrative services performed including recordkeeping, trust and custody and reporting services for retirement savings plans, insurance companies, endowments and other financial institutions and other products. Fees and other revenues received for performance of asset management and administrative services are recognized as revenue when earned, typically when the service is performed.

Fees for managing customers’ mandatory retirement savings accounts in Chile are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these long-term service contracts as services are performed over the life of the contract.

Deferred Acquisition Costs

Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for information related to DAC on insurance policies and investment contracts. Commissions and other incremental direct costs for the acquisition of long-term service contracts are also capitalized to the extent recoverable.

Internal Replacement Transactions

All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing DAC, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing DAC, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.

Long-Term Debt

Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our consolidated statements of financial position. Long-term debt is primarily recorded at the unpaid principal balance, net of unamortized discount, premium and issuance costs.

Reinsurance

We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks.

We evaluate each insurance agreement to determine whether the agreement provides indemnification against loss or liability related to insurance risk. For agreements that expose the reinsurer to reasonable possibility of significant loss from insurance risk, the reinsurance method of accounting is used for the agreement. Assets and liabilities related to reinsurance ceded are reported on a gross basis on the consolidated statements of financial position. Insurance liabilities are reported before the effects of reinsurance and we record an offsetting reinsurance recoverable, net of valuation allowance. Premiums and expenses are reported net of reinsurance ceded on the consolidated statements of operations.

If an agreement does not expose the reinsurer to reasonable possibility of significant loss from insurance risk, the deposit method of accounting is used for the agreement. We record a deposit receivable, net of valuation allowance, if necessary. The deposit receivable is adjusted as amounts are paid or received on the underlying contracts. Accretion on the deposit receivable is calculated using an effective interest method and is reported in fees and other revenues and operating expense on the consolidated statements of operations.

The cost of reinsurance related to long-duration contracts is amortized over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.

We have entered into coinsurance with funds withheld reinsurance agreements in which we record a funds withheld payable that contains an embedded derivative for which the fair value is estimated based on the change in fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of operations. Gains and losses that do not flow to the reinsurer are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations.

For further information about reinsurance, refer to Note 12, Reinsurance. For further information about the financing receivables valuation allowance on the reinsurance recoverable and deposit receivable, refer to Note 4, Investments.

Separate Accounts

Refer to Note 8, Separate Account Balances, for information on our separate account assets and liabilities.

Income Taxes

We file a U.S. consolidated income tax return that includes all of our qualifying subsidiaries. In addition, we file income tax returns in all states and foreign jurisdictions in which we conduct business. Our policy of allocating income tax expenses and benefits to companies in the group is generally based upon pro rata contribution of taxable income or operating losses. We are taxed at corporate rates on taxable income based on existing tax laws. Current income taxes are charged or credited to net income based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are provided for the tax effect of temporary differences in the financial reporting and income tax bases of assets and liabilities, net operating loss carryforwards and tax credit carryforwards using enacted income tax rates and laws. The effect on deferred income tax assets and deferred income tax liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. Subsequent to a change in tax rates and laws, any stranded tax effects remaining in AOCI will be released only if an entire portfolio is liquidated, sold or extinguished.

Foreign Exchange

Assets and liabilities of our foreign subsidiaries and affiliates denominated in non-U.S. dollars, where the U.S. dollar is not the functional currency, are translated into U.S. dollar equivalents at the year-end spot foreign exchange rates. Resulting translation adjustments are reported as a component of stockholders’ equity, along with any related hedge and tax effects. Revenues and expenses for these entities are translated at the average exchange rates. Revenue, expense and other foreign currency transaction and translation adjustments that affect cash flows are reported in net income, along with related hedge and tax effects.

Goodwill and Other Intangibles

Goodwill and other intangible assets include the cost of acquired subsidiaries in excess of the fair value of the net tangible assets recorded in connection with acquisitions. Goodwill and indefinite lived intangible assets are not amortized. Rather, they are tested for impairment during the third quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested at the reporting unit level, which is the same level as or one level below the operating segment, if financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition; therefore, all of the activities within a reporting unit, whether acquired or organically grown, are available to support the goodwill value. Impairment testing for indefinite-lived intangible assets primarily consists of a qualitative assessment to determine if a quantitative assessment is needed for a comparison of the fair value of the intangible asset with its carrying value.

Intangible assets with a finite useful life are amortized as related benefits emerge and are reviewed periodically for indicators of impairment in value. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the current carrying value of the asset. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized for the excess of the carrying amount of assets over their fair value.

Earnings Per Common Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period and excludes the dilutive effect of equity awards. Diluted earnings per common share reflects the potential dilution that could occur if dilutive securities, such as options and non-vested stock grants, were exercised or resulted in the issuance of common stock. For any time period in which we have a net loss available to common stockholders, we use the weighted-average number of common shares used in our basic earnings per share calculation to calculate the diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.

Actuarial Balance Re-Cohorting

In 2021, we completed a comprehensive review of our business mix and capital management options (the “Strategic Review”). We made the decision to exit our U.S. retail ULSG business. The ULSG business was previously managed together with our other universal life (“UL”) business within our Benefits and Protection segment. As such, calculations of actuarial balances included UL and ULSG in the same cohorts, which are the unit of account used for measurement. As a result of the Strategic Review, we made the decision in the second quarter of 2022 to manage the ULSG business separately from our other UL business effective as of January 1, 2022. This led to us re-cohorting the UL business, resulting in separate cohorts for the ULSG business vs. the remaining UL business.

The re-cohorting impacted the measurement of our cost of reinsurance and additional liability for certain benefit features. The pre-tax impacts to comprehensive income were as follows:


	For the year ended
	December 31, 2022
	(in millions)
Increase to income before taxes
Cost of reinsurance amortization (1)	$	33.7
Change in additional liability for certain benefit features (1)		167.4
Total increase to income before income taxes		201.1

Increase to pre-tax other comprehensive income
Cost of reinsurance unrealized losses		(2.1)
Change in additional liability for certain benefit features unrealized gains		7.8
Total increase to pre-tax other comprehensive income		5.7

Total increase to pre-tax comprehensive income	$	206.8

(1)	Reported in liability for future policy benefits remeasurement (gain) loss.

Consolidated Statements of Operations - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues

Premiums and other considerations

$ 6,470.9

$ 5,339.7

$ 4,841.5

Fees and other revenues

4,095.9

4,137.8

5,041.3

Net investment income (loss)

4,091.9

3,838.5

4,429.6

Net realized capital gains (losses)

^[1]

(72.2)

(182.1)

115.4

Net realized capital gains on funds withheld assets

165.0

749.4

Change in fair value of funds withheld embedded derivative

(1,085.7)

3,652.8

0.0

Total revenues

13,665.8

17,536.1

14,427.8

Expenses

Benefits, claims and settlement expenses

7,788.2

6,631.3

7,258.2

Liability for future policy benefits remeasurement (gain) loss

(51.6)

(264.5)

(4.4)

Market risk benefit remeasurement (gain) loss

29.1

125.3

98.3

Dividends to policyholders

89.2

94.8

Operating expenses

5,072.1

4,962.2

5,070.0

Total expenses

12,927.0

11,549.1

12,516.9

Income (loss) before income taxes

738.8

5,987.0

1,910.9

Income taxes (benefits)

68.7

1,189.5

283.9

Net income (loss)

670.1

4,797.5

1,627.0

Net income (loss) attributable to noncontrolling interest

46.9

40.6

46.8

Net income (loss) attributable to Principal Financial Group, Inc.

$ 623.2

$ 4,756.9

$ 1,580.2

Earnings per common share

Basic earnings per common share (in dollars per share)

$ 2.58

$ 18.94

$ 5.87

Diluted earnings per common share (in dollars per share)

$ 2.55

$ 18.63

$ 5.79

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Investments - Fixed Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale securities
Amortized cost, fixed maturities	$ 70,781.4	$ 70,263.1
Gross unrealized gains, fixed maturities	773.6	512.6
Gross unrealized losses, fixed maturities	5,877.2	7,878.0
Allowance, fixed maturities	4.7	7.8	$ 15.5	$ 7.4
Fair value, fixed maturities	65,673.1	62,889.9
Accrued interest receivable	619.2	578.0
U.S. government and agencies
Available-for-sale securities
Amortized cost, fixed maturities	1,745.3	1,990.9
Gross unrealized gains, fixed maturities	19.3	0.1
Gross unrealized losses, fixed maturities	235.8	251.2
Fair value, fixed maturities	1,528.8	1,739.8
Non-U.S. governments
Available-for-sale securities
Amortized cost, fixed maturities	550.3	611.2
Gross unrealized gains, fixed maturities	17.3	20.9
Gross unrealized losses, fixed maturities	59.7	64.8
Fair value, fixed maturities	507.9	567.3
States and political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	7,566.4	7,355.4
Gross unrealized gains, fixed maturities	44.3	13.7
Gross unrealized losses, fixed maturities	933.9	1,136.8
Fair value, fixed maturities	6,676.8	6,232.3
Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	38,431.3	40,370.4
Gross unrealized gains, fixed maturities	578.5	461.0
Gross unrealized losses, fixed maturities	3,195.2	4,640.5
Allowance, fixed maturities	4.6	7.7	15.1	0.9
Fair value, fixed maturities	35,810.0	36,183.2
Residential mortgage-backed pass-through securities
Available-for-sale securities
Amortized cost, fixed maturities	3,199.7	2,420.6
Gross unrealized gains, fixed maturities	26.0	6.2
Gross unrealized losses, fixed maturities	164.6	198.1
Fair value, fixed maturities	3,061.1	2,228.7
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	5,428.6	5,572.2
Gross unrealized gains, fixed maturities	1.2	0.5
Gross unrealized losses, fixed maturities	654.3	708.1
Allowance, fixed maturities			0.3	4.3
Fair value, fixed maturities	4,775.5	4,864.6
Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	5,386.0	4,705.6
Gross unrealized gains, fixed maturities	44.9	4.5
Gross unrealized losses, fixed maturities	27.2	143.7
Allowance, fixed maturities				$ 2.2
Fair value, fixed maturities	5,403.7	4,566.4
Other debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	8,473.8	7,236.8
Gross unrealized gains, fixed maturities	42.1	5.7
Gross unrealized losses, fixed maturities	606.5	734.8
Allowance, fixed maturities	0.1	0.1	$ 0.1
Fair value, fixed maturities	$ 7,909.3	$ 6,507.6

Future Policy Benefits and Claims - Interest Accretion and Current Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Interest accretion rate	4.52%	4.38%
Current discount rate	4.99%	5.31%
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.22%
Current discount rate	4.97%	5.30%
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.24%
Current discount rate	3.23%	2.43%
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Interest accretion rate	3.96%	4.03%
Current discount rate	5.05%	5.36%
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Interest accretion rate	4.75%	4.73%
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Interest accretion rate	4.83%	4.89%
Current discount rate	4.90%	5.22%
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Interest accretion rate	6.16%	6.16%
Current discount rate	5.01%	5.34%

Segment Information - Pre-tax net Realized Capital Gains (Losses) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Information: Net realized capital gains (losses), as adjusted

Net realized capital gains (losses)

^[1]

$ (72.2)

$ (182.1)

$ 115.4

Reconciling Items

Segment Information: Net realized capital gains (losses), as adjusted

Net realized capital gains (losses)

(72.2)

(182.1)

115.4

Derivative and hedging-related revenue adjustments

23.3

(91.3)

(127.8)

Certain variable annuity fees

73.3

75.9

80.5

Market value adjustments to fee revenues

1.3

0.7

(0.6)

8.8

(15.0)

(24.0)

23.4

22.2

21.3

Net realized capital gains (losses), net of related revenue adjustments

57.9

(189.6)

64.8

Amortization of deferred acquisition costs and other actuarial balances

(0.2)

(0.1)

9.7

Capital (gains) losses distributed

(78.5)

136.4

(106.7)

Derivative and hedging-related expense adjustments

1.8

Market value adjustments of market risk benefits

(71.3)

(157.2)

(36.9)

Market value adjustments of embedded derivatives

1.7

(40.9)

(13.9)

Pre-tax net realized capital gains (losses), as adjusted

$ (88.6)

$ (251.4)

$ (83.0)

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Deferred Acquisition Costs and Other Actuarial Balances - Disaggregated DAC amounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Acquisition Costs
Deferred acquisition costs	$ 3,950.5	$ 3,948.0		$ 3,822.3
Short-duration contracts
Deferred Acquisition Costs
Deferred acquisition costs	31.1	34.7
Other balances
Deferred Acquisition Costs
Deferred acquisition costs	7.7	8.8
Retirement and Income Solutions
Deferred Acquisition Costs
Deferred acquisition costs	918.9	930.0		964.4
Retirement and Income Solutions \| Workplace savings and retirement solutions
Deferred Acquisition Costs
Deferred acquisition costs	506.4	498.0	$ 489.0	477.2
Retirement and Income Solutions \| Individual variable annuities
Deferred Acquisition Costs
Deferred acquisition costs	279.5	278.0	281.2	281.9
Retirement and Income Solutions \| Pension risk transfer
Deferred Acquisition Costs
Deferred acquisition costs	15.4	8.1	2.7
Retirement and Income Solutions \| Individual fixed deferred annuities
Deferred Acquisition Costs
Deferred acquisition costs	106.1	131.0	162.2	192.7
Retirement and Income Solutions \| Investment only
Deferred Acquisition Costs
Deferred acquisition costs	11.5	14.9	18.1	12.6
Benefits and Protection
Deferred Acquisition Costs
Deferred acquisition costs	3,023.9	3,009.2		2,857.9
Deferred acquisition costs excluding short-duration contracts	2,992.8	2,974.5
Benefits and Protection \| Life Insurance \| Universal life
Deferred Acquisition Costs
Deferred acquisition costs	1,545.3	1,569.7	1,596.2	1,608.3
Deferred acquisition costs excluding short-duration contracts	1,545.3	1,569.7
Benefits and Protection \| Life Insurance \| Term life
Deferred Acquisition Costs
Deferred acquisition costs	695.1	685.7	678.9	607.9
Deferred acquisition costs excluding short-duration contracts	695.1	685.7
Benefits and Protection \| Life Insurance \| Participating life
Deferred Acquisition Costs
Deferred acquisition costs	84.7	93.0	102.3	111.9
Deferred acquisition costs excluding short-duration contracts	84.7	93.0
Benefits and Protection \| Specialty Benefits \| Individual disability
Deferred Acquisition Costs
Deferred acquisition costs	$ 667.7	$ 626.1	$ 580.7	$ 529.8

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenues from Contracts with Customers

Revenues from Contracts with Customers

21. Revenues from Contracts with Customers

The following tables summarize disaggregation of revenues from contracts with customers, including select financial information by segment, and reconcile totals to those reported in the consolidated financial statements. Revenues from contracts with customers are included in fees and other revenues on the consolidated statements of operations.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	556.3	$	551.4	$	590.1
Principal Asset Management:
Principal Global Investors		1,554.1		1,675.0		1,787.9
Principal International		456.5		426.3		492.7
Eliminations		(21.0)		(23.7)		(26.0)
Total Principal Asset Management		1,989.6		2,077.6		2,254.6
Benefits and Protection:
Specialty Benefits		15.9		15.1		14.9
Life Insurance		74.0		65.1		60.6
Eliminations		(0.1)		(0.1)		(0.2)
Total Benefits and Protection		89.8		80.1		75.3
Corporate		179.2		166.7		230.1
Total segment revenue from contracts with customers		2,814.9		2,875.8		3,150.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		1,200.5		1,172.8		1,811.3
Pre-tax other adjustments (2)		80.5		89.2		79.9
Total fees and other revenues per consolidated statements of operations	$	4,095.9	$	4,137.8	$	5,041.3

(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.

Retirement and Income Solutions

Retirement and Income Solutions offers service and trust agreements for defined contribution retirement plans, including 401(k) plans, 403(b) plans, and employee stock ownership plans. The investment components of these service agreements are in the form of mutual fund offerings. In addition, plan sponsor retirement plan trust and custody services are also available through our trust company. Individual retirement accounts (“IRAs”) are offered through Principal Bank. Furthermore, services and trust agreements are offered to non-retirement customers including insurance companies, endowments and other financial institutions.

Administrative service fee revenues are earned for administrative activities performed for the defined contribution retirement plans including recordkeeping and reporting as well as trust and custody, asset management and investment services. Administrative service fee revenues are earned for administrative activities performed for non-retirement plan customers including trust and custody services, defined benefit administration and investment management activities. The majority of these activities are performed daily over time. Fee-for-service transactions are also provided upon client request. These services are considered distinct or grouped into a bundle until a distinct performance obligation is identified. Some performance obligations are considered a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer.

Administrative service fee revenues can be based on a fixed contractual rate for these services or can be variable based upon contractual rates applied to the market value of the client’s investments or assets under administration. If the consideration for this series of performance obligations is based on market value, it is considered variable during the billing period as the services are performed over time. The consideration becomes unconstrained and thus recognized as revenue for each billing period’s series of distinct services once the market value of the client’s investments or assets under administration is determined at market close. Additionally, fixed fees and other revenues are recognized point-in-time as fee-for-service transactions upon completion.

IRAs are primarily funded by retirement savings rolled over from qualified retirement plans. The IRAs are held in savings accounts, money market accounts and certificates of deposit. Deposit account fee revenues are earned as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. Additionally, commission income is earned on advisory services provided to customers. The revenues are earned over time as the service is performed based upon contractual rates applied to the market value of the clients’ portfolios.

The types of revenues from contracts with customers were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Administrative service fee revenue	$	539.5	$	537.0	$	576.7
Deposit account fee revenue		11.3		10.2		9.2
Commission income		1.9		1.2		0.7
Other fee revenue		3.6		3.0		3.5
Total revenues from contracts with customers		556.3		551.4		590.1
Fees and other revenues not within the scope of revenue recognition guidance		1,118.7		1,114.0		1,226.9
Total fees and other revenues		1,675.0		1,665.4		1,817.0
Premiums and other considerations		2,935.0		1,959.7		1,883.6
Net investment income		2,640.2		2,274.1		2,728.8
Total operating revenues	$	7,250.2	$	5,899.2	$	6,429.4

Principal Asset Management

Fees and other revenues earned for asset management, investment advisory and distribution services provided to institutional and retail clients in addition to trustee and/or administrative services performed for retirement savings plans. Fees are based largely upon contractual rates applied to the specified amounts of the clients’ portfolios. Each service is a distinct performance obligation; however, if the services are not distinct on their own, we combine them into a distinct bundle or we have a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Fees and other revenues received for performance obligations such as asset management and other services are typically recognized over time utilizing the output method as the service is performed. Performance fees and transaction fees on certain accounts are recognized in income when the probability of significant reversal will not occur upon resolution of the uncertainty, which could be based on a variety of factors such as market performance or other internal metrics. Asset management fees are accrued each month based on the fee terms within the applicable agreement and are generally billed quarterly when values used for the calculation are available. Management fees and performance fees are variable consideration as they are subject to fluctuation based on assets under management (“AUM”) and other constraints. These fees are not recognized until unconstrained at the end of each reporting period.

Incentive-based fees are recognized in income when the probability of significant reversal will not occur upon the resolution of the uncertainty, which is based on market performance.

Fees for managing customers’ mandatory retirement savings accounts in Latin America are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these contracts as services are performed over the life of the contract and review annually.

The types of revenues from contracts with customers were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Principal Global Investors:
Management fee revenue	$	1,372.0	$	1,434.6	$	1,514.1
Other fee revenue		182.1		240.4		273.8
Total revenues from contracts with customers		1,554.1		1,675.0		1,787.9
Fees and other revenues not within the scope of revenue recognition guidance		24.9		27.4		36.2
Total fees and other revenues		1,579.0		1,702.4		1,824.1
Net investment income		32.2		13.1		3.9
Total operating revenues	$	1,611.2	$	1,715.5	$	1,828.0


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Principal International:
Management fee revenue	$	448.1	$	417.1	$	484.4
Other fee revenue		8.4		9.2		8.3
Total revenues from contracts with customers		456.5		426.3		492.7
Fees and other revenues not within the scope of revenue recognition guidance		5.8		4.5		4.2
Total fees and other revenues		462.3		430.8		496.9
Premiums and other considerations		29.0		77.7		127.5
Net investment income		701.5		980.9		766.7
Total operating revenues	$	1,192.8	$	1,489.4	$	1,391.1

Revenues from contracts with customers by region:
Latin America	$	346.9	$	315.2	$	364.0
Asia		110.4		111.5		129.6
Eliminations		(0.8)		(0.4)		(0.9)
Total revenues from contracts with customers	$	456.5	$	426.3	$	492.7

Benefits and Protection

Fees and other revenues are earned for administrative services performed including recordkeeping and reporting services for fee-for-service products, nonqualified benefit plans, separate accounts and dental networks. Services within contracts are not distinct on their own; however, we combine the services into a distinct bundle and account for the bundle as a single performance obligation, which is satisfied over time utilizing the output method as services are rendered. The transaction price corresponds with the performance completed to date, for which the value is recognized as revenue during the period. Variability of consideration is resolved at the end of each period and payments are due when billed.

Commission income is earned through sponsored brokerage services. Performance obligations are satisfied at a point in time, upon delivery of a placed case, and the transaction price calculated per the compensation schedule is recognized as revenue.

The types of revenues from contracts with customers were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Specialty Benefits:
Administrative service fees	$	15.9	$	15.1	$	14.9
Total revenues from contracts with customers		15.9		15.1		14.9
Fees and other revenues not within the scope of revenue recognition guidance		18.2		18.6		19.0
Total fees and other revenues		34.1		33.7		33.9
Premiums and other considerations		3,020.9		2,771.1		2,496.4
Net investment income		174.4		179.8		179.3
Total operating revenues	$	3,229.4	$	2,984.6	$	2,709.6

	For the year ended December 31,
	2023		2022		2021

	(in millions)
Life Insurance:
Administrative service fees	$	31.2	$	27.6	$	26.7
Commission income		42.8		37.5		33.9
Total revenues from contracts with customers		74.0		65.1		60.6
Fees and other revenues not within the scope of revenue recognition guidance		333.3		321.5		885.0
Total fees and other revenues		407.3		386.6		945.6
Premiums and other considerations		514.9		535.9		334.0
Net investment income		401.5		396.3		803.4
Total operating revenues	$	1,323.7	$	1,318.8	$	2,083.0

Corporate

Fees and other revenues are earned on the performance of selling and servicing of securities and related products offered through PSI, an introducing broker-dealer registered with the FINRA.

PSI enters into selling and distribution agreements with the obligation to sell or distribute the securities products, such as mutual funds, annuities and products sold through RIAs, to individual clients in return for front-end sales charges, 12b-1 service fees, annuity fees and asset-based fees. Front-end sales charges, 12b-1 fees and annuity fees are related to a single sale and are earned at the time of sale. PSI also enters into agreements with individual customers to provide securities trade execution and custody through a brokerage services platform in return for ticket charge and other service fee revenue. These services are bundled as one single distinct service referred to as brokerage services. This revenue is related to distinct transactions and is earned at a point in time.

PSI also enters into agreements with individual customers to provide trade execution, clearing services, custody services and investment research services through our proprietary offered fee-based products. These services are bundled as one single distinct service referred to as advisory services. In addition, for outside RIA business PSI performs sales and distribution services only. The revenues are earned over time as the service is performed utilizing the output method.

A majority of our revenue is based upon contractual rates applied to the market value of the clients’ portfolios and considered variable consideration.

The Corporate segment also includes inter-segment eliminations of fees and other revenues. The types of revenues from contracts with customers were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commission income	$	373.9	$	366.2	$	388.9
Other fee revenue		84.1		79.7		68.8
Eliminations		(278.8)		(279.2)		(227.6)
Total revenues from contracts with customers		179.2		166.7		230.1
Fees and other revenues not within the scope of revenue recognition guidance		(299.0)		(312.6)		(359.3)
Total fees and other revenues		(119.8)		(145.9)		(129.2)
Premiums and other considerations		(14.5)		(4.2)		—
Net investment income		210.7		167.2		157.1
Total operating revenues	$	76.4	$	17.1	$	27.9

Contract Costs

Sales compensation and other incremental costs of obtaining a contract are capitalized and amortized over the period of contract benefit if the costs are expected to be recovered. The contract cost asset, which is included in other assets on the consolidated statements of financial position, was $219.2 million and $204.9 million as of December 31, 2023 and December 31, 2022, respectively.

We apply the practical expedient for certain costs where we recognize the incremental costs of obtaining these contracts as an expense when incurred if the amortization period of the assets is one year or less. These costs, along with costs that are not deferrable, are included in operating expenses on the consolidated statements of operations.

Deferred contract costs consist primarily of commissions and variable compensation. We amortize capitalized contract costs on a straight-line basis over the expected contract life, reflecting lapses as they are incurred. Deferred contract costs are subject to impairment testing on an annual basis, or when a triggering event occurs that could warrant an impairment. To the extent future revenues less future maintenance expenses are not adequate to cover the asset balance, an impairment is recognized. For the years ended December 31, 2023, 2022 and 2021, $38.3 million, $35.5 million and $32.4 million, respectively, of amortization expense was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

2. Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill reported in our segments were as follows:


	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Consolidated

	(in millions)
Balance as of January 1, 2022	$	675.9	$	895.1	$	56.6	$	—	$	1,627.6
Impairment (1)		—		—		(27.1)		—		(27.1)
Foreign currency		—		(2.3)		—		—		(2.3)
Balance as of December 31, 2022		675.9		892.8		29.5		—		1,598.2
Foreign currency		—		10.3		—		—		10.3
Balance as of December 31, 2023	$	675.9	$	903.1	$	29.5	$	—	$	1,608.5

(1)	Resulted from a change in the allocation of equity between our reportable operating segments following the Talcott Reinsurance Transaction.

Finite Lived Intangible Assets

Amortized intangible assets primarily relate to customer relationship intangibles associated with our acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. (the “Acquired Business”) and previous acquisitions in Chile, Mexico and Hong Kong. The finite lived intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 16 years were as follows:


	December 31,
	2023		2022

	(in millions)
Gross carrying value	$	1,215.1	$	1,235.1
Accumulated amortization		512.7		472.6
Net carrying value	$	702.4	$	762.5

During 2023 and 2022, we fully amortized other finite lived intangible assets of $31.2 million and $34.4 million, respectively.

The amortization expense for intangible assets with finite useful lives was $68.6 million, $70.7 million and $75.3 million for 2023, 2022 and 2021, respectively. As of December 31, 2023, the estimated amortization expense for the next five years is as follows (in millions):


Year ending December 31:
2024	$	67.3
2025		61.9
2026		57.8
2027		57.8
2028		40.6

Indefinite Lived Intangible Assets

The net carrying amount of unamortized indefinite lived intangible assets was $767.4 million and $770.8 million as of December 31, 2023 and 2022, respectively. As of both December 31, 2023 and 2022, $608.0 million relates to investment management contracts associated with our acquisition of WM Advisors, Inc. in 2006. The remaining balance primarily relates to the trade name intangible associated with our acquisition of Administradora de Fondos de Pensiones Cuprum S.A. (“Cuprum”) in 2013.

Debt - Senior Notes and Junior Subordinated Notes (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	May 07, 2015	Sep. 05, 2012	Dec. 31, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 08, 2023	Aug. 03, 2020	Jun. 12, 2020	May 07, 2019	Nov. 10, 2016	Nov. 16, 2012	Dec. 05, 2006	Oct. 16, 2006
Long-Term Debt
Principal repayments of long-term debt				$ 764.0	$ 302.0	$ 1.8
Senior notes
Long-Term Debt
Long-term debt issued							$ 700.0
Maximum \| Junior subordinated notes
Long-Term Debt
Years interest payments on debt can be deferred	5 years
3.1% notes payable, due 2026 and 4.3% notes payable, due 2046 \| Senior notes
Long-Term Debt
Long-term debt issued											$ 650.0
3.1% notes payable, due 2026
Long-Term Debt
Interest rate (as a percent)				3.10%	3.10%
3.1% notes payable, due 2026 \| Senior notes
Long-Term Debt
Long-term debt issued											$ 350.0
Interest rate (as a percent)											3.10%
4.3% notes payable, due 2046
Long-Term Debt
Interest rate (as a percent)				4.30%	4.30%
4.3% notes payable, due 2046 \| Senior notes
Long-Term Debt
Long-term debt issued											$ 300.0
Interest rate (as a percent)											4.30%
3.4% notes payable, due 2025
Long-Term Debt
Interest rate (as a percent)				3.40%	3.40%
3.4% notes payable, due 2025 \| Senior notes
Long-Term Debt
Long-term debt issued	$ 400.0
Interest rate (as a percent)	3.40%
4.7% notes payable, due 2055 \| Junior subordinated notes
Long-Term Debt
Long-term debt issued	$ 400.0
Interest rate (as a percent)	4.70%
Reference rate for floating rate of debt instrument	3-month LIBOR
Spread added to floating reference interest rate (as a percent)	3.044%
5.5% notes payable, due 2053
Long-Term Debt
Interest rate (as a percent)				5.50%
5.5% notes payable, due 2053 \| Senior notes
Long-Term Debt
Long-term debt issued							$ 300.0
Interest rate (as a percent)							5.50%
1.85% notes payable, due 2017; 3.125% notes payable, due 2023; and 4.35% notes payable, due 2043 \| Senior notes
Long-Term Debt
Long-term debt issued												$ 900.0
1.85% notes payable, due 2017 \| Senior notes
Long-Term Debt
Long-term debt issued												$ 300.0
Interest rate (as a percent)												1.85%
3.125% notes payable, due 2023
Long-Term Debt
Interest rate (as a percent)					3.125%
3.125% notes payable, due 2023 \| Senior notes
Long-Term Debt
Long-term debt issued												$ 300.0
Interest rate (as a percent)							3.125%					3.125%
4.35% notes payable, due 2043
Long-Term Debt
Interest rate (as a percent)				4.35%	4.35%
4.35% notes payable, due 2043 \| Senior notes
Long-Term Debt
Long-term debt issued												$ 300.0
Interest rate (as a percent)												4.35%
5.375% notes payable, due 2033
Long-Term Debt
Interest rate (as a percent)				5.375%
5.375% notes payable, due 2033 \| Senior notes
Long-Term Debt
Long-term debt issued							$ 400.0
Interest rate (as a percent)							5.375%
4.625% notes payable, due 2042
Long-Term Debt
Interest rate (as a percent)				4.625%	4.625%
4.625% notes payable, due 2042 \| Senior notes
Long-Term Debt
Long-term debt issued		$ 300.0
Interest rate (as a percent)		4.625%
7.875% notes payable, due 2014 \| Senior notes
Long-Term Debt
Principal repayments of long-term debt		$ 400.0
6.05% notes payable, due 2036
Long-Term Debt
Interest rate (as a percent)				6.05%	6.05%
6.05% notes payable, due 2036 \| Senior notes
Long-Term Debt
Principal repayments of long-term debt			$ 94.4
6.05% notes payable, due 2036, issued in October 2006 \| Senior notes
Long-Term Debt
Long-term debt issued														$ 500.0
Interest rate (as a percent)														6.05%
6.05% notes payable, due 2036, issued in December 2006 \| Senior notes
Long-Term Debt
Long-term debt issued													$ 100.0
Interest rate (as a percent)													6.05%
3.7% notes payable, due 2029
Long-Term Debt
Interest rate (as a percent)				3.70%	3.70%
3.7% notes payable, due 2029 \| Senior notes
Long-Term Debt
Long-term debt issued										$ 500.0
Interest rate (as a percent)										3.70%
2.125% notes payable, due 2030
Long-Term Debt
Interest rate (as a percent)				2.125%	2.125%
2.125% notes payable, due 2030 \| Senior notes
Long-Term Debt
Long-term debt issued								$ 100.0	$ 500.0
Interest rate (as a percent)								2.125%	2.125%

Nature of Operations and Significant Accounting Policies - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Unearned Revenue Liability	$ 492.7	$ 467.4
Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				$ 384.4
Universal life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability	$ 485.5	$ 459.0	$ 425.3	384.4
Previously reported \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				335.6
Previously reported \| Universal life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				335.6
Adjustment for reversal of unrealized gain (loss) from AOCI \| ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				48.8
Adjustment for reversal of unrealized gain (loss) from AOCI \| ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Universal life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				$ 48.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)
-Publisher FASB
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+ Details

Reinsurance - Components of Net Investment Income on Funds Withheld Assets (Details) - Talcott Life & Annuity Re - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Gross investment income	$ 1,109.9	$ 869.9
Investment expenses	23.7	20.5
Net investment income	1,086.2	849.4
Fixed maturities, available-for-sale
Reinsurance
Gross investment income	856.9	745.9
Fixed maturities, trading
Reinsurance
Gross investment income	11.9	2.0
Equity securities
Reinsurance
Gross investment income	0.2	0.6
Mortgage loans
Reinsurance
Gross investment income	119.0	98.4
Cash and cash equivalents
Reinsurance
Gross investment income	57.9	18.2
Other
Reinsurance
Gross investment income	$ 64.0	$ 4.8

Future Policy Benefits and Claims - Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the additional liability for certain benefits features
Balance at end of period		$ 5,326.5	$ 4,095.2
Benefits and Protection \| Life Insurance \| Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period		4,095.2	3,814.2	$ 3,463.9
Effect of changes in cash flow assumptions		725.4	(6.0)	(11.1)
Effect of actual variances from expected experience		45.2	54.9	18.1
Interest accrual		209.2	171.2	158.3
Net assessments collected		378.1	320.3	324.7
Benefit payments		(126.6)	(91.9)	(83.1)
Other		0.0	(167.5)	(56.6)
Balance at end of period		5,326.5	4,095.2	$ 3,814.2
Reinsurance impact		(5,306.2)	(4,091.4)
Balance at end of period after reinsurance		$ 20.3	$ 3.8
Weighted-average duration for additional liability (in years)		26 years 2 months 12 days	27 years 7 months 6 days
Additional liability for certain benefit features increase (decrease) from update of actuarial assumptions	$ 725.4
Income before taxes, net of reinsurance decrease due to updating actuarial assumptions related to the additional liability for certain benefit features	$ 13.1

Separate Account Balances

12 Months Ended

Dec. 31, 2023

Separate Account Balances

Separate Account Balances

8. Separate Account Balances

The separate accounts are legally segregated and are not subject to claims that arise out of any of our other business. The client, rather than us, directs the investments and bears the investment risk of these funds. The separate account assets represent the fair value of funds that are separately administered by us for contracts with equity, real estate and fixed income investments and are presented as a summary total within the consolidated statements of financial position. An equivalent amount is reported as separate account liabilities, which represent the obligation to return the monies to the client. Refer to Note 18, Fair Value Measurements, for further information on the valuation methodologies.

We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services that are included in the consolidated statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations.

The Retirement and Income Solutions segment offers variable annuity contracts that allow the policyholder to allocate deposits into various investment options in a separate account. The variable annuity contracts can also include GMWB riders and guaranteed minimum death benefit (“GMDB”) riders that are accounted for as MRBs. Retirement and Income Solutions also offers certain group annuity contracts that have separate accounts as an investment option.

The Principal Asset Management segment offers retirement pension schemes in Asia that offer various guaranteed and non-guaranteed constituent fund investment options to customers, some of which were closed in the fourth quarter of 2023. The retirement pension schemes can include a guaranteed rate of return to the customer or a minimum guarantee on withdrawals under certain qualifying events. The minimum guarantee on withdrawals under certain qualifying events is accounted for as an MRB. Principal Asset Management separate account assets and liabilities also include certain retirement accumulation products in Latin America where the segregated funds and associated obligation to the client are consolidated within the financial statements. We have determined that summary totals are the most meaningful presentation for these funds.

The Benefits and Protection segment offers variable universal life products with separate account investment options.

Refer to Note 11, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above.

As of December 31, 2023 and December 31, 2022, the separate accounts included a separate account valued at $88.2 million and $101.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations.

Separate Account Assets

The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows:


	December 31, 2023		December 31, 2022

	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,467.3	$	7,339.6
Non-U.S. governments		8,522.3		8,424.3
States and political subdivisions		205.1		211.7
Corporate		13,386.4		14,429.7
Residential mortgage-backed pass-through securities		4,126.1		3,894.5
Commercial mortgage-backed securities		221.1		206.2
Other debt obligations		575.6		299.5
Total fixed maturities		35,503.9		34,805.5
Equity securities		118,073.7		105,053.3
Real estate		494.6		610.6
Other investments		9,436.2		10,278.6
Cash and cash equivalents		3,332.8		3,583.8
Other assets		764.4		1,043.3
Total separate account assets per consolidated statements of financial position	$	167,605.6	$	155,375.1

Separate Account Liabilities

The following tables summarize disaggregated separate account liability amounts and reconcile the totals to separate account liabilities reported in the consolidated statements of financial position.


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	117,518.5	$	107,240.1
Individual variable annuities		9,131.9		8,659.0
Total Retirement and Income Solutions		126,650.4		115,899.1
Principal Asset Management – Principal International:
Latin America:
Pension		34,580.6		33,316.7
Asia:
Guaranteed pension		144.2		915.0
Total Principal Asset Management – Principal International		34,724.8		34,231.7
Benefits and Protection - Life Insurance:
Universal life		5,982.5		5,011.0
Other balances (1)		247.9		233.3
Total separate account liabilities per consolidated statements of financial position	$	167,605.6	$	155,375.1

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

Retirement and Income Solutions

The balances and the changes in separate account liabilities were as follows:


	For the year ended				For the year ended
	December 31, 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)		11,379.0		328.5		14,859.3		354.1
Policy charges		(366.0)		(204.5)		(383.7)		(211.1)
Surrenders, withdrawals and benefit payments (1)		(13,916.8)		(1,018.2)		(14,479.4)		(790.1)
Investment performance		15,820.7		1,315.1		(20,641.3)		(1,723.3)
Net transfers (to) from general account (1)		(2,461.1)		30.4		(2,571.7)		29.4
Other (2)		(177.4)		21.6		(731.7)		—
Balance at end of period	$	117,518.5	$	9,131.9	$	107,240.1	$	8,659.0

Cash surrender value (3)	$	116,522.1	$	9,011.5	$	106,125.7	$	8,538.7

(1)	Within the policyholder account balances rollforwards in Note 9, 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

The balances and the changes in separate account liabilities were as follows:


	For the year ended				For the year ended
	December 31, 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		3,628.6		217.2		3,620.4		276.2
Policy charges		(17.8)		(16.9)		(18.2)		(19.8)
Surrenders, withdrawals and benefit payments (1)		(4,191.7)		(1,006.8)		(3,984.6)		(247.0)
Investment performance		2,733.7		37.7		498.8		(64.0)
Other		7.6		(0.3)		(0.8)		(0.4)
Foreign currency translation adjustment		(896.5)		(1.7)		170.5		(1.3)
Balance at end of period	$	34,580.6	$	144.2	$	33,316.7	$	915.0

Cash surrender value	$	34,580.6	$	144.2	$	33,316.7	$	915.0

(1)	Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023.

Benefits and Protection

The balances and the changes in separate account liabilities for Life Insurance – Universal life were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	(in millions)
Balance at beginning of period	$	5,011.0	$	5,886.1
Premiums and deposits (1)		532.1		514.7
Policy charges		(129.0)		(122.1)
Surrenders, withdrawals and benefit payments (1)		(342.1)		(208.6)
Investment performance		902.8		(1,054.5)
Net transfers (to) from general account (1)		7.7		(4.6)
Balance at end of period	$	5,982.5	$	5,011.0

Cash surrender value (2)	$	6,041.9	$	5,055.8

(1)	Within the policyholder account balances rollforwards in Note 9, 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.

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities Posted as Collateral
Mortgage loans	$ 20,142.8	$ 20,629.8
Pledged as collateral
Securities Posted as Collateral
Fixed maturities available-for-sale and trading securities posted as collateral for a reinsurance arrangement, derivative credit support annex (collateral) agreements, Futures Commission Merchant agreements, a lending arrangement and an obligation under funding agreements with Federal Home Loan Bank of Des Moines	4,139.7	3,569.7
Pledged as collateral \| Funding agreements with Federal Home Loan Bank
Securities Posted as Collateral
Mortgage loans	6,616.8	6,411.0
Pledged as collateral with right to be sold or repledged
Securities Posted as Collateral
Securities posted as collateral eligible to be sold or repledged	$ 519.9	$ 503.8

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation Plans

Stock-Based Compensation Plans

22. Stock-Based Compensation Plans

As of December 31, 2023, we had the 2021 Stock Incentive Plan, the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the Employee Stock Purchase Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan and the Directors Stock Plan (“Stock-Based Compensation Plans”). No new grants will be made under the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan. Under the terms of the 2021 Stock Incentive Plan, grants may be nonqualified stock options, incentive stock options qualifying under Section 422 of the Internal Revenue Code, restricted stock, restricted stock units, stock appreciation rights, performance shares, performance units or other stock-based awards. To date, we have not granted any incentive stock options, restricted stock or performance units under any plans. As part of our fair value process, we assess the impact of material nonpublic information on our share price or expected volatility, as applicable, at the time of grant. No awards in 2023 required a fair value adjustment.

As of December 31, 2023, the maximum number of new shares of common stock available for grant under the 2021 Stock Incentive Plan was 21.8 million.

For awards with graded vesting, we use an accelerated expense attribution method. The compensation cost that was charged against net income for stock-based awards granted under the Stock-Based Compensation Plans was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Compensation cost	$	97.7	$	89.9	$	95.2
Related income tax benefit		23.1		20.3		19.9
Capitalized as part of an asset		1.1		1.3		1.4

Nonqualified Stock Options

No nonqualified stock options were granted to employees during 2023 and 2022. Previously, nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan. Options outstanding were granted at an exercise price equal to the fair market value of our common stock on the date of grant and expire ten years after the grant date. Total options granted were 0.0 million, 0.0 million and 0.8 million during 2023, 2022 and 2021, respectively.

The following is a summary of the status of all of our stock option plans:


		Weighted-
		average
	Number of options	exercise price		Intrinsic value
	(in millions)			(in millions)
Options outstanding as of January 1, 2023	3.3	$	54.36
Exercised	0.5		48.71
Options outstanding as of December 31, 2023	2.8	$	55.39	$	65.4
Options vested or expected to vest as of December 31, 2023	2.8	$	55.39	$	65.4
Options exercisable as of December 31, 2023	2.6	$	55.08	$	60.6

The total intrinsic value of stock options exercised was $15.2 million, $92.0 million and $23.5 million during 2023, 2022, and 2021, respectively.

The following is a summary of weighted-average remaining contractual lives for stock options outstanding and the range of exercise prices on the stock options as of December 31, 2023:


		Weighted-
	Number of options	average remaining
Range of exercise prices	outstanding	contractual life
	(in millions)
$27.46 - $48.11	0.2	2.1
$48.12 - $52.41	0.8	5.1
$52.42 - $55.89	0.4	5.2
$55.90 - $62.75	0.7	7.2
$62.76 - $63.98	0.7	3.9
$27.46 - $63.98	2.8

The weighted-average remaining contractual lives for stock options exercisable is approximately 5.1 years as of December 31, 2023.

The fair value of stock options is estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during the period:


	For the year ended December 31,
Options	2023			2022			2021
Expected volatility		—	%		—	%		34.2	%
Expected term (in years)		—			—			7.0
Risk-free interest rate		—	%		—	%		1.2	%
Expected dividend yield		—	%		—	%		3.82	%
Weighted average estimated fair value	$	—		$	—		$	15.67

We determine expected volatility based on a combination of historical volatility using daily price observations and implied volatility from traded options on our common stock. We believe that incorporating both historical and implied volatility into our expected volatility assumption calculation better reflects market expectations. The expected term represents the period of time that options granted are expected to be outstanding. We determine expected term using historical exercise and employee termination data. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The dividend yield is based on historical dividend distributions compared to the closing price of our common shares on the grant date.

As of December 31, 2023, we had $0.1 million of total unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a weighted-average service period of approximately 0.2 years.

Cash received from stock options exercised under these share-based payment arrangements during 2023, 2022 and 2021 was $25.0 million, $141.6 million and $42.2 million, respectively. The actual tax benefits realized for the tax deductions for options exercised under these share-based payment arrangements during 2023, 2022 and 2021 was $5.5 million, $37.7 million and $9.1 million, respectively.

Performance Share Awards

We granted performance share awards to certain employees under the 2021 Stock Incentive Plan, the 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. The performance share awards are treated as an equity award and are paid in shares. Effective in 2022, we added a relative total shareholder return modifier to the performance share awards under which the number of shares ultimately granted is also impacted by our actual shareholder return relative to our S&P 500 Financial Sector Index peer group. The fair value of performance share awards is determined using a Monte Carlo simulation model. Whether the performance shares are earned depends upon the participant’s continued employment through the performance period (except in the case of specific types of terminations) and our performance against three-year goals set at the beginning of the performance period. Performance goals based on various factors must be achieved for any of the performance shares to be earned. If the performance requirements are not met, the performance shares will be forfeited, no compensation cost will be recognized and any previously recognized compensation cost will be reversed. These awards have no maximum contractual term. Dividend equivalents are credited on performance shares outstanding as of the record date. These dividend equivalents are only paid on the shares released. Total performance share awards granted were 0.3 million, 0.3 million and 0.2 million in 2023, 2022 and 2021, respectively.

The following is a summary of activity for the nonvested performance share awards:


	Number of	Weighted-
	performance	average grant-date
	share awards	fair value
	(in millions)
Nonvested performance share awards as of January 1, 2023	0.8	$	59.19
Granted	0.3		91.47
Vested	0.2		52.65
Canceled	0.1		65.92
Nonvested performance share awards as of December 31, 2023	0.8	$	71.66

The total intrinsic value of performance share awards vested was $11.0 million, $11.6 million and $4.7 million during 2023, 2022 and 2021, respectively.

Performance share awards above represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results to be determined at the end of the respective performance period. The actual number of common shares to be awarded at the end of each performance period will range between 0% and 180% (0% and 150% prior to 2022) of the initial target awards.

The fair value of performance share awards is determined using a Monte Carlo simulation model of our common shares on the grant date. The weighted-average grant-date fair value of performance share awards granted during 2023, 2022 and 2021 was $91.47, $66.62 and $58.68, respectively.

As of December 31, 2023, we had $15.9 million of total unrecognized compensation cost related to nonvested performance share awards granted. The cost is expected to be recognized over a weighted-average service period of approximately 1.7 years.

Actual tax benefits realized for the tax deductions for performance share awards paid out under these share-based payment arrangements for 2023, 2022 and 2021 was $7.7 million, $6.4 million and $1.8 million, respectively.

Restricted Stock Units

We issue restricted stock units under the 2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan, and the Directors Stock Plan. Restricted stock units are treated as an equity award and are paid in shares. These awards have no maximum contractual term. Dividend equivalents are credited on restricted stock units outstanding as of the record date. These dividend equivalents are only paid on the shares released. Restricted stock units granted were 0.9 million, 1.3 million and 1.1 million in 2023, 2022 and 2021, respectively.

Restricted stock units were issued to certain employees and agents pursuant to the 2021 Stock Incentive Plan, 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan. Under these plans, awards have graded or cliff vesting over a three-year service period. When service for PFG ceases (except in the case of specific types of terminations), all vesting stops and unvested units are forfeited.

Pursuant to the 2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Directors Stock Plan and the 2005 Directors Stock Plan, restricted stock units are granted to each non-employee director in office immediately following each annual meeting of stockholders and, at the discretion of the Board Nominating and Governance Committee, to each person who becomes a member of the Board other than on the date of the annual meeting of stockholders. Under these plans, awards are granted on an annual basis and cliff vest after a one-year service period. When service to PFG ceases, all vesting stops and unvested units are forfeited.

The following is a summary of activity for the nonvested restricted stock units:


	Number of	Weighted-
	restricted	average grant-date
	stock units	fair value
	(in millions)
Nonvested restricted stock units as of January 1, 2023	3.2	$	60.69
Granted	0.9		87.71
Vested	1.0		51.70
Canceled	0.1		73.13
Nonvested restricted stock units as of December 31, 2023	3.0	$	71.83

The total intrinsic value of restricted stock units vested was $102.8 million, $81.1 million and $51.7 during 2023, 2022 and 2021, respectively.

The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant-date fair value of restricted stock units granted during 2023, 2022 and 2021 was $87.71, $70.29 and $59.17, respectively.

As of December 31, 2023, we had $68.5 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted under these plans. The cost is expected to be recognized over a weighted-average period of approximately 1.5 years.

The actual tax benefits realized for the tax deductions for restricted stock unit payouts under these share-based payment arrangements for 2023, 2022 and 2021 was $35.9 million, $27.0 million and $17.8 million, respectively.

Employee Stock Purchase Plan

Under our Employee Stock Purchase Plan, participating employees have the opportunity to purchase shares of our common stock on a quarterly basis. Employees may purchase up to $25,000 in stock value annually. Employees may purchase shares of our common stock at a price equal to 90% of the shares’ fair market value as of the end of the purchase period. Prior to 2022, employees were able to purchase shares of our common stock at a price equal to 85% of the shares’ fair market value as of the beginning or end of the purchase period, whichever was lower. Under the Employee Stock Purchase Plan, employees purchased 0.5 million, 0.6 million and 1.0 million shares during 2023, 2022 and 2021, respectively.

We recognize compensation expense for the fair value of the discount granted to employees participating in the employee stock purchase plan in the period of grant. Shares of the Employee Stock Purchase Plan are treated as an equity award. The weighted-average fair value of the discount on the stock purchased was $7.49, $7.31 and $15.64 during 2023, 2022 and 2021, respectively. The total intrinsic value of the Employee Stock Purchase Plan shares settled was $3.6 million, $4.1 million and $15.3 million during 2023, 2022 and 2021, respectively.

Cash received from shares issued under these share-based payment arrangements for 2023, 2022 and 2021 was $32.8 million, $37.3 million and $46.5 million, respectively. The actual tax benefit realized for the tax deductions for the settlement of the share-based payment arrangements for 2023, 2022 and 2021 was $0.3 million, $0.8 million and $1.3 million, respectively.

As of December 31, 2023, a total of 3.0 million of new shares were available to be made issuable by us for this plan.

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in Goodwill
Beginning balance, Goodwill	$ 1,598.2	$ 1,627.6
Goodwill impairment		(27.1)
Foreign currency, Goodwill	10.3	(2.3)
Ending balance, Goodwill	1,608.5	1,598.2
Retirement and Income Solutions
Changes in Goodwill
Beginning balance, Goodwill	675.9	675.9
Ending balance, Goodwill	675.9	675.9
Principal Asset Management
Changes in Goodwill
Beginning balance, Goodwill	892.8	895.1
Foreign currency, Goodwill	10.3	(2.3)
Ending balance, Goodwill	903.1	892.8
Benefits and Protection
Changes in Goodwill
Beginning balance, Goodwill	29.5	56.6
Goodwill impairment		(27.1)
Ending balance, Goodwill	$ 29.5	$ 29.5

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Nature of Operations and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Nature of Operations and Significant Accounting Policies

Basis of Presentation - Policy

Basis of Presentation

Consolidation - Policy

Consolidation

Recent Accounting Pronouncements - Policy

Recent Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses.	January 1, 2025	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.	January 1, 2025	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Standards adopted:
Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. MRBs, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI.	January 1, 2023	We created a governance framework and a plan to support implementation of the standard. Our implementation and evaluation process included, but was not limited to the following: ● identifying and documenting contracts and contract features in scope of the guidance; ● identifying the actuarial models, systems and processes to be updated; ● evaluating and selecting our systems solutions for implementing the new guidance; ● building models and evaluating preliminary output as models were developed; ● evaluating and finalizing our key accounting policies; ● assessing the impact to our chart of accounts; ● developing format and content of new disclosures; ● conducting financial dry runs using model output and updated chart of accounts; ● evaluating transition requirements and impacts and ● establishing and documenting appropriate internal controls. This guidance changed how we account for many of our insurance and annuity products.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are amortized on a constant basis over the expected term of the related contracts.

The additional disclosure requirements can be found in the following notes:

●

Note 7, Deferred Acquisition Costs and Other Actuarial Balances

●

Note 8, Separate Account Balances

●

Note 9, Contractholder Funds

●

Note 10, Future Policy Benefits and Claims

●

Note 11, Market Risk Benefits

Troubled debt restructurings and vintage disclosures

January 1, 2023

This guidance did not have a material impact on our consolidated financial statements.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Targeted improvements to accounting for hedging activities – portfolio layer method

January 1, 2023

This guidance did not have a material impact on our consolidated financial statements.

Simplifying the accounting for income taxes

January 1, 2021

This guidance did not have a material impact on our consolidated financial statements.

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Facilitation of the effects of reference rate reform on financial reporting

March 12, 2020

Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance - Policy

Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance

As mentioned above, we adopted LDTI on January 1, 2023.

●

Retirement and Income Solutions:

o

Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans

o

Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings

o

Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions

o

o

o

Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions

●

Principal Asset Management – Principal International

o

Latin America:

◾

Individual fixed income annuities – SPIAs offered to individuals

◾

o

Asia:

◾

Guaranteed pension – Pension savings schemes offered to both employers and employees

●

Benefits and Protection – Specialty Benefits:

o

Individual disability – Disability insurance providing protection to individuals and/or business owners

●

Benefits and Protection – Life Insurance:

o

o

Term life – Term life insurance products offered to individuals and/or business owners

o

Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of LDTI disclosures for DAC

●

Corporate:

o

Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis.

Impact of Adoption


							Accumulated other
	Retained earnings						comprehensive income
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
DAC and other actuarial balances:
Adjustment for reversal of unrealized loss from AOCI (1) (2)	$	—	$	—	$	—	$	421.5	$	(88.5)	$	333.0
Cost of reinsurance asset (liability):
Cumulative effect of amortization basis change		(9.0)		1.9		(7.1)		—		—		—
Adjustment of unrealized loss in AOCI		—		—		—		16.1		(3.4)		12.7
Reinsurance recoverable:
Adjustment for reversal of unrealized gain from AOCI (2)		—		—		—		(45.5)		9.5		(36.0)
Adjustment under the modified retrospective approach (3)		31.4		(6.6)		24.8		—		—		—
Effect of remeasurement of the recoverable at the current discount rate		—		—		—		201.8		(42.4)		159.4
Liability for future policy benefits:
Adjustment for reversal of unrealized loss from AOCI (2)		—		—		—		1,965.3		(452.2)		1,513.1
Adjustment under the modified retrospective approach (3)		(119.1)		29.8		(89.3)		17.9		(4.8)		13.1
Effect of remeasurement of the liability at the current discount rate		—		—		—		(9,043.1)		2,024.8		(7,018.3)
Market risk benefits:
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date		—		—		—		(4.8)		1.0		(3.8)
Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB		20.9		(4.4)		16.5		—		—		—
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes)		(258.8)		54.4		(204.4)		—		—		—
Reclassification of nonperformance risk changes between retained earnings and AOCI (4)		108.4		(22.5)		85.9		(108.4)		22.5		(85.9)
Investment in equity method subsidiary impacted by LDTI (5)		22.8		(9.1)		13.7		(25.5)		10.2		(15.3)
Total impact on opening balance as of January 1, 2021	$	(203.4)	$	43.5	$	(159.9)	$	(6,604.7)	$	1,476.7	$	(5,128.0)

(1)	Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality.

(2)	Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(3)

(4)	The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.

(5)	Reflects the impact from our equity method investment in Brasilprev Seguros e Previdencia, which had transition impacts for the liability for future policy benefits and the additional liability for certain benefit features.

The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021.


	Increase (decrease)
	(in millions)
Assets
Other investments (1)	$	(1.6)
Reinsurance recoverable and deposit receivable		187.7
Premiums due and other receivables (2)		(24.4)
Deferred acquisition costs		450.9
Market risk benefit asset (3)		18.9
Other assets (4)		19.3
Total assets	$	650.8

Liabilities
Contractholder funds (5)	$	(397.9)
Future policy benefits and claims (6)		7,143.4
Market risk benefit liability (3)		663.5
Other policyholder funds (7)		48.8
Deferred income taxes		(1,519.1)
Total liabilities		5,938.7
Stockholders’ equity
Retained earnings		(159.9)
Accumulated other comprehensive income		(5,128.0)
Total stockholders’ equity		(5,287.9)
Total liabilities and stockholders’ equity	$	650.8

(1)	Reflects the impact on our investment in Brasilprev Seguros e Previdencia, which is accounted for using the equity method.

(2)	Includes the impact on the cost of reinsurance asset.

(3)

(4)	Reflects the impact on the sales inducement asset.

(5)	Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI.

(6)	Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI.

(7)	Reflects the impact on the unearned revenue liability.

Deferred Acquisition Costs


			Adjustment
			for reversal of
	Balance as of		unrealized loss		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	424.6	$	52.6	$	477.2
Individual variable annuities		281.7		0.2		281.9
Pension risk transfer (3)		—		—		—
Individual fixed deferred annuities		11.5		181.2		192.7
Investment only		12.6		—		12.6
Total Retirement and Income Solutions		730.4		234.0		964.4
Benefits and Protection:
Specialty Benefits:
Individual disability		529.8		—		529.8
Life Insurance:
Universal life		1,443.0		165.3		1,608.3
Term life		607.9		—		607.9
Participating life		60.3		51.6		111.9
Total Benefits and Protection		2,641.0		216.9		2,857.9
Total	$	3,371.4	$	450.9	$	3,822.3

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Does not include DAC for short-duration contracts or insignificant balances for long-duration contracts not included in our levels of aggregation for disclosures. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC.

(3)	This product began recording DAC upon implementing LDTI.

The balances and changes in DAC for 2021 for each level of aggregation were as follows:

Retirement and Income Solutions


	For the year ended December 31, 2021
	Workplace
	savings and		Individual		Pension		Individual
	retirement		variable		risk		fixed deferred		Investment
	solutions		annuities		transfer (1)		annuities		only

	(in millions)
Balance at beginning of period	$	477.2	$	281.9	$	—	$	192.7	$	12.6
Costs deferred		50.1		26.4		2.7		7.6		9.1
Amortized to expense		(38.3)		(27.1)		—		(38.1)		(3.6)
Balance at end of period	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1

(1)	Amortization during 2021 was nominal.

Benefits and Protection


	For the year ended December 31, 2021
	Specialty
	Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life

	(in millions)
Balance at beginning of period	$	529.8	$	1,608.3	$	607.9	$	111.9
Costs deferred		89.8		84.3		126.5		1.9
Amortized to expense		(38.9)		(96.4)		(55.5)		(11.5)
Balance at end of period	$	580.7	$	1,596.2	$	678.9	$	102.3

Unearned Revenue Liability


			Adjustment
			for reversal of
	Balance as of		unrealized gain		Balance as of
	December 31, 2020		from AOCI (1)		January 1, 2021 (2)

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	335.6	$	48.8	$	384.4
Total	$	335.6	$	48.8	$	384.4

(1)	Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)	Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability.

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:


	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Liability for Future Policy Benefits


							Effect of
					Adjustment		remeasurement
			Adjustment		under the		of the liability
	Balance as of		for reversal of		modified		at the current		Balance as of
	December 31,		unrealized loss		retrospective		discount		January 1,
	2020		from AOCI (1)		approach (2)		rate (3)		2021 (4)

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	21,982.8	$	(947.0)	$	—	$	4,827.9	$	25,863.7
Individual fixed income annuities		6,147.2		(215.0)		0.1		1,213.5		7,145.8
Total Retirement and Income Solutions		28,130.0		(1,162.0)		0.1		6,041.4		33,009.5
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		5,038.4		(634.6)		61.7		2,096.0		6,561.5
Benefits and Protection:
Specialty Benefits:
Individual disability		2,173.8		(168.7)		2.4		493.4		2,500.9
Life Insurance:
Term life		834.5		—		7.0		318.8		1,160.3
Total Benefits and Protection		3,008.3		(168.7)		9.4		812.2		3,661.2
Corporate:
Long-term care insurance		134.1		—		30.0		93.5		257.6
Total	$	36,310.8	$	(1,965.3)	$	101.2	$	9,043.1	$	43,489.8

(1)	Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(2)

(3)	The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI.

(4)	Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 10, Future Policy Benefits and Claims, for further information on the liability for future policy benefits.

The balances and changes in the liability for future policy benefits for 2021 for each level of aggregation were as follows:

Retirement and Income Solutions and Principal Asset Management – Principal International


	For the year ended December 31, 2021
					Principal
					Asset
					Management –
	Retirement and Income				Principal
	Solutions				International
					Latin America
	Pension		Individual		Individual
	risk		fixed income		fixed income
	transfer		annuities		annuities

	(in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	25,863.7	$	7,145.8	$	6,561.5
Effect of changes in discount rate assumptions at beginning of period		(4,827.9)		(1,213.5)		(2,096.0)
Balance at beginning of period at original discount rate		21,035.8		5,932.3		4,465.5
Effect of actual variances from expected experience		(2.4)		(1.3)		(4.9)
Adjusted beginning of period balance at original discount rate		21,033.4		5,931.0		4,460.6
Interest accrual		916.7		240.5		444.3
Benefit payments		(1,772.5)		(532.0)		(436.0)
Issuances		1,801.7		82.9		141.3
Foreign currency translation adjustment		—		—		(751.9)
Balance at end of period at original discount rate		21,979.3		5,722.4		3,858.3
Effect of changes in discount rate assumptions at end of period		3,386.5		812.6		478.5
Future policy benefits	$	25,365.8	$	6,535.0	$	4,336.8

Benefits and Protection and Corporate


	For the year ended December 31, 2021
	Benefits and Protection				Corporate
	Specialty		Life
	Benefits		Insurance
	Individual				Long-term
	disability		Term life		care insurance

	(in millions)
Present value of expected net premiums
Balance at beginning of period	$	3,148.3	$	3,799.0	$	66.7
Effect of changes in discount rate assumptions at beginning of period		(340.7)		(861.1)		(17.6)
Balance at beginning of period at original discount rate		2,807.6		2,937.9		49.1
Effect of changes in cash flow assumptions		—		—		2.8
Effect of actual variances from expected experience		122.0		211.4		(0.8)
Adjusted beginning of period balance at original discount rate		2,929.6		3,149.3		51.1
Interest accrual		95.4		151.1		2.9
Net premiums collected		(280.4)		(315.0)		(5.2)
Issuances		206.4		518.2		—
Balance at end of period at original discount rate		2,951.0		3,503.6		48.8
Effect of changes in discount rate assumptions at end of period		198.9		690.1		14.0
Balance at end of period	$	3,149.9	$	4,193.7	$	62.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	5,649.2	$	4,959.3	$	324.3
Effect of changes in discount rate assumptions at beginning of period		(834.1)		(1,179.9)		(111.1)
Balance at beginning of period at original discount rate		4,815.1		3,779.4		213.2
Effect of changes in cash flow assumptions		—		—		0.5
Effect of actual variances from expected experience		118.8		216.0		(4.6)
Adjusted beginning of period balance at original discount rate		4,933.9		3,995.4		209.1
Interest accrual		181.0		194.3		12.4
Benefit payments		(179.7)		(335.7)		(13.5)
Issuances		212.1		543.4		—
Balance at end of period at original discount rate		5,147.3		4,397.4		208.0
Effect of changes in discount rate assumptions at end of period		501.0		913.9		89.5
Balance at end of period	$	5,648.3	$	5,311.3	$	297.5

Future policy benefits (1)	$	2,498.4	$	1,117.6	$	234.7
Reinsurance impact		(549.9)		(0.1)		(234.7)
Future policy benefits after reinsurance	$	1,948.5	$	1,117.5	$	—

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

Additional Liability for Certain Benefit Features

Benefits and Protection

The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows:


	For the year ended,
	December 31, 2021
	(in millions)
Balance at beginning of period	$	3,463.9
Effect of changes in cash flow assumptions		(11.1)
Effect of actual variances from expected experience		18.1
Interest accrual		158.3
Net assessments collected		324.7
Benefit payments		(83.1)
Other (1)		(56.6)
Balance at end of period	$	3,814.2

(1)	Reflects model refinements accounted for as a change in accounting estimate.

Market Risk Benefits


			Cumulative
			effect of
			changes in the		Retained earnings
			nonperformance		adjustment
			risk between the		for the valuation of
			original contract		contracts as MRBs
	Asset (liability)		issue date and		(exclusive of		Asset (liability)
	balance as of		the transition		nonperformance		balance as of
	December 31, 2020 (1)		date (2)		risk changes) (3)		January 1, 2021 (4)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	(348.6)	$	(4.8)	$	(237.9)	$	(591.3)
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (5)		(53.3)		—		—		(53.3)
Total	$	(401.9)	$	(4.8)	$	(237.9)	$	(644.6)

(1)

(2)

(3)	The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings.

(4)

(5)	This product had nominal transition adjustments.

The balances and changes in MRBs for 2021 for each level of aggregation were as follows:


	For the year ended December 31, 2021
	Retirement and Income		Principal Asset Management –
	Solutions		Principal International
			Asia
	Individual variable annuities		Guaranteed pension

	(in millions)
Balance at beginning of period	$	(591.3)	$	(53.3)
Effect of changes in nonperformance risk at beginning of period		106.7		6.5
Adjusted balance at beginning of period		(484.6)		(46.8)
Effect of:
Interest accrual and expected policyholder behavior		(120.7)		(5.3)
Benefit payments		0.4		5.7
Changes in interest rates		154.3		7.6
Changes in equity markets		106.4		1.4
Changes in equity index volatility		15.1		—
Actual policyholder behavior different from expected behavior		2.3		3.6
Changes in future expected policyholder behavior		(96.6)		0.5
Changes in other future expected assumptions		38.2		2.3
Foreign currency translation adjustment		—		0.2
Adjusted balance at end of period		(385.2)		(30.8)
Effect of changes in nonperformance risk at end of period		(109.5)		(4.3)
Balance at end of period	$	(494.7)	$	(35.1)

Use of Estimates in the Preparation of Financial Statements - Policy

Use of Estimates in the Preparation of Financial Statements

●

the fair value of investments in the absence of quoted market values;

●

investment impairments and valuation allowances;

●

the fair value of derivatives;

●

the fair value of MRBs;

●

the measurement of goodwill, indefinite lived intangible assets, finite lived intangible assets and related impairments or amortization, if any;

●

the liability for future policy benefits and claims, including the deferred profit liability;

●

the value of our pension and other postretirement benefit obligations and

●

accounting for income taxes and the valuation of deferred tax assets.

Closed Block - Policy

Closed Block

Cash and Cash Equivalents - Policy

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased.

Investments - Policy

Investments

Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. See Note 4, Investments, for further details of our valuation allowance.

Derivatives - Policy

Derivatives

Overview

Accounting and Financial Statement Presentation

We designate derivatives as either:

(a)

a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency (“fair value hedge”);

(b)

(c)

a hedge of a net investment in a foreign operation or

(d)

a derivative not designated as a hedging instrument.

Contractholder and Policyholder Liabilities - Policy

Contractholder and Policyholder Liabilities

Short-Duration Contracts

Liability for Unpaid Claims

See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Unpaid Claims” for further details.

Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits - Policy

Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits

Deferred Acquisition Costs - Policy

Deferred Acquisition Costs

Internal Replacement Transactions - Policy

Internal Replacement Transactions

Long-Term Debt - Policy

Long-Term Debt

Reinsurance - Policy

Reinsurance

We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks.

Separate Accounts - Policy

Separate Accounts

Refer to Note 8, Separate Account Balances, for information on our separate account assets and liabilities.

Income Taxes - Policy

Income Taxes

Foreign Exchange - Policy

Foreign Exchange

Goodwill and Other Intangibles - Policy

Goodwill and Other Intangibles

Earnings Per Common Share - Policy

Earnings Per Common Share

Segment Information - Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense included in pre-tax operating earnings	$ 202.9	$ 202.9	$ 208.0
Depreciation and amortization expense related to exited business		27.1
Depreciation and amortization expense	202.9	230.0	208.0
Retirement and Income Solutions
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	85.3	86.2	81.7
Principal Asset Management
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	76.0	74.6	78.4
Benefits and Protection
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	23.9	23.7	24.2
Corporate
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	$ 17.7	$ 18.4	$ 23.7

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 305,046.7	$ 290,867.0
Total liabilities	293,836.1	280,587.2
Redeemable noncontrolling interest	248.9	262.0	$ 332.5	$ 255.6
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	37,511.3	37,220.5
Total liabilities	34,778.5	34,614.9
Redeemable noncontrolling interest	226.4	235.3
Mandatory retirement savings funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	35,034.4	34,876.9
Total liabilities	34,688.3	34,528.3
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	829.1	689.6
Total liabilities	63.0	42.2
Sponsored investment funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	523.8	471.4
Total liabilities	6.3	2.6
Redeemable noncontrolling interest	226.4	235.3
Residential mortgage loans VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	874.7	1,182.6
Total liabilities	20.9	$ 41.8
Asset-backed limited partnership
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 249.3

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	$ 65,673.1	$ 62,889.9
Fixed maturities, trading	836.2	760.7
Equity securities	1,478.1	1,708.6
Derivative instruments, assets	304.2	321.6
Separate account assets	167,605.6	155,375.1
Investment and universal life contracts	$ (115.5)	(46.4)
Fixed maturities valued using internal pricing models
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent)	3.00%
Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Unfunded commitments of investments measured using NAV	$ 7.1	7.8
U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,528.8	1,739.8
Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	507.9	567.3
States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,676.8	6,232.3
Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	35,810.0	36,183.2
Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,061.1	2,228.7
Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,775.5	4,864.6
Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,403.7	4,566.4
Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,909.3	6,507.6
Recurring Fair Value Measurements
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	65,673.1	62,889.9
Fixed maturities, trading	836.2	760.7
Equity securities	1,478.1	1,708.6
Derivative instruments, assets	304.2	321.6
Other investments	815.6	701.1
Cash equivalents	3,771.4	3,604.1
Market risk benefit asset	153.4	109.2
Sub-total excluding separate account assets	73,032.0	70,095.2
Separate account assets	167,605.6	155,375.1
Total assets	240,637.6	225,470.3
Investment and universal life contracts	(115.5)	(46.4)
Market risk benefit liability	(133.2)	(207.4)
Funds withheld payable embedded derivative	2,567.1	3,652.8
Derivative liabilities	(494.0)	(634.2)
Other liabilities	(1.0)	(0.4)
Total liabilities	1,823.4	2,764.4
Net assets (liabilities)	242,461.0	228,234.7
Recurring Fair Value Measurements \| Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Other investments	73.7	81.4
Sub-total excluding separate account assets	73.7	81.4
Separate account assets	8,692.0	9,120.9
Total assets	8,765.7	9,202.3
Net assets (liabilities)	8,765.7	9,202.3
Recurring Fair Value Measurements \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,247.1	1,387.1
Fixed maturities, trading	27.7	78.6
Equity securities	245.4	492.4
Other investments	220.1	311.7
Cash equivalents	511.6	973.5
Sub-total excluding separate account assets	2,251.9	3,243.3
Separate account assets	104,505.0	92,010.7
Total assets	106,756.9	95,254.0
Net assets (liabilities)	106,756.9	95,254.0
Recurring Fair Value Measurements \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	60,789.2	59,336.2
Fixed maturities, trading	392.7	548.1
Equity securities	1,232.7	1,216.2
Derivative instruments, assets	297.9	320.9
Other investments	356.7	306.1
Cash equivalents	3,259.8	2,630.6
Sub-total excluding separate account assets	66,329.0	64,358.1
Separate account assets	53,655.8	53,208.6
Total assets	119,984.8	117,566.7
Derivative liabilities	(493.2)	(630.1)
Other liabilities	(1.0)	(0.4)
Total liabilities	(494.2)	(630.5)
Net assets (liabilities)	119,490.6	116,936.2
Recurring Fair Value Measurements \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,636.8	2,166.6
Fixed maturities, trading	415.8	134.0
Derivative instruments, assets	6.3	0.7
Other investments	165.1	1.9
Market risk benefit asset	153.4	109.2
Sub-total excluding separate account assets	4,377.4	2,412.4
Separate account assets	752.8	1,034.9
Total assets	5,130.2	3,447.3
Investment and universal life contracts	(115.5)	(46.4)
Market risk benefit liability	(133.2)	(207.4)
Funds withheld payable embedded derivative	2,567.1	3,652.8
Derivative liabilities	(0.8)	(4.1)
Total liabilities	2,317.6	3,394.9
Net assets (liabilities)	7,447.8	6,842.2
Recurring Fair Value Measurements \| U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,528.8	1,739.8
Recurring Fair Value Measurements \| U.S. government and agencies \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,216.0	1,359.1
Recurring Fair Value Measurements \| U.S. government and agencies \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	312.8	380.7
Recurring Fair Value Measurements \| Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	507.9	567.3
Recurring Fair Value Measurements \| Non-U.S. governments \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	0.2	1.4
Recurring Fair Value Measurements \| Non-U.S. governments \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	507.7	565.9
Recurring Fair Value Measurements \| States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,676.8	6,232.3
Recurring Fair Value Measurements \| States and political subdivisions \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,606.9	6,161.4
Recurring Fair Value Measurements \| States and political subdivisions \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	69.9	70.9
Recurring Fair Value Measurements \| Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	35,810.0	36,183.2
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	30.9	26.6
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	33,473.2	34,588.3
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	2,305.9	1,568.3
Recurring Fair Value Measurements \| Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,061.1	2,228.7
Recurring Fair Value Measurements \| Residential mortgage-backed pass-through securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,061.1	2,228.7
Recurring Fair Value Measurements \| Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,775.5	4,864.6
Recurring Fair Value Measurements \| Commercial mortgage-backed securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,772.5	4,861.2
Recurring Fair Value Measurements \| Commercial mortgage-backed securities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3.0	3.4
Recurring Fair Value Measurements \| Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,403.7	4,566.4
Recurring Fair Value Measurements \| Collateralized debt obligations \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,328.3	4,510.2
Recurring Fair Value Measurements \| Collateralized debt obligations \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	75.4	56.2
Recurring Fair Value Measurements \| Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,909.3	6,507.6
Recurring Fair Value Measurements \| Other debt obligations \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,726.7	6,039.8
Recurring Fair Value Measurements \| Other debt obligations \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	$ 1,182.6	$ 467.8

Future Policy Benefits and Claims - Disaggregated Amounts Included in Future Policy Benefits and Claims (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future Policy Benefits and Claims
Liability for future policy benefits	$ 36,514.6	$ 34,064.4		$ 43,489.8
Additional liability for certain benefit features	5,326.5	4,095.2
Participating contracts	3,060.5	3,207.2
Short-duration contracts		1,295.6
Cost of reinsurance liability	424.6	479.8
Reinsurance recoverable liability	45.2	39.4
Other	171.7	132.4
Future policy benefits and claims per consolidated statements of financial position	46,826.5	43,314.0
Retirement and Income Solutions
Future Policy Benefits and Claims
Liability for future policy benefits	28,769.9	26,230.8		33,009.5
Future policy benefits and claims per consolidated statements of financial position	29,161.9	26,651.8
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Liability for future policy benefits	23,855.8	21,211.4		25,863.7
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,914.1	5,019.4		7,145.8
Principal Asset Management
Future Policy Benefits and Claims
Future policy benefits and claims per consolidated statements of financial position	4,595.6	5,043.8
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,593.7	5,042.3		6,561.5
Benefits and Protection
Future Policy Benefits and Claims
Liability for future policy benefits	2,984.3	2,607.8		3,661.2
Future policy benefits and claims per consolidated statements of financial position	12,888.3	11,411.6
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Liability for future policy benefits	1,898.4	1,698.8	$ 2,498.4	2,500.9
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Liability for future policy benefits	1,085.9	909.0	1,117.6	1,160.3
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Additional liability for certain benefit features	5,326.5	4,095.2	3,814.2
Corporate
Future Policy Benefits and Claims
Future policy benefits and claims per consolidated statements of financial position	180.7	206.8
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Liability for future policy benefits	$ 166.7	$ 183.5	$ 234.7	$ 257.6

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Gains (losses) recognized for hedging relationships

Net investment income (loss)

$ 4,091.9

$ 3,838.5

$ 4,429.6

Net realized capital gains (losses)

^[1]

(72.2)

(182.1)

115.4

Benefits, claims and settlement expenses

7,788.2

6,631.3

7,258.2

Gains or losses on net investment hedges were reclassified from AOCI into net realized capitals gains (losses)

0.0

Fair Value Hedges | Net investment income

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

62.5

Fair Value Hedges | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

(4.3)

Fair Value Hedges | Interest rate contracts | Net investment income

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

(43.9)

(154.4)

(28.7)

Gain (loss) recognized on derivatives

45.3

151.6

28.6

Amortization of hedged item basis adjustments

(1.3)

(1.8)

60.5

5.2

(10.0)

Total gain (loss) recognized for hedging relationships

1.1

(11.9)

Fair Value Hedges | Interest rate contracts | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

(2.1)

Gain (loss) recognized on derivatives

0.4

(2.6)

Fair Value Hedges | Foreign exchange contracts | Net investment income

Gains (losses) recognized for hedging relationships

0.6

Fair Value Hedges | Foreign exchange contracts | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

(3.7)

Gain (loss) recognized on derivatives

3.7

Cash Flow Hedges | Net investment income

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

25.5

23.5

25.0

Cash Flow Hedges | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

3.4

19.1

10.2

Cash Flow Hedges | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

14.1

3.6

(0.5)

Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives

Gains (losses) recognized for hedging relationships

Net investment income (loss)

4.1

9.0

15.4

Benefits, claims and settlement expenses

(0.1)

Cash Flow Hedges | Interest rate contracts | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Gain (loss) reclassified from AOCI into net income as a result that a forecasted transaction is no longer probable of occurring

1.9

18.5

1.0

Cash Flow Hedges | Interest rate contracts | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

14.2

3.7

(0.4)

Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives

Gains (losses) recognized for hedging relationships

Net realized capital gains (losses)

1.5

0.6

9.2

Cash Flow Hedges | Foreign exchange contracts | Net investment income

Gains (losses) recognized for hedging relationships

21.4

14.5

9.6

Net investment hedging relationships

Gains (losses) recognized for hedging relationships

Amount of gain (loss) recognized in AOCI on derivatives

(0.7)

1.5

2.9

Net investment hedging relationships | Foreign exchange contracts

Gains (losses) recognized for hedging relationships

Amount of gain (loss) recognized in AOCI on derivatives

$ (0.7)

$ 1.5

$ 2.9

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ 1,949.6	$ (6,249.3)	$ 986.6
Other comprehensive income (loss), tax	(415.8)	1,340.5	(329.3)
Other comprehensive income (loss)	1,533.8	(4,908.8)	657.3
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	1,986.8	(13,158.9)	(2,984.3)
Adjustments for assumed changes in amortization patterns, pre-tax	(2.6)	(3.7)	(0.1)
Adjustments for assumed changes in policyholder liabilities, pre-tax	0.7	273.2	266.9
Other comprehensive income (loss), pre-tax	2,336.0	(12,490.5)	(2,698.1)
Other comprehensive income (loss) before reclassifications, tax	(419.8)	2,787.9	675.1
Reclassification from accumulated other comprehensive income, tax	(73.5)	(87.6)	(5.1)
Adjustments for assumed changes in amortization patterns, tax	0.6	0.7
Adjustments for assumed changes in policyholder liabilities, tax	(0.2)	(57.3)	(57.2)
Other comprehensive income (loss), tax	(492.9)	2,643.7	612.8
Other comprehensive income (loss) before reclassifications, after-tax	1,567.0	(10,371.0)	(2,309.2)
Reclassification from accumulated other comprehensive income, after-tax	277.6	311.3	14.3
Adjustments for assumed changes in amortization patterns, after-tax	(2.0)	(3.0)	(0.1)
Adjustments for assumed changes in policyholder liabilities, after-tax	0.5	215.9	209.7
Other comprehensive income (loss)	1,843.1	(9,846.8)	(2,085.3)
Net unrealized gains (losses) on available-for-sale securities including NCI \| Net realized capital gains (losses)
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	351.1	398.9	19.4
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(44.9)	(1.4)	66.7
Reclassification from accumulated other comprehensive income, pre-tax	(7.4)	(28.0)	(25.5)
Adjustments for assumed changes in amortization patterns, pre-tax	(0.9)	(0.1)
Adjustments for assumed changes in policyholder liabilities, pre-tax	0.2	0.4	1.2
Other comprehensive income (loss), pre-tax	(53.0)	(29.1)	42.4
Other comprehensive income (loss) before reclassifications, tax	9.4	0.3	(14.0)
Reclassification from accumulated other comprehensive income, tax	1.6	5.8	5.4
Adjustments for assumed changes in amortization patterns, tax	0.2
Adjustments for assumed changes in policyholder liabilities, tax		(0.1)	(0.4)
Other comprehensive income (loss), tax	11.2	6.0	(9.0)
Other comprehensive income (loss) before reclassifications, after-tax	(35.5)	(1.1)	52.7
Reclassification from accumulated other comprehensive income, after-tax	(5.8)	(22.2)	(20.1)
Adjustments for assumed changes in amortization patterns, after-tax	(0.7)	(0.1)
Adjustments for assumed changes in policyholder liabilities, after-tax	0.2	0.3	0.8
Other comprehensive income (loss)	(41.8)	(23.1)	33.4
Net unrealized gains (losses) of derivative instruments including NCI
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	0.6
Reclassification from accumulated other comprehensive income, after-tax	0.6
Foreign currency translation adjustment relating to noncontrolling interest
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	68.6
Other comprehensive income (loss), tax	5.1
Other comprehensive income (loss)	73.7
Liability for future policy benefits discount rate remeasurement gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax			3,724.9
Other comprehensive income (loss), pre-tax	(365.9)	6,030.4
Other comprehensive income (loss), tax	53.2	(1,251.9)	(885.2)
Other comprehensive income (loss)	(312.7)	4,778.5	2,839.7
Market risk benefit nonperformance risk gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax			(0.6)
Other comprehensive income (loss), pre-tax	(39.2)	144.3
Other comprehensive income (loss), tax	8.3	(30.2)	0.2
Other comprehensive income (loss)	(30.9)	114.1	(0.4)
Foreign currency translation adjustment including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax			(259.6)
Other comprehensive income (loss), pre-tax	68.0	(26.9)	(240.3)
Other comprehensive income (loss) before reclassifications, tax			(5.6)
Other comprehensive income (loss), tax	5.1	4.8	(5.6)
Other comprehensive income (loss) before reclassifications, after-tax			(265.2)
Reclassification from accumulated other comprehensive income, after-tax			19.3
Other comprehensive income (loss)	73.1	(22.1)	(245.9)
Foreign currency translation adjustment including NCI \| Net realized capital gains (losses)
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax			19.3
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(19.3)	85.8	106.5
Other comprehensive income (loss), pre-tax	3.1	122.5	158.3
Other comprehensive income (loss) before reclassifications, tax	5.2	(22.3)	(28.5)
Reclassification from accumulated other comprehensive income, tax	(5.9)	(9.6)	(14.0)
Other comprehensive income (loss), tax	(0.7)	(31.9)	(42.5)
Other comprehensive income (loss) before reclassifications, after-tax	(14.1)	63.5	78.0
Reclassification from accumulated other comprehensive income, after-tax	16.5	27.1	37.8
Other comprehensive income (loss)	2.4	90.6	115.8
Unrecognized postretirement benefit obligation including NCI \| Operating expense
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ 22.4	$ 36.7	$ 51.8

Reinsurance - Components of Net Realized Capital Gains (Losses) on Funds Withheld Assets (Details) - Talcott Life & Annuity Re - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Net realized capital gains (losses)	$ (257.9)	$ (263.1)
Fixed maturities, available-for-sale
Reinsurance
Net realized capital gains (losses)	(229.7)	(235.5)
Fixed maturities, trading
Reinsurance
Net realized capital gains (losses)	(0.1)	(6.4)
Equity securities
Reinsurance
Net realized capital gains (losses)	(1.2)	(2.4)
Mortgage loans
Reinsurance
Net realized capital gains (losses)	(34.1)	(24.8)
Derivatives
Reinsurance
Net realized capital gains (losses)	$ 7.2	2.7
Other
Reinsurance
Net realized capital gains (losses)		$ 3.3

Stockholders' Equity - Dividend Limitations (Details) - Principal Life Insurance Company Only $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Dividend Limitations
Dividend limitation as percentage of statutory policyholder surplus (as a percent)	10.00%
Dividends that can be paid in upcoming calendar year without exceeding statutory limitation	$ 1,497.8

Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 97.7	$ 89.9	$ 95.2
Related income tax benefit	23.1	20.3	19.9
Capitalized as part of an asset	$ 1.1	$ 1.3	$ 1.4
2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted	0.0
2021 Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Maximum number of new shares of common stock available for grant (in shares)	21.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Closed Block - Revenues and Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Closed Block: Premiums and other considerations	$ 166.1	$ 178.0	$ 196.1
Closed Block: Net investment income (loss)	127.3	129.1	137.6
Closed Block: Net realized capital gains (losses)	(10.0)	(21.2)	(4.6)
Closed Block: Total revenues	283.4	285.9	329.1
Expenses
Closed Block: Benefits, claims and settlement expenses	161.6	184.3	212.0
Closed Block: Dividends to policyholders	86.8	92.5	92.6
Closed Block: Operating expenses	2.6	2.2	2.3
Closed Block: Total expenses	251.0	279.0	306.9
Closed Block revenues, net of Closed Block expenses, before income taxes	32.4	6.9	22.2
Closed Block: Income taxes	6.1	0.7	3.9
Closed Block revenues, net of Closed Block expenses and income taxes	26.3	6.2	18.3
Funding adjustments and other transfers	(1.4)	28.5	(4.0)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$ 24.9	$ 34.7	$ 14.3

Market Risk Benefits

12 Months Ended

Dec. 31, 2023

Market Risk Benefits

Market Risk Benefits

11. Market Risk Benefits

Contracts or contract features that provide protection to the policyholder from capital market risk, including equity, interest rate or foreign exchange risk, and expose us to other-than-nominal capital market risk are classified as MRBs. We issue certain annuity contracts and other investment contracts that include MRBs that have been bifurcated from the host contract. The Retirement and Income Solutions segment offers variable annuity products with GMWB riders and GMDB riders, including the GMDB for its RILA products that offer return of premium death benefits. The Principal Asset Management segment offers defined contribution plans in Asia with a guarantee on the minimum account balance under certain qualifying events.

MRBs are measured at fair value at the contract level and can be in either an asset or liability position, depending on certain inputs at the reporting date. MRB assets and liabilities are presented separately within the consolidated statements of financial position. Increases to an asset or decreases to a liability are described as favorable changes to fair value.

Changes in fair value are reported in MRB remeasurement (gain) loss on the consolidated statements of operations. However, the change in fair value related to our own nonperformance risk is reported in OCI. For contracts that contain multiple MRB features, the MRBs are valued on a combined basis using an integrated model.

MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk.

The assumption for our own nonperformance risk for MRBs is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Increases (decreases) in our own nonperformance risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs.

Long-term interest rates are used as the mean return when projecting the growth in the value of the associated account value and impact the discount rate used in the discounted future cash flows valuation. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals. An increase (decrease) in risk-free rates could cause a favorable (unfavorable) change in the fair value of the MRBs. A decrease (increase) in market volatilities could cause a favorable (unfavorable) change in the fair value of the MRBs.

An increase (decrease) in mortality rates or the overall lapse rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs. The lapse rate assumption may vary dynamically based on the relationship between the guarantee and associated account value. A weaker (stronger) dynamic lapse rate assumption could lead to favorable (unfavorable) changes in the fair value of the MRBs.

The utilization rate assumption includes how many contractholders will take withdrawals, when they will take them and how much of their benefit they will take. A decrease (increase) in the number of contractholders taking withdrawals, contractholders taking withdrawals earlier versus later, or contractholders taking more versus less of their benefit could lead to favorable (unfavorable) changes in the fair value of the MRBs.

The following tables summarize disaggregated MRB amounts in an asset and liability position reported in the consolidated statements of financial position.


	December 31, 2023						December 31, 2022
					Net asset						Net asset
	Asset		Liability		(liability)		Asset		Liability		(liability)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	153.4	$	111.9	$	41.5	$	109.2	$	181.4	$	(72.2)
Principal Asset Management – Principal International:
Asia:
Guaranteed pension		—		21.3		(21.3)		—		26.0		(26.0)
Total MRB per consolidated statements of financial position	$	153.4	$	133.2	$	20.2	$	109.2	$	207.4	$	(98.2)

Retirement and Income Solutions

The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	(72.2)	$	(494.7)
Effect of changes in nonperformance risk at beginning of period		(31.7)		109.5
Adjusted balance at beginning of period		(103.9)		(385.2)
Effect of:
Interest accrual and expected policyholder behavior		(80.9)		(90.1)
Benefit payments		0.4		1.3
Changes in interest rates		39.9		539.1
Changes in equity markets		155.1		(112.4)
Changes in equity index volatility		47.9		(50.2)
Actual policyholder behavior different from expected behavior		(4.0)		1.5
Changes in future expected policyholder behavior		—		(6.1)
Changes in other future expected assumptions		(5.3)		(1.8)
Adjusted balance at end of period		49.2		(103.9)
Effect of changes in nonperformance risk at end of period		(7.7)		31.7
Balance at end of period	$	41.5	$	(72.2)

Weighted-average attained age of policyholders (years) (1)		67.7		67.4
Net amount at risk (2)	$	111.2	$	415.5

(1)	The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2)

Significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement shown above were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022
		Change in net		Change in net
	Change in input	MRB asset (liability)	Change in input	MRB asset (liability)
Long-term interest rate	Increased	Favorable	Increased	Favorable
Equity markets	Increased	Favorable	Decreased	Unfavorable
Equity market volatilities	Decreased	Favorable	Increased	Unfavorable
Own nonperformance risk	Decreased	Unfavorable	Increased	Favorable

See “Unobservable Inputs for Fair Value Measurement” for additional details on the inputs.

Principal Asset Management – Principal International

The net asset (liability) balances and the changes in the valuation of the MRBs for Asia – Guaranteed pension were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	(26.0)	$	(35.1)
Effect of changes in nonperformance risk at beginning of period		1.2		4.3
Adjusted balance at beginning of period		(24.8)		(30.8)
Effect of:
Interest accrual and expected policyholder behavior		(10.1)		(7.1)
Benefit payments		13.8		9.5
Changes in interest rates		1.2		3.9
Changes in equity markets		0.2		(1.0)
Actual policyholder behavior different from expected behavior		(0.6)		0.7
Adjusted balance at end of period		(20.3)		(24.8)
Effect of changes in nonperformance risk at end of period		(1.0)		(1.2)
Balance at end of period	$	(21.3)	$	(26.0)

Weighted-average attained age of policyholders (years) (1)		54.0		50.0
Net amount at risk (2)	$	25.1	$	91.0

(1)	The weighted-average attained age is calculated at the contract level using the guarantee amounts and the age of the underlying members of the contracts.

(2)	The net amount at risk for the minimum guarantee on withdrawal is defined as the current guaranteed balance in excess of the current account balance.

Unobservable Inputs for Fair Value Measurement

The following table provides quantitative information about the significant unobservable inputs used for fair value measurements of MRBs. The utilization rate and mortality rate inputs are omitted from the table as a range does not provide meaningful presentation. The utilization rate represents the number of contractholders taking withdrawals in addition to the amount and timing of the withdrawals. The mortality rate is an input based on an appropriate industry mortality table.


	December 31, 2023				December 31, 2022
			Weighted-				Weighted-
	Range of inputs		Average		Range of inputs		Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)	4.00 - 4.20	%	4.10	%	3.97 - 4.12	%	4.04	%
Long-term equity market volatility	18.00 - 33.00	%	22.00	%	18.10 - 34.15	%	22.07	%
Nonperformance risk	0.80 - 1.60	%	1.30	%	0.90 - 1.96	%	1.65	%
Lapse rate	1.10 - 55.00	%	5.90	%	1.25 - 24.75	%	5.76	%
Principal Asset Management – Principal International:
Asia:
Guaranteed pension
Long-term interest rate (1)	4.54 - 4.70	%	4.61	%	3.80 - 3.98	%	3.88	%
Long-term equity market volatility	16.39 - 23.75	%	19.64	%	18.06 - 25.16	%	20.69	%
Nonperformance risk	0.90 - 1.77	%	1.51	%	0.90 - 1.98	%	1.68	%
Lapse rate	4.95 - 19.35	%	16.80	%	4.95 - 19.35	%	13.40	%

(1)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

20. Segment Information

We provide financial products and services through the following segments: Retirement and Income Solutions, Principal Asset Management and Benefits and Protection. In addition, we have a Corporate segment. The segments are managed and reported separately because they provide different products and services, have different strategies or have different markets and distribution channels.

Prior to 2023, we separately reported Principal Global Investors and Principal International as segments. Those are now integrated into our Principal Asset Management segment. The new segment presentation has been applied retrospectively to our segment results, which have been recast for LDTI, but did not impact our consolidated financial statements.

The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment includes workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities, pension risk transfer, investment only and our exited retail fixed annuities business.

The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The segment is organized into Principal Global Investors, which provides public, multi-asset and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives; and Principal International, which provides long-term savings and retirement solutions through pension accumulation, mutual funds and income annuities, along with retail asset management services in Asia and Latin America.

The Benefits and Protection (formerly known as U.S. Insurance Solutions) segment focuses on solutions primarily for small-to-mid sized businesses and their employees. The segment is organized into Specialty Benefits, which provides group dental, group life insurance, group disability insurance (including short-term disability, long-term disability and paid family and medical leave), supplemental health products (including vision, critical illness, accident and hospital indemnity) and individual disability insurance; and Life Insurance, which provides life insurance, with a focus on the business market customer, including universal life and variable universal life (including indexed universal life) and traditional life insurance (including term life insurance). All remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life), traditional life insurance (including participating whole life, adjustable life products and term life insurance) and our exited ULSG business.

Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc. (“PSI”), our retail broker-dealer and registered investment advisor (“RIA”); and our exited group medical and long-term care insurance businesses are reported in this segment.

Management uses segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax income (loss) from exited business, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business.

The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings:

●

Periodic settlements and accruals on derivative instruments not designated as hedging instruments,

●

Certain market value adjustments of derivatives and embedded derivatives and

●

Certain market value adjustments of derivative instruments used to economically hedge embedded derivatives.

Pre-tax income (loss) from exited business includes amounts associated with our exited U.S. retail fixed annuity and ULSG businesses, including the change in fair value of the funds withheld embedded derivative, net realized capital gains (losses) on funds withheld assets, strategic review costs and impacts, amortization of reinsurance gain (loss) and other impacts of reinsured business. The strategic review costs and impacts primarily include actuarial balance re-cohorting impacts resulting from the Strategic Review and costs to close the Talcott Reinsurance Transaction. Other impacts of reinsured business primarily include DAC amortization.

Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for:

●

Amortization of hedge accounting book value adjustments for certain discontinued hedges,

●

Certain hedge accounting market value revenue adjustments,

●

Certain market value adjustments to fee revenues,

●

Pre-tax net realized capital gains (losses) adjustments related to equity method investments,

●

Pre-tax net realized capital gains (losses) adjustments related to sponsored investment funds,

●

Certain variable annuity fees,

●

Market value adjustments of market risk benefits,

●

Related changes in the amortization pattern of actuarial balances,

●

Certain hedge accounting market value expense adjustments and

●

Net realized capital gains (losses) distributed.

Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding:

●

Net realized capital gains (losses), except periodic settlements and accruals on derivatives not designated as hedging instruments and certain market value adjustments of derivative instruments used to economically hedge embedded derivatives, and their impact on:

●

Amortization of hedge accounting book value adjustments for certain discontinued hedges,

●

Certain hedge accounting market value revenue adjustments,

●

Certain variable annuity fees,

●

Certain market value adjustments to fee revenues,

●

Pre-tax net realized capital gains (losses) adjustments related to equity method investments and

●

Pre-tax net realized capital gains (losses) adjustments related to sponsored investment funds.

●

Pre-tax revenues from exited business,

●

Pre-tax other adjustments and income taxes of equity method investments and

●

Pre-tax other adjustments management believes are not indicative of overall operating trends.

The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of: (1) pension and OPEB cost allocations, (2) certain expenses deemed to benefit the entire organization and (3) income tax allocations. For purposes of determining pre-tax operating earnings, the segments are allocated the service component of pension and other postretirement benefit costs. The Corporate segment reflects the non-service components of pension and other postretirement benefit costs as assumptions are established and funding decisions are managed from a company-wide perspective. Additionally, the Corporate segment reflects expenses that benefit the entire organization for which the segments are not able to influence the spend. This includes expenses such as public company costs, executive management costs, acquisition and disposition costs, among others. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. For purposes of determining non-GAAP operating earnings, the segments are allocated tax adjustments consistent with the positions we took on tax returns. The Corporate segment results reflect any differences between the tax returns and the estimated resolution of any disputes.

The following tables summarize select financial information by segment, including operating revenues for our products and services, and reconcile segment totals to those reported in the consolidated financial statements:


	December 31, 2023		December 31, 2022

	(in millions)
Assets:
Retirement and Income Solutions	$	213,208.3	$	202,582.9
Principal Asset Management		45,905.2		45,950.7
Benefits and Protection		43,763.5		40,048.3
Corporate		2,169.7		2,285.1
Total consolidated assets	$	305,046.7	$	290,867.0


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Operating revenues by segment:
Retirement and Income Solutions (1)	$	7,250.2	$	5,899.2	$	6,429.4
Principal Asset Management:
Principal Global Investors		1,611.2		1,715.5		1,828.0
Principal International		1,192.8		1,489.4		1,391.1
Eliminations		(21.7)		(23.6)		(26.1)
Total Principal Asset Management (2)		2,782.3		3,181.3		3,193.0
Benefits and Protection:
Specialty Benefits		3,229.4		2,984.6		2,709.6
Life Insurance		1,323.7		1,318.8		2,083.0
Eliminations		(1.8)		(0.6)		(0.2)
Total Benefits and Protection		4,551.3		4,302.8		4,792.4
Corporate		76.4		17.1		27.9
Total segment operating revenues		14,660.2		13,400.4		14,442.7
Net realized capital gains (losses), net of related revenue adjustments		57.9		(189.6)		64.8
Revenues from exited business (3)		(927.5)		4,414.8		—
Adjustments related to equity method investments		(78.9)		(54.5)		(47.2)
Market risk benefit derivative settlements		(45.9)		(35.0)		(32.5)
Total revenues per consolidated statements of operations	$	13,665.8	$	17,536.1	$	14,427.8

Pre-tax operating earnings (losses) by segment:
Retirement and Income Solutions	$	1,051.4	$	959.1	$	972.6
Principal Asset Management		817.7		902.7		1,036.1
Benefits and Protection		537.6		570.3		366.9
Corporate		(396.8)		(469.4)		(368.0)
Total segment pre-tax operating earnings		2,009.9		1,962.7		2,007.6
Pre-tax net realized capital losses, as adjusted (4)		(88.6)		(251.4)		(83.0)
Pre-tax income (loss) from exited business (5)		(1,129.8)		4,260.1		—
Adjustments related to equity method investments and noncontrolling interest		(52.7)		15.6		(13.7)
Income before income taxes per consolidated statements of operations	$	738.8	$	5,987.0	$	1,910.9

(1)	Reflects inter-segment revenues of $398.3 million, $364.4 million and $413.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)	Reflects inter-segment revenues of $297.8 million, $306.0 million and $287.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(3)	Revenues from exited business is derived as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$	(1,085.7)	$	3,652.8	$	—
Net realized capital gains on funds withheld assets		165.0		749.4		—
Amortization of reinsurance gain		5.9		12.6		—
Other impacts of reinsured business		(12.7)		—		—
Total revenues from exited business	$	(927.5)	$	4,414.8	$	—

(4)	Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Net realized capital gains (losses)	$	(72.2)	$	(182.1)	$	115.4
Derivative and hedging-related revenue adjustments		23.3		(91.3)		(127.8)
Market value adjustments to fee revenues		1.3		0.7		(0.6)
Certain variable annuity fees		73.3		75.9		80.5
Adjustments related to equity method investments		8.8		(15.0)		(24.0)
Adjustments related to sponsored investment funds		23.4		22.2		21.3
Net realized capital gains (losses), net of related revenue adjustments		57.9		(189.6)		64.8
Amortization of deferred acquisition costs and other actuarial balances		(0.2)		(0.1)		9.7
Capital (gains) losses distributed		(78.5)		136.4		(106.7)
Derivative and hedging-related expense adjustments		1.8		—		—
Market value adjustments of market risk benefits		(71.3)		(157.2)		(36.9)
Market value adjustments of embedded derivatives		1.7		(40.9)		(13.9)
Pre-tax net realized capital losses, as adjusted (a)	$	(88.6)	$	(251.4)	$	(83.0)

(a)

As adjusted before noncontrolling interest capital gains (losses).

(5)	Pre-tax income (loss) from exited business included:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Pre-tax income (loss) from exited business
Change in fair value of funds withheld embedded derivative	$	(1,085.7)	$	3,652.8	$	—
Net realized capital gains on funds withheld assets		165.0		749.4		—
Strategic review costs and impacts		—		40.4		—
Amortization of reinsurance loss		(68.7)		(56.7)		—
Other impacts of reinsured business		(140.4)		(125.8)		—
Total pre-tax income (loss) from exited business	$	(1,129.8)	$	4,260.1	$	—

The following is a summary of income tax expense (benefit) allocated to our segments for purposes of determining non-GAAP operating earnings. Segment income taxes are reconciled to income taxes reported on our consolidated statements of operations.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Income tax expense (benefit) by segment:
Retirement and Income Solutions	$	130.9	$	90.6	$	94.7
Principal Asset Management		220.7		213.3		272.2
Benefits and Protection		97.7		109.1		70.5
Corporate		(42.2)		(69.1)		(70.7)
Total segment income taxes from operating earnings		407.1		343.9		366.7
Tax benefit related to net realized capital losses, as adjusted		(22.0)		(56.6)		(35.7)
Tax expense (benefit) related to other after-tax adjustments (1)		(238.1)		956.4		—
Certain adjustments related to equity method investments and noncontrolling interest		(78.3)		(54.2)		(47.1)
Total income taxes per consolidated statements of operations	$	68.7	$	1,189.5	$	283.9

(1)	Income tax expense (benefit) related to exited business is derived as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Income tax expense (benefit) related to exited business:
Change in fair value of funds withheld embedded derivative	$	(228.0)	$	767.1	$	—
Net realized capital gains on funds withheld assets		34.6		157.4		—
Strategic review costs and impacts (a)		(0.9)		70.3		—
Amortization of reinsurance loss		(14.4)		(12.0)		—
Other impacts of reinsured business		(29.4)		(26.4)		—
Total income tax expense (benefit) related to exited business	$	(238.1)	$	956.4	$	—

(a)

Includes Global Intangible Low-Taxed Income allocated to exited business.

The following is a summary of depreciation and amortization expense allocated to our segments for purposes of determining pre-tax operating earnings. Segment depreciation and amortization is reconciled to depreciation and amortization included in operating expenses in our consolidated statements of operations.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Depreciation and amortization expense by segment:
Retirement and Income Solutions	$	85.3	$	86.2	$	81.7
Principal Asset Management		76.0		74.6		78.4
Benefits and Protection		23.9		23.7		24.2
Corporate		17.7		18.4		23.7
Total segment depreciation and amortization expense included in pre-tax operating earnings		202.9		202.9		208.0
Depreciation and amortization expense related to exited business		—		27.1		—
Total depreciation and amortization expense included in our consolidated statements of operations	$	202.9	$	230.0	$	208.0

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Deferred Acquisition Costs and Other Actuarial Balances - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 389.8	$ 386.9	$ 373.4
Long-duration and short-duration insurance
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 389.8	$ 386.9	$ 373.4

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward of the allowance for credit loss by major security type
Beginning balance	$ 7.8	$ 15.5	$ 7.4
Additions for credit losses not previously recorded	8.2	5.8	28.0
Reductions for securities sold during the period		(8.7)	(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	(7.5)	(4.2)	2.8
Write-offs charged against allowance	(3.8)	(0.3)	(9.4)
Foreign currency translation adjustment		(0.3)	(0.9)
Ending balance	4.7	7.8	15.5
Accrued interest written off to net investment income	0.1		0.2
Corporate debt securities
Rollforward of the allowance for credit loss by major security type
Beginning balance	7.7	15.1	0.9
Additions for credit losses not previously recorded	8.2	5.8	27.5
Reductions for securities sold during the period		(8.7)	(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	(7.5)	(4.2)
Write-offs charged against allowance	(3.8)
Foreign currency translation adjustment		(0.3)	(0.9)
Ending balance	4.6	7.7	15.1
Accrued interest written off to net investment income	0.1		0.2
Commercial mortgage-backed securities
Rollforward of the allowance for credit loss by major security type
Beginning balance		0.3	4.3
Additions for credit losses not previously recorded			0.4
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			2.4
Write-offs charged against allowance		(0.3)	(6.8)
Ending balance			0.3
Collateralized debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance			2.2
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			0.4
Write-offs charged against allowance			(2.6)
Other debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance	0.1	0.1
Additions for credit losses not previously recorded			0.1
Ending balance	$ 0.1	$ 0.1	$ 0.1

Separate Account Balances - Separate Account Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Separate Account Balances
Separate account liabilities	$ 167,605.6	$ 155,375.1
Other balances
Separate Account Balances
Separate account liabilities	247.9	233.3
Retirement and Income Solutions
Separate Account Balances
Separate account liabilities	126,650.4	115,899.1
Retirement and Income Solutions \| Group retirement contracts
Separate Account Balances
Separate account liabilities	117,518.5	107,240.1	$ 131,188.6
Retirement and Income Solutions \| Individual variable annuities
Separate Account Balances
Separate account liabilities	9,131.9	8,659.0	11,000.0
Principal Asset Management \| Principal International
Separate Account Balances
Separate account liabilities	34,724.8	34,231.7
Principal Asset Management \| Principal International \| Pension \| Latin America
Separate Account Balances
Separate account liabilities	34,580.6	33,316.7	33,030.6
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Separate Account Balances
Separate account liabilities	144.2	915.0	971.3
Benefits and Protection \| Life Insurance \| Universal life
Separate Account Balances
Separate account liabilities	$ 5,982.5	$ 5,011.0	$ 5,886.1

Nature of Operations and Significant Accounting Policies - Retirement and Income Solutions and Principal Asset Management - Principal International (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement and Income Solutions \| Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 21,211.4	$ 25,365.8	$ 25,863.7
Effect of changes in discount rate assumptions at beginning of period	1,799.6	(3,386.5)	(4,827.9)
Balance at beginning of period at original discount rate	23,011.0	21,979.3	21,035.8
Effect of actual variances from expected experience	(14.6)	(3.2)	(2.4)
Adjusted beginning of period balance at original discount rate	22,943.0	21,968.2	21,033.4
Interest accrual	1,008.6	935.7	916.7
Benefit payments	(1,981.4)	(1,841.7)	(1,772.5)
Issuances	2,921.7	1,948.8	1,801.7
Balance at end of period at original discount rate	24,891.9	23,011.0	21,979.3
Effect of changes in discount rate assumptions at end of period	(1,036.1)	(1,799.6)	3,386.5
Balance at end of period, Present value of expected future policy benefit payments	23,855.8	21,211.4	25,365.8
Retirement and Income Solutions \| Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	5,019.4	6,535.0	7,145.8
Effect of changes in discount rate assumptions at beginning of period	439.0	(812.6)	(1,213.5)
Balance at beginning of period at original discount rate	5,458.4	5,722.4	5,932.3
Effect of actual variances from expected experience	(0.1)		(1.3)
Adjusted beginning of period balance at original discount rate	5,457.0	5,719.4	5,931.0
Interest accrual	219.1	229.7	240.5
Benefit payments	(507.3)	(520.4)	(532.0)
Issuances	42.0	29.7	82.9
Balance at end of period at original discount rate	5,210.8	5,458.4	5,722.4
Effect of changes in discount rate assumptions at end of period	(296.7)	(439.0)	812.6
Balance at end of period, Present value of expected future policy benefit payments	4,914.1	5,019.4	6,535.0
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	5,042.3	4,336.8	6,561.5
Effect of changes in discount rate assumptions at beginning of period	(754.6)	(478.5)	(2,096.0)
Balance at beginning of period at original discount rate	4,287.7	3,858.3	4,465.5
Effect of actual variances from expected experience	0.9	(4.7)	(4.9)
Adjusted beginning of period balance at original discount rate	4,288.6	3,853.6	4,460.6
Interest accrual	385.8	662.0	444.3
Benefit payments	(355.9)	(325.8)	(436.0)
Issuances	30.0	86.4	141.3
Foreign currency translation adjustment	(106.6)	11.5	(751.9)
Balance at end of period at original discount rate	4,241.9	4,287.7	3,858.3
Effect of changes in discount rate assumptions at end of period	351.8	754.6	478.5
Balance at end of period, Present value of expected future policy benefit payments	$ 4,593.7	$ 5,042.3	$ 4,336.8

Employee and Agent Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Plan actuarial gain and loss amortization disclosures
Allowable corridor not used for amortization of actuarial gains and losses of qualified pension plan (as a percent)	10.00%
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	$ 55.6	$ 78.4	$ 83.2
Interest cost	$ 160.1	$ 112.8	$ 103.3
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (163.2)	$ (178.9)	$ (182.7)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (16.8)	$ (16.8)	$ (16.8)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ 41.0	$ 55.7	$ 70.2
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ 76.7	$ 51.2	$ 57.2
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	24.4	(90.3)
Amortization of gain (loss)	(41.0)	(55.7)
Amortization of prior service benefit (cost)	16.8	16.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	0.2	(129.2)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	76.9	(78.0)
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 3.4	$ 2.3	$ 2.2
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (4.6)	$ (4.9)	$ (4.8)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (0.8)	$ (1.1)	$ (1.1)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ (1.0)	$ (1.1)	$ (0.5)
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ (3.0)	$ (4.8)	$ (4.2)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(5.2)	5.4
Amortization of gain (loss)	1.0	1.1
Amortization of prior service benefit (cost)	0.8	1.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	(3.4)	7.6
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ (6.4)	$ 2.8

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate from continuing operations
U.S. corporate income tax rate (as a percent)	21.00%	21.00%	21.00%
Dividends received deduction (as a percent)	(10.00%)	(1.00%)	(4.00%)
Tax credits (as a percent)	(8.00%)	(1.00%)	(2.00%)
Impact of equity method presentation (as a percent)	(4.00%)		(1.00%)
Interest exclusion from taxable income	(3.00%)		(1.00%)
Foreign currency inflation (as a percent)	(1.00%)
Impact of noncontrolling interest presentation (as a percent)	(1.00%)
Global Intangible Low-Taxed Income (as a percent)	7.00%	1.00%	1.00%
Low income housing tax credit amortization (as a percent)	5.00%
State income taxes (as a percent)	2.00%		2.00%
Valuation allowance (as a percent)	1.00%
Other (as a percent)			1.00%
Effective income tax rate (as a percent)	9.00%	20.00%	15.00%

Segment Information - Income Tax Expense (Benefit) Related to Exited Business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Income tax expense (benefit)
Change in fair value of funds withheld embedded derivative	$ (1,085.7)	$ 3,652.8	$ 0.0
Net realized capital gains on funds withheld assets	165.0	749.4
Amortization of reinsurance loss	(17.7)	(19.3)	$ (23.0)
Reconciling Items
Segment Information: Income tax expense (benefit)
Change in fair value of funds withheld embedded derivative	(228.0)	767.1
Net realized capital gains on funds withheld assets	34.6	157.4
Strategic review costs and impacts	(0.9)	70.3
Amortization of reinsurance loss	(14.4)	(12.0)
Other impacts of reinsured business	(29.4)	(26.4)
Total income tax expense (benefit) related to exited business	$ (238.1)	$ 956.4

Contingencies, Guarantees, Indemnifications and Leases

12 Months Ended

Dec. 31, 2023

Contingencies, Guarantees, Indemnifications and Leases

Contingencies, Guarantees, Indemnifications and Leases

16. Contingencies, Guarantees, Indemnifications and Leases

Litigation and Regulatory Contingencies

We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages.

We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses.

In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and other regulatory agencies in the U.S. and in international locations in which we do business, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future.

While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe any such matter will have a material adverse effect on our business or financial position. To the extent such matters present a reasonably possible chance of loss, we are generally not able to estimate the possible loss or range of loss associated therewith. The outcome of such matters is always uncertain and unforeseen results can occur. It is possible that such outcomes could require us to pay damages or make other expenditures or establish accruals in amounts that we could not estimate as of December 31, 2023.

Guarantees and Indemnifications

In the normal course of business, we have provided guarantees to third parties primarily related to former subsidiaries and joint ventures. The terms of these agreements range in duration and often are not explicitly defined. The maximum exposure under these agreements as of December 31, 2023, was approximately $86.0 million. At inception, the fair value of such guarantees was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. Should we be required to perform under these guarantees, we generally could recover a portion of the loss from third parties through recourse provisions included in agreements with such parties, the sale of assets held as collateral that can be liquidated in the event performance is required under the guarantees or other recourse generally available to us; therefore, such guarantees would not result in a material adverse effect on our business or financial position. While the likelihood is remote, such outcomes could materially affect net income in a particular quarter or annual period. Furthermore, in connection with our contingent funding agreements, we are required to purchase any principal and interest strips of U.S. Treasury securities that are due and not paid from the associated unconsolidated trusts. The maximum exposure under these agreements as of December 31, 2023, was $750.0 million. See Note 13, Debt, for further details.

We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable.

We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions, financing and reinsurance transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period.

Guaranty Funds

Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. A state’s fund assesses its members based on their pro rata market share of written premiums in the state for the classes of insurance for which the insolvent insurer was engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. We accrue liabilities for guaranty fund assessments when an assessment is probable, can be reasonably estimated and when the event obligating us to pay has occurred. While we cannot predict the amount and timing of any future assessments, we have established reserves we believe are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings. As of December 31, 2023 and 2022, the liability balance for guaranty fund assessments, which is not discounted, was $21.9 million and $20.6 million, respectively, and was reported within other liabilities in the consolidated statements of financial position. As of December 31, 2023 and 2022, $11.0 million and $9.7 million, respectively, related to premium tax offsets were included in premiums due and other receivables in the consolidated statements of financial position.

Leases

As a lessee, we lease office space, data processing equipment, office furniture and office equipment under various operating leases. We also lease buildings and hardware storage equipment under finance leases. Lease assets and liabilities are recognized at the commencement of a lease based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Lease term may include options to extend or terminate the lease when it is reasonably certain we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the consolidated statements of financial position. We recognize lease expense for leases on a straight-line basis over the lease term. Some of our lease agreements include payments for property taxes, insurance, utilities or common area maintenance, which are not based on an index or rate. These payments are recognized in net income in the period in which the obligation has occurred.

We sublease certain office space to third parties, which are primarily operating leases. We record sublease income on a straight-line basis over the lease term.

The lease assets and liabilities were as follows:


	December 31,
	2023		2022

	(in millions)
Assets
Operating lease assets (1)	$	176.7	$	194.7
Finance lease assets (1)		73.9		82.4
Total lease assets	$	250.6	$	277.1

Liabilities
Operating lease liabilities (2)	$	175.6	$	196.5
Finance lease liabilities (2)		74.8		83.0
Total lease liabilities	$	250.4	$	279.5

(1)	Operating and finance lease assets are primarily reported within property and equipment on the consolidated statements of financial position.

(2)	Operating and finance lease liabilities are reported within other liabilities on the consolidated statements of financial position.

The lease cost was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Finance lease cost (1):
Amortization of right-of-use assets	$	32.9	$	34.0	$	30.5
Interest on lease liabilities		1.9		1.2		1.0
Operating lease cost (1)		56.1		61.6		66.6
Other lease cost (1) (2)		9.5		12.4		10.8
Sublease income (3)		(0.3)		(1.5)		(1.7)
Total lease cost	$	100.1	$	107.7	$	107.2

(1)	Finance, operating and other lease costs are primarily included in operating expenses on the consolidated statements of operations.

(2)	Other lease cost primarily reflects variable and short-term lease costs.

(3)	Sublease income is included in fees and other revenues on the consolidated statements of operations.

Payments for operating leases for the years ended December 31, 2023, 2022 and 2021, were $60.1 million, $58.3 million and $63.0 million, respectively. Payments for finance leases for the years ended December 31, 2023, 2022 and 2021, were $34.3 million, $35.1 million and $31.4 million, respectively. The following represents future payments due by period for lease obligations:


	Operating leases		Finance leases		Total

	(in millions)
For the twelve months ending December 31:
2024	$	46.9	$	31.1	$	78.0
2025		41.1		23.4		64.5
2026		36.2		17.1		53.3
2027		30.4		7.5		37.9
2028		15.9		0.1		16.0
2029 and thereafter		26.3		—		26.3
Total lease payments		196.8		79.2		276.0
Less: interest		21.2		4.4		25.6
Present value of lease liabilities	$	175.6	$	74.8	$	250.4

The weighted-average remaining lease term and weighted-average discount rates were as follows:


	For the year ended December 31,
	2023		2022		2021
Weighted-average remaining lease term (in years):
Operating leases	6.0		6.4		6.5
Finance leases	3.0		2.8		3.2

Weighted-average discount rate:
Operating leases	3.6	%	3.6	%	3.4	%
Finance leases	3.5	%	1.7	%	1.0	%

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of the MRBs for Individual Variable Annuities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ (98.2)
Balance at end of period, market risk benefits	20.2	$ (98.2)
Net amount at risk				$ 644.6
Retirement and Income Solutions \| Individual variable annuities
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	(72.2)	(494.7)	$ 591.3
Effect of changes in nonperformance risk at beginning of period	(31.7)	109.5	(106.7)
Adjusted balance at beginning of period, market risk benefits	(103.9)	(385.2)	(484.6)
Interest accrual and expected policyholder behavior	(80.9)	(90.1)	(120.7)
Benefit payments	0.4	1.3	0.4
Changes in interest rates	39.9	539.1	154.3
Changes in equity markets	155.1	(112.4)	106.4
Changes in equity index volatility	47.9	(50.2)	15.1
Actual policyholder behavior different from expected behavior	(4.0)	1.5	2.3
Changes in future expected policyholder behavior		(6.1)	(96.6)
Changes in other future expected assumptions	(5.3)	(1.8)	38.2
Adjusted balance at end of period, market risk benefits	49.2	(103.9)	(385.2)
Effect of changes in nonperformance risk at end of period	7.7	(31.7)	109.5
Balance at end of period, market risk benefits	$ 41.5	$ (72.2)	$ (494.7)
Weighted-average attained age of policyholders (years)	67 years 8 months 12 days	67 years 4 months 24 days
Net amount at risk	$ 111.2	$ 415.5		$ 591.3

Nature of Operations and Significant Accounting Policies - Pre-tax Impacts To Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase to income before taxes
Deferred acquisition costs amortization	$ (389.8)	$ (386.9)	$ (373.4)
Cost of reinsurance amortization	(17.7)	(19.3)	(23.0)
Income (loss) before income taxes	$ 738.8	5,987.0	$ 1,910.9
Adjustment related to actuarial balance re-cohorting
Increase to income before taxes
Cost of reinsurance amortization		33.7
Change in additional liability for certain benefit features		167.4
Income (loss) before income taxes		201.1
Increase to pre-tax other comprehensive income
Cost of reinsurance unrealized gains (losses)		(2.1)
Change in additional liability for certain benefit features unrealized gains		7.8
Total increase to pre-tax other comprehensive income		5.7
Total increase to pre-tax comprehensive income		$ 206.8

Contractholder Funds (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 25,322.2	$ 26,349.6
Investment contracts without significant fee revenue	15,784.5	16,104.0
Embedded derivatives	115.5	46.4
Other balances	278.9	325.3
Total contract holder funds per consolidated statements of financial position	41,501.1	42,825.3
Retirement and Income Solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	18,774.0	19,764.4
Retirement and Income Solutions \| Workplace savings and retirement solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	12,721.5	12,154.7	$ 10,996.2
Retirement and Income Solutions \| Individual variable annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	514.2	381.4	380.9
Retirement and Income Solutions \| Individual fixed deferred annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	5,538.3	7,228.3	9,646.3
Benefits and Protection \| Life Insurance \| Universal life
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	6,910.4	6,947.9	$ 6,962.5
Corporate \| Inter-segment eliminations
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ (362.2)	$ (362.7)

Contractholder Funds

12 Months Ended

Dec. 31, 2023

Contractholder Funds

Contractholder Funds

9. Contractholder Funds

Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts.

The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position.


	December 31, 2023		December 31, 2022

	(in millions)

Retirement and Income Solutions:
Workplace savings and retirement solutions	$	12,721.5	$	12,154.7
Individual variable annuities		514.2		381.4
Individual fixed deferred annuities		5,538.3		7,228.3
Total Retirement and Income Solutions		18,774.0		19,764.4
Benefits and Protection – Life Insurance:
Universal life		6,910.4		6,947.9
Corporate:
Inter-segment eliminations		(362.2)		(362.7)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue		25,322.2		26,349.6

Reconciling items:
Investment contracts without significant fee revenue (1)		15,784.5		16,104.0
Embedded derivatives (2)		115.5		46.4
Other balances (3)		278.9		325.3
Total contractholder funds per consolidated statements of financial position	$	41,501.1	$	42,825.3

(1)	Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.

(2)	Refer to Note 18, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives.

(3)	Includes insignificant balances for long-duration contracts and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.

GICs and Funding Agreements

Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts.

Funding agreements include those issued directly to nonqualified institutional investors and those issued to the FHLB Des Moines under their membership funding programs. As of December 31, 2023 and 2022, $3,981.8 million and $4,275.5 million, respectively, of liabilities were outstanding with respect to issuances under the program with FHLB Des Moines. In addition, we have five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws.

Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2023 and 2022, $75.9 million and $75.6 million, respectively, of liabilities were outstanding with respect to the issuance outstanding under this program.

In addition, Principal Life was authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of both December 31, 2023 and 2022, $201.9 million of liabilities were being held with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below.

Additionally, Principal Life was authorized to issue up to $5.0 billion of funding agreements under a program that was originally established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. In June 2015, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2017, this program was amended to authorize issuance of up to an additional $4.0 billion. In February 2021, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2023, this program was amended to authorize issuance of up to an additional $4.0 billion. As of December 31, 2023 and 2022, $8,072.6 million and $7,765.7 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life’s payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the United States Securities and Exchange Commission (“SEC”).

Retirement and Income Solutions

The changes in policyholder account balances were as follows:


	For the year ended December 31, 2023									For the year ended December 31, 2022
	Workplace			Workplace
	savings and			Individual			Individual			savings and			Individual			Individual
	retirement			variable			fixed deferred			retirement			variable			fixed deferred
	solutions			annuities			annuities (1)			solutions			annuities			annuities (1)

	($ in millions)
Balance at beginning of period	$	12,154.7		$	381.4		$	7,228.3		$	10,996.2		$	380.9		$	9,646.3
Premiums and deposits		4,441.7			586.7			36.8			3,719.5			426.5			35.9
Policy charges		(31.6)			—			—			(28.5)			—			—
Surrenders, withdrawals and benefit payments		(4,356.6)			(1,123.0)			(1,888.4)			(2,866.7)			(843.2)			(2,655.6)
Net transfers from (to) separate account (2)		264.8			659.3			—			164.6			406.6			—
Interest credited		280.2			9.8			161.6			194.3			10.6			201.7
Other		(31.7)			—			—			(24.7)			—			—
Balance at end of period	$	12,721.5		$	514.2		$	5,538.3		$	12,154.7		$	381.4		$	7,228.3

Weighted-average crediting rate (3)		2.54	%		3.22	%		2.84	%		1.94	%		2.79	%		2.63	%
Cash surrender value (4)	$	11,211.9		$	512.6		$	5,434.4		$	10,341.7		$	378.6		$	7,081.4

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(3)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value.

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

The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 11, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances.

Benefits and Protection

The changes in policyholder account balances for Life Insurance – Universal life were as follows:


	For the year ended			For the year ended
	December 31, 2023			December 31, 2022

	($ in millions)
Balance at beginning of period	$	6,947.9		$	6,962.5
Premiums and deposits		1,260.5			1,267.2
Policy charges		(858.1)			(837.8)
Surrenders, withdrawals and benefit payments		(483.6)			(390.0)
Net transfers from (to) separate account (1)		(197.7)			(301.5)
Interest credited		242.1			247.5
Other		(0.7)			—
Balance at end of period		6,910.4			6,947.9
Reinsurance impact		(3,396.8)			(3,528.9)
Balance at end of period after reinsurance	$	3,513.6		$	3,419.0

Weighted-average crediting rate (2)		4.01	%		3.35	%
Net amount at risk (3)	$	86,671.0		$	86,547.9
Cash surrender value (4)	$	5,953.0		$	5,911.5

(1)	Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(2)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits.

(3)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.

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

Guaranteed Minimum Interest Rate

The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses.


	December 31, 2023
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

	(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	—	$	3.3	$	101.8	$	1,006.0	$	312.8	$	1,423.9
1.01% - 2.00%		5,135.0		3.8		1,153.1		—		874.6		7,166.5
2.01% - 3.00%		357.1		0.1		0.8		59.1		1,701.2		2,118.3
3.01% - 4.00%		7.4		—		—		—		—		7.4
4.01% and above		16.9		—		—		—		—		16.9
Subtotal		5,516.4		7.2		1,255.7		1,065.1		2,888.6		10,733.0
No GMIR												1,988.5
Total											$	12,721.5

Individual variable annuities
Up to 1.00%	$	22.6	$	—	$	—	$	—	$	—	$	22.6
1.01% - 2.00%		4.6		—		—		—		—		4.6
2.01% - 3.00%		273.5		—		—		—		—		273.5
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		300.7		—		—		—		—		300.7
No GMIR												213.5
Total											$	514.2

Individual fixed deferred annuities
Up to 1.00%	$	305.5	$	115.4	$	121.8	$	449.4	$	999.5	$	1,991.6
1.01% - 2.00%		100.8		0.9		26.3		123.5		2.4		253.9
2.01% - 3.00%		2,897.7		—		—		—		—		2,897.7
3.01% - 4.00%		156.9		—		—		—		—		156.9
4.01% and above		—		—		—		—		—		—
Subtotal		3,460.9		116.3		148.1		572.9		1,001.9		5,300.1
No GMIR												238.2
Total											$	5,538.3

Benefits and Protection – Life Insurance
Universal life
Up to 1.00%	$	—	$	—	$	16.1	$	1.0	$	2.4	$	19.5
1.01% - 2.00%		294.1		—		418.1		485.6		415.4		1,613.2
2.01% - 3.00%		729.7		677.2		836.3		350.6		3.0		2,596.8
3.01% - 4.00%		1,657.0		49.8		37.6		36.4		3.2		1,784.0
4.01% and above		40.5		3.9		8.3		1.5		—		54.2
Subtotal		2,721.3		730.9		1,316.4		875.1		424.0		6,067.7
No GMIR												842.7
Total											$	6,910.4


	December 31, 2022
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

	(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	3.9	$	24.8	$	1,188.9	$	307.8	$	364.9	$	1,890.3
1.01% - 2.00%		—		549.9		6,090.2		1,477.0		9.4		8,126.5
2.01% - 3.00%		15.1		0.1		—		0.1		—		15.3
3.01% - 4.00%		7.8		—		—		—		—		7.8
4.01% and above		18.8		—		—		—		—		18.8
Subtotal		45.6		574.8		7,279.1		1,784.9		374.3		10,058.7
No GMIR												2,096.0
Total											$	12,154.7

Individual variable annuities
Up to 1.00%	$	33.0	$	—	$	—	$	—	$	—	$	33.0
1.01% - 2.00%		3.6		—		—		—		—		3.6
2.01% - 3.00%		331.8		—		—		—		—		331.8
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		368.4		—		—		—		—		368.4
No GMIR												13.0
Total											$	381.4

Individual fixed deferred annuities
Up to 1.00%	$	426.4	$	161.7	$	236.2	$	879.2	$	993.0	$	2,696.5
1.01% - 2.00%		139.8		1.4		39.9		250.5		0.6		432.2
2.01% - 3.00%		3,617.1		—		—		—		—		3,617.1
3.01% - 4.00%		169.7		—		—		—		—		169.7
4.01% and above		—		—		—		—		—		—
Subtotal		4,353.0		163.1		276.1		1,129.7		993.6		6,915.5
No GMIR												312.8
Total											$	7,228.3

Benefits and Protection – Life Insurance
Universal life
Up to 1.00%	$	—	$	8.4	$	10.1	$	—	$	0.7	$	19.2
1.01% - 2.00%		315.7		—		407.0		695.5		155.0		1,573.2
2.01% - 3.00%		865.9		951.2		903.5		59.9		0.4		2,780.9
3.01% - 4.00%		1,698.9		35.8		21.9		25.3		3.2		1,785.1
4.01% and above		40.6		10.1		3.4		1.6		—		55.7
Subtotal		2,921.1		1,005.5		1,345.9		782.3		159.3		6,214.1
No GMIR												733.8
Total											$	6,947.9

Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	$ 86.8	$ 49.0	$ 52.9
Provision	51.9	35.7	(6.6)
Charge-offs	(0.4)	(0.2)	(0.5)
Recoveries	1.4	2.3	3.6
Foreign currency translation adjustment	(0.1)		(0.4)
Ending balance valuation allowance	139.6	86.8	49.0
Allowance recorded	139.6	86.8	49.0
Commercial mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	77.9	43.9	43.2
Provision: Financing receivable valuation allowance	51.0	34.0	1.0
Foreign currency translation adjustment: Financing receivable valuation allowance	(0.1)		(0.3)
Ending balance, Financing receivable valuation allowance	$ 128.8	77.9	43.9
Total, Changes in financing receivable valuation allowance
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Direct financing leases
Direct financing leases, Changes in financing receivable valuation allowance
Beginning balance, Direct financing lease valuation allowance	$ 0.6	0.4	0.1
Provision: Direct financing lease valuation allowance	0.3	0.2	0.4
Foreign currency translation adjustment: Direct financing lease valuation allowance			(0.1)
Ending balance, Direct financing lease valuation allowance	0.9	0.6	0.4
Residential mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	5.6	2.0	6.9
Provision: Financing receivable valuation allowance	0.1	1.5	(8.0)
Charge-offs: Financing receivable valuation allowance	(0.4)	(0.2)	(0.5)
Recoveries: Financing receivable valuation allowance	1.4	2.3	3.6
Ending balance, Financing receivable valuation allowance	$ 6.7	5.6	2.0
Total, Changes in financing receivable valuation allowance
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Reinsurance recoverables
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 2.7	2.7	2.7
Provision: Financing receivable valuation allowance	0.5
Ending balance, Financing receivable valuation allowance	3.2	2.7	2.7
Other financing receivables
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	0.0	0.0
Ending balance valuation allowance	0.0	0.0	0.0
Allowance recorded	$ 0.0	$ 0.0	$ 0.0

Closed Block (Tables)

12 Months Ended

Dec. 31, 2023

Closed Block

Closed Block Liabilities and Assets Designated to the Closed Block (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	2,982.9	$	3,128.1
Other policyholder funds		5.1		5.1
Policyholder dividends payable		157.2		168.2
Income taxes currently payable		4.0		—
Other liabilities		23.2		24.9
Total Closed Block liabilities		3,172.4		3,326.3

Assets designated to the Closed Block
Fixed maturities, available-for-sale		1,766.7		1,690.2
Fixed maturities, trading		2.0		2.0
Equity securities		0.9		0.8
Mortgage loans		469.5		544.9
Policy loans		379.9		407.4
Other investments		61.2		62.2
Total investments		2,680.2		2,707.5
Cash and cash equivalents		6.1		62.0
Accrued investment income		32.6		30.3
Reinsurance recoverable and deposit receivable		3.5		3.9
Premiums due and other receivables		3.4		4.1
Deferred tax asset		52.1		62.0
Other assets		5.3		0.1
Total assets designated to the Closed Block		2,783.2		2,869.9
Excess of Closed Block liabilities over assets designated to the Closed Block		389.2		456.4
Amounts included in accumulated other comprehensive income		(69.6)		(111.9)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	319.6	$	344.5

Closed Block Revenues and Expenses (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenues
Premiums and other considerations	$	166.1	$	178.0	$	196.1
Net investment income		127.3		129.1		137.6
Net realized capital losses		(10.0)		(21.2)		(4.6)
Total revenues		283.4		285.9		329.1

Expenses
Benefits, claims and settlement expenses		161.6		184.3		212.0
Dividends to policyholders		86.8		92.5		92.6
Operating expenses		2.6		2.2		2.3
Total expenses		251.0		279.0		306.9
Closed Block revenues, net of Closed Block expenses, before income taxes		32.4		6.9		22.2
Income taxes		6.1		0.7		3.9
Closed Block revenues, net of Closed Block expenses and income taxes		26.3		6.2		18.3
Funding adjustments and other transfers		(1.4)		28.5		(4.0)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$	24.9	$	34.7	$	14.3

Change in Maximum Future Earnings of the Closed Block (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Beginning of year	$	344.5	$	379.2	$	393.5
End of year		319.6		344.5		379.2
Change in maximum future earnings	$	(24.9)	$	(34.7)	$	(14.3)

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplementary Insurance Information
Deferred acquisition costs	$ 3,950.5	$ 3,948.0		$ 3,822.3
Market risk benefit asset	153.4	109.2
Future policy benefits and claims	46,826.5	43,314.0
Contractholder and other policyholder funds	42,417.9	43,736.8
Market risk benefit liability	133.2	207.4
Premiums and other considerations	6,470.9	5,339.7	$ 4,841.5
Net investment income	4,091.9	3,838.5	4,429.6
Benefits, claims and settlement expenses	7,788.2	6,631.3	7,258.2
Liability for future policy benefit remeasurement (gain) loss	(51.6)	(264.5)	(4.4)
Market risk benefit remeasurement (gain) loss	29.1	125.3	98.3
Amortization of deferred acquisition costs	389.8	386.9	373.4
Other operating expenses	4,682.3	4,575.3	4,696.6
Retirement and Income Solutions
Supplementary Insurance Information
Deferred acquisition costs	918.9	930.0		964.4
Market risk benefit asset	153.4	109.2
Future policy benefits and claims	29,161.9	26,651.8
Contractholder and other policyholder funds	34,399.6	35,338.0
Market risk benefit liability	111.9	181.4
Premiums and other considerations	2,935.0	1,959.7	1,883.6
Net investment income	2,674.3	2,252.2	2,674.4
Benefits, claims and settlement expenses	4,653.5	3,328.1	3,547.3
Liability for future policy benefit remeasurement (gain) loss	(68.5)	(14.9)	(3.8)
Market risk benefit remeasurement (gain) loss	33.7	131.2	114.1
Amortization of deferred acquisition costs	95.8	101.0	107.1
Other operating expenses	1,590.7	1,601.4	1,712.6
Principal Asset Management
Supplementary Insurance Information
Deferred acquisition costs	7.7	8.8
Future policy benefits and claims	4,595.6	5,043.8
Contractholder and other policyholder funds	507.8	915.2
Market risk benefit liability	21.3	26.0
Premiums and other considerations	29.0	77.7	127.5
Net investment income	628.6	840.6	659.1
Benefits, claims and settlement expenses	477.6	725.9	636.4
Liability for future policy benefit remeasurement (gain) loss	0.9	(4.7)	(4.9)
Market risk benefit remeasurement (gain) loss	(4.6)	(5.9)	(15.8)
Amortization of deferred acquisition costs	1.1	1.1	1.2
Other operating expenses	1,544.2	1,502.1	1,570.7
Benefits and Protection
Supplementary Insurance Information
Deferred acquisition costs	3,023.9	3,009.2		$ 2,857.9
Future policy benefits and claims	12,888.3	11,411.6
Contractholder and other policyholder funds	7,870.8	7,844.2
Premiums and other considerations	3,521.4	3,306.5	2,830.4
Net investment income	549.5	564.2	917.1
Benefits, claims and settlement expenses	2,647.7	2,553.7	3,069.3
Liability for future policy benefit remeasurement (gain) loss	16.0	(244.9)	4.3
Amortization of deferred acquisition costs	292.9	284.8	265.1
Other operating expenses	1,088.0	1,027.5	996.4
Corporate
Supplementary Insurance Information
Future policy benefits and claims	180.7	206.8
Contractholder and other policyholder funds	(360.3)	(360.6)
Premiums and other considerations	(14.5)	(4.2)
Net investment income	239.5	181.5	179.0
Benefits, claims and settlement expenses	9.4	23.6	5.2
Other operating expenses	$ 459.4	$ 444.3	$ 416.9

Segment Information - Revenues from exited business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$ (1,085.7)	$ 3,652.8	$ 0.0
Net realized capital gains on funds withheld assets	165.0	749.4
Amortization of reinsurance gain	5.9	12.6
Other impacts of reinsured business	(12.7)
Total revenues from exited business	(927.5)	4,414.8
Operating Segments
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	(1,085.7)	3,652.8
Net realized capital gains on funds withheld assets	165.0	749.4
Reconciling Items
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	(228.0)	767.1
Net realized capital gains on funds withheld assets	34.6	157.4
Total revenues from exited business	$ (927.5)	$ 4,414.8

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions

Common stock

Additional paid-in capital

Retained earnings

Effects of implementation of accounting change

Retained earnings

Accumulated other comprehensive income (loss)

Effects of implementation of accounting change

Accumulated other comprehensive income (loss)

Treasury Stock

Noncontrolling interest

Effects of implementation of accounting change

Total

Balances (ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts) at Dec. 31, 2020

$ (159.9)

$ (5,128.0)

$ (5,287.9)

Balances at Dec. 31, 2020

$ 4.8

$ 10,321.6

$ 11,838.0

$ 2,383.1

$ (7,988.6)

$ 58.4

$ 16,617.3

Increase (decrease) in stockholders' equity

Common stock issued

86.7

Stock-based compensation

106.1

(10.0)

0.1

96.2

Treasury stock acquired, common

(937.2)

Dividends to common stockholders

(654.1)

Distributions to noncontrolling interest

(33.7)

Contributions from noncontrolling interest

7.4

Purchase of subsidiary shares from noncontrolling interest

^[1]

(16.4)

(1.7)

(18.1)

Adjustments to redemption amount of redeemable noncontrolling interest

(3.0)

(0.1)

(3.1)

Net income (loss)

^[1]

1,580.2

29.3

1,609.5

Other comprehensive income (loss)

^[1]

660.8

(3.3)

657.5

Balances at Dec. 31, 2021

4.8

10,495.0

12,594.2

(2,084.1)

(8,925.8)

56.4

12,140.5

Increase (decrease) in stockholders' equity

Common stock issued

0.1

181.6

181.7

Stock-based compensation

102.7

(11.5)

0.4

91.6

Treasury stock acquired, common

(1,661.1)

Accelerated share repurchase

(33.9)

Dividends to common stockholders

(642.3)

Distributions to noncontrolling interest

(86.2)

Contributions from noncontrolling interest

7.3

Purchase of subsidiary shares from noncontrolling interest

^[1]

(5.7)

(2.4)

(8.1)

Adjustments to redemption amount of redeemable noncontrolling interest

0.7

(0.5)

0.2

Adjustment for reinsurance

114.5

Net income (loss)

^[1]

4,756.9

66.4

4,823.3

Other comprehensive income (loss)

^[1]

(4,909.4)

(0.3)

(4,909.7)

Balances at Dec. 31, 2022

4.9

10,740.4

16,697.3

(6,879.0)

(10,586.9)

41.1

10,017.8

Increase (decrease) in stockholders' equity

Common stock issued

57.8

Stock-based compensation

110.7

(11.5)

0.5

99.7

Treasury stock acquired, common

(748.8)

Dividends to common stockholders

(625.5)

Distributions to noncontrolling interest

(26.5)

Contributions from noncontrolling interest

7.6

Purchase of subsidiary shares from noncontrolling interest

^[1]

(1.2)

Adjustments to redemption amount of redeemable noncontrolling interest

0.9

0.2

1.1

Net income (loss)

^[1]

623.2

23.2

646.4

Other comprehensive income (loss)

^[1]

1,533.7

(0.4)

1,533.3

Balances at Dec. 31, 2023

$ 4.9

$ 10,908.6

$ 16,683.5

$ (5,345.3)

$ (11,335.7)

$ 45.7

$ 10,961.7

[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 17, Stockholders’ Equity, for further details.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 670.1	$ 4,797.5	$ 1,627.0
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	1,843.1	(9,846.8)	(2,085.3)
Net unrealized gains (losses) on derivative instruments	(41.8)	(23.1)	33.4
Liability for future policy benefits discount rate remeasurement gain (loss)	(312.7)	4,778.5	2,839.7
Market risk benefit nonperformance risk gain (loss)	(30.9)	114.1	(0.4)
Foreign currency translation adjustment	73.7	(22.1)	(245.9)
Net unrecognized postretirement benefit obligation	2.4	90.6	115.8
Other comprehensive income (loss)	1,533.8	(4,908.8)	657.3
Comprehensive income (loss)	2,203.9	(111.3)	2,284.3
Comprehensive income (loss) attributable to noncontrolling interest	47.0	41.2	43.3
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 2,156.9	$ (152.5)	$ 2,241.0

Future Policy Benefits and Claims - Discounting Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims		$ 1,295.6
Aggregate amount of discount	$ 215.0
Short-Duration Insurance Contract, Discounted Liability, Interest Accretion, Statement of Financial Position [Extensible Enumeration]	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net
Long-Term Disability/Group Life Waiver
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 1,082.6	$ 1,076.2
Aggregate amount of discount	215.0	209.4
Interest accretion	$ 34.7	$ 33.0	$ 33.8
Long-Term Disability/Group Life Waiver \| Minimum
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	2.80%	2.80%
Long-Term Disability/Group Life Waiver \| Maximum
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	7.00%	7.00%
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 83.7	$ 79.7
Group Life
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 97.1	$ 73.6

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Operations (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues

Net investment income (loss)

$ 4,091.9

$ 3,838.5

$ 4,429.6

Net realized capital gains (losses)

^[1]

(72.2)

(182.1)

115.4

Total revenues

13,665.8

17,536.1

14,427.8

Expenses

Other operating costs and expenses

5,072.1

4,962.2

5,070.0

Total expenses

12,927.0

11,549.1

12,516.9

Loss before income taxes

738.8

5,987.0

1,910.9

Income taxes (benefits)

68.7

1,189.5

283.9

Net income (loss) attributable to Principal Financial Group, Inc.

623.2

4,756.9

1,580.2

Principal Financial Group, Inc. Parent Only | Legal Entities

Revenues

Net investment income (loss)

14.7

16.7

18.5

Net realized capital gains (losses)

(53.6)

(14.9)

Total revenues

14.7

(36.9)

3.6

Expenses

Other operating costs and expenses

224.0

188.8

160.9

Total expenses

224.0

188.8

160.9

Loss before income taxes

(209.3)

(225.7)

(157.3)

Income taxes (benefits)

(44.7)

(33.8)

(35.6)

Equity in the net income (loss) of subsidiaries

787.8

4,948.8

1,701.9

Net income (loss) attributable to Principal Financial Group, Inc.

$ 623.2

$ 4,756.9

$ 1,580.2

[1]	Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Segment Information - Income Tax Expense (Benefit) by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	$ 68.7	$ 1,189.5	$ 283.9
Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income taxes from operating earnings	407.1	343.9	366.7
Reconciling Items
Segment Information: Income tax expense (benefit)
Tax benefit related to net realized capital losses, as adjusted	(22.0)	(56.6)	(35.7)
Tax expense (benefit) related to other after-tax adjustments	(238.1)	956.4
Certain adjustments related to equity method investments and noncontrolling interest	(78.3)	(54.2)	(47.1)
Retirement and Income Solutions \| Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income taxes from operating earnings	130.9	90.6	94.7
Principal Asset Management \| Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income taxes from operating earnings	220.7	213.3	272.2
Benefits and Protection \| Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income taxes from operating earnings	97.7	109.1	70.5
Corporate \| Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income taxes from operating earnings	$ (42.2)	$ (69.1)	$ (70.7)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value (Table)

December 31, 2023

Assets/

Amount

(liabilities)

measured at

Fair value hierarchy level

measured at

net asset

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,528.8

—

1,216.0

312.8

—

Non-U.S. governments

507.9

—

0.2

507.7

—

States and political subdivisions

6,676.8

—

6,606.9

69.9

Corporate

35,810.0

—

30.9

33,473.2

2,305.9

Residential mortgage-backed pass-through securities

3,061.1

—

3,061.1

—

Commercial mortgage-backed securities

4,775.5

—

4,772.5

3.0

Collateralized debt obligations (1)

5,403.7

—

5,328.3

75.4

Other debt obligations

7,909.3

—

6,726.7

1,182.6

Total fixed maturities, available-for-sale

65,673.1

—

1,247.1

60,789.2

3,636.8

Fixed maturities, trading

836.2

—

27.7

392.7

415.8

Equity securities

1,478.1

—

245.4

1,232.7

—

Derivative assets (2)

304.2

—

297.9

6.3

Other investments

815.6

73.7

220.1

356.7

165.1

Cash equivalents

3,771.4

—

511.6

3,259.8

—

Market risk benefit asset (3)

153.4

—

153.4

Sub-total excluding separate account assets

73,032.0

73.7

2,251.9

66,329.0

4,377.4

Separate account assets

167,605.6

8,692.0

104,505.0

53,655.8

752.8

Total assets

240,637.6

8,765.7

106,756.9

119,984.8

5,130.2

Liabilities

Investment and universal life contracts (4)

(115.5)

—

(115.5)

Market risk benefit liability (3)

(133.2)

—

(133.2)

Funds withheld payable embedded derivative (4)

2,567.1

—

2,567.1

Derivative liabilities (2)

(494.0)

—

(493.2)

(0.8)

Other liabilities

(1.0)

—

(1.0)

—

Total liabilities

1,823.4

—

(494.2)

2,317.6

Net assets

242,461.0

8,765.7

106,756.9

119,490.6

7,447.8


	December 31, 2022
	Assets/		Amount
	(liabilities)		measured at		Fair value hierarchy level
	measured at		net asset
	fair value		value (5)		Level 1		Level 2		Level 3

	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,739.8	$	—	$	1,359.1	$	380.7	$	—
Non-U.S. governments		567.3		—		1.4		565.9		—
States and political subdivisions		6,232.3		—		—		6,161.4		70.9
Corporate		36,183.2		—		26.6		34,588.3		1,568.3
Residential mortgage-backed pass-through securities		2,228.7		—		—		2,228.7		—
Commercial mortgage-backed securities		4,864.6		—		—		4,861.2		3.4
Collateralized debt obligations (1)		4,566.4		—		—		4,510.2		56.2
Other debt obligations		6,507.6		—		—		6,039.8		467.8
Total fixed maturities, available-for-sale		62,889.9		—		1,387.1		59,336.2		2,166.6
Fixed maturities, trading		760.7		—		78.6		548.1		134.0
Equity securities		1,708.6		—		492.4		1,216.2		—
Derivative assets (2)		321.6		—		—		320.9		0.7
Other investments		701.1		81.4		311.7		306.1		1.9
Cash equivalents		3,604.1		—		973.5		2,630.6		—
Market risk benefit asset (3)		109.2		—		—		—		109.2
Sub-total excluding separate account assets		70,095.2		81.4		3,243.3		64,358.1		2,412.4
Separate account assets		155,375.1		9,120.9		92,010.7		53,208.6		1,034.9
Total assets	$	225,470.3	$	9,202.3	$	95,254.0	$	117,566.7	$	3,447.3

Liabilities
Investment and universal life contracts (4)	$	(46.4)	$	—	$	—	$	—	$	(46.4)
Market risk benefit liability (3)		(207.4)		—		—		—		(207.4)
Funds withheld payable embedded derivative (4)		3,652.8		—		—		—		3,652.8
Derivative liabilities (2)		(634.2)		—		—		(630.1)		(4.1)
Other liabilities		(0.4)		—		—		(0.4)		—
Total liabilities	$	2,764.4	$	—	$	—	$	(630.5)	$	3,394.9

Net assets	$	228,234.7	$	9,202.3	$	95,254.0	$	116,936.2	$	6,842.2

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

(2)

Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.

(3)	Refer to Note 11, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs.

(4)

Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. The funds withheld payable embedded derivative could be in either an asset or (liability) position.

(5)

Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $7.1 million and $7.8 million as of December 31, 2023 and December 31, 2022, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.

Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)

For the year ended December 31, 2023

Beginning

Net

Ending

asset/

Total realized/unrealized

purchases,

asset/

(liability)

gains (losses)

sales,

(liability)

balance

Included

Included in

issuances

balance

as of

in net

other

and

Transfers

as of

January 1,

income

comprehensive

settlements

into

out of

December 31,

2023

(2)

income (3)

(4)

Level 3

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

70.9

—

0.7

(1.7)

—

69.9

Corporate

1,568.3

(4.5)

13.3

593.6

212.4

(77.2)

2,305.9

Commercial mortgage-backed securities

3.4

—

(0.4)

—

3.0

Collateralized debt obligations

56.2

—

1.9

165.8

—

(148.5)

75.4

Other debt obligations

467.8

1.3

1.2

537.0

239.5

(64.2)

1,182.6

Total fixed maturities, available-for-sale

2,166.6

(3.2)

17.1

1,294.3

451.9

(289.9)

3,636.8

Fixed maturities, trading

134.0

2.4

—

279.4

—

415.8

Other investments

1.9

(5.7)

—

168.9

—

165.1

Separate account assets (1)

1,034.9

(8.7)

—

(273.4)

—

752.8

Liabilities

Investment and universal life contracts

(46.4)

(37.7)

—

(31.4)

—

(115.5)

Funds withheld payable embedded derivative

3,652.8

(1,085.7)

—

2,567.1

Derivatives

Net derivative assets (liabilities)

(3.4)

3.9

—

4.9

0.1

—

5.5


	For the year ended December 31, 2022
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		December 31,
	2022		(2)		income (3)		(4)		Level 3		Level 3		2022

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	94.8	$	—	$	(24.1)	$	(1.6)	$	12.0	$	(10.2)	$	70.9
Corporate		834.3		(4.8)		(28.6)		626.3		176.3		(35.2)		1,568.3
Commercial mortgage-backed securities		19.2		—		(1.0)		(4.6)		—		(10.2)		3.4
Collateralized debt obligations		85.8		—		(1.0)		151.8		—		(180.4)		56.2
Other debt obligations		42.1		(0.3)		(20.4)		474.2		—		(27.8)		467.8
Total fixed maturities, available-for-sale		1,076.2		(5.1)		(75.1)		1,246.1		188.3		(263.8)		2,166.6
Fixed maturities, trading		4.9		(0.6)		—		100.7		29.0		—		134.0
Other investments		2.1		—		(0.6)		0.4		—		—		1.9
Separate account assets (1)		945.3		113.5		—		(23.9)		—		—		1,034.9

Liabilities
Investment and universal life contracts		(83.2)		35.9		—		0.9		—		—		(46.4)
Funds withheld payable embedded derivative		—		3,652.8		—		—		—		—		3,652.8

Derivatives
Net derivative assets (liabilities)		—		(5.4)		(0.3)		2.6		—		(0.3)		(3.4)


	For the year ended December 31, 2021
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		December 31,
	2021		(2)		income (3)		(4)		Level 3		Level 3		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	12.8	$	(0.4)	$	82.4	$	—	$	94.8
Corporate		290.8		(21.9)		7.8		381.8		175.8		—		834.3
Commercial mortgage-backed securities		13.2		(1.0)		(0.4)		7.4		—		—		19.2
Collateralized debt obligations		27.2		(2.0)		1.6		420.7		74.1		(435.8)		85.8
Other debt obligations		29.2		—		0.4		16.9		20.6		(25.0)		42.1
Total fixed maturities, available-for-sale		360.4		(24.9)		22.2		826.4		352.9		(460.8)		1,076.2
Fixed maturities, trading		—		—		—		4.9		—		—		4.9
Other investments		31.9		12.5		(1.3)		(41.0)		—		—		2.1
Separate account assets (1)		8,893.2		313.1		—		(8,261.0)		—		—		945.3

Liabilities
Investment and universal life contracts		(90.8)		(15.6)		—		23.2		—		—		(83.2)

Derivatives
Net derivative assets (liabilities)		(5.1)		(6.9)		—		12.0		—		—		—

(1)

Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal International separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.

(2)

Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	0.3	$	(1.3)	$	(4.6)
Commercial mortgage-backed securities		—		—		(1.0)
Collateralized debt obligations		—		—		(2.0)
Other debt obligations		1.9		—		—
Total fixed maturities, available-for-sale		2.2		(1.3)		(7.6)
Fixed maturities, trading		2.0		(0.6)		—
Other investments		(5.2)		—		12.5
Separate account assets		(80.3)		89.8		90.5

Liabilities
Investment and universal life contracts		(29.2)		22.6		(8.6)
Funds withheld payable embedded derivative		(1,085.7)		3,652.8		—

Derivatives
Net derivative assets (liabilities)		7.5		(3.4)		(0.6)

(3)	Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal International, relating to positions still held were:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	(4.1)	$	(22.3)	$	12.8
Corporate		(38.9)		(19.8)		(0.7)
Commercial mortgage-backed securities		—		(0.5)		(0.4)
Collateralized debt obligations		0.7		—		1.9
Other debt obligations		(29.8)		(18.5)		—
Total fixed maturities, available-for-sale		(72.1)		(61.1)		13.6
Other investments		—		—		(1.3)

Derivatives
Net derivative assets (liabilities)		—		(0.2)		—

(4)	Gross purchases, sales, issuances and settlements were:

For the year ended December 31, 2023

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(1.7)

Corporate

815.2

(27.7)

—

(193.9)

593.6

Commercial mortgage-backed securities

—

(0.4)

Collateralized debt obligations

167.0

—

(1.2)

165.8

Other debt obligations

563.3

—

(26.3)

537.0

Total fixed maturities, available-for-sale

1,545.5

(27.7)

—

(223.5)

1,294.3

Fixed maturities, trading

439.3

(145.2)

—

(14.7)

279.4

Other investments

194.2

—

(25.3)

168.9

Separate account assets (5)

—

(286.3)

(109.1)

122.0

(273.4)

Liabilities

Investment and universal life contracts

—

(69.9)

38.5

(31.4)

Derivatives

Net derivative assets (liabilities)

0.8

4.1

—

4.9


	For the year ended December 31, 2022
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.6)	$	(1.6)
Corporate		817.3		(50.4)		—		(140.6)		626.3
Commercial mortgage-backed securities		—		(4.1)		—		(0.5)		(4.6)
Collateralized debt obligations		151.9		—		—		(0.1)		151.8
Other debt obligations		487.4		(8.2)		—		(5.0)		474.2
Total fixed maturities, available-for-sale		1,456.6		(62.7)		—		(147.8)		1,246.1
Fixed maturities, trading		134.7		(32.6)		—		(1.4)		100.7
Other investments		0.4		—		—		—		0.4
Separate account assets (5)		11.8		(4.5)		(50.0)		18.8		(23.9)

Liabilities
Investment and universal life contracts		—		—		(22.2)		23.1		0.9

Derivatives
Net derivative assets (liabilities)		—		2.6		—		—		2.6


	For the year ended December 31, 2021
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.4)	$	(0.4)
Corporate		626.6		(84.3)		—		(160.5)		381.8
Commercial mortgage-backed securities		7.7		—		—		(0.3)		7.4
Collateralized debt obligations		446.0		—		—		(25.3)		420.7
Other debt obligations		45.1		—		—		(28.2)		16.9
Total fixed maturities, available-for-sale		1,125.4		(84.3)		—		(214.7)		826.4
Fixed maturities, trading		4.9		—		—		—		4.9
Other investments		—		(41.0)		—		—		(41.0)
Separate account assets (5)		38.5		(8,206.2)		(191.5)		98.2		(8,261.0)

Liabilities
Investment and universal life contracts		—		—		(19.5)		42.7		23.2

Derivatives
Net derivative assets (liabilities)		—		12.0		—		—		12.0

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

For the year ended December 31, 2023

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

—

212.4

—

77.2

Collateralized debt obligations

—

148.5

Other debt obligations

—

239.5

—

64.2

Total fixed maturities, available-for-sale

—

451.9

—

289.9

Derivatives

Net derivative assets (liabilities)

—

0.1

—


	For the year ended December 31, 2022
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	12.0	$	—	$	10.2
Corporate		—		176.3		—		35.2
Commercial mortgage-backed securities		—		—		—		10.2
Collateralized debt obligations		—		—		—		180.4
Other debt obligations		—		—		—		27.8
Total fixed maturities, available-for-sale		—		188.3		—		263.8
Fixed maturities, trading		—		29.0		—		—

Derivatives
Net derivative assets (liabilities)		—		—		—		0.3


	For the year ended December 31, 2021
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	82.4	$	—	$	—
Corporate		—		175.8		—		—
Collateralized debt obligations		—		74.1		—		435.8
Other debt obligations		—		20.6		—		25.0
Total fixed maturities, available-for-sale		—		352.9		—		460.8

Quantitative Information about Level 3 Fair Value Measurements (Table)


	December 31, 2023
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,997.4	Discounted cash flow	Discount rate (1)	4.9	%-	24.2	%	12.0	%
				Earnings before interest, taxes, depreciation and amortization multiple			3.25	x	3.25	x
				Illiquidity premium	30	basis points (“bps”)-	483	bps	121	bps
				Comparability adjustment	67	bps-	217	bps	141	bps
Collateralized debt obligations		74.6	Discounted cash flow	Discount rate (1)			4.1	%	4.1	%
				Comparability adjustment			20	bps	20	bps
Other debt obligations		879.5	Discounted cash flow	Discount rate (1)	5.0	%-	10.6	%	7.4	%
				Illiquidity premium	69	bps-	650	bps	337	bps
				Comparability adjustment	(20)	bps-	213	bps	92	bps
Fixed maturities, trading		203.9	Discounted cash flow	Discount rate (1)	11.4	%-	22.3	%	13.3	%
Other investments		163.2	Discounted cash flow	Discount rate (1)	12.0	%-	13.5	%	12.6	%
				Probability of default	6.0	%-	10.0	%	8.5	%
				Potential loss severity	87.0	%-	100.0	%	90.7	%
Separate account assets		752.8	Discounted cash flow - real estate	Discount rate (1)	6.5	%-	10.0	%	7.5	%
				Terminal capitalization rate	5.3	%-	9.5	%	6.1	%
				Average market rent growth rate	2.0	%-	3.7	%	2.9	%
			Discounted cash flow - real estate debt	Loan to value	46.0	%-	72.0	%	55.3	%
				Market interest rate	5.3	%-	8.1	%	6.4	%
Liabilities
Investment and universal life contracts (4)		(115.5)	Discounted cash flow	Long duration interest rate	2.5	%-	4.8	% (2)	4.0	%
				Long-term equity market volatility	15.5	%-	40.1	%	19.2	%
				Nonperformance risk	0.8	%-	1.6	%	1.1	%
				Lapse rate	0.0	%-	55.0	%	7.0	%
				Mortality rate	See note (3)


	December 31, 2022
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,479.9	Discounted cash flow	Discount rate (1)	2.7	%-	33.1	%	11.0	%
				Illiquidity premium	0	bps-	467	bps	50	bps
				Comparability adjustment	(16)	bps-	0	bps	(11)	bps
Collateralized debt obligations		39.5	Discounted cash flow	Discount rate (1)			4.4	%	4.4	%
				Comparability adjustment			55	bps	55	bps
Other debt obligations		467.8	Discounted cash flow	Discount rate (1)	5.6	%-	8.2	%	7.6	%
				Illiquidity premium	0	bps-	260	bps	220	bps
				Comparability adjustment	1	bps-	139	bps	77	bps
Fixed maturities, trading		119.7	Discounted cash flow	Discount rate (1)	9.6	%-	15.2	%	11.0	%
Separate account assets		1,034.1	Discounted cash flow - real estate	Discount rate (1)	5.5	%-	10.0	%	7.0	%
				Terminal capitalization rate	4.5	%-	9.5	%	5.8	%
				Average market rent growth rate	2.0	%-	3.8	%	3.0	%
			Discounted cash flow - real estate debt	Loan to value	43.6	%-	62.2	%	50.6	%
				Market interest rate	5.3	%-	8.6	%	6.6	%
Liabilities
Investment and universal life contracts (4)		(46.4)	Discounted cash flow	Long duration interest rate	2.4	%-	4.7	% (2)	3.1	%
				Long-term equity market volatility	17.8	%-	36.9	%	22.0	%
				Nonperformance risk			0.9	%	0.9	%
				Lapse rate			0.0	%	0.0	%
				Mortality rate	See note (3)

(1)	Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable.

(2)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.

(3)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

(4)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

Fair Value Option (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	163.2	$	—
Aggregate contractual principal		167.1		—

(1)	Reported with other investments on the consolidated statements of financial position.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Other loans of consolidated VIE
Change in fair value pre-tax loss - instrument specific credit risk	$	(5.6)	$	—	$	—
Change in fair value pre-tax loss (1)		(5.6)		—		—
Interest income (2)		8.1		—		—

Real estate ventures
Change in fair value pre-tax gain (1)		—		—		12.5

(1)	Reported in net realized capital gains (losses) on the consolidated statements of operations.

(2)	Reported in net investment income on the consolidated statements of operations.

Financial Instruments Not Reported at Fair Value (Table)

December 31, 2023

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,142.8

18,505.0

—

18,505.0

Policy loans

809.3

846.3

—

846.3

Other investments

268.6

260.9

—

142.9

118.0

Cash and cash equivalents

936.3

913.9

22.4

—

Reinsurance deposit receivable

6,078.6

5,487.7

—

5,487.7

Cash collateral receivable

38.7

—

Investment contracts

(33,937.9)

(32,166.7)

—

(7,828.1)

(24,338.6)

Short-term debt

(61.1)

—

(61.1)

—

Long-term debt

(3,930.9)

(3,754.5)

—

(3,754.1)

(0.4)

Separate account liabilities

(152,229.2)

(151,280.9)

—

(151,280.9)

Bank deposits (1)

(399.5)

(385.3)

—

(385.3)

—

Cash collateral payable

(176.9)

—


	December 31, 2022
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3

	(in millions)
Assets (liabilities)
Mortgage loans	$	20,629.8	$	18,754.5	$	—	$	—	$	18,754.5
Policy loans		784.7		804.0		—		—		804.0
Other investments		250.6		238.0		—		133.5		104.5
Cash and cash equivalents		1,243.9		1,243.9		1,232.5		11.4		—
Reinsurance deposit receivable		7,901.0		6,859.9		—		—		6,859.9
Cash collateral receivable		281.0		281.0		281.0		—		—
Investment contracts		(35,380.1)		(32,367.4)		—		(7,279.0)		(25,088.4)
Short-term debt		(80.7)		(80.7)		—		(80.7)		—
Long-term debt		(3,997.0)		(3,680.6)		—		(3,620.1)		(60.5)
Separate account liabilities		(141,459.3)		(140,533.9)		—		—		(140,533.9)
Bank deposits (1)		(352.4)		(336.3)		—		(336.3)		—
Cash collateral payable		(291.3)		(291.3)		(291.3)		—		—

(1)	Excludes deposit liabilities without defined or contractual maturities.

Future Policy Benefits and Claims - Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits	$ 36,514.6	$ 34,064.4		$ 43,489.8
Corporate \| Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums	64.6	62.8
Effect of changes in discount rate assumptions at beginning of period	(3.6)	(14.0)	$ 17.6
Balance at beginning of period at original discount rate	61.0	48.8	49.1
Effect of changes in cash flow assumptions	(13.3)	10.0	2.8
Effect of actual variances from expected experience	(5.7)	4.1	(0.8)
Adjusted beginning of period balance at original discount rate	42.0	62.9	(51.1)
Interest accrual	2.9	3.3	2.9
Net premiums collected	(5.1)	(5.2)	(5.2)
Balance at end of period at original discount rate	39.8	61.0	48.8
Effect of changes in discount rate assumptions at end of period	3.0	3.6	14.0
Balance at end of period, Present value of expected net premiums	42.8	64.6	62.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	248.1	297.5	324.3
Effect of changes in discount rate assumptions at beginning of period	(18.9)	(89.5)	(111.1)
Balance at beginning of period at original discount rate	229.2	208.0	213.2
Effect of changes in cash flow assumptions	(40.5)	17.2	0.5
Effect of actual variances from expected experience	2.5	3.7	(4.6)
Adjusted beginning of period balance at original discount rate	191.2	228.9	209.1
Interest accrual	12.5	13.1	12.4
Benefit payments	(14.2)	(12.8)	(13.5)
Balance at end of period at original discount rate	189.5	229.2	208.0
Effect of changes in discount rate assumptions at end of period	20.0	18.9	89.5
Balance at end of period, Present value of expected future policy benefit payments	209.5	248.1	297.5
Future policy benefits	166.7	183.5	234.7	$ 257.6
Reinsurance Impact	$ (166.7)	$ (183.5)	$ (234.7)
Weighted-average duration for future policy benefits (in years)	10 years 4 months 24 days	11 years 9 months 18 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 1.7	$ (60.2)

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fixed maturities, trading	$ 836.2	$ 760.7
Equity securities	1,478.1	1,708.6
Mortgage loans	20,142.8	20,629.8
Real estate	2,345.3	2,239.7
Other investments	7,035.6	6,122.0
Cash and cash equivalents	4,707.7	4,848.0
Other investments measured at fair value under fair value option	163.2	0.0
Separate account assets	167,605.6	155,375.1
Contractholder funds	41,501.1	42,825.3
Separate account liabilities	167,605.6	155,375.1
Other liabilities	11,606.2	12,096.7
Redeemable noncontrolling interest	$ 248.9	$ 262.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	492,279,405	489,809,564
Common stock, outstanding (in shares)	236,438,294	243,549,782
Treasury stock (in shares)	255,841,111	246,259,782
Aggregate consolidated variable interest entities
Fixed maturities, trading	$ 81.2	$ 27.8
Equity securities	394.4	740.0
Mortgage loans	871.9	1,179.7
Real estate	779.1	649.0
Other investments	596.4	375.9
Cash and cash equivalents	83.6	32.4
Separate account assets	34,688.3	34,193.8
Contractholder funds	0.0	334.0
Separate account liabilities	34,688.3	34,193.8
Other liabilities	87.7	86.8
Redeemable noncontrolling interest	$ 226.4	$ 235.3

Closed Block

12 Months Ended

Dec. 31, 2023

Closed Block

Closed Block

6. Closed Block

In connection with the 1998 MIHC formation, Principal Life formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued. Assets of Principal Life were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies. This includes, but is not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes. Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date. These amounts are referred to as Funding Adjustment Charges.

Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block. Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities. Principal Life will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms. If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, Principal Life will be required to make such payments from its general funds. No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization.

A policyholder dividend obligation (“PDO”) is required to be established for higher than expected earnings in the Closed Block that will need to be paid as dividends unless future performance of the Closed Block is less favorable than originally expected. A model of the Closed Block was established to produce the pattern of expected earnings, assets and liabilities in the Closed Block. These projections are utilized to determine ratios that will allow us to compare actual cumulative earnings to expected cumulative earnings and determine the amount of the PDO. As of December 31, 2023 and 2022, the PDO was $0.0 million and $0.0 million, respectively.

Closed Block liabilities and assets designated to the Closed Block were as follows:


	December 31, 2023		December 31, 2022

	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	2,982.9	$	3,128.1
Other policyholder funds		5.1		5.1
Policyholder dividends payable		157.2		168.2
Income taxes currently payable		4.0		—
Other liabilities		23.2		24.9
Total Closed Block liabilities		3,172.4		3,326.3

Assets designated to the Closed Block
Fixed maturities, available-for-sale		1,766.7		1,690.2
Fixed maturities, trading		2.0		2.0
Equity securities		0.9		0.8
Mortgage loans		469.5		544.9
Policy loans		379.9		407.4
Other investments		61.2		62.2
Total investments		2,680.2		2,707.5
Cash and cash equivalents		6.1		62.0
Accrued investment income		32.6		30.3
Reinsurance recoverable and deposit receivable		3.5		3.9
Premiums due and other receivables		3.4		4.1
Deferred tax asset		52.1		62.0
Other assets		5.3		0.1
Total assets designated to the Closed Block		2,783.2		2,869.9
Excess of Closed Block liabilities over assets designated to the Closed Block		389.2		456.4
Amounts included in accumulated other comprehensive income		(69.6)		(111.9)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	319.6	$	344.5

Closed Block revenues and expenses were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenues
Premiums and other considerations	$	166.1	$	178.0	$	196.1
Net investment income		127.3		129.1		137.6
Net realized capital losses		(10.0)		(21.2)		(4.6)
Total revenues		283.4		285.9		329.1

Expenses
Benefits, claims and settlement expenses		161.6		184.3		212.0
Dividends to policyholders		86.8		92.5		92.6
Operating expenses		2.6		2.2		2.3
Total expenses		251.0		279.0		306.9
Closed Block revenues, net of Closed Block expenses, before income taxes		32.4		6.9		22.2
Income taxes		6.1		0.7		3.9
Closed Block revenues, net of Closed Block expenses and income taxes		26.3		6.2		18.3
Funding adjustments and other transfers		(1.4)		28.5		(4.0)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$	24.9	$	34.7	$	14.3

The change in maximum future earnings of the Closed Block was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Beginning of year	$	344.5	$	379.2	$	393.5
End of year		319.6		344.5		379.2
Change in maximum future earnings	$	(24.9)	$	(34.7)	$	(14.3)

Principal Life charges the Closed Block with U.S. federal income taxes, payroll taxes, state and local premium taxes and other state or local taxes, licenses and fees as provided in the plan of reorganization.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

14. Income Taxes

Income Taxes (Benefits)

Our income taxes (benefits) were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Current income taxes (benefits):
U.S. federal	$	81.5	$	(56.3)	$	110.3
State		20.1		20.7		19.4
Foreign		38.8		53.1		38.0
Tax benefit of operating loss carryforward		(14.5)		(9.5)		(1.2)
Total current income taxes		125.9		8.0		166.5
Deferred income taxes (benefits):
U.S. federal		(63.2)		1,189.7		118.0
State		0.1		8.0		16.6
Foreign		5.9		(16.2)		(17.2)
Total deferred income taxes (benefits)		(57.2)		1,181.5		117.4
Income taxes	$	68.7	$	1,189.5	$	283.9

Our income before income taxes was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Domestic	$	412.8	$	5,766.1	$	1,715.2
Foreign		326.0		220.9		195.7
Total income before income taxes	$	738.8	$	5,987.0	$	1,910.9

Effective Income Tax Rate

Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows:


	For the year ended December 31,
	2023		2022		2021
U.S. corporate income tax rate	21	%	21	%	21	%
Dividends received deduction	(10)		(1)		(4)
Tax credits	(8)		(1)		(2)
Impact of equity method presentation	(4)		—		(1)
Interest exclusion from taxable income	(3)		—		(1)
Foreign currency inflation	(1)		—		—
Impact of noncontrolling interest presentation	(1)		—		—
Global Intangible Low-Taxed Income	7		1		1
Low income housing tax credit amortization	5		—		—
State income taxes	2		—		2
Valuation allowance	1		—		—
Other	—		—		(1)
Effective income tax rate	9	%	20	%	15	%

Unrecognized Tax Benefits

Our changes in unrecognized tax benefits were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Balance at beginning of period	$	42.2	$	45.5	$	46.9
Additions based on tax positions related to the current year		0.3		—		1.8
Reductions for tax positions related to the current year		(3.2)		(3.3)		(3.2)
Balance at end of period (1)	$	39.3	$	42.2	$	45.5

(1)	If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2023 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.

As of December 31, 2023 and 2022, we had recognized $1.8 million and $1.4 million of accumulated pre-tax interest and penalties related to unrecognized tax benefits, respectively. We do not believe there is a reasonable possibility the total amount of the unrecognized tax benefits will significantly increase or decrease in the next twelve months considering recent settlements and the status of current and pending Internal Revenue Service (“IRS”) examinations.

Net Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our significant components of net deferred income taxes were as follows:


	December 31,
	2023		2022

	(in millions)
Deferred income tax assets:
Net operating and capital loss carryforwards	$	123.0	$	86.1
Tax credit carryforwards		64.2		65.8
Net unrealized losses on available-for-sale securities		1,092.9		1,572.3
Employee benefits		315.4		305.3
Gross deferred income tax assets		1,595.5		2,029.5
Valuation allowance		(58.8)		(42.9)
Total deferred income tax assets		1,536.7		1,986.6
Deferred income tax liabilities:
Deferred acquisition costs		(679.2)		(639.6)
Investments, including derivatives		(240.9)		(224.7)
Funds withheld embedded derivative		(575.5)		(767.1)
Real estate		(136.7)		(141.0)
Intangible assets		(384.2)		(386.9)
Insurance liabilities		(886.1)		(814.3)
Other deferred income tax liabilities		(6.3)		(30.3)
Total deferred income tax liabilities		(2,908.9)		(3,003.9)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)

Our net deferred income taxes by jurisdiction were as follows:


	December 31,
	2023		2022

	(in millions)
Deferred income tax assets:
State	$	77.9	$	83.1
Foreign		163.2		223.8
Net deferred income tax assets		241.1		306.9
Deferred income tax liabilities:
U.S. federal		(1,312.9)		(1,051.0)
Foreign		(300.4)		(273.2)
Net deferred income tax liabilities		(1,613.3)		(1,324.2)
Total net deferred income tax liabilities	$	(1,372.2)	$	(1,017.3)

In management’s judgment, total deferred income tax assets are more likely than not to be realized. Included in the deferred income tax asset are federal net operating loss, capital loss and tax credit carryforwards available to offset future taxable income or income taxes. These carryforwards are primarily attributable to a reinsurance transaction that occurred during 2022. As of December 31, 2023 and 2022, we had net operating loss and capital loss carryforwards for U.S. federal income tax purposes of $155.2 million and $66.1 million, respectively, which may be carried forward indefinitely. In addition, as of December 31, 2023 and 2022, we had federal tax credit carryforwards of $64.2 million and $65.8 million, respectively. The federal tax credit carryforwards, if unused, will expire in 2042. As of December 31, 2023, these carryforwards are anticipated to be utilized before expiration; therefore, no valuation allowance has been provided for the related deferred income tax asset.

As of December 31, 2023 and 2022, state net operating loss carryforwards were $312.3 million and $250.0 million, respectively, and will expire between 2032 and 2040. As of December 31, 2023 and 2022, foreign net operating loss carryforwards were $257.3 million and $229.5 million, respectively, with some expiring in 2022 while others never expire. We maintain valuation allowances by jurisdiction against the deferred income tax assets related to some of these carryforwards and other items, as utilization of these income tax benefits fail the more likely than not criteria in certain jurisdictions. As of December 31, 2023 and 2022, valuation allowances of $58.8 million and $42.9 million, respectively, had been recorded against the income tax benefits associated primarily with foreign net operating loss carryforwards and net unrealized capital losses on benefit plan trusts. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of the deferred income tax assets that are more likely than not to be realized.

Deferred tax liabilities are recognized for taxes payable on the unremitted earnings from foreign operations of our subsidiaries, except where it is our intention to indefinitely reinvest a portion or all of these undistributed earnings. As of December 31, 2023 and 2022, any applicable taxes that would be due upon repatriation were not provided on approximately $1,362.6 million and $1,089.0 million, respectively, of such accumulated but undistributed earnings from operations of foreign subsidiaries. We currently do not intend to repatriate these unremitted earnings because we have several liquidity options to fund our domestic operations and obligations. These options include investing and financing activities, such as issuing debt, as well as cash flow and dividends from domestic operations. As of December 31, 2023 and 2022, it was not practicable to determine the amount of the unrecognized deferred tax liability that would arise if foreign earnings were remitted, due to the complexity of our international holding company structure, and other significant tax attributes and varying state tax laws. Taxes on remittances would be limited to foreign currency gains or losses, foreign withholding taxes and state income taxes, which we would anticipate to be immaterial. As of December 31, 2023, deferred taxes were also not provided on the approximately $106.2 million of excess book carrying value over tax basis with respect to the original investment in our foreign subsidiaries. A tax liability will be recognized when we no longer plan to indefinitely reinvest a portion or all of these earnings or when we plan to sell a portion or all of our ownership interest.

Effects of Tax Legislation

The Inflation Reduction Act of 2022 (“IRA 2022”) was enacted by the U.S. government on August 16, 2022. The IRA 2022 implements a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. We are an “Applicable Corporation,” which requires computation of the U.S. federal income tax liability under two systems, the U.S. regular corporate tax (“RCT”) and the CAMT. Although the CAMT may apply in any given year when tentative minimum tax (“TMT”) exceeds the RCT liability, as a “prepayment” the CAMT generates a corresponding alternative minimum tax credit (“AMTC”). The AMTC is accounted for as a deferred tax asset (“DTA”) with an indefinite carryover life recoverable in years when the RCT liability exceeds TMT.

The tax accounting consequences of a change in tax law is required to be recognized in the period legislation is enacted. Generally, a company is also required to consider the impact of new tax law on realizability of its DTAs, including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard our CAMT status when evaluating DTAs under the RCT system associated with the IRA 2022.

Other Tax Information

Income tax returns are filed in U.S. federal jurisdiction as well as various states and foreign jurisdictions where we and one or more of our subsidiaries conduct business. Although determined by jurisdiction, with few exceptions our tax uncertainties relate primarily to U.S. federal income tax matters. The IRS has completed examination of our consolidated U.S. federal income tax returns for years prior to 2013 and did not exam 2013 and 2014. IRS claims for refund for tax years 2004 through 2008, following settlement of a partnership matter with the Department of Justice in March 2019, were finalized in 2020 and have been received in full as of December 31, 2021. IRS claims for refund filed for tax years 2006 through 2008 were received in September 2020. In 2019, an IRS 30-day letter on examination of tax years 2009 through 2012 was received, the proposed adjustments found acceptable, and associated tax settlements subsequently occurred in 2020 prior to expiration of the extended statute of limitations. As of December 31, 2023 and 2022, we had $223.8 million and $5.6 million, respectively, of current income tax payables associated with outstanding audit issues.

The U.S. federal statute of limitations has expired for years prior to 2015. The IRS is currently auditing our U.S. federal income tax returns for tax years 2015-2018 and 2019-2022. The statutes remain open through normal statute extensions. We do not expect the results of these audits, subsequent related adjustments or developments in other tax areas for all open tax years to significantly change the possible increase in the amount of unrecognized tax benefits, but the outcome of tax reviews is uncertain and unforeseen results can occur.

We believe we have adequate defenses against, or sufficient provisions for, contested issues, but final resolution could take several years depending on whether legal remedies are pursued. Consequently, we do not believe issues that might arise in tax years subsequent to 2014 will have a material impact on our net income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Nature of Operations and Significant Accounting Policies - Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Liability for future policy benefits	$ 36,514.6	$ 34,064.4		$ 43,489.8
Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	28,769.9	26,230.8		33,009.5
Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits	2,984.3	2,607.8		3,661.2
Pension risk transfer \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	23,855.8	21,211.4		25,863.7
Individual fixed income annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	4,914.1	5,019.4		7,145.8
Individual fixed income annuities \| Principal Asset Management \| Principal International \| Latin America
Recent Accounting Pronouncements
Liability for future policy benefits	4,593.7	5,042.3		6,561.5
Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits	1,898.4	1,698.8	$ 2,498.4	2,500.9
Term life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits	1,085.9	909.0	1,117.6	1,160.3
Long-term care insurance \| Corporate
Recent Accounting Pronouncements
Liability for future policy benefits	$ 166.7	$ 183.5	$ 234.7	257.6
Previously reported
Recent Accounting Pronouncements
Liability for future policy benefits				36,310.8
Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				28,130.0
Previously reported \| Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				3,008.3
Previously reported \| Pension risk transfer \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				21,982.8
Previously reported \| Individual fixed income annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				6,147.2
Previously reported \| Individual fixed income annuities \| Principal Asset Management \| Principal International \| Latin America
Recent Accounting Pronouncements
Liability for future policy benefits				5,038.4
Previously reported \| Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				2,173.8
Previously reported \| Term life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				834.5
Previously reported \| Long-term care insurance \| Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				134.1
Adjustment for reversal of unrealized gain (loss) from AOCI
Recent Accounting Pronouncements
Liability for future policy benefits				(1,965.3)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(1,162.0)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				(168.7)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Pension risk transfer \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(947.0)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Individual fixed income annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(215.0)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Individual fixed income annuities \| Principal Asset Management \| Principal International \| Latin America
Recent Accounting Pronouncements
Liability for future policy benefits				(634.6)
Adjustment for reversal of unrealized gain (loss) from AOCI \| Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				(168.7)
Adjustment under the modified retrospective approach
Recent Accounting Pronouncements
Liability for future policy benefits				101.2
Adjustment under the modified retrospective approach \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				0.1
Adjustment under the modified retrospective approach \| Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				9.4
Adjustment under the modified retrospective approach \| Individual fixed income annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				0.1
Adjustment under the modified retrospective approach \| Individual fixed income annuities \| Principal Asset Management \| Principal International \| Latin America
Recent Accounting Pronouncements
Liability for future policy benefits				61.7
Adjustment under the modified retrospective approach \| Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				2.4
Adjustment under the modified retrospective approach \| Term life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				7.0
Adjustment under the modified retrospective approach \| Long-term care insurance \| Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				30.0
Effect of remeasurement at the current discount rate
Recent Accounting Pronouncements
Liability for future policy benefits				9,043.1
Effect of remeasurement at the current discount rate \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				6,041.4
Effect of remeasurement at the current discount rate \| Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				812.2
Effect of remeasurement at the current discount rate \| Pension risk transfer \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				4,827.9
Effect of remeasurement at the current discount rate \| Individual fixed income annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				1,213.5
Effect of remeasurement at the current discount rate \| Individual fixed income annuities \| Principal Asset Management \| Principal International \| Latin America
Recent Accounting Pronouncements
Liability for future policy benefits				2,096.0
Effect of remeasurement at the current discount rate \| Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				493.4
Effect of remeasurement at the current discount rate \| Term life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				318.8
Effect of remeasurement at the current discount rate \| Long-term care insurance \| Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				$ 93.5

Separate Account Balances - Separate Account Asset (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 167,605.6	$ 155,375.1
Fixed maturities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	35,503.9	34,805.5
Fixed maturities \| U.S. government and agencies
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,467.3	7,339.6
Fixed maturities \| Non-U.S. governments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,522.3	8,424.3
Fixed maturities \| States and political subdivisions
Separate Account Assets
Total separate account assets per consolidated statements of financial position	205.1	211.7
Fixed maturities \| Corporate debt securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	13,386.4	14,429.7
Fixed maturities \| Residential mortgage-backed pass-through securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	4,126.1	3,894.5
Fixed maturities \| Commercial mortgage-backed securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	221.1	206.2
Fixed maturities \| Other debt obligations
Separate Account Assets
Total separate account assets per consolidated statements of financial position	575.6	299.5
Equity securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	118,073.7	105,053.3
Real estate
Separate Account Assets
Total separate account assets per consolidated statements of financial position	494.6	610.6
Other investments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	9,436.2	10,278.6
Cash and cash equivalents
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,332.8	3,583.8
Other assets
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 764.4	$ 1,043.3

Closed Block - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Closed Block liabilities and assets designated to the Closed Block
Closed Block liabilities: Policyholder dividend obligation	$ 0.0	$ 0.0
Closed Block liabilities
Closed Block liabilities: Future policy benefits and claims	2,982.9	3,128.1
Closed Block liabilities: Other policyholder funds	5.1	5.1
Closed Block liabilities: Policyholder dividends payable	157.2	168.2
Closed Block liabilities: Policyholder dividend obligation	0.0	0.0
Closed Block liabilities: Income taxes currently payable	4.0
Closed Block liabilities: Other liabilities	23.2	24.9
Total Closed Block liabilities	3,172.4	3,326.3
Assets designated to the Closed Block
Closed Block assets: Fixed maturities, available-for-sale	1,766.7	1,690.2
Closed Block assets: Fixed maturities, trading	2.0	2.0
Closed Block assets: Equity securities	0.9	0.8
Closed Block assets: Mortgage loans	469.5	544.9
Closed Block assets: Policy loans	379.9	407.4
Closed Block assets: Other investments	61.2	62.2
Closed Block assets: Total investments	2,680.2	2,707.5
Closed Block assets: Cash and cash equivalents	6.1	62.0
Closed Block assets: Accrued investment income	32.6	30.3
Closed Block assets: Reinsurance recoverable and deposit receivable	3.5	3.9
Closed Block assets: Premiums due and other receivables	3.4	4.1
Closed Block assets: Deferred tax asset	52.1	62.0
Closed Block assets: Other assets	5.3	0.1
Total assets designated to the Closed Block	2,783.2	2,869.9
Excess of Closed Block liabilities over assets designated to the Closed Block	389.2	456.4
Amounts included in accumulated other comprehensive income (loss)	(69.6)	(111.9)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$ 319.6	$ 344.5	$ 379.2	$ 393.5

Contingencies, Guarantees, Indemnifications and Leases - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Guaranty Funds
Undiscounted liability balance for guaranty fund assessments	$ 21.9	$ 20.6
Premium tax offsets	11.0	$ 9.7
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	86.0
Guarantees related to P-Caps contingent funding agreements
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 750.0

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 02, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-16725
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1520346
Entity Address, Address Line One	711 High Street
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50392
City Area Code	515
Local Phone Number	247-5111
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	PFG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		235,868,487
Entity Public Float			$ 18.7
Entity Central Index Key	0001126328
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Des Moines, Iowa

Debt - Future Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Future maturities of long-term debt
Year 1: Long-term debt maturities	$ 0.1
Year 2: Long-term debt maturities	399.3
Year 3: Long-term debt maturities	349.9
Year 4: Long-term debt maturities	1.0
Year 5: Long-term debt maturities	1.0
Year 6 and thereafter: Long-term debt maturities	3,179.6
Long-term debt carrying amount	$ 3,930.9	$ 3,997.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Income Tax Expense and Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Current income taxes (benefits): U.S. federal	$ 81.5	$ (56.3)	$ 110.3
Current income taxes (benefits): State	20.1	20.7	19.4
Current income taxes (benefits): Foreign	38.8	53.1	38.0
Current income taxes (benefits): Tax benefit of operating loss carryforwards	(14.5)	(9.5)	(1.2)
Total current income taxes (benefits)	125.9	8.0	166.5
Deferred income taxes (benefits): U.S. federal	(63.2)	1,189.7	118.0
Deferred income taxes (benefits): State	0.1	8.0	16.6
Deferred income taxes (benefits): Foreign	5.9	(16.2)	(17.2)
Total deferred income taxes (benefits)	(57.2)	1,181.5	117.4
Income taxes (benefits)	68.7	1,189.5	283.9
Income (loss) before income taxes
Income (loss) before income taxes - domestic	412.8	5,766.1	1,715.2
Income (loss) before income taxes - foreign	326.0	220.9	195.7
Income (loss) before income taxes	$ 738.8	$ 5,987.0	$ 1,910.9

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, fair value disclosures
Derivative instruments, assets	$ 304.2	$ 321.6
Derivative instruments, liabilities	(1,957.6)	(2,972.2)
Fair value of embedded derivative liabilities reported with contractholder funds	115.5	46.4
Fair value of net (asset) liability embedded derivative reported with funds withheld payable	(2,567.1)	(3,652.8)
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	93.6	154.6
Derivative instruments, liabilities	112.2	124.8
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	210.6	167.0
Derivative instruments, liabilities	(2,069.8)	(3,097.0)
Interest rate contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	9.0	20.0
Derivative instruments, liabilities	72.6	105.1
Interest rate contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	70.3	81.1
Derivative instruments, liabilities	284.3	439.9
Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	84.6	134.6
Derivative instruments, liabilities	39.6	19.7
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	51.9	65.9
Derivative instruments, liabilities	22.2	21.9
Equity contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	83.8	16.5
Derivative instruments, liabilities	74.2	45.6
Credit contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	4.6	3.5
Derivative instruments, liabilities	1.1	2.0
Other contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ (2,451.6)	$ (3,606.4)

Future Policy Benefits and Claims - Retirement and Income Solutions (Details) - Retirement and Income Solutions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 21,211.4	$ 25,365.8	$ 25,863.7
Effect of changes in discount rate assumptions at beginning of period	1,799.6	(3,386.5)	(4,827.9)
Balance at beginning of period at original discount rate	23,011.0	21,979.3	21,035.8
Effect of changes in cash flow assumptions	(53.4)	(7.9)
Effect of actual variances from expected experience	(14.6)	(3.2)	(2.4)
Adjusted beginning of period balance at original discount rate	22,943.0	21,968.2	21,033.4
Interest accrual	1,008.6	935.7	916.7
Benefit payments	(1,981.4)	(1,841.7)	(1,772.5)
Issuances	2,921.7	1,948.8	1,801.7
Balance at end of period at original discount rate	24,891.9	23,011.0	21,979.3
Effect of changes in discount rate assumptions at end of period	(1,036.1)	(1,799.6)	3,386.5
Balance at end of period, Present value of expected future policy benefit payments	23,855.8	21,211.4	25,365.8
Future policy benefits after reinsurance	$ 23,855.8	$ 21,211.4
Weighted-average duration for future policy benefits (in years)	8 years 6 months	8 years 6 months
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 763.5	$ (5,186.1)
Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	5,019.4	6,535.0	7,145.8
Effect of changes in discount rate assumptions at beginning of period	439.0	(812.6)	(1,213.5)
Balance at beginning of period at original discount rate	5,458.4	5,722.4	5,932.3
Effect of changes in cash flow assumptions	(1.3)	(3.0)
Effect of actual variances from expected experience	(0.1)		(1.3)
Adjusted beginning of period balance at original discount rate	5,457.0	5,719.4	5,931.0
Interest accrual	219.1	229.7	240.5
Benefit payments	(507.3)	(520.4)	(532.0)
Issuances	42.0	29.7	82.9
Balance at end of period at original discount rate	5,210.8	5,458.4	5,722.4
Effect of changes in discount rate assumptions at end of period	(296.7)	(439.0)	812.6
Balance at end of period, Present value of expected future policy benefit payments	4,914.1	5,019.4	$ 6,535.0
Reinsurance Impact	(4,869.1)	(5,002.7)
Future policy benefits after reinsurance	$ 45.0	$ 16.7
Weighted-average duration for future policy benefits (in years)	7 years 10 months 24 days	7 years 10 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 142.3	$ (1,251.6)

Segment Information - Pre-tax income (loss) from exited business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative	$ (1,085.7)	$ 3,652.8	$ 0.0
Net realized capital gains on funds withheld assets	165.0	749.4
Amortization of reinsurance loss	(17.7)	(19.3)	$ (23.0)
Total pre-tax income (loss) from exited business	(1,129.8)	4,260.1
Operating Segments
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative	(1,085.7)	3,652.8
Net realized capital gains on funds withheld assets	165.0	749.4
Strategic review costs and impacts on pre-tax income (loss)		40.4
Amortization of reinsurance loss	(68.7)	(56.7)
Other impacts of reinsured business	(140.4)	(125.8)
Total pre-tax income (loss) from exited business	$ (1,129.8)	$ 4,260.1

Employee and Agent Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 2,909.6	$ 2,726.3	$ 3,550.1
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Qualified benefit plans	Qualified benefit plans
Pension benefits \| Pooled separate account investments \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 27.9
Pension benefits \| Pooled separate account investments \| U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	290.9	$ 282.5
Pension benefits \| Pooled separate account investments \| U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	49.5	47.3
Pension benefits \| Pooled separate account investments \| Balanced asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	97.0	101.4
Pension benefits \| Pooled separate account investments \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	141.8	143.9
Pension benefits \| Pooled separate account investments \| Real estate investment portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	204.1	238.4
Pension benefits \| Single client separate account investments \| U.S. government and agencies
Defined benefit plan, fair value of plan assets
Fair value of plan assets	124.9	447.0
Pension benefits \| Single client separate account investments \| States and political subdivisions
Defined benefit plan, fair value of plan assets
Fair value of plan assets	27.0	25.0
Pension benefits \| Single client separate account investments \| Corporate debt securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,394.2	1,336.9
Pension benefits \| Single client separate account investments \| Commercial mortgage-backed securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets		16.1
Pension benefits \| Single client separate account investments \| Other debt obligations
Defined benefit plan, fair value of plan assets
Fair value of plan assets		4.1
Pension benefits \| Single client separate account investments \| Hedge funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets		27.9
Pension benefits \| Single client separate account investments \| Pooled separate account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	497.9	43.7
Pension benefits \| Single client separate account investments \| Other
Defined benefit plan, fair value of plan assets
Fair value of plan assets	54.4	12.1
Pension benefits \| Amount measured at net asset value
Defined benefit plan, fair value of plan assets
Fair value of plan assets		27.9
Pension benefits \| Amount measured at net asset value \| Single client separate account investments \| Hedge funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets		27.9
Pension benefits \| Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	124.9	447.0
Pension benefits \| Fair value hierarchy Level 1 \| Single client separate account investments \| U.S. government and agencies
Defined benefit plan, fair value of plan assets
Fair value of plan assets	124.9	447.0
Pension benefits \| Fair value hierarchy Level 2
Defined benefit plan, fair value of plan assets
Fair value of plan assets	2,784.7	2,251.4
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	27.9
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	290.9	282.5
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	49.5	47.3
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| Balanced asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	97.0	101.4
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	141.8	143.9
Pension benefits \| Fair value hierarchy Level 2 \| Pooled separate account investments \| Real estate investment portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	204.1	238.4
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| States and political subdivisions
Defined benefit plan, fair value of plan assets
Fair value of plan assets	27.0	25.0
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| Corporate debt securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,394.2	1,336.9
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| Commercial mortgage-backed securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets		16.1
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| Other debt obligations
Defined benefit plan, fair value of plan assets
Fair value of plan assets		4.1
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| Pooled separate account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	497.9	43.7
Pension benefits \| Fair value hierarchy Level 2 \| Single client separate account investments \| Other
Defined benefit plan, fair value of plan assets
Fair value of plan assets	54.4	12.1
Other postretirement benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	99.8	94.4	$ 119.8
Other postretirement benefits \| Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1.3	0.6
Other postretirement benefits \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	47.9	47.6
Other postretirement benefits \| U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	36.7	33.6
Other postretirement benefits \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	13.9	12.6
Other postretirement benefits \| Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	99.8	94.4
Other postretirement benefits \| Fair value hierarchy Level 1 \| Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1.3	0.6
Other postretirement benefits \| Fair value hierarchy Level 1 \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	47.9	47.6
Other postretirement benefits \| Fair value hierarchy Level 1 \| U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	36.7	33.6
Other postretirement benefits \| Fair value hierarchy Level 1 \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 13.9	$ 12.6

Nature of Operations and Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Deferred acquisition costs	$ 3,950.5	$ 3,948.0		$ 3,822.3
Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	918.9	930.0		964.4
Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs	3,023.9	3,009.2		2,857.9
Previously reported
Recent Accounting Pronouncements
Deferred acquisition costs				3,371.4
Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				730.4
Previously reported \| Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs				2,641.0
Workplace savings and retirement solutions \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	506.4	498.0	$ 489.0	477.2
Workplace savings and retirement solutions \| Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				424.6
Individual variable annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	279.5	278.0	281.2	281.9
Individual variable annuities \| Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				281.7
Pension risk transfer \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	106.1	131.0	162.2	192.7
Individual fixed deferred annuities \| Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				11.5
Investment only \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	11.5	14.9	18.1	12.6
Investment only \| Previously reported \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				12.6
Individual disability \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Deferred acquisition costs	667.7	626.1	580.7	529.8
Individual disability \| Previously reported \| Benefits and Protection \| Specialty Benefits
Recent Accounting Pronouncements
Deferred acquisition costs				529.8
Universal life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	1,545.3	1,569.7	1,596.2	1,608.3
Universal life \| Previously reported \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				1,443.0
Term life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	695.1	685.7	678.9	607.9
Term life \| Previously reported \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				607.9
Participating life \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	$ 84.7	$ 93.0	$ 102.3	111.9
Participating life \| Previously reported \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				60.3
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Adjustment for reversal of unrealized gain (loss) from AOCI
Recent Accounting Pronouncements
Deferred acquisition costs				450.9
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				234.0
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs				216.9
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Workplace savings and retirement solutions \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				52.6
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Individual variable annuities \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				0.2
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Individual fixed deferred annuities \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				181.2
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Universal life \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				165.3
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Participating life \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Benefits and Protection \| Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				$ 51.6

Nature of Operations and Significant Accounting Policies - Balances and changes in LFPB for Benefits and Protection and Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits	$ 36,514.6	$ 34,064.4		$ 43,489.8
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits	2,984.3	2,607.8		3,661.2
Benefits and Protection \| Specialty Benefits \| Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		3,149.9	$ 3,148.3
Effect of changes in discount rate assumptions at beginning of period	395.2	(198.9)	340.7
Balance at beginning of period at original discount rate	2,737.0	2,951.0	2,807.6
Effect of changes in cash flow assumptions	(37.6)	(413.1)
Effect of actual variances from expected experience	244.3	235.9	122.0
Adjusted beginning of period balance at original discount rate	2,943.7	2,773.8	(2,929.6)
Interest accrual	95.6	95.2	95.4
Net premiums collected	(273.4)	(276.5)	(280.4)
Issuances	100.1	144.5	206.4
Balance at end of period at original discount rate	2,866.0	2,737.0	2,951.0
Effect of changes in discount rate assumptions at end of period	(313.7)	(395.2)	198.9
Balance at end of period, Present value of expected net premiums			3,149.9
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	4,040.6	5,648.3	5,649.2
Effect of changes in discount rate assumptions at beginning of period	1,021.4	(501.0)	(834.1)
Balance at beginning of period at original discount rate	5,062.0	5,147.3	4,815.1
Effect of changes in cash flow assumptions	(51.5)	(476.3)
Effect of actual variances from expected experience	260.8	240.0	118.8
Adjusted beginning of period balance at original discount rate	5,271.3	4,911.0	4,933.9
Interest accrual	190.1	185.4	181.0
Benefit payments	(210.0)	(183.7)	(179.7)
Issuances	102.8	149.3	212.1
Balance at end of period at original discount rate	5,354.2	5,062.0	5,147.3
Effect of changes in discount rate assumptions at end of period	(903.5)	(1,021.4)	501.0
Balance at end of period, Present value of expected future policy benefit payments	4,450.7	4,040.6	5,648.3
Future policy benefits	1,898.4	1,698.8	2,498.4	2,500.9
Reinsurance Impact	(421.6)	(386.8)	(549.9)
Future policy benefits after reinsurance	1,476.8	1,312.0	1,948.5
Benefits and Protection \| Life Insurance \| Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		4,193.7	3,799.0
Effect of changes in discount rate assumptions at beginning of period	196.0	(690.1)	861.1
Balance at beginning of period at original discount rate	3,619.2	3,503.6	2,937.9
Effect of changes in cash flow assumptions	143.5
Effect of actual variances from expected experience	103.3	128.6	211.4
Adjusted beginning of period balance at original discount rate	3,866.0	3,632.2	(3,149.3)
Interest accrual	171.9	162.9	151.1
Net premiums collected	(359.8)	(346.6)	(315.0)
Issuances	215.7	170.7	518.2
Balance at end of period at original discount rate	3,893.8	3,619.2	3,503.6
Effect of changes in discount rate assumptions at end of period	(100.1)	(196.0)	690.1
Balance at end of period, Present value of expected net premiums			4,193.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	4,332.2	5,311.3	4,959.3
Effect of changes in discount rate assumptions at beginning of period	251.6	(913.9)	(1,179.9)
Balance at beginning of period at original discount rate	4,583.8	4,397.4	3,779.4
Effect of changes in cash flow assumptions	181.8
Effect of actual variances from expected experience	116.8	139.0	216.0
Adjusted beginning of period balance at original discount rate	4,882.4	4,536.4	3,995.4
Interest accrual	220.1	206.8	194.3
Benefit payments	(330.4)	(340.6)	(335.7)
Issuances	232.0	181.2	543.4
Balance at end of period at original discount rate	5,004.1	4,583.8	4,397.4
Effect of changes in discount rate assumptions at end of period	(124.5)	(251.6)	913.9
Balance at end of period, Present value of expected future policy benefit payments	4,879.6	4,332.2	5,311.3
Future policy benefits	1,085.9	909.0	1,117.6	1,160.3
Reinsurance Impact	45.2	25.6	(0.1)
Future policy benefits after reinsurance	1,131.1	934.6	1,117.5
Corporate \| Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		62.8	66.7
Effect of changes in discount rate assumptions at beginning of period	(3.6)	(14.0)	17.6
Balance at beginning of period at original discount rate	61.0	48.8	49.1
Effect of changes in cash flow assumptions	(13.3)	10.0	2.8
Effect of actual variances from expected experience	(5.7)	4.1	(0.8)
Adjusted beginning of period balance at original discount rate	42.0	62.9	(51.1)
Interest accrual	2.9	3.3	2.9
Net premiums collected	(5.1)	(5.2)	(5.2)
Balance at end of period at original discount rate	39.8	61.0	48.8
Effect of changes in discount rate assumptions at end of period	3.0	3.6	14.0
Balance at end of period, Present value of expected net premiums			62.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	248.1	297.5	324.3
Effect of changes in discount rate assumptions at beginning of period	(18.9)	(89.5)	(111.1)
Balance at beginning of period at original discount rate	229.2	208.0	213.2
Effect of changes in cash flow assumptions	(40.5)	17.2	0.5
Effect of actual variances from expected experience	2.5	3.7	(4.6)
Adjusted beginning of period balance at original discount rate	191.2	228.9	209.1
Interest accrual	12.5	13.1	12.4
Benefit payments	(14.2)	(12.8)	(13.5)
Balance at end of period at original discount rate	189.5	229.2	208.0
Effect of changes in discount rate assumptions at end of period	20.0	18.9	89.5
Balance at end of period, Present value of expected future policy benefit payments	209.5	248.1	297.5
Future policy benefits	166.7	183.5	234.7	$ 257.6
Reinsurance Impact	$ (166.7)	$ (183.5)	$ (234.7)

Separate Account Balances (Tables)

12 Months Ended

Dec. 31, 2023

Summary of separate account assets by investment category (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,467.3	$	7,339.6
Non-U.S. governments		8,522.3		8,424.3
States and political subdivisions		205.1		211.7
Corporate		13,386.4		14,429.7
Residential mortgage-backed pass-through securities		4,126.1		3,894.5
Commercial mortgage-backed securities		221.1		206.2
Other debt obligations		575.6		299.5
Total fixed maturities		35,503.9		34,805.5
Equity securities		118,073.7		105,053.3
Real estate		494.6		610.6
Other investments		9,436.2		10,278.6
Cash and cash equivalents		3,332.8		3,583.8
Other assets		764.4		1,043.3
Total separate account assets per consolidated statements of financial position	$	167,605.6	$	155,375.1

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


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	117,518.5	$	107,240.1
Individual variable annuities		9,131.9		8,659.0
Total Retirement and Income Solutions		126,650.4		115,899.1
Principal Asset Management – Principal International:
Latin America:
Pension		34,580.6		33,316.7
Asia:
Guaranteed pension		144.2		915.0
Total Principal Asset Management – Principal International		34,724.8		34,231.7
Benefits and Protection - Life Insurance:
Universal life		5,982.5		5,011.0
Other balances (1)		247.9		233.3
Total separate account liabilities per consolidated statements of financial position	$	167,605.6	$	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 year ended				For the year ended
	December 31, 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)		11,379.0		328.5		14,859.3		354.1
Policy charges		(366.0)		(204.5)		(383.7)		(211.1)
Surrenders, withdrawals and benefit payments (1)		(13,916.8)		(1,018.2)		(14,479.4)		(790.1)
Investment performance		15,820.7		1,315.1		(20,641.3)		(1,723.3)
Net transfers (to) from general account (1)		(2,461.1)		30.4		(2,571.7)		29.4
Other (2)		(177.4)		21.6		(731.7)		—
Balance at end of period	$	117,518.5	$	9,131.9	$	107,240.1	$	8,659.0

Cash surrender value (3)	$	116,522.1	$	9,011.5	$	106,125.7	$	8,538.7

(1)	Within the policyholder account balances rollforwards in Note 9, 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

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


	For the year ended				For the year ended
	December 31, 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		3,628.6		217.2		3,620.4		276.2
Policy charges		(17.8)		(16.9)		(18.2)		(19.8)
Surrenders, withdrawals and benefit payments (1)		(4,191.7)		(1,006.8)		(3,984.6)		(247.0)
Investment performance		2,733.7		37.7		498.8		(64.0)
Other		7.6		(0.3)		(0.8)		(0.4)
Foreign currency translation adjustment		(896.5)		(1.7)		170.5		(1.3)
Balance at end of period	$	34,580.6	$	144.2	$	33,316.7	$	915.0

Cash surrender value	$	34,580.6	$	144.2	$	33,316.7	$	915.0

(1)	Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023.

Benefits and Protection | Life Insurance | Universal life

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


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	(in millions)
Balance at beginning of period	$	5,011.0	$	5,886.1
Premiums and deposits (1)		532.1		514.7
Policy charges		(129.0)		(122.1)
Surrenders, withdrawals and benefit payments (1)		(342.1)		(208.6)
Investment performance		902.8		(1,054.5)
Net transfers (to) from general account (1)		7.7		(4.6)
Balance at end of period	$	5,982.5	$	5,011.0

Cash surrender value (2)	$	6,041.9	$	5,055.8

(1)	Within the policyholder account balances rollforwards in Note 9, 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.

Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 767.4	$ 770.8
WM Advisors, Inc.
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 608.0	$ 608.0

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2023 USD ($)
Summary of Investments - Other Than Investments in Related Parties
Cost	$ 103,428.7
Amount as shown in the consolidated statement of financial position	98,320.4
Fixed maturities, available-for-sale: \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	70,781.4
Fair value	65,673.1
Amount as shown in the consolidated statement of financial position	65,673.1
Fixed maturities, available-for-sale: \| Trading
Summary of Investments - Other Than Investments in Related Parties
Cost	836.2
Fair value	836.2
Amount as shown in the consolidated statement of financial position	836.2
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	1,745.3
Fair value	1,528.8
Amount as shown in the consolidated statement of financial position	1,528.8
States, municipalities and political subdivisions \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	7,566.4
Fair value	6,676.8
Amount as shown in the consolidated statement of financial position	6,676.8
Foreign governments \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	550.3
Fair value	507.9
Amount as shown in the consolidated statement of financial position	507.9
Public utilities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,532.7
Fair value	5,039.6
Amount as shown in the consolidated statement of financial position	5,039.6
Redeemable preferred stock \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	225.4
Fair value	208.4
Amount as shown in the consolidated statement of financial position	208.4
All other corporate bonds \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	32,673.2
Fair value	30,562.0
Amount as shown in the consolidated statement of financial position	30,562.0
Residential mortgage-backed pass-through securities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3,199.7
Fair value	3,061.1
Amount as shown in the consolidated statement of financial position	3,061.1
Commercial mortgage-backed securities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,428.6
Fair value	4,775.5
Amount as shown in the consolidated statement of financial position	4,775.5
Collateralized debt obligations \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,386.0
Fair value	5,403.7
Amount as shown in the consolidated statement of financial position	5,403.7
Other debt obligations \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	8,473.8
Fair value	7,909.3
Amount as shown in the consolidated statement of financial position	7,909.3
Equity securities:
Summary of Investments - Other Than Investments in Related Parties
Cost	1,478.1
Fair value	1,478.1
Amount as shown in the consolidated statement of financial position	1,478.1
Banks, trust and insurance companies
Summary of Investments - Other Than Investments in Related Parties
Cost	340.0
Fair value	340.0
Amount as shown in the consolidated statement of financial position	340.0
Industrial, miscellaneous and all other
Summary of Investments - Other Than Investments in Related Parties
Cost	858.9
Fair value	858.9
Amount as shown in the consolidated statement of financial position	858.9
Other corporate
Summary of Investments - Other Than Investments in Related Parties
Cost	160.1
Fair value	160.1
Amount as shown in the consolidated statement of financial position	160.1
Non-redeemable preferred stock
Summary of Investments - Other Than Investments in Related Parties
Cost	119.1
Fair value	119.1
Amount as shown in the consolidated statement of financial position	119.1
Mortgage loans
Summary of Investments - Other Than Investments in Related Parties
Cost	20,142.8
Amount as shown in the consolidated statement of financial position	20,142.8
Real estate acquired in satisfaction of debt
Summary of Investments - Other Than Investments in Related Parties
Cost	1.9
Amount as shown in the consolidated statement of financial position	1.9
Other real estate
Summary of Investments - Other Than Investments in Related Parties
Cost	2,343.4
Amount as shown in the consolidated statement of financial position	2,343.4
Policy loans
Summary of Investments - Other Than Investments in Related Parties
Cost	809.3
Amount as shown in the consolidated statement of financial position	809.3
Other investments
Summary of Investments - Other Than Investments in Related Parties
Cost	7,035.6
Amount as shown in the consolidated statement of financial position	$ 7,035.6

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized losses on fixed maturities, available-for-sale	$ (5,143.0)	$ (7,445.7)
Net unrealized gains (losses) on derivative instruments	(1.6)	50.7
Adjustments for assumed changes in amortization patterns	(5.2)	(1.7)
Adjustments for assumed changes in policyholder liabilities	1.4	0.5
Net unrealized gains (losses) other investments and noncontrolling interest adjustments	43.1	7.9
Provision for deferred income tax benefits (taxes)	1,088.4	1,570.1
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ (4,016.9)	$ (5,818.2)

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Common Share

Earnings Per Common Share

23. Earnings Per Common Share

The computations of the basic and diluted per share amounts were as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions, except per share data)
Net income	$	670.1	$	4,797.5	$	1,627.0
Subtract:
Net income attributable to noncontrolling interest		46.9		40.6		46.8
Total	$	623.2	$	4,756.9	$	1,580.2
Weighted-average shares outstanding:
Basic		241.3		251.1		269.0
Dilutive effects:
Stock options		0.9		1.5		1.3
Restricted stock units		2.0		2.2		2.1
Performance share awards		0.4		0.5		0.5
Diluted		244.6		255.3		272.9
Net income per common share:
Basic	$	2.58	$	18.94	$	5.87
Diluted	$	2.55	$	18.63	$	5.79

The calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. When a net loss is reported, our basic weighted-average shares are used to calculate diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.

Separate Account Balances - Principal Asset Management - Principal International (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in separate account liabilities
Balance at beginning of period	$ 155,375.1
Balance at end of period	167,605.6	$ 155,375.1
Principal Asset Management \| Principal International
Changes in separate account liabilities
Balance at beginning of period	34,231.7
Balance at end of period	34,724.8	34,231.7
Principal Asset Management \| Principal International \| Pension \| Latin America
Changes in separate account liabilities
Balance at beginning of period	33,316.7	33,030.6
Premiums and deposits	3,628.6	3,620.4
Policy charges	(17.8)	(18.2)
Surrenders, withdrawals and benefit payments	(4,191.7)	(3,984.6)
Investment performance	2,733.7	498.8
Other	7.6	(0.8)
Foreign currency translation adjustment	(896.5)	170.5
Balance at end of period	34,580.6	33,316.7
Cash surrender value	34,580.6	33,316.7
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Changes in separate account liabilities
Balance at beginning of period	915.0	971.3
Premiums and deposits	217.2	276.2
Policy charges	(16.9)	(19.8)
Surrenders, withdrawals and benefit payments	(1,006.8)	(247.0)
Investment performance	37.7	(64.0)
Other	(0.3)	(0.4)
Foreign currency translation adjustment	(1.7)	(1.3)
Balance at end of period	144.2	915.0
Cash surrender value	$ 144.2	$ 915.0

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (1,396.3)	$ 3,469.1	$ (249.7)
Interest rate contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(61.4)	(317.7)	(46.6)
Foreign exchange contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(40.0)	83.7	(121.9)
Equity contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(144.1)	20.7	(81.5)
Credit contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	4.1	0.1	0.1
Other contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (1,154.9)	$ 3,682.3	$ 0.2

Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenues from exited business	$ (927.5)	$ 4,414.8
Total revenues	13,665.8	17,536.1	$ 14,427.8
Pre-tax income (loss) from exited business	(1,129.8)	4,260.1
Income (loss) before income taxes	738.8	5,987.0	1,910.9
Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	398.3	364.4	413.1
Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	297.8	306.0	287.4
Operating Segments
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	14,660.2	13,400.4	14,442.7
Pre-tax operating earnings (losses)	2,009.9	1,962.7	2,007.6
Pre-tax income (loss) from exited business	(1,129.8)	4,260.1
Operating Segments \| Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	7,250.2	5,899.2	6,429.4
Pre-tax operating earnings (losses)	1,051.4	959.1	972.6
Operating Segments \| Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	2,782.3	3,181.3	3,193.0
Pre-tax operating earnings (losses)	817.7	902.7	1,036.1
Operating Segments \| Principal Asset Management \| Principal International
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,192.8	1,489.4	1,391.1
Operating Segments \| Principal Asset Management \| Principal Global Investors
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,611.2	1,715.5	1,828.0
Operating Segments \| Principal Asset Management \| Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(21.7)	(23.6)	(26.1)
Operating Segments \| Benefits and Protection
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	4,551.3	4,302.8	4,792.4
Pre-tax operating earnings (losses)	537.6	570.3	366.9
Operating Segments \| Benefits and Protection \| Specialty Benefits
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	3,229.4	2,984.6	2,709.6
Operating Segments \| Benefits and Protection \| Life Insurance
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,323.7	1,318.8	2,083.0
Operating Segments \| Benefits and Protection \| Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(1.8)	(0.6)	(0.2)
Operating Segments \| Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	76.4	17.1	27.9
Pre-tax operating earnings (losses)	(396.8)	(469.4)	(368.0)
Reconciling Items
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	57.9	(189.6)	64.8
Revenues from exited business	(927.5)	4,414.8
Adjustments related to equity method investments	(78.9)	(54.5)	(47.2)
Market risk benefit derivative settlements	(45.9)	(35.0)	(32.5)
Pre-tax net realized capital gains (losses), as adjusted	(88.6)	(251.4)	(83.0)
Earnings adjustments related to equity method investments and noncontrolling interest	$ (52.7)	$ 15.6	$ (13.7)

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Available-for-Sale Securities (Table)



			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2023
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,745.3	$	19.3	$	235.8	$	—	$	1,528.8
Non-U.S. governments		550.3		17.3		59.7		—		507.9
States and political subdivisions		7,566.4		44.3		933.9		—		6,676.8
Corporate		38,431.3		578.5		3,195.2		4.6		35,810.0
Residential mortgage-backed pass-through securities		3,199.7		26.0		164.6		—		3,061.1
Commercial mortgage-backed securities		5,428.6		1.2		654.3		—		4,775.5
Collateralized debt obligations (2)		5,386.0		44.9		27.2		—		5,403.7
Other debt obligations		8,473.8		42.1		606.5		0.1		7,909.3
Total fixed maturities, available-for-sale	$	70,781.4	$	773.6	$	5,877.2	$	4.7	$	65,673.1


			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2022
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,990.9	$	0.1	$	251.2	$	—	$	1,739.8
Non-U.S. governments		611.2		20.9		64.8		—		567.3
States and political subdivisions		7,355.4		13.7		1,136.8		—		6,232.3
Corporate		40,370.4		461.0		4,640.5		7.7		36,183.2
Residential mortgage-backed pass-through securities		2,420.6		6.2		198.1		—		2,228.7
Commercial mortgage-backed securities		5,572.2		0.5		708.1		—		4,864.6
Collateralized debt obligations (2)		4,705.6		4.5		143.7		—		4,566.4
Other debt obligations		7,236.8		5.7		734.8		0.1		6,507.6
Total fixed maturities, available-for-sale	$	70,263.1	$	512.6	$	7,878.0	$	7.8	$	62,889.9

(1)	Amortized cost excludes accrued interest receivable of $619.2 million and $578.0 million as of December 31, 2023 and December 31, 2022, respectively.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)


	Amortized cost		Fair value

	(in millions)
Due in one year or less	$	1,352.4	$	1,337.2
Due after one year through five years		8,852.6		8,672.4
Due after five years through ten years		9,880.9		9,360.1
Due after ten years		28,207.4		25,153.8
Subtotal		48,293.3		44,523.5
Mortgage-backed and other asset-backed securities		22,488.1		21,149.6
Total	$	70,781.4	$	65,673.1

Net Investment Income (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Fixed maturities, available-for-sale	$	2,508.9	$	2,100.3	$	2,766.3
Fixed maturities, trading		43.3		36.8		19.3
Equity securities		66.3		8.9		57.7
Mortgage loans		761.7		771.7		790.2
Real estate		177.2		277.7		194.4
Policy loans		41.3		36.5		38.8
Cash and cash equivalents		196.6		57.4		4.3
Derivatives		38.6		171.3		28.2
Other		496.1		517.7		645.5
Total		4,330.0		3,978.3		4,544.7
Investment expenses		(238.1)		(139.8)		(115.1)
Net investment income	$	4,091.9	$	3,838.5	$	4,429.6

Net Realized Capital Gains and Losses (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	51.4	$	41.5	$	64.4
Gross losses		(141.7)		(191.5)		(29.2)
Net credit losses (1)		(26.2)		(8.9)		(45.0)
Hedging, net		2.2		(0.7)		(9.5)
Fixed maturities, trading (2)		(8.6)		(13.4)		(33.3)
Equity securities (3)		64.0		(171.9)		100.0
Mortgage loans (4)		(134.5)		(74.6)		6.5
Derivatives		(34.1)		237.0		(4.0)
Other		155.3		0.4		65.5
Net realized capital gains (losses)	$	(72.2)	$	(182.1)	$	115.4

(1)	Net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

(3)

(4)	Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in both 2023 and 2022.

Allowance for credit loss (Tables)

For the year ended December 31, 2023

Residential

mortgage-

backed

Commercial

Collateralized

U.S.

States and

pass-

mortgage-

debt

Other

government

Non-U.S.

political

through

backed

obligations

debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

—

7.7

—

0.1

7.8

Additions for credit losses not previously recorded

—

8.2

—

8.2

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

(7.5)

—

(7.5)

Write-offs charged against allowance

—

(3.8)

—

(3.8)

Ending balance

—

4.6

—

0.1

4.7

Accrued interest written off to net investment income

—

0.1

—

0.1


	For the year ended December 31, 2022
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5
Additions for credit losses not previously recorded		—		—		—		5.8		—		—		—		—		5.8
Reductions for securities sold during the period		—		—		—		(8.7)		—		—		—		—		(8.7)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(4.2)		—		—		—		—		(4.2)
Write-offs charged against allowance		—		—		—		—		—		(0.3)		—		—		(0.3)
Foreign currency translation adjustment		—		—		—		(0.3)		—		—		—		—		(0.3)
Ending balance	$	—	$	—	$	—	$	7.7	$	—	$	—	$	—	$	0.1	$	7.8


	For the year ended December 31, 2021
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	0.9	$	—	$	4.3	$	2.2	$	—	$	7.4
Additions for credit losses not previously recorded		—		—		—		27.5		—		0.4		—		0.1		28.0
Reductions for securities sold during the period		—		—		—		(12.4)		—		—		—		—		(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		2.4		0.4		—		2.8
Write-offs charged against allowance		—		—		—		—		—		(6.8)		(2.6)		—		(9.4)
Foreign currency translation adjustment		—		—		—		(0.9)		—		—		—		—		(0.9)
Ending balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.2	$	—	$	—	$	—	$	—	$	0.2

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)

December 31, 2023

Less than

Greater than or

twelve months

equal to twelve months

Total

Gross

Fair

unrealized

Fair

unrealized

Fair

unrealized

value

losses

value

losses

value

losses

(in millions)

Fixed maturities, available-for-sale (1):

U.S. government and agencies

316.4

3.1

997.1

232.6

1,313.5

235.7

Non-U.S. governments

41.9

1.7

331.3

57.9

373.2

59.6

States and political subdivisions

596.6

19.0

5,075.1

914.8

5,671.7

933.8

Corporate

3,210.1

126.9

22,929.1

3,064.4

26,139.2

3,191.3

Residential mortgage-backed pass- through securities

633.0

4.9

1,275.6

159.7

1,908.6

164.6

Commercial mortgage-backed securities

280.3

4.1

4,192.4

650.1

4,472.7

654.2

Collateralized debt obligations (2)

405.6

1.8

2,301.6

25.4

2,707.2

27.2

Other debt obligations

1,183.7

18.5

4,408.8

588.0

5,592.5

606.5

Total fixed maturities, available-for-sale

6,667.6

180.0

41,511.0

5,692.9

48,178.6

5,872.9

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.


	December 31, 2022
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses

	(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies	$	1,528.3	$	209.4	$	181.5	$	41.8	$	1,709.8	$	251.2
Non-U.S. governments		407.5		57.7		19.9		7.1		427.4		64.8
States and political subdivisions		5,303.5		1,008.9		391.9		127.8		5,695.4		1,136.7
Corporate		27,309.5		3,944.6		2,944.1		698.0		30,253.6		4,642.6
Residential mortgage-backed pass-through securities		1,201.7		97.5		574.8		105.7		1,776.5		203.2
Commercial mortgage-backed securities		3,648.5		484.0		1,124.8		222.5		4,773.3		706.5
Collateralized debt obligations (2)		2,832.2		89.0		1,330.1		54.7		4,162.3		143.7
Other debt obligations		3,419.8		292.0		2,283.8		437.6		5,703.6		729.6
Total fixed maturities, available-for-sale	$	45,651.0	$	6,183.1	$	8,850.9	$	1,695.2	$	54,501.9	$	7,878.3

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(5,143.0)	$	(7,445.7)
Net unrealized gains (losses) on derivative instruments		(1.6)		50.7
Adjustments for assumed changes in amortization patterns		(5.2)		(1.7)
Adjustments for assumed changes in policyholder liabilities		1.4		0.5
Net unrealized gains on other investments and noncontrolling interest adjustments		43.1		7.9
Provision for deferred income tax benefits		1,088.4		1,570.1
Net unrealized losses on available-for-sale securities and derivative instruments	$	(4,016.9)	$	(5,818.2)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Financing Receivable Credit Quality Indicators (Table)

December 31, 2023

2023

2022

2021

2020

2019

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

664.8

1,277.1

2,364.0

1,587.3

1,954.4

5,576.6

13,424.2

BBB+ thru BBB-

282.4

356.0

374.8

212.0

337.3

911.7

2,474.2

BB+ thru BB-

110.5

142.2

16.7

2.7

35.2

234.2

541.5

B+ and below

—

83.4

58.5

141.9

Total

1,057.7

1,775.3

2,755.5

1,802.0

2,410.3

6,781.0

16,581.8

Direct financing leases:

A- and above

1.1

122.0

12.4

56.7

1.3

207.3

400.8

BBB+ thru BBB-

2.8

23.5

20.8

46.9

11.6

76.3

181.9

BB+ thru BB-

42.2

—

15.6

8.0

—

1.6

67.4

Total

46.1

145.5

48.8

111.6

12.9

285.2

650.1

Residential mortgage loans:

Performing

502.3

1,064.3

1,341.8

228.4

120.8

421.0

3,678.6

Non-performing

1.1

4.0

4.9

1.3

2.0

4.6

17.9

Total

503.4

1,068.3

1,346.7

229.7

122.8

425.6

3,696.5

Other loans:

Performing

168.5

—

168.5

Non-performing

—

0.1

Total

168.5

—

0.1

168.6

Reinsurance recoverable and deposit receivable

20,614.9


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total

		(in millions)
Commercial mortgage loans:
A- and above	$	1,036.4	$	2,277.9	$	1,807.3	$	2,210.2	$	2,187.9	$	4,624.9	$	14,144.6
BBB+ thru BBB-		385.6		439.6		156.8		418.7		238.9		691.7		2,331.3
BB+ thru BB-		104.0		16.8		3.0		—		8.9		71.7		204.4
B+ and below		—		—		—		—		8.3		41.7		50.0
Total	$	1,526.0	$	2,734.3	$	1,967.1	$	2,628.9	$	2,444.0	$	5,430.0	$	16,730.3

Direct financing leases:
A- and above	$	110.5	$	13.0	$	39.9	$	1.4	$	42.9	$	167.3	$	375.0
BBB+ thru BBB-		33.9		21.9		62.4		11.9		11.7		70.4		212.2
BB+ thru BB-		2.7		57.3		12.1		2.0		—		2.1		76.2
B+ and below		—		1.6		—		—		—		—		1.6
Total	$	147.1	$	93.8	$	114.4	$	15.3	$	54.6	$	239.8	$	665.0

Residential mortgage loans:
Performing	$	1,144.8	$	1,740.7	$	447.1	$	133.0	$	75.4	$	417.8	$	3,958.8
Non-performing		8.0		4.7		2.2		1.7		0.6		7.0		24.2
Total	$	1,152.8	$	1,745.4	$	449.3	$	134.7	$	76.0	$	424.8	$	3,983.0

Reinsurance recoverable and deposit receivable													$	21,445.4

Non-Accrual Financing Receivables (Table)


	December 31, 2023
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	50.0	$	58.4	$	—
Residential mortgage loans		17.8		10.2		0.5
Total	$	67.8	$	68.6	$	0.5


	December 31, 2022
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	13.2	$	50.0	$	—
Residential mortgage loans		4.0		17.8		0.6
Total	$	17.2	$	67.8	$	0.6

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commercial mortgage loans	$	1.2	$	0.9	$	0.5
Total	$	1.2	$	0.9	$	0.5

Financing Receivables Aging (Table)

December 31, 2023

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total past

more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

7.8

0.8

12.5

21.1

16,560.7

16,581.8

—

Direct financing leases

—

4.1

—

4.1

646.0

650.1

—

Residential mortgage loans

46.0

15.6

16.4

78.0

3,618.5

3,696.5

7.7

Other loans

1.0

0.5

0.7

2.2

166.4

168.6

0.6

Total

54.8

21.0

29.6

105.4

20,991.6

21,097.0

8.3


	December 31, 2022
													Amortized
													cost
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total (1)		accruing

	(in millions)
Commercial mortgage loans	$	45.9	$	7.5	$	14.4	$	67.8	$	16,662.5	$	16,730.3	$	—
Direct financing leases		6.6		6.2		1.6		14.4		650.6		665.0		1.6
Residential mortgage loans		73.1		15.4		16.2		104.7		3,878.3		3,983.0		6.4
Total	$	125.6	$	29.1	$	32.2	$	186.9	$	21,191.4	$	21,378.3	$	8.0

(1)	As of both December 31, 2023 and December 31, 2022, no reinsurance recoverables or deposit receivables were considered past due.

Financing Receivables Valuation Allowance (Table)

For the year ended December 31, 2023

Direct

Commercial

financing

Residential

Reinsurance

mortgage loans

leases

mortgage loans

recoverables

Total

(in millions)

Beginning balance

77.9

0.6

5.6

2.7

86.8

Provision

51.0

0.3

0.1

0.5

51.9

Charge-offs

—

(0.4)

—

(0.4)

Recoveries

—

1.4

—

1.4

Foreign currency translation adjustment

(0.1)

—

(0.1)

Ending balance

128.8

0.9

6.7

3.2

139.6


	For the year ended December 31, 2022
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0
Provision		34.0		0.2		1.5		—		35.7
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		2.3		—		2.3
Ending balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8


	For the year ended December 31, 2021
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	43.2	$	0.1	$	6.9	$	2.7	$	52.9
Provision (1)		1.0		0.4		(8.0)		—		(6.6)
Charge-offs		—		—		(0.5)		—		(0.5)
Recoveries		—		—		3.6		—		3.6
Foreign currency translation adjustment		(0.3)		(0.1)		—		—		(0.4)
Ending balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0

(1)

For the years ended December 31, 2023, 2022 and 2021, no allowance was recorded for other loans.

Mortgage Loans Purchased and Sold (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Commercial mortgage loans:
Purchased	$	109.2	$	325.4	$	118.2
Sold		12.1		15.6		73.8
Residential mortgage loans:
Purchased (1)		554.7		1,846.0		2,370.9
Sold		115.9		535.7		88.9

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs.

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)


	December 31, 2023				December 31, 2022
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	366.5	2.2	%	$	512.1	3.1	%
Middle Atlantic		4,512.6	27.1			4,505.6	26.9
East North Central		583.3	3.5			652.5	3.9
West North Central		336.0	2.0			370.9	2.2
South Atlantic		2,761.9	16.7			2,558.3	15.3
East South Central		429.4	2.6			339.8	2.0
West South Central		1,268.6	7.7			1,204.9	7.2
Mountain		824.2	5.0			938.7	5.6
Pacific		4,974.4	30.0			5,115.3	30.6
International		524.9	3.2			532.2	3.2
Total	$	16,581.8	100.0	%	$	16,730.3	100.0	%

Property type distribution
Office	$	3,643.0	21.9	%	$	4,322.0	25.9	%
Retail		1,454.7	8.8			1,499.4	9.0
Industrial		3,515.7	21.2			3,235.9	19.3
Apartments		7,128.2	43.0			6,827.1	40.8
Hotel		68.6	0.4			72.5	0.4
Mixed use/other		771.6	4.7			773.4	4.6
Total	$	16,581.8	100.0	%	$	16,730.3	100.0	%

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)


	For the year ended December 31, 2022
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
			(in millions)			(in millions)
Commercial mortgage loans	1	$	35.5	—	$	—
Total	1	$	35.5	—	$	—

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)


	December 31,
	2023		2022

	(in millions)
Total assets	$	215,978.7	$	209,546.0
Total liabilities		100,865.3		81,160.9
Total equity	$	115,113.4	$	128,385.1
Net investment in unconsolidated entities (1)	$	3,488.7	$	2,767.9

Minority Interests in Unconsolidated Entities-Income Statement (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Total revenues	$	12,449.3	$	44,974.8	$	21,751.9
Net income (loss)		(2,674.2)		34,322.7		15,732.5
Our share of net income of unconsolidated entities (1)		314.9		302.2		406.6

(1)	Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

Financial Assets Subject to Netting Agreements (Table)


			Gross amounts not offset in the
			consolidated statements
			of financial position
	Gross amount
	of recognized		Financial		Collateral
	assets (1)		instruments (2)		received		Net amount

	(in millions)
December 31, 2023
Derivative assets	$	304.0	$	(178.5)	$	(116.7)	$	8.8
Reverse repurchase agreements		145.1		—		(145.1)		—
Total	$	449.1	$	(178.5)	$	(261.8)	$	8.8
December 31, 2022
Derivative assets	$	321.0	$	(135.7)	$	(151.9)	$	33.4
Reverse repurchase agreements		124.4		—		(124.4)		—
Total	$	445.4	$	(135.7)	$	(276.3)	$	33.4

(1)

(2)	Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial Liabilities Subject to Netting Agreements (Table)

Gross amounts not offset in the

consolidated statements

of financial position

Gross amount

of recognized

Financial

Collateral

liabilities (1)

instruments (2)

pledged

Net amount

(in millions)

December 31, 2023

Derivative liabilities

494.0

(178.5)

(301.1)

14.4

December 31, 2022

Derivative liabilities

634.2

(135.7)

(485.1)

13.4

(1)

(2)	Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets (liabilities)
Mortgage loans	$ 20,142.8	$ 20,629.8
Policy loans	809.3	784.7
Reinsurance deposit receivable	6,078.6	7,901.0
Short-term debt	(61.1)	(80.7)
Long-term debt	(3,930.9)	(3,997.0)
Carrying amount
Assets (liabilities)
Mortgage loans	20,142.8	20,629.8
Policy loans	809.3	784.7
Other investments	268.6	250.6
Cash and cash equivalents not required to be reported at fair value	936.3	1,243.9
Reinsurance deposit receivable	6,078.6	7,901.0
Cash collateral receivable	38.7	281.0
Investment contracts	(33,937.9)	(35,380.1)
Short-term debt	(61.1)	(80.7)
Long-term debt	(3,930.9)	(3,997.0)
Separate account liabilities	(152,229.2)	(141,459.3)
Bank deposits	(399.5)	(352.4)
Cash collateral payable	(176.9)	(291.3)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	18,505.0	18,754.5
Policy loans	846.3	804.0
Other investments	260.9	238.0
Cash and cash equivalents not required to be reported at fair value	936.3	1,243.9
Reinsurance deposit receivable	5,487.7	6,859.9
Cash collateral receivable	38.7	281.0
Investment contracts	(32,166.7)	(32,367.4)
Short-term debt	(61.1)	(80.7)
Long-term debt	(3,754.5)	(3,680.6)
Separate account liabilities	(151,280.9)	(140,533.9)
Bank deposits	(385.3)	(336.3)
Cash collateral payable	(176.9)	(291.3)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 1
Assets (liabilities)
Cash and cash equivalents not required to be reported at fair value	913.9	1,232.5
Cash collateral receivable	38.7	281.0
Cash collateral payable	(176.9)	(291.3)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 2
Assets (liabilities)
Other investments	142.9	133.5
Cash and cash equivalents not required to be reported at fair value	22.4	11.4
Investment contracts	(7,828.1)	(7,279.0)
Short-term debt	(61.1)	(80.7)
Long-term debt	(3,754.1)	(3,620.1)
Bank deposits	(385.3)	(336.3)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	18,505.0	18,754.5
Policy loans	846.3	804.0
Other investments	118.0	104.5
Reinsurance deposit receivable	5,487.7	6,859.9
Investment contracts	(24,338.6)	(25,088.4)
Long-term debt	(0.4)	(60.5)
Separate account liabilities	$ (151,280.9)	$ (140,533.9)

Future Policy Benefits and Claims - Claims Development Tables (Details) $ in Millions	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Claims Development
Total outstanding liabilities for unpaid claims net of reinsurance	$ 1,401.5
Long-Term Disability/Group Life Waiver
Claims Development
Net incurred claims	2,300.7
Net cumulative paid claims	1,314.6
Liability for unpaid claims net, not separately presented	251.8
Total outstanding liabilities for unpaid claims net of reinsurance	1,237.9
Long-Term Disability/Group Life Waiver \| Incurral year 2014
Claims Development
Net incurred claims	200.7	$ 199.8	$ 199.3	$ 202.0	$ 201.9	$ 206.2	$ 218.1	$ 214.4	$ 231.4	$ 242.2
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	7,610
Net cumulative paid claims	$ 158.5	153.3	147.2	140.8	132.4	122.3	111.8	96.3	66.0	$ 16.1
Long-Term Disability/Group Life Waiver \| Incurral year 2015
Claims Development
Net incurred claims	208.3	210.5	211.8	210.0	208.2	215.3	217.2	227.2	231.0
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	7,184
Net cumulative paid claims	$ 160.3	154.0	146.5	137.1	126.8	114.6	98.0	67.0	$ 16.9
Long-Term Disability/Group Life Waiver \| Incurral year 2016
Claims Development
Net incurred claims	219.0	221.9	218.7	214.4	219.5	219.4	228.4	229.8
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	6,171
Net cumulative paid claims	$ 165.3	157.1	147.2	136.8	124.9	105.6	70.6	$ 16.2
Long-Term Disability/Group Life Waiver \| Incurral year 2017
Claims Development
Net incurred claims	248.9	246.5	245.2	245.8	243.1	239.7	238.4
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	6,091
Net cumulative paid claims	$ 176.8	165.4	151.7	135.9	115.0	76.5	$ 17.8
Long-Term Disability/Group Life Waiver \| Incurral year 2018
Claims Development
Net incurred claims	238.0	235.3	239.8	239.2	245.1	239.4
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	5,782
Net cumulative paid claims	$ 163.3	150.3	135.7	115.7	79.9	$ 20.1
Long-Term Disability/Group Life Waiver \| Incurral year 2019
Claims Development
Net incurred claims	238.6	240.2	240.4	248.4	255.2
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims \| claim	5,961
Net cumulative paid claims	$ 150.6	136.4	117.5	79.7	$ 19.2
Long-Term Disability/Group Life Waiver \| Incurral year 2020
Claims Development
Net incurred claims	217.7	221.1	231.0	252.1
Incurred but not reported claims	$ 5.8
Cumulative number of reported claims \| claim	5,939
Net cumulative paid claims	$ 130.0	113.1	78.8	$ 20.6
Long-Term Disability/Group Life Waiver \| Incurral year 2021
Claims Development
Net incurred claims	221.6	244.5	259.7
Incurred but not reported claims	$ 8.5
Cumulative number of reported claims \| claim	5,571
Net cumulative paid claims	$ 113.2	79.0	$ 19.8
Long-Term Disability/Group Life Waiver \| Incurral year 2022
Claims Development
Net incurred claims	240.5	274.3
Incurred but not reported claims	$ 4.1
Cumulative number of reported claims \| claim	5,572
Net cumulative paid claims	$ 76.6	19.6
Long-Term Disability/Group Life Waiver \| Incurral year 2023
Claims Development
Net incurred claims	267.4
Incurred but not reported claims	$ 111.8
Cumulative number of reported claims \| claim	3,353
Net cumulative paid claims	$ 20.0
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Claims Development
Net incurred claims	1,942.9
Net cumulative paid claims	1,863.8
Total outstanding liabilities for unpaid claims net of reinsurance	79.1
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML \| Incurral year 2022
Claims Development
Net incurred claims	$ 910.6	924.4
Cumulative number of reported claims \| claim	4,317,802
Net cumulative paid claims	$ 909.8	845.5
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML \| Incurral year 2023
Claims Development
Net incurred claims	1,032.3
Incurred but not reported claims	$ 57.1
Cumulative number of reported claims \| claim	4,566,920
Net cumulative paid claims	$ 954.0
Group Life
Claims Development
Net incurred claims	569.0
Net cumulative paid claims	492.6
Liability for unpaid claims net, not separately presented	8.1
Total outstanding liabilities for unpaid claims net of reinsurance	84.5
Group Life \| Incurral year 2022
Claims Development
Net incurred claims	284.2	279.3
Incurred but not reported claims	$ 1.1
Cumulative number of reported claims \| claim	6,168
Net cumulative paid claims	$ 277.5	$ 218.3
Group Life \| Incurral year 2023
Claims Development
Net incurred claims	284.8
Incurred but not reported claims	$ 33.3
Cumulative number of reported claims \| claim	5,064
Net cumulative paid claims	$ 215.1

Future Policy Benefits and Claims (Tables)

12 Months Ended

Dec. 31, 2023

Future Policy Benefits and Claims

Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer	$	23,855.8	$	21,211.4
Individual fixed income annuities		4,914.1		5,019.4
Total Retirement and Income Solutions		28,769.9		26,230.8
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		4,593.7		5,042.3
Benefits and Protection:
Specialty Benefits:
Individual disability		1,898.4		1,698.8
Life Insurance:
Term life		1,085.9		909.0
Total Benefits and Protection		2,984.3		2,607.8
Corporate:
Long-term care insurance		166.7		183.5
Total liability for future policy benefits		36,514.6		34,064.4

Additional liability for certain benefit features by segment (2):
Benefits and Protection – Life Insurance:
Universal life		5,326.5		4,095.2
Total additional liability for certain benefit features		5,326.5		4,095.2

Reconciling items:
Participating contracts		3,060.5		3,207.2
Short-duration contracts		1,283.4		1,295.6
Cost of reinsurance liability		424.6		479.8
Reinsurance recoverable liability		45.2		39.4
Other (3)		171.7		132.4
Future policy benefits and claims per consolidated statements of financial position	$	46,826.5	$	43,314.0

(1)	Amounts include the deferred profit liability.

(2)	Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(3)	Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

Retirement and Income Solutions and Principal Asset Management – Principal International


	For the year ended December 31, 2021
					Principal
					Asset
					Management –
	Retirement and Income				Principal
	Solutions				International
					Latin America
	Pension		Individual		Individual
	risk		fixed income		fixed income
	transfer		annuities		annuities

	(in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	25,863.7	$	7,145.8	$	6,561.5
Effect of changes in discount rate assumptions at beginning of period		(4,827.9)		(1,213.5)		(2,096.0)
Balance at beginning of period at original discount rate		21,035.8		5,932.3		4,465.5
Effect of actual variances from expected experience		(2.4)		(1.3)		(4.9)
Adjusted beginning of period balance at original discount rate		21,033.4		5,931.0		4,460.6
Interest accrual		916.7		240.5		444.3
Benefit payments		(1,772.5)		(532.0)		(436.0)
Issuances		1,801.7		82.9		141.3
Foreign currency translation adjustment		—		—		(751.9)
Balance at end of period at original discount rate		21,979.3		5,722.4		3,858.3
Effect of changes in discount rate assumptions at end of period		3,386.5		812.6		478.5
Future policy benefits	$	25,365.8	$	6,535.0	$	4,336.8

Benefits and Protection and Corporate


	For the year ended December 31, 2021
	Benefits and Protection				Corporate
	Specialty		Life
	Benefits		Insurance
	Individual				Long-term
	disability		Term life		care insurance

	(in millions)
Present value of expected net premiums
Balance at beginning of period	$	3,148.3	$	3,799.0	$	66.7
Effect of changes in discount rate assumptions at beginning of period		(340.7)		(861.1)		(17.6)
Balance at beginning of period at original discount rate		2,807.6		2,937.9		49.1
Effect of changes in cash flow assumptions		—		—		2.8
Effect of actual variances from expected experience		122.0		211.4		(0.8)
Adjusted beginning of period balance at original discount rate		2,929.6		3,149.3		51.1
Interest accrual		95.4		151.1		2.9
Net premiums collected		(280.4)		(315.0)		(5.2)
Issuances		206.4		518.2		—
Balance at end of period at original discount rate		2,951.0		3,503.6		48.8
Effect of changes in discount rate assumptions at end of period		198.9		690.1		14.0
Balance at end of period	$	3,149.9	$	4,193.7	$	62.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	5,649.2	$	4,959.3	$	324.3
Effect of changes in discount rate assumptions at beginning of period		(834.1)		(1,179.9)		(111.1)
Balance at beginning of period at original discount rate		4,815.1		3,779.4		213.2
Effect of changes in cash flow assumptions		—		—		0.5
Effect of actual variances from expected experience		118.8		216.0		(4.6)
Adjusted beginning of period balance at original discount rate		4,933.9		3,995.4		209.1
Interest accrual		181.0		194.3		12.4
Benefit payments		(179.7)		(335.7)		(13.5)
Issuances		212.1		543.4		—
Balance at end of period at original discount rate		5,147.3		4,397.4		208.0
Effect of changes in discount rate assumptions at end of period		501.0		913.9		89.5
Balance at end of period	$	5,648.3	$	5,311.3	$	297.5

Future policy benefits (1)	$	2,498.4	$	1,117.6	$	234.7
Reinsurance impact		(549.9)		(0.1)		(234.7)
Future policy benefits after reinsurance	$	1,948.5	$	1,117.5	$	—

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

Schedule of Liability for Unpaid Claims (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Balance at beginning of year	$	1,395.0	$	1,370.9	$	1,686.0
Less: reinsurance recoverable		68.6		68.7		436.9
Net balance at beginning of year		1,326.4		1,302.2		1,249.1
Incurred:
Current year		1,650.4		1,581.8		1,505.1
Prior years		(95.4)		(44.4)		(35.4)
Total incurred		1,555.0		1,537.4		1,469.7
Payments:
Current year		1,189.2		1,138.0		1,067.8
Prior years		354.1		375.2		348.8
Total payments		1,543.3		1,513.2		1,416.6
Net balance at end of year		1,338.1		1,326.4		1,302.2
Plus: reinsurance recoverable		67.8		68.6		68.7
Balance at end of year	$	1,405.9	$	1,395.0	$	1,370.9

Reconciliation of unpaid claims to liability for unpaid claims (Table)

December 31, 2023

Dental, Vision, STD,

Critical Illness,

LTD and Group Life

Accident, Hospital

Waiver

Indemnity and PFML

Group Life

Consolidated

(in millions)

Net outstanding liabilities for unpaid claims

1,237.9

79.1

84.5

1,401.5

Reconciling items:

Reinsurance recoverable on unpaid claims

39.2

—

0.1

39.3

Impact of discounting

(215.0)

—

(215.0)

Loss adjustment expense liability

20.5

4.6

12.5

37.6

Liability for unpaid claims - short-duration contracts

1,082.6

83.7

97.1

1,263.4

Insurance contracts other than short-duration

142.5

Liability for unpaid claims

1,405.9

Claim Duration and Payout (Table)


	December 31, 2023 (1)
			Dental, Vision, STD,
			Critical Illness,
	LTD and Group Life		Accident, Hospital
Year	Waiver		Indemnity and PFML		Group Life
1	8.1	%	92.1	%	78.9	%
2	25.0		7.9		18.8
3	15.4
4	8.2
5	5.8
6	5.2
7	4.5
8	3.5
9	3.0
10	2.6

(1)	Unaudited.

Discounting (Table)


						Dental, Vision, STD,
						Critical Illness,
	LTD and Group Life					Accident, Hospital
	Waiver					Indemnity and PFML					Group Life

	($ in millions)
Carrying amount of liabilities for unpaid claims
December 31, 2023	$			1,082.6		$			83.7		$			97.1
December 31, 2022				1,076.2					79.7					73.6
Range of discount rates
December 31, 2023		2.8	-	7.0	%		—	-	—	%		—	-	—	%
December 31, 2022		2.8	-	7.0			—	-	—			—	-	—
Aggregate amount of discount
December 31, 2023	$			215.0		$			—		$			—
December 31, 2022				209.4					—					—
Interest accretion
For the year ended:
December 31, 2023	$			34.7		$			—		$			—
December 31, 2022				33.0					—					—
December 31, 2021				33.8					—					—

Summary of gross premiums or assessments and interest accretion recognized by segment (Table)


	Gross premiums or assessments (1)						Interest accretion (2)
	For the year ended						For the year ended
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	2,905.9	$	1,941.0	$	1,800.1	$	1,008.6	$	935.7	$	916.7
Individual fixed income annuities		42.5		30.1		83.5		219.1		229.7		240.5
Total Retirement and Income Solutions		2,948.4		1,971.1		1,883.6		1,227.7		1,165.4		1,157.2
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities (3)		29.7		78.8		128.9		385.8		662.0		444.3
Benefits and Protection:
Specialty Benefits:
Individual disability		624.6		601.0		574.1		94.5		90.2		85.6
Life Insurance:
Universal life		681.8		577.7		621.0		209.2		171.2		158.3
Term life		649.1		630.5		619.4		48.2		43.9		43.2
Total Benefits and Protection		1,955.5		1,809.2		1,814.5		351.9		305.3		287.1
Corporate:
Long-term care insurance		5.1		5.2		5.2		9.6		9.8		9.5
Total per consolidated statements of operations	$	4,938.7	$	3,864.3	$	3,832.2	$	1,975.0	$	2,142.5	$	1,898.1

(1)

Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.

(2)	Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(3)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.

Summary of balances and the changes in the present value for expected future policy benefits (Table)


	For the year ended				For the year ended
	December 31, 2023				December 31, 2022
	Specialty		Life		Specialty		Life
	Benefits		Insurance			Benefits	Insurance
	Individual				Individual
	disability		Term life		disability		Term life

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	2,341.8	$	3,423.2	$	3,149.9	$	4,193.7
Effect of changes in discount rate assumptions at beginning of period		395.2		196.0		(198.9)		(690.1)
Balance at beginning of period at original discount rate		2,737.0		3,619.2		2,951.0		3,503.6
Effect of changes in cash flow assumptions		(37.6)		143.5		(413.1)		—
Effect of actual variances from expected experience		244.3		103.3		235.9		128.6
Adjusted beginning of period balance at original discount rate		2,943.7		3,866.0		2,773.8		3,632.2
Interest accrual		95.6		171.9		95.2		162.9
Net premiums collected		(273.4)		(359.8)		(276.5)		(346.6)
Issuances		100.1		215.7		144.5		170.7
Balance at end of period at original discount rate		2,866.0		3,893.8		2,737.0		3,619.2
Effect of changes in discount rate assumptions at end of period		(313.7)		(100.1)		(395.2)		(196.0)
Balance at end of period	$	2,552.3	$	3,793.7	$	2,341.8	$	3,423.2

Present value of expected future policy benefit payments
Balance at beginning of period	$	4,040.6	$	4,332.2	$	5,648.3	$	5,311.3
Effect of changes in discount rate assumptions at beginning of period		1,021.4		251.6		(501.0)		(913.9)
Balance at beginning of period at original discount rate		5,062.0		4,583.8		5,147.3		4,397.4
Effect of changes in cash flow assumptions		(51.5)		181.8		(476.3)		—
Effect of actual variances from expected experience		260.8		116.8		240.0		139.0
Adjusted beginning of period balance at original discount rate		5,271.3		4,882.4		4,911.0		4,536.4
Interest accrual		190.1		220.1		185.4		206.8
Benefit payments		(210.0)		(330.4)		(183.7)		(340.6)
Issuances		102.8		232.0		149.3		181.2
Balance at end of period at original discount rate		5,354.2		5,004.1		5,062.0		4,583.8
Effect of changes in discount rate assumptions at end of period		(903.5)		(124.5)		(1,021.4)		(251.6)
Balance at end of period	$	4,450.7	$	4,879.6	$	4,040.6	$	4,332.2

Future policy benefits (1)	$	1,898.4	$	1,085.9	$	1,698.8	$	909.0
Reinsurance impact		(421.6)		45.2		(386.8)		25.6
Future policy benefits after reinsurance	$	1,476.8	$	1,131.1	$	1,312.0	$	934.6

Weighted-average duration for future policy benefits (years) (2)		18.4		9.4		18.5		9.6

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Summary of balances and the changes in the additional liability for certain benefits features (Table)

Benefits and Protection

The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows:


	For the year ended,
	December 31, 2021
	(in millions)
Balance at beginning of period	$	3,463.9
Effect of changes in cash flow assumptions		(11.1)
Effect of actual variances from expected experience		18.1
Interest accrual		158.3
Net assessments collected		324.7
Benefit payments		(83.1)
Other (1)		(56.6)
Balance at end of period	$	3,814.2

(1)	Reflects model refinements accounted for as a change in accounting estimate.

Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments	$	36,325.5	$	33,691.4

Individual fixed income annuities
Expected undiscounted future benefit payments	$	7,292.0	$	7,716.6

Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities
Expected undiscounted future benefit payments	$	6,296.0	$	6,449.9

Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums	$	5,456.4	$	5,140.9
Expected undiscounted future gross premiums	$	8,264.8	$	7,978.7
Expected undiscounted future benefit payments	$	8,981.2	$	8,473.9

Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums	$	6,385.1	$	6,104.6
Expected undiscounted future gross premiums	$	10,287.2	$	10,146.3
Expected undiscounted future benefit payments	$	7,832.3	$	7,202.5

Corporate:
Long-term care insurance
Expected discounted future gross premiums	$	42.8	$	64.6
Expected undiscounted future gross premiums	$	60.3	$	96.5
Expected undiscounted future benefit payments	$	371.0	$	483.4

Summary of weighted-average rates of interest accretion and current discount (Table)


	Interest accretion rate				Current discount rate
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Retirement and Income Solutions:
Pension risk transfer	4.52	%	4.38	%	4.99	%	5.31	%
Individual fixed income annuities	4.22	%	4.22	%	4.97	%	5.30	%
Principal Asset Management – Principal
International (1):
Latin America:
Individual fixed income annuities	4.22	%	4.24	%	3.23	%	2.43	%
Benefits and Protection:
Specialty Benefits:
Individual disability	3.96	%	4.03	%	5.05	%	5.36	%
Life Insurance:
Universal life	4.75	%	4.73	%	See note (2)		See note (2)
Term life	4.83	%	4.89	%	4.90	%	5.22	%
Corporate:
Long-term care insurance	6.16	%	6.16	%	5.01	%	5.34	%

(1)	The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency.

(2)	The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Long-Term Disability/Group Life Waiver

Future Policy Benefits and Claims

Claims Development (Table)


																					Incurred			Cumulative
																					but not			number of
																					reported			reported
	Net incurred claims (1)																				claims			claims

	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023		2023

	($ in millions)
Incurral
year
2014	$	242.2	$	231.4	$	214.4	$	218.1	$	206.2	$	201.9	$	202.0	$	199.3	$	199.8	$	200.7	$	0.1		7,610
2015				231.0		227.2		217.2		215.3		208.2		210.0		211.8		210.5		208.3		0.1		7,184
2016						229.8		228.4		219.4		219.5		214.4		218.7		221.9		219.0		0.1		6,171
2017								238.4		239.7		243.1		245.8		245.2		246.5		248.9		0.1		6,091
2018										239.4		245.1		239.2		239.8		235.3		238.0		0.1		5,782
2019												255.2		248.4		240.4		240.2		238.6		0.1		5,961
2020														252.1		231.0		221.1		217.7		5.8		5,939
2021																259.7		244.5		221.6		8.5		5,571
2022																		274.3		240.5		4.1		5,572
2023																				267.4		111.8		3,353
Total net incurred claims																			$	2,300.7


	Net cumulative paid claims (1)
	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023

	(in millions)
Incurral
year
2014	$	16.1	$	66.0	$	96.3	$	111.8	$	122.3	$	132.4	$	140.8	$	147.2	$	153.3	$	158.5
2015				16.9		67.0		98.0		114.6		126.8		137.1		146.5		154.0		160.3
2016						16.2		70.6		105.6		124.9		136.8		147.2		157.1		165.3
2017								17.8		76.5		115.0		135.9		151.7		165.4		176.8
2018										20.1		79.9		115.7		135.7		150.3		163.3
2019												19.2		79.7		117.5		136.4		150.6
2020														20.6		78.8		113.1		130.0
2021																19.8		79.0		113.2
2022																		19.6		76.6
2023																				20.0
Total net paid claims																				1,314.6
All outstanding liabilities for unpaid claims prior to 2014 net of reinsurance																				251.8
Total outstanding liabilities for unpaid claims net of reinsurance																			$	1,237.9

(1)	2014-2022 unaudited.

Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML

Future Policy Benefits and Claims

Claims Development (Table)

Incurred

Cumulative

but not

number of

reported

Net incurred claims (1)

claims

December 31,

2022

2023

($ in millions)

Incurral year

2022

924.4

910.6

—

4,317,802

2023

1,032.3

57.1

4,566,920

Total net incurred claims

1,942.9

Net cumulative

paid claims (1)

December 31,

2022

2023

(in millions)

Incurral year

2022

845.5

909.8

2023

954.0

Total net paid claims

1,863.8

All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance

—

Total outstanding liabilities for unpaid claims net of reinsurance

79.1

(1)	2022 unaudited.

Group Life

Future Policy Benefits and Claims

Claims Development (Table)

Incurred

Cumulative

but not

number of

reported

Net incurred claims (1)

claims

December 31,

2022

2023

($ in millions)

Incurral year

2022

279.3

284.2

1.1

6,168

2023

284.8

33.3

5,064

Total net incurred claims

569.0

Net cumulative

paid claims (1)

December 31,

2022

2023

(in millions)

Incurral year

2022

218.3

277.5

2023

215.1

Total net paid claims

492.6

All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance

8.1

Total outstanding liabilities for unpaid claims net of reinsurance

84.5

(1)	2022 unaudited.

Retirement and Income Solutions

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

For the year ended

December 31, 2023

December 31, 2022

Pension

Individual

Pension

Individual

risk

fixed income

risk

fixed income

transfer

annuities

transfer

annuities

($ in millions)

Present value of expected future policy benefit payments

Balance at beginning of period

21,211.4

5,019.4

25,365.8

6,535.0

Effect of changes in discount rate assumptions at beginning of period

1,799.6

439.0

(3,386.5)

(812.6)

Balance at beginning of period at original discount rate

23,011.0

5,458.4

21,979.3

5,722.4

Effect of changes in cash flow assumptions

(53.4)

(1.3)

(7.9)

(3.0)

Effect of actual variances from expected experience

(14.6)

(0.1)

(3.2)

—

Adjusted beginning of period balance at original discount rate

22,943.0

5,457.0

21,968.2

5,719.4

Interest accrual

1,008.6

219.1

935.7

229.7

Benefit payments

(1,981.4)

(507.3)

(1,841.7)

(520.4)

Issuances

2,921.7

42.0

1,948.8

29.7

Balance at end of period at original discount rate

24,891.9

5,210.8

23,011.0

5,458.4

Effect of changes in discount rate assumptions at end of period

(1,036.1)

(296.7)

(1,799.6)

(439.0)

Future policy benefits

23,855.8

4,914.1

21,211.4

5,019.4

Reinsurance impact

—

(4,869.1)

—

(5,002.7)

Future policy benefits after reinsurance

23,855.8

45.0

21,211.4

16.7

Weighted-average duration for future policy benefits (years) (1)

8.5

7.9

8.5

7.9

(1)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Benefits and Protection

Future Policy Benefits and Claims

Summary of balances and the changes in the additional liability for certain benefits features (Table)


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	4,095.2	$	3,814.2
Effect of changes in cash flow assumptions		725.4		(6.0)
Effect of actual variances from expected experience		45.2		54.9
Interest accrual		209.2		171.2
Net assessments collected		378.1		320.3
Benefit payments		(126.6)		(91.9)
Other (1)		—		(167.5)
Balance at end of period		5,326.5		4,095.2
Reinsurance impact		(5,306.2)		(4,091.4)
Balance at end of period after reinsurance	$	20.3	$	3.8

Weighted-average duration for additional liability (years) (2)		26.2		27.6

(1)	Reflects the impact of re-cohorting in 2022 as a result of our decision to manage the ULSG business separately from our other UL business following the Strategic Review.

(2)	Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

Principal Asset Management | Principal International

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	5,042.3	$	4,336.8
Effect of changes in discount rate assumptions at beginning of period		(754.6)		(478.5)
Balance at beginning of period at original discount rate		4,287.7		3,858.3
Effect of actual variances from expected experience		0.9		(4.7)
Adjusted beginning of period balance at original discount rate		4,288.6		3,853.6
Interest accrual (1)		385.8		662.0
Benefit payments		(355.9)		(325.8)
Issuances		30.0		86.4
Foreign currency translation adjustment		(106.6)		11.5
Balance at end of period at original discount rate		4,241.9		4,287.7
Effect of changes in discount rate assumptions at end of period		351.8		754.6
Future policy benefits	$	4,593.7	$	5,042.3

Weighted-average duration for future policy benefits (years) (2)		9.9		10.9

(1)	Includes inflation adjustments.

(2)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Corporate

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	64.6	$	62.8
Effect of changes in discount rate assumptions at beginning of period		(3.6)		(14.0)
Balance at beginning of period at original discount rate		61.0		48.8
Effect of changes in cash flow assumptions		(13.3)		10.0
Effect of actual variances from expected experience		(5.7)		4.1
Adjusted beginning of period balance at original discount rate		42.0		62.9
Interest accrual		2.9		3.3
Net premiums collected		(5.1)		(5.2)
Balance at end of period at original discount rate		39.8		61.0
Effect of changes in discount rate assumptions at end of period		3.0		3.6
Balance at end of period	$	42.8	$	64.6

Present value of expected future policy benefit payments
Balance at beginning of period	$	248.1	$	297.5
Effect of changes in discount rate assumptions at beginning of period		(18.9)		(89.5)
Balance at beginning of period at original discount rate		229.2		208.0
Effect of changes in cash flow assumptions		(40.5)		17.2
Effect of actual variances from expected experience		2.5		3.7
Adjusted beginning of period balance at original discount rate		191.2		228.9
Interest accrual		12.5		13.1
Benefit payments		(14.2)		(12.8)
Balance at end of period at original discount rate		189.5		229.2
Effect of changes in discount rate assumptions at end of period		20.0		18.9
Balance at end of period	$	209.5	$	248.1

Future policy benefits (1)	$	166.7	$	183.5
Reinsurance impact		(166.7)		(183.5)
Future policy benefits after reinsurance	$	—	$	—

Weighted-average duration for future policy benefits (years) (2)		10.4		11.8

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	24 Months Ended
Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt
Credit facilities	$ 933.4	$ 936.9
Short-term debt	61.1	80.7
Credit facility maturing in October 2027 \| Principal Life Insurance Company
Short-Term Debt
Credit facilities	800.0	800.0
Unsecured lines of credit \| Principal International Chile
Short-Term Debt
Credit facilities	130.9	136.9
Short-term debt	$ 58.6	80.7
Unsecured lines of credit \| Maximum \| Principal International Chile
Short-Term Debt
Term of credit facility	1 year
Commercial paper
Short-Term Debt
Support provided by back-stop facility for commercial paper program (as a percent)	100.00%
Back-stop facility outstanding balances	$ 0.0	$ 0.0
Weighted-average interest rates on short-term borrowings (as a percent)	15.60%	6.00%
Uncollateralized debt \| Other short-term borrowings
Short-Term Debt
Credit facilities	$ 2.5
Short-term debt	$ 2.5

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of MRBs for Asia - Guaranteed Pension (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ (98.2)
Balance at end of period, market risk benefits	20.2	$ (98.2)
Net amount at risk				$ 644.6
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	(26.0)	(35.1)	$ 53.3
Effect of changes in nonperformance risk at beginning of period	1.2	4.3	(6.5)
Adjusted balance at beginning of period, market risk benefits	(24.8)	(30.8)	(46.8)
Interest accrual and expected policyholder behavior	(10.1)	(7.1)	(5.3)
Benefit payments	13.8	9.5	5.7
Changes in interest rates	1.2	3.9	7.6
Changes in equity markets	0.2	(1.0)	1.4
Actual policyholder behavior different from expected behavior	(0.6)	0.7	3.6
Adjusted balance at end of period, market risk benefits	(20.3)	(24.8)	(30.8)
Effect of changes in nonperformance risk at end of period	1.0	1.2	4.3
Balance at end of period, market risk benefits	$ (21.3)	$ (26.0)	$ (35.1)
Weighted-average attained age of policyholders (years)	54 years	50 years
Net amount at risk	$ 25.1	$ 91.0		$ 53.3

Derivative Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Hedges
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	$ 3,178.5	$ 3,256.9
Cumulative basis adjustments associated with portfolio layer hedging relationship	(62.2)	(102.4)
Amount of hedged item in portfolio layer hedging relationship	1,395.0	1,110.0
Gain (loss) from components excluded from assessment of fair value hedge effectiveness	(1.8)	0.0	$ 0.0
Fixed maturities, available-for-sale
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	3,510.1	$ 3,498.6
Hedged Asset, Statement of Financial Position [Extensible Enumeration]		Debt Securities, Available-for-Sale, Excluding Accrued Interest	Debt Securities, Available-for-Sale, Excluding Accrued Interest
Carrying amount of hedged asset - Discontinued hedging relationships	304.7	$ 48.8
Carrying amount of hedged asset - Active or discontinued hedging relationships	3,814.8	3,547.4
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(87.0)	(153.4)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	(5.2)	1.3
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(92.2)	$ (152.1)
Investment contracts
Fair Value Hedges
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	0.4
Carrying amount of hedged liability - Active hedging relationships	$ 300.5
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Debt Securities, Available-for-Sale, Excluding Accrued Interest	Debt Securities, Available-for-Sale, Excluding Accrued Interest
Carrying amount of hedged liability - Active or discontinued hedging relationships	$ 300.5
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	$ 0.4

Employee and Agent Benefits - ABO in Excess of Plan Assets (Details) - Pension benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	$ 3,390.9	$ 3,209.4
Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	3,390.9	3,209.4
Fair value of plan assets for defined benefit plans with an accumulated benefit obligation in excess of plan assets	$ 2,909.6	$ 2,726.3

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2023

Schedule IV - Reinsurance

Schedule IV - Reinsurance

Schedule IV - Reinsurance

As of December 31, 2023, 2022 and 2021 and for each of the years then ended


									Percentage
			Ceded to		Assumed				of amount
	Gross		other		from other				assumed
	amount		companies		companies		Net amount		to net

	($ in millions)
2023:
Life insurance in force	$	717,991.5	$	230,126.5	$	446.6	$	488,311.6	0.1	%

Premiums:
Life insurance and annuities	$	4,384.6	$	335.1	$	0.9	$	4,050.4	—	%
Accident and health insurance		2,576.7		156.2		—		2,420.5	—	%
Total	$	6,961.3	$	491.3	$	0.9	$	6,470.9	—	%

2022:
Life insurance in force	$	692,200.8	$	223,416.6	$	627.4	$	469,411.6	0.1	%

Premiums:
Life insurance and annuities	$	3,402.7	$	298.6	$	1.0	$	3,105.1	—	%
Accident and health insurance		2,392.4		157.8		—		2,234.6	—	%
Total	$	5,795.1	$	456.4	$	1.0	$	5,339.7	—	%

2021:
Life insurance in force	$	667,509.8	$	383,937.7	$	787.8	$	284,359.9	0.3	%

Premiums:
Life insurance and annuities	$	3,314.3	$	494.9	$	1.5	$	2,820.9	0.1	%
Accident and health insurance		2,176.3		155.7		—		2,020.6	—	%
Total	$	5,490.6	$	650.6	$	1.5	$	4,841.5	—	%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Premiums and other considerations:
Direct	$	6,962.2	$	5,796.1	$	5,492.1
Ceded		(491.3)		(456.4)		(650.6)
Net premiums and other considerations	$	6,470.9	$	5,339.7	$	4,841.5

Benefits, claims and settlement expenses:
Direct	$	9,365.4	$	8,103.6	$	7,833.4
Ceded		(1,577.2)		(1,472.3)		(575.2)
Net benefits, claims and settlement expenses	$	7,788.2	$	6,631.3	$	7,258.2
Liability for future policy benefits remeasurement gain:
Direct	$	737.4	$	(179.5)	$	(6.4)
Ceded		(789.0)		(85.0)		2.0
Net liability for future policy benefits remeasurement gain	$	(51.6)	$	(264.5)	$	(4.4)

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Cost of reinsurance asset	$	3,275.5	$	3,339.1

Cost of reinsurance liability	$	424.6	$	479.8

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Fixed maturities, available-for-sale	$	15,587.5	$	15,693.5
Fixed maturities, trading		316.8		100.8
Equity securities		0.3		11.0
Mortgage loans		2,385.9		2,810.8
Other investments		621.4		179.8
Cash and cash equivalents		818.4		1,762.9
Accrued interest income		187.0		178.7
Net other liabilities		(77.8)		(33.6)
Net assets	$	19,839.5	$	20,703.9

Schedule of components of net investment income on the funds withheld assets that were passed to coinsurer (Table)


	For the year ended December 31,
	2023		2022

	(in millions)
Fixed maturities, available-for-sale	$	856.9	$	745.9
Fixed maturities, trading		11.9		2.0
Equity securities		0.2		0.6
Mortgage loans		119.0		98.4
Cash and cash equivalents		57.9		18.2
Other		64.0		4.8
Total		1,109.9		869.9
Investment expenses		23.7		20.5
Net investment income	$	1,086.2	$	849.4

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)


	For the year ended December 31,
	2023		2022

	(in millions)
Fixed maturities, available-for-sale	$	(229.7)	$	(235.5)
Fixed maturities, trading		(0.1)		(6.4)
Equity securities		(1.2)		(2.4)
Mortgage loans		(34.1)		(24.8)
Derivatives		7.2		2.7
Other		—		3.3
Net realized capital losses	$	(257.9)	$	(263.1)

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans - Disclosures
Share purchases under employee stock purchase plan (in shares)	0.5	0.6	1.0
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share)	$ 7.49	$ 7.31	$ 15.64
Shares available to be issued under employee stock purchase plan (in shares)	3.0
Maximum value of company common stock that can be purchased by an employee per year	$ 25,000
Employee purchase price as a percent of fair market value (as a percent)	90.00%	85.00%
Intrinsic value from shares settled	$ 3,600,000	$ 4,100,000	$ 15,300,000
Cash received from shares issued	32,800,000	37,300,000	46,500,000
Tax benefits realized from the settlement of share-based payment arrangements	$ 300,000	$ 800,000	$ 1,300,000

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Common Share

Earnings Per Common Share (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions, except per share data)
Net income	$	670.1	$	4,797.5	$	1,627.0
Subtract:
Net income attributable to noncontrolling interest		46.9		40.6		46.8
Total	$	623.2	$	4,756.9	$	1,580.2
Weighted-average shares outstanding:
Basic		241.3		251.1		269.0
Dilutive effects:
Stock options		0.9		1.5		1.3
Restricted stock units		2.0		2.2		2.1
Performance share awards		0.4		0.5		0.5
Diluted		244.6		255.3		272.9
Net income per common share:
Basic	$	2.58	$	18.94	$	5.87
Diluted	$	2.55	$	18.63	$	5.79

Future Policy Benefits and Claims

12 Months Ended

Dec. 31, 2023

Future Policy Benefits and Claims

Future Policy Benefits and Claims

10. Future Policy Benefits and Claims

Future policy benefits and claims include reserves for short-duration contracts and long-duration contracts as well as certain reinsurance balances, when in a liability position.

The following tables summarize disaggregated amounts included in future policy benefit and claims and reconcile the totals to those reported in the consolidated statements of financial position.


	December 31, 2023		December 31, 2022

	(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer	$	23,855.8	$	21,211.4
Individual fixed income annuities		4,914.1		5,019.4
Total Retirement and Income Solutions		28,769.9		26,230.8
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		4,593.7		5,042.3
Benefits and Protection:
Specialty Benefits:
Individual disability		1,898.4		1,698.8
Life Insurance:
Term life		1,085.9		909.0
Total Benefits and Protection		2,984.3		2,607.8
Corporate:
Long-term care insurance		166.7		183.5
Total liability for future policy benefits		36,514.6		34,064.4

Additional liability for certain benefit features by segment (2):
Benefits and Protection – Life Insurance:
Universal life		5,326.5		4,095.2
Total additional liability for certain benefit features		5,326.5		4,095.2

Reconciling items:
Participating contracts		3,060.5		3,207.2
Short-duration contracts		1,283.4		1,295.6
Cost of reinsurance liability		424.6		479.8
Reinsurance recoverable liability		45.2		39.4
Other (3)		171.7		132.4
Future policy benefits and claims per consolidated statements of financial position	$	46,826.5	$	43,314.0

(1)	Amounts include the deferred profit liability.

(2)	Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(3)	Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

Liability for Unpaid Claims

The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Balance at beginning of year	$	1,395.0	$	1,370.9	$	1,686.0
Less: reinsurance recoverable		68.6		68.7		436.9
Net balance at beginning of year		1,326.4		1,302.2		1,249.1
Incurred:
Current year		1,650.4		1,581.8		1,505.1
Prior years		(95.4)		(44.4)		(35.4)
Total incurred		1,555.0		1,537.4		1,469.7
Payments:
Current year		1,189.2		1,138.0		1,067.8
Prior years		354.1		375.2		348.8
Total payments		1,543.3		1,513.2		1,416.6
Net balance at end of year		1,338.1		1,326.4		1,302.2
Plus: reinsurance recoverable		67.8		68.6		68.7
Balance at end of year	$	1,405.9	$	1,395.0	$	1,370.9

Incurred liability adjustments relating to prior years, which affected current operations during 2023, 2022 and 2021, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.

Short-Duration Contracts

Future policy benefits and claims include reserves for group life and disability insurance that provide periodic income payments. These reserves are computed using assumptions of mortality, morbidity and investment performance. These assumptions are based on our experience, industry results, emerging trends and future expectations. Future policy benefits and claims also include reserves for incurred but unreported group disability, dental, vision, critical illness, accident, PFML, hospital indemnity and life insurance claims. We recognize claims costs in the period the service was provided to our policyholders. However, claims costs incurred in a particular period are not known with certainty until after we receive, process and pay the claims. We determine the amount of this liability using actuarial methods based on historical claim payment patterns as well as emerging cost trends, where applicable, to determine our estimate of claim liabilities. Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses. The premium deficiency reserve calculation considers, among other factors, anticipated investment income.

We have defined claim frequency as follows for each short-duration product:

●

LTD: Claim frequency is based on submitted reserve claim counts.

●

Group Life Waiver: Claim frequency is based on submitted reserve claim counts, consistent with LTD.

●

Dental and Vision: Claim frequency is based on the claim form, which may include one or more procedures.

●

STD, Critical Illness, Accident, Hospital Indemnity and PFML: Claim frequency is based on submitted claims.

●

Group Life: Claim frequency is based on submitted life claims (lives, not coverages).

We did not make any significant changes to our methodologies or assumptions used to calculate the liability for unpaid claims for short-duration contracts during 2023.

Claims Development

The following tables present undiscounted information about claims development by incurral year, including separate information about incurred claims and paid claims net of reinsurance for the periods indicated. The tables also include information on incurred but not reported claims and the cumulative number of reported claims.

The tables present information for the number of years for which claims incurred typically remain outstanding, but do not exceed ten years. The data is disaggregated into groupings of claims with similar characteristics, such as duration of the claim payment period and average claim amount, and with consideration to the overall size of the groupings. Outstanding liabilities equal total net incurred claims less total net paid claims plus outstanding liabilities for net unpaid claims of prior years.

LTD and Group Life Waiver Claims


																					Incurred			Cumulative
																					but not			number of
																					reported			reported
	Net incurred claims (1)																				claims			claims

	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023		2023

	($ in millions)
Incurral
year
2014	$	242.2	$	231.4	$	214.4	$	218.1	$	206.2	$	201.9	$	202.0	$	199.3	$	199.8	$	200.7	$	0.1		7,610
2015				231.0		227.2		217.2		215.3		208.2		210.0		211.8		210.5		208.3		0.1		7,184
2016						229.8		228.4		219.4		219.5		214.4		218.7		221.9		219.0		0.1		6,171
2017								238.4		239.7		243.1		245.8		245.2		246.5		248.9		0.1		6,091
2018										239.4		245.1		239.2		239.8		235.3		238.0		0.1		5,782
2019												255.2		248.4		240.4		240.2		238.6		0.1		5,961
2020														252.1		231.0		221.1		217.7		5.8		5,939
2021																259.7		244.5		221.6		8.5		5,571
2022																		274.3		240.5		4.1		5,572
2023																				267.4		111.8		3,353
Total net incurred claims																			$	2,300.7


	Net cumulative paid claims (1)
	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023

	(in millions)
Incurral
year
2014	$	16.1	$	66.0	$	96.3	$	111.8	$	122.3	$	132.4	$	140.8	$	147.2	$	153.3	$	158.5
2015				16.9		67.0		98.0		114.6		126.8		137.1		146.5		154.0		160.3
2016						16.2		70.6		105.6		124.9		136.8		147.2		157.1		165.3
2017								17.8		76.5		115.0		135.9		151.7		165.4		176.8
2018										20.1		79.9		115.7		135.7		150.3		163.3
2019												19.2		79.7		117.5		136.4		150.6
2020														20.6		78.8		113.1		130.0
2021																19.8		79.0		113.2
2022																		19.6		76.6
2023																				20.0
Total net paid claims																				1,314.6
All outstanding liabilities for unpaid claims prior to 2014 net of reinsurance																				251.8
Total outstanding liabilities for unpaid claims net of reinsurance																			$	1,237.9

(1)	2014-2022 unaudited.

Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML Claims

Incurred

Cumulative

but not

number of

reported

Net incurred claims (1)

claims

December 31,

2022

2023

($ in millions)

Incurral year

2022

924.4

910.6

—

4,317,802

2023

1,032.3

57.1

4,566,920

Total net incurred claims

1,942.9

Net cumulative

paid claims (1)

December 31,

2022

2023

(in millions)

Incurral year

2022

845.5

909.8

2023

954.0

Total net paid claims

1,863.8

All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance

—

Total outstanding liabilities for unpaid claims net of reinsurance

79.1

(1)	2022 unaudited.

Group Life Claims

Incurred

Cumulative

but not

number of

reported

Net incurred claims (1)

claims

December 31,

2022

2023

($ in millions)

Incurral year

2022

279.3

284.2

1.1

6,168

2023

284.8

33.3

5,064

Total net incurred claims

569.0

Net cumulative

paid claims (1)

December 31,

2022

2023

(in millions)

Incurral year

2022

218.3

277.5

2023

215.1

Total net paid claims

492.6

All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance

8.1

Total outstanding liabilities for unpaid claims net of reinsurance

84.5

(1)	2022 unaudited.

Reconciliation of Unpaid Claims to Liability for Unpaid Claims

Our reconciliation of net outstanding liabilities for unpaid claims of short-duration contracts to the liability for unpaid claims follows:

December 31, 2023

Dental, Vision, STD,

Critical Illness,

LTD and Group Life

Accident, Hospital

Waiver

Indemnity and PFML

Group Life

Consolidated

(in millions)

Net outstanding liabilities for unpaid claims

1,237.9

79.1

84.5

1,401.5

Reconciling items:

Reinsurance recoverable on unpaid claims

39.2

—

0.1

39.3

Impact of discounting

(215.0)

—

(215.0)

Loss adjustment expense liability

20.5

4.6

12.5

37.6

Liability for unpaid claims - short-duration contracts

1,082.6

83.7

97.1

1,263.4

Insurance contracts other than short-duration

142.5

Liability for unpaid claims

1,405.9

Claim Duration and Payout

Our historical average percentage of claims paid in each year from incurral was as follows:


	December 31, 2023 (1)
			Dental, Vision, STD,
			Critical Illness,
	LTD and Group Life		Accident, Hospital
Year	Waiver		Indemnity and PFML		Group Life
1	8.1	%	92.1	%	78.9	%
2	25.0		7.9		18.8
3	15.4
4	8.2
5	5.8
6	5.2
7	4.5
8	3.5
9	3.0
10	2.6

(1)	Unaudited.

Discounting

The following table provides the carrying amount of liabilities reported at present value for short-duration contract unpaid claims. We use a range of discount rates to derive the present value of the unpaid claims. The ranges of discount rates as well as the aggregate amount of discount deducted to derive the liabilities for unpaid claims and interest accretion recognized are also disclosed. Interest accretion is included in benefits, claims and settlement expenses within our consolidated statements of operations.


						Dental, Vision, STD,
						Critical Illness,
	LTD and Group Life					Accident, Hospital
	Waiver					Indemnity and PFML					Group Life

	($ in millions)
Carrying amount of liabilities for unpaid claims
December 31, 2023	$			1,082.6		$			83.7		$			97.1
December 31, 2022				1,076.2					79.7					73.6
Range of discount rates
December 31, 2023		2.8	-	7.0	%		—	-	—	%		—	-	—	%
December 31, 2022		2.8	-	7.0			—	-	—			—	-	—
Aggregate amount of discount
December 31, 2023	$			215.0		$			—		$			—
December 31, 2022				209.4					—					—
Interest accretion
For the year ended:
December 31, 2023	$			34.7		$			—		$			—
December 31, 2022				33.0					—					—
December 31, 2021				33.8					—					—

Long-Duration Contracts

Gross Premiums or Assessments and Interest Accretion

The amount of gross premiums or assessments and interest accretion recognized by segment in the consolidated statements of operations was as follows:


	Gross premiums or assessments (1)						Interest accretion (2)
	For the year ended						For the year ended
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	2,905.9	$	1,941.0	$	1,800.1	$	1,008.6	$	935.7	$	916.7
Individual fixed income annuities		42.5		30.1		83.5		219.1		229.7		240.5
Total Retirement and Income Solutions		2,948.4		1,971.1		1,883.6		1,227.7		1,165.4		1,157.2
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities (3)		29.7		78.8		128.9		385.8		662.0		444.3
Benefits and Protection:
Specialty Benefits:
Individual disability		624.6		601.0		574.1		94.5		90.2		85.6
Life Insurance:
Universal life		681.8		577.7		621.0		209.2		171.2		158.3
Term life		649.1		630.5		619.4		48.2		43.9		43.2
Total Benefits and Protection		1,955.5		1,809.2		1,814.5		351.9		305.3		287.1
Corporate:
Long-term care insurance		5.1		5.2		5.2		9.6		9.8		9.5
Total per consolidated statements of operations	$	4,938.7	$	3,864.3	$	3,832.2	$	1,975.0	$	2,142.5	$	1,898.1

(1)

(2)	Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(3)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.

Liability for Future Policy Benefits

The liability for future policy benefits (“LFPB”) for individual and group annuities is generally equal to the present value of expected future policy benefit payments. The reserves are computed using assumptions for mortality and interest. Mortality rate assumptions are based on our experience and are periodically reviewed against both industry standards and experience. The LFPB for non-participating term life insurance, individual disability income contracts and individual and group long-term care contracts is generally equal to the present value of expected future policy benefit payments less the present value of expected net premiums. The reserves are computed using assumptions for mortality, interest, morbidity and lapse.

An interest accretion rate is determined for an identified cohort and remains unchanged after the issue year. For policies issued on or prior to December 31, 2020, the interest accretion rate is based on the assumed investment yield when the business was issued. For policies issued after December 31, 2020, the interest accretion rate is based on the upper-medium grade fixed-income instrument yields, which is generally equivalent to a single-A rated bond yield matched to the duration of our insurance liabilities, when the business was issued.

The LFPB is remeasured to reflect current upper-medium grade fixed-income instrument yields as of each reporting date. The liability is calculated by discounting cash flows using rate curves reflecting the currency and duration of the insurance liabilities. For discount rate tenors, or points on the curves, where the upper-medium grade fixed-income instrument yields are not liquid or limited observable market data is available, we use various estimation techniques consistent with fair value measurement guidance.

For our individual fixed income annuities in Latin America, the discount rate methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies are issued in the currency in which the policies are denominated. For discount rate tenors where upper-medium grade fixed-income instrument yields based on international rating standards are not liquid or limited observable market data is available, estimation techniques are used to determine a curve in the appropriate currency.

Further details regarding reference rates used are included under “Interest Accretion and Current Discount Rates.”

Retirement and Income Solutions

The balances and the changes in the present value for expected future policy benefits were as follows:

For the year ended

December 31, 2023

December 31, 2022

Pension

Individual

Pension

Individual

risk

fixed income

risk

fixed income

transfer

annuities

transfer

annuities

($ in millions)

Present value of expected future policy benefit payments

Balance at beginning of period

21,211.4

5,019.4

25,365.8

6,535.0

Effect of changes in discount rate assumptions at beginning of period

1,799.6

439.0

(3,386.5)

(812.6)

Balance at beginning of period at original discount rate

23,011.0

5,458.4

21,979.3

5,722.4

Effect of changes in cash flow assumptions

(53.4)

(1.3)

(7.9)

(3.0)

Effect of actual variances from expected experience

(14.6)

(0.1)

(3.2)

—

Adjusted beginning of period balance at original discount rate

22,943.0

5,457.0

21,968.2

5,719.4

Interest accrual

1,008.6

219.1

935.7

229.7

Benefit payments

(1,981.4)

(507.3)

(1,841.7)

(520.4)

Issuances

2,921.7

42.0

1,948.8

29.7

Balance at end of period at original discount rate

24,891.9

5,210.8

23,011.0

5,458.4

Effect of changes in discount rate assumptions at end of period

(1,036.1)

(296.7)

(1,799.6)

(439.0)

Future policy benefits

23,855.8

4,914.1

21,211.4

5,019.4

Reinsurance impact

—

(4,869.1)

—

(5,002.7)

Future policy benefits after reinsurance

23,855.8

45.0

21,211.4

16.7

Weighted-average duration for future policy benefits (years) (1)

8.5

7.9

8.5

7.9

(1)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $763.5 million for Pension risk transfer and $142.3 million for Individual fixed income annuities.

Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $5,186.1 million for Pension risk transfer and $1,251.6 million for Individual fixed income annuities.

See “Interest Accretion and Current Discount Rates” for further details.

Principal Asset Management – Principal International

The balances and the changes in the present value for expected future policy benefits for Latin America – Individual fixed income annuities were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	5,042.3	$	4,336.8
Effect of changes in discount rate assumptions at beginning of period		(754.6)		(478.5)
Balance at beginning of period at original discount rate		4,287.7		3,858.3
Effect of actual variances from expected experience		0.9		(4.7)
Adjusted beginning of period balance at original discount rate		4,288.6		3,853.6
Interest accrual (1)		385.8		662.0
Benefit payments		(355.9)		(325.8)
Issuances		30.0		86.4
Foreign currency translation adjustment		(106.6)		11.5
Balance at end of period at original discount rate		4,241.9		4,287.7
Effect of changes in discount rate assumptions at end of period		351.8		754.6
Future policy benefits	$	4,593.7	$	5,042.3

Weighted-average duration for future policy benefits (years) (2)		9.9		10.9

(1)	Includes inflation adjustments.

(2)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Upper-medium grade fixed-income instrument yields impacting Latin America increased during the year ended December 31, 2023, resulting in a decrease to the LFPB of $402.8 million.

Upper-medium grade fixed-income instrument yields impacting Latin America decreased during the year ended December 31, 2022, resulting in an increase to the LFPB of $276.1 million.

See “Interest Accretion and Current Discount Rates” for further details.

Benefits and Protection

The balances and the changes in the present value for expected net premiums and expected future policy benefits were as follows:


	For the year ended				For the year ended
	December 31, 2023				December 31, 2022
	Specialty		Life		Specialty		Life
	Benefits		Insurance			Benefits	Insurance
	Individual				Individual
	disability		Term life		disability		Term life

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	2,341.8	$	3,423.2	$	3,149.9	$	4,193.7
Effect of changes in discount rate assumptions at beginning of period		395.2		196.0		(198.9)		(690.1)
Balance at beginning of period at original discount rate		2,737.0		3,619.2		2,951.0		3,503.6
Effect of changes in cash flow assumptions		(37.6)		143.5		(413.1)		—
Effect of actual variances from expected experience		244.3		103.3		235.9		128.6
Adjusted beginning of period balance at original discount rate		2,943.7		3,866.0		2,773.8		3,632.2
Interest accrual		95.6		171.9		95.2		162.9
Net premiums collected		(273.4)		(359.8)		(276.5)		(346.6)
Issuances		100.1		215.7		144.5		170.7
Balance at end of period at original discount rate		2,866.0		3,893.8		2,737.0		3,619.2
Effect of changes in discount rate assumptions at end of period		(313.7)		(100.1)		(395.2)		(196.0)
Balance at end of period	$	2,552.3	$	3,793.7	$	2,341.8	$	3,423.2

Present value of expected future policy benefit payments
Balance at beginning of period	$	4,040.6	$	4,332.2	$	5,648.3	$	5,311.3
Effect of changes in discount rate assumptions at beginning of period		1,021.4		251.6		(501.0)		(913.9)
Balance at beginning of period at original discount rate		5,062.0		4,583.8		5,147.3		4,397.4
Effect of changes in cash flow assumptions		(51.5)		181.8		(476.3)		—
Effect of actual variances from expected experience		260.8		116.8		240.0		139.0
Adjusted beginning of period balance at original discount rate		5,271.3		4,882.4		4,911.0		4,536.4
Interest accrual		190.1		220.1		185.4		206.8
Benefit payments		(210.0)		(330.4)		(183.7)		(340.6)
Issuances		102.8		232.0		149.3		181.2
Balance at end of period at original discount rate		5,354.2		5,004.1		5,062.0		4,583.8
Effect of changes in discount rate assumptions at end of period		(903.5)		(124.5)		(1,021.4)		(251.6)
Balance at end of period	$	4,450.7	$	4,879.6	$	4,040.6	$	4,332.2

Future policy benefits (1)	$	1,898.4	$	1,085.9	$	1,698.8	$	909.0
Reinsurance impact		(421.6)		45.2		(386.8)		25.6
Future policy benefits after reinsurance	$	1,476.8	$	1,131.1	$	1,312.0	$	934.6

Weighted-average duration for future policy benefits (years) (2)		18.4		9.4		18.5		9.6

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $36.4 million for Individual disability and $31.2 million for Term life.

Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $928.3 million for Individual disability and $279.4 million for Term life.

See “Interest Accretion and Current Discount Rates” for further details.

We updated our actuarial assumptions during the third quarter of 2023, resulting in a $13.9 million decrease in the LFPB and a $10.2 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to favorable updates to claim incidence rates. The updates also resulted in a $38.3 million increase in the LFPB and a $25.4 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to unfavorable updates to mortality assumptions.

We updated our actuarial assumptions during the third quarter of 2022, resulting in a $63.2 million decrease in the LFPB and a $52.4 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to favorable updates to claim experience assumptions.

Additional Liability for Certain Benefit Features

The LFPB also includes an additional reserve on certain universal life contracts where benefit features result in gains in early years followed by losses in later years. The liability for these future losses is accrued in relation to estimated contract assessments. A premium deficiency exists if the net liabilities together with future premiums are determined to be insufficient to provide for expected future policy benefits. Premium deficiency testing considers, among other factors, anticipated investment income and does not include a provision for adverse deviation. We did not have a premium deficiency reserve as of December 31, 2023 or December 31, 2022.

The balances and the changes in the additional liability for certain benefits features for Life Insurance – Universal life contracts, excluding the impact of unrealized gains (losses), were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Balance at beginning of period	$	4,095.2	$	3,814.2
Effect of changes in cash flow assumptions		725.4		(6.0)
Effect of actual variances from expected experience		45.2		54.9
Interest accrual		209.2		171.2
Net assessments collected		378.1		320.3
Benefit payments		(126.6)		(91.9)
Other (1)		—		(167.5)
Balance at end of period		5,326.5		4,095.2
Reinsurance impact		(5,306.2)		(4,091.4)
Balance at end of period after reinsurance	$	20.3	$	3.8

Weighted-average duration for additional liability (years) (2)		26.2		27.6

(1)	Reflects the impact of re-cohorting in 2022 as a result of our decision to manage the ULSG business separately from our other UL business following the Strategic Review.

(2)	Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

We updated our actuarial assumptions during the third quarter of 2023, resulting in a $725.4 million increase in the additional liability for certain benefit features primarily due to policyholder lapse behavior assumptions related to ULSG products, resulting in a $13.1 million decrease to income before taxes, net of reinsurance.

Corporate

The balances and the changes in the present value for expected net premiums and expected future policy benefits for long-term care insurance were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	64.6	$	62.8
Effect of changes in discount rate assumptions at beginning of period		(3.6)		(14.0)
Balance at beginning of period at original discount rate		61.0		48.8
Effect of changes in cash flow assumptions		(13.3)		10.0
Effect of actual variances from expected experience		(5.7)		4.1
Adjusted beginning of period balance at original discount rate		42.0		62.9
Interest accrual		2.9		3.3
Net premiums collected		(5.1)		(5.2)
Balance at end of period at original discount rate		39.8		61.0
Effect of changes in discount rate assumptions at end of period		3.0		3.6
Balance at end of period	$	42.8	$	64.6

Present value of expected future policy benefit payments
Balance at beginning of period	$	248.1	$	297.5
Effect of changes in discount rate assumptions at beginning of period		(18.9)		(89.5)
Balance at beginning of period at original discount rate		229.2		208.0
Effect of changes in cash flow assumptions		(40.5)		17.2
Effect of actual variances from expected experience		2.5		3.7
Adjusted beginning of period balance at original discount rate		191.2		228.9
Interest accrual		12.5		13.1
Benefit payments		(14.2)		(12.8)
Balance at end of period at original discount rate		189.5		229.2
Effect of changes in discount rate assumptions at end of period		20.0		18.9
Balance at end of period	$	209.5	$	248.1

Future policy benefits (1)	$	166.7	$	183.5
Reinsurance impact		(166.7)		(183.5)
Future policy benefits after reinsurance	$	—	$	—

Weighted-average duration for future policy benefits (years) (2)		10.4		11.8

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $1.7 million.

Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $60.2 million.

See “Interest Accretion and Current Discount Rates” for further details.

Expected Future Gross Premiums and Benefit Payments

The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, utilizing the current upper-medium fixed-income instrument yield, were as follows:


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments	$	36,325.5	$	33,691.4

Individual fixed income annuities
Expected undiscounted future benefit payments	$	7,292.0	$	7,716.6

Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities
Expected undiscounted future benefit payments	$	6,296.0	$	6,449.9

Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums	$	5,456.4	$	5,140.9
Expected undiscounted future gross premiums	$	8,264.8	$	7,978.7
Expected undiscounted future benefit payments	$	8,981.2	$	8,473.9

Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums	$	6,385.1	$	6,104.6
Expected undiscounted future gross premiums	$	10,287.2	$	10,146.3
Expected undiscounted future benefit payments	$	7,832.3	$	7,202.5

Corporate:
Long-term care insurance
Expected discounted future gross premiums	$	42.8	$	64.6
Expected undiscounted future gross premiums	$	60.3	$	96.5
Expected undiscounted future benefit payments	$	371.0	$	483.4

Interest Accretion and Current Discount Rates

The interest accretion rate shown for each level of aggregation is an average of the cohort-level accretion rates weighted by the reserve balance for each cohort within that level of aggregation. The current discount rate is calculated at a cohort-level based on current upper-medium fixed-income instrument yields and weighted by the reserve balance for each cohort within each level of aggregation. The weighted-average rates were as follows:


	Interest accretion rate				Current discount rate
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Retirement and Income Solutions:
Pension risk transfer	4.52	%	4.38	%	4.99	%	5.31	%
Individual fixed income annuities	4.22	%	4.22	%	4.97	%	5.30	%
Principal Asset Management – Principal
International (1):
Latin America:
Individual fixed income annuities	4.22	%	4.24	%	3.23	%	2.43	%
Benefits and Protection:
Specialty Benefits:
Individual disability	3.96	%	4.03	%	5.05	%	5.36	%
Life Insurance:
Universal life	4.75	%	4.73	%	See note (2)		See note (2)
Term life	4.83	%	4.89	%	4.90	%	5.22	%
Corporate:
Long-term care insurance	6.16	%	6.16	%	5.01	%	5.34	%

(1)	The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency.

(2)	The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Schedule I - Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2023

Schedule I - Summary of Investments - Other Than Investments in Related Parties

Schedule I - Summary of Investments - Other Than Investments in Related Parties

Schedule I - Summary of Investments - Other Than Investments in Related Parties

December 31, 2023


					Amount as
					shown in the
					consolidated
					statement of
			Fair		financial
Type of Investment	Cost		value		position

	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	1,745.3	$	1,528.8	$	1,528.8
States, municipalities and political subdivisions		7,566.4		6,676.8		6,676.8
Foreign governments		550.3		507.9		507.9
Public utilities		5,532.7		5,039.6		5,039.6
Redeemable preferred stock		225.4		208.4		208.4
All other corporate bonds		32,673.2		30,562.0		30,562.0
Residential mortgage-backed pass-through securities		3,199.7		3,061.1		3,061.1
Commercial mortgage-backed securities		5,428.6		4,775.5		4,775.5
Collateralized debt obligations		5,386.0		5,403.7		5,403.7
Other debt obligations		8,473.8		7,909.3		7,909.3
Total fixed maturities, available-for-sale		70,781.4		65,673.1		65,673.1
Fixed maturities, trading		836.2		836.2		836.2
Equity securities:
Banks, trust and insurance companies		340.0		340.0		340.0
Industrial, miscellaneous and all other		858.9		858.9		858.9
Other corporate		160.1		160.1		160.1
Non-redeemable preferred stock		119.1		119.1		119.1
Total equity securities		1,478.1		1,478.1		1,478.1
Mortgage loans		20,142.8		XXXX		20,142.8
Real estate, net:
Real estate acquired in satisfaction of debt		1.9		XXXX		1.9
Other real estate		2,343.4		XXXX		2,343.4
Policy loans		809.3		XXXX		809.3
Other investments		7,035.6		XXXX		7,035.6
Total investments	$	103,428.7		XXXX	$	98,320.4

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Unrecognized Tax Benefits
Beginning balance, Unrecognized tax benefits	$ 42.2	$ 45.5	$ 46.9
Additions based on tax positions related to the current year	0.3		1.8
Reductions for tax positions related to the current year	(3.2)	(3.3)	(3.2)
Ending balance, Unrecognized tax benefits	39.3	42.2	$ 45.5
Amount of unrecognized tax benefits that would reduce the effective income tax rate, if recognized	1.6
Accumulated pre-tax interest and penalties related to unrecognized tax benefits	$ 1.8	$ 1.4

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Assets:
Retirement and Income Solutions	$	213,208.3	$	202,582.9
Principal Asset Management		45,905.2		45,950.7
Benefits and Protection		43,763.5		40,048.3
Corporate		2,169.7		2,285.1
Total consolidated assets	$	305,046.7	$	290,867.0

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


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Operating revenues by segment:
Retirement and Income Solutions (1)	$	7,250.2	$	5,899.2	$	6,429.4
Principal Asset Management:
Principal Global Investors		1,611.2		1,715.5		1,828.0
Principal International		1,192.8		1,489.4		1,391.1
Eliminations		(21.7)		(23.6)		(26.1)
Total Principal Asset Management (2)		2,782.3		3,181.3		3,193.0
Benefits and Protection:
Specialty Benefits		3,229.4		2,984.6		2,709.6
Life Insurance		1,323.7		1,318.8		2,083.0
Eliminations		(1.8)		(0.6)		(0.2)
Total Benefits and Protection		4,551.3		4,302.8		4,792.4
Corporate		76.4		17.1		27.9
Total segment operating revenues		14,660.2		13,400.4		14,442.7
Net realized capital gains (losses), net of related revenue adjustments		57.9		(189.6)		64.8
Revenues from exited business (3)		(927.5)		4,414.8		—
Adjustments related to equity method investments		(78.9)		(54.5)		(47.2)
Market risk benefit derivative settlements		(45.9)		(35.0)		(32.5)
Total revenues per consolidated statements of operations	$	13,665.8	$	17,536.1	$	14,427.8

Pre-tax operating earnings (losses) by segment:
Retirement and Income Solutions	$	1,051.4	$	959.1	$	972.6
Principal Asset Management		817.7		902.7		1,036.1
Benefits and Protection		537.6		570.3		366.9
Corporate		(396.8)		(469.4)		(368.0)
Total segment pre-tax operating earnings		2,009.9		1,962.7		2,007.6
Pre-tax net realized capital losses, as adjusted (4)		(88.6)		(251.4)		(83.0)
Pre-tax income (loss) from exited business (5)		(1,129.8)		4,260.1		—
Adjustments related to equity method investments and noncontrolling interest		(52.7)		15.6		(13.7)
Income before income taxes per consolidated statements of operations	$	738.8	$	5,987.0	$	1,910.9

(1)	Reflects inter-segment revenues of $398.3 million, $364.4 million and $413.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)	Reflects inter-segment revenues of $297.8 million, $306.0 million and $287.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Revenues from exited business (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$	(1,085.7)	$	3,652.8	$	—
Net realized capital gains on funds withheld assets		165.0		749.4		—
Amortization of reinsurance gain		5.9		12.6		—
Other impacts of reinsured business		(12.7)		—		—
Total revenues from exited business	$	(927.5)	$	4,414.8	$	—

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


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Net realized capital gains (losses)	$	(72.2)	$	(182.1)	$	115.4
Derivative and hedging-related revenue adjustments		23.3		(91.3)		(127.8)
Market value adjustments to fee revenues		1.3		0.7		(0.6)
Certain variable annuity fees		73.3		75.9		80.5
Adjustments related to equity method investments		8.8		(15.0)		(24.0)
Adjustments related to sponsored investment funds		23.4		22.2		21.3
Net realized capital gains (losses), net of related revenue adjustments		57.9		(189.6)		64.8
Amortization of deferred acquisition costs and other actuarial balances		(0.2)		(0.1)		9.7
Capital (gains) losses distributed		(78.5)		136.4		(106.7)
Derivative and hedging-related expense adjustments		1.8		—		—
Market value adjustments of market risk benefits		(71.3)		(157.2)		(36.9)
Market value adjustments of embedded derivatives		1.7		(40.9)		(13.9)
Pre-tax net realized capital losses, as adjusted (a)	$	(88.6)	$	(251.4)	$	(83.0)

(a)

As adjusted before noncontrolling interest capital gains (losses).

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


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Pre-tax income (loss) from exited business
Change in fair value of funds withheld embedded derivative	$	(1,085.7)	$	3,652.8	$	—
Net realized capital gains on funds withheld assets		165.0		749.4		—
Strategic review costs and impacts		—		40.4		—
Amortization of reinsurance loss		(68.7)		(56.7)		—
Other impacts of reinsured business		(140.4)		(125.8)		—
Total pre-tax income (loss) from exited business	$	(1,129.8)	$	4,260.1	$	—

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Income tax expense (benefit) by segment:
Retirement and Income Solutions	$	130.9	$	90.6	$	94.7
Principal Asset Management		220.7		213.3		272.2
Benefits and Protection		97.7		109.1		70.5
Corporate		(42.2)		(69.1)		(70.7)
Total segment income taxes from operating earnings		407.1		343.9		366.7
Tax benefit related to net realized capital losses, as adjusted		(22.0)		(56.6)		(35.7)
Tax expense (benefit) related to other after-tax adjustments (1)		(238.1)		956.4		—
Certain adjustments related to equity method investments and noncontrolling interest		(78.3)		(54.2)		(47.1)
Total income taxes per consolidated statements of operations	$	68.7	$	1,189.5	$	283.9

(1)	Income tax expense (benefit) related to exited business is derived as follows:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Income tax expense (benefit) related to exited business:
Change in fair value of funds withheld embedded derivative	$	(228.0)	$	767.1	$	—
Net realized capital gains on funds withheld assets		34.6		157.4		—
Strategic review costs and impacts (a)		(0.9)		70.3		—
Amortization of reinsurance loss		(14.4)		(12.0)		—
Other impacts of reinsured business		(29.4)		(26.4)		—
Total income tax expense (benefit) related to exited business	$	(238.1)	$	956.4	$	—

(a)

Includes Global Intangible Low-Taxed Income allocated to exited business.

Income tax expense (benefit) related to exited business (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Income tax expense (benefit) related to exited business:
Change in fair value of funds withheld embedded derivative	$	(228.0)	$	767.1	$	—
Net realized capital gains on funds withheld assets		34.6		157.4		—
Strategic review costs and impacts (a)		(0.9)		70.3		—
Amortization of reinsurance loss		(14.4)		(12.0)		—
Other impacts of reinsured business		(29.4)		(26.4)		—
Total income tax expense (benefit) related to exited business	$	(238.1)	$	956.4	$	—

(a)

Includes Global Intangible Low-Taxed Income allocated to exited business.

Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Depreciation and amortization expense by segment:
Retirement and Income Solutions	$	85.3	$	86.2	$	81.7
Principal Asset Management		76.0		74.6		78.4
Benefits and Protection		23.9		23.7		24.2
Corporate		17.7		18.4		23.7
Total segment depreciation and amortization expense included in pre-tax operating earnings		202.9		202.9		208.0
Depreciation and amortization expense related to exited business		—		27.1		—
Total depreciation and amortization expense included in our consolidated statements of operations	$	202.9	$	230.0	$	208.0

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	$ 305,046.7	$ 290,867.0
Money Market Funds
Total assets of unconsolidated money market mutual funds	3,800.0	4,200.0
Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Carrying value used if distributions received are in excess of investment	0.0
Corporate debt securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	364.9	111.8
Maximum exposure to loss	369.8	127.2
Residential mortgage-backed pass-through securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,061.1	2,228.7
Maximum exposure to loss	3,199.7	2,420.6
Residential mortgage-backed pass-through securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	10.4	5.4
Maximum exposure to loss	10.4	5.4
Commercial mortgage-backed securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	4,775.5	4,864.6
Maximum exposure to loss	5,428.6	5,572.2
Commercial mortgage-backed securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	53.1	83.4
Maximum exposure to loss	53.1	83.4
Collateralized debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,403.7	4,566.4
Maximum exposure to loss	5,465.4	4,820.0
Collateralized debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2.0	5.7
Maximum exposure to loss	2.0	5.7
Other debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	7,902.2	6,507.6
Maximum exposure to loss	9,002.9	7,566.2
Other debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	228.4	80.0
Maximum exposure to loss	228.4	80.0
Equity securities \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	110.4	99.8
Maximum exposure to loss	110.4	99.8
Other investments: Other limited partnership and fund interests \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2,091.7	1,473.5
Maximum exposure to loss	3,785.9	2,434.9
Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure	$ 251.9	$ 144.3

Separate Account Balances - Benefits and Protection (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in separate account liabilities
Balance at beginning of period	$ 155,375.1
Balance at end of period	167,605.6	$ 155,375.1
Benefits and Protection \| Life Insurance \| Universal life
Changes in separate account liabilities
Balance at beginning of period	5,011.0	5,886.1
Premiums and deposits	532.1	514.7
Policy charges	(129.0)	(122.1)
Surrenders, withdrawals and benefit payments	(342.1)	(208.6)
Investment performance	902.8	(1,054.5)
Net transfers (to) from general account	7.7	(4.6)
Balance at end of period	5,982.5	5,011.0
Cash surrender value	$ 6,041.9	$ 5,055.8

Contractholder Funds - Changes in Policyholder Account Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 26,349.6
Policyholder account balance, end of period	25,322.2	$ 26,349.6
Retirement and Income Solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	19,764.4
Policyholder account balance, end of period	18,774.0	19,764.4
Retirement and Income Solutions \| Workplace savings and retirement solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	12,154.7	10,996.2
Premiums and deposits	4,441.7	3,719.5
Policy charges	(31.6)	(28.5)
Surrenders, withdrawals and benefit payments	(4,356.6)	(2,866.7)
Net transfers from (to) separate account	264.8	164.6
Interest credited	280.2	194.3
Other	(31.7)	(24.7)
Policyholder account balance, end of period	$ 12,721.5	$ 12,154.7
Weighted-average crediting rate	2.54%	1.94%
Cash surrender value	$ 11,211.9	$ 10,341.7
Retirement and Income Solutions \| Individual variable annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	381.4	380.9
Premiums and deposits	586.7	426.5
Surrenders, withdrawals and benefit payments	(1,123.0)	(843.2)
Net transfers from (to) separate account	659.3	406.6
Interest credited	9.8	10.6
Policyholder account balance, end of period	$ 514.2	$ 381.4
Weighted-average crediting rate	3.22%	2.79%
Cash surrender value	$ 512.6	$ 378.6
Retirement and Income Solutions \| Individual fixed deferred annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	7,228.3	9,646.3
Premiums and deposits	36.8	35.9
Surrenders, withdrawals and benefit payments	(1,888.4)	(2,655.6)
Interest credited	161.6	201.7
Policyholder account balance, end of period	$ 5,538.3	$ 7,228.3
Weighted-average crediting rate	2.84%	2.63%
Cash surrender value	$ 5,434.4	$ 7,081.4
Benefits and Protection \| Life Insurance \| Universal life
Changes in policyholder account balances
Policyholder account balance, beginning of period	6,947.9	6,962.5
Premiums and deposits	1,260.5	1,267.2
Policy charges	(858.1)	(837.8)
Surrenders, withdrawals and benefit payments	(483.6)	(390.0)
Net transfers from (to) separate account	(197.7)	(301.5)
Interest credited	242.1	247.5
Other	(0.7)
Policyholder account balance, end of period	6,910.4	6,947.9
Reinsurance impact	(3,396.8)	(3,528.9)
Policyholder account balance at end of period after reinsurance	$ 3,513.6	$ 3,419.0
Weighted-average crediting rate	4.01%	3.35%
Net amount at risk	$ 86,671.0	$ 86,547.9
Cash surrender value	$ 5,953.0	$ 5,911.5

Deferred Acquisition Costs and Other Actuarial Balances

12 Months Ended

Dec. 31, 2023

Deferred Acquisition Costs and Other Actuarial Balances

Deferred Acquisition Costs and Other Actuarial Balances

7. Deferred Acquisition Costs and Other Actuarial Balances

Deferred Acquisition Costs

Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contracts are capitalized in the period they are incurred. Maintenance costs and acquisition costs that are not deferrable are charged to operating expenses as incurred.

For our long-duration insurance products and certain investment contracts, DAC is amortized on a constant level basis over the expected life of the contracts using groupings and assumptions consistent with those used in computing policyholder liabilities. For each of our long-duration insurance products, we select an inforce measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. If our actual contract terminations differ from our expectation, the amortization pattern is adjusted on a prospective basis.

Some of our life and disability products within the Benefits and Protection segment have renewal commissions resulting in new DAC capitalizations in the years following the initial capitalization. We also have life products that allow for underwritten death benefit increases and cost of living adjustments, resulting in an immaterial amount of new DAC capitalizations each year. The new capitalizations are added to the existing DAC balance when incurred and amortized over the remaining life of the business.

DAC on short-duration group benefits contracts is amortized over the estimated life of the underlying contracts.

We review and update actuarial experience assumptions (such as mortality, surrenders, lapse, and premium persistency) serving as inputs to the models that establish the expected life for DAC and other actuarial balances during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. We make model refinements as necessary, and any changes resulting from these assumption updates are applied prospectively.

DAC amortization expense of $389.8 million, $386.9 million and $373.4 million related to our long-duration and short-duration contracts was recorded in operating expenses on the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively.

The following tables summarize disaggregated DAC amounts and reconcile the totals to those reported in the consolidated statements of financial position.


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	506.4	$	498.0
Individual variable annuities		279.5		278.0
Pension risk transfer		15.4		8.1
Individual fixed deferred annuities		106.1		131.0
Investment only		11.5		14.9
Total Retirement and Income Solutions		918.9		930.0
Benefits and Protection:
Specialty Benefits:
Individual disability		667.7		626.1
Life Insurance:
Universal life		1,545.3		1,569.7
Term life		695.1		685.7
Participating life		84.7		93.0
Total Benefits and Protection		2,992.8		2,974.5
Short-duration contracts		31.1		34.7
Other balances (1)		7.7		8.8
Total DAC per consolidated statements of financial position	$	3,950.5	$	3,948.0

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

Retirement and Income Solutions

The balances and changes in DAC were as follows:


	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only

	(in millions)
Balances as of January 1, 2022	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1
Costs deferred		48.3		22.5		5.6		—		1.4
Amortized to expense		(39.3)		(25.7)		(0.2)		(31.2)		(4.6)
Balances as of December 31, 2022		498.0		278.0		8.1		131.0		14.9
Costs deferred		48.1		27.4		7.9		—		1.3
Amortized to expense		(39.7)		(25.9)		(0.6)		(24.9)		(4.7)
Balances as of December 31, 2023	$	506.4	$	279.5	$	15.4	$	106.1	$	11.5

Benefits and Protection

The balances and changes in DAC were as follows:


	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life

	(in millions)
Balances as of January 1, 2022	$	580.7	$	1,596.2	$	678.9	$	102.3
Costs deferred		87.6		70.6		66.7		1.4
Amortized to expense		(42.2)		(97.1)		(59.9)		(10.7)
Balances as of December 31, 2022		626.1		1,569.7		685.7		93.0
Costs deferred		86.7		70.7		71.3		1.4
Amortized to expense		(45.1)		(95.1)		(61.9)		(9.7)
Balances as of December 31, 2023	$	667.7	$	1,545.3	$	695.1	$	84.7

Unearned Revenue Liability

An unearned revenue liability is established when we collect fees or other policyholder assessments, inclusive of cost of insurance charges, administrative charges and other similar fees, for services to be provided in future periods. These unearned front-end fees are deferred and the amortization is recorded using an approach consistent with DAC.

The unearned revenue liability is included within other policyholder funds in the consolidated statements of financial position. The following table summarizes disaggregated unearned revenue liability amounts and reconciles the totals to those reported in the consolidated statements of financial position.


	December 31, 2023		December 31, 2022

	(in millions)
Benefits and Protection – Life Insurance:
Universal life	$	485.5	$	459.0
Other balances (1)		7.2		8.4
Total unearned revenue liability	$	492.7	$	467.4

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

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	(in millions)
Balance at beginning of period	$	459.0	$	425.3
Deferrals		56.3		61.8
Revenue recognized		(29.8)		(28.1)
Balance at end of period		485.5		459.0
Reinsurance impact		(225.1)		(227.9)
Balance at end of period after reinsurance	$	260.4	$	231.1

Nature of Operations and Significant Accounting Policies - Cash and Cash Equivalents, Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents
Maximum maturity period when purchased for investments to be included in cash and cash equivalents	3 months
Investments
Real estate held for sale	$ 230.6	$ 240.6

Statutory Insurance Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory disclosures
Statutory reserves assumed by affiliated reinsurance subsidiaries	$ 18,474.2	$ 17,815.1
Admitted assets under prescribed and permitted statutory accounting practices	4,153.8	3,748.4
Statutory net income (loss)	1,285.0	(1,563.1)	$ 864.0
Statutory capital and surplus	4,753.4	4,304.4	$ 5,375.2
Insurance ceded out of ULSG reserves by affiliated reinsurance subsidiaries	$ 10,406.3	$ 9,956.9

Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract costs
Contract cost asset	$ 219.2	$ 204.9
Practical expedient, incremental costs of obtaining a contract	true
Amortization expense of contract cost asset	$ 38.3	35.5	$ 32.4
Impairment loss for contract cost asset	$ 0.0	$ 0.0	$ 0.0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

18. Fair Value Measurements

We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements.

Valuation Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability.

●

Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 – Fair values are based on at least one significant unobservable input for the asset or liability.

Determination of Fair Value

The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below.

Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2023.

Fixed Maturities

Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. When available, the fair value of fixed maturities is based on quoted prices of identical assets in active markets. These are reflected in Level 1 and primarily include U.S. Treasury bonds and actively traded redeemable corporate preferred securities.

When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data for specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors.

If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of December 31, 2023, approximately 3% of our total fixed maturities were Level 3 securities valued using internal pricing models.

The primary inputs, by asset class, for valuations of the majority of our Level 2 investments from third party pricing vendors or our internal pricing valuation approach are described below.

U.S. Government and Agencies/Non-U.S. Governments. Inputs include recently executed market transactions, interest rate yield curves, maturity dates, market price quotations and credit spreads relating to similar instruments.

States and Political Subdivisions. Inputs include Municipal Securities Rulemaking Board reported trades, U.S. Treasury and other benchmark curves, material event notices, new issue data and obligor credit ratings.

Corporate. Inputs include recently executed transactions, market price quotations, benchmark yields, issuer spreads and observations of equity and credit default swap curves related to the issuer. For private placement corporate securities valued through the matrix valuation approach inputs include the current Treasury curve and risk spreads based on sector, rating and average life of the issuance.

RMBS, CMBS, Collateralized Debt Obligations and Other Debt Obligations. Inputs include cash flows, priority of the tranche in the capital structure, expected time to maturity for the specific tranche, reinvestment period remaining and performance of the underlying collateral including prepayments, defaults, deferrals, loss severity of defaulted collateral and, for RMBS, prepayment speed assumptions. Other inputs include market indices and recently executed market transactions.

Equity Securities

Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. When quoted prices are not available, we may utilize internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices or the NAV, which are reflected in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities, which are reflected in Level 3.

Derivatives

The fair values of exchange-traded derivatives are determined through quoted market prices, which are reflected in Level 1. Exchange-traded derivatives include futures that are settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of OTC cleared derivatives are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses utilize the secured overnight financing rate (“SOFR”) curve in their valuation. Variation margin associated with OTC cleared derivatives is settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of bilateral OTC derivative instruments are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The majority of our bilateral OTC derivatives are valued with models that use market observable inputs, which are reflected in Level 2. Significant inputs include contractual terms, interest rates, currency exchange rates, credit spread curves, equity prices and volatilities. These valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Certain bilateral OTC derivatives utilize unobservable market data, primarily independent broker quotes that are nonbinding quotes based on models that do not reflect the result of market transactions, which are reflected in Level 3.

Our non-cleared derivative contracts are generally documented under ISDA Master Agreements, which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Collateral arrangements are bilateral and based on current ratings of each entity. We utilize the SOFR curve to value our positions. Counterparty credit risk is routinely monitored to ensure our adjustment for nonperformance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the nonperformance risk on these trades.

Interest Rate Contracts. For non-cleared contracts, which include interest rate swaps and have included swaptions, we use discounted cash flow valuation techniques to determine the fair value using observable swap curves as the inputs. These are reflected in Level 2. We have forward contracts for which we obtain prices from third party pricing vendors. These are reflected in Level 2. For centrally cleared contracts we use published prices from clearinghouses. These are reflected in Level 2. In addition, we have forward contracts and have had interest rate options that were valued using broker quotes. These are reflected in Level 3.

Foreign Exchange Contracts. We use discounted cash flow valuation techniques that utilize observable swap curves and exchange rates as the inputs to determine the fair value of foreign currency swaps. These are reflected in Level 2. Currency forwards are valued using observable market inputs, including forward currency exchange rates. These are reflected in Level 2. In addition, we had a limited number of non-standard currency swaps that were valued using broker quotes. These were reflected within Level 3.

Equity Contracts. We use an option pricing model using observable implied volatilities, dividend yields, index prices and swap curves as the inputs to determine the fair value of equity options. These are reflected in Level 2. Certain equity option contracts are valued using broker quotes. These are reflected in Level 3.

Credit Contracts. We use either the ISDA Credit Default Swap Standard discounted cash flow model that utilizes observable default probabilities and recovery rates as inputs to determine the fair value of credit default swaps. These are reflected in Level 2. In addition, we have a limited number of credit default swaps that are valued using broker quotes. These are reflected within Level 3.

Other Investments

Other investments reported at fair value include invested assets of consolidated sponsored investment funds, unconsolidated sponsored investment funds, other investment funds reported at fair value, other loans of a consolidated VIE for which the fair value option was elected and certain redeemable and nonredeemable preferred stock.

Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and derivative assets, for which fair values are determined as previously described, and are reflected in Level 1 and Level 2.

The fair value of unconsolidated sponsored investment funds and other investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2.

Other loans of a consolidated VIE for which the fair value option was elected are reflected in Level 3. The fair value of these loans is estimated using a discounted cash flow valuation model that utilizes standard assumption-setting methodology accepted by market participants in the industry. The assumptions are formed based on historical performance of the loans and utilizes market data inputs such as charge-off rates, prepayment rates, recovery rates and discount rates.

Cash Equivalents

Certain cash equivalents are reported at fair value on a recurring basis and include money market instruments and other short-term investments with maturities of three months or less. Fair values of these cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2.

Separate Account Assets

Separate account assets include equity securities, debt securities, cash equivalents and derivative instruments, for which fair values are determined as previously described, and are reflected in Level 1, Level 2 and Level 3. Separate account assets also include commercial mortgage loans, for which the fair value is estimated by discounting the expected total cash flows using market rates that are applicable to the yield, credit quality and maturity of the loans. The market clearing spreads vary based on mortgage type, weighted average life, rating and liquidity. These are reflected in Level 3. Finally, separate account assets include real estate, for which the fair value is estimated using discounted cash flow valuation models that utilize various public real estate market data inputs. In addition, each property is appraised annually by an independent appraiser. The real estate included in separate account assets is recorded net of related mortgage encumbrances for which the fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The real estate within the separate accounts is reflected in Level 3.

Market Risk Benefits

MRBs are measured at fair value at the contract level on a recurring basis and are reflected in Level 3 as either an asset or a liability, depending on certain inputs at the reporting date. The key assumptions for calculating the fair value are market assumptions and policyholder behavior. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk.

The assumption for our own nonperformance risk is based on current market credit spreads for debt-like instruments we have issued and are available in the market. Refer to Note 11, Market Risk Benefits, for further information on the determination of fair value measurement of MRBs.

Investment and Universal Life Contracts

Certain universal life, annuity and other investment contracts include embedded derivatives that have been bifurcated from the host contract and are measured at fair value on a recurring basis, which are reflected in Level 3. The key assumptions for calculating the fair value of the embedded derivative liabilities are market assumptions (such as equity market returns, interest rate levels, market volatility and correlations) and policyholder behavior assumptions (such as lapse and mortality). Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The embedded derivative liabilities are valued using models that incorporate a spread reflecting our own creditworthiness.

The assumption for our own nonperformance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market.

Funds Withheld Payable

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis, which is reflected in Level 3. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments. The fair value of these assets is determined as previously described.

Other Liabilities

Derivative liabilities of consolidated sponsored investment funds are reported at fair value within other liabilities. Fair values of these derivatives are determined as previously described and are reflected in Level 2.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

December 31, 2023

Assets/

Amount

(liabilities)

measured at

Fair value hierarchy level

measured at

net asset

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,528.8

—

1,216.0

312.8

—

Non-U.S. governments

507.9

—

0.2

507.7

—

States and political subdivisions

6,676.8

—

6,606.9

69.9

Corporate

35,810.0

—

30.9

33,473.2

2,305.9

Residential mortgage-backed pass-through securities

3,061.1

—

3,061.1

—

Commercial mortgage-backed securities

4,775.5

—

4,772.5

3.0

Collateralized debt obligations (1)

5,403.7

—

5,328.3

75.4

Other debt obligations

7,909.3

—

6,726.7

1,182.6

Total fixed maturities, available-for-sale

65,673.1

—

1,247.1

60,789.2

3,636.8

Fixed maturities, trading

836.2

—

27.7

392.7

415.8

Equity securities

1,478.1

—

245.4

1,232.7

—

Derivative assets (2)

304.2

—

297.9

6.3

Other investments

815.6

73.7

220.1

356.7

165.1

Cash equivalents

3,771.4

—

511.6

3,259.8

—

Market risk benefit asset (3)

153.4

—

153.4

Sub-total excluding separate account assets

73,032.0

73.7

2,251.9

66,329.0

4,377.4

Separate account assets

167,605.6

8,692.0

104,505.0

53,655.8

752.8

Total assets

240,637.6

8,765.7

106,756.9

119,984.8

5,130.2

Liabilities

Investment and universal life contracts (4)

(115.5)

—

(115.5)

Market risk benefit liability (3)

(133.2)

—

(133.2)

Funds withheld payable embedded derivative (4)

2,567.1

—

2,567.1

Derivative liabilities (2)

(494.0)

—

(493.2)

(0.8)

Other liabilities

(1.0)

—

(1.0)

—

Total liabilities

1,823.4

—

(494.2)

2,317.6

Net assets

242,461.0

8,765.7

106,756.9

119,490.6

7,447.8


	December 31, 2022
	Assets/		Amount
	(liabilities)		measured at		Fair value hierarchy level
	measured at		net asset
	fair value		value (5)		Level 1		Level 2		Level 3

	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,739.8	$	—	$	1,359.1	$	380.7	$	—
Non-U.S. governments		567.3		—		1.4		565.9		—
States and political subdivisions		6,232.3		—		—		6,161.4		70.9
Corporate		36,183.2		—		26.6		34,588.3		1,568.3
Residential mortgage-backed pass-through securities		2,228.7		—		—		2,228.7		—
Commercial mortgage-backed securities		4,864.6		—		—		4,861.2		3.4
Collateralized debt obligations (1)		4,566.4		—		—		4,510.2		56.2
Other debt obligations		6,507.6		—		—		6,039.8		467.8
Total fixed maturities, available-for-sale		62,889.9		—		1,387.1		59,336.2		2,166.6
Fixed maturities, trading		760.7		—		78.6		548.1		134.0
Equity securities		1,708.6		—		492.4		1,216.2		—
Derivative assets (2)		321.6		—		—		320.9		0.7
Other investments		701.1		81.4		311.7		306.1		1.9
Cash equivalents		3,604.1		—		973.5		2,630.6		—
Market risk benefit asset (3)		109.2		—		—		—		109.2
Sub-total excluding separate account assets		70,095.2		81.4		3,243.3		64,358.1		2,412.4
Separate account assets		155,375.1		9,120.9		92,010.7		53,208.6		1,034.9
Total assets	$	225,470.3	$	9,202.3	$	95,254.0	$	117,566.7	$	3,447.3

Liabilities
Investment and universal life contracts (4)	$	(46.4)	$	—	$	—	$	—	$	(46.4)
Market risk benefit liability (3)		(207.4)		—		—		—		(207.4)
Funds withheld payable embedded derivative (4)		3,652.8		—		—		—		3,652.8
Derivative liabilities (2)		(634.2)		—		—		(630.1)		(4.1)
Other liabilities		(0.4)		—		—		(0.4)		—
Total liabilities	$	2,764.4	$	—	$	—	$	(630.5)	$	3,394.9

Net assets	$	228,234.7	$	9,202.3	$	95,254.0	$	116,936.2	$	6,842.2

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

(2)

(3)	Refer to Note 11, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs.

(4)

(5)

Changes in Level 3 Fair Value Measurements

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was as follows:

For the year ended December 31, 2023

Beginning

Net

Ending

asset/

Total realized/unrealized

purchases,

asset/

(liability)

gains (losses)

sales,

(liability)

balance

Included

Included in

issuances

balance

as of

in net

other

and

Transfers

as of

January 1,

income

comprehensive

settlements

into

out of

December 31,

2023

(2)

income (3)

(4)

Level 3

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

70.9

—

0.7

(1.7)

—

69.9

Corporate

1,568.3

(4.5)

13.3

593.6

212.4

(77.2)

2,305.9

Commercial mortgage-backed securities

3.4

—

(0.4)

—

3.0

Collateralized debt obligations

56.2

—

1.9

165.8

—

(148.5)

75.4

Other debt obligations

467.8

1.3

1.2

537.0

239.5

(64.2)

1,182.6

Total fixed maturities, available-for-sale

2,166.6

(3.2)

17.1

1,294.3

451.9

(289.9)

3,636.8

Fixed maturities, trading

134.0

2.4

—

279.4

—

415.8

Other investments

1.9

(5.7)

—

168.9

—

165.1

Separate account assets (1)

1,034.9

(8.7)

—

(273.4)

—

752.8

Liabilities

Investment and universal life contracts

(46.4)

(37.7)

—

(31.4)

—

(115.5)

Funds withheld payable embedded derivative

3,652.8

(1,085.7)

—

2,567.1

Derivatives

Net derivative assets (liabilities)

(3.4)

3.9

—

4.9

0.1

—

5.5


	For the year ended December 31, 2022
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		December 31,
	2022		(2)		income (3)		(4)		Level 3		Level 3		2022

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	94.8	$	—	$	(24.1)	$	(1.6)	$	12.0	$	(10.2)	$	70.9
Corporate		834.3		(4.8)		(28.6)		626.3		176.3		(35.2)		1,568.3
Commercial mortgage-backed securities		19.2		—		(1.0)		(4.6)		—		(10.2)		3.4
Collateralized debt obligations		85.8		—		(1.0)		151.8		—		(180.4)		56.2
Other debt obligations		42.1		(0.3)		(20.4)		474.2		—		(27.8)		467.8
Total fixed maturities, available-for-sale		1,076.2		(5.1)		(75.1)		1,246.1		188.3		(263.8)		2,166.6
Fixed maturities, trading		4.9		(0.6)		—		100.7		29.0		—		134.0
Other investments		2.1		—		(0.6)		0.4		—		—		1.9
Separate account assets (1)		945.3		113.5		—		(23.9)		—		—		1,034.9

Liabilities
Investment and universal life contracts		(83.2)		35.9		—		0.9		—		—		(46.4)
Funds withheld payable embedded derivative		—		3,652.8		—		—		—		—		3,652.8

Derivatives
Net derivative assets (liabilities)		—		(5.4)		(0.3)		2.6		—		(0.3)		(3.4)


	For the year ended December 31, 2021
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		December 31,
	2021		(2)		income (3)		(4)		Level 3		Level 3		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	12.8	$	(0.4)	$	82.4	$	—	$	94.8
Corporate		290.8		(21.9)		7.8		381.8		175.8		—		834.3
Commercial mortgage-backed securities		13.2		(1.0)		(0.4)		7.4		—		—		19.2
Collateralized debt obligations		27.2		(2.0)		1.6		420.7		74.1		(435.8)		85.8
Other debt obligations		29.2		—		0.4		16.9		20.6		(25.0)		42.1
Total fixed maturities, available-for-sale		360.4		(24.9)		22.2		826.4		352.9		(460.8)		1,076.2
Fixed maturities, trading		—		—		—		4.9		—		—		4.9
Other investments		31.9		12.5		(1.3)		(41.0)		—		—		2.1
Separate account assets (1)		8,893.2		313.1		—		(8,261.0)		—		—		945.3

Liabilities
Investment and universal life contracts		(90.8)		(15.6)		—		23.2		—		—		(83.2)

Derivatives
Net derivative assets (liabilities)		(5.1)		(6.9)		—		12.0		—		—		—

(1)

(2)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	0.3	$	(1.3)	$	(4.6)
Commercial mortgage-backed securities		—		—		(1.0)
Collateralized debt obligations		—		—		(2.0)
Other debt obligations		1.9		—		—
Total fixed maturities, available-for-sale		2.2		(1.3)		(7.6)
Fixed maturities, trading		2.0		(0.6)		—
Other investments		(5.2)		—		12.5
Separate account assets		(80.3)		89.8		90.5

Liabilities
Investment and universal life contracts		(29.2)		22.6		(8.6)
Funds withheld payable embedded derivative		(1,085.7)		3,652.8		—

Derivatives
Net derivative assets (liabilities)		7.5		(3.4)		(0.6)

(3)	Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal International, relating to positions still held were:


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	(4.1)	$	(22.3)	$	12.8
Corporate		(38.9)		(19.8)		(0.7)
Commercial mortgage-backed securities		—		(0.5)		(0.4)
Collateralized debt obligations		0.7		—		1.9
Other debt obligations		(29.8)		(18.5)		—
Total fixed maturities, available-for-sale		(72.1)		(61.1)		13.6
Other investments		—		—		(1.3)

Derivatives
Net derivative assets (liabilities)		—		(0.2)		—

(4)	Gross purchases, sales, issuances and settlements were:

For the year ended December 31, 2023

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(1.7)

Corporate

815.2

(27.7)

—

(193.9)

593.6

Commercial mortgage-backed securities

—

(0.4)

Collateralized debt obligations

167.0

—

(1.2)

165.8

Other debt obligations

563.3

—

(26.3)

537.0

Total fixed maturities, available-for-sale

1,545.5

(27.7)

—

(223.5)

1,294.3

Fixed maturities, trading

439.3

(145.2)

—

(14.7)

279.4

Other investments

194.2

—

(25.3)

168.9

Separate account assets (5)

—

(286.3)

(109.1)

122.0

(273.4)

Liabilities

Investment and universal life contracts

—

(69.9)

38.5

(31.4)

Derivatives

Net derivative assets (liabilities)

0.8

4.1

—

4.9


	For the year ended December 31, 2022
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.6)	$	(1.6)
Corporate		817.3		(50.4)		—		(140.6)		626.3
Commercial mortgage-backed securities		—		(4.1)		—		(0.5)		(4.6)
Collateralized debt obligations		151.9		—		—		(0.1)		151.8
Other debt obligations		487.4		(8.2)		—		(5.0)		474.2
Total fixed maturities, available-for-sale		1,456.6		(62.7)		—		(147.8)		1,246.1
Fixed maturities, trading		134.7		(32.6)		—		(1.4)		100.7
Other investments		0.4		—		—		—		0.4
Separate account assets (5)		11.8		(4.5)		(50.0)		18.8		(23.9)

Liabilities
Investment and universal life contracts		—		—		(22.2)		23.1		0.9

Derivatives
Net derivative assets (liabilities)		—		2.6		—		—		2.6


	For the year ended December 31, 2021
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.4)	$	(0.4)
Corporate		626.6		(84.3)		—		(160.5)		381.8
Commercial mortgage-backed securities		7.7		—		—		(0.3)		7.4
Collateralized debt obligations		446.0		—		—		(25.3)		420.7
Other debt obligations		45.1		—		—		(28.2)		16.9
Total fixed maturities, available-for-sale		1,125.4		(84.3)		—		(214.7)		826.4
Fixed maturities, trading		4.9		—		—		—		4.9
Other investments		—		(41.0)		—		—		(41.0)
Separate account assets (5)		38.5		(8,206.2)		(191.5)		98.2		(8,261.0)

Liabilities
Investment and universal life contracts		—		—		(19.5)		42.7		23.2

Derivatives
Net derivative assets (liabilities)		—		12.0		—		—		12.0

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers

Transfers of assets and liabilities measured at fair value on a recurring basis between fair value hierarchy levels were as follows:

For the year ended December 31, 2023

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

—

212.4

—

77.2

Collateralized debt obligations

—

148.5

Other debt obligations

—

239.5

—

64.2

Total fixed maturities, available-for-sale

—

451.9

—

289.9

Derivatives

Net derivative assets (liabilities)

—

0.1

—


	For the year ended December 31, 2022
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	12.0	$	—	$	10.2
Corporate		—		176.3		—		35.2
Commercial mortgage-backed securities		—		—		—		10.2
Collateralized debt obligations		—		—		—		180.4
Other debt obligations		—		—		—		27.8
Total fixed maturities, available-for-sale		—		188.3		—		263.8
Fixed maturities, trading		—		29.0		—		—

Derivatives
Net derivative assets (liabilities)		—		—		—		0.3


	For the year ended December 31, 2021
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	82.4	$	—	$	—
Corporate		—		175.8		—		—
Collateralized debt obligations		—		74.1		—		435.8
Other debt obligations		—		20.6		—		25.0
Total fixed maturities, available-for-sale		—		352.9		—		460.8

Assets transferred into Level 3 during 2023, 2022 and 2021, primarily included those assets for which we are now unable to obtain pricing from a recognized third party pricing vendor as well as assets that were previously priced using a matrix valuation approach that may no longer be relevant when applied to asset-specific situations.

Assets transferred out of Level 3 during 2023, 2022 and 2021, included those assets for which we are now able to obtain pricing from a recognized third party pricing vendor or from internal models using substantially all market observable information.

Quantitative Information about Level 3 Fair Value Measurements

The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally, which primarily consists of those valued using broker quotes. The MRB asset and liability are excluded from the table. Refer to Note 11, Market Risk Benefits, for information on the unobservable inputs used for fair value measurement of MRBs. The funds withheld payable embedded derivative is excluded from the table as the determination of its fair value incorporates the fair value of the invested assets supporting the reinsurance agreement. Refer to “Assets and liabilities measured at fair value on a recurring basis” for a complete valuation hierarchy summary.


	December 31, 2023
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,997.4	Discounted cash flow	Discount rate (1)	4.9	%-	24.2	%	12.0	%
				Earnings before interest, taxes, depreciation and amortization multiple			3.25	x	3.25	x
				Illiquidity premium	30	basis points (“bps”)-	483	bps	121	bps
				Comparability adjustment	67	bps-	217	bps	141	bps
Collateralized debt obligations		74.6	Discounted cash flow	Discount rate (1)			4.1	%	4.1	%
				Comparability adjustment			20	bps	20	bps
Other debt obligations		879.5	Discounted cash flow	Discount rate (1)	5.0	%-	10.6	%	7.4	%
				Illiquidity premium	69	bps-	650	bps	337	bps
				Comparability adjustment	(20)	bps-	213	bps	92	bps
Fixed maturities, trading		203.9	Discounted cash flow	Discount rate (1)	11.4	%-	22.3	%	13.3	%
Other investments		163.2	Discounted cash flow	Discount rate (1)	12.0	%-	13.5	%	12.6	%
				Probability of default	6.0	%-	10.0	%	8.5	%
				Potential loss severity	87.0	%-	100.0	%	90.7	%
Separate account assets		752.8	Discounted cash flow - real estate	Discount rate (1)	6.5	%-	10.0	%	7.5	%
				Terminal capitalization rate	5.3	%-	9.5	%	6.1	%
				Average market rent growth rate	2.0	%-	3.7	%	2.9	%
			Discounted cash flow - real estate debt	Loan to value	46.0	%-	72.0	%	55.3	%
				Market interest rate	5.3	%-	8.1	%	6.4	%
Liabilities
Investment and universal life contracts (4)		(115.5)	Discounted cash flow	Long duration interest rate	2.5	%-	4.8	% (2)	4.0	%
				Long-term equity market volatility	15.5	%-	40.1	%	19.2	%
				Nonperformance risk	0.8	%-	1.6	%	1.1	%
				Lapse rate	0.0	%-	55.0	%	7.0	%
				Mortality rate	See note (3)


	December 31, 2022
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	1,479.9	Discounted cash flow	Discount rate (1)	2.7	%-	33.1	%	11.0	%
				Illiquidity premium	0	bps-	467	bps	50	bps
				Comparability adjustment	(16)	bps-	0	bps	(11)	bps
Collateralized debt obligations		39.5	Discounted cash flow	Discount rate (1)			4.4	%	4.4	%
				Comparability adjustment			55	bps	55	bps
Other debt obligations		467.8	Discounted cash flow	Discount rate (1)	5.6	%-	8.2	%	7.6	%
				Illiquidity premium	0	bps-	260	bps	220	bps
				Comparability adjustment	1	bps-	139	bps	77	bps
Fixed maturities, trading		119.7	Discounted cash flow	Discount rate (1)	9.6	%-	15.2	%	11.0	%
Separate account assets		1,034.1	Discounted cash flow - real estate	Discount rate (1)	5.5	%-	10.0	%	7.0	%
				Terminal capitalization rate	4.5	%-	9.5	%	5.8	%
				Average market rent growth rate	2.0	%-	3.8	%	3.0	%
			Discounted cash flow - real estate debt	Loan to value	43.6	%-	62.2	%	50.6	%
				Market interest rate	5.3	%-	8.6	%	6.6	%
Liabilities
Investment and universal life contracts (4)		(46.4)	Discounted cash flow	Long duration interest rate	2.4	%-	4.7	% (2)	3.1	%
				Long-term equity market volatility	17.8	%-	36.9	%	22.0	%
				Nonperformance risk			0.9	%	0.9	%
				Lapse rate			0.0	%	0.0	%
				Mortality rate	See note (3)

(1)	Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable.

(2)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.

(3)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

(4)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. The use of a higher or lower discount rate would have caused the fair value of the assets to significantly decrease or increase, respectively. Additionally, we may adjust the base discount rate or the modeled price by applying an illiquidity premium given the highly structured nature of certain assets. The use of a higher or lower illiquidity premium would have caused significant decreases or increases, respectively, in the fair value of the asset.

Embedded derivatives within our investment and universal life contracts liability can be in either an asset or liability position, depending on certain inputs at the reporting date. Increases to an asset or decreases to a liability are described as increases to fair value. The use of a higher or lower market volatility would have caused significant decreases or increases, respectively, in the fair value of embedded derivatives in investment and universal life contracts. Long duration interest rates are used as the mean return when projecting the growth in the value of associated account value and impact the discount rate used in the discounted future cash flows valuation. The use of higher or lower risk-free rates would have caused the fair value of the embedded derivative to significantly increase or decrease, respectively. The use of a higher or lower rate for our own credit risks, which impact the rates used to discount future cash flows, would have significantly increased or decreased, respectively, the fair value of the embedded derivative. The use of a lower or higher mortality rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively. The use of a lower or higher overall lapse rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

No significant assets and liabilities were measured at fair value on a nonrecurring basis for the years ended December 31, 2023, 2022 and 2021.

Fair Value Option

We elected fair value accounting for:

●

Certain other loans of a consolidated VIE that were subject to amortized cost accounting and a valuation allowance.

●

Certain real estate ventures that were subject to the equity method of accounting because the nature of the investments was to add value to the properties and generate income from the operations of the properties. Other equity method real estate investments were not fair valued because the investments mainly generated income from the operations of the underlying properties. The last equity method real estate investment for which the fair value option was elected was sold in the third quarter of 2021.

The following table presents information regarding the assets for which the fair value option was elected.


	December 31, 2023		December 31, 2022

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	163.2	$	—
Aggregate contractual principal		167.1		—

(1)	Reported with other investments on the consolidated statements of financial position.

The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected.


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Other loans of consolidated VIE
Change in fair value pre-tax loss - instrument specific credit risk	$	(5.6)	$	—	$	—
Change in fair value pre-tax loss (1)		(5.6)		—		—
Interest income (2)		8.1		—		—

Real estate ventures
Change in fair value pre-tax gain (1)		—		—		12.5

(1)	Reported in net realized capital gains (losses) on the consolidated statements of operations.

(2)	Reported in net investment income on the consolidated statements of operations.

Financial Instruments Not Reported at Fair Value

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows:

December 31, 2023

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,142.8

18,505.0

—

18,505.0

Policy loans

809.3

846.3

—

846.3

Other investments

268.6

260.9

—

142.9

118.0

Cash and cash equivalents

936.3

913.9

22.4

—

Reinsurance deposit receivable

6,078.6

5,487.7

—

5,487.7

Cash collateral receivable

38.7

—

Investment contracts

(33,937.9)

(32,166.7)

—

(7,828.1)

(24,338.6)

Short-term debt

(61.1)

—

(61.1)

—

Long-term debt

(3,930.9)

(3,754.5)

—

(3,754.1)

(0.4)

Separate account liabilities

(152,229.2)

(151,280.9)

—

(151,280.9)

Bank deposits (1)

(399.5)

(385.3)

—

(385.3)

—

Cash collateral payable

(176.9)

—


	December 31, 2022
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3

	(in millions)
Assets (liabilities)
Mortgage loans	$	20,629.8	$	18,754.5	$	—	$	—	$	18,754.5
Policy loans		784.7		804.0		—		—		804.0
Other investments		250.6		238.0		—		133.5		104.5
Cash and cash equivalents		1,243.9		1,243.9		1,232.5		11.4		—
Reinsurance deposit receivable		7,901.0		6,859.9		—		—		6,859.9
Cash collateral receivable		281.0		281.0		281.0		—		—
Investment contracts		(35,380.1)		(32,367.4)		—		(7,279.0)		(25,088.4)
Short-term debt		(80.7)		(80.7)		—		(80.7)		—
Long-term debt		(3,997.0)		(3,680.6)		—		(3,620.1)		(60.5)
Separate account liabilities		(141,459.3)		(140,533.9)		—		—		(140,533.9)
Bank deposits (1)		(352.4)		(336.3)		—		(336.3)		—
Cash collateral payable		(291.3)		(291.3)		(291.3)		—		—

(1)	Excludes deposit liabilities without defined or contractual maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation Plans - Nonqualified Stock Options, Range of Exercise Prices (Details) - Employee Stock Option [Member] - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Number of options outstanding (in shares)	2.8	3.3
Weighted-average remaining contractual life for stock options exercisable	5 years 1 month 6 days
Range of exercise prices, Range 1
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 27.46
Upper limit of exercise price range (in dollars per share)	$ 48.11
Number of options outstanding (in shares)	0.2
Weighted-average remaining contractual life	2 years 1 month 6 days
Range of exercise prices, Range 2
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 48.12
Upper limit of exercise price range (in dollars per share)	$ 52.41
Number of options outstanding (in shares)	0.8
Weighted-average remaining contractual life	5 years 1 month 6 days
Range of exercise prices, Range 3
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 52.42
Upper limit of exercise price range (in dollars per share)	$ 55.89
Number of options outstanding (in shares)	0.4
Weighted-average remaining contractual life	5 years 2 months 12 days
Range of exercise prices, Range 4
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 55.90
Upper limit of exercise price range (in dollars per share)	$ 62.75
Number of options outstanding (in shares)	0.7
Weighted-average remaining contractual life	7 years 2 months 12 days
Range of exercise prices, Range 5
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 62.76
Upper limit of exercise price range (in dollars per share)	$ 63.98
Number of options outstanding (in shares)	0.7
Weighted-average remaining contractual life	3 years 10 months 24 days
Range of exercise prices, Total Range
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 27.46
Upper limit of exercise price range (in dollars per share)	$ 63.98
Number of options outstanding (in shares)	2.8

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation Plans

Stock-Based Compensation Disclosures (Table)


	For the year ended December 31,
	2023		2022		2021

	(in millions)
Compensation cost	$	97.7	$	89.9	$	95.2
Related income tax benefit		23.1		20.3		19.9
Capitalized as part of an asset		1.1		1.3		1.4

Nonqualified Stock Options Fair Value (Table)


	For the year ended December 31,
Options	2023			2022			2021
Expected volatility		—	%		—	%		34.2	%
Expected term (in years)		—			—			7.0
Risk-free interest rate		—	%		—	%		1.2	%
Expected dividend yield		—	%		—	%		3.82	%
Weighted average estimated fair value	$	—		$	—		$	15.67

Nonqualified Stock Options Status (Table)


		Weighted-
		average
	Number of options	exercise price		Intrinsic value
	(in millions)			(in millions)
Options outstanding as of January 1, 2023	3.3	$	54.36
Exercised	0.5		48.71
Options outstanding as of December 31, 2023	2.8	$	55.39	$	65.4
Options vested or expected to vest as of December 31, 2023	2.8	$	55.39	$	65.4
Options exercisable as of December 31, 2023	2.6	$	55.08	$	60.6

Nonqualified Stock Options Remaining Contractual Lives and Range of Exercise Prices (Table)


		Weighted-
	Number of options	average remaining
Range of exercise prices	outstanding	contractual life
	(in millions)
$27.46 - $48.11	0.2	2.1
$48.12 - $52.41	0.8	5.1
$52.42 - $55.89	0.4	5.2
$55.90 - $62.75	0.7	7.2
$62.76 - $63.98	0.7	3.9
$27.46 - $63.98	2.8

Nonvested Performance Share Awards Activity (Table)


	Number of	Weighted-
	performance	average grant-date
	share awards	fair value
	(in millions)
Nonvested performance share awards as of January 1, 2023	0.8	$	59.19
Granted	0.3		91.47
Vested	0.2		52.65
Canceled	0.1		65.92
Nonvested performance share awards as of December 31, 2023	0.8	$	71.66

Nonvested Restricted Stock Units Activity (Table)


	Number of	Weighted-
	restricted	average grant-date
	stock units	fair value
	(in millions)
Nonvested restricted stock units as of January 1, 2023	3.2	$	60.69
Granted	0.9		87.71
Vested	1.0		51.70
Canceled	0.1		73.13
Nonvested restricted stock units as of December 31, 2023	3.0	$	71.83

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 670.1	$ 4,797.5	$ 1,627.0
Subtract:
Net income (loss) attributable to noncontrolling interest	46.9	40.6	46.8
Total net income (loss), basic	623.2	4,756.9	1,580.2
Total net income (loss), diluted	$ 623.2	$ 4,756.9	$ 1,580.2
Weighted-average shares outstanding:
Basic	241.3	251.1	269.0
Dilutive effects:
Diluted	244.6	255.3	272.9
Net income (loss) per common share:
Basic	$ 2.58	$ 18.94	$ 5.87
Diluted	$ 2.55	$ 18.63	$ 5.79
Employee Stock Option
Dilutive effects:
Stock-based compensation awards	0.9	1.5	1.3
Restricted Stock Units
Dilutive effects:
Stock-based compensation awards	2.0	2.2	2.1
Performance Share Awards
Dilutive effects:
Stock-based compensation awards	0.4	0.5	0.5

Stockholders' Equity - Common Stock Dividends and Reconciliation of Outstanding Common Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended								12 Months Ended
	Feb. 29, 2024	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	Feb. 29, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 16, 2022
Common stock share repurchase disclosures
Amount of forward contract recorded in additional paid in capital										$ 33.9
Common stock
Common Stock Dividends
Dividends declared per common share (in dollars per share)									$ 2.60	$ 2.56	$ 2.44
Reconciliation of Outstanding Common Shares
Outstanding shares at beginning of period						261,673,076			243,549,782	261,673,076	273,258,808
Shares issued									2,469,841	4,937,910	3,034,920
Treasury stock acquired									(9,581,329)	(23,061,204)	(14,620,652)
Outstanding shares at end of period									236,438,294	243,549,782	261,673,076
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)	$ 1,500.0					$ 1,600.0	$ 1,200.0	$ 900.0
Common stock \| March 2022 Accelerated Share Repurchase Program
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)					$ 700.0
Number of shares repurchased				1,400,000	8,500,000
Initial cost of shares repurchased					$ 560.0
Amount of forward contract recorded in additional paid in capital					$ 140.0
Volume-weighted average price of our common stock				$ 70.53
Common stock \| August 2022 Accelerated Share Repurchase Program
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)			$ 400.0
Number of shares repurchased		1,200,000	4,100,000
Initial cost of shares repurchased												$ 320.0
Volume-weighted average price of our common stock		$ 76.48

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Hedges
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions	3 years 2 months 12 days
Net gains reported in AOCI related to active cash flow hedges of forecasted transactions	$ 30.4
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(44.6)	$ (2.0)	$ 57.5
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months	24.5
Interest rate contracts \| Fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	30.4	(102.1)
Interest rate contracts \| Investment contracts
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(11.0)	15.9	4.1
Foreign exchange contracts \| Fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ (64.0)	$ 84.2	$ 53.4

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Other Intangible Assets

Goodwill (Table)


	Retirement		Principal
	and Income		Asset		Benefits and
	Solutions		Management		Protection		Corporate		Consolidated

	(in millions)
Balance as of January 1, 2022	$	675.9	$	895.1	$	56.6	$	—	$	1,627.6
Impairment (1)		—		—		(27.1)		—		(27.1)
Foreign currency		—		(2.3)		—		—		(2.3)
Balance as of December 31, 2022		675.9		892.8		29.5		—		1,598.2
Foreign currency		—		10.3		—		—		10.3
Balance as of December 31, 2023	$	675.9	$	903.1	$	29.5	$	—	$	1,608.5

(1)	Resulted from a change in the allocation of equity between our reportable operating segments following the Talcott Reinsurance Transaction.

Finite Lived Intangible Assets (Table)


	December 31,
	2023		2022

	(in millions)
Gross carrying value	$	1,215.1	$	1,235.1
Accumulated amortization		512.7		472.6
Net carrying value	$	702.4	$	762.5

Other Finite Lived Intangible Assets Estimated Amortization Expense (Table)


Year ending December 31:
2024	$	67.3
2025		61.9
2026		57.8
2027		57.8
2028		40.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Future Policy Benefits and Claims - Gross Premiums or Assessments and Interest Accretion (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future Policy Benefits and Claims
Gross premiums or assessments	$ 4,938.7	$ 3,864.3	$ 3,832.2
Interest accretion	1,975.0	2,142.5	1,898.1
Retirement and Income Solutions
Future Policy Benefits and Claims
Gross premiums or assessments	2,948.4	1,971.1	1,883.6
Interest accretion	1,227.7	1,165.4	1,157.2
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Gross premiums or assessments	2,905.9	1,941.0	1,800.1
Interest accretion	1,008.6	935.7	916.7
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	42.5	30.1	83.5
Interest accretion	219.1	229.7	240.5
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	29.7	78.8	128.9
Interest accretion	385.8	662.0	444.3
Benefits and Protection
Future Policy Benefits and Claims
Gross premiums or assessments	1,955.5	1,809.2	1,814.5
Interest accretion	351.9	305.3	287.1
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Gross premiums or assessments	624.6	601.0	574.1
Interest accretion	94.5	90.2	85.6
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Gross premiums or assessments	681.8	577.7	621.0
Interest accretion	209.2	171.2	158.3
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Gross premiums or assessments	649.1	630.5	619.4
Interest accretion	48.2	43.9	43.2
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Gross premiums or assessments	5.1	5.2	5.2
Interest accretion	$ 9.6	$ 9.8	$ 9.5

Investments - Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summarized financial information of unconsolidated entities
Total assets	$ 305,046.7	$ 290,867.0
Total liabilities	293,836.1	280,587.2
Total stockholders' equity	10,961.7	10,017.8	$ 12,140.5	$ 16,617.3
Total revenues	13,665.8	17,536.1	14,427.8
Net income (loss)	670.1	4,797.5	1,627.0
Other Types of Investments
Cash surrender value of company owned life insurance	1,186.3	1,115.6
Certain sponsored investment funds carried at fair value	576.9	617.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summarized financial information of unconsolidated entities
Total assets	215,978.7	209,546.0
Total liabilities	100,865.3	81,160.9
Total stockholders' equity	115,113.4	128,385.1
Total revenues	12,449.3	44,974.8	21,751.9
Net income (loss)	(2,674.2)	34,322.7	15,732.5
Our share of net income of unconsolidated entities	314.9	302.2	$ 406.6
Net Investment in unconsolidated entities
Summarized financial information of unconsolidated entities
Net investment in unconsolidated entities	$ 3,488.7	$ 2,767.9

Deferred Acquisition Costs and Other Actuarial Balances - Benefits and Protection - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,948.0		$ 3,822.3
Amortized to expense	(389.8)	$ (386.9)	(373.4)
Ending balance, Deferred acquisition costs	3,950.5	3,948.0
Benefits and Protection
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	3,009.2		2,857.9
Amortized to expense	(292.9)	(284.8)	(265.1)
Ending balance, Deferred acquisition costs	3,023.9	3,009.2
Individual disability \| Benefits and Protection \| Specialty Benefits
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	626.1	580.7	529.8
Costs deferred	86.7	87.6	89.8
Amortized to expense	(45.1)	(42.2)	(38.9)
Ending balance, Deferred acquisition costs	667.7	626.1	580.7
Universal life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,569.7	1,596.2	1,608.3
Costs deferred	70.7	70.6	84.3
Amortized to expense	(95.1)	(97.1)	(96.4)
Ending balance, Deferred acquisition costs	1,545.3	1,569.7	1,596.2
Term life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	685.7	678.9	607.9
Costs deferred	71.3	66.7	126.5
Amortized to expense	(61.9)	(59.9)	(55.5)
Ending balance, Deferred acquisition costs	695.1	685.7	678.9
Participating life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	93.0	102.3	111.9
Costs deferred	1.4	1.4	1.9
Amortized to expense	(9.7)	(10.7)	(11.5)
Ending balance, Deferred acquisition costs	$ 84.7	$ 93.0	$ 102.3

Contractholder Funds (Tables)

12 Months Ended

Dec. 31, 2023

Policyholder account balances

Schedule of disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds (Table)


	December 31, 2023		December 31, 2022

	(in millions)

Retirement and Income Solutions:
Workplace savings and retirement solutions	$	12,721.5	$	12,154.7
Individual variable annuities		514.2		381.4
Individual fixed deferred annuities		5,538.3		7,228.3
Total Retirement and Income Solutions		18,774.0		19,764.4
Benefits and Protection – Life Insurance:
Universal life		6,910.4		6,947.9
Corporate:
Inter-segment eliminations		(362.2)		(362.7)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue		25,322.2		26,349.6

Reconciling items:
Investment contracts without significant fee revenue (1)		15,784.5		16,104.0
Embedded derivatives (2)		115.5		46.4
Other balances (3)		278.9		325.3
Total contractholder funds per consolidated statements of financial position	$	41,501.1	$	42,825.3

(1)	Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.

(2)	Refer to Note 18, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives.

(3)	Includes insignificant balances for long-duration contracts and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.

Schedule of guaranteed minimum interest rate (Table)


	December 31, 2023
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

	(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	—	$	3.3	$	101.8	$	1,006.0	$	312.8	$	1,423.9
1.01% - 2.00%		5,135.0		3.8		1,153.1		—		874.6		7,166.5
2.01% - 3.00%		357.1		0.1		0.8		59.1		1,701.2		2,118.3
3.01% - 4.00%		7.4		—		—		—		—		7.4
4.01% and above		16.9		—		—		—		—		16.9
Subtotal		5,516.4		7.2		1,255.7		1,065.1		2,888.6		10,733.0
No GMIR												1,988.5
Total											$	12,721.5

Individual variable annuities
Up to 1.00%	$	22.6	$	—	$	—	$	—	$	—	$	22.6
1.01% - 2.00%		4.6		—		—		—		—		4.6
2.01% - 3.00%		273.5		—		—		—		—		273.5
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		300.7		—		—		—		—		300.7
No GMIR												213.5
Total											$	514.2

Individual fixed deferred annuities
Up to 1.00%	$	305.5	$	115.4	$	121.8	$	449.4	$	999.5	$	1,991.6
1.01% - 2.00%		100.8		0.9		26.3		123.5		2.4		253.9
2.01% - 3.00%		2,897.7		—		—		—		—		2,897.7
3.01% - 4.00%		156.9		—		—		—		—		156.9
4.01% and above		—		—		—		—		—		—
Subtotal		3,460.9		116.3		148.1		572.9		1,001.9		5,300.1
No GMIR												238.2
Total											$	5,538.3

Benefits and Protection – Life Insurance
Universal life
Up to 1.00%	$	—	$	—	$	16.1	$	1.0	$	2.4	$	19.5
1.01% - 2.00%		294.1		—		418.1		485.6		415.4		1,613.2
2.01% - 3.00%		729.7		677.2		836.3		350.6		3.0		2,596.8
3.01% - 4.00%		1,657.0		49.8		37.6		36.4		3.2		1,784.0
4.01% and above		40.5		3.9		8.3		1.5		—		54.2
Subtotal		2,721.3		730.9		1,316.4		875.1		424.0		6,067.7
No GMIR												842.7
Total											$	6,910.4


	December 31, 2022
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

	(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	3.9	$	24.8	$	1,188.9	$	307.8	$	364.9	$	1,890.3
1.01% - 2.00%		—		549.9		6,090.2		1,477.0		9.4		8,126.5
2.01% - 3.00%		15.1		0.1		—		0.1		—		15.3
3.01% - 4.00%		7.8		—		—		—		—		7.8
4.01% and above		18.8		—		—		—		—		18.8
Subtotal		45.6		574.8		7,279.1		1,784.9		374.3		10,058.7
No GMIR												2,096.0
Total											$	12,154.7

Individual variable annuities
Up to 1.00%	$	33.0	$	—	$	—	$	—	$	—	$	33.0
1.01% - 2.00%		3.6		—		—		—		—		3.6
2.01% - 3.00%		331.8		—		—		—		—		331.8
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		368.4		—		—		—		—		368.4
No GMIR												13.0
Total											$	381.4

Individual fixed deferred annuities
Up to 1.00%	$	426.4	$	161.7	$	236.2	$	879.2	$	993.0	$	2,696.5
1.01% - 2.00%		139.8		1.4		39.9		250.5		0.6		432.2
2.01% - 3.00%		3,617.1		—		—		—		—		3,617.1
3.01% - 4.00%		169.7		—		—		—		—		169.7
4.01% and above		—		—		—		—		—		—
Subtotal		4,353.0		163.1		276.1		1,129.7		993.6		6,915.5
No GMIR												312.8
Total											$	7,228.3

Benefits and Protection – Life Insurance
Universal life
Up to 1.00%	$	—	$	8.4	$	10.1	$	—	$	0.7	$	19.2
1.01% - 2.00%		315.7		—		407.0		695.5		155.0		1,573.2
2.01% - 3.00%		865.9		951.2		903.5		59.9		0.4		2,780.9
3.01% - 4.00%		1,698.9		35.8		21.9		25.3		3.2		1,785.1
4.01% and above		40.6		10.1		3.4		1.6		—		55.7
Subtotal		2,921.1		1,005.5		1,345.9		782.3		159.3		6,214.1
No GMIR												733.8
Total											$	6,947.9

Retirement and Income Solutions

Policyholder account balances

Schedule of changes in policyholder account balances (Table)


	For the year ended December 31, 2023									For the year ended December 31, 2022
	Workplace			Workplace
	savings and			Individual			Individual			savings and			Individual			Individual
	retirement			variable			fixed deferred			retirement			variable			fixed deferred
	solutions			annuities			annuities (1)			solutions			annuities			annuities (1)

	($ in millions)
Balance at beginning of period	$	12,154.7		$	381.4		$	7,228.3		$	10,996.2		$	380.9		$	9,646.3
Premiums and deposits		4,441.7			586.7			36.8			3,719.5			426.5			35.9
Policy charges		(31.6)			—			—			(28.5)			—			—
Surrenders, withdrawals and benefit payments		(4,356.6)			(1,123.0)			(1,888.4)			(2,866.7)			(843.2)			(2,655.6)
Net transfers from (to) separate account (2)		264.8			659.3			—			164.6			406.6			—
Interest credited		280.2			9.8			161.6			194.3			10.6			201.7
Other		(31.7)			—			—			(24.7)			—			—
Balance at end of period	$	12,721.5		$	514.2		$	5,538.3		$	12,154.7		$	381.4		$	7,228.3

Weighted-average crediting rate (3)		2.54	%		3.22	%		2.84	%		1.94	%		2.79	%		2.63	%
Cash surrender value (4)	$	11,211.9		$	512.6		$	5,434.4		$	10,341.7		$	378.6		$	7,081.4

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

(3)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value.

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

Universal life | Benefits and Protection | Life Insurance

Policyholder account balances

Schedule of changes in policyholder account balances (Table)


	For the year ended			For the year ended
	December 31, 2023			December 31, 2022

	($ in millions)
Balance at beginning of period	$	6,947.9		$	6,962.5
Premiums and deposits		1,260.5			1,267.2
Policy charges		(858.1)			(837.8)
Surrenders, withdrawals and benefit payments		(483.6)			(390.0)
Net transfers from (to) separate account (1)		(197.7)			(301.5)
Interest credited		242.1			247.5
Other		(0.7)			—
Balance at end of period		6,910.4			6,947.9
Reinsurance impact		(3,396.8)			(3,528.9)
Balance at end of period after reinsurance	$	3,513.6		$	3,419.0

Weighted-average crediting rate (2)		4.01	%		3.35	%
Net amount at risk (3)	$	86,671.0		$	86,547.9
Cash surrender value (4)	$	5,953.0		$	5,911.5

(1)	Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(2)	The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits.

(3)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.

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

Employee and Agent Benefits - Defined Contribution and Deferred Compensation Plans (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosures
Number of common stock shares allocated participants in the employee stock ownership plan	1.7	1.8
Fair value of employee stock ownership plan	$ 135,600,000	$ 148,400,000
Pension benefits \| Qualified benefit plans
Defined Contribution Plan Disclosures
Maximum amount of compensation eligible participants could contribute to defined contribution plans	22,500
Amount contributed by the employer to defined contribution plans	74,100,000	70,300,000	$ 60,500,000
Pension benefits \| Nonqualified benefit plans
Defined Contribution Plan Disclosures
Amount contributed by the employer to defined contribution plans	$ 3,100,000	$ 3,900,000	$ 3,400,000
Grandfathered Choice Participant \| Qualified benefit plans
Defined Contribution Plan Disclosures
Eligibility age to be able to elect to retain benefits in defined contribution plan	47 years
Minimum years of service to be able to elect to retain benefits in defined contribution plan	10 years
Contribution rate of employer to match participant's contributions (as a percent)	50.00%
Maximum percent of participant's compensation matched by employer (as a percent)	3.00%
Grandfathered Choice Participant \| Nonqualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	50.00%
Maximum percent of participant's compensation matched by employer (as a percent)	3.00%
All other participants \| Qualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75.00%
Maximum percent of participant's compensation matched by employer (as a percent)	6.00%
All other participants \| Nonqualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75.00%
Maximum percent of participant's compensation matched by employer (as a percent)	6.00%

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)


	December 31, 2023				December 31, 2022
	Total		Total		Total		Total
	assets		liabilities		assets		liabilities

		(in millions)
Mandatory retirement savings funds (1)	$	35,034.4	$	34,688.3	$	34,876.9	$	34,528.3
Real estate (2)		829.1		63.0		689.6		42.2
Sponsored investment funds (3)		523.8		6.3		471.4		2.6
Residential mortgage loans (4)		874.7		20.9		1,182.6		41.8
Asset-backed limited partnership (5)		249.3		—		—		—
Total	$	37,511.3	$	34,778.5	$	37,220.5	$	34,614.9

(1)	The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities and included contractholder funds in 2022.

(2)	The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities.

(3)

The assets of sponsored investment funds are primarily fixed maturities and equity securities, certain of which are reported with other investments, and cash. The consolidated statements of financial position included a $226.4 million and $235.3 million redeemable noncontrolling interest for sponsored investment funds as of December 31, 2023 and December 31, 2022, respectively.

(4)	The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities.

(5)

The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents,other investments and fixed maturities, trading on the consolidated statements of financial position. As of December 31, 2023, we did not have any unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager.

Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)


			Maximum exposure to
	Asset carrying value		loss (1)

	(in millions)
December 31, 2023
Fixed maturities, available-for-sale:
Corporate	$	364.9	$	369.8
Residential mortgage-backed pass-through securities		3,061.1		3,199.7
Commercial mortgage-backed securities		4,775.5		5,428.6
Collateralized debt obligations (2)		5,403.7		5,465.4
Other debt obligations		7,902.2		9,002.9
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		10.4		10.4
Commercial mortgage-backed securities		53.1		53.1
Collateralized debt obligations (2)		2.0		2.0
Other debt obligations		228.4		228.4
Equity securities		110.4		110.4
Other investments:
Other limited partnership and fund interests (3)		2,091.7		3,785.9

December 31, 2022
Fixed maturities, available-for-sale:
Corporate	$	111.8	$	127.2
Residential mortgage-backed pass-through securities		2,228.7		2,420.6
Commercial mortgage-backed securities		4,864.6		5,572.2
Collateralized debt obligations (2)		4,566.4		4,820.0
Other debt obligations		6,507.6		7,566.2
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		5.4		5.4
Commercial mortgage-backed securities		83.4		83.4
Collateralized debt obligations (2)		5.7		5.7
Other debt obligations		80.0		80.0
Equity securities		99.8		99.8
Other investments:
Other limited partnership and fund interests (3)		1,473.5		2,434.9

(1)

Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale, plus any unfunded commitments and/or guarantees and similar provisions for collateralized debt obligations and other debt obligations. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading and equity securities. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

(3)

As of December 31, 2023 and December 31, 2022, the maximum exposure to loss for other limited partnership and fund interests includes $251.9 million and $144.3 million, respectively, of debt within certain of our managed international real estate funds that is fully secured by assets whose value exceeds the amount of the debt, but also includes recourse to the investment manager.

Closed Block - Change in Maximum Future Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in maximum future earnings of the Closed Block
Maximum future earnings to be recognized from Closed Block assets and liabilities, beginning of year	$ 344.5	$ 379.2	$ 393.5
Maximum future earnings to be recognized from Closed Block assets and liabilities, end of year	319.6	344.5	379.2
Change in maximum future earnings	$ (24.9)	$ (34.7)	$ (14.3)

Market Risk Benefits - Asset and Liability Position and Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefits
Market risk benefit asset	$ 153.4	$ 109.2
Market risk benefit liability	133.2	207.4
Net asset (liability)	20.2	(98.2)
Retirement and Income Solutions
Market Risk Benefits
Market risk benefit asset	153.4	109.2
Market risk benefit liability	111.9	181.4
Retirement and Income Solutions \| Individual variable annuities
Market Risk Benefits
Market risk benefit asset	153.4	109.2
Market risk benefit liability	111.9	181.4
Net asset (liability)	41.5	(72.2)	$ (494.7)	$ 591.3
Principal Asset Management
Market Risk Benefits
Market risk benefit liability	21.3	26.0
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Market Risk Benefits
Market risk benefit liability	21.3	26.0
Net asset (liability)	$ (21.3)	$ (26.0)	$ (35.1)	$ 53.3

Debt - Contingent Funding Agreements (Details) $ in Millions	Mar. 08, 2018 USD ($) item
Contingent funding agreements
Long-Term Debt
Number of contingent funding agreements \| item	2
Period failure to make payments to trust can be cured before automatic exercise of put options	30 days
Minimum shareholders' equity excluding AOCI and NCI, to avoid automatic exercise of options	$ 4,000.0
10-year contingent funding agreement \| 2028 Trust
Long-Term Debt
Term of contingent funding agreement	10 years
Semi-annual put premium (as a percent)	1.275%
10-year contingent funding agreement \| 2028 Trust \| Senior Notes due 2028
Long-Term Debt
Amount of notes issuable under option	$ 400.0
Interest rate (as a percent)	4.111%
30-year contingent funding agreement \| 2048 Trust
Long-Term Debt
Term of contingent funding agreement	30 years
Annual put premium (as a percent)	1.58%
30-year contingent funding agreement \| 2048 Trust \| Senior Notes due 2048
Long-Term Debt
Amount of notes issuable under option	$ 350.0
Interest rate (as a percent)	4.682%
2028 Trust
Long-Term Debt
Pre-capitalized trust securities sold	$ 400.0
2048 Trust
Long-Term Debt
Pre-capitalized trust securities sold	$ 350.0

Nature of Operations and Significant Accounting Policies - Other Various Policies (Details)	12 Months Ended
	Dec. 31, 2023
Long-Term Debt
Minimum maturity period at date of issuance for debt to be classified as long-term	1 year

Employee and Agent Benefits - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	4.90%	5.10%
Interest crediting rate - cash balance benefit	5.00%	5.00%
Rate of compensation increase: Benefit obligation (as a percent)	4.56%	4.53%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	5.10%	2.75%	2.50%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	6.20%	5.20%	5.55%
Interest crediting rate - cash balance benefit	5.00%	5.00%	5.00%
Pension benefits, Cash balance benefit
Weighted-average assumptions used to determine net periodic benefit cost
Rate of compensation increase: Net periodic benefit cost (as a percent)	4.53%	4.59%	4.92%
Pension benefits, Traditional benefit
Weighted-average assumptions used to determine net periodic benefit cost
Rate of compensation increase: Net periodic benefit cost (as a percent)			2.96%
Other postretirement benefits
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	4.80%	5.00%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	5.00%	2.50%	2.10%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.05%	4.25%	4.25%
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for next year under age 65 (as a percent)	7.50%	7.00%
Health care cost trend rate assumed for next year age 65 and over (as a percent)	6.50%	6.00%
Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate) (as a percent)	4.50%	4.50%
Year that the health care cost trend rate reaches the ultimate trend rate under age 65 (calendar year)	2032	2031
Year that the health care cost trend rate reaches the ultimate trend rate age 65 and over (calendar year)	2031	2028
Home office and agent pre-65 medical/life plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.20%
Post-65 medical plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	4.60%

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major categories of net investment income
Gross investment income (loss)	$ 4,330.0	$ 3,978.3	$ 4,544.7
Investment expenses	(238.1)	(139.8)	(115.1)
Net investment income (loss)	4,091.9	3,838.5	4,429.6
Fixed maturities \| Available-for-sale
Major categories of net investment income
Gross investment income (loss)	2,508.9	2,100.3	2,766.3
Fixed maturities \| Trading
Major categories of net investment income
Gross investment income (loss)	43.3	36.8	19.3
Equity securities
Major categories of net investment income
Gross investment income (loss)	66.3	8.9	57.7
Mortgage loans
Major categories of net investment income
Gross investment income (loss)	761.7	771.7	790.2
Real estate
Major categories of net investment income
Gross investment income (loss)	177.2	277.7	194.4
Policy loans
Major categories of net investment income
Gross investment income (loss)	41.3	36.5	38.8
Cash and cash equivalents
Major categories of net investment income
Gross investment income (loss)	196.6	57.4	4.3
Derivatives
Major categories of net investment income
Gross investment income (loss)	38.6	171.3	28.2
Other investment types
Major categories of net investment income
Gross investment income (loss)	$ 496.1	$ 517.7	$ 645.5

Fair Value Measurements - Fair Value Option on Consolidated VIEs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Fair Value Option, Quantitative Disclosures
Change in fair value pre-tax loss - instrument specific credit risk	$ (5.6)
Other loans of consolidated VIEs
Fair Value Option, Quantitative Disclosures
Fair value	163.2
Aggregate contractual principal	167.1
Change in fair value pre-tax gain (loss)	(5.6)
Interest income	$ 8.1
Real Estate Ventures
Fair Value Option, Quantitative Disclosures
Change in fair value pre-tax gain (loss)		$ 12.5

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Future Policy Benefits and Claims - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 1,395.0	$ 1,370.9	$ 1,686.0
Balance at beginning of period, reinsurance recoverables for unpaid claims	68.6	68.7	436.9
Net balance at beginning of period, unpaid claims	1,326.4	1,302.2	1,249.1
Incurred:
Incurred: Current year	1,650.4	1,581.8	1,505.1
Incurred: Prior years	(95.4)	(44.4)	(35.4)
Total incurred	1,555.0	1,537.4	1,469.7
Payments:
Payments: Current year	1,189.2	1,138.0	1,067.8
Payments: Prior years	354.1	375.2	348.8
Total payments	1,543.3	1,513.2	1,416.6
Net balance at end of period, unpaid claims	1,338.1	1,326.4	1,302.2
Balance at end of period, reinsurance recoverables for unpaid claims	67.8	68.6	68.7
Balance at end of period, unpaid claims	$ 1,405.9	$ 1,395.0	$ 1,370.9

Reinsurance - Cost of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reinsurance
Cost of reinsurance asset	$ 3,275.5	$ 3,339.1
Cost of reinsurance liability	424.6	479.8
Cost of reinsurance amortization	$ 17.7	$ 19.3	$ 23.0

Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Beginning balance, net derivative assets (liabilities)	$ (3.4)		$ (5.1)
Total realized/unrealized gains (losses) included in net income, net derivative assets (liabilities)	$ 3.9	$ (5.4)	$ (6.9)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, net derivative assets (liabilities)		$ (0.3)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	$ 4.9	$ 2.6	$ 12.0
Transfers into Level 3, net derivative assets (liabilities)	0.1
Transfers out of Level 3, net derivative assets (liabilities)		(0.3)
Ending balance, net derivative assets (liabilities)	5.5	(3.4)
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities)	7.5	(3.4)	(0.6)
Changes in unrealized gains (losses) included in OCI relating to positions still held, derivative assets		(0.2)
Gross purchases, sales, issuances and settlements
Purchases, net derivative assets (liabilities)	(0.8)
Sales, net derivative assets (liabilities)	4.1	2.6	12.0
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	4.9	2.6	12.0
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(46.4)	(83.2)	(90.8)
Total realized/unrealized gains (losses) included in net income, liabilities	(37.7)	35.9	(15.6)
Net purchases, sales, issuances and settlements, liabilities	(31.4)	0.9	23.2
Ending balance, liabilities	(115.5)	(46.4)	(83.2)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(29.2)	22.6	(8.6)
Gross purchases, sales, issuances and settlements
Issuances, liabilities	(69.9)	(22.2)	(19.5)
Settlements, liabilities	38.5	23.1	42.7
Net purchases, sales, issuances and settlements, liabilities	(31.4)	0.9	23.2
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3,652.8
Total realized/unrealized gains (losses) included in net income, assets	(1,085.7)	3,652.8
Ending balance, assets	2,567.1	3,652.8
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(1,085.7)	3,652.8
Fixed maturities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2,166.6	1,076.2	360.4
Total realized/unrealized gains (losses) included in net income, assets	(3.2)	(5.1)	(24.9)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	17.1	(75.1)	22.2
Net purchases, sales, issuances and settlements, assets	1,294.3	1,246.1	826.4
Transfers into Level 3, assets	451.9	188.3	352.9
Transfers out of Level 3, assets	(289.9)	(263.8)	(460.8)
Ending balance, assets	3,636.8	2,166.6	1,076.2
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	2.2	(1.3)	(7.6)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(72.1)	(61.1)	13.6
Gross purchases, sales, issuances and settlements
Purchases, assets	1,545.5	1,456.6	1,125.4
Sales, assets	(27.7)	(62.7)	(84.3)
Settlements, assets	(223.5)	(147.8)	(214.7)
Net purchases, sales, issuances and settlements, assets	1,294.3	1,246.1	826.4
States and political subdivisions \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	70.9	94.8
Total realized/unrealized gains (losses) included in other comprehensive income, assets	0.7	(24.1)	12.8
Net purchases, sales, issuances and settlements, assets	(1.7)	(1.6)	(0.4)
Transfers into Level 3, assets		12.0	82.4
Transfers out of Level 3, assets		(10.2)
Ending balance, assets	69.9	70.9	94.8
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(4.1)	(22.3)	12.8
Gross purchases, sales, issuances and settlements
Settlements, assets	(1.7)	(1.6)	(0.4)
Net purchases, sales, issuances and settlements, assets	(1.7)	(1.6)	(0.4)
Corporate debt securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,568.3	834.3	290.8
Total realized/unrealized gains (losses) included in net income, assets	(4.5)	(4.8)	(21.9)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	13.3	(28.6)	7.8
Net purchases, sales, issuances and settlements, assets	593.6	626.3	381.8
Transfers into Level 3, assets	212.4	176.3	175.8
Transfers out of Level 3, assets	(77.2)	(35.2)
Ending balance, assets	2,305.9	1,568.3	834.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	0.3	(1.3)	(4.6)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(38.9)	(19.8)	(0.7)
Gross purchases, sales, issuances and settlements
Purchases, assets	815.2	817.3	626.6
Sales, assets	(27.7)	(50.4)	(84.3)
Settlements, assets	(193.9)	(140.6)	(160.5)
Net purchases, sales, issuances and settlements, assets	593.6	626.3	381.8
Commercial mortgage-backed securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3.4	19.2	13.2
Total realized/unrealized gains (losses) included in net income, assets			(1.0)
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(1.0)	(0.4)
Net purchases, sales, issuances and settlements, assets	(0.4)	(4.6)	7.4
Transfers out of Level 3, assets		(10.2)
Ending balance, assets	3.0	3.4	19.2
Changes in unrealized gains (losses) included in net income relating to positions still held, assets			(1.0)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets		(0.5)	(0.4)
Gross purchases, sales, issuances and settlements
Purchases, assets			7.7
Sales, assets		(4.1)
Settlements, assets	(0.4)	(0.5)	(0.3)
Net purchases, sales, issuances and settlements, assets	(0.4)	(4.6)	7.4
Collateralized debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	56.2	85.8	27.2
Total realized/unrealized gains (losses) included in net income, assets			(2.0)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.9	(1.0)	1.6
Net purchases, sales, issuances and settlements, assets	165.8	151.8	420.7
Transfers into Level 3, assets			74.1
Transfers out of Level 3, assets	(148.5)	(180.4)	(435.8)
Ending balance, assets	75.4	56.2	85.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets			(2.0)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	0.7		1.9
Gross purchases, sales, issuances and settlements
Purchases, assets	167.0	151.9	446.0
Settlements, assets	(1.2)	(0.1)	(25.3)
Net purchases, sales, issuances and settlements, assets	165.8	151.8	420.7
Other debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	467.8	42.1	29.2
Total realized/unrealized gains (losses) included in net income, assets	1.3	(0.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.2	(20.4)	0.4
Net purchases, sales, issuances and settlements, assets	537.0	474.2	16.9
Transfers into Level 3, assets	239.5		20.6
Transfers out of Level 3, assets	(64.2)	(27.8)	(25.0)
Ending balance, assets	1,182.6	467.8	42.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	1.9
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(29.8)	(18.5)
Gross purchases, sales, issuances and settlements
Purchases, assets	563.3	487.4	45.1
Sales, assets		(8.2)
Settlements, assets	(26.3)	(5.0)	(28.2)
Net purchases, sales, issuances and settlements, assets	537.0	474.2	16.9
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1.9	2.1	31.9
Total realized/unrealized gains (losses) included in net income, assets	(5.7)		12.5
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(0.6)	(1.3)
Net purchases, sales, issuances and settlements, assets	168.9	0.4	(41.0)
Ending balance, assets	165.1	1.9	2.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(5.2)		12.5
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets			(1.3)
Gross purchases, sales, issuances and settlements
Purchases, assets	194.2	0.4
Sales, assets			(41.0)
Settlements, assets	(25.3)
Net purchases, sales, issuances and settlements, assets	168.9	0.4	(41.0)
Fixed maturities, trading.
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	134.0	4.9
Total realized/unrealized gains (losses) included in net income, assets	2.4	(0.6)
Net purchases, sales, issuances and settlements, assets	279.4	100.7	4.9
Transfers into Level 3, assets		29.0
Ending balance, assets	415.8	134.0	4.9
Gross purchases, sales, issuances and settlements
Purchases, assets	439.3	134.7	4.9
Sales, assets	(145.2)	(32.6)
Settlements, assets	(14.7)	(1.4)
Net purchases, sales, issuances and settlements, assets	279.4	100.7	4.9
Fixed maturities, trading. \| Trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	2.0	(0.6)
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,034.9	945.3	8,893.2
Total realized/unrealized gains (losses) included in net income, assets	(8.7)	113.5	313.1
Net purchases, sales, issuances and settlements, assets	(273.4)	(23.9)	(8,261.0)
Ending balance, assets	752.8	1,034.9	945.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(80.3)	89.8	90.5
Gross purchases, sales, issuances and settlements
Purchases, assets		11.8	38.5
Sales, assets	(286.3)	(4.5)	(8,206.2)
Issuances, assets	(109.1)	(50.0)	(191.5)
Settlements, assets	122.0	18.8	98.2
Net purchases, sales, issuances and settlements, assets	$ (273.4)	$ (23.9)	$ (8,261.0)

Reinsurance - Funds Withheld (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	$ 19,839.5	$ 20,703.9
Funds withheld payable	19,629.5	20,436.1
Embedded derivative asset	2,567.1	3,652.8
Change in fair value of funds withheld embedded derivative	(1,085.7)	3,652.8	$ 0.0
Fixed maturities, available-for-sale
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	15,587.5	15,693.5
Fixed maturities, trading
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	316.8	100.8
Equity securities
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	0.3	11.0
Mortgage loans
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	2,385.9	2,810.8
Other investments
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	621.4	179.8
Cash and cash equivalents
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	818.4	1,762.9
Accrued interest income
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	187.0	178.7
Net other assets (liabilities)
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net asset (liability)	$ (77.8)	$ (33.6)

Deferred Acquisition Costs and Other Actuarial Balances - Retirement and Income Solutions - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,948.0		$ 3,822.3
Amortized to expense	(389.8)	$ (386.9)	(373.4)
Ending balance, Deferred acquisition costs	3,950.5	3,948.0
Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	930.0		964.4
Amortized to expense	(95.8)	(101.0)	(107.1)
Ending balance, Deferred acquisition costs	918.9	930.0
Workplace savings and retirement solutions \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	498.0	489.0	477.2
Costs deferred	48.1	48.3	50.1
Amortized to expense	(39.7)	(39.3)	(38.3)
Ending balance, Deferred acquisition costs	506.4	498.0	489.0
Individual variable annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	278.0	281.2	281.9
Costs deferred	27.4	22.5	26.4
Amortized to expense	(25.9)	(25.7)	(27.1)
Ending balance, Deferred acquisition costs	279.5	278.0	281.2
Pension risk transfer \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	8.1	2.7
Costs deferred	7.9	5.6	2.7
Amortized to expense	(0.6)	(0.2)
Ending balance, Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	131.0	162.2	192.7
Costs deferred			7.6
Amortized to expense	(24.9)	(31.2)	(38.1)
Ending balance, Deferred acquisition costs	106.1	131.0	162.2
Investment only \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	14.9	18.1	12.6
Costs deferred	1.3	1.4	9.1
Amortized to expense	(4.7)	(4.6)	(3.6)
Ending balance, Deferred acquisition costs	$ 11.5	$ 14.9	$ 18.1

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position - Parenthetical (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	492,279,405	489,809,564
Common stock, outstanding (in shares)	236,438,294	243,549,782
Treasury stock (in shares)	255,841,111	246,259,782
Principal Financial Group, Inc. Parent Only \| Legal Entities
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	492,279,405	489,809,564
Common stock, outstanding (in shares)	236,438,294	243,549,782
Treasury stock (in shares)	255,841,111	246,259,782

Nature of Operations and Significant Accounting Policies - Balances and changes in the unearned revenue liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability	$ 467.4
Ending balance, Unearned Revenue Liability	492.7	$ 467.4
Benefits and Protection \| Life Insurance
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability			$ 384.4
Benefits and Protection \| Life Insurance \| Universal life
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability	459.0	425.3	384.4
Deferrals	56.3	61.8	66.1
Revenue recognized	(29.8)	(28.1)	(25.2)
Ending balance, Unearned Revenue Liability	$ 485.5	$ 459.0	$ 425.3

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Financial Instruments

Derivative Financial Instruments

5. Derivative Financial Instruments

Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies.

Types of Derivative Instruments

Interest Rate Contracts

Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates.

Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/or floating rate interest amounts based upon designated market rates or rate indices and an agreed upon notional principal amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by any party. Cash is paid or received based on the terms of the swap. We use interest rate swaps primarily to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities (including duration mismatches). We also use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments. Interest rate swaps are used to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) MRB. The GMWB rider on our variable annuity products provides for guaranteed minimum withdrawal benefits regardless of the actual performance of various equity and/or fixed income funds available with the product. Additionally, we utilize interest rate swaps to replicate the returns of floating rate assets.

Interest rate options, including interest rate caps and interest rate floors, which can be combined to form interest rate collars, are contracts that entitle the purchaser to pay or receive the amounts, if any, by which a specified market rate exceeds a cap strike interest rate, or falls below a floor strike interest rate, respectively, at specified dates. We use interest rate options to manage prepayment risks in our assets and minimum guaranteed interest rates and lapse risks in our liabilities.

A swaption is an option to enter into an interest rate swap at a future date. We have purchased swaptions to hedge interest rate exposure for certain assets and liabilities. Swaptions not only hedge against the downside risk, but also allow us to take advantage of any upside benefits.

In exchange-traded futures transactions, we agree to purchase or sell a specified number of contracts, the values of which are determined by the values of designated classes of securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. We enter into exchange-traded futures with regulated futures commissions merchants who are members of a trading exchange. We use exchange-traded interest rate futures to hedge against changes in value of the GMWB MRB in addition to the economic exposure to certain fund closures in process.

Interest rate forwards, including to be announced (“TBA”) forwards, bond forwards and treasury forwards, are contracts to take delivery of a fixed income security at a specified price at a future date. TBA forwards deliver government guaranteed mortgage-backed securities. Bond forwards and treasury forwards deliver corporate or municipal and U.S. Treasury bonds, respectively. At inception of the TBA and treasury forward contracts we do not intend to take physical delivery. We intend to take delivery of the bond forwards referencing corporate or municipal bonds. We have used TBA forwards to gain exposure to the investment risk and return of agency mortgage-backed security pools in order to reduce asset and liability duration mismatch. Treasury forwards are used to hedge against changes in the value of the GMWB MRB. Bond forwards are used to gain leverage through synthetic exposure during the forward period and fix the purchase price of a bond at a specified date in future.

Foreign Exchange Contracts

Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency-denominated funding agreements issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity. We use various derivatives to manage our exposure to fluctuations in foreign currency exchange rates.

Currency swaps are contracts in which we agree with other parties to exchange, at specified intervals, a series of principal and interest payments in one currency for that of another currency. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party. The interest payments are primarily fixed-to-fixed rate; however, they may also be fixed-to-floating rate or floating-to-fixed rate. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by one counterparty for payments made in the same currency at each due date. We use currency swaps to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell.

Currency forwards are contracts in which we agree with other parties to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We use currency forwards to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. We use currency forwards to hedge certain foreign-denominated real estate funds in our domestic operations and net equity investments in foreign operations, including certain sponsored investment funds.

Equity Contracts

Equity risk is the risk that we will incur economic losses due to adverse fluctuations in common stock prices. We use various derivatives to manage our exposure to equity risk, which arises from products in which the return or interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees.

We purchase equity call spreads (“option collars”) to hedge the equity participation rates promised to contractholders in conjunction with our fixed deferred annuity and universal life products that credit interest based on changes in an external equity index.

We use equity put options to hedge against changes in the value of the GMWB MRB related to the GMWB rider on our variable annuity product. We also use equity options to hedge returns credited to policyholder accounts related to our RILA product. The premium associated with certain options is paid quarterly over the life of the option contract.

We use exchange-traded equity futures to hedge against changes in the value of the GMWB MRB, returns credited to policyholder accounts related to our RILA product and the economic exposure to certain fund closures in process.

Credit Contracts

Credit risk relates to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest. We use credit default swaps to enhance the return on our investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market. They are also used to hedge credit exposures in our investment portfolio. Credit derivatives are used to sell or buy credit protection on an identified name or names on an unfunded or synthetic basis in return for receiving or paying a quarterly premium. The premium generally corresponds to a referenced name’s credit spread at the time the agreement is executed. In cases where we sell protection, we also buy a quality cash bond to match against the credit default swap, thereby entering into a synthetic transaction replicating a cash security. When selling protection, if there is an event of default by the referenced name, as defined by the agreement, we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced security in a principal amount equal to the notional value of the credit default swap.

Other Contracts

Embedded Derivatives. We purchase or issue certain financial instruments or products that contain a derivative instrument that is embedded in the financial instrument or product. When it is determined that the embedded derivative possesses economic characteristics that are not clearly or closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host instrument for measurement purposes. The embedded derivative, which is reported with the host instrument in the consolidated statements of financial position, is carried at fair value.

We offer group annuity contracts that have guaranteed separate accounts as an investment option. We have fixed deferred annuities, RILAs and universal life products that credit interest based on changes in an external equity index.

We have a funds withheld payable associated with our coinsurance with funds withheld agreement with Talcott Life & Annuity Re. The funds withheld payable has an embedded total return swap as the total return of the funds withheld assets are transferred to Talcott Life & Annuity Re, which is not based on our own creditworthiness.

Exposure

Our risk of loss is typically limited to the fair value of our derivative instruments and not to the notional or contractual amounts of these derivatives. We are also exposed to credit losses in the event of nonperformance of the counterparties. Our current credit exposure is limited to the value of derivatives that have become favorable to us. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings and by establishing and monitoring exposure limits. We also utilize various credit enhancements, including collateral and credit triggers to reduce the credit exposure to our derivative instruments.

Derivatives may be exchange-traded or they may be privately negotiated contracts, which are usually referred to as over-the-counter (“OTC”) derivatives. Certain of our OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”), while others are bilateral contracts between two counterparties (“bilateral OTC”). Our derivative transactions are generally documented under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Management believes that such agreements provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Under such agreements, in connection with an early termination of a transaction, we are permitted to set off our receivable from a counterparty against our payables to the same counterparty arising out of all included transactions. For reporting purposes, we do not offset fair value amounts of bilateral OTC derivatives for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparties under master netting agreements. OTC cleared derivatives have variation margin that is legally characterized as settlement of the derivative exposure, which reduces their fair value in the consolidated statements of financial position.

We posted $544.2 million and $750.9 million in cash and securities under collateral arrangements as of December 31, 2023 and December 31, 2022, respectively, to satisfy collateral and initial margin requirements associated with our derivative credit support agreements and FCM agreements.

Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of December 31, 2023 and December 31, 2022, was $482.3 million and $632.6 million, respectively. Cleared derivatives have contingent features that require us to post excess margin as required by the FCM. The terms surrounding excess margin vary by FCM agreement. With respect to derivatives containing collateral provisions, we posted collateral and initial margin of $544.2 million and $750.9 million as of December 31, 2023 and December 31, 2022, respectively, in the normal course of business, which reflects netting under derivative agreements. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2023, we would be required to post up to an additional $96.6 million of collateral to our counterparties.

As of December 31, 2023 and December 31, 2022, we had received $103.3 million and $148.8 million, respectively, of cash collateral associated with our derivative credit support annex agreements and FCM agreements, for which we recorded a corresponding liability reflecting our obligation to return the collateral.

Notional amounts are used to express the extent of our involvement in derivative transactions and represent a standard measurement of the volume of our derivative activity. Notional amounts represent those amounts used to calculate contractual flows to be exchanged and are not paid or received, except for contracts such as currency swaps. Credit exposure represents the gross amount owed to us under derivative contracts as of the valuation date. The notional amounts and credit exposure of our derivative financial instruments by type were as follows:


	December 31, 2023		December 31, 2022

	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	57,792.2	$	52,249.9
Interest rate options		4,498.4		4,418.9
Interest rate forwards		1,990.8		2,527.5
Interest rate futures		1,205.0		877.5
Foreign exchange contracts:
Currency swaps		2,105.8		1,634.7
Currency forwards		1,062.5		1,123.1
Equity contracts:
Equity options		2,331.3		2,049.3
Equity futures		568.4		574.1
Credit contracts:
Credit default swaps		305.0		400.0
Other contracts:
Embedded derivatives		22,511.7		23,209.3
Total notional amounts at end of period	$	94,371.1	$	89,064.3

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	42.9	$	64.2
Interest rate options		37.0		41.7
Interest rate forwards		4.2		0.1
Foreign exchange contracts:
Currency swaps		120.9		171.1
Currency forwards		20.8		34.0
Equity contracts:
Equity options		83.8		16.5
Credit contracts:
Credit default swaps		4.7		3.6
Total gross credit exposure		314.3		331.2
Less: collateral received		148.7		191.9
Net credit exposure	$	165.6	$	139.3

The fair value of our derivative instruments classified as assets and liabilities was as follows:


	Derivative assets (1)				Derivative liabilities (2)
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	9.0	$	20.0	$	72.6	$	105.1
Foreign exchange contracts		84.6		134.6		39.6		19.7
Total derivatives designated as hedging instruments	$	93.6	$	154.6	$	112.2	$	124.8

Derivatives not designated as hedging instruments
Interest rate contracts	$	70.3	$	81.1	$	284.3	$	439.9
Foreign exchange contracts		51.9		65.9		22.2		21.9
Equity contracts		83.8		16.5		74.2		45.6
Credit contracts		4.6		3.5		1.1		2.0
Other contracts		—		—		(2,451.6)		(3,606.4)
Total derivatives not designated as hedging instruments		210.6		167.0		(2,069.8)		(3,097.0)

Total derivative instruments	$	304.2	$	321.6	$	(1,957.6)	$	(2,972.2)

(1)	The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2)

Credit Derivatives Sold

When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. Our credit derivative contracts sold reference a single name or reference security (referred to as “single name credit default swaps”). These instruments are either referenced in an OTC credit derivative transaction or embedded within an investment structure that has been fully consolidated into our financial statements.

These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative. In certain cases, we also may have purchased credit protection with identical underlyings to certain of our sold protection transactions. As of December 31, 2023 and December 31, 2022, we did not purchase credit protection relating to our sold protection transactions. In certain circumstances, our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name.

The following tables show our credit default swap protection sold by types of contract, types of referenced/underlying asset class and external agency rating for the underlying reference security. The maximum future payments are undiscounted and have not been reduced by the effect of any offsetting transactions, collateral or recourse features described above.

December 31, 2023

Weighted

Maximum

average

Notional

Fair

future

expected life

amount

value

payments

(in years)

(in millions)

Single name credit default swaps

Corporate debt

40.0

0.3

40.0

1.5

BBB

140.0

3.8

140.0

3.0

20.0

0.2

20.0

3.5

Sovereign

20.0

0.2

20.0

1.5

Total credit default swap protection sold

220.0

4.5

220.0

2.7


	December 31, 2022
							Weighted
					Maximum		average
	Notional		Fair		future		expected life
	amount		value		payments		(in years)

	(in millions)
Single name credit default swaps
Corporate debt
A	$	40.0	$	0.4	$	40.0	2.5
BBB		190.0		2.2		190.0	3.1
BB		20.0		(0.2)		20.0	4.5
Sovereign
A		20.0		0.2		20.0	2.5
Total credit default swap protection sold	$	270.0	$	2.6	$	270.0	3.1

Fair Value and Cash Flow Hedges

Fair Value Hedges

We use fixed-to-floating rate interest rate swaps to more closely align the interest rate characteristics of certain assets and also use them to align the interest rate characteristics of certain liabilities. In general, these swaps are used in asset and liability management to modify duration, which is a measure of sensitivity to interest rate changes.

We enter into currency exchange swap agreements to convert certain foreign denominated assets into U.S. dollar denominated instruments to hedge the exposure to future currency volatility on those items.

The net interest effect of interest rate swap and currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The currency related impacts of currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to net realized capital gains or losses of the underlying hedged item in our consolidated statements of operations.

The following amounts were recorded on the consolidated statements of financial position related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment.


					Cumulative amount of fair
					value hedging basis adjustment
Line item in the consolidated statements					increase/(decrease) included in the
of financial position in which the	Carrying amount of hedged item				carrying amount of the hedged item
hedged item is included	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

	(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships	$	3,510.1	$	3,498.6	$	(87.0)	$	(153.4)
Discontinued hedging relationships		304.7		48.8		(5.2)		1.3
Total fixed maturities, available-for-sale in active or discontinued hedging relationships	$	3,814.8	$	3,547.4	$	(92.2)	$	(152.1)

Investment contracts:
Active hedging relationships	$	300.5	$	—	$	0.4	$	—
Total investment contracts in active or discontinued hedging relationships	$	300.5	$	—	$	0.4	$	—

(1)

For the years ended December 31, 2023, 2022 and 2021, $(1.8) million, $0.0 million and $0.0 million, respectively, of the derivative instruments’ gain (loss) was excluded from the assessment of hedge effectiveness.

Cash Flow Hedges

We utilize floating-to-fixed rate interest rate swaps to eliminate the variability in cash flows of recognized financial assets and liabilities.

We enter into currency exchange swap agreements to convert both principal and interest payments of certain foreign denominated assets and liabilities into U.S. dollar denominated fixed rate instruments to eliminate the exposure to future currency volatility on those items.

We use bond forwards and have used floating-to-fixed rate interest rate swaps to hedge forecasted transactions.

The net interest effect of interest rate swap and currency swap transactions for derivatives in cash flow hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations.

The maximum length of time we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those related to the payments of variable interest on existing financial assets and liabilities, is 3.2 years. As of December 31, 2023, we had $30.4 million of net gains reported in AOCI on the consolidated statements of financial position related to active hedges of forecasted transactions. If a hedged forecasted transaction is no longer probable of occurring, cash flow hedge accounting is discontinued. If it is probable that the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income.

The following table shows the effect of derivatives in cash flow hedging relationships on the consolidated statements of financial position.


		Amount of gain (loss) recognized in AOCI on derivatives
Derivatives in cash flow		for the year ended December 31,
hedging relationships	Related hedged item	2023		2022		2021

		(in millions)
Interest rate contracts	Fixed maturities, available-for-sale	$	30.4	$	(102.1)	$	—
Interest rate contracts	Investment contracts		(11.0)		15.9		4.1
Foreign exchange contracts	Fixed maturities, available-for-sale		(64.0)		84.2		53.4
Total		$	(44.6)	$	(2.0)	$	57.5

We expect to reclassify net gains of $24.5 million from AOCI into net income in the next twelve months, which includes both net deferred gains on discontinued hedges and net gains on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions.

Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations

The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations.


	For the year ended December 31, 2023
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		(losses) related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	4,091.9	$	(72.2)	$	7,788.2

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	45.3	$	—	$	0.4
Loss recognized on derivatives		(43.9)		—		(2.1)
Amounts related to periodic settlements on derivatives		60.5		—		(2.6)

Foreign exchange contracts:
Gain recognized on hedged item		—		3.7		—
Loss recognized on derivatives		—		(3.7)		—
Amounts related to periodic settlements on derivatives		0.6		—		—
Total gain (loss) recognized for fair value hedging relationships	$	62.5	$	—	$	(4.3)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	4.1	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.9		—
Amounts related to periodic settlements on derivatives		—		—		14.2

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		1.5		—
Amounts related to periodic settlements on derivatives		21.4		—		—
Total gain recognized for cash flow hedging relationships	$	25.5	$	3.4	$	14.1


	For the year ended December 31, 2022
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		(losses) related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	3,838.5	$	(182.1)	$	6,631.3

Gains on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(154.4)	$	—	$	—
Gain recognized on derivatives		151.6		—		—
Amortization of hedged item basis adjustments		(1.3)		—		—
Amounts related to periodic settlements on derivatives		5.2		—		—
Total gain recognized for fair value hedging relationships	$	1.1	$	—	$	—

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	9.0	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		18.5		—
Amounts related to periodic settlements on derivatives		—		—		3.7

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.6		—
Amounts related to periodic settlements on derivatives		14.5		—		—
Total gain recognized for cash flow hedging relationships	$	23.5	$	19.1	$	3.6


	For the year ended December 31, 2021
					Benefits,
	Net investment		Net realized		claims and
	income related		capital gains		settlement
	to hedges		related to		expenses
	of fixed		hedges of fixed		related to
	maturities,		maturities,		hedges of
	available-		available-		investment
	for-sale		for-sale		contracts

	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	$	4,429.6	$	115.4	$	7,258.2

Losses on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(28.7)	$	—	$	—
Gain recognized on derivatives		28.6		—		—
Amortization of hedged item basis adjustments		(1.8)		—		—
Amounts related to periodic settlements on derivatives		(10.0)		—		—
Total loss recognized for fair value hedging relationships	$	(11.9)	$	—	$	—

Gains (losses) on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	15.4	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.0		—
Amounts related to periodic settlements on derivatives		—		—		(0.4)

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		9.2		—
Amounts related to periodic settlements on derivatives		9.6		—		—
Total gain (loss) recognized for cash flow hedging relationships	$	25.0	$	10.2	$	(0.5)

Net Investment Hedges

We may take measures to hedge our net equity investments in our foreign operations from currency risk. This is accomplished with the use of currency forwards.

Gains and losses associated with net investment hedges are recorded in AOCI and will be released into net income if our investment in the foreign operation is sold or substantially liquidated.

The following tables show the effect of foreign exchange contracts used to hedge a portion of our net investment in certain sponsored investment funds on the consolidated financial statements.


	Amount of gain (loss) recognized
	in AOCI on derivatives
	for the year ended December 31,
Derivatives in net investment hedging relationships	2023		2022		2021

	(in millions)
Foreign exchange contracts	$	(0.7)	$	1.5	$	2.9
Total	$	(0.7)	$	1.5	$	2.9

No gains or losses on net investment hedges were reclassified from AOCI into net realized capitals gains (losses) for the years ended December 31, 2023, 2022 and 2021.

Derivatives Not Designated as Hedging Instruments

Our use of futures, certain swaptions and swaps, option collars, options and forwards are effective from an economic standpoint, but they have not been designated as hedges for financial reporting purposes. As such, periodic changes in the market value of these instruments, which includes mark-to-market gains and losses as well as periodic and final settlements, primarily flow directly into net realized capital gains (losses) on the consolidated statements of operations. However, the change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of operations. Additionally, mark-to-market gains and losses as well as periodic and final settlements for derivatives used to hedge market risk benefits are reported in market risk benefit (gain) loss on the consolidated statements of operations.

The following table shows the effect of derivatives not designated as hedging instruments, including fair value changes of embedded derivatives that have been bifurcated from the host contract, on the consolidated statements of operations.


	Amount of gain (loss) recognized in
	net income on derivatives for the
	year ended December 31,
Derivatives not designated as hedging instruments	2023		2022		2021

	(in millions)
Interest rate contracts	$	(61.4)	$	(317.7)	$	(46.6)
Foreign exchange contracts		(40.0)		83.7		(121.9)
Equity contracts		(144.1)		20.7		(81.5)
Credit contracts		4.1		0.1		0.1
Other contracts (1)		(1,154.9)		3,682.3		0.2
Total	$	(1,396.3)	$	3,469.1	$	(249.7)

(1)	Includes the change in fair value of the funds withheld embedded derivative.

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 494.0	$ 634.2
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(178.5)	(135.7)
Collateral pledged, financial liabilities	(301.1)	(485.1)
Net amount of liabilities subject to netting agreements	$ 14.4	$ 13.4

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Vintage year, Direct financing leases
2023	$ 46.1
2022	145.5	$ 147.1
2021	48.8	93.8
2020	111.6	114.4
2019	12.9	15.3
2018		54.6
Prior		239.8
Prior	285.2
Direct financing leases, Total amortized cost	650.1	665.0
Reinsurance recoverable and deposit receivable	20,614.9	21,445.4
Accrued interest receivable	619.2	578.0
Accrued interest receivable on direct financing leases	1.2	0.0
A- and above
Vintage year, Direct financing leases
2023	1.1
2022	122.0	110.5
2021	12.4	13.0
2020	56.7	39.9
2019	1.3	1.4
2018		42.9
Prior		167.3
Prior	207.3
Direct financing leases, Total amortized cost	400.8	375.0
BBB+ thru BBB-
Vintage year, Direct financing leases
2023	2.8
2022	23.5	33.9
2021	20.8	21.9
2020	46.9	62.4
2019	11.6	11.9
2018		11.7
Prior		70.4
Prior	76.3
Direct financing leases, Total amortized cost	181.9	212.2
BB+ thru BB-
Vintage year, Direct financing leases
2023	42.2
2022		2.7
2021	15.6	57.3
2020	8.0	12.1
2019		2.0
Prior		2.1
Prior	1.6
Direct financing leases, Total amortized cost	67.4	76.2
B+ and below
Vintage year, Direct financing leases
2021		1.6
Direct financing leases, Total amortized cost		1.6
Commercial mortgage loans
Vintage year, Mortgage loans
2023	1,057.7
2022	1,775.3	1,526.0
2021	2,755.5	2,734.3
2020	1,802.0	1,967.1
2019	2,410.3	2,628.9
2018		2,444.0
Prior	6,781.0	5,430.0
Mortgage loans, Total amortized cost	16,581.8	16,730.3
Vintage year, Direct financing leases
Accrued interest receivable	58.3	57.7
Commercial mortgage loans \| A- and above
Vintage year, Mortgage loans
2023	664.8
2022	1,277.1	1,036.4
2021	2,364.0	2,277.9
2020	1,587.3	1,807.3
2019	1,954.4	2,210.2
2018		2,187.9
Prior	5,576.6	4,624.9
Mortgage loans, Total amortized cost	13,424.2	14,144.6
Commercial mortgage loans \| BBB+ thru BBB-
Vintage year, Mortgage loans
2023	282.4
2022	356.0	385.6
2021	374.8	439.6
2020	212.0	156.8
2019	337.3	418.7
2018		238.9
Prior	911.7	691.7
Mortgage loans, Total amortized cost	2,474.2	2,331.3
Commercial mortgage loans \| BB+ thru BB-
Vintage year, Mortgage loans
2023	110.5
2022	142.2	104.0
2021	16.7	16.8
2020	2.7	3.0
2019	35.2
2018		8.9
Prior	234.2	71.7
Mortgage loans, Total amortized cost	541.5	204.4
Commercial mortgage loans \| B+ and below
Vintage year, Mortgage loans
2019	83.4
2018		8.3
Prior	58.5	41.7
Mortgage loans, Total amortized cost	141.9	50.0
Residential mortgage loans
Vintage year, Mortgage loans
2023	503.4
2022	1,068.3	1,152.8
2021	1,346.7	1,745.4
2020	229.7	449.3
2019	122.8	134.7
2018		76.0
Prior	425.6	424.8
Mortgage loans, Total amortized cost	3,696.5	3,983.0
Vintage year, Direct financing leases
Accrued interest receivable	11.4	19.6
Residential mortgage loans \| Performing
Vintage year, Mortgage loans
2023	502.3
2022	1,064.3	1,144.8
2021	1,341.8	1,740.7
2020	228.4	447.1
2019	120.8	133.0
2018		75.4
Prior	421.0	417.8
Mortgage loans, Total amortized cost	3,678.6	3,958.8
Residential mortgage loans \| Non-performing
Vintage year, Mortgage loans
2023	1.1
2022	4.0	8.0
2021	4.9	4.7
2020	1.3	2.2
2019	2.0	1.7
2018		0.6
Prior	4.6	7.0
Mortgage loans, Total amortized cost	$ 17.9	24.2
Vintage year, Direct financing leases
Mortgage loans, delinquent to be considered non-performing (in days)	90 days
Other loans
Vintage year, Mortgage loans
2023	$ 168.5
Prior	0.1
Mortgage loans, Total amortized cost	168.6
Vintage year, Direct financing leases
Accrued interest receivable	1.6	$ 0.0
Other loans \| Performing
Vintage year, Mortgage loans
2023	168.5
Mortgage loans, Total amortized cost	168.5
Other loans \| Non-performing
Vintage year, Mortgage loans
Prior	0.1
Mortgage loans, Total amortized cost	$ 0.1

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

13. Debt

Short-Term Debt

The components of short-term debt were as follows:


			December 31, 2023
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			130.9		58.6
Other short-term borrowings	Uncollateralized debt			2.5		2.5
Total			$	933.4	$	61.1


			December 31, 2022
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding

			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			136.9		80.7
Total			$	936.9	$	80.7

(1)	The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year.

Our revolving credit facilities are committed and available for general corporate purposes. These credit facilities also provide 100% back-stop support for our commercial paper program, of which we had no outstanding balances as of December 31, 2023 and 2022. The weighted-average interest rate on short-term borrowings as of December 31, 2023 and 2022, was 15.6% and 6.0%, respectively.

Long-Term Debt

The components of long-term debt were as follows:


	December 31, 2023
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount

	(in millions)
3.4% notes payable, due 2025	$	400.0	$	(0.7)	$	399.3
3.1% notes payable, due 2026		350.0		(1.1)		348.9
3.7% notes payable, due 2029		500.0		(3.8)		496.2
2.125% notes payable, due 2030		600.0		(3.2)		596.8
5.375% notes payable, due 2033		400.0		(3.8)		396.2
6.05% notes payable, due 2036		505.6		(2.1)		503.5
4.625% notes payable, due 2042		300.0		(2.8)		297.2
4.35% notes payable, due 2043		300.0		(2.9)		297.1
4.3% notes payable, due 2046		300.0		(3.0)		297.0
5.5% notes payable, due 2053		300.0		(4.3)		295.7
Non-recourse mortgages and notes payable		3.1		(0.1)		3.0
Total long-term debt	$	3,958.7	$	(27.8)	$	3,930.9


	December 31, 2022
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount

	(in millions)
3.125% notes payable, due 2023	$	300.0	$	(0.1)	$	299.9
3.4% notes payable, due 2025		400.0		(1.2)		398.8
3.1% notes payable, due 2026		350.0		(1.4)		348.6
3.7% notes payable, due 2029		500.0		(4.3)		495.7
2.125% notes payable, due 2030		600.0		(3.6)		596.4
6.05% notes payable, due 2036		505.6		(2.3)		503.3
4.625% notes payable, due 2042		300.0		(2.9)		297.1
4.35% notes payable, due 2043		300.0		(3.0)		297.0
4.3% notes payable, due 2046		300.0		(3.1)		296.9
Floating rate notes payable, due 2055		400.0		(4.5)		395.5
Non-recourse mortgages and notes payable		67.1		0.7		67.8
Total long-term debt	$	4,022.7	$	(25.7)	$	3,997.0

Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method.

On March 8, 2023, we issued $700.0 million of senior notes. We issued a $400.0 million series of notes that bear interest at 5.375% and will mature in 2033 and a $300.0 million series of notes that bear interest at 5.5% and will mature in 2053. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on September 15, 2023. The proceeds from these notes were used to redeem our floating rate notes payable due in 2055 and to repay at maturity our 3.125% notes payable due in 2023. We incurred a one-time cost to extinguish this debt before the scheduled maturity date, which was recorded in operating expenses on the consolidated statements of operations.

On June 12, 2020, we issued $500.0 million of senior notes at a discount. On August 3, 2020, we issued an additional $100.0 million of senior notes at a premium. These notes bear interest at 2.125% and will mature in 2030. Interest on the notes is payable semi-annually on June 15 and December 15 each year, beginning on December 15, 2020. The proceeds from these notes were used for general corporate purposes.

On May 7, 2019, we issued $500.0 million of senior notes. The notes bear interest at 3.7% and will mature in 2029. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2019. The proceeds from these notes, along with available cash, were used to fund the acquisition of the Acquired Business.

On November 10, 2016, we issued $650.0 million of senior notes. We issued a $350.0 million series of notes that bear interest at 3.1% and will mature in 2026 and a $300.0 million series of notes that bear interest at 4.3% and will mature in 2046. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2017. The proceeds from these notes were used to redeem our notes payable due in 2017 and 2019. We incurred a one-time cost to extinguish this debt before the scheduled maturity date.

On May 7, 2015, we issued $400.0 million of junior subordinated notes, which were subordinated to all our senior debt. The notes became callable in 2020 and had a maturity date in 2055. The notes initially bore a fixed rate of interest at 4.7% and converted to a floating rate at the date the notes became callable. Interest on the notes was payable semi-annually on May 15 and November 15 each year. After the call date the notes bore interest at 3-month LIBOR plus 3.044%, reset quarterly and payable in arrears in February, May, August and November each year. We had the right to defer interest payments on the junior subordinated notes for up to 5 years without resulting in a default, during which time interest will be compounded. The junior subordinated notes were repaid following our March 2023 debt issuance. In addition, on May 7, 2015, we issued $400.0 million of senior notes. The notes bear interest at 3.4% and will mature in 2025. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2015. The proceeds from both the junior subordinated notes and the senior notes were used to redeem preferred stock, with the remainder available for general corporate purposes.

On November 16, 2012, we issued $900.0 million of senior notes. We issued a $300.0 million series of notes that bore interest at 1.85% and were to mature in 2017. These notes were repaid following our November 2016 debt issuance. We issued a $300.0 million series of notes that bore interest at 3.125% and matured in 2023 and a $300.0 million series of notes that bear interest at 4.35% and will mature in 2043. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2013. The proceeds were used to fund our acquisition of Cuprum.

On September 5, 2012, we issued a $300.0 million series of senior notes that bear interest at 4.625% and will mature in 2042. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on March 15, 2013. The proceeds were used for the repayment of the $400.0 million aggregate principal amount of notes due in 2014 and to partially fund our acquisition of Cuprum.

On October 16 and December 5, 2006, we issued $500.0 million and $100.0 million, respectively, of senior notes. The notes bear interest at a rate of 6.05% per year. Interest on the notes is payable semi-annually on April 15 and October 15 each year and began on April 15, 2007. The notes will mature on October 15, 2036. A portion of the proceeds were used to fund the 2006 acquisition of WM Advisors, Inc., with the remaining proceeds being used for general corporate purposes. A tender offer in the fourth quarter of 2016 resulted in redemption of $94.4 million of the senior notes. We incurred a one-time cost to extinguish this debt before the scheduled maturity date.

The non-recourse mortgages and notes payable are primarily financings for real estate developments. As of December 31, 2023, the development had an outstanding principal balance of $3.0 million with an interest rate of 4.0%. As of December 31, 2022, outstanding principal balances ranged from $3.0 million to $15.9 million per development with interest rates ranging from 3.5% to 4.8%. Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $321.7 million and $317.6 million as of December 31, 2023 and 2022, respectively.

As of December 31, 2023, future annual maturities of long-term debt were as follows (in millions):


Year ending December 31:
2024	$	0.1
2025		399.3
2026		349.9
2027		1.0
2028		1.0
Thereafter		3,179.6
Total future maturities of long-term debt	$	3,930.9

Contingent Funding Agreements for Senior Debt Issuance

On March 8, 2018, we entered into two contingent funding agreements: (1) a 10-year contingent funding agreement with a Delaware trust (“2028 Trust”) formed by us in connection with the sale by the trust of $400.0 million pre-capitalized trust securities redeemable February 15, 2028 (“2028 P-Caps”) in a Rule 144A private placement and (2) a 30-year contingent funding agreement with a Delaware trust (“2048 Trust”) formed by us in connection with the sale by the trust of $350.0 million pre-capitalized trust securities redeemable February 15, 2048 (“2048 P-Caps”) in a Rule 144A private placement. The trusts invested the proceeds from the sale of the 2028 P-Caps and 2048 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The contingent funding agreements provide us a put option that gives us the right to sell at any time: (1) to the 2028 Trust up to $400.0 million of its 4.111% Senior Notes due 2028 (“4.111% Senior Notes”) and (2) to the 2048 Trust up to $350.0 million of its 4.682% Senior Notes due 2048 (“4.682% Senior Notes”) and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trusts. The 4.111% Senior Notes and 4.682% Senior Notes will not be issued unless and until a put option is exercised. We agreed to pay a semi-annual put premium of 1.275% and 1.580% per annum on the unexercised portion of the put option to the 2028 Trust and 2048 Trust, respectively, and to reimburse the trusts for expenses. The put option premiums are recorded in operating expenses in the consolidated statements of operations. The 4.111% Senior Notes and 4.682% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Principal Financial Services, Inc. (“PFS”). In addition, our obligations under the put option agreement and the expense reimbursement agreement with the trusts are also guaranteed by PFS. The contingent funding agreements with the trusts provide us with a source of liquid assets, which could be used to meet future financial obligations or to provide additional capital.

The put options described above will be exercised automatically in full if we fail to make certain payments to the trusts, including any failure to pay the put option premium or expense reimbursements when due, if such failure is not cured within 30 days, and upon certain bankruptcy events involving us or PFS. We are also required to exercise the put option in full: (i) if we reasonably believe that our consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and noncontrolling interest, has fallen below $4.0 billion, subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 4.111% Senior Notes and 4.682% Senior Notes; and (iii) if certain events occur relating to each trust’s status as an “investment company” under the Investment Company Act of 1940. In addition, we are required to purchase from the trusts any principal and interest strips of U.S. Treasury securities that are due and not paid.

We have an unlimited right to unwind a prior voluntary exercise of the put options by repurchasing all of the 4.111% Senior Notes and 4.682% Senior Notes held by the trusts in exchange for a corresponding amount of principal and interest strips of U.S. Treasury securities. If the put options have been fully exercised, the 4.111% Senior Notes and 4.682% Senior Notes issued may be redeemed by us prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The 2028 P-Caps are to be redeemed by the 2028 Trust on February 15, 2028, or upon any early redemption of the 4.111% Senior Notes. The 2048 P-Caps are to be redeemed by the 2048 Trust on February 15, 2048, or upon any early redemption of the 4.682% Senior Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Separate Account Balances - Retirement and Income Solutions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in separate account liabilities
Balance at beginning of period	$ 155,375.1
Balance at end of period	167,605.6	$ 155,375.1
Retirement and Income Solutions
Changes in separate account liabilities
Balance at beginning of period	115,899.1
Balance at end of period	126,650.4	115,899.1
Retirement and Income Solutions \| Group retirement contracts
Changes in separate account liabilities
Balance at beginning of period	107,240.1	131,188.6
Premiums and deposits	11,379.0	14,859.3
Policy charges	(366.0)	(383.7)
Surrenders, withdrawals and benefit payments	(13,916.8)	(14,479.4)
Investment performance	15,820.7	(20,641.3)
Net transfers (to) from general account	(2,461.1)	(2,571.7)
Other	(177.4)	(731.7)
Balance at end of period	117,518.5	107,240.1
Cash surrender value	116,522.1	106,125.7
Retirement and Income Solutions \| Individual variable annuities
Changes in separate account liabilities
Balance at beginning of period	8,659.0	11,000.0
Premiums and deposits	328.5	354.1
Policy charges	(204.5)	(211.1)
Surrenders, withdrawals and benefit payments	(1,018.2)	(790.1)
Investment performance	1,315.1	(1,723.3)
Net transfers (to) from general account	30.4	29.4
Other	21.6
Balance at end of period	9,131.9	8,659.0
Cash surrender value	$ 9,011.5	$ 8,538.7

Future Policy Benefits and Claims - Claim Duration and Payout Table (Details)	Dec. 31, 2023
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Year 1	8.10%
Year 2	25.00%
Year 3	15.40%
Year 4	8.20%
Year 5	5.80%
Year 6	5.20%
Year 7	4.50%
Year 8	3.50%
Year 9	3.00%
Year 10	2.60%
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Future Policy Benefits and Claims
Year 1	92.10%
Year 2	7.90%
Group Life
Future Policy Benefits and Claims
Year 1	78.90%
Year 2	18.80%

Derivative Financial Instruments - Credit Derivatives Sold (Details) - Single name credit default swaps - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Credit derivatives sold disclosures
Notional amount	$ 220.0	$ 270.0
Fair value	4.5	2.6
Maximum future payments	$ 220.0	$ 270.0
Weighted average expected life	2 years 8 months 12 days	3 years 1 month 6 days
Corporate debt securities \| A
Credit derivatives sold disclosures
Notional amount	$ 40.0	$ 40.0
Fair value	0.3	0.4
Maximum future payments	$ 40.0	$ 40.0
Weighted average expected life	1 year 6 months	2 years 6 months
Corporate debt securities \| BBB
Credit derivatives sold disclosures
Notional amount	$ 140.0	$ 190.0
Fair value	3.8	2.2
Maximum future payments	$ 140.0	$ 190.0
Weighted average expected life	3 years	3 years 1 month 6 days
Corporate debt securities \| BB
Credit derivatives sold disclosures
Notional amount	$ 20.0	$ 20.0
Fair value	0.2	(0.2)
Maximum future payments	$ 20.0	$ 20.0
Weighted average expected life	3 years 6 months	4 years 6 months
Sovereign \| A
Credit derivatives sold disclosures
Notional amount	$ 20.0	$ 20.0
Fair value	0.2	0.2
Maximum future payments	$ 20.0	$ 20.0
Weighted average expected life	1 year 6 months	2 years 6 months

Employee and Agent Benefits

12 Months Ended

Dec. 31, 2023

Employee and Agent Benefits

Employee and Agent Benefits

15. Employee and Agent Benefits

We provide a U.S. qualified defined benefit pension plan, covering U.S. employees that meet certain eligibility requirements and certain agents contracted on or before December 31, 2018. A final average pay benefit formula has been in place for plan participants employed prior to January 1, 2002. For agents, this formula ended on December 31, 2018, and for employees the formula ended on December 31, 2022. The final average pay benefit is based on the years of service and generally the employee’s or agent’s average annual compensation during the last five years prior to the earliest of termination, retirement or the formula end date. A cash balance benefit was added on January 1, 2002. A participant’s cash balance account is credited with an amount based on the participant’s salary, age and service. These credits accrue with interest. For plan participants hired on and after January 1, 2002, only the cash balance benefit applies. For pre-2002 participants, the pension benefit earned prior to the final average pay formula end date is the greater of the final average pay benefit or the cash balance benefit earned before the end date. They will also earn a new cash balance benefit for service after the formula end date.

In addition, we sponsor non-qualified defined benefit plans subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees and agents to replace the benefit that cannot be provided by the qualified defined benefit pension plan due to IRS limits. These nonqualified plans generally parallel the qualified plan but offer different payment options. No agent will become a new participant in the nonqualified plan after December 31, 2018.

We provide certain health care, life insurance and long-term care benefits for retired employees, their beneficiaries and covered dependents (“other postretirement benefits”). While virtually all U.S. employees continue to have access to the postretirement health care and life insurance benefits, only those U.S. employees that were hired prior to January 1, 2002, and retired prior to January 1, 2011, (post-65 medical) or January 1, 2020, (life insurance and pre-65 medical) were eligible to receive subsidized benefits. All others pay the full cost of coverage. The long-term care plan was subsidized only for those who retired prior to January 1, 2000, and is no longer accessible. The subsidy level for all benefits varies by plan, age, service and retirement date.

The funding policy for all employee benefit plans is to fund the cost of providing pension benefits in the years that the employees and agents are providing service, taking into account the funding status of the trust. For the qualified defined benefit plan, this policy will be subject to an amount no lower than the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”), and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. While we designate assets to cover the computed liability of the nonqualified pension plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP.

Obligations and Funded Status

The plans’ combined funded status, reconciled to amounts recognized in the consolidated statements of financial position, was as follows:


					Other postretirement
	Pension benefits				benefits
	December 31,				December 31,
	2023		2022		2023		2022

	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	(3,209.4)	$	(4,183.7)	$	(71.0)	$	(95.3)
Service cost		(55.6)		(78.4)		—		—
Interest cost		(160.1)		(112.8)		(3.4)		(2.3)
Actuarial gain (loss)		(119.7)		1,023.5		(2.9)		19.5
Participant contributions		—		—		(6.1)		(6.4)
Benefits paid		153.9		142.0		15.0		13.5
Benefit obligation at end of year	$	(3,390.9)	$	(3,209.4)	$	(68.4)	$	(71.0)

Change in plan assets
Fair value of plan assets at beginning of year	$	2,726.3	$	3,550.1	$	94.4	$	119.8
Actual return on plan assets		258.5		(754.3)		12.7		(20.0)
Employer contribution		78.7		72.5		1.6		1.7
Participant contributions		—		—		6.1		6.4
Benefits paid		(153.9)		(142.0)		(15.0)		(13.5)
Fair value of plan assets at end of year	$	2,909.6	$	2,726.3	$	99.8	$	94.4

Amount recognized in statement of financial position
Other assets	$	—	$	—	$	31.4	$	23.4
Other liabilities		(481.3)		(483.1)		—		—
Total	$	(481.3)	$	(483.1)	$	31.4	$	23.4

Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	$	425.4	$	442.0	$	(24.4)	$	(20.2)
Prior service benefit		(70.6)		(87.4)		(4.3)		(5.1)
Pre-tax accumulated other comprehensive (income) loss	$	354.8	$	354.6	$	(28.7)	$	(25.3)

The accumulated benefit obligation for all defined benefit pension plans was $3,390.9 million and $3,209.4 million as of December 31, 2023 and 2022, respectively.

Employer contributions to the pension plans include contributions made directly to the qualified pension plan assets and contributions from corporate assets to pay nonqualified pension benefits. Benefits paid from the pension plans include both qualified and nonqualified plan benefits. Nonqualified pension plan assets are not included as part of the asset balances presented in this footnote. The nonqualified pension plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The assets held in a Rabbi trust are available to satisfy the claims of general creditors only in the event of bankruptcy. Therefore, these assets are fully consolidated in our consolidated statements of financial position and are not reflected in our funded status as they do not qualify as plan assets under U.S. GAAP. The market value of assets held in these trusts was $342.2 million and $336.7 million as of December 31, 2023 and 2022, respectively.

Pension Plan Changes and Plan Gains/Losses

For the year ended December 31, 2023, the pension plans had an actuarial loss primarily due to a decrease in discount rate. For the year ended December 31, 2022, the pension plans had an actuarial gain primarily due to an increase in discount rate.

Other Postretirement Plan Changes and Plan Gains/Losses

For the year ended December 31, 2023, the other postretirement benefit plans had an actuarial loss primarily due to a decrease in the discount rates and actual medical claims costs being higher than previously expected. For the year ended December 31, 2022, the other postretirement benefit plans had an actuarial gain primarily due to an increase in the discount rates and actual medical claims costs being lower than previously expected.

Information for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets

For 2023 and 2022, both the qualified and nonqualified plans had accumulated benefit obligations in excess of plan assets. As noted previously, the nonqualified plans have assets that are deposited in trusts that fail to meet the U.S. GAAP requirements to be included in plan assets; however, these assets are included in our consolidated statements of financial position.


	December 31,
	2023		2022

	(in millions)
Projected benefit obligation	$	3,390.9	$	3,209.4
Accumulated benefit obligation		3,390.9		3,209.4
Fair value of plan assets		2,909.6		2,726.3

We did not have any other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets.

Components of Net Periodic Benefit Cost


	Pension benefits						Other postretirement benefits

	For the year ended December 31,
	2023		2022		2021		2023		2022		2021

	(in millions)
Service cost	$	55.6	$	78.4	$	83.2	$	—	$	—	$	—
Interest cost		160.1		112.8		103.3		3.4		2.3		2.2
Expected return on plan assets		(163.2)		(178.9)		(182.7)		(4.6)		(4.9)		(4.8)
Amortization of prior service benefit		(16.8)		(16.8)		(16.8)		(0.8)		(1.1)		(1.1)
Recognized net actuarial (gain) loss		41.0		55.7		70.2		(1.0)		(1.1)		(0.5)
Net periodic benefit cost (income)	$	76.7	$	51.2	$	57.2	$	(3.0)	$	(4.8)	$	(4.2)

The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations.

The pension plans’ actuarial gains and losses are amortized using a straight-line amortization method over the average remaining service period of plan participants. The other postretirement plans use a straight-line amortization over the average future lifetime of its remaining covered group of retirees. For the qualified pension plan, gains and losses are amortized without use of the 10% allowable corridor. For the nonqualified pension plans and other postretirement benefit plans, the corridors allowed are used.


	Pension benefits				Other postretirement benefits

	For the year ended December 31,
	2023		2022		2023		2022

	(in millions)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	24.4	$	(90.3)	$	(5.2)	$	5.4
Amortization of gain (loss)		(41.0)		(55.7)		1.0		1.1
Amortization of prior service benefit		16.8		16.8		0.8		1.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	$	0.2	$	(129.2)	$	(3.4)	$	7.6
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	76.9	$	(78.0)	$	(6.4)	$	2.8

Net actuarial (gain) loss and net prior service cost benefit have been recognized in AOCI.

Assumptions

Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section


	Pension benefits
	December 31,
	2023		2022
Discount rate	4.90	%	5.10	%
Interest crediting rate - cash balance benefit	5.00	%	5.00	%
Rate of compensation increase	4.56	%	4.53	%

	Other postretirement benefits
	December 31,
	2023		2022
Discount rate	4.80	%	5.00	%
Rate of compensation increase	N/A		N/A

Weighted average assumptions used to determine net periodic benefit cost


	Pension benefits
	For the year ended December 31,
	2023		2022		2021
Discount rate	5.10	%	2.75	%	2.50	%
Expected long-term return on plan assets	6.20	%	5.20	%	5.55	%
Interest crediting rate - cash balance benefit	5.00	%	5.00	%	5.00	%
Rate of compensation increase:
Cash balance benefit	4.53	%	4.59	%	4.92	%
Traditional benefit	N/A	%	N/A	%	2.96	%

	Other postretirement benefits
	For the year ended December 31,
	2023		2022		2021
Discount rate	5.00	%	2.50	%	2.10	%
Expected long-term return on plan assets	5.05	%	4.25	%	4.25	%
Rate of compensation increase	N/A		N/A		N/A

The assumed salary growth rates used to project benefits for the projected benefit obligation are age-based for home office employees. The rate labeled cash balance benefit (relative to employees accruing a cash balance) is the lifecount-weighted average rate of salary growth in the coming year only, as the impact of salary assumption for cash balance benefits are limited to the upcoming year service cost. The rate labeled traditional benefit (relative to employees still accruing a final average pay benefit) is the lifecount-weighted average (at each age) of the single annual growth rate at the age that is equivalent to applying the scale from that age to assumed termination or retirement ages. For the December 31, 2021, pension benefit obligation and going forward, one average rate of compensation increase is disclosed for all participants as the traditional benefit is frozen as of December 31, 2022.

For the pension benefits, the discount rate is determined by projecting future benefit payments inherent in the projected benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The expected return on plan assets is the long-term rate we expect to be earned based on the long-term investment policy of the plans and the various classes of invested funds. A weighted average rate was developed based on those overall rates and the target asset allocation of the plans.

For other postretirement benefits, the discount rate is determined by projecting future benefit payments inherent in the accumulated postretirement benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The 5.05% expected long-term return on plan assets for 2023 was based on the weighted average expected long-term asset returns for the plans. The expected long-term rates for the home office and agent pre-65 medical/life plans and post-65 medical plans were 5.2% and 4.6%, respectively.

Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Cost


	December 31,
	2023		2022
Health care cost trend rate assumed for next year under age 65	7.50	%	7.00	%
Health care cost trend rate assumed for next year age 65 and over	6.50	%	6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate (under age 65)	2032		2031
Year that the rate reaches the ultimate trend rate (65 and older)	2031		2028

Pension Plan and Other Postretirement Benefit Plan Assets

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.

●

Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets.

●

Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly.

●

Level 3 – Fair values are based on significant unobservable inputs for the asset.

Our pension plan assets consist of investments in pooled separate accounts and single client separate accounts. Net asset value (“NAV”) of the pooled separate accounts is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of their fair value. Several of the pooled separate accounts invest in publicly quoted mutual funds or actively managed stocks. The fair value of the underlying mutual funds or stocks is used to determine the NAV of the separate account, which is not publicly quoted. Some of the pooled separate accounts also invest in fixed income securities. The fair value of the underlying securities is based on quoted prices of similar assets and used to determine the NAV of the separate account. Some of the pooled separate accounts invest in real estate properties. The fair value is based on discounted cash flow valuation models that utilize public real estate market data inputs such as transaction prices, market rent growth, vacancy levels, leasing absorption, market capitalization rates and discount rates.

The single client separate accounts invest in fixed income securities, hedge funds, a pooled separate account investment and other assets. The fixed income securities include U.S. Treasury bonds for which the fair value is based on quoted prices of identical assets in active markets. The fair value of the other fixed income securities is determined either from prices obtained from third party pricing vendors who use observable market information to determine prices or from internal models using substantially all observable inputs or a matrix pricing valuation approach. The hedge funds are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The NAV of the pooled separate account investment is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of its fair value. The carrying amounts of other assets, which are highly liquid in nature, are used to approximate fair value.

Our other postretirement benefit plan assets consist of cash, investments in fixed income security portfolios and investments in equity security portfolios. Because of the nature of cash, its carrying amount approximates fair value. The fair value of fixed income investment funds, U.S. equity portfolios and international equity portfolios is based on quoted prices in active markets for identical assets.

Pension Plan Assets

The fair value of the qualified pension plan’s assets by asset category as of the most recent measurement date was as follows:

December 31, 2023

Assets

Amount

Fair value hierarchy level

measured at

fair value

net asset value

Level 1

Level 2

Level 3

(in millions)

Asset category

Pooled separate account investments:

U.S. large cap equity portfolios (1)

290.9

—

290.9

—

U.S. small/mid cap equity portfolios (2)

49.5

—

49.5

—

Balanced asset portfolios (3)

97.0

—

97.0

—

International equity portfolios (4)

141.8

—

141.8

—

Fixed income security portfolios (5)

27.9

—

27.9

—

Real estate investment portfolios (6)

204.1

—

204.1

—

Single client separate account investments:

Fixed income securities:

U.S. government and agencies

124.9

—

124.9

—

States and political subdivisions

27.0

—

27.0

—

Corporate

1,394.2

—

1,394.2

—

Pooled separate account investment (8)

497.9

—

497.9

—

Other (9)

54.4

—

54.4

—

Total

2,909.6

—

124.9

2,784.7

—


	December 31, 2022
	Assets		Amount		Fair value hierarchy level
	measured at		measured at
	fair value		net asset value		Level 1		Level 2		Level 3

	(in millions)
Asset category
Pooled separate account investments:
U.S. large cap equity portfolios (1)	$	282.5	$	—	$	—	$	282.5	$	—
U.S. small/mid cap equity portfolios (2)		47.3		—		—		47.3		—
Balanced asset portfolios (3)		101.4		—		—		101.4		—
International equity portfolios (4)		143.9		—		—		143.9		—
Real estate investment portfolios (6)		238.4		—		—		238.4		—
Single client separate account investments:
Fixed income securities:
U.S. government and agencies		447.0		—		447.0		—		—
States and political subdivisions		25.0		—		—		25.0		—
Corporate		1,336.9		—		—		1,336.9		—
Commercial mortgage-backed securities		16.1		—		—		16.1		—
Other debt obligations		4.1		—		—		4.1		—
Hedge funds (7)		27.9		27.9		—		—		—
Pooled separate account investment (8)		43.7		—		—		43.7		—
Other (9)		12.1		—		—		12.1		—
Total	$	2,726.3	$	27.9	$	447.0	$	2,251.4	$	—

(1)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.

(2)	The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies.

(3)

(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

(5)

(6)	The portfolios invest primarily in U.S. commercial real estate properties through a separate account.

(7)	The hedge funds have varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds.

(8)	The single client separate accounts invest in a money market pooled separate account.

(9)	Includes cash and net (payables)/receivables for the single client separate accounts.

We have established an investment policy that provides the investment objectives and guidelines for the pension plan. Our investment strategy is to achieve the following:

●

Obtain a reasonable long-term return consistent with the level of risk assumed and at a cost of operation within prudent levels. Performance benchmarks are monitored.

●

Ensure sufficient liquidity to meet the emerging benefit liabilities for the plan.

●

Provide for diversification of assets in an effort to avoid the risk of large losses and maximize the investment return to the pension plan consistent with market and economic risk.

In administering the qualified pension plan’s asset allocation strategy, we consider the projected liability stream of benefit payments, the relationship between current and projected assets of the plan and the projected actuarial liabilities streams, the historical performance of capital markets adjusted for the perception of future short- and long-term capital market performance and the perception of future economic conditions.

According to our investment policy, the target asset allocation for the qualified plan is:


Asset category	Target allocation
Fixed income security portfolios	25	%	-	80	%
Equity portfolios	5	%	-	60	%
Private investments	10	%	-	20	%

Other Postretirement Benefit Plan Assets

The fair value of the other postretirement benefit plans’ assets by asset category as of the most recent measurement date was as follows:

December 31, 2023

Assets

Fair value hierarchy level

measured at

fair value

Level 1

Level 2

Level 3

(in millions)

Asset category

Cash and cash equivalents

1.3

—

Fixed income security portfolios (1)

47.9

—

U.S. equity portfolios (2)

36.7

—

International equity portfolios (3)

13.9

—

Total

99.8

—


	December 31, 2022
	Assets		Fair value hierarchy level
	measured at
	fair value		Level 1		Level 2		Level 3

	(in millions)
Asset category
Cash and cash equivalents	$	0.6	$	0.6	$	—	$	—
Fixed income security portfolios (1)		47.6		47.6		—		—
U.S. equity portfolios (2)		33.6		33.6		—		—
International equity portfolios (3)		12.6		12.6		—		—
Total	$	94.4	$	94.4	$	—	$	—

(1)

(2)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.

(3)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

The investment strategies for the other postretirement benefit plans are similar to those employed by the qualified pension plan. According to our investment policy, the target asset allocation for the other postretirement benefit plans is:


Asset category	Target allocation
Fixed income security portfolios	50	%
U.S. equity portfolios	35	%
International equity portfolios	15	%

Contributions

Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under ERISA and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan. We are unable to estimate the amount that may be contributed, but it is possible that we may fund the plans in 2024 up to $75.0 million. This includes funding for both our qualified and nonqualified pension plans. While we designate assets to cover the computed liability of the nonqualified plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. We may contribute to our other postretirement benefit plans in 2024 pending future analysis.

Estimated Future Benefit Payments

The estimated future benefit payments, which reflect expected future service, are:


			Other postretirement
			benefits (gross benefit
			payments, including
	Pension benefits		prescription drug benefits)

	(in millions)
Year ending December 31:
2024	$	207.8	$	13.0
2025		191.1		11.9
2026		204.2		10.6
2027		214.0		9.3
2028		218.9		8.5
2029-2033		1,212.7		33.8

The above table reflects the total estimated future benefits to be paid from the plan, including both our share of the benefit cost and the participants’ share of the cost, which is funded by their contributions to the plan.

The assumptions used in calculating the estimated future benefit payments are the same as those used to measure the benefit obligation for the year ended December 31, 2023.

Defined Benefit Pension Plans Supplemental Information

Certain key summary data is shown below separately for qualified and nonqualified plans.


	For the year ended December 31,
	2023						2022
	Qualified		Nonqualified				Qualified		Nonqualified
	Plan		Plan		Total		Plan		Plan		Total

	(in millions)
Amount recognized in statement of financial position
Other assets	$	—	$	—	$	—	$	—	$	—	$	—
Other liabilities		(58.3)		(423.0)		(481.3)		(70.7)		(412.4)		(483.1)
Total	$	(58.3)	$	(423.0)	$	(481.3)	$	(70.7)	$	(412.4)	$	(483.1)

Amount recognized in accumulated other comprehensive loss
Total net actuarial loss	$	361.4	$	64.0	$	425.4	$	390.7	$	51.3	$	442.0
Prior service benefit		(60.0)		(10.6)		(70.6)		(72.6)		(14.8)		(87.4)
Pre-tax accumulated other comprehensive loss	$	301.4	$	53.4	$	354.8	$	318.1	$	36.5	$	354.6

Components of net periodic benefit cost
Service cost	$	51.6	$	4.0	$	55.6	$	72.5	$	5.9	$	78.4
Interest cost		139.7		20.4		160.1		98.7		14.1		112.8
Expected return on plan assets		(163.2)		—		(163.2)		(178.9)		—		(178.9)
Amortization of prior service benefit		(12.6)		(4.2)		(16.8)		(12.6)		(4.2)		(16.8)
Recognized net actuarial loss		38.8		2.2		41.0		39.7		16.0		55.7
Net periodic benefit cost	$	54.3	$	22.4	$	76.7	$	19.4	$	31.8	$	51.2

Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	9.5	$	14.9	$	24.4	$	15.0	$	(105.3)	$	(90.3)
Amortization of net loss		(38.8)		(2.2)		(41.0)		(39.7)		(16.0)		(55.7)
Amortization of prior service benefit		12.6		4.2		16.8		12.6		4.2		16.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	$	(16.7)	$	16.9	$	0.2	$	(12.1)	$	(117.1)	$	(129.2)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	37.6	$	39.3	$	76.9	$	7.3	$	(85.3)	$	(78.0)

Defined Contribution and Deferred Compensation Plans

In addition, we have defined contribution plans that are generally available to all U.S. employees and agents. Eligible participants could not contribute more than $22,500 of their compensation to the plans in 2023. Effective January 1, 2006, we made several changes to the retirement programs. In general, the pension and supplemental executive retirement plan benefit formulas were reduced and the 401(k) matching contribution was increased. Employees who were ages 47 or older with at least ten years of service on December 31, 2005, could elect to retain the prior benefit provisions and forgo receipt of the additional matching contributions. The employees who elected to retain the prior benefit provisions are referred to as “Grandfathered Choice Participants.” We match the Grandfathered Choice Participant’s contribution at a 50% contribution rate up to a maximum matching contribution of 3% of the participant’s compensation. For all other participants, we match the participant’s contributions at a 75% contribution rate up to a maximum matching contribution of 6% of the participant’s compensation. The defined contribution plans allow employees to choose among various investment options, including our common stock, which is available through our Employee Stock Ownership Plan (“ESOP”). We contributed $74.1 million, $70.3 million and $60.5 million in 2023, 2022 and 2021, respectively, to our qualified defined contribution plans.

The number of shares of our common stock allocated to participants in the ESOP was 1.7 million and 1.8 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the fair value of the ESOP, which includes earned and unearned common stock, was $135.6 million and $148.4 million, respectively. The ESOP’s total assets include our common stock and cash. The ESOP purchases our common stock on the open market. The number of shares of our common stock held within the ESOP is treated as outstanding in both our basic and diluted earnings per share calculations.

We also have nonqualified deferred compensation plans available to select employees and agents that allow them to defer compensation amounts in excess of limits imposed by U.S. federal tax law with respect to the qualified plans. For certain nonqualified deferred compensation plans that include an employer matching contribution, in 2023 we matched the Grandfathered Choice Participant’s deferral at a 50% match deferral rate up to a maximum matching deferral of 3% of the participant’s compensation. For all other participants in nonqualified deferred compensation plans that include an employer matching contribution, we matched the participant’s deferral at a 75% match deferral rate up to a maximum matching deferral of 6% of the participant’s compensation. We contributed $3.1 million, $3.9 million and $3.4 million in 2023, 2022 and 2021, respectively, to our nonqualified deferred compensation plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Investments - Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 109.2	$ 325.4	$ 118.2
Mortgage loans, sold	12.1	15.6	73.8
Mortgage loans, Total amortized cost	$ 16,581.8	$ 16,730.3
Percent of mortgage loans (as a percent)	100.00%	100.00%
Commercial mortgage loans \| Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,643.0	$ 4,322.0
Percent of mortgage loans (as a percent)	21.90%	25.90%
Commercial mortgage loans \| Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,454.7	$ 1,499.4
Percent of mortgage loans (as a percent)	8.80%	9.00%
Commercial mortgage loans \| Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,515.7	$ 3,235.9
Percent of mortgage loans (as a percent)	21.20%	19.30%
Commercial mortgage loans \| Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 7,128.2	$ 6,827.1
Percent of mortgage loans (as a percent)	43.00%	40.80%
Commercial mortgage loans \| Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 68.6	$ 72.5
Percent of mortgage loans (as a percent)	0.40%	0.40%
Commercial mortgage loans \| Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 771.6	$ 773.4
Percent of mortgage loans (as a percent)	4.70%	4.60%
Commercial mortgage loans \| New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 366.5	$ 512.1
Percent of mortgage loans (as a percent)	2.20%	3.10%
Commercial mortgage loans \| Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,512.6	$ 4,505.6
Percent of mortgage loans (as a percent)	27.10%	26.90%
Commercial mortgage loans \| East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 583.3	$ 652.5
Percent of mortgage loans (as a percent)	3.50%	3.90%
Commercial mortgage loans \| West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 336.0	$ 370.9
Percent of mortgage loans (as a percent)	2.00%	2.20%
Commercial mortgage loans \| South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,761.9	$ 2,558.3
Percent of mortgage loans (as a percent)	16.70%	15.30%
Commercial mortgage loans \| East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 429.4	$ 339.8
Percent of mortgage loans (as a percent)	2.60%	2.00%
Commercial mortgage loans \| West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,268.6	$ 1,204.9
Percent of mortgage loans (as a percent)	7.70%	7.20%
Commercial mortgage loans \| Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 824.2	$ 938.7
Percent of mortgage loans (as a percent)	5.00%	5.60%
Commercial mortgage loans \| Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,974.4	$ 5,115.3
Percent of mortgage loans (as a percent)	30.00%	30.60%
Commercial mortgage loans \| International
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 524.9	$ 532.2
Percent of mortgage loans (as a percent)	3.20%	3.20%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 554.7	$ 1,846.0	2,370.9
Mortgage loans, sold	115.9	535.7	$ 88.9
Mortgage loans, Total amortized cost	$ 3,696.5	$ 3,983.0

Nature of Operations and Significant Accounting Policies - Balances and changes in MRBs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balances and changes in MRBs
Balance at beginning of period, market risk benefits	$ (98.2)
Balance at end of period, market risk benefits	20.2	$ (98.2)
Individual variable annuities \| Retirement and Income Solutions
Balances and changes in MRBs
Balance at beginning of period, market risk benefits	(72.2)	(494.7)	$ 591.3
Effect of changes in nonperformance risk at beginning of period	31.7	(109.5)	106.7
Adjusted balance at beginning of period, market risk benefits	(103.9)	(385.2)	(484.6)
Interest accrual and expected policyholder behavior	(80.9)	(90.1)	(120.7)
Benefit payments	0.4	1.3	0.4
Changes in interest rates	39.9	539.1	154.3
Changes in equity markets	155.1	(112.4)	106.4
Changes in equity index volatility	47.9	(50.2)	15.1
Actual policyholder behavior different from expected behavior	(4.0)	1.5	2.3
Changes in future expected policyholder behavior		(6.1)	(96.6)
Changes in other future expected assumptions	(5.3)	(1.8)	38.2
Adjusted balance at end of period, market risk benefits	49.2	(103.9)	(385.2)
Effect of changes in nonperformance risk at end of period	(7.7)	31.7	(109.5)
Balance at end of period, market risk benefits	41.5	(72.2)	(494.7)
Guaranteed pension \| Principal Asset Management \| Principal International \| Asia
Balances and changes in MRBs
Balance at beginning of period, market risk benefits	(26.0)	(35.1)	53.3
Effect of changes in nonperformance risk at beginning of period	(1.2)	(4.3)	6.5
Adjusted balance at beginning of period, market risk benefits	(24.8)	(30.8)	(46.8)
Interest accrual and expected policyholder behavior	(10.1)	(7.1)	(5.3)
Benefit payments	13.8	9.5	5.7
Changes in interest rates	1.2	3.9	7.6
Changes in equity markets	0.2	(1.0)	1.4
Actual policyholder behavior different from expected behavior	(0.6)	0.7	3.6
Changes in future expected policyholder behavior			0.5
Changes in other future expected assumptions			2.3
Foreign currency translation adjustment			0.2
Adjusted balance at end of period, market risk benefits	(20.3)	(24.8)	(30.8)
Effect of changes in nonperformance risk at end of period	(1.0)	(1.2)	(4.3)
Balance at end of period, market risk benefits	$ (21.3)	$ (26.0)	$ (35.1)

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Asset Disclosures
Weighted average remaining expected life of finite lived intangible assets	16 years
Gross carrying value	$ 1,215.1	$ 1,235.1
Accumulated amortization	512.7	472.6
Net carrying value	702.4	762.5
Amortization expense for intangible assets with finite useful lives	68.6	70.7	$ 75.3
Estimated amortization expense for the next five years
Year 1: Finite lived intangible assets amortization	67.3
Year 2: Finite lived intangible assets amortization	61.9
Year 3: Finite lived intangible assets amortization	57.8
Year 4: Finite lived intangible assets amortization	57.8
Year 5: Finite lived intangible assets amortization	40.6
Other finite lived intangible assets
Finite Lived Intangible Asset Disclosures
Finite lived intangible assets fully amortized during the period	$ 31.2	$ 34.4

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturities, available-for-sale	$ 65,673.1	$ 62,889.9
Fixed maturities, trading	836.2	760.7
Other investments	7,035.6	6,122.0
Cash and cash equivalents	4,707.7	4,848.0
Deferred income taxes	241.1	306.9
Total assets	305,046.7	290,867.0
Liabilities
Long-term debt	3,930.9	3,997.0
Income taxes currently payable	11.9	19.2
Total liabilities	293,836.1	280,587.2
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 492,279,405 and 489,809,564 shares issued as of 2023 and 2022; 236,438,294 and 243,549,782 shares outstanding as of 2023 and 2022	4.9	4.9
Additional paid-in capital	10,908.6	10,740.4
Retained earnings	16,683.5	16,697.3
Accumulated other comprehensive income (loss)	(5,345.3)	(6,879.0)
Treasury stock, at cost; 255,841,111 and 246,259,782 shares as of 2023 and 2022	(11,335.7)	(10,586.9)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,916.0	9,976.7
Total liabilities and stockholders' equity	305,046.7	290,867.0
Principal Financial Group, Inc. Parent Only \| Legal Entities
Assets
Fixed maturities, available-for-sale	15.6	17.1
Other investments	11.5	12.0
Cash and cash equivalents	270.7	492.5
Income taxes currently receivable	11.9
Deferred income taxes	292.7	297.1
Other assets	17.4	12.6
Investment in unconsolidated entities	14,595.7	13,423.7
Total assets	15,230.5	14,269.6
Liabilities
Long-term debt	3,927.9	3,929.2
Accrued investment payable	30.6	24.7
Income taxes currently payable		2.4
Pension liability	343.6	332.7
Other liabilities	12.4	3.9
Total liabilities	4,314.5	4,292.9
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 492,279,405 and 489,809,564 shares issued as of 2023 and 2022; 236,438,294 and 243,549,782 shares outstanding as of 2023 and 2022	4.9	4.9
Additional paid-in capital	10,908.6	10,740.4
Retained earnings	16,683.5	16,697.3
Accumulated other comprehensive income (loss)	(5,345.3)	(6,879.0)
Treasury stock, at cost; 255,841,111 and 246,259,782 shares as of 2023 and 2022	(11,335.7)	(10,586.9)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,916.0	9,976.7
Total liabilities and stockholders' equity	15,230.5	14,269.6
Principal Financial Group, Inc. Parent Only \| Legal Entities \| Subsidiaries
Assets
Amounts receivable from subsidiaries	$ 15.0	$ 14.6

Income Taxes - Deferred Income Taxes and Other (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Net operating and capital loss carryforwards	$ 123.0	$ 86.1
Tax credit carryforwards	64.2	65.8
Net unrealized losses on available-for-sale securities	1,092.9	1,572.3
Employee benefits	315.4	305.3
Gross deferred income tax assets	1,595.5	2,029.5
Valuation allowance	(58.8)	(42.9)
Total deferred income tax assets	1,536.7	1,986.6
Deferred income tax liabilities:
Deferred income tax liabilities: Deferred acquisition costs	(679.2)	(639.6)
Investments, including derivative assets	(240.9)	(224.7)
Funds withheld embedded derivative	(575.5)	(767.1)
Deferred income tax liabilities: Real estate	(136.7)	(141.0)
Intangible assets	(384.2)	(386.9)
Insurance liabilities	(886.1)	(814.3)
Other deferred income tax liabilities	(6.3)	(30.3)
Total deferred income tax liabilities	(2,908.9)	(3,003.9)
Total net deferred income tax liabilities	(1,372.2)	(1,017.3)
Net deferred income taxes by jurisdiction
Net deferred income tax assets	241.1	306.9
Net deferred income tax liabilities	(1,613.3)	(1,324.2)
Total net deferred income tax liabilities	(1,372.2)	(1,017.3)
Deferred income tax disclosures-operating loss carryforwards
Valuation allowances on income tax benefits primarily associated with foreign net operating loss carryforwards	58.8	42.9
Deferred income tax disclosures
Accumulated but undistributed earnings from operations of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided	1,362.6	1,089.0
Excess book carrying value over tax basis with respect to the original investment of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided	106.2
Current income tax receivables associated with outstanding audit issues
Current income tax receivables (payables) associated with outstanding audit issues	223.8	5.6
U.S. Federal
Net deferred income taxes by jurisdiction
Net deferred income tax liabilities	(1,312.9)	(1,051.0)
Deferred income tax disclosures-operating loss carryforwards
Net operating and capital loss carryforwards	155.2	66.1
State
Net deferred income taxes by jurisdiction
Net deferred income tax assets	77.9	83.1
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	312.3	250.0
Foreign
Net deferred income taxes by jurisdiction
Net deferred income tax assets	163.2	223.8
Net deferred income tax liabilities	(300.4)	(273.2)
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	$ 257.3	$ 229.5

Deferred Acquisition Costs and Other Actuarial Balances (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregated DAC amounts and reconciliation (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	506.4	$	498.0
Individual variable annuities		279.5		278.0
Pension risk transfer		15.4		8.1
Individual fixed deferred annuities		106.1		131.0
Investment only		11.5		14.9
Total Retirement and Income Solutions		918.9		930.0
Benefits and Protection:
Specialty Benefits:
Individual disability		667.7		626.1
Life Insurance:
Universal life		1,545.3		1,569.7
Term life		695.1		685.7
Participating life		84.7		93.0
Total Benefits and Protection		2,992.8		2,974.5
Short-duration contracts		31.1		34.7
Other balances (1)		7.7		8.8
Total DAC per consolidated statements of financial position	$	3,950.5	$	3,948.0

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)


	December 31, 2023		December 31, 2022

	(in millions)
Benefits and Protection – Life Insurance:
Universal life	$	485.5	$	459.0
Other balances (1)		7.2		8.4
Total unearned revenue liability	$	492.7	$	467.4

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

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:


	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)

Retirement and Income Solutions

The balances and changes in DAC were as follows:


	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only

	(in millions)
Balances as of January 1, 2022	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1
Costs deferred		48.3		22.5		5.6		—		1.4
Amortized to expense		(39.3)		(25.7)		(0.2)		(31.2)		(4.6)
Balances as of December 31, 2022		498.0		278.0		8.1		131.0		14.9
Costs deferred		48.1		27.4		7.9		—		1.3
Amortized to expense		(39.7)		(25.9)		(0.6)		(24.9)		(4.7)
Balances as of December 31, 2023	$	506.4	$	279.5	$	15.4	$	106.1	$	11.5

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)

Benefits and Protection

The balances and changes in DAC were as follows:


	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life

	(in millions)
Balances as of January 1, 2022	$	580.7	$	1,596.2	$	678.9	$	102.3
Costs deferred		87.6		70.6		66.7		1.4
Amortized to expense		(42.2)		(97.1)		(59.9)		(10.7)
Balances as of December 31, 2022		626.1		1,569.7		685.7		93.0
Costs deferred		86.7		70.7		71.3		1.4
Amortized to expense		(45.1)		(95.1)		(61.9)		(9.7)
Balances as of December 31, 2023	$	667.7	$	1,545.3	$	695.1	$	84.7

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:


	For the year ended		For the year ended
	December 31, 2023		December 31, 2022

	(in millions)
Balance at beginning of period	$	459.0	$	425.3
Deferrals		56.3		61.8
Revenue recognized		(29.8)		(28.1)
Balance at end of period		485.5		459.0
Reinsurance impact		(225.1)		(227.9)
Balance at end of period after reinsurance	$	260.4	$	231.1

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Variable Interest Entities

3. Variable Interest Entities

We have relationships with various types of entities which may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended December 31, 2023 and December 31, 2022.

Consolidated Variable Interest Entities

Mandatory Retirement Savings Funds

We hold an equity interest in Chilean mandatory privatized social security funds in which we provide asset management services. We determined the mandatory privatized social security funds, which also include contributions for voluntary pension savings, voluntary non-pension savings and compensation savings accounts, are VIEs. This is because the equity holders as a group lack the power, due to voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance and also because equity investors are protected from below-average market investment returns relative to the industry’s return, due to a regulatory guarantee that we provide. Further, we concluded we are the primary beneficiary through our power to make decisions and our significant variable interest in the funds. The purpose of the funds, which reside in legally segregated entities, is to provide long-term retirement savings. The obligation to the customer is directly related to the assets held in the funds and, as such, we present the assets as separate account assets and the obligation as separate account liabilities within our consolidated statements of financial position.

Principal International Hong Kong offers retirement pension schemes in which we provide trustee, administration and asset management services to employers and employees under the Hong Kong Mandatory Provident Fund and Occupational Retirement Schemes Ordinance pension schemes. Each pension scheme has various guaranteed and non-guaranteed constituent funds, or investment options, in which customers can invest their money. The guaranteed funds provide either a guaranteed rate of return to the customer or a minimum guarantee on withdrawals under certain qualifying events. We determined the guaranteed funds are VIEs due to the fact the equity holders, as a group, lack the obligation to absorb expected losses due to the guarantee we provide. We concluded we are the primary beneficiary because we have the power to make decisions and to receive benefits and the obligation to absorb losses that could be potentially significant to the VIE. Therefore, we consolidate the underlying assets and liabilities of the funds and present as separate accounts or within the general account, depending on the terms of the guarantee. The guaranteed constituent funds offered under the Hong Kong Mandatory Provident Fund were closed in the fourth quarter of 2023.

Real Estate

We invest in several real estate limited partnerships and limited liability companies. The entities invest in real estate properties. Certain of these entities are VIEs based on the combination of our significant economic interest and related voting rights. We determined we are the primary beneficiary as a result of our power to control the entities through our significant ownership. Due to the nature of these real estate investments, the investment balance will fluctuate as we purchase and sell interests in the entities and as capital expenditures are made to improve the underlying real estate.

Market Risk Benefits - Unobservable Inputs for Fair Value Measurement (Details)	Dec. 31, 2023	Dec. 31, 2022
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0400	0.0397
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1800	0.1810
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0080	0.0090
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0110	0.0125
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0420	0.0412
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.3300	0.3415
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0160	0.0196
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.5500	0.2475
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0410	0.0404
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.2200	0.2207
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0130	0.0165
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0590	0.0576
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Minimum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0454	0.0380
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Minimum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1639	0.1806
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Minimum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0090	0.0090
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Minimum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0495	0.0495
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0470	0.0398
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.2375	0.2516
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0177	0.0198
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1935	0.1935
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Weighted average input \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0461	0.0388
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Weighted average input \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1964	0.2069
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Weighted average input \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0151	0.0168
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Weighted average input \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1680	0.1340

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Unobservable inputs
Assets measured at fair value \| $	$ 240,637,600,000	$ 225,470,300,000
Liabilities measured at fair value \| $	1,823,400,000	2,764,400,000
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value \| $	5,130,200,000	3,447,300,000
Liabilities measured at fair value \| $	2,317,600,000	3,394,900,000
Fair value hierarchy Level 3 \| Investment and universal life contracts
Unobservable inputs
Liabilities measured at fair value \| $	$ (115,500,000)	$ (46,400,000)
Embedded derivative, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Minimum
Unobservable inputs
Embedded derivative, Input	0.025	0.024
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Maximum
Unobservable inputs
Embedded derivative, Input	0.048	0.047
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long duration interest rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.031
Embedded derivative, Input	0.040
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Minimum
Unobservable inputs
Embedded derivative, Input	0.155	0.178
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Maximum
Unobservable inputs
Embedded derivative, Input	0.401	0.369
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Long-term equity market volatility \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.192	0.220
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk
Unobservable inputs
Embedded derivative, Input		0.009
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Minimum
Unobservable inputs
Embedded derivative, Input	0.008
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Maximum
Unobservable inputs
Embedded derivative, Input	0.016
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Non-performance risk \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.011	0.009
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate
Unobservable inputs
Embedded derivative, Input		0.000
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Minimum
Unobservable inputs
Embedded derivative, Input	0.000
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Maximum
Unobservable inputs
Embedded derivative, Input	0.550
Fair value hierarchy Level 3 \| Investment and universal life contracts \| Discounted cash flow \| Lapse rate \| Weighted average input
Unobservable inputs
Embedded derivative, Input	0.070	0.000
Fair value hierarchy Level 3 \| Fixed maturities \| Trading
Unobservable inputs
Assets measured at fair value \| $	$ 203,900,000	$ 119,700,000
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.096
Fixed maturities, trading, Input	0.114
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.152
Fixed maturities, trading, Input	0.223
Fair value hierarchy Level 3 \| Fixed maturities \| Trading \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.110
Fixed maturities, trading, Input	0.133
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale
Unobservable inputs
Assets measured at fair value \| $	$ 1,997,400,000	$ 1,479,900,000
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.049	0.027
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.242	0.331
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.120	0.110
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, available-for-sale, Input	3.25
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Earnings before interest, taxes, depreciation and amortization multiple \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	3.25
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0030	0
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0483	0.0467
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0121	0.0050
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0067	(0.0016)
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0217	0
Fair value hierarchy Level 3 \| Corporate debt securities \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0141	(0.0011)
Fair value hierarchy Level 3 \| Collateralized debt obligations \| Available-for-sale
Unobservable inputs
Assets measured at fair value \| $	$ 74,600,000	$ 39,500,000
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Collateralized debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.041	0.044
Fair value hierarchy Level 3 \| Collateralized debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.041	0.044
Fair value hierarchy Level 3 \| Collateralized debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0020	0.0055
Fair value hierarchy Level 3 \| Collateralized debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0020	0.0055
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale
Unobservable inputs
Assets measured at fair value \| $	$ 879,500,000	$ 467,800,000
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.050	0.056
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.106	0.082
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.074	0.076
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0069	0
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0650	0.0260
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Illiquidity premium \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0337	0.0220
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0020)	0.0001
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0213	0.0139
Fair value hierarchy Level 3 \| Other debt obligations \| Available-for-sale \| Discounted cash flow \| Comparability adjustment \| Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0092	0.0077
Fair value hierarchy Level 3 \| Other investments
Unobservable inputs
Assets measured at fair value \| $	$ 163,200,000
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Minimum
Unobservable inputs
Other investments, Input	0.120
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Maximum
Unobservable inputs
Other investments, Input	0.135
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Discount rate \| Weighted average input
Unobservable inputs
Other investments, Input	0.126
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Minimum
Unobservable inputs
Other investments, Input	0.060
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Maximum
Unobservable inputs
Other investments, Input	0.100
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Probability of default \| Weighted average input
Unobservable inputs
Other investments, Input	0.085
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Minimum
Unobservable inputs
Other investments, Input	0.870
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Maximum
Unobservable inputs
Other investments, Input	1.000
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow \| Potential loss severity \| Weighted average input
Unobservable inputs
Other investments, Input	0.907
Fair value hierarchy Level 3 \| Separate account assets
Unobservable inputs
Assets measured at fair value \| $	$ 752,800,000	$ 1,034,100,000
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.065	0.055
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.100	0.100
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Discount rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.075	0.070
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.053	0.045
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.095	0.095
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Terminal capitalization rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.061	0.058
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.020	0.020
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.037	0.038
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Average market rent growth rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.029	0.030
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Minimum
Unobservable inputs
Separate account assets, Input	0.460	0.436
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Maximum
Unobservable inputs
Separate account assets, Input	0.720	0.622
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Loan to value \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.553	0.506
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Minimum
Unobservable inputs
Separate account assets, Input	0.053	0.053
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Maximum
Unobservable inputs
Separate account assets, Input	0.081	0.086
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Market interest rate \| Weighted average input
Unobservable inputs
Separate account assets, Input	0.064	0.066

Employee and Agent Benefits - Contributions and Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension benefits
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	$ 207.8
Estimated future benefit payments, Year 2	191.1
Estimated future benefit payments, Year 3	204.2
Estimated future benefit payments, Year 4	214.0
Estimated future benefit payments, Year 5	218.9
Estimated future benefit payments, Years 6-10	1,212.7
Pension benefits \| Maximum
Contributions
Possible contributions to be made during the next fiscal year to the qualified and nonqualified pension plans combined	75.0
Other postretirement benefits
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	13.0
Estimated future benefit payments, Year 2	11.9
Estimated future benefit payments, Year 3	10.6
Estimated future benefit payments, Year 4	9.3
Estimated future benefit payments, Year 5	8.5
Estimated future benefit payments, Years 6-10	$ 33.8

Reinsurance (Details) $ in Millions	12 Months Ended
Reinsurance (Details) $ in Millions	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Ceded Credit Risk [Line Items]
Reinsurance recoverable assets	$ 14,533.1	$ 13,541.5
Reinsurance recoverable liabilities	45.2	39.4
Reinsurance deposit receivable	6,078.6	7,901.0
Reinsurer Concentration Risk \| Net ceded reinsurance recoverables \| Five largest ceded reinsurers
Ceded Credit Risk [Line Items]
Net ceded reinsurance recoverables	$ 14,404.5	$ 12,953.1
Concentration risk percentage	99.00%	98.00%
Number of largest ceded reinsurers \| item	5	5

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Information: Assets
Total assets	$ 305,046.7	$ 290,867.0
Retirement and Income Solutions
Segment Information: Assets
Total assets	213,208.3	202,582.9
Principal Asset Management
Segment Information: Assets
Total assets	45,905.2	45,950.7
Benefits and Protection
Segment Information: Assets
Total assets	43,763.5	40,048.3
Corporate
Segment Information: Assets
Total assets	$ 2,169.7	$ 2,285.1

Nature of Operations and Significant Accounting Policies - Cumulative effect adjustment to retained earnings and AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, After-Tax	$ 16,683.5	$ 16,697.3
Increase (Decrease) Accumulated other comprehensive income, After-Tax	$ (5,345.3)	$ (6,879.0)
Cumulative effect adjustment \| Adjustment for reversal of unrealized gain (loss) from AOCI \| DAC and other actuarial balances
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			$ 421.5
Increase (Decrease) Accumulated other comprehensive income, Tax			(88.5)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			333.0
Cumulative effect adjustment \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(45.5)
Increase (Decrease) Accumulated other comprehensive income, Tax			9.5
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(36.0)
Cumulative effect adjustment \| Adjustment for reversal of unrealized gain (loss) from AOCI \| Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			1,965.3
Increase (Decrease) Accumulated other comprehensive income, Tax			(452.2)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			1,513.1
Cumulative effect adjustment \| Adjustment under the modified retrospective approach \| Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			31.4
Increase (Decrease) Retained earnings, Tax			(6.6)
Increase (Decrease) Retained earnings, After-Tax			24.8
Cumulative effect adjustment \| Adjustment under the modified retrospective approach \| Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(119.1)
Increase (Decrease) Retained earnings, Tax			29.8
Increase (Decrease) Retained earnings, After-Tax			(89.3)
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			17.9
Increase (Decrease) Accumulated other comprehensive income, Tax			(4.8)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			13.1
Cumulative effect adjustment \| Effect of remeasurement at the current discount rate \| Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			201.8
Increase (Decrease) Accumulated other comprehensive income, Tax			(42.4)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			159.4
Cumulative effect adjustment \| Effect of remeasurement at the current discount rate \| Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(9,043.1)
Increase (Decrease) Accumulated other comprehensive income, Tax			2,024.8
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(7,018.3)
Cumulative effect adjustment \| Investment in equity method subsidiary impacted by LDTI \| Other investments
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			22.8
Increase (Decrease) Retained earnings, Tax			(9.1)
Increase (Decrease) Retained earnings, After-Tax			13.7
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(25.5)
Increase (Decrease) Accumulated other comprehensive income, Tax			10.2
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(15.3)
Cumulative effect adjustment \| Cumulative effect of amortization basis change \| Cost of reinsurance asset (liability)
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(9.0)
Increase (Decrease) Retained earnings, Tax			1.9
Increase (Decrease) Retained earnings, After-Tax			(7.1)
Cumulative effect adjustment \| Adjustment of unrealized loss in AOCI \| Cost of reinsurance asset (liability)
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			16.1
Increase (Decrease) Accumulated other comprehensive income, Tax			(3.4)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			12.7
Cumulative effect adjustment \| Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date \| Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(4.8)
Increase (Decrease) Accumulated other comprehensive income, Tax			1.0
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(3.8)
Cumulative effect adjustment \| Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB \| Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			20.9
Increase (Decrease) Retained earnings, Tax			(4.4)
Increase (Decrease) Retained earnings, After-Tax			16.5
Cumulative effect adjustment \| Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) \| Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(258.8)
Increase (Decrease) Retained earnings, Tax			54.4
Increase (Decrease) Retained earnings, After-Tax			(204.4)
Cumulative effect adjustment \| Reclassification of nonperformance risk changes between retained earnings and AOCI \| Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			108.4
Increase (Decrease) Retained earnings, Tax			(22.5)
Increase (Decrease) Retained earnings, After-Tax			85.9
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(108.4)
Increase (Decrease) Accumulated other comprehensive income, Tax			22.5
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(85.9)
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts \| Cumulative effect adjustment
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(203.4)
Increase (Decrease) Retained earnings, Tax			43.5
Increase (Decrease) Retained earnings, After-Tax			(159.9)
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(6,604.7)
Increase (Decrease) Accumulated other comprehensive income, Tax			1,476.7
Increase (Decrease) Accumulated other comprehensive income, After-Tax			$ (5,128.0)

Separate Account Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account Balances
Separate account that primarily includes shares of Principal Financial Group, Inc. stock that were allocated and issued to eligible participants of qualified employee benefit plans as part of the 2001 demutualization	$ 88.2	$ 101.4

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 6,667.6	$ 45,651.0
Fixed maturities, Less than twelve months, Gross unrealized losses	180.0	6,183.1
Fixed maturities, Greater than or equal to twelve months, Fair value	41,511.0	8,850.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	5,692.9	1,695.2
Fixed maturities, Total, Fair value	48,178.6	54,501.9
Fixed maturities, Total, Gross unrealized losses	5,872.9	7,878.3
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	316.4	1,528.3
Fixed maturities, Less than twelve months, Gross unrealized losses	3.1	209.4
Fixed maturities, Greater than or equal to twelve months, Fair value	997.1	181.5
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	232.6	41.8
Fixed maturities, Total, Fair value	1,313.5	1,709.8
Fixed maturities, Total, Gross unrealized losses	235.7	251.2
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	41.9	407.5
Fixed maturities, Less than twelve months, Gross unrealized losses	1.7	57.7
Fixed maturities, Greater than or equal to twelve months, Fair value	331.3	19.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	57.9	7.1
Fixed maturities, Total, Fair value	373.2	427.4
Fixed maturities, Total, Gross unrealized losses	59.6	64.8
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	596.6	5,303.5
Fixed maturities, Less than twelve months, Gross unrealized losses	19.0	1,008.9
Fixed maturities, Greater than or equal to twelve months, Fair value	5,075.1	391.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	914.8	127.8
Fixed maturities, Total, Fair value	5,671.7	5,695.4
Fixed maturities, Total, Gross unrealized losses	933.8	1,136.7
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	3,210.1	27,309.5
Fixed maturities, Less than twelve months, Gross unrealized losses	126.9	3,944.6
Fixed maturities, Greater than or equal to twelve months, Fair value	22,929.1	2,944.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	3,064.4	698.0
Fixed maturities, Total, Fair value	26,139.2	30,253.6
Fixed maturities, Total, Gross unrealized losses	3,191.3	4,642.6
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	633.0	1,201.7
Fixed maturities, Less than twelve months, Gross unrealized losses	4.9	97.5
Fixed maturities, Greater than or equal to twelve months, Fair value	1,275.6	574.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	159.7	105.7
Fixed maturities, Total, Fair value	1,908.6	1,776.5
Fixed maturities, Total, Gross unrealized losses	164.6	203.2
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	280.3	3,648.5
Fixed maturities, Less than twelve months, Gross unrealized losses	4.1	484.0
Fixed maturities, Greater than or equal to twelve months, Fair value	4,192.4	1,124.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	650.1	222.5
Fixed maturities, Total, Fair value	4,472.7	4,773.3
Fixed maturities, Total, Gross unrealized losses	654.2	706.5
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	405.6	2,832.2
Fixed maturities, Less than twelve months, Gross unrealized losses	1.8	89.0
Fixed maturities, Greater than or equal to twelve months, Fair value	2,301.6	1,330.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	25.4	54.7
Fixed maturities, Total, Fair value	2,707.2	4,162.3
Fixed maturities, Total, Gross unrealized losses	27.2	143.7
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	1,183.7	3,419.8
Fixed maturities, Less than twelve months, Gross unrealized losses	18.5	292.0
Fixed maturities, Greater than or equal to twelve months, Fair value	4,408.8	2,283.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	588.0	437.6
Fixed maturities, Total, Fair value	5,592.5	5,703.6
Fixed maturities, Total, Gross unrealized losses	606.5	729.6
Principal Life Insurance Company
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	5,836.0	44,857.0
Fixed maturities, Less than twelve months, Gross unrealized losses	140.5	6,096.3
Fixed maturities, Greater than or equal to twelve months, Fair value	40,717.9	8,496.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	5,576.6	1,645.1
Fixed maturities, Total, Fair value	46,553.9	53,353.1
Fixed maturities, Total, Gross unrealized losses	$ 5,717.1	$ 7,741.4
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent)	94.00%	94.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost)	89.00%	87.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months \| security	983	7,589
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost)	98.00%	88.00%
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	91.00%	95.00%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 131.2	$ 5,920.4
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer \| security	7,042	1,654
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	88.00%	84.00%
Principal Life Insurance Company \| States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 906.9	$ 126.8
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85.00%	75.00%
Principal Life Insurance Company \| Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 2,968.9	$ 654.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	88.00%	80.00%
Principal Life Insurance Company \| Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 645.6	$ 220.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	87.00%	83.00%
Principal Life Insurance Company \| Collateralized mortgage obligation security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 472.9	$ 320.2
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85.00%	81.00%

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt
Long-term debt principal	$ 3,958.7	$ 4,022.7
Net unamortized discount, premium and debt issuance costs	(27.8)	(25.7)
Long-term debt carrying amount	$ 3,930.9	$ 3,997.0
3.125% notes payable, due 2023
Long-Term Debt
Interest rate (as a percent)		3.125%
Long-term debt principal		$ 300.0
Net unamortized discount, premium and debt issuance costs		(0.1)
Long-term debt carrying amount		$ 299.9
3.4% notes payable, due 2025
Long-Term Debt
Interest rate (as a percent)	3.40%	3.40%
Long-term debt principal	$ 400.0	$ 400.0
Net unamortized discount, premium and debt issuance costs	(0.7)	(1.2)
Long-term debt carrying amount	$ 399.3	$ 398.8
3.1% notes payable, due 2026
Long-Term Debt
Interest rate (as a percent)	3.10%	3.10%
Long-term debt principal	$ 350.0	$ 350.0
Net unamortized discount, premium and debt issuance costs	(1.1)	(1.4)
Long-term debt carrying amount	$ 348.9	$ 348.6
3.7% notes payable, due 2029
Long-Term Debt
Interest rate (as a percent)	3.70%	3.70%
Long-term debt principal	$ 500.0	$ 500.0
Net unamortized discount, premium and debt issuance costs	(3.8)	(4.3)
Long-term debt carrying amount	$ 496.2	$ 495.7
2.125% notes payable, due 2030
Long-Term Debt
Interest rate (as a percent)	2.125%	2.125%
Long-term debt principal	$ 600.0	$ 600.0
Net unamortized discount, premium and debt issuance costs	(3.2)	(3.6)
Long-term debt carrying amount	$ 596.8	$ 596.4
5.375% notes payable, due 2033
Long-Term Debt
Interest rate (as a percent)	5.375%
Long-term debt principal	$ 400.0
Net unamortized discount, premium and debt issuance costs	(3.8)
Long-term debt carrying amount	$ 396.2
6.05% notes payable, due 2036
Long-Term Debt
Interest rate (as a percent)	6.05%	6.05%
Long-term debt principal	$ 505.6	$ 505.6
Net unamortized discount, premium and debt issuance costs	(2.1)	(2.3)
Long-term debt carrying amount	$ 503.5	$ 503.3
4.625% notes payable, due 2042
Long-Term Debt
Interest rate (as a percent)	4.625%	4.625%
Long-term debt principal	$ 300.0	$ 300.0
Net unamortized discount, premium and debt issuance costs	(2.8)	(2.9)
Long-term debt carrying amount	$ 297.2	$ 297.1
4.35% notes payable, due 2043
Long-Term Debt
Interest rate (as a percent)	4.35%	4.35%
Long-term debt principal	$ 300.0	$ 300.0
Net unamortized discount, premium and debt issuance costs	(2.9)	(3.0)
Long-term debt carrying amount	$ 297.1	$ 297.0
4.3% notes payable, due 2046
Long-Term Debt
Interest rate (as a percent)	4.30%	4.30%
Long-term debt principal	$ 300.0	$ 300.0
Net unamortized discount, premium and debt issuance costs	(3.0)	(3.1)
Long-term debt carrying amount	$ 297.0	296.9
5.5% notes payable, due 2053
Long-Term Debt
Interest rate (as a percent)	5.50%
Long-term debt principal	$ 300.0
Net unamortized discount, premium and debt issuance costs	(4.3)
Long-term debt carrying amount	295.7
Floating rate notes payable, due 2055
Long-Term Debt
Long-term debt principal		400.0
Net unamortized discount, premium and debt issuance costs		(4.5)
Long-term debt carrying amount		395.5
Mortgages and notes payable \| Non-recourse
Long-Term Debt
Long-term debt principal	3.1	67.1
Net unamortized discount, premium and debt issuance costs	(0.1)	0.7
Long-term debt carrying amount	$ 3.0	$ 67.8

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Life insurance in force
Life insurance in force gross amount	$ 717,991.5	$ 692,200.8	$ 667,509.8
Life insurance in force ceded to other companies	230,126.5	223,416.6	383,937.7
Life insurance in force assumed from other companies	446.6	627.4	787.8
Life insurance in force net amount	$ 488,311.6	$ 469,411.6	$ 284,359.9
Life insurance in force, percentage of amount assumed to net (as a percent)	0.10%	0.10%	0.30%
Premiums:
Premiums gross amount	$ 6,961.3	$ 5,795.1	$ 5,490.6
Premiums ceded to other companies	491.3	456.4	650.6
Premiums assumed from other companies	0.9	1.0	1.5
Premiums net amount	6,470.9	5,339.7	4,841.5
Life insurance and annuities
Premiums:
Premiums gross amount	4,384.6	3,402.7	3,314.3
Premiums ceded to other companies	335.1	298.6	494.9
Premiums assumed from other companies	0.9	1.0	1.5
Premiums net amount	4,050.4	3,105.1	$ 2,820.9
Premiums percentage of amount assumed to net (as a percent)			0.10%
Accident and health insurance
Premiums:
Premiums gross amount	2,576.7	2,392.4	$ 2,176.3
Premiums ceded to other companies	156.2	157.8	155.7
Premiums net amount	$ 2,420.5	$ 2,234.6	$ 2,020.6

Contractholder Funds - GICs and Funding Agreements (Details) - Principal Life Insurance Company $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item	Nov. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2017 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2001 USD ($)	Dec. 31, 1998 USD ($)
Funding agreement disclosures
Number of separate funding agreement programs \| item	5
FHLB Des Moines funding agreement program
Funding agreement disclosures
Funding agreements	$ 3,981.8		$ 4,275.5
1998 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued									$ 4,000.0
Funding agreements	75.9		75.6
2001 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued								$ 7,000.0
Funding agreements	201.9		201.9
2011 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued							$ 5,000.0
Funding agreements	$ 8,072.6		$ 7,765.7
Additional maximum authorized amount of funding agreements to be issued		$ 4,000.0		$ 4,000.0	$ 4,000.0	$ 4,000.0

Debt - Non-Recourse Mortgages and Notes Payable (Details) - Mortgages and notes payable - Non-recourse - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt
Real estate	$ 321.7	$ 317.6
Minimum
Long-Term Debt
Outstanding principal balances per real estate development	$ 3.0	$ 3.0
Interest rate (as a percent)		3.50%
Maximum
Long-Term Debt
Outstanding principal balances per real estate development		$ 15.9
Interest rate (as a percent)	4.00%	4.80%