0001410578-24-001713 | 10-Q | XBRL Viewer | Principal Financial Group INC

Revenues from Contracts with Customers

17. 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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	169.3	$	141.1	$	493.3	$	410.9
Principal Asset Management:
Principal Global Investors		413.7		406.5		1,195.2		1,168.3
Principal International		114.3		115.1		341.7		345.2
Eliminations		(5.3)		(5.4)		(15.6)		(16.1)
Total Principal Asset Management		522.7		516.2		1,521.3		1,497.4
Benefits and Protection:
Specialty Benefits		3.8		4.0		11.6		12.0
Life Insurance		24.7		19.4		69.8		54.5
Eliminations		—		(0.1)		(0.1)		(0.1)
Total Benefits and Protection		28.5		23.3		81.3		66.4
Corporate		52.6		44.4		166.3		134.4
Total segment revenue from contracts with customers		773.1		725.0		2,262.2		2,109.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		299.7		300.5		886.5		889.4
Pre-tax other adjustments (2)		18.3		20.2		56.7		60.1
Total fees and other revenues per consolidated statements of operations	$	1,091.1	$	1,045.7	$	3,205.4	$	3,058.6

(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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Administrative service fee revenue	$	165.3	$	137.0	$	481.6	$	398.8
Deposit account fee revenue		3.1		2.8		9.2		8.5
Commission income		0.9		0.5		2.5		1.3
Other fee revenue		—		0.8		—		2.3
Total revenues from contracts with customers		169.3		141.1		493.3		410.9
Fees and other revenues not within the scope of revenue recognition guidance		283.9		276.8		838.7		833.2
Total fees and other revenues		453.2		417.9		1,332.0		1,244.1
Premiums and other considerations		471.7		561.0		2,236.8		1,763.0
Net investment income		761.5		672.2		2,244.3		1,933.8
Total operating revenues	$	1,686.4	$	1,651.1	$	5,813.1	$	4,940.9

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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Principal Global Investors:
Management fee revenue	$	370.7	$	348.2	$	1,078.2	$	1,028.8
Other fee revenue		43.0		58.3		117.0		139.5
Total revenues from contracts with customers		413.7		406.5		1,195.2		1,168.3
Fees and other revenues not within the scope of revenue recognition guidance		4.4		9.1		15.7		16.3
Total fees and other revenues		418.1		415.6		1,210.9		1,184.6
Net investment income		12.9		9.0		35.2		22.8
Total operating revenues	$	431.0	$	424.6	$	1,246.1	$	1,207.4


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Principal International:
Management fee revenue	$	112.4	$	113.3	$	335.9	$	339.2
Other fee revenue		1.9		1.8		5.8		6.0
Total revenues from contracts with customers		114.3		115.1		341.7		345.2
Fees and other revenues not within the scope of revenue recognition guidance		1.3		1.4		4.1		4.3
Total fees and other revenues		115.6		116.5		345.8		349.5
Premiums and other considerations		4.8		2.3		18.0		17.2
Net investment income		194.4		130.8		486.7		490.3
Total operating revenues	$	314.8	$	249.6	$	850.5	$	857.0

Revenues from contracts with customers by region:
Latin America	$	85.9	$	87.3	$	258.9	$	262.4
Asia		28.7		28.0		83.4		83.4
Eliminations		(0.3)		(0.2)		(0.6)		(0.6)
Total revenues from contracts with customers	$	114.3	$	115.1	$	341.7	$	345.2

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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Specialty Benefits:
Administrative service fees	$	3.8	$	4.0	$	11.6	$	12.0
Total revenues from contracts with customers		3.8		4.0		11.6		12.0
Fees and other revenues not within the scope of revenue recognition guidance		4.4		4.6		13.4		13.7
Total fees and other revenues		8.2		8.6		25.0		25.7
Premiums and other considerations		810.6		762.7		2,408.6		2,237.9
Net investment income		50.1		45.3		141.9		127.4
Total operating revenues	$	868.9	$	816.6	$	2,575.5	$	2,391.0


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Life Insurance:
Administrative service fees	$	10.3	$	8.9	$	28.9	$	23.6
Commission income		14.4		10.5		40.9		30.9
Total revenues from contracts with customers		24.7		19.4		69.8		54.5
Fees and other revenues not within the scope of revenue recognition guidance		84.9		85.7		251.6		246.7
Total fees and other revenues		109.6		105.1		321.4		301.2
Premiums and other considerations		131.5		136.7		380.7		394.4
Net investment income		103.7		93.2		309.6		294.0
Total operating revenues	$	344.8	$	335.0	$	1,011.7	$	989.6

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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024			2023

	(in millions)
Commission income	$	129.4	$	94.9	$	351.8	$	276.9
Other fee revenue		22.4		21.3		66.5		62.5
Eliminations		(99.2)		(71.8)		(252.0)		(205.0)
Total revenues from contracts with customers		52.6		44.4		166.3		134.4
Fees and other revenues not within the scope of revenue recognition guidance		(78.7)		(76.9)		(235.8)		(224.2)
Total fees and other revenues		(26.1)		(32.5)		(69.5)		(89.8)
Premiums and other considerations		(1.3)		(1.4)		(3.9)		(3.9)
Net investment income		58.5		40.6		142.0		142.6
Total operating revenues	$	31.1	$	6.7	$	68.6	$	48.9

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 $201.3 million and $219.2 million as of September 30, 2024 and December 31, 2023, 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. Amortization expense of $9.8 million and $10.0 million for the three months ended September 30, 2024 and 2023 and $29.7 million and $27.3 million for the nine months ended September 30, 2024 and 2023, respectively, was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized.

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.

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

Balances at Dec. 31, 2022

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized gains (losses) on fixed maturities, available-for-sale	$ (3,522.1)	$ (5,143.0)
Net unrealized gains (losses) on derivative instruments	2.3	(1.6)
Adjustments for assumed changes in amortization patterns	2.1	(5.2)
Adjustments for assumed changes in policyholder liabilities	1.2	1.4
Net unrealized gains (losses) other investments and noncontrolling interest adjustments	(12.9)	43.1
Provision for deferred income tax benefits (taxes)	751.5	1,088.4
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ (2,777.9)	$ (4,016.9)

Reinsurance (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Reinsurance
Reinsurance recoverable assets	$ 14,927.8	$ 14,533.1
Reinsurance recoverable liabilities	55.8	45.2
Reinsurance deposit receivable	$ 5,130.1	$ 6,078.6

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 656.6	$ 449.1
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(219.9)	(178.5)
Collateral received, financial assets	(387.2)	(261.8)
Net amount of assets subject to netting agreements	49.5	8.8
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	517.1	304.0
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(219.9)	(178.5)
Collateral received, financial assets	(247.7)	(116.7)
Net amount of assets subject to netting agreements	49.5	8.8
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	139.5	145.1
Collateral received, financial assets	$ (139.5)	$ (145.1)

Separate Account Balances - Principal Asset Management - Principal International (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	180,653.5	$ 167,605.6
Principal Asset Management \| Principal International
Changes in separate account liabilities
Balance at beginning of period	34,724.8
Balance at end of period	36,897.4	34,724.8
Principal Asset Management \| Principal International \| Pension \| Latin America
Changes in separate account liabilities
Balance at beginning of period	34,580.6	33,316.7
Premiums and deposits	2,484.9	3,628.6
Policy charges	(12.4)	(17.8)
Surrenders, withdrawals and benefit payments	(2,705.5)	(4,191.7)
Investment performance	3,353.6	2,733.7
Other	14.2	7.6
Foreign currency translation adjustment	(818.0)	(896.5)
Balance at end of period	36,897.4	34,580.6
Cash surrender value	36,897.4	34,580.6
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Changes in separate account liabilities
Balance at beginning of period	144.2	915.0
Premiums and deposits	31.9	217.2
Policy charges	(1.2)	(16.9)
Surrenders, withdrawals and benefit payments	(142.8)	(1,006.8)
Investment performance	3.3	37.7
Other	(35.3)	(0.3)
Foreign currency translation adjustment	$ (0.1)	(1.7)
Balance at end of period		144.2
Cash surrender value		$ 144.2

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets (liabilities)
Mortgage loans	$ 20,015.0	$ 20,142.8
Policy loans	836.9	809.3
Reinsurance deposit receivable	5,130.1	6,078.6
Short-term debt	(37.3)	(61.1)
Long-term debt	(3,932.9)	(3,930.9)
Carrying amount
Assets (liabilities)
Mortgage loans	20,015.0	20,142.8
Policy loans	836.9	809.3
Other investments	293.9	268.6
Cash and cash equivalents not required to be reported at fair value	1,554.4	936.3
Reinsurance deposit receivable	5,130.1	6,078.6
Cash collateral receivable	8.1	38.7
Investment contracts	(34,089.3)	(33,937.9)
Short-term debt	(37.3)	(61.1)
Long-term debt	(3,932.9)	(3,930.9)
Separate account liabilities	(164,599.9)	(152,229.2)
Bank deposits	(445.1)	(399.5)
Cash collateral payable	(305.8)	(176.9)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	18,626.4	18,505.0
Policy loans	883.4	846.3
Other investments	284.9	260.9
Cash and cash equivalents not required to be reported at fair value	1,554.4	936.3
Reinsurance deposit receivable	4,720.1	5,487.7
Cash collateral receivable	8.1	38.7
Investment contracts	(33,104.3)	(32,166.7)
Short-term debt	(37.3)	(61.1)
Long-term debt	(3,857.5)	(3,754.5)
Separate account liabilities	(163,632.3)	(151,280.9)
Bank deposits	(446.3)	(385.3)
Cash collateral payable	(305.8)	(176.9)
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	1,515.3	913.9
Cash collateral receivable	8.1	38.7
Cash collateral payable	(305.8)	(176.9)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 2
Assets (liabilities)
Other investments	126.1	142.9
Cash and cash equivalents not required to be reported at fair value	39.1	22.4
Investment contracts	(8,276.6)	(7,828.1)
Short-term debt	(37.3)	(61.1)
Long-term debt	(3,854.9)	(3,754.1)
Bank deposits	(446.3)	(385.3)
Assets (liabilities) measured at fair value \| Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	18,626.4	18,505.0
Policy loans	883.4	846.3
Other investments	158.8	118.0
Reinsurance deposit receivable	4,720.1	5,487.7
Investment contracts	(24,827.7)	(24,338.6)
Long-term debt	(2.6)	(0.4)
Separate account liabilities	$ (163,632.3)	$ (151,280.9)

Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions

Common stock

Additional paid-in capital

Retained earnings (accumulated deficit)

Accumulated other comprehensive income (loss)

Treasury Stock

Noncontrolling interest

Total

$ 4.9

$ 10,740.4

$ 16,697.3

$ (6,879.0)

$ (10,586.9)

$ 41.1

$ 10,017.8

43.4

87.0

(8.7)

0.4

78.7

(492.7)

(466.5)

(4.4)

Purchase of subsidiary shares from noncontrolling interest

5.8

(1.2)

Adjustments to redemption amount of redeemable noncontrolling interest

^[1]

0.6

0.1

0.7

^[1]

1,494.9

9.1

1,504.0

Balances at Sep. 30, 2023

^[1]

38.1

(0.8)

37.3

4.9

10,870.2

17,717.0

(6,840.9)

(11,079.6)

51.3

10,722.9

Balances at Jun. 30, 2023

4.9

10,831.9

16,629.9

(6,245.2)

(10,877.0)

45.0

10,389.5

10.0

27.6

(3.0)

0.3

24.9

(202.6)

(156.1)

(1.0)

Adjustments to redemption amount of redeemable noncontrolling interest

1.9

0.7

0.1

0.8

^[1]

1,246.2

6.7

1,252.9

Balances at Sep. 30, 2023

^[1]

(595.7)

(1.7)

(597.4)

4.9

10,870.2

17,717.0

(6,840.9)

(11,079.6)

51.3

10,722.9

Balances at Dec. 31, 2023

4.9

10,908.6

16,683.5

(5,345.3)

(11,335.7)

45.7

10,961.7

43.1

94.2

(9.4)

0.4

85.2

(739.0)

(492.7)

(19.9)

Purchase of subsidiary shares from noncontrolling interest

3.5

(0.4)

Adjustments to redemption amount of redeemable noncontrolling interest

(0.3)

(0.1)

(0.4)

^[1]

665.6

14.7

680.3

Balances at Sep. 30, 2024

^[1]

760.3

(0.3)

760.0

4.9

11,045.2

16,847.0

(4,585.0)

(12,074.7)

44.0

11,281.4

Balances at Jun. 30, 2024

4.9

11,005.5

17,235.3

(5,411.8)

(11,820.5)

45.6

11,059.0

9.2

29.9

(3.2)

0.1

26.8

(254.2)

(165.1)

(15.5)

Adjustments to redemption amount of redeemable noncontrolling interest

0.6

0.6

0.1

0.7

^[1]

(220.0)

12.3

(207.7)

Balances at Sep. 30, 2024

^[1]

826.8

0.8

827.6

$ 4.9

$ 11,045.2

$ 16,847.0

$ (4,585.0)

$ (12,074.7)

$ 44.0

$ 11,281.4

[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 14, Stockholders’ Equity, for further details.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

Stockholders' Equity

14. Stockholders’ Equity

Common Stock Dividends

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

Dividends declared per common share

0.72

0.65

2.12

1.93

Reconciliation of Outstanding Common Shares


	For the three months ended		For the nine months ended
	September 30,		September 30,
	2024	2023	2024	2023
Beginning balance	232,293,387	242,037,833	236,438,294	243,549,782
Shares issued	178,639	187,895	2,013,575	2,186,549
Treasury stock acquired	(3,180,724)	(2,567,868)	(9,160,567)	(6,078,471)
Ending balance	229,291,302	239,657,860	229,291,302	239,657,860

In January 2022, our Board of Directors (“Board”) authorized a $1.6 billion increase to the June 2021 share repurchase program authorization, which was completed in April 2024. 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.

Other Comprehensive Income

For the three months ended

For the nine months ended

September 30, 2024

Pre-Tax

Tax

After-Tax

Pre-Tax

Tax

After-Tax

(in millions)

Net unrealized gains on available-for-sale securities during the period

2,695.3

(581.8)

2,113.5

1,467.0

(314.0)

1,153.0

Reclassification adjustment for losses included in net income (1)

10.7

(2.3)

8.4

98.0

(20.6)

77.4

Adjustments for assumed changes in amortization patterns

2.1

(0.4)

1.7

6.8

(1.4)

5.4

Adjustments for assumed changes in policyholder liabilities

(10.9)

2.3

(8.6)

(0.2)

—

(0.2)

Net unrealized gains on available-for-sale securities

2,697.2

(582.2)

2,115.0

1,571.6

(336.0)

1,235.6

Net unrealized gains (losses) on derivative instruments during the period

(47.9)

10.0

(37.9)

6.6

(1.4)

5.2

Reclassification adjustment for gains included in net income (2)

(0.9)

0.2

(0.7)

(2.7)

0.6

(2.1)

Adjustments for assumed changes in amortization patterns

0.7

(0.1)

0.6

0.5

(0.1)

0.4

Net unrealized gains (losses) on derivative instruments

(48.1)

10.1

(38.0)

4.4

(0.9)

3.5

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

(1,699.8)

382.4

(1,317.4)

(487.7)

118.5

(369.2)

Market risk benefit nonperformance risk remeasurement loss (4)

(6.8)

1.5

(5.3)

(16.4)

3.5

(12.9)

Foreign currency translation adjustment

67.0

4.0

71.0

(108.3)

3.2

(105.1)

Unrecognized postretirement benefit obligation during the period

—

(3.0)

0.8

(2.2)

Amortization of amounts included in net periodic benefit cost (6)

5.0

(1.3)

3.7

15.1

(3.9)

11.2

Net unrecognized postretirement benefit obligation

5.0

(1.3)

3.7

12.1

(3.1)

9.0

Other comprehensive income

1,014.5

(185.5)

829.0

975.7

(214.8)

760.9


	For the three months ended						For the nine months ended
	September 30, 2023						September 30, 2023
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,333.5)	$	501.0	$	(1,832.5)	$	(1,840.4)	$	398.8	$	(1,441.6)
Reclassification adjustment for losses included in net income (1)		30.3		(6.2)		24.1		214.0		(44.7)		169.3
Adjustments for assumed changes in amortization patterns		(1.8)		0.4		(1.4)		(2.5)		0.6		(1.9)
Adjustments for assumed changes in policyholder liabilities		0.6		(0.2)		0.4		0.7		(0.2)		0.5
Net unrealized losses on available-for-sale securities		(2,304.4)		495.0		(1,809.4)		(1,628.2)		354.5		(1,273.7)

Net unrealized losses on derivative instruments during the period		(16.8)		3.5		(13.3)		(19.3)		4.1		(15.2)
Reclassification adjustment for gains included in net income (2)		(1.3)		0.3		(1.0)		(6.2)		1.3		(4.9)
Adjustments for assumed changes in amortization patterns		(0.9)		0.2		(0.7)		(0.9)		0.2		(0.7)
Adjustments for assumed changes in policyholder liabilities		0.2		(0.1)		0.1		0.2		(0.1)		0.1
Net unrealized losses on derivative instruments		(18.8)		3.9		(14.9)		(26.2)		5.5		(20.7)

Liability for future policy benefits discount rate remeasurement gain (3)		1,773.5		(399.9)		1,373.6		1,746.1		(404.2)		1,341.9

Market risk benefit nonperformance risk remeasurement loss (4)		(22.6)		4.7		(17.9)		(22.2)		4.7		(17.5)

Foreign currency translation adjustment during the period		(149.1)		15.6		(133.5)		1.6		6.6		8.2
Reclassification adjustment for losses included in net income (5)		0.1		—		0.1		0.4		—		0.4
Foreign currency translation adjustment		(149.0)		15.6		(133.4)		2.0		6.6		8.6

Unrecognized postretirement benefit obligation during the period		—		0.1		0.1		(18.3)		4.8		(13.5)
Amortization of amounts included in net periodic benefit cost (6)		5.6		(1.5)		4.1		16.8		(4.4)		12.4
Net unrecognized postretirement benefit obligation		5.6		(1.4)		4.2		(1.5)		0.4		(1.1)

Other comprehensive income (loss)	$	(715.7)	$	117.9	$	(597.8)	$	70.0	$	(32.5)	$	37.5

(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 4, 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 8, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 9, Market Risk Benefits, for further details.

(5)	The 2023 pre-tax reclassification adjustment related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary.

(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 12, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Loss


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

	(in millions)
Balances as of July 1, 2023	$	(5,322.2)	$	33.9	$	709.2	$	24.4	$	(1,431.1)	$	(259.4)	$	(6,245.2)
Other comprehensive loss during the period, net of adjustments		(1,833.5)		(13.9)		1,373.6		(17.9)		(131.4)		0.1		(623.0)
Amounts reclassified from AOCI		24.1		(1.0)		—		—		0.1		4.1		27.3
Other comprehensive loss		(1,809.4)		(14.9)		1,373.6		(17.9)		(131.3)		4.2		(595.7)
Balances as of September 30, 2023	$	(7,131.6)	$	19.0	$	2,082.8	$	6.5	$	(1,562.4)	$	(255.2)	$	(6,840.9)

Balances as of July 1, 2024	$	(4,894.2)	$	39.4	$	1,376.4	$	(14.5)	$	(1,672.5)	$	(246.4)	$	(5,411.8)
Other comprehensive income during the period, net of adjustments		2,106.5		(37.3)		(1,317.4)		(5.3)		68.9		—		815.4
Amounts reclassified from AOCI		8.4		(0.7)		—		—		—		3.7		11.4
Other comprehensive income		2,114.9		(38.0)		(1,317.4)		(5.3)		68.9		3.7		826.8
Balances as of September 30, 2024	$	(2,779.3)	$	1.4	$	59.0	$	(19.8)	$	(1,603.6)	$	(242.7)	$	(4,585.0)


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

	(in millions)
Balances as of January 1, 2023	$	(5,857.9)	$	39.7	$	740.9	$	24.0	$	(1,571.6)	$	(254.1)	$	(6,879.0)
Other comprehensive loss during the period, net of adjustments		(1,443.0)		(15.8)		1,341.9		(17.5)		8.8		(13.5)		(139.1)
Amounts reclassified from AOCI		169.3		(4.9)		—		—		0.4		12.4		177.2
Other comprehensive income		(1,273.7)		(20.7)		1,341.9		(17.5)		9.2		(1.1)		38.1
Balances as of September 30, 2023	$	(7,131.6)	$	19.0	$	2,082.8	$	6.5	$	(1,562.4)	$	(255.2)	$	(6,840.9)

Balances as of January 1, 2024	$	(4,014.8)	$	(2.1)	$	428.2	$	(6.9)	$	(1,498.0)	$	(251.7)	$	(5,345.3)
Other comprehensive income during the period, net of adjustments		1,158.1		5.6		(369.2)		(12.9)		(105.6)		(2.2)		673.8
Amounts reclassified from AOCI		77.4		(2.1)		—		—		—		11.2		86.5
Other comprehensive income		1,235.5		3.5		(369.2)		(12.9)		(105.6)		9.0		760.3
Balances as of September 30, 2024	$	(2,779.3)	$	1.4	$	59.0	$	(19.8)	$	(1,603.6)	$	(242.7)	$	(4,585.0)

(1)	Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $(2.6) million and $(3.8) million as of September 30, 2024 and 2023, respectively.

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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Balance at beginning of period	$	277.4	$	266.7	$	248.9	$	262.0
Net income (loss) attributable to redeemable noncontrolling interest		14.3		(2.8)		15.1		5.3
Redeemable noncontrolling interest of deconsolidated entities (1)		—		—		(185.5)		(3.0)
Contributions from redeemable noncontrolling interest		34.2		8.3		275.3		31.6
Distributions to redeemable noncontrolling interest		(14.8)		(11.6)		(42.8)		(34.4)
Purchase of subsidiary shares from redeemable noncontrolling interest		—		—		(0.6)		(1.6)
Change in redemption value of redeemable noncontrolling interest		(0.7)		(0.8)		0.4		(0.7)
Stock-based compensation attributable to redeemable noncontrolling interest		—		0.1		0.1		0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		1.4		(0.4)		0.9		0.2
Balance at end of period	$	311.8	$	259.5	$	311.8	$	259.5

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

The entire disclosure for equity.

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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Summary of separate account assets by investment category (Table)

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Vintage year, Direct financing leases
2024	$ 51.7
2023	3.1	$ 46.1
2022	139.0	145.5
2021	48.0	48.8
2020	99.5	111.6
2019		12.9
Prior		285.2
Prior	282.0
Direct financing leases, Total amortized cost	623.3	650.1
Reinsurance recoverable and deposit receivable	20,061.0	20,614.9
Accrued interest receivable on direct financing leases	1.2	1.2
Mortgage and other loans
Accrued interest receivable	661.3	619.2
A- and above
Vintage year, Direct financing leases
2023	1.1	1.1
2022	42.9	122.0
2021	12.1	12.4
2020	37.4	56.7
2019		1.3
Prior		207.3
Prior	198.6
Direct financing leases, Total amortized cost	292.1	400.8
BBB+ thru BBB-
Vintage year, Direct financing leases
2024	5.3
2023	2.0	2.8
2022	95.5	23.5
2021	20.8	20.8
2020	58.3	46.9
2019		11.6
Prior		76.3
Prior	74.1
Direct financing leases, Total amortized cost	256.0	181.9
BB+ thru BB-
Vintage year, Direct financing leases
2024	42.4
2023		42.2
2022	0.6
2021	7.5	15.6
2020	3.8	8.0
Prior		1.6
Prior	9.3
Direct financing leases, Total amortized cost	63.6	67.4
B+ and below
Vintage year, Mortgage loans
2024	4.0
Vintage year, Direct financing leases
2021	7.6
Direct financing leases, Total amortized cost	11.6
Commercial mortgage loans
Vintage year, Mortgage loans
2024	909.2
2023	1,263.0	1,057.7
2022	1,625.5	1,775.3
2021	2,463.3	2,755.5
2020	1,698.8	1,802.0
2019		2,410.3
Prior	8,649.7
Prior		6,781.0
Mortgage loans, Total amortized cost	16,609.5	16,581.8
Mortgage and other loans
Accrued interest receivable	65.9	58.3
Commercial mortgage loans \| A- and above
Vintage year, Mortgage loans
2024	706.7
2023	778.8	664.8
2022	1,241.2	1,277.1
2021	2,135.8	2,364.0
2020	1,473.4	1,587.3
2019		1,954.4
Prior	6,916.5
Prior		5,576.6
Mortgage loans, Total amortized cost	13,252.4	13,424.2
Commercial mortgage loans \| BBB+ thru BBB-
Vintage year, Mortgage loans
2024	97.7
2023	349.6	282.4
2022	230.8	356.0
2021	267.1	374.8
2020	182.3	212.0
2019		337.3
Prior	1,208.4
Prior		911.7
Mortgage loans, Total amortized cost	2,335.9	2,474.2
Commercial mortgage loans \| BB+ thru BB-
Vintage year, Mortgage loans
2024	104.8
2023	134.6	110.5
2022	153.5	142.2
2021	60.4	16.7
2020	40.3	2.7
2019		35.2
Prior	224.6
Prior		234.2
Mortgage loans, Total amortized cost	718.2	541.5
Commercial mortgage loans \| B+ and below
Vintage year, Mortgage loans
2020	2.8
2019		83.4
Prior	300.2
Prior		58.5
Mortgage loans, Total amortized cost	303.0	141.9
Residential mortgage loans
Vintage year, Mortgage loans
2024	207.6
2023	431.0	503.4
2022	997.6	1,068.3
2021	1,272.9	1,346.7
2020	210.8	229.7
2019		122.8
Prior	473.3
Prior		425.6
Mortgage loans, Total amortized cost	3,593.2	3,696.5
Mortgage and other loans
Accrued interest receivable	11.6	11.4
Residential mortgage loans \| Performing
Vintage year, Mortgage loans
2024	207.5
2023	428.1	502.3
2022	990.4	1,064.3
2021	1,266.1	1,341.8
2020	208.4	228.4
2019		120.8
Prior	465.7
Prior		421.0
Mortgage loans, Total amortized cost	3,566.2	3,678.6
Residential mortgage loans \| Non-performing
Vintage year, Mortgage loans
2024	0.1
2023	2.9	1.1
2022	7.2	4.0
2021	6.8	4.9
2020	2.4	1.3
2019		2.0
Prior	7.6
Prior		4.6
Mortgage loans, Total amortized cost	$ 27.0	17.9
Mortgage and other loans
Mortgage loans, delinquent to be considered non-performing (in days)	90 days
Other loans
Vintage year, Mortgage loans
2024	$ 77.5
2023	77.0	168.5
Prior	0.1
Prior		0.1
Mortgage loans, Total amortized cost	154.6	168.6
Mortgage and other loans
Accrued interest receivable	1.3	1.6
Other loans \| Performing
Vintage year, Mortgage loans
2024	77.5
2023	77.0	168.5
Mortgage loans, Total amortized cost	154.5	168.5
Other loans \| Non-performing
Vintage year, Mortgage loans
Prior	0.1
Prior		0.1
Mortgage loans, Total amortized cost	$ 0.1	$ 0.1

Separate Account Balances (Tables)

9 Months Ended

Sep. 30, 2024


	September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,001.4	$	8,467.3
Non-U.S. governments		9,783.0		8,522.3
States and political subdivisions		175.1		205.1
Corporate		13,775.2		13,386.4
Residential mortgage-backed pass-through securities		4,025.4		4,126.1
Commercial mortgage-backed securities		225.1		221.1
Other debt obligations		823.8		575.6
Total fixed maturities		36,809.0		35,503.9
Equity securities		129,419.5		118,073.7
Real estate		442.6		494.6
Other investments		9,787.8		9,436.2
Cash and cash equivalents		3,435.4		3,332.8
Other assets		759.2		764.4
Total separate account assets per consolidated statements of financial position	$	180,653.5	$	167,605.6

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


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	127,667.2	$	117,518.5
Individual variable annuities		8,983.2		9,131.9
Total Retirement and Income Solutions		136,650.4		126,650.4
Principal Asset Management – Principal International:
Latin America:
Pension		36,897.4		34,580.6
Asia:
Guaranteed pension (1)		—		144.2
Total Principal Asset Management – Principal International		36,897.4		34,724.8
Benefits and Protection - Life Insurance:
Universal life		6,807.5		5,982.5
Other balances (2)		298.2		247.9
Total separate account liabilities per consolidated statements of financial position	$	180,653.5	$	167,605.6

(1)	The guaranteed constituent funds in Asia closed in the fourth quarter of 2023 and the second quarter of 2024.

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

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


	For the nine months ended				For the year ended
	September 30, 2024				December 31, 2023
	Group		Individual		Group		Individual
	retirement		variable		retirement		variable
	contracts		annuities		contracts		annuities

	(in millions)
Balance at beginning of period	$	117,518.5	$	9,131.9	$	107,240.1	$	8,659.0
Premiums and deposits (1)		12,411.0		264.7		11,379.0		328.5
Policy charges		(262.0)		(150.2)		(366.0)		(204.5)
Surrenders, withdrawals and benefit payments (1)		(14,789.3)		(1,363.8)		(13,916.8)		(1,018.2)
Investment performance		14,905.2		1,103.6		15,820.7		1,315.1
Net transfers (to) from general account (1)		(2,502.9)		(3.0)		(2,461.1)		30.4
Other (2)		386.7		—		(177.4)		21.6
Balance at end of period	$	127,667.2	$	8,983.2	$	117,518.5	$	9,131.9

Cash surrender value (3)	$	126,239.2	$	8,865.0	$	116,522.1	$	9,011.5

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

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

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

Principal Asset Management | Principal International

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


	For the nine months ended				For the year ended
	September 30, 2024				December 31, 2023
	Latin America		Asia		Latin America		Asia
			Guaranteed				Guaranteed
	Pension		pension		Pension		pension

	(in millions)
Balance at beginning of period	$	34,580.6	$	144.2	$	33,316.7	$	915.0
Premiums and deposits		2,484.9		31.9		3,628.6		217.2
Policy charges		(12.4)		(1.2)		(17.8)		(16.9)
Surrenders, withdrawals and benefit payments (1)		(2,705.5)		(142.8)		(4,191.7)		(1,006.8)
Investment performance		3,353.6		3.3		2,733.7		37.7
Other (2)		14.2		(35.3)		7.6		(0.3)
Foreign currency translation adjustment		(818.0)		(0.1)		(896.5)		(1.7)
Balance at end of period	$	36,897.4	$	—	$	34,580.6	$	144.2

Cash surrender value	$	36,897.4	$	—	$	34,580.6	$	144.2

(1)	Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023 and the second quarter of 2024.

(2)	Includes the removal of insignificant balances for non-guaranteed investment options in Asia from the rollforward in 2024.

Benefits and Protection | Life Insurance | Universal life

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


	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	(in millions)
Balance at beginning of period	$	5,982.5	$	5,011.0
Premiums and deposits (1)		406.3		532.1
Policy charges		(99.5)		(129.0)
Surrenders, withdrawals and benefit payments (1)		(380.1)		(342.1)
Investment performance		888.0		902.8
Net transfers (to) from general account (1)		10.3		7.7
Balance at end of period	$	6,807.5	$	5,982.5

Cash surrender value (2)	$	6,867.9	$	6,041.9

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

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

Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract costs
Contract cost asset	$ 201.3		$ 201.3		$ 219.2
Practical expedient, incremental costs of obtaining a contract			true
Amortization expense of contract cost asset	$ 9.8	$ 10.0	$ 29.7	$ 27.3
Impairment loss for contract cost asset			$ 0.0	$ 0.0

Reinsurance - Effects Of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premiums and other considerations:
Premiums and other considerations, Direct	$ 1,535.6	$ 1,575.3	$ 5,405.4	$ 4,757.5
Premiums and other considerations, Ceded	(122.7)	(117.4)	(381.3)	(358.3)
Net premiums and other considerations	1,412.9	1,457.9	5,024.1	4,399.2
Benefits, claims and settlement expenses:
Benefits, claims and settlement expenses, Direct	2,209.4	2,143.0	7,475.6	6,504.9
Benefits, claims and settlement expenses, Ceded	(431.3)	(432.4)	(1,549.9)	(1,186.3)
Net benefits, claims and settlement expenses	1,778.1	1,710.6	5,925.7	5,318.6
Liability for future policy benefits remeasurement (gain) loss:
Liability for future policy benefits remeasurement (gain) loss, Direct	221.5	697.4	253.9	721.7
Liability for future policy benefits remeasurement (gain) loss, Ceded	(99.0)	(739.7)	311.7	(768.9)
Net liability for future policy benefits remeasurement (gain) loss	$ 122.5	$ (42.3)	$ 565.6	$ (47.2)

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (875.9)	$ 943.7	$ (715.6)	$ 239.6
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	(20.0)	73.2	(151.8)	29.0
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	28.0	(66.1)	11.8	(50.2)
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	26.6	19.3	18.1	(102.3)
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	4.3	0.8	5.7	2.6
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	$ (914.8)	$ 916.5	$ (599.4)	$ 360.5

Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Credit derivatives sold disclosures
Notional amount	$ 470.0
Fair value	8.4
Maximum future payments	$ 470.0
Weighted average expected life	16 years 2 months 12 days
Single name credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 220.0	$ 220.0
Fair value	4.4	4.5
Maximum future payments	$ 220.0	$ 220.0
Weighted average expected life	1 year 10 months 24 days	2 years 8 months 12 days
Single name credit default swaps \| Corporate debt securities \| A
Credit derivatives sold disclosures
Notional amount	$ 40.0	$ 40.0
Fair value	0.2	0.3
Maximum future payments	$ 40.0	$ 40.0
Weighted average expected life	8 months 12 days	1 year 6 months
Single name credit default swaps \| Corporate debt securities \| BBB
Credit derivatives sold disclosures
Notional amount	$ 160.0	$ 140.0
Fair value	4.1	3.8
Maximum future payments	$ 160.0	$ 140.0
Weighted average expected life	2 years 3 months 18 days	3 years
Single name credit default swaps \| Corporate debt securities \| BB
Credit derivatives sold disclosures
Notional amount		$ 20.0
Fair value		0.2
Maximum future payments		$ 20.0
Weighted average expected life		3 years 6 months
Single name credit default swaps \| Sovereign \| A
Credit derivatives sold disclosures
Notional amount	$ 20.0	$ 20.0
Fair value	0.1	0.2
Maximum future payments	$ 20.0	$ 20.0
Weighted average expected life	8 months 12 days	1 year 6 months
Single name total return swaps
Credit derivatives sold disclosures
Notional amount	$ 250.0
Fair value	4.0
Maximum future payments	$ 250.0
Weighted average expected life	28 years 8 months 12 days
Single name total return swaps \| Government/municipalities \| AAA
Credit derivatives sold disclosures
Notional amount	$ 40.0
Fair value	0.8
Maximum future payments	$ 40.0
Weighted average expected life	30 years 9 months 18 days
Single name total return swaps \| Government/municipalities \| AA
Credit derivatives sold disclosures
Notional amount	$ 130.0
Fair value	1.9
Maximum future payments	$ 130.0
Weighted average expected life	26 years 8 months 12 days
Single name total return swaps \| Government/municipalities \| A
Credit derivatives sold disclosures
Notional amount	$ 80.0
Fair value	1.3
Maximum future payments	$ 80.0
Weighted average expected life	30 years 10 months 24 days

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes

Income Taxes

11. Income Taxes

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 three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023			2024			2023
U.S. corporate income tax rate	21	%		21	%		21	%		21	%
Dividends received deduction	7			(1)			(7)			(3)
Tax credits	7			(1)			(7)			(3)
Impact of equity method presentation	3			—			(3)			(1)
Interest exclusion from taxable income	2			—			(2)			—
Impact of noncontrolling interest presentation	2			—			(1)			—
Local country permanent tax adjustments	2			—			—			—
Low income housing tax credit amortization	(4)			—			4			2
State income taxes	(2)			—			4			—
Valuation allowance	(1)			—			2			—
Global Intangible Low-Taxed Income	(1)			2			—			3
Foreign country statutory rate differential	(2)			—			—			—
Other	—			1			—			(1)
Effective income tax rate	34	%		22	%		11	%		18	%

Pillar Two Model Rules

We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development, which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its deferred tax assets (“DTAs”), including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

Common Stock Dividends (Table)

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

Dividends declared per common share

0.72

0.65

2.12

1.93

Reconciliation of Outstanding Common Shares (Table)


	For the three months ended		For the nine months ended
	September 30,		September 30,
	2024	2023	2024	2023
Beginning balance	232,293,387	242,037,833	236,438,294	243,549,782
Shares issued	178,639	187,895	2,013,575	2,186,549
Treasury stock acquired	(3,180,724)	(2,567,868)	(9,160,567)	(6,078,471)
Ending balance	229,291,302	239,657,860	229,291,302	239,657,860

Other Comprehensive Income (Loss) (Table)

For the three months ended

For the nine months ended

September 30, 2024

Pre-Tax

Tax

After-Tax

Pre-Tax

Tax

After-Tax

(in millions)

Net unrealized gains on available-for-sale securities during the period

2,695.3

(581.8)

2,113.5

1,467.0

(314.0)

1,153.0

Reclassification adjustment for losses included in net income (1)

10.7

(2.3)

8.4

98.0

(20.6)

77.4

Adjustments for assumed changes in amortization patterns

2.1

(0.4)

1.7

6.8

(1.4)

5.4

Adjustments for assumed changes in policyholder liabilities

(10.9)

2.3

(8.6)

(0.2)

—

(0.2)

Net unrealized gains on available-for-sale securities

2,697.2

(582.2)

2,115.0

1,571.6

(336.0)

1,235.6

Net unrealized gains (losses) on derivative instruments during the period

(47.9)

10.0

(37.9)

6.6

(1.4)

5.2

Reclassification adjustment for gains included in net income (2)

(0.9)

0.2

(0.7)

(2.7)

0.6

(2.1)

Adjustments for assumed changes in amortization patterns

0.7

(0.1)

0.6

0.5

(0.1)

0.4

Net unrealized gains (losses) on derivative instruments

(48.1)

10.1

(38.0)

4.4

(0.9)

3.5

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

(1,699.8)

382.4

(1,317.4)

(487.7)

118.5

(369.2)

Market risk benefit nonperformance risk remeasurement loss (4)

(6.8)

1.5

(5.3)

(16.4)

3.5

(12.9)

Foreign currency translation adjustment

67.0

4.0

71.0

(108.3)

3.2

(105.1)

Unrecognized postretirement benefit obligation during the period

—

(3.0)

0.8

(2.2)

Amortization of amounts included in net periodic benefit cost (6)

5.0

(1.3)

3.7

15.1

(3.9)

11.2

Net unrecognized postretirement benefit obligation

5.0

(1.3)

3.7

12.1

(3.1)

9.0

Other comprehensive income

1,014.5

(185.5)

829.0

975.7

(214.8)

760.9


	For the three months ended						For the nine months ended
	September 30, 2023						September 30, 2023
	Pre-Tax		Tax		After-Tax		Pre-Tax		Tax		After-Tax

	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(2,333.5)	$	501.0	$	(1,832.5)	$	(1,840.4)	$	398.8	$	(1,441.6)
Reclassification adjustment for losses included in net income (1)		30.3		(6.2)		24.1		214.0		(44.7)		169.3
Adjustments for assumed changes in amortization patterns		(1.8)		0.4		(1.4)		(2.5)		0.6		(1.9)
Adjustments for assumed changes in policyholder liabilities		0.6		(0.2)		0.4		0.7		(0.2)		0.5
Net unrealized losses on available-for-sale securities		(2,304.4)		495.0		(1,809.4)		(1,628.2)		354.5		(1,273.7)

Net unrealized losses on derivative instruments during the period		(16.8)		3.5		(13.3)		(19.3)		4.1		(15.2)
Reclassification adjustment for gains included in net income (2)		(1.3)		0.3		(1.0)		(6.2)		1.3		(4.9)
Adjustments for assumed changes in amortization patterns		(0.9)		0.2		(0.7)		(0.9)		0.2		(0.7)
Adjustments for assumed changes in policyholder liabilities		0.2		(0.1)		0.1		0.2		(0.1)		0.1
Net unrealized losses on derivative instruments		(18.8)		3.9		(14.9)		(26.2)		5.5		(20.7)

Liability for future policy benefits discount rate remeasurement gain (3)		1,773.5		(399.9)		1,373.6		1,746.1		(404.2)		1,341.9

Market risk benefit nonperformance risk remeasurement loss (4)		(22.6)		4.7		(17.9)		(22.2)		4.7		(17.5)

Foreign currency translation adjustment during the period		(149.1)		15.6		(133.5)		1.6		6.6		8.2
Reclassification adjustment for losses included in net income (5)		0.1		—		0.1		0.4		—		0.4
Foreign currency translation adjustment		(149.0)		15.6		(133.4)		2.0		6.6		8.6

Unrecognized postretirement benefit obligation during the period		—		0.1		0.1		(18.3)		4.8		(13.5)
Amortization of amounts included in net periodic benefit cost (6)		5.6		(1.5)		4.1		16.8		(4.4)		12.4
Net unrecognized postretirement benefit obligation		5.6		(1.4)		4.2		(1.5)		0.4		(1.1)

Other comprehensive income (loss)	$	(715.7)	$	117.9	$	(597.8)	$	70.0	$	(32.5)	$	37.5

(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 4, 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 8, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details.

(4)	See Note 9, Market Risk Benefits, for further details.

(5)	The 2023 pre-tax reclassification adjustment related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary.

(6)

Accumulated Other Comprehensive Income (Loss) (Table)


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

	(in millions)
Balances as of July 1, 2023	$	(5,322.2)	$	33.9	$	709.2	$	24.4	$	(1,431.1)	$	(259.4)	$	(6,245.2)
Other comprehensive loss during the period, net of adjustments		(1,833.5)		(13.9)		1,373.6		(17.9)		(131.4)		0.1		(623.0)
Amounts reclassified from AOCI		24.1		(1.0)		—		—		0.1		4.1		27.3
Other comprehensive loss		(1,809.4)		(14.9)		1,373.6		(17.9)		(131.3)		4.2		(595.7)
Balances as of September 30, 2023	$	(7,131.6)	$	19.0	$	2,082.8	$	6.5	$	(1,562.4)	$	(255.2)	$	(6,840.9)

Balances as of July 1, 2024	$	(4,894.2)	$	39.4	$	1,376.4	$	(14.5)	$	(1,672.5)	$	(246.4)	$	(5,411.8)
Other comprehensive income during the period, net of adjustments		2,106.5		(37.3)		(1,317.4)		(5.3)		68.9		—		815.4
Amounts reclassified from AOCI		8.4		(0.7)		—		—		—		3.7		11.4
Other comprehensive income		2,114.9		(38.0)		(1,317.4)		(5.3)		68.9		3.7		826.8
Balances as of September 30, 2024	$	(2,779.3)	$	1.4	$	59.0	$	(19.8)	$	(1,603.6)	$	(242.7)	$	(4,585.0)


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

	(in millions)
Balances as of January 1, 2023	$	(5,857.9)	$	39.7	$	740.9	$	24.0	$	(1,571.6)	$	(254.1)	$	(6,879.0)
Other comprehensive loss during the period, net of adjustments		(1,443.0)		(15.8)		1,341.9		(17.5)		8.8		(13.5)		(139.1)
Amounts reclassified from AOCI		169.3		(4.9)		—		—		0.4		12.4		177.2
Other comprehensive income		(1,273.7)		(20.7)		1,341.9		(17.5)		9.2		(1.1)		38.1
Balances as of September 30, 2023	$	(7,131.6)	$	19.0	$	2,082.8	$	6.5	$	(1,562.4)	$	(255.2)	$	(6,840.9)

Balances as of January 1, 2024	$	(4,014.8)	$	(2.1)	$	428.2	$	(6.9)	$	(1,498.0)	$	(251.7)	$	(5,345.3)
Other comprehensive income during the period, net of adjustments		1,158.1		5.6		(369.2)		(12.9)		(105.6)		(2.2)		673.8
Amounts reclassified from AOCI		77.4		(2.1)		—		—		—		11.2		86.5
Other comprehensive income		1,235.5		3.5		(369.2)		(12.9)		(105.6)		9.0		760.3
Balances as of September 30, 2024	$	(2,779.3)	$	1.4	$	59.0	$	(19.8)	$	(1,603.6)	$	(242.7)	$	(4,585.0)

(1)	Net unrealized losses on available-for-sale securities for which an allowance for credit loss has been recorded were $(2.6) million and $(3.8) million as of September 30, 2024 and 2023, respectively.

Redeemable Noncontrolling Interest (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Balance at beginning of period	$	277.4	$	266.7	$	248.9	$	262.0
Net income (loss) attributable to redeemable noncontrolling interest		14.3		(2.8)		15.1		5.3
Redeemable noncontrolling interest of deconsolidated entities (1)		—		—		(185.5)		(3.0)
Contributions from redeemable noncontrolling interest		34.2		8.3		275.3		31.6
Distributions to redeemable noncontrolling interest		(14.8)		(11.6)		(42.8)		(34.4)
Purchase of subsidiary shares from redeemable noncontrolling interest		—		—		(0.6)		(1.6)
Change in redemption value of redeemable noncontrolling interest		(0.7)		(0.8)		0.4		(0.7)
Stock-based compensation attributable to redeemable noncontrolling interest		—		0.1		0.1		0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest		1.4		(0.4)		0.9		0.2
Balance at end of period	$	311.8	$	259.5	$	311.8	$	259.5

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

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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 5: 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 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

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
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 12: 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 13: 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

Derivative Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Hedges
Carrying amount of hedged liability - Active hedging relationships	$ 2,299.0		$ 2,299.0		$ 300.5
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Contractholder Funds.		Contractholder Funds.		Contractholder Funds.
Carrying amount of hedged liability - Active or discontinued hedging relationships	$ 2,299.0		$ 2,299.0		$ 300.5
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	29.5		29.5		0.4
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	29.5		29.5		0.4
Gain (loss) from components excluded from assessment of fair value hedge effectiveness	0.8	$ (0.2)	1.5	$ (1.0)
Fixed maturities, available-for-sale
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	3,227.4		3,227.4		3,510.1
Carrying amount of hedged asset - Discontinued hedging relationships	582.5		582.5		304.7
Carrying amount of hedged asset - Active or discontinued hedging relationships	3,809.9		3,809.9		3,814.8
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(47.5)		(47.5)		(87.0)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	(7.8)		(7.8)		(5.2)
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(55.3)		(55.3)		(92.2)
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	2,864.1		2,864.1		3,178.5
Cumulative basis adjustments associated with portfolio layer hedging relationship	(32.4)		(32.4)		(62.2)
Amount of hedged item in portfolio layer hedging relationship	1,135.0		1,135.0		1,395.0
Mortgage loans
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	1,269.1		1,269.1		0.0
Carrying amount of hedged asset - Active or discontinued hedging relationships	1,269.1		1,269.1		0.0
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	1.2		1.2		0.0
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	1.2		1.2		0.0
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	1,267.9		1,267.9		0.0
Cumulative basis adjustments associated with portfolio layer hedging relationship	1.2		1.2		0.0
Amount of hedged item in portfolio layer hedging relationship	$ 165.0		$ 165.0		$ 0.0

Contractholder Funds

9 Months Ended

Sep. 30, 2024

Contractholder Funds

Contractholder Funds

7. 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.


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	13,636.2	$	12,721.5
Individual variable annuities		1,300.9		514.2
Individual fixed deferred annuities		4,670.9		5,538.3
Total Retirement and Income Solutions		19,608.0		18,774.0
Benefits and Protection – Life Insurance:
Universal life		6,909.2		6,910.4
Corporate:
Inter-segment eliminations		(353.8)		(362.2)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue		26,163.4		25,322.2

Reconciling items:
Investment contracts without significant fee revenue (1)		15,866.2		15,784.5
Embedded derivatives (2)		368.0		115.5
Other balances (3)		101.8		278.9
Total contractholder funds per consolidated statements of financial position	$	42,499.4	$	41,501.1

(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 15, 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.

Policyholder Account Balances

Retirement and Income Solutions

The changes in policyholder account balances were as follows:


	For the nine months ended September 30, 2024									For the year ended December 31, 2023
	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	$	12,721.5		$	514.2		$	5,538.3		$	12,154.7		$	381.4		$	7,228.3
Premiums and deposits		3,665.9			1,137.8			35.3			4,441.7			586.7			36.8
Policy charges		(27.5)			—			—			(31.6)			—			—
Surrenders, withdrawals and benefit payments		(2,919.3)			(1,459.3)			(1,006.4)			(4,356.6)			(1,123.0)			(1,888.4)
Net transfers from (to) separate account (2)		(65.8)			1,102.1			—			264.8			659.3			—
Interest credited		285.6			6.2			103.7			280.2			9.8			161.6
Other		(24.2)			(0.1)			—			(31.7)			—			—
Balance at end of period	$	13,636.2		$	1,300.9		$	4,670.9		$	12,721.5		$	514.2		$	5,538.3

Weighted-average crediting rate (3)		3.18	%		3.35	%		3.06	%		2.54	%		3.22	%		2.84	%
Cash surrender value (4)	$	12,260.3		$	1,353.0		$	4,400.5		$	11,211.9		$	512.6		$	5,434.4

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

Within the separate account liabilities rollforwards in Note 6, 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 cash surrender value for RILA products also includes an equity and bond adjustment that may result in cash surrender value being greater than account balance.

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 9, 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 nine months ended			For the year ended
	September 30, 2024			December 31, 2023

	($ in millions)
Balance at beginning of period	$	6,910.4		$	6,947.9
Premiums and deposits		942.4			1,260.5
Policy charges		(654.0)			(858.1)
Surrenders, withdrawals and benefit payments		(466.4)			(483.6)
Net transfers from (to) separate account (1)		(36.5)			(197.7)
Interest credited		213.5			242.1
Other		(0.2)			(0.7)
Balance at end of period		6,909.2			6,910.4
Reinsurance impact		(3,272.1)			(3,396.8)
Balance at end of period after reinsurance	$	3,637.1		$	3,513.6

Weighted-average crediting rate (2)		4.09	%		4.01	%
Net amount at risk (3)	$	85,992.9		$	86,671.0
Cash surrender value (4)	$	6,008.0		$	5,953.0

(1)	Within the separate account liabilities rollforwards in Note 6, 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.


	September 30, 2024
	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%	$	—	$	—	$	—	$	1,087.9	$	417.8	$	1,505.7
1.01% - 2.00%		4,083.3		—		1,066.4		—		—		5,149.7
2.01% - 3.00%		206.2		0.1		1.8		437.5		4,438.4		5,084.0
3.01% - 4.00%		7.5		—		—		—		—		7.5
4.01% and above		15.6		—		—		—		—		15.6
Subtotal		4,312.6		0.1		1,068.2		1,525.4		4,856.2		11,762.5
No GMIR												1,873.7
Total											$	13,636.2

Individual variable annuities
Up to 1.00%	$	18.9	$	—	$	—	$	—	$	—	$	18.9
1.01% - 2.00%		4.7		—		—		—		—		4.7
2.01% - 3.00%		240.8		—		—		—		—		240.8
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		264.4		—		—		—		—		264.4
No GMIR												1,036.5
Total											$	1,300.9

Individual fixed deferred annuities
Up to 1.00%	$	231.8	$	40.3	$	66.0	$	237.0	$	1,092.3	$	1,667.4
1.01% - 2.00%		82.8		0.3		6.6		60.2		4.9		154.8
2.01% - 3.00%		2,509.9		—		—		—		—		2,509.9
3.01% - 4.00%		149.1		—		—		—		—		149.1
4.01% and above		—		—		—		—		—		—
Subtotal		2,973.6		40.6		72.6		297.2		1,097.2		4,481.2
No GMIR												189.7
Total											$	4,670.9

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%	$	—	$	—	$	2.3	$	14.3	$	3.3	$	19.9
1.01% - 2.00%		275.7		—		420.8		509.2		439.0		1,644.7
2.01% - 3.00%		667.4		642.1		784.8		364.5		6.1		2,464.9
3.01% - 4.00%		1,584.8		58.9		36.2		90.3		7.3		1,777.5
4.01% and above		27.5		2.8		7.0		15.3		—		52.6
Subtotal		2,555.4		703.8		1,251.1		993.6		455.7		5,959.6
No GMIR												949.6
Total											$	6,909.2


	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

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 2,317.2	$ 6,667.6
Fixed maturities, Less than twelve months, Gross unrealized losses	47.9	180.0
Fixed maturities, Greater than or equal to twelve months, Fair value	37,732.8	41,511.0
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	4,701.7	5,692.9
Fixed maturities, Total, Fair value	40,050.0	48,178.6
Fixed maturities, Total, Gross unrealized losses	4,749.6	5,872.9
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	34.7	316.4
Fixed maturities, Less than twelve months, Gross unrealized losses	0.1	3.1
Fixed maturities, Greater than or equal to twelve months, Fair value	1,039.0	997.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	227.0	232.6
Fixed maturities, Total, Fair value	1,073.7	1,313.5
Fixed maturities, Total, Gross unrealized losses	227.1	235.7
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	0.2	41.9
Fixed maturities, Less than twelve months, Gross unrealized losses		1.7
Fixed maturities, Greater than or equal to twelve months, Fair value	339.3	331.3
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	54.3	57.9
Fixed maturities, Total, Fair value	339.5	373.2
Fixed maturities, Total, Gross unrealized losses	54.3	59.6
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	74.7	596.6
Fixed maturities, Less than twelve months, Gross unrealized losses		19.0
Fixed maturities, Greater than or equal to twelve months, Fair value	5,134.7	5,075.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	805.7	914.8
Fixed maturities, Total, Fair value	5,209.4	5,671.7
Fixed maturities, Total, Gross unrealized losses	805.7	933.8
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	842.8	3,210.1
Fixed maturities, Less than twelve months, Gross unrealized losses	32.0	126.9
Fixed maturities, Greater than or equal to twelve months, Fair value	21,749.2	22,929.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	2,613.2	3,064.4
Fixed maturities, Total, Fair value	22,592.0	26,139.2
Fixed maturities, Total, Gross unrealized losses	2,645.2	3,191.3
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	139.3	633.0
Fixed maturities, Less than twelve months, Gross unrealized losses	0.3	4.9
Fixed maturities, Greater than or equal to twelve months, Fair value	1,294.4	1,275.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	128.8	159.7
Fixed maturities, Total, Fair value	1,433.7	1,908.6
Fixed maturities, Total, Gross unrealized losses	129.1	164.6
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	296.4	280.3
Fixed maturities, Less than twelve months, Gross unrealized losses	1.9	4.1
Fixed maturities, Greater than or equal to twelve months, Fair value	4,063.2	4,192.4
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	412.4	650.1
Fixed maturities, Total, Fair value	4,359.6	4,472.7
Fixed maturities, Total, Gross unrealized losses	414.3	654.2
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	500.3	405.6
Fixed maturities, Less than twelve months, Gross unrealized losses	1.2	1.8
Fixed maturities, Greater than or equal to twelve months, Fair value	118.0	2,301.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	6.0	25.4
Fixed maturities, Total, Fair value	618.3	2,707.2
Fixed maturities, Total, Gross unrealized losses	7.2	27.2
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	428.8	1,183.7
Fixed maturities, Less than twelve months, Gross unrealized losses	12.4	18.5
Fixed maturities, Greater than or equal to twelve months, Fair value	3,995.0	4,408.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	454.3	588.0
Fixed maturities, Total, Fair value	4,423.8	5,592.5
Fixed maturities, Total, Gross unrealized losses	466.7	606.5
Principal Life Insurance Company
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,218.2	5,836.0
Fixed maturities, Less than twelve months, Gross unrealized losses	39.9	140.5
Fixed maturities, Greater than or equal to twelve months, Fair value	36,911.5	40,717.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	4,632.0	5,576.6
Fixed maturities, Total, Fair value	39,129.7	46,553.9
Fixed maturities, Total, Gross unrealized losses	$ 4,671.9	$ 5,717.1
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)	96.00%	94.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost)	89.00%	89.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months \| item	386	983
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost)	98.00%	98.00%
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	91.00%	91.00%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 33.6	$ 131.2
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer \| item	6,363	7,042
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	89.00%	88.00%
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	$ 799.2	$ 906.9
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)	86.00%	85.00%
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	$ 2,559.3	$ 2,968.9
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)	89.00%	88.00%
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	$ 409.5	$ 645.6
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)	91.00%	87.00%
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	$ 393.5	$ 472.9
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%	85.00%

Fair Value Measurements - Fair Value Option on Consolidated VIEs (Details) - Other loans of consolidated VIEs - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Option, Quantitative Disclosures
Fair value	$ 139.5		$ 139.5		$ 163.2
Aggregate contractual principal	149.3		149.3		$ 167.1
Change in fair value pre-tax gain (loss) - instrument specific credit risk	5.4		16.8
Change in fair value pre-tax gain (loss)	(5.4)	$ (0.1)	(16.8)	$ (0.1)
Interest income	$ 6.7	$ 1.3	$ 25.1	$ 1.3

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 45
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477346/946-830-45-39

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Variable Interest Entities


	September 30, 2024				December 31, 2023
	Total		Total		Total		Total
	assets		liabilities		assets		liabilities

	(in millions)
Mandatory retirement savings funds (1)	$	37,266.6	$	36,897.4	$	35,034.4	$	34,688.3
Real estate (2)		777.9		69.2		829.1		63.0
Sponsored investment funds (3)		665.9		7.2		523.8		6.3
Residential mortgage loans (4)		820.9		20.0		874.7		20.9
Asset-backed limited partnership (5)		248.0		—		249.3		—
Total	$	39,779.3	$	36,993.8	$	37,511.3	$	34,778.5

(1)	The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities.

(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 $275.3 million and $226.4 million redeemable noncontrolling interest for sponsored investment funds as of September 30, 2024 and December 31, 2023, 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 both September 30, 2024 and 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)
September 30, 2024
Fixed maturities, available-for-sale:
Corporate	$	347.7	$	358.8
Residential mortgage-backed pass-through securities		3,512.1		3,596.3
Commercial mortgage-backed securities		5,014.9		5,421.2
Collateralized debt obligations (2)		6,199.3		6,467.5
Other debt obligations		8,435.7		9,543.8
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		9.6		9.6
Commercial mortgage-backed securities		20.4		20.4
Collateralized debt obligations (2)		0.3		0.3
Other debt obligations		206.4		206.4
Equity securities		91.2		91.2
Other investments:
Other limited partnership and fund interests (3)		2,577.7		4,738.1

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

(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 September 30, 2024 and December 31, 2023, the maximum exposure to loss for other limited partnership and fund interests includes $254.5 million and $251.9 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.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (220.0)	$ 1,246.2	$ 665.6	$ 1,494.9

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Variable Interest Entities

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Variable Interest Entities

2. 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 September 30, 2024 and December 31, 2023.

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. The Occupational Retirement Schemes Ordinance 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 and the Occupational Retirement Schemes Ordinance were closed in the fourth quarter of 2023 and the second quarter of 2024, respectively.

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.

Sponsored Investment Funds

We sponsor and invest in certain investment funds for which we provide asset management services. Although our asset management fee is commensurate with the services provided and consistent with fees for similar services negotiated at arms-length, we have a variable interest for funds where our other interests are more than insignificant. The funds are VIEs as the equity holders lack power through voting rights to direct the activities of the entity that most significantly impact its economic performance. We determined we are the primary beneficiary of the VIEs where our interest in the entity is more than insignificant and we are the asset manager.

Residential Mortgage Loans

We invest in asset-backed securities (“ABS”) trusts. The trusts issue various collateralized mortgage obligation certificates and purchase residential mortgage loans. The trusts are considered VIEs due to insufficient equity to sustain themselves. We concluded we are the primary beneficiary as we purchase substantially all of the certificates and have the obligation to absorb losses that could potentially be significant to the VIEs.

Asset-Backed Limited Partnership

We invest in an ABS limited partnership. The limited partnership issues multiple notes and purchases consumer loans, auto loans, other loans and credit facilities. The limited partnership is considered a VIE due to insufficient equity to sustain itself. We concluded we are the primary beneficiary as we have purchased all of the notes and have the obligation to absorb losses and residual returns that could potentially be significant to the VIE.

Assets and Liabilities of Consolidated Variable Interest Entities

The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows:


	September 30, 2024				December 31, 2023
	Total		Total		Total		Total
	assets		liabilities		assets		liabilities

	(in millions)
Mandatory retirement savings funds (1)	$	37,266.6	$	36,897.4	$	35,034.4	$	34,688.3
Real estate (2)		777.9		69.2		829.1		63.0
Sponsored investment funds (3)		665.9		7.2		523.8		6.3
Residential mortgage loans (4)		820.9		20.0		874.7		20.9
Asset-backed limited partnership (5)		248.0		—		249.3		—
Total	$	39,779.3	$	36,993.8	$	37,511.3	$	34,778.5

(1)	The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities.

(2)	The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities.

(3)

(4)	The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities.

(5)

Unconsolidated Variable Interest Entities

We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading; equity securities and other investments in the consolidated statements of financial position and are described below.

Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities (“RMBS”) and other ABS. All of these entities were deemed VIEs because the equity within these entities is insufficient to sustain them. We determined we are not the primary beneficiary in the entities within these categories of investments. This determination was based primarily on the fact we do not own the class of security that controls the unilateral right to replace the special servicer or equivalent function.

We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager.

We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities.

We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities.

As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds.

We hold an equity interest in Mexican mandatory privatized social security funds in which we provide asset management services. Our equity interest in the funds is considered a variable interest. We concluded the funds are VIEs because the equity holders as a group lack decision-making ability through their voting rights. We are not the primary beneficiary of the VIEs because although we, as the asset manager, have the power to direct the activities of the VIEs, we do not have a potentially significant variable interest in the funds.

The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows:


			Maximum exposure to
	Asset carrying value		loss (1)

	(in millions)
September 30, 2024
Fixed maturities, available-for-sale:
Corporate	$	347.7	$	358.8
Residential mortgage-backed pass-through securities		3,512.1		3,596.3
Commercial mortgage-backed securities		5,014.9		5,421.2
Collateralized debt obligations (2)		6,199.3		6,467.5
Other debt obligations		8,435.7		9,543.8
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		9.6		9.6
Commercial mortgage-backed securities		20.4		20.4
Collateralized debt obligations (2)		0.3		0.3
Other debt obligations		206.4		206.4
Equity securities		91.2		91.2
Other investments:
Other limited partnership and fund interests (3)		2,577.7		4,738.1

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

(1)

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

(3)

Money Market Funds

We are the investment manager for certain money market mutual funds. These types of funds are exempt from assessment under any consolidation model due to a scope exception for money market funds registered under Rule 2a-7 of the Investment Company Act of 1940 or similar funds. As of September 30, 2024 and December 31, 2023, money market mutual funds we manage held $3.7 billion and $3.8 billion in total assets, respectively. We have no contractual obligation to contribute to these funds; however, we provide support through the waiver of fees and through expense reimbursements. The amount of fees waived and expenses reimbursed was insignificant.

Contractholder Funds (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 26,163.4	$ 25,322.2
Investment contracts without significant fee revenue	15,866.2	15,784.5
Embedded derivatives	368.0	115.5
Other balances	101.8	278.9
Total contract holder funds per consolidated statements of financial position	42,499.4	41,501.1
Retirement and Income Solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	19,608.0	18,774.0
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	13,636.2	12,721.5	$ 12,154.7
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	1,300.9	514.2	381.4
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	4,670.9	5,538.3	7,228.3
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	6,909.2	6,910.4	$ 6,947.9
Corporate \| Inter-segment eliminations
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ (353.8)	$ (362.2)

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	169.3	$	141.1	$	493.3	$	410.9
Principal Asset Management:
Principal Global Investors		413.7		406.5		1,195.2		1,168.3
Principal International		114.3		115.1		341.7		345.2
Eliminations		(5.3)		(5.4)		(15.6)		(16.1)
Total Principal Asset Management		522.7		516.2		1,521.3		1,497.4
Benefits and Protection:
Specialty Benefits		3.8		4.0		11.6		12.0
Life Insurance		24.7		19.4		69.8		54.5
Eliminations		—		(0.1)		(0.1)		(0.1)
Total Benefits and Protection		28.5		23.3		81.3		66.4
Corporate		52.6		44.4		166.3		134.4
Total segment revenue from contracts with customers		773.1		725.0		2,262.2		2,109.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		299.7		300.5		886.5		889.4
Pre-tax other adjustments (2)		18.3		20.2		56.7		60.1
Total fees and other revenues per consolidated statements of operations	$	1,091.1	$	1,045.7	$	3,205.4	$	3,058.6

(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.

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Administrative service fee revenue	$	165.3	$	137.0	$	481.6	$	398.8
Deposit account fee revenue		3.1		2.8		9.2		8.5
Commission income		0.9		0.5		2.5		1.3
Other fee revenue		—		0.8		—		2.3
Total revenues from contracts with customers		169.3		141.1		493.3		410.9
Fees and other revenues not within the scope of revenue recognition guidance		283.9		276.8		838.7		833.2
Total fees and other revenues		453.2		417.9		1,332.0		1,244.1
Premiums and other considerations		471.7		561.0		2,236.8		1,763.0
Net investment income		761.5		672.2		2,244.3		1,933.8
Total operating revenues	$	1,686.4	$	1,651.1	$	5,813.1	$	4,940.9

Principal Asset Management | Principal International

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Principal International:
Management fee revenue	$	112.4	$	113.3	$	335.9	$	339.2
Other fee revenue		1.9		1.8		5.8		6.0
Total revenues from contracts with customers		114.3		115.1		341.7		345.2
Fees and other revenues not within the scope of revenue recognition guidance		1.3		1.4		4.1		4.3
Total fees and other revenues		115.6		116.5		345.8		349.5
Premiums and other considerations		4.8		2.3		18.0		17.2
Net investment income		194.4		130.8		486.7		490.3
Total operating revenues	$	314.8	$	249.6	$	850.5	$	857.0

Revenues from contracts with customers by region:
Latin America	$	85.9	$	87.3	$	258.9	$	262.4
Asia		28.7		28.0		83.4		83.4
Eliminations		(0.3)		(0.2)		(0.6)		(0.6)
Total revenues from contracts with customers	$	114.3	$	115.1	$	341.7	$	345.2

Principal Asset Management | Principal Global Investors

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Principal Global Investors:
Management fee revenue	$	370.7	$	348.2	$	1,078.2	$	1,028.8
Other fee revenue		43.0		58.3		117.0		139.5
Total revenues from contracts with customers		413.7		406.5		1,195.2		1,168.3
Fees and other revenues not within the scope of revenue recognition guidance		4.4		9.1		15.7		16.3
Total fees and other revenues		418.1		415.6		1,210.9		1,184.6
Net investment income		12.9		9.0		35.2		22.8
Total operating revenues	$	431.0	$	424.6	$	1,246.1	$	1,207.4

Benefits and Protection | Specialty Benefits

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Specialty Benefits:
Administrative service fees	$	3.8	$	4.0	$	11.6	$	12.0
Total revenues from contracts with customers		3.8		4.0		11.6		12.0
Fees and other revenues not within the scope of revenue recognition guidance		4.4		4.6		13.4		13.7
Total fees and other revenues		8.2		8.6		25.0		25.7
Premiums and other considerations		810.6		762.7		2,408.6		2,237.9
Net investment income		50.1		45.3		141.9		127.4
Total operating revenues	$	868.9	$	816.6	$	2,575.5	$	2,391.0

Benefits and Protection | Life Insurance

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Life Insurance:
Administrative service fees	$	10.3	$	8.9	$	28.9	$	23.6
Commission income		14.4		10.5		40.9		30.9
Total revenues from contracts with customers		24.7		19.4		69.8		54.5
Fees and other revenues not within the scope of revenue recognition guidance		84.9		85.7		251.6		246.7
Total fees and other revenues		109.6		105.1		321.4		301.2
Premiums and other considerations		131.5		136.7		380.7		394.4
Net investment income		103.7		93.2		309.6		294.0
Total operating revenues	$	344.8	$	335.0	$	1,011.7	$	989.6

Corporate

Disaggregation of Revenues from Contracts with Customers (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024			2023

	(in millions)
Commission income	$	129.4	$	94.9	$	351.8	$	276.9
Other fee revenue		22.4		21.3		66.5		62.5
Eliminations		(99.2)		(71.8)		(252.0)		(205.0)
Total revenues from contracts with customers		52.6		44.4		166.3		134.4
Fees and other revenues not within the scope of revenue recognition guidance		(78.7)		(76.9)		(235.8)		(224.2)
Total fees and other revenues		(26.1)		(32.5)		(69.5)		(89.8)
Premiums and other considerations		(1.3)		(1.4)		(3.9)		(3.9)
Net investment income		58.5		40.6		142.0		142.6
Total operating revenues	$	31.1	$	6.7	$	68.6	$	48.9

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 415.9	$ 494.0
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(219.9)	(178.5)
Collateral pledged, financial liabilities	(180.0)	(301.1)
Net amount of liabilities subject to netting agreements	$ 16.0	$ 14.4

Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ 1,014.5	$ (715.7)	$ 975.7	$ 70.0
Other comprehensive income (loss), tax	(185.5)	117.9	(214.8)	(32.5)
Other comprehensive income (loss)	829.0	(597.8)	760.9	37.5
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	2,695.3	(2,333.5)	1,467.0	(1,840.4)
Adjustments for assumed changes in amortization patterns, pre-tax	2.1	(1.8)	6.8	(2.5)
Adjustments for assumed changes in policyholder liabilities, pre-tax	(10.9)	0.6	(0.2)	0.7
Other comprehensive income (loss), pre-tax	2,697.2	(2,304.4)	1,571.6	(1,628.2)
Other comprehensive income (loss) before reclassifications, tax	(581.8)	501.0	(314.0)	398.8
Reclassification from accumulated other comprehensive income, tax	(2.3)	(6.2)	(20.6)	(44.7)
Adjustments for assumed changes in amortization patterns, tax	(0.4)	0.4	(1.4)	0.6
Adjustments for assumed changes in policyholder liabilities, tax	2.3	(0.2)		(0.2)
Other comprehensive income (loss), tax	(582.2)	495.0	(336.0)	354.5
Other comprehensive income (loss) before reclassifications, after-tax	2,113.5	(1,832.5)	1,153.0	(1,441.6)
Reclassification from accumulated other comprehensive income, after-tax	8.4	24.1	77.4	169.3
Adjustments for assumed changes in amortization patterns, after-tax	1.7	(1.4)	5.4	(1.9)
Adjustments for assumed changes in policyholder liabilities, after-tax	(8.6)	0.4	(0.2)	0.5
Other comprehensive income (loss)	2,115.0	(1,809.4)	1,235.6	(1,273.7)
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	10.7	30.3	98.0	214.0
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(47.9)	(16.8)	6.6	(19.3)
Reclassification from accumulated other comprehensive income, pre-tax	(0.9)	(1.3)	(2.7)	(6.2)
Adjustments for assumed changes in amortization patterns, pre-tax	0.7	(0.9)	0.5	(0.9)
Adjustments for assumed changes in policyholder liabilities, pre-tax		0.2		0.2
Other comprehensive income (loss), pre-tax	(48.1)	(18.8)	4.4	(26.2)
Other comprehensive income (loss) before reclassifications, tax	10.0	3.5	(1.4)	4.1
Reclassification from accumulated other comprehensive income, tax	0.2	0.3	0.6	1.3
Adjustments for assumed changes in amortization patterns, tax	(0.1)	0.2	(0.1)	0.2
Adjustments for assumed changes in policyholder liabilities, tax		(0.1)		(0.1)
Other comprehensive income (loss), tax	10.1	3.9	(0.9)	5.5
Other comprehensive income (loss) before reclassifications, after-tax	(37.9)	(13.3)	5.2	(15.2)
Reclassification from accumulated other comprehensive income, after-tax	(0.7)	(1.0)	(2.1)	(4.9)
Adjustments for assumed changes in amortization patterns, after-tax	0.6	(0.7)	0.4	(0.7)
Adjustments for assumed changes in policyholder liabilities, after-tax		0.1		0.1
Other comprehensive income (loss)	(38.0)	(14.9)	3.5	(20.7)
Liability for future policy benefits discount rate remeasurement gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	(1,699.8)	1,773.5	(487.7)	1,746.1
Other comprehensive income (loss), tax	382.4	(399.9)	118.5	(404.2)
Other comprehensive income (loss)	(1,317.4)	1,373.6	(369.2)	1,341.9
Market risk benefit nonperformance risk remeasurement gain(loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	(6.8)	(22.6)	(16.4)	(22.2)
Other comprehensive income (loss), tax	1.5	4.7	3.5	4.7
Other comprehensive income (loss)	(5.3)	(17.9)	(12.9)	(17.5)
Foreign currency translation adjustment including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax		(149.1)		1.6
Reclassification from accumulated other comprehensive income, pre-tax		0.1		0.4
Other comprehensive income (loss), pre-tax	67.0	(149.0)	(108.3)	2.0
Other comprehensive income (loss) before reclassifications, tax		15.6		6.6
Other comprehensive income (loss), tax	4.0	15.6	3.2	6.6
Other comprehensive income (loss) before reclassifications, after-tax		(133.5)		8.2
Reclassification from accumulated other comprehensive income, after-tax		0.1		0.4
Other comprehensive income (loss)	71.0	(133.4)	(105.1)	8.6
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax			(3.0)	(18.3)
Other comprehensive income (loss), pre-tax	5.0	5.6	12.1	(1.5)
Other comprehensive income (loss) before reclassifications, tax		0.1	0.8	4.8
Reclassification from accumulated other comprehensive income, tax	(1.3)	(1.5)	(3.9)	(4.4)
Other comprehensive income (loss), tax	(1.3)	(1.4)	(3.1)	0.4
Other comprehensive income (loss) before reclassifications, after-tax		0.1	(2.2)	(13.5)
Reclassification from accumulated other comprehensive income, after-tax	3.7	4.1	11.2	12.4
Other comprehensive income (loss)	3.7	4.2	9.0	(1.1)
Unrecognized postretirement benefit obligation including NCI \| Operating expense
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ 5.0	$ 5.6	$ 15.1	$ 16.8

Contractholder Funds (Tables)

9 Months Ended

Sep. 30, 2024

Policyholder account balances

Schedule of disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	13,636.2	$	12,721.5
Individual variable annuities		1,300.9		514.2
Individual fixed deferred annuities		4,670.9		5,538.3
Total Retirement and Income Solutions		19,608.0		18,774.0
Benefits and Protection – Life Insurance:
Universal life		6,909.2		6,910.4
Corporate:
Inter-segment eliminations		(353.8)		(362.2)
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue		26,163.4		25,322.2

Reconciling items:
Investment contracts without significant fee revenue (1)		15,866.2		15,784.5
Embedded derivatives (2)		368.0		115.5
Other balances (3)		101.8		278.9
Total contractholder funds per consolidated statements of financial position	$	42,499.4	$	41,501.1

(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 15, 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)


	September 30, 2024
	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%	$	—	$	—	$	—	$	1,087.9	$	417.8	$	1,505.7
1.01% - 2.00%		4,083.3		—		1,066.4		—		—		5,149.7
2.01% - 3.00%		206.2		0.1		1.8		437.5		4,438.4		5,084.0
3.01% - 4.00%		7.5		—		—		—		—		7.5
4.01% and above		15.6		—		—		—		—		15.6
Subtotal		4,312.6		0.1		1,068.2		1,525.4		4,856.2		11,762.5
No GMIR												1,873.7
Total											$	13,636.2

Individual variable annuities
Up to 1.00%	$	18.9	$	—	$	—	$	—	$	—	$	18.9
1.01% - 2.00%		4.7		—		—		—		—		4.7
2.01% - 3.00%		240.8		—		—		—		—		240.8
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		264.4		—		—		—		—		264.4
No GMIR												1,036.5
Total											$	1,300.9

Individual fixed deferred annuities
Up to 1.00%	$	231.8	$	40.3	$	66.0	$	237.0	$	1,092.3	$	1,667.4
1.01% - 2.00%		82.8		0.3		6.6		60.2		4.9		154.8
2.01% - 3.00%		2,509.9		—		—		—		—		2,509.9
3.01% - 4.00%		149.1		—		—		—		—		149.1
4.01% and above		—		—		—		—		—		—
Subtotal		2,973.6		40.6		72.6		297.2		1,097.2		4,481.2
No GMIR												189.7
Total											$	4,670.9

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%	$	—	$	—	$	2.3	$	14.3	$	3.3	$	19.9
1.01% - 2.00%		275.7		—		420.8		509.2		439.0		1,644.7
2.01% - 3.00%		667.4		642.1		784.8		364.5		6.1		2,464.9
3.01% - 4.00%		1,584.8		58.9		36.2		90.3		7.3		1,777.5
4.01% and above		27.5		2.8		7.0		15.3		—		52.6
Subtotal		2,555.4		703.8		1,251.1		993.6		455.7		5,959.6
No GMIR												949.6
Total											$	6,909.2


	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

Schedule of changes in policyholder account balances (Table)

Policyholder account balances


	For the nine months ended September 30, 2024									For the year ended December 31, 2023
	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	$	12,721.5		$	514.2		$	5,538.3		$	12,154.7		$	381.4		$	7,228.3
Premiums and deposits		3,665.9			1,137.8			35.3			4,441.7			586.7			36.8
Policy charges		(27.5)			—			—			(31.6)			—			—
Surrenders, withdrawals and benefit payments		(2,919.3)			(1,459.3)			(1,006.4)			(4,356.6)			(1,123.0)			(1,888.4)
Net transfers from (to) separate account (2)		(65.8)			1,102.1			—			264.8			659.3			—
Interest credited		285.6			6.2			103.7			280.2			9.8			161.6
Other		(24.2)			(0.1)			—			(31.7)			—			—
Balance at end of period	$	13,636.2		$	1,300.9		$	4,670.9		$	12,721.5		$	514.2		$	5,538.3

Weighted-average crediting rate (3)		3.18	%		3.35	%		3.06	%		2.54	%		3.22	%		2.84	%
Cash surrender value (4)	$	12,260.3		$	1,353.0		$	4,400.5		$	11,211.9		$	512.6		$	5,434.4

(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)

Universal life | Benefits and Protection | Life Insurance

Policyholder account balances

Schedule of changes in policyholder account balances (Table)


	For the nine months ended			For the year ended
	September 30, 2024			December 31, 2023

	($ in millions)
Balance at beginning of period	$	6,910.4		$	6,947.9
Premiums and deposits		942.4			1,260.5
Policy charges		(654.0)			(858.1)
Surrenders, withdrawals and benefit payments		(466.4)			(483.6)
Net transfers from (to) separate account (1)		(36.5)			(197.7)
Interest credited		213.5			242.1
Other		(0.2)			(0.7)
Balance at end of period		6,909.2			6,910.4
Reinsurance impact		(3,272.1)			(3,396.8)
Balance at end of period after reinsurance	$	3,637.1		$	3,513.6

Weighted-average crediting rate (2)		4.09	%		4.01	%
Net amount at risk (3)	$	85,992.9		$	86,671.0
Cash surrender value (4)	$	6,008.0		$	5,953.0

(1)	Within the separate account liabilities rollforwards in Note 6, 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.

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 1,091.1	$ 1,045.7	$ 3,205.4	$ 3,058.6
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	773.1	725.0	2,262.2	2,109.1
Operating Segments \| Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	169.3	141.1	493.3	410.9
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	283.9	276.8	838.7	833.2
Total fees and other revenues per consolidated statements of operations	453.2	417.9	1,332.0	1,244.1
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	522.7	516.2	1,521.3	1,497.4
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	28.5	23.3	81.3	66.4
Operating Segments \| Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	52.6	44.4	166.3	134.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	(78.7)	(76.9)	(235.8)	(224.2)
Total fees and other revenues per consolidated statements of operations	(26.1)	(32.5)	(69.5)	(89.8)
Operating Segments \| Principal Global Investors \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	413.7	406.5	1,195.2	1,168.3
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	4.4	9.1	15.7	16.3
Total fees and other revenues per consolidated statements of operations	418.1	415.6	1,210.9	1,184.6
Operating Segments \| Principal International \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	114.3	115.1	341.7	345.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1.3	1.4	4.1	4.3
Total fees and other revenues per consolidated statements of operations	115.6	116.5	345.8	349.5
Operating Segments \| Specialty Benefits \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	3.8	4.0	11.6	12.0
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	4.4	4.6	13.4	13.7
Total fees and other revenues per consolidated statements of operations	8.2	8.6	25.0	25.7
Operating Segments \| Life Insurance \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	24.7	19.4	69.8	54.5
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	84.9	85.7	251.6	246.7
Total fees and other revenues per consolidated statements of operations	109.6	105.1	321.4	301.2
Operating Segments \| Benefits And Protection Eliminations \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers		(0.1)	(0.1)	(0.1)
Operating Segments \| Principal Asset Management Eliminations \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(5.3)	(5.4)	(15.6)	(16.1)
Reconciling items
Revenues from Contracts with Customers - Disaggregation of Revenues
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	299.7	300.5	886.5	889.4
Pre-tax other adjustments	$ 18.3	$ 20.2	$ 56.7	$ 60.1

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value (Table)

September 30, 2024

Assets/

Amount

(liabilities)

measured at

net asset

Fair value hierarchy level

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,761.2

—

1,442.5

318.7

—

Non-U.S. governments

525.1

—

525.1

—

States and political subdivisions

6,520.4

—

6,450.1

70.3

Corporate

37,167.2

—

32.3

34,828.5

2,306.4

Residential mortgage-backed pass-through securities

3,512.1

—

3,512.1

—

Commercial mortgage-backed securities

5,014.9

—

5,012.1

2.8

Collateralized debt obligations (1)

6,199.3

—

6,105.4

93.9

Other debt obligations

8,448.1

—

7,175.4

1,272.7

Total fixed maturities, available-for-sale

69,148.3

—

1,474.8

63,927.4

3,746.1

Fixed maturities, trading

858.9

—

7.5

358.6

492.8

Equity securities

1,581.9

—

237.0

1,344.9

—

Derivative assets (2)

517.6

—

505.3

12.3

Other investments

870.7

69.8

272.3

387.1

141.5

Cash equivalents

4,620.1

—

355.7

4,264.4

—

Market risk benefit asset (3)

162.6

—

162.6

Sub-total excluding separate account assets

77,760.1

69.8

2,347.3

70,787.7

4,555.3

Separate account assets

180,653.5

8,074.1

114,823.1

57,042.5

713.8

Total assets

258,413.6

8,143.9

117,170.4

127,830.2

5,269.1

Liabilities

Investment and universal life contracts (4)

(368.0)

—

(368.0)

Market risk benefit liability (3)

(96.0)

—

(96.0)

Funds withheld payable embedded derivative (4)

2,220.2

—

2,220.2

Derivative liabilities (2)

(415.9)

—

(412.8)

(3.1)

Other liabilities

(0.3)

—

(0.3)

—

Total liabilities

1,340.0

—

(413.1)

1,753.1

Net assets

259,753.6

8,143.9

117,170.4

127,417.1

7,022.2


	December 31, 2023
	Assets/		Amount
	(liabilities)		measured at
	measured at		net asset		Fair value hierarchy level
	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

(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 4, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.

(3)	Refer to Note 9, 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 $7.1 million as of September 30, 2024 and December 31, 2023, 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 three months ended September 30, 2024

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

July 1,

income

comprehensive

settlements

into

out of

September 30,

2024

(2)

income (3)

(4)

Level 3

2024

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

85.0

—

3.6

(0.4)

—

(17.9)

70.3

Corporate

2,228.6

8.5

35.0

34.3

—

2,306.4

Commercial mortgage-backed securities

2.8

—

0.1

(0.1)

—

2.8

Collateralized debt obligations

104.7

—

3.0

(13.8)

—

93.9

Other debt obligations

1,349.9

0.1

14.2

(96.1)

4.6

—

1,272.7

Total fixed maturities, available-for-sale

3,771.0

8.6

55.9

(76.1)

4.6

(17.9)

3,746.1

Fixed maturities, trading

445.2

7.5

—

40.1

—

492.8

Other investments

173.5

(5.3)

—

(26.7)

—

141.5

Separate account assets (1)

718.4

2.2

—

(6.8)

—

713.8

Liabilities

Investment and universal life contracts

(230.0)

(23.8)

—

(114.2)

—

(368.0)

Funds withheld payable embedded derivative

2,997.0

(776.8)

—

2,220.2

Derivatives

Net derivative assets (liabilities)

2.0

4.5

—

2.8

(0.1)

—

9.2


	For the three months ended September 30, 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		Transfers		as of
	July 1,		income		comprehensive		settlements		into		out of		September 30,
	2023		(2)		income (3)		(4)		Level 3		Level 3		2023

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	70.0	$	—	$	(4.3)	$	(0.5)	$	—	$	—	$	65.2
Corporate		1,818.8		—		(32.5)		197.7		82.2		(34.3)		2,031.9
Commercial mortgage-backed securities		3.2		—		—		(0.1)		—		—		3.1
Collateralized debt obligations		65.6		—		(0.5)		2.5		—		(9.9)		57.7
Other debt obligations		916.8		(1.6)		(9.4)		129.3		21.2		—		1,056.3
Total fixed maturities, available-for-sale		2,874.4		(1.6)		(46.7)		328.9		103.4		(44.2)		3,214.2
Fixed maturities, trading		171.0		(3.2)		—		127.3		—		—		295.1
Other investments		1.9		(0.1)		—		103.4		—		—		105.2
Separate account assets (1)		838.1		(3.2)		—		(70.4)		—		—		764.5

Liabilities
Investment and universal life contracts		(69.6)		3.5		—		(12.7)		—		—		(78.8)
Funds withheld payable embedded derivative		3,120.1		925.6		—		—		—		—		4,045.7

Derivatives
Net derivative assets (liabilities)		0.2		(20.6)		—		3.0		0.1		—		(17.3)

For the nine months ended September 30, 2024

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

September 30,

2024

(2)

income (3)

(4)

Level 3

2024

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

69.9

—

1.6

1.2

15.5

(17.9)

70.3

Corporate

2,305.9

1.7

6.1

(66.2)

58.9

—

2,306.4

Commercial mortgage-backed securities

3.0

—

0.1

(0.3)

—

2.8

Collateralized debt obligations

75.4

—

0.2

18.3

—

93.9

Other debt obligations

1,182.6

0.1

2.2

59.2

140.2

(111.6)

1,272.7

Total fixed maturities, available-for-sale

3,636.8

1.8

10.2

12.2

214.6

(129.5)

3,746.1

Fixed maturities, trading

415.8

5.8

—

71.2

—

492.8

Other investments

165.1

(16.7)

—

(6.9)

—

141.5

Separate account assets (1)

752.8

(30.4)

—

(8.6)

—

713.8

Liabilities

Investment and universal life contracts

(115.5)

(84.4)

—

(168.1)

—

(368.0)

Funds withheld payable embedded derivative

2,567.1

(346.9)

—

2,220.2

Derivatives

Net derivative assets (liabilities)

5.5

(0.2)

—

4.0

(0.1)

—

9.2


	For the nine months ended September 30, 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		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		September 30,
	2023		(2)		income (3)		(4)		Level 3		Level 3		2023

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	70.9	$	—	$	(4.4)	$	(1.3)	$	—	$	—	$	65.2
Corporate		1,568.3		(3.8)		(42.6)		415.5		171.7		(77.2)		2,031.9
Commercial mortgage-backed securities		3.4		—		—		(0.3)		—		—		3.1
Collateralized debt obligations		56.2		—		(0.3)		147.8		—		(146.0)		57.7
Other debt obligations		467.8		(1.0)		(30.5)		380.5		239.5		—		1,056.3
Total fixed maturities, available-for-sale		2,166.6		(4.8)		(77.8)		942.2		411.2		(223.2)		3,214.2
Fixed maturities, trading		134.0		(3.9)		—		165.0		—		—		295.1
Other investments		1.9		(0.1)		—		103.4		—		—		105.2
Separate account assets (1)		1,034.9		(4.3)		—		(266.1)		—		—		764.5

Liabilities
Investment and universal life contracts		(46.4)		(14.8)		—		(17.6)		—		—		(78.8)
Funds withheld payable embedded derivative		3,652.8		392.9		—		—		—		—		4,045.7

Derivatives
Net derivative assets (liabilities)		(3.4)		(18.0)		—		4.0		0.1		—		(17.3)

(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 three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

8.2

—

1.0

(3.7)

Other debt obligations

0.1

(1.6)

0.1

(1.0)

Total fixed maturities, available-for-sale

8.3

(1.6)

1.1

(4.7)

Fixed maturities, trading

5.2

(3.3)

5.8

(4.0)

Other investments

(2.0)

(0.1)

(8.6)

(0.1)

Separate account assets

(13.5)

(17.8)

(20.6)

(76.2)

Liabilities

Investment and universal life contracts

(64.5)

1.5

(79.2)

(11.1)

Funds withheld payable embedded derivative

(776.8)

925.6

(346.9)

392.9

Derivatives

Net derivative assets (liabilities)

4.3

(15.7)

0.7

(14.9)

(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 three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

3.6

(4.4)

1.7

(4.5)

Corporate

36.8

(33.5)

5.7

(41.1)

Commercial mortgage-backed securities

0.1

—

0.1

—

Collateralized debt obligations

2.9

(0.5)

1.0

0.7

Other debt obligations

14.3

(9.3)

(0.2)

(29.8)

Total fixed maturities, available-for-sale

57.7

(47.7)

8.3

(74.7)

(4)	Gross purchases, sales, issuances and settlements were:

For the three months ended September 30, 2024

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(0.4)

Corporate

169.1

(57.0)

—

(77.8)

34.3

Commercial mortgage-backed securities

—

(0.1)

Collateralized debt obligations

3.0

—

(16.8)

(13.8)

Other debt obligations

47.2

(28.2)

—

(115.1)

(96.1)

Total fixed maturities, available-for-sale

219.3

(85.2)

—

(210.2)

(76.1)

Fixed maturities, trading

75.4

(27.5)

—

(7.8)

40.1

Other investments

25.5

—

(52.2)

(26.7)

Separate account assets (5)

—

(49.5)

42.7

(6.8)

Liabilities

Investment and universal life contracts

—

(130.9)

16.7

(114.2)

Derivatives

Net derivative assets (liabilities)

2.9

(0.1)

—

2.8


	For the three months ended September 30, 2023
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.5)	$	(0.5)
Corporate		261.6		(4.4)		—		(59.5)		197.7
Commercial mortgage-backed securities		—		—		—		(0.1)		(0.1)
Collateralized debt obligations		2.5		—		—		—		2.5
Other debt obligations		131.3		—		—		(2.0)		129.3
Total fixed maturities, available-for-sale		395.4		(4.4)		—		(62.1)		328.9
Fixed maturities, trading		142.9		(8.7)		—		(6.9)		127.3
Other investments		103.4		—		—		—		103.4
Separate account assets (5)		—		(62.7)		(8.1)		0.4		(70.4)

Liabilities
Investment and universal life contracts		—		—		(22.6)		9.9		(12.7)

Derivatives
Net derivative assets (liabilities)		0.4		2.6		—		—		3.0

For the nine months ended September 30, 2024

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

2.5

—

(1.3)

1.2

Corporate

446.5

(296.4)

—

(216.3)

(66.2)

Commercial mortgage-backed securities

—

(0.3)

Collateralized debt obligations

35.1

—

(16.8)

18.3

Other debt obligations

306.6

(87.3)

—

(160.1)

59.2

Total fixed maturities, available-for-sale

790.7

(383.7)

—

(394.8)

12.2

Fixed maturities, trading

296.5

(148.0)

—

(77.3)

71.2

Other investments

144.2

—

(151.1)

(6.9)

Separate account assets (5)

—

(30.3)

(60.0)

81.7

(8.6)

Liabilities

Investment and universal life contracts

—

(221.0)

52.9

(168.1)

Derivatives

Net derivative assets (liabilities)

3.2

0.8

—

4.0


	For the nine months ended September 30, 2023
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.3)	$	(1.3)
Corporate		534.7		(16.1)		—		(103.1)		415.5
Commercial mortgage-backed securities		—		—		—		(0.3)		(0.3)
Collateralized debt obligations		149.0		—		—		(1.2)		147.8
Other debt obligations		391.3		—		—		(10.8)		380.5
Total fixed maturities, available-for-sale		1,075.0		(16.1)		—		(116.7)		942.2
Fixed maturities, trading		185.1		(12.3)		—		(7.8)		165.0
Other investments		103.4		—		—		—		103.4
Separate account assets (5)		—		(286.3)		(37.4)		57.6		(266.1)

Liabilities
Investment and universal life contracts		—		—		(41.5)		23.9		(17.6)

Derivatives
Net derivative assets (liabilities)		0.4		3.6		—		—		4.0

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

For the three months ended September 30, 2024

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:

States and political subdivisions

—

17.9

Other debt obligations

—

4.6

—

Total fixed maturities, available-for-sale

—

4.6

—

17.9

Derivatives

Net derivative assets (liabilities)

—

(0.1)

—


	For the three months ended September 30, 2023
	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:
Corporate	$	—	$	82.2	$	—	$	34.3
Collateralized debt obligations		—		—		—		9.9
Other debt obligations		—		21.2		—		—
Total fixed maturities, available-for-sale		—		103.4		—		44.2

Derivatives
Net derivative assets (liabilities)		—		0.1		—		—

For the nine months ended September 30, 2024

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:

States and political subdivisions

—

15.5

—

17.9

Corporate

—

58.9

—

Other debt obligations

—

140.2

—

111.6

Total fixed maturities, available-for-sale

—

214.6

—

129.5

Derivatives

Net derivative assets (liabilities)

—

(0.1)

—


	For the nine months ended September 30, 2023
	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:
Corporate	$	—	$	171.7	$	—	$	77.2
Collateralized debt obligations		—		—		—		146.0
Other debt obligations		—		239.5		—		—
Total fixed maturities, available-for-sale		—		411.2		—		223.2

Derivatives
Net derivative assets (liabilities)		—		0.1		—		—

Quantitative Information about Level 3 Fair Value Measurements (Table)


	September 30, 2024
	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	$	1,976.8	Discounted cash flow	Discount rate (1)	4.6	% -	26.6	%	10.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	1.1	x -	1.6	x	1.3	x
				Illiquidity premium	30	basis points (“bps”) -	791	bps	149	bps
				Comparability adjustment	(54)	bps -	170	bps	58	bps
Collateralized debt obligations		90.7	Discounted cash flow	Discount rate (1)			4.7	%	4.7	%
				Illiquidity premium			(83)	bps	(83)	bps
				Comparability adjustment			89	bps	89	bps
Other debt obligations		1,203.7	Discounted cash flow	Discount rate (1)	4.5	% -	13.8	%	7.4	%
				Illiquidity premium	(25)	bps -	260	bps	171	bps
				Comparability adjustment	(17)	bps -	415	bps	139	bps
Fixed maturities, trading		279.7	Discounted cash flow	Discount rate (1)	9.1	% -	15.3	%	11.4	%
				Earnings before interest, taxes, depreciation and amortization multiple			1.1	x	1.1	x
Other investments		139.5	Discounted cash flow	Discount rate (1)	12.0	% -	15.0	%	12.5	%
				Probability of default	6.0	% -	10.0	%	7.8	%
				Potential loss severity	87.0	% -	100.0	%	92.2	%
Separate account assets		713.8	Discounted cash flow - real estate	Discount rate (1)	6.5	% -	10.0	%	7.2	%
				Terminal capitalization rate	5.2	% -	9.5	%	6.0	%
				Average market rent growth rate	1.8	% -	4.5	%	2.6	%
			Discounted cash flow - real estate debt	Loan to value	44.5	% -	71.4	%	59.3	%
				Market interest rate	5.1	% -	6.5	%	5.6	%


Liabilities
Investment and universal life contracts (4)	(368.0)	Discounted cash flow	Long duration interest rate	2.7	% -	4.2	%	(2)	4.0	%
			Long-term equity market volatility	15.9	% -	64.8	%		24.9	%
			Nonperformance risk	0.5	% -	1.2	%		1.0	%
			Lapse rate	0.0	% -	55.0	%		4.5	%
			Mortality rate	See note (3)


	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	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)

(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)


	September 30, 2024		December 31, 2023

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	139.5	$	163.2
Aggregate contractual principal		149.3		167.1

(1)	Reported with other investments on the consolidated statements of financial position. See Note 3, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status.

The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected.

For the three months ended

For the nine months ended

September 30,

2024

2023

(in millions)

Other loans of consolidated VIE

Change in fair value pre-tax loss - instrument specific credit risk

(5.4)

—

(16.8)

—

Change in fair value pre-tax loss (1)

(5.4)

(0.1)

(16.8)

(0.1)

Interest income (2)

6.7

1.3

25.1

1.3

(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 and recorded based on the effective interest rate of the loans.

Financial Instruments Not Reported at Fair Value (Table)

September 30, 2024

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,015.0

18,626.4

—

18,626.4

Policy loans

836.9

883.4

—

883.4

Other investments

293.9

284.9

—

126.1

158.8

Cash and cash equivalents

1,554.4

1,515.3

39.1

—

Reinsurance deposit receivable

5,130.1

4,720.1

—

4,720.1

Cash collateral receivable

8.1

—

Investment contracts

(34,089.3)

(33,104.3)

—

(8,276.6)

(24,827.7)

Short-term debt

(37.3)

—

(37.3)

—

Long-term debt

(3,932.9)

(3,857.5)

—

(3,854.9)

(2.6)

Separate account liabilities

(164,599.9)

(163,632.3)

—

(163,632.3)

Bank deposits (1)

(445.1)

(446.3)

—

(446.3)

—

Cash collateral payable

(305.8)

—


	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		936.3		913.9		22.4		—
Reinsurance deposit receivable		6,078.6		5,487.7		—		—		5,487.7
Cash collateral receivable		38.7		38.7		38.7		—		—
Investment contracts		(33,937.9)		(32,166.7)		—		(7,828.1)		(24,338.6)
Short-term debt		(61.1)		(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)		(176.9)		(176.9)		—		—

(1)	Excludes deposit liabilities without defined or contractual maturities.

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Information: Assets
Total assets	$ 322,857.7	$ 305,046.7
Retirement and Income Solutions
Segment Information: Assets
Total assets	226,719.7	213,208.3
Principal Asset Management
Segment Information: Assets
Total assets	48,135.6	45,905.2
Benefits and Protection
Segment Information: Assets
Total assets	46,314.3	43,763.5
Corporate
Segment Information: Assets
Total assets	$ 1,688.1	$ 2,169.7

Amount of asset recognized for present right to economic benefit.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

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(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: 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 11: 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 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Deferred Acquisition Costs and Other Actuarial Balances

Insider Trading Arrangements - Kenneth McCullum - shares	3 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 4, 2024, Kenneth McCullum, Executive Vice President and Chief Risk Officer, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) that was originally adopted on March 8, 2024, for the sale of up to 6,544 shares (including stock options to the extent exercised for share purchases) of our common stock until September 4, 2025.
Name	Kenneth McCullum
Title	Executive Vice President and Chief Risk Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		March 8, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 4, 2024
Aggregate Available	6,544

Deferred Acquisition Costs and Other Actuarial Balances

9 Months Ended

Sep. 30, 2024

Deferred Acquisition Costs and Other Actuarial Balances

5. 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 $98.4 million and $97.5 million for the three months ended September 30, 2024 and 2023, and $293.0 million and $292.8 million for the nine months ended September 30, 2024 and 2023, respectively, related to our long-duration and short-duration contracts was recorded in operating expenses on the consolidated statements of operations.

The following tables summarize disaggregated DAC amounts and reconcile the totals to those reported in the consolidated statements of financial position.


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	512.3	$	506.4
Individual variable annuities		308.9		279.5
Pension risk transfer		19.1		15.4
Individual fixed deferred annuities		89.9		106.1
Investment only		12.8		11.5
Total Retirement and Income Solutions		943.0		918.9
Benefits and Protection:
Specialty Benefits:
Individual disability		691.1		667.7
Life Insurance:
Universal life		1,530.1		1,545.3
Term life		706.8		695.1
Participating life		79.5		84.7
Total Benefits and Protection		3,007.5		2,992.8
Short-duration contracts		34.9		31.1
Other balances (1)		6.8		7.7
Total DAC per consolidated statements of financial position	$	3,992.2	$	3,950.5

(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, 2023	$	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
Costs deferred		35.2		50.4		4.4		—		5.0
Amortized to expense		(29.3)		(21.0)		(0.7)		(16.2)		(3.7)
Balances as of September 30, 2024	$	512.3	$	308.9	$	19.1	$	89.9	$	12.8

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, 2023	$	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
Costs deferred		60.0		55.3		58.9		1.3
Amortized to expense		(36.6)		(70.5)		(47.2)		(6.5)
Balances as of September 30, 2024	$	691.1	$	1,530.1	$	706.8	$	79.5

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.


	September 30, 2024		December 31, 2023

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	504.0	$	485.5
Other balances (1)		6.2		7.2
Total unearned revenue liability	$	510.2	$	492.7

(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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	(in millions)
Balance at beginning of period	$	485.5	$	459.0
Deferrals		41.9		56.3
Revenue recognized		(23.4)		(29.8)
Balance at end of period		504.0		485.5
Reinsurance impact		(222.0)		(225.1)
Balance at end of period after reinsurance	$	282.0	$	260.4

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments

Available-for-Sale Securities (Table)

Gross

Allowance

Amortized

unrealized

for credit

cost (1)

gains

losses

loss

Fair value

(in millions)

September 30, 2024

Fixed maturities, available-for-sale:

U.S. government and agencies

1,952.8

35.5

227.1

—

1,761.2

Non-U.S. governments

560.1

19.3

54.3

—

525.1

States and political subdivisions

7,273.3

52.7

805.6

—

6,520.4

Corporate

38,915.3

902.1

2,647.6

2.6

37,167.2

Residential mortgage-backed pass-through securities

3,596.3

44.8

129.0

—

3,512.1

Commercial mortgage-backed securities

5,421.2

7.9

414.2

—

5,014.9

Collateralized debt obligations (2)

6,150.2

56.4

7.3

—

6,199.3

Other debt obligations

8,827.2

88.2

467.1

0.2

8,448.1

Total fixed maturities, available-for-sale

72,696.4

1,206.9

4,752.2

2.8

69,148.3


			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

(1)	Amortized cost excludes accrued interest receivable of $661.3 million and $619.2 million as of September 30, 2024 and December 31, 2023, 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	$	1,360.8	$	1,358.0
Due after one year through five years		8,550.2		8,490.8
Due after five years through ten years		10,291.6		10,154.5
Due after ten years		28,498.9		25,970.6
Subtotal		48,701.5		45,973.9
Mortgage-backed and other asset-backed securities		23,994.9		23,174.4
Total	$	72,696.4	$	69,148.3

Net Realized Capital Gains and Losses (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	7.8	$	8.4	$	12.0	$	49.1
Gross losses		(6.2)		(17.7)		(45.2)		(92.5)
Net credit recoveries (losses) (1)		(1.9)		1.0		(5.8)		(19.8)
Hedging, net (2)		8.3		(1.7)		2.6		(2.3)
Fixed maturities, trading (3)		11.2		(6.4)		8.9		(11.6)
Equity securities (4)		42.8		29.6		113.9		32.3
Mortgage loans		(49.2)		(8.1)		(96.6)		(82.4)
Derivatives (2)		16.2		91.2		20.8		54.8
Other		48.4		83.0		50.7		112.9
Net realized capital gains	$	77.4	$	179.3	$	61.3	$	40.5

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

(2)

The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).

(3)

Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $11.0 million and $(6.6) million for the three months ended September 30, 2024 and 2023, respectively, and $8.1 million and $(13.0) million for the nine months ended September 30, 2024 and 2023, respectively. This excludes $2.0 million and $(1.1) million for the three months ended September 30, 2024 and 2023, respectively, and $2.8 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively, of unrealized gains (losses) that were reported in market risk benefit remeasurement (gain) loss. In addition, this excludes $11.7 million and $(4.9) million for the three months ended September 30, 2024 and 2023, respectively, and $9.5 million and $(6.7) million for the nine months ended September 30, 2024 and 2023, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(4)

Unrealized gains (losses) on equity securities still held at the reporting date were $39.4 million and $33.0 million for the three months ended September 30, 2024 and 2023, respectively, and $99.3 million and $40.6 million for the nine months ended September 30, 2024 and 2023, respectively. This excludes $30.8 million and $(2.0) million for the three months ended September 30, 2024 and 2023, respectively, and $43.5 million and $4.3 million for the nine months ended September 30, 2024 and 2023, respectively, of unrealized gains (losses) that were reported in net investment income. In addition, this excludes $0.0 million and $0.0 million for the three months ended September 30, 2024 and 2023, respectively, and $0.0 million and $1.7 million for the nine months ended September 30, 2024 and 2023, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

Allowance for credit loss (Tables)

For the three months ended September 30, 2024

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

—

2.8

—

0.1

2.9

Additions for credit losses not previously recorded

—

0.1

Reductions for securities sold during the period

—

(0.3)

—

(0.3)

Foreign currency translation adjustment

—

0.1

—

0.1

Ending balance

—

2.6

—

0.2

2.8


	For the three months ended September 30, 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		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	8.4	$	—	$	—	$	—	$	0.1	$	8.5
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(1.5)		—		—		—		—		(1.5)
Foreign currency translation adjustment		—		—		—		(0.5)		—		—		—		—		(0.5)
Ending balance	$	—	$	—	$	—	$	6.4	$	—	$	—	$	—	$	0.1	$	6.5
Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.1	$	—	$	—	$	—	$	—	$	0.1

For the nine months ended September 30, 2024

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

—

4.6

—

0.1

4.7

Additions for credit losses not previously recorded

—

0.1

Reductions for securities sold during the period

—

(0.3)

—

(0.3)

Write-offs charged against allowance

—

(1.6)

—

(1.6)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

2.6

—

0.2

2.8


	For the nine months ended September 30, 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		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	7.7	$	—	$	—	$	—	$	0.1	$	7.8
Additions for credit losses not previously recorded		—		—		—		6.2		—		—		—		—		6.2
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(7.5)		—		—		—		—		(7.5)
Ending balance	$	—	$	—	$	—	$	6.4	$	—	$	—	$	—	$	0.1	$	6.5
Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.1	$	—	$	—	$	—	$	—	$	0.1

(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)

September 30, 2024

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

34.7

0.1

1,039.0

227.0

1,073.7

227.1

Non-U.S. governments

0.2

—

339.3

54.3

339.5

54.3

States and political subdivisions

74.7

—

5,134.7

805.7

5,209.4

805.7

Corporate

842.8

32.0

21,749.2

2,613.2

22,592.0

2,645.2

Residential mortgage-backed pass-through securities

139.3

0.3

1,294.4

128.8

1,433.7

129.1

Commercial mortgage-backed securities

296.4

1.9

4,063.2

412.4

4,359.6

414.3

Collateralized debt obligations (2)

500.3

1.2

118.0

6.0

618.3

7.2

Other debt obligations

428.8

12.4

3,995.0

454.3

4,423.8

466.7

Total fixed maturities, available-for-sale

2,317.2

47.9

37,732.8

4,701.7

40,050.0

4,749.6

(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, 2023
	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	$	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.

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


	September 30, 2024		December 31, 2023

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(3,522.1)	$	(5,143.0)
Net unrealized gains (losses) on derivative instruments		2.3		(1.6)
Adjustments for assumed changes in amortization patterns		2.1		(5.2)
Adjustments for assumed changes in policyholder liabilities		1.2		1.4
Net unrealized gains (losses) on other investments and noncontrolling interest adjustments		(12.9)		43.1
Provision for deferred income tax benefits		751.5		1,088.4
Net unrealized losses on available-for-sale securities and derivative instruments	$	(2,777.9)	$	(4,016.9)

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

Financing Receivable Credit Quality Indicators (Table)

September 30, 2024

2024

2023

2022

2021

2020

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

706.7

778.8

1,241.2

2,135.8

1,473.4

6,916.5

13,252.4

BBB+ thru BBB-

97.7

349.6

230.8

267.1

182.3

1,208.4

2,335.9

BB+ thru BB-

104.8

134.6

153.5

60.4

40.3

224.6

718.2

B+ and below

—

2.8

300.2

303.0

Total

909.2

1,263.0

1,625.5

2,463.3

1,698.8

8,649.7

16,609.5

Direct financing leases:

A- and above

—

1.1

42.9

12.1

37.4

198.6

292.1

BBB+ thru BBB-

5.3

2.0

95.5

20.8

58.3

74.1

256.0

BB+ thru BB-

42.4

—

0.6

7.5

3.8

9.3

63.6

B+ and below

4.0

—

7.6

—

11.6

Total

51.7

3.1

139.0

48.0

99.5

282.0

623.3

Residential mortgage loans:

Performing

207.5

428.1

990.4

1,266.1

208.4

465.7

3,566.2

Non-performing

0.1

2.9

7.2

6.8

2.4

7.6

27.0

Total

207.6

431.0

997.6

1,272.9

210.8

473.3

3,593.2

Other loans:

Performing

77.5

77.0

—

154.5

Non-performing

—

0.1

Total

77.5

77.0

—

0.1

154.6

Reinsurance recoverable and deposit receivable

20,061.0


	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		0.1
Total	$	168.5	$	—	$	—	$	—	$	—	$	0.1	$	168.6

Reinsurance recoverable and deposit receivable													$	20,614.9

Non-Accrual Financing Receivables (Table)


	September 30, 2024
					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	$	58.4	$	57.8	$	—
Residential mortgage loans		10.2		17.8		—
Total	$	68.6	$	75.6	$	—


	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

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Commercial mortgage loans	$	0.4	$	0.7	$	0.2	$	0.7
Residential mortgage loans		—		—		0.1		—
Total	$	0.4	$	0.7	$	0.3	$	0.7

Financing Receivables Aging (Table)

September 30, 2024

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

19.2

1.8

11.9

32.9

16,576.6

16,609.5

—

Direct financing leases

—

623.3

—

Residential mortgage loans

53.6

15.4

22.1

91.1

3,502.1

3,593.2

9.2

Other loans

1.9

1.7

1.1

4.7

149.9

154.6

1.0

Total

74.7

18.9

35.1

128.7

20,851.9

20,980.6

10.2


	December 31, 2023
													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	$	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

(1)	As of both September 30, 2024 and December 31, 2023, no reinsurance recoverables or deposit receivables were considered past due.

Financing Receivables Valuation Allowance (Table)

For the three months ended September 30, 2024

Commercial

Direct

Residential

mortgage

financing

mortgage

Reinsurance

loans

leases

loans

recoverables

Total

(in millions)

Beginning balance

165.0

1.9

9.4

3.1

179.4

Provision

52.1

1.3

(1.1)

—

52.3

Charge-offs

(38.1)

—

(0.1)

—

(38.2)

Recoveries

—

0.3

—

0.3

Foreign currency translation adjustment

0.1

0.2

0.1

—

0.4

Ending balance

179.1

3.4

8.6

3.1

194.2


	For the three months ended September 30, 2023
	Commercial		Direct		Residential
	mortgage		financing		mortgage		Reinsurance
	loans		leases		loans		recoverables		Total

	(in millions)
Beginning balance	$	101.5	$	1.1	$	6.8	$	2.7	$	112.1
Provision		6.0		—		1.1		—		7.1
Charge-offs		—		—		(0.1)		—		(0.1)
Recoveries		—		—		0.4		—		0.4
Foreign currency translation adjustment		(0.2)		(0.1)		(0.1)		—		(0.4)
Ending balance	$	107.3	$	1.0	$	8.1	$	2.7	$	119.1

For the nine months ended September 30, 2024

Commercial

Direct

Residential

mortgage

financing

mortgage

Reinsurance

loans

leases

loans

recoverables

Total

(in millions)

Beginning balance

128.8

0.9

6.7

3.2

139.6

Provision

100.3

2.4

1.4

(0.1)

104.0

Charge-offs

(49.9)

—

(0.2)

—

(50.1)

Recoveries

—

0.7

—

0.7

Foreign currency translation adjustment

(0.1)

0.1

—

Ending balance

179.1

3.4

8.6

3.1

194.2


	For the nine months ended September 30, 2023
	Commercial		Direct		Residential
	mortgage		financing		mortgage		Reinsurance
	loans		leases		loans		recoverables		Total

	(in millions)
Beginning balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8
Provision		29.5		0.5		1.6		—		31.6
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		1.1		—		1.1
Foreign currency translation adjustment		(0.1)		(0.1)		—		—		(0.2)
Ending balance	$	107.3	$	1.0	$	8.1	$	2.7	$	119.1

Mortgage Loans Purchased and Sold (Table)

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Commercial mortgage loans:

Purchased

21.9

0.5

78.9

108.4

Sold

3.0

—

3.8

—

Residential mortgage loans:

Purchased (1)

112.3

74.6

199.8

497.0

Sold

9.4

4.1

22.2

25.4

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs in 2023.

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)


	September 30, 2024				December 31, 2023
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	349.8	2.1	%	$	366.5	2.2	%
Middle Atlantic		4,673.1	28.2			4,512.6	27.1
East North Central		580.9	3.5			583.3	3.5
West North Central		357.1	2.1			336.0	2.0
South Atlantic		2,796.0	16.8			2,761.9	16.7
East South Central		419.7	2.5			429.4	2.6
West South Central		1,266.5	7.6			1,268.6	7.7
Mountain		909.7	5.5			824.2	5.0
Pacific		4,731.5	28.5			4,974.4	30.0
International		525.2	3.2			524.9	3.2
Total	$	16,609.5	100.0	%	$	16,581.8	100.0	%

Property type distribution
Office	$	3,220.3	19.4	%	$	3,643.0	21.9	%
Retail		1,431.6	8.6			1,454.7	8.8
Industrial		3,906.1	23.5			3,515.7	21.2
Apartments		7,174.9	43.2			7,128.2	43.0
Hotel		65.8	0.4			68.6	0.4
Mixed use/other		810.8	4.9			771.6	4.7
Total	$	16,609.5	100.0	%	$	16,581.8	100.0	%

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)
September 30, 2024
Derivative assets	$	517.1	$	(219.9)	$	(247.7)	$	49.5
Reverse repurchase agreements		139.5		—		(139.5)		—
Total	$	656.6	$	(219.9)	$	(387.2)	$	49.5
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

(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 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)

September 30, 2024

Derivative liabilities

415.9

(219.9)

(180.0)

16.0

December 31, 2023

Derivative liabilities

494.0

(178.5)

(301.1)

14.4

(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.

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	$ 322,857.7	$ 305,046.7
Money Market Funds
Total assets of unconsolidated money market mutual funds	3,700.0	3,800.0
Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Carrying value used if distributions received are in excess of investment	0.0	0.0
Corporate debt securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	347.7	364.9
Maximum exposure to loss	358.8	369.8
Residential mortgage-backed pass-through securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,512.1	3,061.1
Maximum exposure to loss	3,596.3	3,199.7
Residential mortgage-backed pass-through securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	9.6	10.4
Maximum exposure to loss	9.6	10.4
Commercial mortgage-backed securities \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,014.9	4,775.5
Maximum exposure to loss	5,421.2	5,428.6
Commercial mortgage-backed securities \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	20.4	53.1
Maximum exposure to loss	20.4	53.1
Collateralized debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	6,199.3	5,403.7
Maximum exposure to loss	6,467.5	5,465.4
Collateralized debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	0.3	2.0
Maximum exposure to loss	0.3	2.0
Other debt obligations \| Available-for-sale \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	8,435.7	7,902.2
Maximum exposure to loss	9,543.8	9,002.9
Other debt obligations \| Trading \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	206.4	228.4
Maximum exposure to loss	206.4	228.4
Equity securities \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	91.2	110.4
Maximum exposure to loss	91.2	110.4
Other investments: Other limited partnership and fund interests \| Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2,577.7	2,091.7
Maximum exposure to loss	4,738.1	3,785.9
Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure	$ 254.5	$ 251.9

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Securities Posted as Collateral
Mortgage loans	$ 20,015.0	$ 20,142.8
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	3,427.1	4,139.7
Pledged as collateral \| Funding agreements with Federal Home Loan Bank
Securities Posted as Collateral
Mortgage loans	6,732.2	6,616.8
Pledged as collateral with right to be sold or repledged
Securities Posted as Collateral
Securities posted as collateral eligible to be sold or repledged	$ 333.9	$ 519.9

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value Measurements

15. 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 2024.

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 September 30, 2024, 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 interest rate options, 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 that are 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 total return swaps and 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 9, 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:

September 30, 2024

Assets/

Amount

(liabilities)

measured at

net asset

Fair value hierarchy level

fair value

value (5)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,761.2

—

1,442.5

318.7

—

Non-U.S. governments

525.1

—

525.1

—

States and political subdivisions

6,520.4

—

6,450.1

70.3

Corporate

37,167.2

—

32.3

34,828.5

2,306.4

Residential mortgage-backed pass-through securities

3,512.1

—

3,512.1

—

Commercial mortgage-backed securities

5,014.9

—

5,012.1

2.8

Collateralized debt obligations (1)

6,199.3

—

6,105.4

93.9

Other debt obligations

8,448.1

—

7,175.4

1,272.7

Total fixed maturities, available-for-sale

69,148.3

—

1,474.8

63,927.4

3,746.1

Fixed maturities, trading

858.9

—

7.5

358.6

492.8

Equity securities

1,581.9

—

237.0

1,344.9

—

Derivative assets (2)

517.6

—

505.3

12.3

Other investments

870.7

69.8

272.3

387.1

141.5

Cash equivalents

4,620.1

—

355.7

4,264.4

—

Market risk benefit asset (3)

162.6

—

162.6

Sub-total excluding separate account assets

77,760.1

69.8

2,347.3

70,787.7

4,555.3

Separate account assets

180,653.5

8,074.1

114,823.1

57,042.5

713.8

Total assets

258,413.6

8,143.9

117,170.4

127,830.2

5,269.1

Liabilities

Investment and universal life contracts (4)

(368.0)

—

(368.0)

Market risk benefit liability (3)

(96.0)

—

(96.0)

Funds withheld payable embedded derivative (4)

2,220.2

—

2,220.2

Derivative liabilities (2)

(415.9)

—

(412.8)

(3.1)

Other liabilities

(0.3)

—

(0.3)

—

Total liabilities

1,340.0

—

(413.1)

1,753.1

Net assets

259,753.6

8,143.9

117,170.4

127,417.1

7,022.2


	December 31, 2023
	Assets/		Amount
	(liabilities)		measured at
	measured at		net asset		Fair value hierarchy level
	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

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

(2)

(3)	Refer to Note 9, 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 three months ended September 30, 2024

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

July 1,

income

comprehensive

settlements

into

out of

September 30,

2024

(2)

income (3)

(4)

Level 3

2024

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

85.0

—

3.6

(0.4)

—

(17.9)

70.3

Corporate

2,228.6

8.5

35.0

34.3

—

2,306.4

Commercial mortgage-backed securities

2.8

—

0.1

(0.1)

—

2.8

Collateralized debt obligations

104.7

—

3.0

(13.8)

—

93.9

Other debt obligations

1,349.9

0.1

14.2

(96.1)

4.6

—

1,272.7

Total fixed maturities, available-for-sale

3,771.0

8.6

55.9

(76.1)

4.6

(17.9)

3,746.1

Fixed maturities, trading

445.2

7.5

—

40.1

—

492.8

Other investments

173.5

(5.3)

—

(26.7)

—

141.5

Separate account assets (1)

718.4

2.2

—

(6.8)

—

713.8

Liabilities

Investment and universal life contracts

(230.0)

(23.8)

—

(114.2)

—

(368.0)

Funds withheld payable embedded derivative

2,997.0

(776.8)

—

2,220.2

Derivatives

Net derivative assets (liabilities)

2.0

4.5

—

2.8

(0.1)

—

9.2


	For the three months ended September 30, 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		Transfers		as of
	July 1,		income		comprehensive		settlements		into		out of		September 30,
	2023		(2)		income (3)		(4)		Level 3		Level 3		2023

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	70.0	$	—	$	(4.3)	$	(0.5)	$	—	$	—	$	65.2
Corporate		1,818.8		—		(32.5)		197.7		82.2		(34.3)		2,031.9
Commercial mortgage-backed securities		3.2		—		—		(0.1)		—		—		3.1
Collateralized debt obligations		65.6		—		(0.5)		2.5		—		(9.9)		57.7
Other debt obligations		916.8		(1.6)		(9.4)		129.3		21.2		—		1,056.3
Total fixed maturities, available-for-sale		2,874.4		(1.6)		(46.7)		328.9		103.4		(44.2)		3,214.2
Fixed maturities, trading		171.0		(3.2)		—		127.3		—		—		295.1
Other investments		1.9		(0.1)		—		103.4		—		—		105.2
Separate account assets (1)		838.1		(3.2)		—		(70.4)		—		—		764.5

Liabilities
Investment and universal life contracts		(69.6)		3.5		—		(12.7)		—		—		(78.8)
Funds withheld payable embedded derivative		3,120.1		925.6		—		—		—		—		4,045.7

Derivatives
Net derivative assets (liabilities)		0.2		(20.6)		—		3.0		0.1		—		(17.3)

For the nine months ended September 30, 2024

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

September 30,

2024

(2)

income (3)

(4)

Level 3

2024

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

69.9

—

1.6

1.2

15.5

(17.9)

70.3

Corporate

2,305.9

1.7

6.1

(66.2)

58.9

—

2,306.4

Commercial mortgage-backed securities

3.0

—

0.1

(0.3)

—

2.8

Collateralized debt obligations

75.4

—

0.2

18.3

—

93.9

Other debt obligations

1,182.6

0.1

2.2

59.2

140.2

(111.6)

1,272.7

Total fixed maturities, available-for-sale

3,636.8

1.8

10.2

12.2

214.6

(129.5)

3,746.1

Fixed maturities, trading

415.8

5.8

—

71.2

—

492.8

Other investments

165.1

(16.7)

—

(6.9)

—

141.5

Separate account assets (1)

752.8

(30.4)

—

(8.6)

—

713.8

Liabilities

Investment and universal life contracts

(115.5)

(84.4)

—

(168.1)

—

(368.0)

Funds withheld payable embedded derivative

2,567.1

(346.9)

—

2,220.2

Derivatives

Net derivative assets (liabilities)

5.5

(0.2)

—

4.0

(0.1)

—

9.2


	For the nine months ended September 30, 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		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		September 30,
	2023		(2)		income (3)		(4)		Level 3		Level 3		2023

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	70.9	$	—	$	(4.4)	$	(1.3)	$	—	$	—	$	65.2
Corporate		1,568.3		(3.8)		(42.6)		415.5		171.7		(77.2)		2,031.9
Commercial mortgage-backed securities		3.4		—		—		(0.3)		—		—		3.1
Collateralized debt obligations		56.2		—		(0.3)		147.8		—		(146.0)		57.7
Other debt obligations		467.8		(1.0)		(30.5)		380.5		239.5		—		1,056.3
Total fixed maturities, available-for-sale		2,166.6		(4.8)		(77.8)		942.2		411.2		(223.2)		3,214.2
Fixed maturities, trading		134.0		(3.9)		—		165.0		—		—		295.1
Other investments		1.9		(0.1)		—		103.4		—		—		105.2
Separate account assets (1)		1,034.9		(4.3)		—		(266.1)		—		—		764.5

Liabilities
Investment and universal life contracts		(46.4)		(14.8)		—		(17.6)		—		—		(78.8)
Funds withheld payable embedded derivative		3,652.8		392.9		—		—		—		—		4,045.7

Derivatives
Net derivative assets (liabilities)		(3.4)		(18.0)		—		4.0		0.1		—		(17.3)

(1)

(2)

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

8.2

—

1.0

(3.7)

Other debt obligations

0.1

(1.6)

0.1

(1.0)

Total fixed maturities, available-for-sale

8.3

(1.6)

1.1

(4.7)

Fixed maturities, trading

5.2

(3.3)

5.8

(4.0)

Other investments

(2.0)

(0.1)

(8.6)

(0.1)

Separate account assets

(13.5)

(17.8)

(20.6)

(76.2)

Liabilities

Investment and universal life contracts

(64.5)

1.5

(79.2)

(11.1)

Funds withheld payable embedded derivative

(776.8)

925.6

(346.9)

392.9

Derivatives

Net derivative assets (liabilities)

4.3

(15.7)

0.7

(14.9)

(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 three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

3.6

(4.4)

1.7

(4.5)

Corporate

36.8

(33.5)

5.7

(41.1)

Commercial mortgage-backed securities

0.1

—

0.1

—

Collateralized debt obligations

2.9

(0.5)

1.0

0.7

Other debt obligations

14.3

(9.3)

(0.2)

(29.8)

Total fixed maturities, available-for-sale

57.7

(47.7)

8.3

(74.7)

(4)	Gross purchases, sales, issuances and settlements were:

For the three months ended September 30, 2024

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

—

(0.4)

Corporate

169.1

(57.0)

—

(77.8)

34.3

Commercial mortgage-backed securities

—

(0.1)

Collateralized debt obligations

3.0

—

(16.8)

(13.8)

Other debt obligations

47.2

(28.2)

—

(115.1)

(96.1)

Total fixed maturities, available-for-sale

219.3

(85.2)

—

(210.2)

(76.1)

Fixed maturities, trading

75.4

(27.5)

—

(7.8)

40.1

Other investments

25.5

—

(52.2)

(26.7)

Separate account assets (5)

—

(49.5)

42.7

(6.8)

Liabilities

Investment and universal life contracts

—

(130.9)

16.7

(114.2)

Derivatives

Net derivative assets (liabilities)

2.9

(0.1)

—

2.8


	For the three months ended September 30, 2023
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.5)	$	(0.5)
Corporate		261.6		(4.4)		—		(59.5)		197.7
Commercial mortgage-backed securities		—		—		—		(0.1)		(0.1)
Collateralized debt obligations		2.5		—		—		—		2.5
Other debt obligations		131.3		—		—		(2.0)		129.3
Total fixed maturities, available-for-sale		395.4		(4.4)		—		(62.1)		328.9
Fixed maturities, trading		142.9		(8.7)		—		(6.9)		127.3
Other investments		103.4		—		—		—		103.4
Separate account assets (5)		—		(62.7)		(8.1)		0.4		(70.4)

Liabilities
Investment and universal life contracts		—		—		(22.6)		9.9		(12.7)

Derivatives
Net derivative assets (liabilities)		0.4		2.6		—		—		3.0

For the nine months ended September 30, 2024

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

States and political subdivisions

2.5

—

(1.3)

1.2

Corporate

446.5

(296.4)

—

(216.3)

(66.2)

Commercial mortgage-backed securities

—

(0.3)

Collateralized debt obligations

35.1

—

(16.8)

18.3

Other debt obligations

306.6

(87.3)

—

(160.1)

59.2

Total fixed maturities, available-for-sale

790.7

(383.7)

—

(394.8)

12.2

Fixed maturities, trading

296.5

(148.0)

—

(77.3)

71.2

Other investments

144.2

—

(151.1)

(6.9)

Separate account assets (5)

—

(30.3)

(60.0)

81.7

(8.6)

Liabilities

Investment and universal life contracts

—

(221.0)

52.9

(168.1)

Derivatives

Net derivative assets (liabilities)

3.2

0.8

—

4.0


	For the nine months ended September 30, 2023
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.3)	$	(1.3)
Corporate		534.7		(16.1)		—		(103.1)		415.5
Commercial mortgage-backed securities		—		—		—		(0.3)		(0.3)
Collateralized debt obligations		149.0		—		—		(1.2)		147.8
Other debt obligations		391.3		—		—		(10.8)		380.5
Total fixed maturities, available-for-sale		1,075.0		(16.1)		—		(116.7)		942.2
Fixed maturities, trading		185.1		(12.3)		—		(7.8)		165.0
Other investments		103.4		—		—		—		103.4
Separate account assets (5)		—		(286.3)		(37.4)		57.6		(266.1)

Liabilities
Investment and universal life contracts		—		—		(41.5)		23.9		(17.6)

Derivatives
Net derivative assets (liabilities)		0.4		3.6		—		—		4.0

(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 three months ended September 30, 2024

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:

States and political subdivisions

—

17.9

Other debt obligations

—

4.6

—

Total fixed maturities, available-for-sale

—

4.6

—

17.9

Derivatives

Net derivative assets (liabilities)

—

(0.1)

—


	For the three months ended September 30, 2023
	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:
Corporate	$	—	$	82.2	$	—	$	34.3
Collateralized debt obligations		—		—		—		9.9
Other debt obligations		—		21.2		—		—
Total fixed maturities, available-for-sale		—		103.4		—		44.2

Derivatives
Net derivative assets (liabilities)		—		0.1		—		—

For the nine months ended September 30, 2024

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:

States and political subdivisions

—

15.5

—

17.9

Corporate

—

58.9

—

Other debt obligations

—

140.2

—

111.6

Total fixed maturities, available-for-sale

—

214.6

—

129.5

Derivatives

Net derivative assets (liabilities)

—

(0.1)

—


	For the nine months ended September 30, 2023
	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:
Corporate	$	—	$	171.7	$	—	$	77.2
Collateralized debt obligations		—		—		—		146.0
Other debt obligations		—		239.5		—		—
Total fixed maturities, available-for-sale		—		411.2		—		223.2

Derivatives
Net derivative assets (liabilities)		—		0.1		—		—

Assets transferred into Level 3 during the three and nine months ended September 30, 2024 and 2023, 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 the three and nine months ended September 30, 2024 and 2023, primarily 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 9, 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.


	September 30, 2024
	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	$	1,976.8	Discounted cash flow	Discount rate (1)	4.6	% -	26.6	%	10.0	%
				Earnings before interest, taxes, depreciation and amortization multiple	1.1	x -	1.6	x	1.3	x
				Illiquidity premium	30	basis points (“bps”) -	791	bps	149	bps
				Comparability adjustment	(54)	bps -	170	bps	58	bps
Collateralized debt obligations		90.7	Discounted cash flow	Discount rate (1)			4.7	%	4.7	%
				Illiquidity premium			(83)	bps	(83)	bps
				Comparability adjustment			89	bps	89	bps
Other debt obligations		1,203.7	Discounted cash flow	Discount rate (1)	4.5	% -	13.8	%	7.4	%
				Illiquidity premium	(25)	bps -	260	bps	171	bps
				Comparability adjustment	(17)	bps -	415	bps	139	bps
Fixed maturities, trading		279.7	Discounted cash flow	Discount rate (1)	9.1	% -	15.3	%	11.4	%
				Earnings before interest, taxes, depreciation and amortization multiple			1.1	x	1.1	x
Other investments		139.5	Discounted cash flow	Discount rate (1)	12.0	% -	15.0	%	12.5	%
				Probability of default	6.0	% -	10.0	%	7.8	%
				Potential loss severity	87.0	% -	100.0	%	92.2	%
Separate account assets		713.8	Discounted cash flow - real estate	Discount rate (1)	6.5	% -	10.0	%	7.2	%
				Terminal capitalization rate	5.2	% -	9.5	%	6.0	%
				Average market rent growth rate	1.8	% -	4.5	%	2.6	%
			Discounted cash flow - real estate debt	Loan to value	44.5	% -	71.4	%	59.3	%
				Market interest rate	5.1	% -	6.5	%	5.6	%


Liabilities
Investment and universal life contracts (4)	(368.0)	Discounted cash flow	Long duration interest rate	2.7	% -	4.2	%	(2)	4.0	%
			Long-term equity market volatility	15.9	% -	64.8	%		24.9	%
			Nonperformance risk	0.5	% -	1.2	%		1.0	%
			Lapse rate	0.0	% -	55.0	%		4.5	%
			Mortality rate	See note (3)


	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	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)

(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 three and nine months ended September 30, 2024 and 2023.

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 so that credit losses are recognized within the changes in fair value in the consolidated statements of operations.

The following table presents information regarding the assets for which the fair value option was elected.


	September 30, 2024		December 31, 2023

	(in millions)
Other loans of consolidated VIE (1)
Fair value (1)	$	139.5	$	163.2
Aggregate contractual principal		149.3		167.1

(1)	Reported with other investments on the consolidated statements of financial position. See Note 3, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status.

The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected.

For the three months ended

For the nine months ended

September 30,

2024

2023

(in millions)

Other loans of consolidated VIE

Change in fair value pre-tax loss - instrument specific credit risk

(5.4)

—

(16.8)

—

Change in fair value pre-tax loss (1)

(5.4)

(0.1)

(16.8)

(0.1)

Interest income (2)

6.7

1.3

25.1

1.3

(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 and recorded based on the effective interest rate of the loans.

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:

September 30, 2024

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

20,015.0

18,626.4

—

18,626.4

Policy loans

836.9

883.4

—

883.4

Other investments

293.9

284.9

—

126.1

158.8

Cash and cash equivalents

1,554.4

1,515.3

39.1

—

Reinsurance deposit receivable

5,130.1

4,720.1

—

4,720.1

Cash collateral receivable

8.1

—

Investment contracts

(34,089.3)

(33,104.3)

—

(8,276.6)

(24,827.7)

Short-term debt

(37.3)

—

(37.3)

—

Long-term debt

(3,932.9)

(3,857.5)

—

(3,854.9)

(2.6)

Separate account liabilities

(164,599.9)

(163,632.3)

—

(163,632.3)

Bank deposits (1)

(445.1)

(446.3)

—

(446.3)

—

Cash collateral payable

(305.8)

—


	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		936.3		913.9		22.4		—
Reinsurance deposit receivable		6,078.6		5,487.7		—		—		5,487.7
Cash collateral receivable		38.7		38.7		38.7		—		—
Investment contracts		(33,937.9)		(32,166.7)		—		(7,828.1)		(24,338.6)
Short-term debt		(61.1)		(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)		(176.9)		(176.9)		—		—

(1)	Excludes deposit liabilities without defined or contractual maturities.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

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

Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	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	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	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	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)	$ 2.0	$ 0.2	$ 5.5	$ (3.4)
Total realized/unrealized gains (losses) included in net income, net derivative assets (liabilities)	$ 4.5	$ (20.6)	$ (0.2)	$ (18.0)
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	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
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	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)	$ 2.8	$ 3.0	$ 4.0	$ 4.0
Transfers into Level 3, net derivative assets (liabilities)	(0.1)	0.1	(0.1)	0.1
Ending balance, net derivative assets (liabilities)	9.2	(17.3)	9.2	(17.3)
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities)	4.3	(15.7)	0.7	(14.9)
Gross purchases, sales, issuances and settlements
Purchases, net derivative assets (liabilities)	2.9	0.4	3.2	0.4
Sales, net derivative assets (liabilities)	(0.1)	2.6	0.8	3.6
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	2.8	3.0	4.0	4.0
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(230.0)	(69.6)	(115.5)	(46.4)
Total realized/unrealized gains (losses) included in net income, liabilities	(23.8)	3.5	(84.4)	(14.8)
Net purchases, sales, issuances and settlements, liabilities	(114.2)	(12.7)	(168.1)	(17.6)
Ending balance, liabilities	(368.0)	(78.8)	(368.0)	(78.8)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(64.5)	1.5	(79.2)	(11.1)
Gross purchases, sales, issuances and settlements
Issuances, liabilities	(130.9)	(22.6)	(221.0)	(41.5)
Settlements, liabilities	16.7	9.9	52.9	23.9
Net purchases, sales, issuances and settlements, liabilities	(114.2)	(12.7)	(168.1)	(17.6)
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	2,997.0	3,120.1	2,567.1	3,652.8
Total realized/unrealized gains (losses) included in net income, liabilities	(776.8)	925.6	(346.9)	392.9
Ending balance, liabilities	2,220.2	4,045.7	2,220.2	4,045.7
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(776.8)	925.6	(346.9)	392.9
Fixed maturities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3,771.0	2,874.4	3,636.8	2,166.6
Total realized/unrealized gains (losses) included in net income, assets	8.6	(1.6)	1.8	(4.8)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	55.9	(46.7)	10.2	(77.8)
Net purchases, sales, issuances and settlements, assets	(76.1)	328.9	12.2	942.2
Transfers into Level 3, assets	4.6	103.4	214.6	411.2
Transfers out of Level 3, assets	(17.9)	(44.2)	(129.5)	(223.2)
Ending balance, assets	3,746.1	3,214.2	3,746.1	3,214.2
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	8.3	(1.6)	1.1	(4.7)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	57.7	(47.7)	8.3	(74.7)
Gross purchases, sales, issuances and settlements
Purchases, assets	219.3	395.4	790.7	1,075.0
Sales, assets	(85.2)	(4.4)	(383.7)	(16.1)
Settlements, assets	(210.2)	(62.1)	(394.8)	(116.7)
Net purchases, sales, issuances and settlements, assets	(76.1)	328.9	12.2	942.2
States and political subdivisions \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	85.0	70.0	69.9	70.9
Total realized/unrealized gains (losses) included in other comprehensive income, assets	3.6	(4.3)	1.6	(4.4)
Net purchases, sales, issuances and settlements, assets	(0.4)	(0.5)	1.2	(1.3)
Transfers into Level 3, assets			15.5
Transfers out of Level 3, assets	(17.9)		(17.9)
Ending balance, assets	70.3	65.2	70.3	65.2
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	3.6	(4.4)	1.7	(4.5)
Gross purchases, sales, issuances and settlements
Purchases, assets			2.5
Settlements, assets	(0.4)	(0.5)	(1.3)	(1.3)
Net purchases, sales, issuances and settlements, assets	(0.4)	(0.5)	1.2	(1.3)
Corporate debt securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2,228.6	1,818.8	2,305.9	1,568.3
Total realized/unrealized gains (losses) included in net income, assets	8.5		1.7	(3.8)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	35.0	(32.5)	6.1	(42.6)
Net purchases, sales, issuances and settlements, assets	34.3	197.7	(66.2)	415.5
Transfers into Level 3, assets		82.2	58.9	171.7
Transfers out of Level 3, assets		(34.3)		(77.2)
Ending balance, assets	2,306.4	2,031.9	2,306.4	2,031.9
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	8.2		1.0	(3.7)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	36.8	(33.5)	5.7	(41.1)
Gross purchases, sales, issuances and settlements
Purchases, assets	169.1	261.6	446.5	534.7
Sales, assets	(57.0)	(4.4)	(296.4)	(16.1)
Settlements, assets	(77.8)	(59.5)	(216.3)	(103.1)
Net purchases, sales, issuances and settlements, assets	34.3	197.7	(66.2)	415.5
Commercial mortgage-backed securities \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2.8	3.2	3.0	3.4
Total realized/unrealized gains (losses) included in other comprehensive income, assets	0.1		0.1
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Ending balance, assets	2.8	3.1	2.8	3.1
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	0.1		0.1
Gross purchases, sales, issuances and settlements
Settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.3)	(0.3)
Collateralized debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	104.7	65.6	75.4	56.2
Total realized/unrealized gains (losses) included in other comprehensive income, assets	3.0	(0.5)	0.2	(0.3)
Net purchases, sales, issuances and settlements, assets	(13.8)	2.5	18.3	147.8
Transfers out of Level 3, assets		(9.9)		(146.0)
Ending balance, assets	93.9	57.7	93.9	57.7
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	2.9	(0.5)	1.0	0.7
Gross purchases, sales, issuances and settlements
Purchases, assets	3.0	2.5	35.1	149.0
Settlements, assets	(16.8)		(16.8)	(1.2)
Net purchases, sales, issuances and settlements, assets	(13.8)	2.5	18.3	147.8
Other debt obligations \| Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,349.9	916.8	1,182.6	467.8
Total realized/unrealized gains (losses) included in net income, assets	0.1	(1.6)	0.1	(1.0)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	14.2	(9.4)	2.2	(30.5)
Net purchases, sales, issuances and settlements, assets	(96.1)	129.3	59.2	380.5
Transfers into Level 3, assets	4.6	21.2	140.2	239.5
Transfers out of Level 3, assets			(111.6)
Ending balance, assets	1,272.7	1,056.3	1,272.7	1,056.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	0.1	(1.6)	0.1	(1.0)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	14.3	(9.3)	(0.2)	(29.8)
Gross purchases, sales, issuances and settlements
Purchases, assets	47.2	131.3	306.6	391.3
Sales, assets	(28.2)		(87.3)
Settlements, assets	(115.1)	(2.0)	(160.1)	(10.8)
Net purchases, sales, issuances and settlements, assets	(96.1)	129.3	59.2	380.5
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	173.5	1.9	165.1	1.9
Total realized/unrealized gains (losses) included in net income, assets	(5.3)	(0.1)	(16.7)	(0.1)
Net purchases, sales, issuances and settlements, assets	(26.7)	103.4	(6.9)	103.4
Ending balance, assets	141.5	105.2	141.5	105.2
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(2.0)	(0.1)	(8.6)	(0.1)
Gross purchases, sales, issuances and settlements
Purchases, assets	25.5	103.4	144.2	103.4
Settlements, assets	(52.2)		(151.1)
Net purchases, sales, issuances and settlements, assets	(26.7)	103.4	(6.9)	103.4
Fixed maturities, trading.
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	445.2	171.0	415.8	134.0
Total realized/unrealized gains (losses) included in net income, assets	7.5	(3.2)	5.8	(3.9)
Net purchases, sales, issuances and settlements, assets	40.1	127.3	71.2	165.0
Ending balance, assets	492.8	295.1	492.8	295.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	5.2	(3.3)	5.8	(4.0)
Gross purchases, sales, issuances and settlements
Purchases, assets	75.4	142.9	296.5	185.1
Sales, assets	(27.5)	(8.7)	(148.0)	(12.3)
Settlements, assets	(7.8)	(6.9)	(77.3)	(7.8)
Net purchases, sales, issuances and settlements, assets	40.1	127.3	71.2	165.0
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	718.4	838.1	752.8	1,034.9
Total realized/unrealized gains (losses) included in net income, assets	2.2	(3.2)	(30.4)	(4.3)
Net purchases, sales, issuances and settlements, assets	(6.8)	(70.4)	(8.6)	(266.1)
Ending balance, assets	713.8	764.5	713.8	764.5
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(13.5)	(17.8)	(20.6)	(76.2)
Gross purchases, sales, issuances and settlements
Sales, assets		(62.7)	(30.3)	(286.3)
Issuances, assets	(49.5)	(8.1)	(60.0)	(37.4)
Settlements, assets	42.7	0.4	81.7	57.6
Net purchases, sales, issuances and settlements, assets	$ (6.8)	$ (70.4)	$ (8.6)	$ (266.1)

Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenue And Profit (Loss) From Segments To Consolidated
Total revenues	$ 3,011.6	$ 4,598.7	$ 11,375.7	$ 10,975.0
Pre-tax income (loss) from exited business	(809.1)	879.2	(615.4)	352.3
Income (loss) before income taxes	(293.8)	1,604.9	777.2	1,846.0
Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	106.3	101.8	332.3	293.6
Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	80.0	79.9	226.2	220.5
Operating Segments
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	3,671.1	3,478.0	11,548.5	10,418.1
Pre-tax operating earnings (losses)	499.8	581.3	1,458.1	1,470.1
Operating Segments \| Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,686.4	1,651.1	5,813.1	4,940.9
Pre-tax operating earnings (losses)	246.1	304.7	776.1	786.8
Operating Segments \| Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	740.1	668.8	2,080.2	2,048.2
Pre-tax operating earnings (losses)	268.7	222.4	645.2	598.4
Operating Segments \| Principal Asset Management \| Principal International
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	314.8	249.6	850.5	857.0
Operating Segments \| Principal Asset Management \| Principal Global Investors
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	431.0	424.6	1,246.1	1,207.4
Operating Segments \| Principal Asset Management \| Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(5.7)	(5.4)	(16.4)	(16.2)
Operating Segments \| Benefits and Protection
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,213.5	1,151.4	3,586.6	3,380.1
Pre-tax operating earnings (losses)	64.4	169.0	308.5	393.2
Operating Segments \| Benefits and Protection \| Specialty Benefits
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	868.9	816.6	2,575.5	2,391.0
Operating Segments \| Benefits and Protection \| Life Insurance
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	344.8	335.0	1,011.7	989.6
Operating Segments \| Benefits and Protection \| Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(0.2)	(0.2)	(0.6)	(0.5)
Operating Segments \| Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	31.1	6.7	68.6	48.9
Pre-tax operating earnings (losses)	(79.4)	(114.8)	(271.7)	(308.3)
Reconciling items
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	119.1	226.2	173.3	141.6
Revenues from exited business	(741.0)	924.9	(253.9)	508.2
Adjustments related to equity method investments	(26.0)	(18.5)	(57.9)	(57.9)
Market risk benefit derivative settlements	(11.6)	(11.9)	(34.3)	(35.0)
Pre-tax net realized capital gains (losses), as adjusted	28.3	155.5	(24.9)	70.1
Pre-tax income (loss) from exited business	(809.1)	879.2	(615.4)	352.3
Earnings adjustments related to equity method investments and noncontrolling interest	$ (12.8)	$ (11.1)	$ (40.6)	$ (46.5)

Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fixed maturities, trading	$ 858.9	$ 836.2
Equity securities	1,581.9	1,478.1
Mortgage loans	20,015.0	20,142.8
Real estate	2,424.4	2,345.3
Other investments	7,782.3	7,035.6
Cash and cash equivalents	6,174.5	4,707.7
Other investments measured at fair value under fair value option	139.5	163.2
Separate account assets	180,653.5	167,605.6
Contractholder funds	42,499.4	41,501.1
Separate account liabilities	180,653.5	167,605.6
Other liabilities	12,445.4	11,606.2
Redeemable noncontrolling interest	$ 311.8	$ 248.9
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)	494,292,980	492,279,405
Common stock, outstanding (in shares)	229,291,302	236,438,294
Treasury stock (in shares)	265,001,678	255,841,111
Aggregate consolidated variable interest entities
Fixed maturities, trading	$ 174.7	$ 81.2
Equity securities	410.6	394.4
Mortgage loans	818.2	871.9
Real estate	743.9	779.1
Other investments	621.7	596.4
Cash and cash equivalents	95.0	83.6
Separate account assets	36,897.4	34,688.3
Separate account liabilities	36,897.4	34,688.3
Other liabilities	96.4	87.7
Redeemable noncontrolling interest	$ 275.3	$ 226.4

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Fixed maturities, available-for-sale: Gross gains

$ 7.8

$ 8.4

$ 12.0

$ 49.1

Fixed maturities, available-for-sale: Gross losses

(6.2)

(17.7)

(45.2)

(92.5)

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

(1.9)

1.0

(5.8)

(19.8)

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

8.3

(1.7)

2.6

(2.3)

11.2

(6.4)

8.9

(11.6)

Mortgage loans gains (losses)

42.8

29.6

113.9

32.3

(49.2)

(8.1)

(96.6)

(82.4)

Derivative net realized capital gains (losses)

16.2

91.2

20.8

54.8

Other gains (losses)

48.4

83.0

50.7

112.9

Unrealized gains (losses) on fixed maturities, trading

^[1]

77.4

179.3

61.3

40.5

11.0

(6.6)

8.1

(13.0)

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

11.7

(4.9)

9.5

(6.7)

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

2.0

(1.1)

2.8

0.1

Unrealized gains (losses) on equity securities

39.4

33.0

99.3

40.6

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

30.8

(2.0)

43.5

4.3

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

0.0

1.7

Proceeds from sales of investments

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

$ 964.3

$ 755.4

$ 2,672.2

$ 3,852.5

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues

Premiums and other considerations

$ 1,412.9

$ 1,457.9

$ 5,024.1

$ 4,399.2

Fees and other revenues

1,091.1

1,045.7

3,205.4

3,058.6

Net investment income (loss)

1,167.6

989.2

3,325.9

2,964.0

Net realized capital gains (losses) on funds withheld assets

^[1]

77.4

179.3

61.3

40.5

^[1]

39.4

1.0

105.9

119.8

Change in fair value of funds withheld embedded derivative

(776.8)

925.6

(346.9)

392.9

Total revenues

3,011.6

4,598.7

11,375.7

10,975.0

Expenses

Benefits, claims and settlement expenses

1,778.1

1,710.6

5,925.7

5,318.6

Liability for future policy benefits remeasurement (gain) loss

122.5

(42.3)

565.6

(47.2)

Market risk benefit remeasurement (gain) loss

54.0

18.4

39.1

8.6

Dividends to policyholders

14.9

21.0

68.1

67.3

Operating expenses

1,335.9

1,286.1

4,000.0

3,781.7

Total expenses

3,305.4

2,993.8

10,598.5

9,129.0

Income (loss) before income taxes

(293.8)

1,604.9

777.2

1,846.0

Income taxes (benefits)

(100.4)

354.8

81.8

336.7

Net income (loss) attributable to noncontrolling interest

(193.4)

1,250.1

695.4

1,509.3

26.6

3.9

29.8

14.4

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

$ (220.0)

$ 1,246.2

$ 665.6

$ 1,494.9

Earnings per common share

Basic earnings per common share (in dollars per share)

$ (0.95)

$ 5.17

$ 2.85

$ 6.17

Diluted earnings per common share (in dollars per share)

$ (0.95)

$ 5.10

$ 2.81

$ 6.08

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 322,857.7		$ 305,046.7
Total liabilities	311,264.5		293,836.1
Redeemable noncontrolling interest	311.8	$ 277.4	248.9	$ 259.5	$ 266.7	$ 262.0
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	39,779.3		37,511.3
Total liabilities	36,993.8		34,778.5
Redeemable noncontrolling interest	275.3		226.4
Mandatory retirement savings funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	37,266.6		35,034.4
Total liabilities	36,897.4		34,688.3
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	777.9		829.1
Total liabilities	69.2		63.0
Sponsored investment funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	665.9		523.8
Total liabilities	7.2		6.3
Redeemable noncontrolling interest	275.3		226.4
Residential mortgage loans VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	820.9		874.7
Total liabilities	20.0		20.9
Asset-backed limited partnership
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 248.0		$ 249.3

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Financial Instruments

Derivative Financial Instruments, Exposure (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	60,017.6	$	57,792.2
Interest rate options		5,023.7		4,498.4
Interest rate forwards		2,307.4		1,990.8
Interest rate futures		774.0		1,205.0
Foreign exchange contracts:
Currency swaps		2,599.9		2,105.8
Currency forwards		1,032.0		1,062.5
Equity contracts:
Equity options		3,638.6		2,331.3
Equity futures		706.0		568.4
Credit contracts:
Credit default swaps		325.0		305.0
Total return swaps		250.0		—
Other contracts:
Embedded derivatives		22,256.8		22,511.7
Total notional amounts at end of period	$	98,931.0	$	94,371.1

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	28.1	$	42.9
Interest rate options		26.9		37.0
Interest rate forwards		6.1		4.2
Foreign exchange contracts:
Currency swaps		146.0		120.9
Currency forwards		22.7		20.8
Equity contracts:
Equity options		289.6		83.8
Credit contracts:
Credit default swaps		4.5		4.7
Total return swaps		4.2		—
Total gross credit exposure		528.1		314.3
Less: collateral received		287.8		148.7
Net credit exposure	$	240.3	$	165.6

Derivative Financial Instruments, Fair Value Disclosures (Table)


	Derivative assets (1)				Derivative liabilities (2)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	—	$	9.0	$	64.5	$	72.6
Foreign exchange contracts		107.1		84.6		56.2		39.6
Total derivatives designated as hedging instruments	$	107.1	$	93.6	$	120.7	$	112.2

Derivatives not designated as hedging instruments
Interest rate contracts	$	55.6	$	70.3	$	168.8	$	284.3
Foreign exchange contracts		56.9		51.9		17.9		22.2
Equity contracts		289.6		83.8		107.4		74.2
Credit contracts		8.4		4.6		1.1		1.1
Other contracts		—		—		(1,852.2)		(2,451.6)
Total derivatives not designated as hedging instruments		410.5		210.6		(1,557.0)		(2,069.8)

Total derivative instruments	$	517.6	$	304.2	$	(1,436.3)	$	(1,957.6)

(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 $368.0 million and $115.5 million as of September 30, 2024 and December 31, 2023, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(2,220.2) million and $(2,567.1) million as of September 30, 2024 and December 31, 2023, respectively, are reported with funds withheld payable on the consolidated statements of financial position.

Credit Derivatives Sold (Table)


	September 30, 2024
							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	$	0.2	$	40.0	0.7
BBB		160.0		4.1		160.0	2.3
Sovereign
A		20.0		0.1		20.0	0.7
Total single name credit default swaps		220.0		4.4		220.0	1.9

Single name total return swaps
Government/municipalities
AAA		40.0		0.8		40.0	30.8
AA		130.0		1.9		130.0	26.7
A		80.0		1.3		80.0	30.9
Total single name total return swaps		250.0		4.0		250.0	28.7

Total credit derivatives sold	$	470.0	$	8.4	$	470.0	16.2


	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
A	$	40.0	$	0.3	$	40.0	1.5
BBB		140.0		3.8		140.0	3.0
BB		20.0		0.2		20.0	3.5
Sovereign
A		20.0		0.2		20.0	1.5
Total credit derivatives sold	$	220.0	$	4.5	$	220.0	2.7

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	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships	$	3,227.4	$	3,510.1	$	(47.5)	$	(87.0)
Discontinued hedging relationships		582.5		304.7		(7.8)		(5.2)
Total fixed maturities, available-for-sale in active or discontinued hedging relationships	$	3,809.9	$	3,814.8	$	(55.3)	$	(92.2)

Mortgage loans (2):
Active hedging relationships	$	1,269.1	$	—	$	1.2	$	—
Total mortgage loans in active or discontinued hedging relationships	$	1,269.1	$	—	$	1.2	$	—

Investment contracts:
Active hedging relationships	$	2,299.0	$	300.5	$	29.5	$	0.4
Total investment contracts in active or discontinued hedging relationships	$	2,299.0	$	300.5	$	29.5	$	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 September 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,864.1 million and $3,178.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(32.4) million and $(62.2) million, respectively, and the amount of the designated hedged items were $1,135.0 million and $1,395.0 million, respectively.

(2)

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 September 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1,267.9 million and $0.0 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $1.2 million and $0.0 million, respectively, and the amount of the designated hedged items were $165.0 million and $0.0 million, respectively.

Cash Flow Hedges (Table)

Amount of gain (loss) recognized in AOCI on derivatives

For the three months ended

For the nine months ended

Derivatives in cash

September 30,

flow hedging relationships

Related hedged item

2024

2023

2024

2023

(in millions)

Interest rate contracts

Fixed maturities, available-for-sale

18.0

(20.3)

7.9

(1.8)

Interest rate contracts

Investment contracts

(2.3)

(3.1)

(9.0)

(7.7)

Foreign exchange contracts

Fixed maturities, available-for-sale

(64.2)

6.4

6.4

(10.4)

Total

(48.5)

(17.0)

5.3

(19.9)

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


	For the three months ended September 30, 2024
					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-for-sale		available-		investment
	and mortgage loans		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	$	1,167.6	$	77.4	$	1,778.1

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	49.2	$	—	$	47.4
Loss recognized on derivatives		(45.6)		—		(44.9)
Amortization of hedged item basis adjustments		0.7		—		—
Amounts related to periodic settlements on derivatives		14.9		—		(6.8)

Foreign exchange contracts:
Gain recognized on hedged item		—		8.0		—
Loss recognized on derivatives		—		(7.7)		—
Amounts related to periodic settlements on derivatives		0.8		—		—
Total gain (loss) recognized for fair value hedging relationships	$	20.0	$	0.3	$	(4.3)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain reclassified from AOCI on derivatives	$	0.8	$	—	$	—
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.3		—
Amounts related to periodic settlements on derivatives		—		—		2.2

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives		—		(0.2)		—
Amounts related to periodic settlements on derivatives		6.9		—		—
Total gain recognized for cash flow hedging relationships	$	7.7	$	0.1	$	2.2


	For the three months ended September 30, 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-for-sale		available-		investment
	and mortgage loans		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	$	989.2	$	179.3	$	1,710.6

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(12.4)	$	—	$	(6.8)
Gain recognized on derivatives		12.7		—		6.0
Amortization of hedged item basis adjustments		(0.1)		—		—
Amounts related to periodic settlements on derivatives		16.5		—		(1.2)

Foreign exchange contracts:
Loss recognized on hedged item		—		(1.4)		—
Gain recognized on derivatives		—		1.3		—
Amounts related to periodic settlements on derivatives		—		0.2		—
Total gain (loss) recognized for fair value hedging relationships	$	16.7	$	0.1	$	(2.0)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain reclassified from AOCI on derivatives	$	1.0	$	—	$	—
Amounts related to periodic settlements on derivatives		—		—		3.7

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.3		—
Amounts related to periodic settlements on derivatives		5.4		—		—
Total gain recognized for cash flow hedging relationships	$	6.4	$	0.3	$	3.7


	For the nine months ended September 30, 2024
	Net investment				Benefits,
	income related		Net realized		claims and
	to hedges		capital gains		settlement
	of fixed		(losses) related to		expenses
	maturities,		hedges of fixed		related to
	available-		maturities,		hedges of
	for-sale		available-		investment
	and mortgage loans		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	$	3,325.9	$	61.3	$	5,925.7

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	33.0	$	—	$	29.1
Loss recognized on derivatives		(30.5)		—		(26.3)
Amortization of hedged item basis adjustments		1.7		—		—
Amounts related to periodic settlements on derivatives		47.1		—		(16.9)

Foreign exchange contracts:
Gain recognized on hedged item		—		2.3		—
Loss recognized on derivatives		—		(2.3)		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	53.6	$	—	$	(14.1)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	2.6	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.4		—
Amounts related to periodic settlements on derivatives		—		—		9.8

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives		—		(0.2)		—
Amounts related to periodic settlements on derivatives		19.2		—		—
Total gain recognized for cash flow hedging relationships	$	21.8	$	0.2	$	9.7


	For the nine months ended September 30, 2023
	Net investment				Benefits,
	income related		Net realized		claims and
	to hedges		capital gains		settlement
	of fixed		(losses) related to		expenses
	maturities,		hedges of fixed		related to
	available-		maturities,		hedges of
	for-sale		available-		investment
	and mortgage loans		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	$	2,964.0	$	40.5	$	5,318.6

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(8.9)	$	—	$	(9.4)
Gain recognized on derivatives		10.7		—		8.5
Amortization of hedged item basis adjustments		(0.2)		—		—
Amounts related to periodic settlements on derivatives		44.0		—		(1.3)

Foreign exchange contracts:
Loss recognized on hedged item		—		(0.8)		—
Gain recognized on derivatives		—		0.7		—
Amounts related to periodic settlements on derivatives		—		0.2		—
Total gain (loss) recognized for fair value hedging relationships	$	45.6	$	0.1	$	(2.2)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	3.1	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.7		—
Amounts related to periodic settlements on derivatives		—		—		10.3

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		1.5		—
Amounts related to periodic settlements on derivatives		16.0		—		—
Total gain recognized for cash flow hedging relationships	$	19.1	$	3.2	$	10.2

Net Investment Hedges (Table)


					Amount of loss
	Amount of gain (loss) recognized				reclassified from AOCI into
	in AOCI on derivatives				net realized capital gains (losses)
	for the three months ended				for the three months ended
	September 30,				September 30,
Derivatives in net investment hedging relationships	2024		2023		2024		2023

	(in millions)
Foreign exchange contracts	$	(1.3)	$	0.9	$	—	$	—
Total	$	(1.3)	$	0.9	$	—	$	—


					Amount of loss
	Amount of gain recognized				reclassified from AOCI into
	in AOCI on derivatives				net realized capital gains (losses)
	for the nine months ended				for the nine months ended
	September 30,				September 30,
Derivatives in net investment hedging relationships	2024		2023		2024		2023

	(in millions)
Foreign exchange contracts	$	0.2	$	0.1	$	—	$	—
Total	$	0.2	$	0.1	$	—	$	—

Derivatives Not Designated as Hedging Instruments (Table)


	Amount of gain (loss) recognized in				Amount of gain (loss) recognized in
	net income on derivatives for the				net income on derivatives for the
	three months ended September 30,				nine months ended September 30,
Derivatives not designated as hedging instruments	2024		2023		2024		2023

	(in millions)
Interest rate contracts	$	(20.0)	$	73.2	$	(151.8)	$	29.0
Foreign exchange contracts		28.0		(66.1)		11.8		(50.2)
Equity contracts		26.6		19.3		18.1		(102.3)
Credit contracts		4.3		0.8		5.7		2.6
Other contracts (1)		(914.8)		916.5		(599.4)		360.5
Total	$	(875.9)	$	943.7	$	(715.6)	$	239.6

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

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

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, fair value disclosures
Derivative instruments, assets	$ 517.6	$ 304.2
Derivative instruments, liabilities	(1,436.3)	(1,957.6)
Fair value of embedded derivative liabilities reported with contractholder funds	368.0	115.5
Fair value of net (asset) liability embedded derivative reported with funds withheld payable	(2,220.2)	(2,567.1)
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	107.1	93.6
Derivative instruments, liabilities	120.7	112.2
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	410.5	210.6
Derivative instruments, liabilities	(1,557.0)	(2,069.8)
Interest rate contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets		9.0
Derivative instruments, liabilities	64.5	72.6
Interest rate contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	55.6	70.3
Derivative instruments, liabilities	168.8	284.3
Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	107.1	84.6
Derivative instruments, liabilities	56.2	39.6
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	56.9	51.9
Derivative instruments, liabilities	17.9	22.2
Equity contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	289.6	83.8
Derivative instruments, liabilities	107.4	74.2
Credit contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	8.4	4.6
Derivative instruments, liabilities	1.1	1.1
Other contracts \| Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ (1,852.2)	$ (2,451.6)

Reinsurance - Components of Net Realized Capital Gains (Losses) on Funds Withheld Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reinsurance
Net realized capital gains (losses)	$ (13.1)	$ (23.1)	$ (52.5)	$ (151.8)
Fixed maturities, available-for-sale
Reinsurance
Net realized capital gains (losses)	(10.8)	(22.7)	(52.0)	(146.3)
Fixed maturities, trading
Reinsurance
Net realized capital gains (losses)				(0.1)
Equity securities
Reinsurance
Net realized capital gains (losses)				(1.2)
Mortgage loans
Reinsurance
Net realized capital gains (losses)	(1.8)		(1.8)	(9.2)
Derivatives
Reinsurance
Net realized capital gains (losses)	$ (0.5)	$ (0.4)	$ 1.3	$ 5.0

Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30, 2024						December 31, 2023
					Net asset						Net asset
	Asset		Liability		(liability)		Asset		Liability		(liability)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	162.6	$	96.0	$	66.6	$	153.4	$	111.9	$	41.5
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (1)		—		—		—		—		21.3		(21.3)
Total MRB per consolidated statements of financial position	$	162.6	$	96.0	$	66.6	$	153.4	$	133.2	$	20.2

(1)The guaranteed pension funds were closed in the second quarter of 2024.

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


	September 30, 2024						December 31, 2023
					Weighted-						Weighted-
	Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)	4.14	-	4.19	%	4.16	%	4.00	-	4.20	%	4.10	%
Long-term equity market volatility	18.10	-	35.43	%	21.71	%	18.00	-	33.00	%	22.00	%
Nonperformance risk	0.49	-	1.22	%	1.02	%	0.80	-	1.60	%	1.30	%
Lapse rate	0.90	-	55.00	%	5.14	%	1.10	-	55.00	%	5.90	%
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (2)
Long-term interest rate (1)	N/A		N/A		N/A		4.54	-	4.70	%	4.61	%
Long-term equity market volatility	N/A		N/A		N/A		16.39	-	23.75	%	19.64	%
Nonperformance risk	N/A		N/A		N/A		0.90	-	1.77	%	1.51	%
Lapse rate	N/A		N/A		N/A		4.95	-	19.35	%	16.80	%

(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.

(2)	The guaranteed pension funds were closed in the second quarter of 2024.

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

	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023
		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	Increased	Favorable
Equity market volatilities	Decreased	Favorable	Decreased	Favorable
Own nonperformance risk	Decreased	Unfavorable	Decreased	Unfavorable

Retirement and Income Solutions | Individual variable annuities

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

The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows:


	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Balance at beginning of period	$	41.5	$	(72.2)
Effect of changes in nonperformance risk at beginning of period		7.7		(31.7)
Adjusted balance at beginning of period		49.2		(103.9)
Effect of:
Interest accrual and expected policyholder behavior		(54.8)		(80.9)
Benefit payments		0.6		0.4
Changes in interest rates		24.3		39.9
Changes in equity markets		92.6		155.1
Changes in equity index volatility		6.7		47.9
Actual policyholder behavior different from expected behavior		(8.2)		(4.0)
Changes in future expected policyholder behavior		(20.2)		—
Changes in other future expected assumptions		1.5		(5.3)
Adjusted balance at end of period		91.7		49.2
Effect of changes in nonperformance risk at end of period		(25.1)		(7.7)
Balance at end of period	$	66.6	$	41.5

Weighted-average attained age of policyholders (years) (1)		67.5		67.7
Net amount at risk (2)	$	35.0	$	111.2

(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. We had a decrease in the net amount at risk in 2024 primarily as a result of increases in the equity markets.

Principal Asset Management | Principal International | Asia | Guaranteed pension

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

The net asset (liability) balances and the changes in the valuation of the MRBs for Asia – Guaranteed pension were as follows:


	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Balance at beginning of period	$	(21.3)	$	(26.0)
Effect of changes in nonperformance risk at beginning of period		1.0		1.2
Adjusted balance at beginning of period		(20.3)		(24.8)
Effect of:
Interest accrual and expected policyholder behavior		(0.2)		(10.1)
Benefit payments (1)		20.2		13.8
Changes in interest rates		(0.6)		1.2
Changes in equity markets		0.7		0.2
Actual policyholder behavior different from expected behavior		0.2		(0.6)
Adjusted balance at end of period		—		(20.3)
Effect of changes in nonperformance risk at end of period		—		(1.0)
Balance at end of period	$	—	$	(21.3)

Weighted-average attained age of policyholders (years) (2)		—		54.0
Net amount at risk (3)	$	—	$	25.1

(1)	The guaranteed pension funds were closed in the second quarter of 2024.

(2)	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.

(3)	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.

Future Policy Benefits and Claims - Expected Future Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	$ 38,622.7	$ 36,325.5
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	6,717.8	7,292.0
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	6,085.6	6,296.0
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Expected discounted future gross premiums	5,731.8	5,456.4
Expected undiscounted future gross premiums	8,664.9	8,264.8
Expected undiscounted future benefit payments	9,823.7	8,981.2
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Expected discounted future gross premiums	6,960.6	6,385.1
Expected undiscounted future gross premiums	11,304.0	10,287.2
Expected undiscounted future benefit payments	8,908.7	7,832.3
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Expected discounted future gross premiums	38.0	42.8
Expected undiscounted future gross premiums	52.7	60.3
Expected undiscounted future benefit payments	$ 358.7	$ 371.0

Contingencies, Guarantees and Indemnifications (Details) $ in Millions	Sep. 30, 2024 USD ($)
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 79.0
Guarantees related to P-Caps contingent funding agreements
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 750.0

Deferred Acquisition Costs and Other Actuarial Balances - Disaggregated DAC amounts (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Acquisition Costs
Deferred acquisition costs	$ 3,992.2	$ 3,950.5
Short-duration contracts
Deferred Acquisition Costs
Deferred acquisition costs	34.9	31.1
Other balances
Deferred Acquisition Costs
Deferred acquisition costs	6.8	7.7
Retirement and Income Solutions
Deferred Acquisition Costs
Deferred acquisition costs	943.0	918.9
Retirement and Income Solutions \| Workplace savings and retirement solutions
Deferred Acquisition Costs
Deferred acquisition costs	512.3	506.4	$ 498.0
Retirement and Income Solutions \| Individual variable annuities
Deferred Acquisition Costs
Deferred acquisition costs	308.9	279.5	278.0
Retirement and Income Solutions \| Pension risk transfer
Deferred Acquisition Costs
Deferred acquisition costs	19.1	15.4	8.1
Retirement and Income Solutions \| Individual fixed deferred annuities
Deferred Acquisition Costs
Deferred acquisition costs	89.9	106.1	131.0
Retirement and Income Solutions \| Investment only
Deferred Acquisition Costs
Deferred acquisition costs	12.8	11.5	14.9
Benefits and Protection
Deferred Acquisition Costs
Deferred acquisition costs excluding short-duration contracts and other balances.	3,007.5	2,992.8
Benefits and Protection \| Life Insurance \| Universal life
Deferred Acquisition Costs
Deferred acquisition costs	1,530.1	1,545.3	1,569.7
Deferred acquisition costs excluding short-duration contracts and other balances.	1,530.1	1,545.3
Benefits and Protection \| Life Insurance \| Term life
Deferred Acquisition Costs
Deferred acquisition costs	706.8	695.1	685.7
Deferred acquisition costs excluding short-duration contracts and other balances.	706.8	695.1
Benefits and Protection \| Life Insurance \| Participating life
Deferred Acquisition Costs
Deferred acquisition costs	79.5	84.7	93.0
Deferred acquisition costs excluding short-duration contracts and other balances.	79.5	84.7
Benefits and Protection \| Specialty Benefits \| Individual disability
Deferred Acquisition Costs
Deferred acquisition costs	$ 691.1	$ 667.7	$ 626.1

Income Taxes - Effective Income Tax Rate In Percentage (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate
U.S. corporate income tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Dividends received deduction (as a percent)	7.00%	(1.00%)	(7.00%)	(3.00%)
Tax credits (as a percent)	7.00%	(1.00%)	(7.00%)	(3.00%)
Impact of equity method presentation (as a percent)	3.00%		(3.00%)	(1.00%)
Interest exclusion from taxable income (as a percent)	2.00%		(2.00%)
Impact of noncontrolling interest presentation (as a percent)	2.00%		(1.00%)
Local country permanent tax adjustments (as a percent)	2.00%
Global Intangible Low-Taxed Income (as a percent)	(1.00%)	2.00%		3.00%
Low income housing tax credit amortization (as a percent)	(4.00%)		4.00%	2.00%
State income taxes (as a percent)	(2.00%)		4.00%
Valuation allowance (as a percent)	(1.00%)		2.00%
Foreign country statutory rate differential (as a percent)	(2.00%)
Other income tax rate impacts (as a percent)		1.00%		(1.00%)
Effective income tax rate (as a percent)	34.00%	22.00%	11.00%	18.00%

Reinsurance - Funds Withheld (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	$ 19,233.4		$ 19,233.4		$ 19,839.5
Funds withheld payable	19,076.3		19,076.3		19,629.5
Embedded derivative asset	2,220.2		2,220.2		2,567.1
Change in fair value of funds withheld embedded derivative	(776.8)	$ 925.6	(346.9)	$ 392.9
Fixed maturities, available-for-sale
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	14,403.4		14,403.4		15,587.5
Fixed maturities, trading
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	309.6		309.6		316.8
Equity securities
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	0.3		0.3		0.3
Mortgage loans
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	2,231.3		2,231.3		2,385.9
Other investments
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,007.9		1,007.9		621.4
Cash and cash equivalents
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,411.5		1,411.5		818.4
Accrued interest income
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	171.5		171.5		187.0
Net other assets (liabilities)
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net asset (liability)	$ (302.1)		$ (302.1)		$ (77.8)

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability Balances and Changes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	$ 492.7
Ending balance, Unearned Revenue Liability	510.2	$ 492.7
Universal life \| Benefits and Protection \| Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	485.5	459.0
Deferrals	41.9	56.3
Revenue recognized	(23.4)	(29.8)
Ending balance, Unearned Revenue Liability	504.0	485.5
Reinsurance impact	(222.0)	(225.1)
Balance at end of period after reinsurance	$ 282.0	$ 260.4

Investments - Amortization by Expected Maturity (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Amortized cost of fixed maturities available-for-sale

Due in one year or less

$ 1,360.8

Due after one year through five years

8,550.2

Due after five years through ten years

10,291.6

Due after ten years

28,498.9

Subtotal

48,701.5

Mortgage-backed and other asset-backed securities

23,994.9

Fair value of fixed maturities available-for-sale

72,696.4

$ 70,781.4

Due in one year or less

1,358.0

Due after one year through five years

8,490.8

Due after five years through ten years

10,154.5

Due after ten years

25,970.6

Subtotal

45,973.9

Mortgage-backed and other asset-backed securities

23,174.4

Contingencies, Guarantees and Indemnifications

^[1]

$ 69,148.3

$ 65,673.1

[1]	See Note 3, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 22, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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
Trading Symbol	PFG
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		228,725,863
Entity Central Index Key	0001126328
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Employee and Agent Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	$ 14.8	$ 13.9	$ 44.4	$ 41.7
Interest cost	$ 40.3	$ 40.0	$ 121.1	$ 120.0
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (42.6)	$ (40.7)	$ (127.8)	$ (122.3)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (4.2)	$ (4.2)	$ (12.5)	$ (12.6)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ 9.8	$ 10.2	$ 29.2	$ 30.7
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ 18.1	$ 19.2	$ 54.4	$ 57.5
Contributions made by employer to fund qualified and nonqualified pension plans	26.0		59.0
Pension benefits \| Maximum
Components of Net Periodic Benefit Cost (Income)
Amount of possible contributions to be made during the current fiscal year to the qualified and nonqualified pension plans combined	75.0		75.0
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 0.8	$ 0.8	$ 2.3	$ 2.5
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (1.0)	$ (1.2)	$ (3.3)	$ (3.5)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (0.3)	$ (0.3)	$ (0.8)	$ (0.8)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ (0.3)	$ (0.1)	$ (0.8)	$ (0.5)
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ (0.8)	$ (0.8)	$ (2.6)	$ (2.3)

Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,091.1	$ 1,045.7	$ 3,205.4	$ 3,058.6
Premiums and other considerations	1,412.9	1,457.9	5,024.1	4,399.2
Net investment income (loss)	1,167.6	989.2	3,325.9	2,964.0
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	773.1	725.0	2,262.2	2,109.1
Total operating revenues	3,671.1	3,478.0	11,548.5	10,418.1
Operating Segments \| Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	28.5	23.3	81.3	66.4
Total operating revenues	1,213.5	1,151.4	3,586.6	3,380.1
Operating Segments \| Benefits and Protection \| Specialty Benefits
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.8	4.0	11.6	12.0
Fees and other revenues not within the scope of revenue recognition guidance	4.4	4.6	13.4	13.7
Total fees and other revenues	8.2	8.6	25.0	25.7
Premiums and other considerations	810.6	762.7	2,408.6	2,237.9
Net investment income (loss)	50.1	45.3	141.9	127.4
Total operating revenues	868.9	816.6	2,575.5	2,391.0
Operating Segments \| Benefits and Protection \| Specialty Benefits \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.8	4.0	11.6	12.0
Operating Segments \| Benefits and Protection \| Life Insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	24.7	19.4	69.8	54.5
Fees and other revenues not within the scope of revenue recognition guidance	84.9	85.7	251.6	246.7
Total fees and other revenues	109.6	105.1	321.4	301.2
Premiums and other considerations	131.5	136.7	380.7	394.4
Net investment income (loss)	103.7	93.2	309.6	294.0
Total operating revenues	344.8	335.0	1,011.7	989.6
Operating Segments \| Benefits and Protection \| Life Insurance \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	10.3	8.9	28.9	23.6
Operating Segments \| Benefits and Protection \| Life Insurance \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	14.4	10.5	40.9	30.9
Operating Segments \| Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	522.7	516.2	1,521.3	1,497.4
Total operating revenues	740.1	668.8	2,080.2	2,048.2
Operating Segments \| Principal Asset Management \| Principal Global Investors
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	413.7	406.5	1,195.2	1,168.3
Fees and other revenues not within the scope of revenue recognition guidance	4.4	9.1	15.7	16.3
Total fees and other revenues	418.1	415.6	1,210.9	1,184.6
Net investment income (loss)	12.9	9.0	35.2	22.8
Total operating revenues	431.0	424.6	1,246.1	1,207.4
Operating Segments \| Principal Asset Management \| Principal Global Investors \| Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	370.7	348.2	1,078.2	1,028.8
Operating Segments \| Principal Asset Management \| Principal Global Investors \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	43.0	58.3	117.0	139.5
Operating Segments \| Principal Asset Management \| Principal International
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	114.3	115.1	341.7	345.2
Fees and other revenues not within the scope of revenue recognition guidance	1.3	1.4	4.1	4.3
Total fees and other revenues	115.6	116.5	345.8	349.5
Premiums and other considerations	4.8	2.3	18.0	17.2
Net investment income (loss)	194.4	130.8	486.7	490.3
Total operating revenues	314.8	249.6	850.5	857.0
Operating Segments \| Principal Asset Management \| Principal International \| Latin America
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	85.9	87.3	258.9	262.4
Operating Segments \| Principal Asset Management \| Principal International \| Asia
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	28.7	28.0	83.4	83.4
Operating Segments \| Principal Asset Management \| Principal International \| Geographical Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	(0.3)	(0.2)	(0.6)	(0.6)
Operating Segments \| Principal Asset Management \| Principal International \| Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	112.4	113.3	335.9	339.2
Operating Segments \| Principal Asset Management \| Principal International \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	1.9	1.8	5.8	6.0
Operating Segments \| Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	169.3	141.1	493.3	410.9
Fees and other revenues not within the scope of revenue recognition guidance	283.9	276.8	838.7	833.2
Total fees and other revenues	453.2	417.9	1,332.0	1,244.1
Premiums and other considerations	471.7	561.0	2,236.8	1,763.0
Net investment income (loss)	761.5	672.2	2,244.3	1,933.8
Total operating revenues	1,686.4	1,651.1	5,813.1	4,940.9
Operating Segments \| Retirement and Income Solutions \| Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	165.3	137.0	481.6	398.8
Operating Segments \| Retirement and Income Solutions \| Deposit account fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.1	2.8	9.2	8.5
Operating Segments \| Retirement and Income Solutions \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers		0.8		2.3
Operating Segments \| Retirement and Income Solutions \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	0.9	0.5	2.5	1.3
Operating Segments \| Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	52.6	44.4	166.3	134.4
Fees and other revenues not within the scope of revenue recognition guidance	(78.7)	(76.9)	(235.8)	(224.2)
Total fees and other revenues	(26.1)	(32.5)	(69.5)	(89.8)
Premiums and other considerations	(1.3)	(1.4)	(3.9)	(3.9)
Net investment income (loss)	58.5	40.6	142.0	142.6
Total operating revenues	31.1	6.7	68.6	48.9
Operating Segments \| Corporate \| Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	22.4	21.3	66.5	62.5
Operating Segments \| Corporate \| Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	129.4	94.9	351.8	276.9
Operating Segments \| Corporate \| Revenue by type - Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ (99.2)	$ (71.8)	$ (252.0)	$ (205.0)

Future Policy Benefits and Claims - Interest Accretion and Current Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Interest accretion rate	4.59%	4.52%
Current discount rate	4.90%	4.99%
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.22%
Current discount rate	4.84%	4.97%
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.21%	4.22%
Current discount rate	2.48%	3.23%
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Interest accretion rate	3.91%	3.96%
Current discount rate	5.01%	5.05%
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Interest accretion rate	4.75%	4.75%
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Interest accretion rate	4.83%	4.83%
Current discount rate	4.67%	4.90%
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Interest accretion rate	6.16%	6.16%
Current discount rate	4.93%	5.01%

Contingencies, Guarantees and Indemnifications

9 Months Ended

Sep. 30, 2024

Contingencies, Guarantees and Indemnifications

13. Contingencies, Guarantees and Indemnifications

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 September 30, 2024.

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 September 30, 2024, was approximately $79.0 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 September 30, 2024, was $750.0 million.

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.

Deferred Acquisition Costs and Other Actuarial Balances - Retirement and Income Solutions - Balances and changes in DAC (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,950.5
Ending balance, Deferred acquisition costs	3,992.2	$ 3,950.5
Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	918.9
Ending balance, Deferred acquisition costs	943.0	918.9
Workplace savings and retirement solutions \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	506.4	498.0
Costs deferred	35.2	48.1
Amortized to expense	(29.3)	(39.7)
Ending balance, Deferred acquisition costs	512.3	506.4
Individual variable annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	279.5	278.0
Costs deferred	50.4	27.4
Amortized to expense	(21.0)	(25.9)
Ending balance, Deferred acquisition costs	308.9	279.5
Pension risk transfer \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	15.4	8.1
Costs deferred	4.4	7.9
Amortized to expense	(0.7)	(0.6)
Ending balance, Deferred acquisition costs	19.1	15.4
Individual fixed deferred annuities \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	106.1	131.0
Amortized to expense	(16.2)	(24.9)
Ending balance, Deferred acquisition costs	89.9	106.1
Investment only \| Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	11.5	14.9
Costs deferred	5.0	1.3
Amortized to expense	(3.7)	(4.7)
Ending balance, Deferred acquisition costs	$ 12.8	$ 11.5

Market Risk Benefits

9 Months Ended

Sep. 30, 2024

Market Risk Benefits

9. 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 return - of - premium GMDB and GMWB riders for its RILA products. The Principal Asset Management segment offered defined contribution plans in Asia with a guarantee on the minimum account balance under certain qualifying events. These were closed in the second quarter of 2024.

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.


	September 30, 2024						December 31, 2023
					Net asset						Net asset
	Asset		Liability		(liability)		Asset		Liability		(liability)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	162.6	$	96.0	$	66.6	$	153.4	$	111.9	$	41.5
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (1)		—		—		—		—		21.3		(21.3)
Total MRB per consolidated statements of financial position	$	162.6	$	96.0	$	66.6	$	153.4	$	133.2	$	20.2

(1)The guaranteed pension funds were closed in the second quarter of 2024.

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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Balance at beginning of period	$	41.5	$	(72.2)
Effect of changes in nonperformance risk at beginning of period		7.7		(31.7)
Adjusted balance at beginning of period		49.2		(103.9)
Effect of:
Interest accrual and expected policyholder behavior		(54.8)		(80.9)
Benefit payments		0.6		0.4
Changes in interest rates		24.3		39.9
Changes in equity markets		92.6		155.1
Changes in equity index volatility		6.7		47.9
Actual policyholder behavior different from expected behavior		(8.2)		(4.0)
Changes in future expected policyholder behavior		(20.2)		—
Changes in other future expected assumptions		1.5		(5.3)
Adjusted balance at end of period		91.7		49.2
Effect of changes in nonperformance risk at end of period		(25.1)		(7.7)
Balance at end of period	$	66.6	$	41.5

Weighted-average attained age of policyholders (years) (1)		67.5		67.7
Net amount at risk (2)	$	35.0	$	111.2

(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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023
		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	Increased	Favorable
Equity market volatilities	Decreased	Favorable	Decreased	Favorable
Own nonperformance risk	Decreased	Unfavorable	Decreased	Unfavorable

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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Balance at beginning of period	$	(21.3)	$	(26.0)
Effect of changes in nonperformance risk at beginning of period		1.0		1.2
Adjusted balance at beginning of period		(20.3)		(24.8)
Effect of:
Interest accrual and expected policyholder behavior		(0.2)		(10.1)
Benefit payments (1)		20.2		13.8
Changes in interest rates		(0.6)		1.2
Changes in equity markets		0.7		0.2
Actual policyholder behavior different from expected behavior		0.2		(0.6)
Adjusted balance at end of period		—		(20.3)
Effect of changes in nonperformance risk at end of period		—		(1.0)
Balance at end of period	$	—	$	(21.3)

Weighted-average attained age of policyholders (years) (2)		—		54.0
Net amount at risk (3)	$	—	$	25.1

(1)	The guaranteed pension funds were closed in the second quarter of 2024.

(2)	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.

(3)	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.


	September 30, 2024						December 31, 2023
					Weighted-						Weighted-
	Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)	4.14	-	4.19	%	4.16	%	4.00	-	4.20	%	4.10	%
Long-term equity market volatility	18.10	-	35.43	%	21.71	%	18.00	-	33.00	%	22.00	%
Nonperformance risk	0.49	-	1.22	%	1.02	%	0.80	-	1.60	%	1.30	%
Lapse rate	0.90	-	55.00	%	5.14	%	1.10	-	55.00	%	5.90	%
Principal Asset Management – Principal International:
Asia:
Guaranteed pension (2)
Long-term interest rate (1)	N/A		N/A		N/A		4.54	-	4.70	%	4.61	%
Long-term equity market volatility	N/A		N/A		N/A		16.39	-	23.75	%	19.64	%
Nonperformance risk	N/A		N/A		N/A		0.90	-	1.77	%	1.51	%
Lapse rate	N/A		N/A		N/A		4.95	-	19.35	%	16.80	%

(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.

(2)	The guaranteed pension funds were closed in the second quarter of 2024.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

16. 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.

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 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 focused 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 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) related to equity method investments,

●

Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments,

●

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.

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, amortization of reinsurance gain (loss) and other impacts of reinsured business. Other impacts of reinsured business primarily includes change in reserves and DAC amortization.

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) related to equity method investments and

●

Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments.

●

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 other postretirement employee benefits (“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:


	September 30, 2024		December 31, 2023

	(in millions)
Assets:
Retirement and Income Solutions	$	226,719.7	$	213,208.3
Principal Asset Management		48,135.6		45,905.2
Benefits and Protection		46,314.3		43,763.5
Corporate		1,688.1		2,169.7
Total consolidated assets	$	322,857.7	$	305,046.7


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Operating revenues by segment:
Retirement and Income Solutions (1)	$	1,686.4	$	1,651.1	$	5,813.1	$	4,940.9
Principal Asset Management:
Principal Global Investors		431.0		424.6		1,246.1		1,207.4
Principal International		314.8		249.6		850.5		857.0
Eliminations		(5.7)		(5.4)		(16.4)		(16.2)
Total Principal Asset Management (2)		740.1		668.8		2,080.2		2,048.2
Benefits and Protection:
Specialty Benefits		868.9		816.6		2,575.5		2,391.0
Life Insurance		344.8		335.0		1,011.7		989.6
Eliminations		(0.2)		(0.2)		(0.6)		(0.5)
Total Benefits and Protection		1,213.5		1,151.4		3,586.6		3,380.1
Corporate		31.1		6.7		68.6		48.9
Total segment operating revenues		3,671.1		3,478.0		11,548.5		10,418.1
Net realized capital gains, net of related revenue adjustments		119.1		226.2		173.3		141.6
Revenues from exited business (3)		(741.0)		924.9		(253.9)		508.2
Adjustments related to equity method investments		(26.0)		(18.5)		(57.9)		(57.9)
Market risk benefit derivative settlements		(11.6)		(11.9)		(34.3)		(35.0)
Total revenues per consolidated statements of operations	$	3,011.6	$	4,598.7	$	11,375.7	$	10,975.0

Pre-tax operating earnings (losses) by segment:
Retirement and Income Solutions	$	246.1	$	304.7	$	776.1	$	786.8
Principal Asset Management		268.7		222.4		645.2		598.4
Benefits and Protection		64.4		169.0		308.5		393.2
Corporate		(79.4)		(114.8)		(271.7)		(308.3)
Total segment pre-tax operating earnings		499.8		581.3		1,458.1		1,470.1
Pre-tax net realized capital gains (losses), as adjusted (4)		28.3		155.5		(24.9)		70.1
Pre-tax income (loss) from exited business (5)		(809.1)		879.2		(615.4)		352.3
Adjustments related to equity method investments and noncontrolling interest		(12.8)		(11.1)		(40.6)		(46.5)
Income (loss) before income taxes per consolidated statements of operations	$	(293.8)	$	1,604.9	$	777.2	$	1,846.0

(1)	Reflects inter-segment revenues of $106.3 million and $101.8 million for the three months ended September 30, 2024 and 2023, respectively, $332.3 million and $293.6 million for the nine months ended September 30, 2024 and 2023, respectively.

(2)	Reflects inter-segment revenues of $80.0 million and $79.9 million for the three months ended September 30, 2024 and 2023, respectively, $226.2 million and $220.5 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)	Revenues from exited business is derived as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$	(776.8)	$	925.6	$	(346.9)	$	392.9
Net realized capital gains on funds withheld assets		39.4		1.0		105.9		119.8
Amortization of reinsurance gain		0.6		1.6		2.7		4.5
Other impacts of reinsured business		(4.2)		(3.3)		(15.6)		(9.0)
Total revenues from exited business	$	(741.0)	$	924.9	$	(253.9)	$	508.2

(4)	Pre-tax net realized capital gains (losses), as adjusted, is derived as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Net realized capital gains:
Net realized capital gains	$	77.4	$	179.3	$	61.3	$	40.5
Derivative and hedging-related revenue adjustments		17.3		26.6		52.4		23.7
Market value adjustments to fee revenues		—		0.1		0.1		0.3
Certain variable annuity fees		17.7		18.5		53.9		55.3
Equity method investments		0.3		(4.1)		(13.6)		4.2
Sponsored investment funds and other adjustments		6.4		5.8		19.2		17.6
Net realized capital gains, net of related revenue adjustments		119.1		226.2		173.3		141.6
Amortization of actuarial balances		(0.3)		(0.3)		(0.6)		(0.2)
Capital gains distributed		(41.5)		(31.8)		(133.5)		(30.2)
Derivative and hedging-related expense adjustments		(2.6)		0.8		(2.8)		0.9
Market value adjustments of market risk benefits		(40.8)		(30.1)		(45.6)		(41.0)
Market value adjustments of embedded derivatives		(5.6)		(9.3)		(15.7)		(1.0)
Pre-tax net realized capital gains (losses), as adjusted (a)	$	28.3	$	155.5	$	(24.9)	$	70.1

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

(5)	Pre-tax income (loss) from exited business included:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Pre-tax income (loss) from exited business
Change in fair value of funds withheld embedded derivative	$	(776.8)	$	925.6	$	(346.9)	$	392.9
Net realized capital gains on funds withheld assets		39.4		1.0		105.9		119.8
Amortization of reinsurance loss (a)		(46.4)		(8.1)		(474.0)		(50.5)
Other impacts of reinsured business (a)		(25.3)		(39.3)		99.6		(109.9)
Total pre-tax income (loss) from exited business	$	(809.1)	$	879.2	$	(615.4)	$	352.3

(a)Includes the one-time impact of YRT reinsurance transactions in 2024.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: 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 22: 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 23: 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 24: 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 25: 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

Stock-Based Compensation Plans - Nonqualified Stock Options, Assumptions and Other Disclosures (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Nonqualified Stock Options
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)	0.0	0.0

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

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

^[1]

$ 77.4

$ 179.3

$ 61.3

$ 40.5

Reconciling items

Derivative and hedging-related revenue adjustments

77.4

179.3

61.3

40.5

17.3

26.6

52.4

23.7

Certain variable annuity fees

17.7

18.5

53.9

55.3

Market value adjustments to fee revenues

0.1

0.3

Equity method investments

0.3

(4.1)

(13.6)

4.2

Sponsored investment funds and other adjustments

6.4

5.8

19.2

17.6

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

119.1

226.2

173.3

141.6

Amortization of deferred acquisition costs and other actuarial balances

(0.3)

(0.6)

(0.2)

Capital (gains) losses distributed

(41.5)

(31.8)

(133.5)

(30.2)

Derivative and hedging-related expense adjustments

(2.6)

0.8

(2.8)

0.9

Market value adjustments of market risk benefits

(40.8)

(30.1)

(45.6)

(41.0)

Market value adjustments of embedded derivatives

(5.6)

(9.3)

(15.7)

(1.0)

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

$ 28.3

$ 155.5

$ (24.9)

$ 70.1

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

Separate Account Balances - Retirement and Income Solutions (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	180,653.5	$ 167,605.6
Retirement and Income Solutions
Changes in separate account liabilities
Balance at beginning of period	126,650.4
Balance at end of period	136,650.4	126,650.4
Retirement and Income Solutions \| Group retirement contracts
Changes in separate account liabilities
Balance at beginning of period	117,518.5	107,240.1
Premiums and deposits	12,411.0	11,379.0
Policy charges	(262.0)	(366.0)
Surrenders, withdrawals and benefit payments	(14,789.3)	(13,916.8)
Investment performance	14,905.2	15,820.7
Net transfers (to) from general account	(2,502.9)	(2,461.1)
Other	386.7	(177.4)
Balance at end of period	127,667.2	117,518.5
Cash surrender value	126,239.2	116,522.1
Retirement and Income Solutions \| Individual variable annuities
Changes in separate account liabilities
Balance at beginning of period	9,131.9	8,659.0
Premiums and deposits	264.7	328.5
Policy charges	(150.2)	(204.5)
Surrenders, withdrawals and benefit payments	(1,363.8)	(1,018.2)
Investment performance	1,103.6	1,315.1
Net transfers (to) from general account	(3.0)	30.4
Other		21.6
Balance at end of period	8,983.2	9,131.9
Cash surrender value	$ 8,865.0	$ 9,011.5

Investments - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 75.6		$ 75.6		$ 68.6	$ 67.8
Financing receivables, Non-accrual assets without a valuation allowance					0.5
Financing receivables, Nonaccrual, Interest Income Accrual Reversal	0.4	$ 0.7	0.3	$ 0.7
Direct financing leases, Total amortized cost	623.3		623.3		650.1
Mortgage loans and direct financing leases, Total amortized cost	20,980.6		20,980.6		21,097.0
Mortgage loans and direct financing leases, Recorded investment 90 days or more past due and accruing	10.2		10.2		8.3
Reinsurance recoverable and deposit receivable	20,061.0		20,061.0		20,614.9
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and direct financing leases, Total amortized cost	74.7		74.7		54.8
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost					4.1
Mortgage loans and direct financing leases, Total amortized cost	18.9		18.9		21.0
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and direct financing leases, Total amortized cost	35.1		35.1		29.6
Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost					4.1
Mortgage loans and direct financing leases, Total amortized cost	128.7		128.7		105.4
Reinsurance recoverable and deposit receivable	0.0		0.0		0.0
Current
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	623.3		623.3		646.0
Mortgage loans and direct financing leases, Total amortized cost	20,851.9		20,851.9		20,991.6
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	57.8		57.8		58.4	50.0
Financing receivables, Nonaccrual, Interest Income Accrual Reversal	0.4	$ 0.7	0.2	$ 0.7
Mortgage loans, Total amortized cost	16,609.5		16,609.5		16,581.8
Commercial mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	19.2		19.2		7.8
Commercial mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.8		1.8		0.8
Commercial mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	11.9		11.9		12.5
Commercial mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	32.9		32.9		21.1
Commercial mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	16,576.6		16,576.6		16,560.7
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	17.8		17.8		10.2	$ 17.8
Financing receivables, Non-accrual assets without a valuation allowance					0.5
Financing receivables, Nonaccrual, Interest Income Accrual Reversal			0.1
Mortgage loans, Total amortized cost	3,593.2		3,593.2		3,696.5
Mortgage loans, Recorded investment 90 days or more past due and accruing	9.2		9.2		7.7
Residential mortgage loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	53.6		53.6		46.0
Residential mortgage loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	15.4		15.4		15.6
Residential mortgage loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	22.1		22.1		16.4
Residential mortgage loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	91.1		91.1		78.0
Residential mortgage loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	3,502.1		3,502.1		3,618.5
Other loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	154.6		154.6		168.6
Mortgage loans, Recorded investment 90 days or more past due and accruing	1.0		1.0		0.6
Other loans \| 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.9		1.9		1.0
Other loans \| 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.7		1.7		0.5
Other loans \| 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.1		1.1		0.7
Other loans \| Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	4.7		4.7		2.2
Other loans \| Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	$ 149.9		$ 149.9		$ 166.4

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash Flow Hedges
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions			2 years 4 months 24 days
Net gains (losses) reported in AOCI related to active cash flow hedges of forecasted transactions	$ (7.9)		$ (7.9)
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(48.5)	$ (17.0)	5.3	$ (19.9)
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months			26.8
Interest rate contracts - hedged on fixed maturities, available for sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	18.0	(20.3)	7.9	(1.8)
Interest rate contracts - hedged on investment contracts
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(2.3)	(3.1)	(9.0)	(7.7)
Foreign exchange contracts - hedged on fixed maturities, available for sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ (64.2)	$ 6.4	$ 6.4	$ (10.4)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net cash provided by (used in) operating activities	$ 3,143.9	$ 2,848.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(8,844.4)	(8,430.3)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	2,825.8	4,007.5
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	4,968.4	3,874.4
Mortgage loans acquired or originated	(1,496.7)	(1,610.9)
Mortgage loans sold or repaid	1,504.5	1,681.5
Real estate acquired	(111.2)	(137.6)
Real estate sold	117.3	131.9
Net purchases of property and equipment	(51.9)	(74.1)
Purchase of business or interests in subsidiaries, net of cash acquired	(27.6)
Net change in other investments	(512.8)	(574.3)
Net cash provided by (used in) investing activities	(1,628.6)	(1,131.9)
Financing activities
Issuance of common stock	43.1	43.4
Acquisition of treasury stock	(736.3)	(489.7)
Payments for financing element derivatives	(32.2)	(31.7)
Purchase of subsidiary shares from noncontrolling interest	(1.0)	(2.8)
Dividends to common stockholders	(492.7)	(466.5)
Issuance of long-term debt		691.5
Principal repayments of long-term debt	(0.1)	(764.0)
Net proceeds from (repayments of) short-term borrowings	(21.3)	(58.1)
Investment contract deposits	9,135.8	6,709.9
Investment contract withdrawals	(8,354.0)	(7,084.0)
Net increase (decrease) in banking operation deposits	410.0	(548.3)
Other	0.2	0.1
Net cash provided by (used in) financing activities	(48.5)	(2,000.2)
Net increase (decrease) in cash and cash equivalents	1,466.8	(283.7)
Cash and cash equivalents at beginning of period	4,707.7	4,848.0
Cash and cash equivalents at end of period	6,174.5	4,564.3
Supplemental disclosure of non-cash activities:
Assets received in kind for pension risk transfer transactions	$ 405.0
Asset changes resulting from deconsolidation of residential whole loan securitizations:
Decrease in mortgage loans		(294.5)
Increase in fixed maturities, available-for-sale		227.4
Increase in fixed maturities, trading		$ 8.4

Separate Account Balances - Separate Account Asset (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 180,653.5	$ 167,605.6
Fixed maturities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	36,809.0	35,503.9
Fixed maturities \| U.S. government and agencies
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,001.4	8,467.3
Fixed maturities \| Non-U.S. governments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	9,783.0	8,522.3
Fixed maturities \| States and political subdivisions
Separate Account Assets
Total separate account assets per consolidated statements of financial position	175.1	205.1
Fixed maturities \| Corporate debt securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	13,775.2	13,386.4
Fixed maturities \| Residential mortgage-backed pass-through securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	4,025.4	4,126.1
Fixed maturities \| Commercial mortgage-backed securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	225.1	221.1
Fixed maturities \| Other debt obligations
Separate Account Assets
Total separate account assets per consolidated statements of financial position	823.8	575.6
Equity securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	129,419.5	118,073.7
Real estate
Separate Account Assets
Total separate account assets per consolidated statements of financial position	442.6	494.6
Other investments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	9,787.8	9,436.2
Cash and cash equivalents
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,435.4	3,332.8
Other assets
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 759.2	$ 764.4

Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 83.3	$ 77.4
Related income tax benefit	18.7	12.8
Capitalized as part of an asset	$ 0.9	$ 3.3
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)	20.4

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.

Investments - Fixed Maturities (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Jun. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

$ 72,696.4

$ 70,781.4

1,206.9

773.6

Allowance, fixed maturities

4,752.2

5,877.2

2.8

$ 2.9

4.7

$ 6.5

$ 8.5

$ 7.8

Accrued interest receivable

^[1]

69,148.3

65,673.1

661.3

619.2

U.S. government and agencies

1,952.8

1,745.3

35.5

19.3

227.1

235.8

1,761.2

1,528.8

Non-U.S. governments

560.1

550.3

19.3

17.3

54.3

59.7

States and political subdivisions

525.1

507.9

7,273.3

7,566.4

52.7

44.3

805.6

933.9

Corporate debt securities

6,520.4

6,676.8

38,915.3

38,431.3

902.1

578.5

Allowance, fixed maturities

2,647.6

3,195.2

2.6

2.8

4.6

6.4

8.4

7.7

Residential mortgage-backed pass-through securities

37,167.2

35,810.0

3,596.3

3,199.7

44.8

26.0

129.0

164.6

Commercial mortgage-backed securities

3,512.1

3,061.1

5,421.2

5,428.6

7.9

1.2

414.2

654.3

Collateralized debt obligations

5,014.9

4,775.5

6,150.2

5,386.0

56.4

44.9

7.3

27.2

6,199.3

5,403.7

Other debt obligations

8,827.2

8,473.8

88.2

42.1

Allowance, fixed maturities

467.1

606.5

0.2

$ 0.1

0.1

$ 0.1

Stock-Based Compensation Disclosures (Table)

$ 8,448.1

$ 7,909.3

[1]	See Note 3, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Direct financing leases, Changes in financing receivable valuation allowance
Beginning balance, Direct financing lease valuation allowance	$ 1.9	$ 1.1	$ 0.9	$ 0.6
Provision: Direct financing lease valuation allowance	1.3		2.4	0.5
Foreign currency translation adjustment: Direct financing lease valuation allowance	0.2	(0.1)	0.1	(0.1)
Ending balance, Direct financing lease valuation allowance	3.4	1.0	3.4	1.0
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	179.4	112.1	139.6	86.8
Provision	52.3	7.1	104.0	31.6
Charge-offs	(38.2)	(0.1)	(50.1)	(0.2)
Recoveries	0.3	0.4	0.7	1.1
Foreign currency translation adjustment	0.4	(0.4)		(0.2)
Ending balance valuation allowance	194.2	119.1	194.2	119.1
Allowance recorded	194.2	119.1	194.2	119.1
Commercial mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	165.0	101.5	128.8	77.9
Provision: Financing receivable valuation allowance	52.1	6.0	100.3	29.5
Charge-offs: Financing receivable valuation allowance	(38.1)		(49.9)
Foreign currency translation adjustment: Financing receivable valuation allowance	0.1	(0.2)	(0.1)	(0.1)
Ending balance, Financing receivable valuation allowance	179.1	107.3	$ 179.1	107.3
Total, Changes in financing receivable valuation allowance
Mortgage loans, Days delinquent to be analyzed for valuation allowance			60 days
Residential mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	9.4	6.8	$ 6.7	5.6
Provision: Financing receivable valuation allowance	(1.1)	1.1	1.4	1.6
Charge-offs: Financing receivable valuation allowance	(0.1)	(0.1)	(0.2)	(0.2)
Recoveries: Financing receivable valuation allowance	0.3	0.4	0.7	1.1
Foreign currency translation adjustment: Financing receivable valuation allowance	0.1	(0.1)
Ending balance, Financing receivable valuation allowance	8.6	8.1	$ 8.6	8.1
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	3.1	2.7	$ 3.2	2.7
Provision: Financing receivable valuation allowance			(0.1)
Ending balance, Financing receivable valuation allowance	3.1	2.7	3.1	2.7
Other loans
Total, Changes in financing receivable valuation allowance
Ending balance valuation allowance	0.0	0.0	0.0	0.0
Allowance recorded	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation Plans


	For the nine months ended September 30,
	2024		2023

	(in millions)
Compensation cost	$	83.3	$	77.4
Related income tax benefit		18.7		12.8
Capitalized as part of an asset		0.9		3.3

Future Policy Benefits and Claims (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer	$	25,554.1	$	23,855.8
Individual fixed income annuities		4,763.3		4,914.1
Total Retirement and Income Solutions		30,317.4		28,769.9
Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities		4,795.8		4,593.7
Benefits and Protection:
Specialty Benefits:
Individual disability		2,017.8		1,898.4
Life Insurance:
Term life		1,284.0		1,085.9
Total Benefits and Protection		3,301.8		2,984.3
Corporate:
Long-term care insurance		175.7		166.7
Total liability for future policy benefits		38,590.7		36,514.6

Additional liability for certain benefit features by segment (2):
Benefits and Protection – Life Insurance:
Universal life		5,873.3		5,326.5
Total additional liability for certain benefit features		5,873.3		5,326.5

Reconciling items:
Participating contracts		2,959.7		3,060.5
Short-duration contracts		1,277.5		1,283.4
Cost of reinsurance liability		858.0		424.6
Reinsurance recoverable liability		55.8		45.2
Other (3)		217.6		171.7
Future policy benefits and claims per consolidated statements of financial position	$	49,832.6	$	46,826.5

(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.

Schedule of Liability for Unpaid Claims (Table)


	For the nine months ended September 30,
	2024		2023

	(in millions)
Balance at beginning of period	$	1,405.9	$	1,395.0
Less: reinsurance recoverable		67.8		68.6
Net balance at beginning of period		1,338.1		1,326.4
Incurred:
Current year		1,332.8		1,233.1
Prior years		(92.8)		(92.1)
Total incurred		1,240.0		1,141.0
Payments:
Current year		934.5		856.6
Prior years		315.2		295.4
Total payments		1,249.7		1,152.0
Net balance at end of period		1,328.4		1,315.4
Plus: reinsurance recoverable		62.8		66.5
Balance at end of period	$	1,391.2	$	1,381.9

Summary of gross premiums or assessments and interest accretion recognized by segment (Table)

Gross premiums or assessments (1)

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Retirement and Income Solutions:

Pension risk transfer

466.3

553.9

2,210.4

1,741.8

Individual fixed income annuities

7.0

11.6

35.2

31.6

Total Retirement and Income Solutions

473.3

565.5

2,245.6

1,773.4

Principal Asset Management – Principal International:

Latin America:

Individual fixed income annuities

5.1

2.4

18.1

17.6

Benefits and Protection:

Specialty Benefits:

Individual disability

166.0

161.9

480.5

467.2

Life Insurance:

Universal life

177.8

170.7

534.7

512.8

Term life

171.1

162.3

504.8

485.2

Total Benefits and Protection

514.9

494.9

1,520.0

1,465.2

Corporate:

Long-term care insurance

1.1

1.2

3.8

3.9

Total per consolidated statements of operations

994.4

1,064.0

3,787.5

3,260.1

(1)

Interest accretion (1)

For the three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Retirement and Income Solutions:

Pension risk transfer

289.9

254.4

842.5

749.5

Individual fixed income annuities

51.6

54.5

157.4

165.3

Total Retirement and Income Solutions

341.5

308.9

999.9

914.8

Principal Asset Management – Principal International:

Latin America:

Individual fixed income annuities (2)

76.9

56.7

239.7

276.4

Benefits and Protection:

Specialty Benefits:

Individual disability

25.4

23.8

74.4

70.5

Life Insurance:

Universal life

64.9

56.7

186.9

150.6

Term life

14.9

12.3

41.7

35.4

Total Benefits and Protection

105.2

92.8

303.0

256.5

Corporate:

Long-term care insurance

2.4

2.3

6.9

7.4

Total per consolidated statements of operations

526.0

460.7

1,549.5

1,455.1

(1)Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(2)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.

Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments	$	38,622.7	$	36,325.5

Individual fixed income annuities
Expected undiscounted future benefit payments	$	6,717.8	$	7,292.0

Principal Asset Management – Principal International:
Latin America:
Individual fixed income annuities
Expected undiscounted future benefit payments	$	6,085.6	$	6,296.0

Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums	$	5,731.8	$	5,456.4
Expected undiscounted future gross premiums	$	8,664.9	$	8,264.8
Expected undiscounted future benefit payments	$	9,823.7	$	8,981.2

Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums	$	6,960.6	$	6,385.1
Expected undiscounted future gross premiums	$	11,304.0	$	10,287.2
Expected undiscounted future benefit payments	$	8,908.7	$	7,832.3

Corporate:
Long-term care insurance
Expected discounted future gross premiums	$	38.0	$	42.8
Expected undiscounted future gross premiums	$	52.7	$	60.3
Expected undiscounted future benefit payments	$	358.7	$	371.0

Summary of weighted-average rates of interest accretion and current discount (Table)


	Interest accretion rate				Current discount rate
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Retirement and Income Solutions:
Pension risk transfer	4.59	%	4.52	%	4.90	%	4.99	%
Individual fixed income annuities	4.22	%	4.22	%	4.84	%	4.97	%
Principal Asset Management – Principal International (1):
Latin America:
Individual fixed income annuities	4.21	%	4.22	%	2.48	%	3.23	%
Benefits and Protection:
Specialty Benefits:
Individual disability	3.91	%	3.96	%	5.01	%	5.05	%
Life Insurance:
Universal life	4.75	%	4.75	%	See note (2)		See note (2)
Term life	4.83	%	4.83	%	4.67	%	4.90	%
Corporate:
Long-term care insurance	6.16	%	6.16	%	4.93	%	5.01	%

(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.

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 nine months ended

For the year ended

September 30, 2024

December 31, 2023

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

23,855.8

4,914.1

21,211.4

5,019.4

Effect of changes in discount rate assumptions at beginning of period

1,036.1

296.7

1,799.6

439.0

Balance at beginning of period at original discount rate

24,891.9

5,210.8

23,011.0

5,458.4

Effect of changes in cash flow assumptions

(3.4)

(38.4)

(53.4)

(1.3)

Effect of actual variances from expected experience

(1.7)

(2.6)

(14.6)

(0.1)

Adjusted beginning of period balance at original discount rate

24,886.8

5,169.8

22,943.0

5,457.0

Interest accrual

842.5

157.4

1,008.6

219.1

Benefit payments

(1,658.3)

(375.3)

(1,981.4)

(507.3)

Issuances

2,218.0

34.9

2,921.7

42.0

Balance at end of period at original discount rate

26,289.0

4,986.8

24,891.9

5,210.8

Effect of changes in discount rate assumptions at end of period

(734.9)

(223.5)

(1,036.1)

(296.7)

Future policy benefits

25,554.1

4,763.3

23,855.8

4,914.1

Reinsurance impact

—

(4,733.1)

—

(4,869.1)

Future policy benefits after reinsurance

25,554.1

30.2

23,855.8

45.0

Weighted-average duration for future policy benefits (years) (1)

8.3

7.5

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

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 nine months ended				For the year ended
	September 30, 2024				December 31, 2023
	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	$	2,552.3	$	3,793.7	$	2,341.8	$	3,423.2
Effect of changes in discount rate assumptions at beginning of period		313.7		100.1		395.2		196.0
Balance at beginning of period at original discount rate		2,866.0		3,893.8		2,737.0		3,619.2
Effect of changes in cash flow assumptions		196.4		419.9		(37.6)		143.5
Effect of actual variances from expected experience		140.6		40.7		244.3		103.3
Adjusted beginning of period balance at original discount rate		3,203.0		4,354.4		2,943.7		3,866.0
Interest accrual		76.5		140.3		95.6		171.9
Net premiums collected		(216.1)		(290.8)		(273.4)		(359.8)
Issuances		65.9		181.1		100.1		215.7
Balance at end of period at original discount rate		3,129.3		4,385.0		2,866.0		3,893.8
Effect of changes in discount rate assumptions at end of period		(307.1)		(72.8)		(313.7)		(100.1)
Balance at end of period	$	2,822.2	$	4,312.2	$	2,552.3	$	3,793.7

Present value of expected future policy benefit payments
Balance at beginning of period	$	4,450.7	$	4,879.6	$	4,040.6	$	4,332.2
Effect of changes in discount rate assumptions at beginning of period		903.5		124.5		1,021.4		251.6
Balance at beginning of period at original discount rate		5,354.2		5,004.1		5,062.0		4,583.8
Effect of changes in cash flow assumptions		240.5		488.1		(51.5)		181.8
Effect of actual variances from expected experience		146.8		41.2		260.8		116.8
Adjusted beginning of period balance at original discount rate		5,741.5		5,533.4		5,271.3		4,882.4
Interest accrual		150.9		182.0		190.1		220.1
Benefit payments		(164.6)		(235.4)		(210.0)		(330.4)
Issuances		66.4		194.1		102.8		232.0
Balance at end of period at original discount rate		5,794.2		5,674.1		5,354.2		5,004.1
Effect of changes in discount rate assumptions at end of period		(954.2)		(77.9)		(903.5)		(124.5)
Balance at end of period	$	4,840.0	$	5,596.2	$	4,450.7	$	4,879.6

Future policy benefits (1)	$	2,017.8	$	1,284.0	$	1,898.4	$	1,085.9
Reinsurance impact		(450.2)		27.0		(421.6)		45.2
Future policy benefits after reinsurance	$	1,567.6	$	1,311.0	$	1,476.8	$	1,131.1

Weighted-average duration for future policy benefits (years) (2)		18.7		8.7		18.4		9.4

(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)


	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Balance at beginning of period	$	5,326.5	$	4,095.2
Effect of changes in cash flow assumptions		151.9		725.4
Effect of actual variances from expected experience		20.7		45.2
Interest accrual		186.9		209.2
Net assessments collected		316.3		378.1
Benefit payments		(129.0)		(126.6)
Balance at end of period		5,873.3		5,326.5
Reinsurance impact		(5,848.7)		(5,306.2)
Balance at end of period after reinsurance	$	24.6	$	20.3

Weighted-average duration for additional liability (years) (1)		23.9		26.2

(1)	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

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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	4,593.7	$	5,042.3
Effect of changes in discount rate assumptions at beginning of period		(351.8)		(754.6)
Balance at beginning of period at original discount rate		4,241.9		4,287.7
Effect of actual variances from expected experience		0.1		0.9
Adjusted beginning of period balance at original discount rate		4,242.0		4,288.6
Interest accrual (1)		239.7		385.8
Benefit payments		(245.8)		(355.9)
Issuances		17.8		30.0
Foreign currency translation adjustment		(114.9)		(106.6)
Balance at end of period at original discount rate		4,138.8		4,241.9
Effect of changes in discount rate assumptions at end of period		657.0		351.8
Future policy benefits	$	4,795.8	$	4,593.7

Weighted-average duration for future policy benefits (years) (2)		10.1		9.9

(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

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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	42.8	$	64.6
Effect of changes in discount rate assumptions at beginning of period		(3.0)		(3.6)
Balance at beginning of period at original discount rate		39.8		61.0
Effect of changes in cash flow assumptions		(5.3)		(13.3)
Effect of actual variances from expected experience		(3.4)		(5.7)
Adjusted beginning of period balance at original discount rate		31.1		42.0
Interest accrual		1.5		2.9
Net premiums collected		(3.7)		(5.1)
Balance at end of period at original discount rate		28.9		39.8
Effect of changes in discount rate assumptions at end of period		2.4		3.0
Balance at end of period	$	31.3	$	42.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	209.5	$	248.1
Effect of changes in discount rate assumptions at beginning of period		(20.0)		(18.9)
Balance at beginning of period at original discount rate		189.5		229.2
Effect of changes in cash flow assumptions		(1.2)		(40.5)
Effect of actual variances from expected experience		0.9		2.5
Adjusted beginning of period balance at original discount rate		189.2		191.2
Interest accrual		8.4		12.5
Benefit payments		(10.9)		(14.2)
Balance at end of period at original discount rate		186.7		189.5
Effect of changes in discount rate assumptions at end of period		20.3		20.0
Balance at end of period	$	207.0	$	209.5

Future policy benefits (1)	$	175.7	$	166.7
Reinsurance impact		(175.7)		(166.7)
Future policy benefits after reinsurance	$	—	$	—

Weighted-average duration for future policy benefits (years) (2)		9.8		10.4

(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.

Deferred Acquisition Costs and Other Actuarial Balances (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregated DAC amounts and reconciliation (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	512.3	$	506.4
Individual variable annuities		308.9		279.5
Pension risk transfer		19.1		15.4
Individual fixed deferred annuities		89.9		106.1
Investment only		12.8		11.5
Total Retirement and Income Solutions		943.0		918.9
Benefits and Protection:
Specialty Benefits:
Individual disability		691.1		667.7
Life Insurance:
Universal life		1,530.1		1,545.3
Term life		706.8		695.1
Participating life		79.5		84.7
Total Benefits and Protection		3,007.5		2,992.8
Short-duration contracts		34.9		31.1
Other balances (1)		6.8		7.7
Total DAC per consolidated statements of financial position	$	3,992.2	$	3,950.5

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	504.0	$	485.5
Other balances (1)		6.2		7.2
Total unearned revenue liability	$	510.2	$	492.7

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

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, 2023	$	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
Costs deferred		35.2		50.4		4.4		—		5.0
Amortized to expense		(29.3)		(21.0)		(0.7)		(16.2)		(3.7)
Balances as of September 30, 2024	$	512.3	$	308.9	$	19.1	$	89.9	$	12.8

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, 2023	$	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
Costs deferred		60.0		55.3		58.9		1.3
Amortized to expense		(36.6)		(70.5)		(47.2)		(6.5)
Balances as of September 30, 2024	$	691.1	$	1,530.1	$	706.8	$	79.5

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 nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	(in millions)
Balance at beginning of period	$	485.5	$	459.0
Deferrals		41.9		56.3
Revenue recognized		(23.4)		(29.8)
Balance at end of period		504.0		485.5
Reinsurance impact		(222.0)		(225.1)
Balance at end of period after reinsurance	$	282.0	$	260.4

Condensed Consolidated Statements of Financial Position - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Assets

Fixed maturities, trading (2024 and 2023 include $174.7 million and $81.2 million related to consolidated variable interest entities)

^[1]

$ 69,148.3

$ 65,673.1

858.9

836.2

Equity securities (2024 and 2023 include $410.6 million and $394.4 million related to consolidated variable interest entities)

1,581.9

1,478.1

Mortgage loans (2024 and 2023 include $818.2 million and $871.9 million related to consolidated variable interest entities)

20,015.0

20,142.8

Real estate (2024 and 2023 include $743.9 million and $779.1 million related to consolidated variable interest entities)

2,424.4

2,345.3

Policy loans

836.9

809.3

Other investments (2024 and 2023 include $621.7 million and $596.4 million related to consolidated variable interest entities and $139.5 million and $163.2 million measured at fair value under the fair value option)

7,782.3

7,035.6

Total investments

102,647.7

98,320.4

Cash and cash equivalents (2024 and 2023 include $95.0 million and $83.6 million related to consolidated variable interest entities)

6,174.5

4,707.7

Accrued investment income

840.2

786.2

Reinsurance recoverable and deposit receivable

20,057.9

20,611.7

Premiums due and other receivables

3,730.2

3,998.8

Deferred acquisition costs

3,992.2

3,950.5

Market risk benefit asset

162.6

153.4

Property and equipment

798.2

938.4

Goodwill

1,597.1

1,608.5

Other intangibles

1,424.4

1,469.8

Separate account assets (2024 and 2023 include $36,897.4 million and $34,688.3 million related to consolidated variable interest entities)

180,653.5

167,605.6

Other assets

779.2

895.7

Future policy benefits and claims

322,857.7

305,046.7

Liabilities

Contractholder funds

42,499.4

41,501.1

49,832.6

46,826.5

Market risk benefit liability

96.0

133.2

Other policyholder funds

911.4

916.8

Short-term debt

37.3

61.1

Long-term debt

3,932.9

3,930.9

Income taxes currently payable

9.4

11.9

Deferred income taxes

1,770.3

1,613.3

Separate account liabilities (2024 and 2023 include $36,897.4 million and $34,688.3 million related to consolidated variable interest entities)

180,653.5

167,605.6

Funds withheld payable

19,076.3

19,629.5

Other liabilities (2024 and 2023 include $96.4 million and $87.7 million related to consolidated variable interest entities)

12,445.4

11,606.2

Redeemable noncontrolling interest (2024 and 2023 include $275.3 million and $226.4 million related to consolidated variable interest entities)

311,264.5

293,836.1

311.8

248.9

Stockholders' equity

Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 494,292,980 and 492,279,405 shares issued as of 2024 and 2023; 229,291,302 and 236,438,294 shares outstanding as of 2024 and 2023

4.9

Additional paid-in capital

11,045.2

10,908.6

Retained earnings (accumulated deficit)

16,847.0

16,683.5

Accumulated other comprehensive income (loss)

(4,585.0)

(5,345.3)

Treasury stock, at cost; 265,001,678 and 255,841,111 shares as of 2024 and 2023

(12,074.7)

(11,335.7)

Total stockholders' equity attributable to Principal Financial Group, Inc.

11,237.4

10,916.0

Noncontrolling interest

44.0

45.7

Total stockholders' equity

11,281.4

10,961.7

Total liabilities and stockholders' equity

$ 322,857.7

$ 305,046.7

[1]	See Note 3, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Assets:
Retirement and Income Solutions	$	226,719.7	$	213,208.3
Principal Asset Management		48,135.6		45,905.2
Benefits and Protection		46,314.3		43,763.5
Corporate		1,688.1		2,169.7
Total consolidated assets	$	322,857.7	$	305,046.7

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Operating revenues by segment:
Retirement and Income Solutions (1)	$	1,686.4	$	1,651.1	$	5,813.1	$	4,940.9
Principal Asset Management:
Principal Global Investors		431.0		424.6		1,246.1		1,207.4
Principal International		314.8		249.6		850.5		857.0
Eliminations		(5.7)		(5.4)		(16.4)		(16.2)
Total Principal Asset Management (2)		740.1		668.8		2,080.2		2,048.2
Benefits and Protection:
Specialty Benefits		868.9		816.6		2,575.5		2,391.0
Life Insurance		344.8		335.0		1,011.7		989.6
Eliminations		(0.2)		(0.2)		(0.6)		(0.5)
Total Benefits and Protection		1,213.5		1,151.4		3,586.6		3,380.1
Corporate		31.1		6.7		68.6		48.9
Total segment operating revenues		3,671.1		3,478.0		11,548.5		10,418.1
Net realized capital gains, net of related revenue adjustments		119.1		226.2		173.3		141.6
Revenues from exited business (3)		(741.0)		924.9		(253.9)		508.2
Adjustments related to equity method investments		(26.0)		(18.5)		(57.9)		(57.9)
Market risk benefit derivative settlements		(11.6)		(11.9)		(34.3)		(35.0)
Total revenues per consolidated statements of operations	$	3,011.6	$	4,598.7	$	11,375.7	$	10,975.0

Pre-tax operating earnings (losses) by segment:
Retirement and Income Solutions	$	246.1	$	304.7	$	776.1	$	786.8
Principal Asset Management		268.7		222.4		645.2		598.4
Benefits and Protection		64.4		169.0		308.5		393.2
Corporate		(79.4)		(114.8)		(271.7)		(308.3)
Total segment pre-tax operating earnings		499.8		581.3		1,458.1		1,470.1
Pre-tax net realized capital gains (losses), as adjusted (4)		28.3		155.5		(24.9)		70.1
Pre-tax income (loss) from exited business (5)		(809.1)		879.2		(615.4)		352.3
Adjustments related to equity method investments and noncontrolling interest		(12.8)		(11.1)		(40.6)		(46.5)
Income (loss) before income taxes per consolidated statements of operations	$	(293.8)	$	1,604.9	$	777.2	$	1,846.0

(1)	Reflects inter-segment revenues of $106.3 million and $101.8 million for the three months ended September 30, 2024 and 2023, respectively, $332.3 million and $293.6 million for the nine months ended September 30, 2024 and 2023, respectively.

(2)	Reflects inter-segment revenues of $80.0 million and $79.9 million for the three months ended September 30, 2024 and 2023, respectively, $226.2 million and $220.5 million for the nine months ended September 30, 2024 and 2023, respectively.

(3)	Revenues from exited business is derived as follows:

Revenues from exited business (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Revenues from exited business:
Change in fair value of funds withheld embedded derivative	$	(776.8)	$	925.6	$	(346.9)	$	392.9
Net realized capital gains on funds withheld assets		39.4		1.0		105.9		119.8
Amortization of reinsurance gain		0.6		1.6		2.7		4.5
Other impacts of reinsured business		(4.2)		(3.3)		(15.6)		(9.0)
Total revenues from exited business	$	(741.0)	$	924.9	$	(253.9)	$	508.2

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Net realized capital gains:
Net realized capital gains	$	77.4	$	179.3	$	61.3	$	40.5
Derivative and hedging-related revenue adjustments		17.3		26.6		52.4		23.7
Market value adjustments to fee revenues		—		0.1		0.1		0.3
Certain variable annuity fees		17.7		18.5		53.9		55.3
Equity method investments		0.3		(4.1)		(13.6)		4.2
Sponsored investment funds and other adjustments		6.4		5.8		19.2		17.6
Net realized capital gains, net of related revenue adjustments		119.1		226.2		173.3		141.6
Amortization of actuarial balances		(0.3)		(0.3)		(0.6)		(0.2)
Capital gains distributed		(41.5)		(31.8)		(133.5)		(30.2)
Derivative and hedging-related expense adjustments		(2.6)		0.8		(2.8)		0.9
Market value adjustments of market risk benefits		(40.8)		(30.1)		(45.6)		(41.0)
Market value adjustments of embedded derivatives		(5.6)		(9.3)		(15.7)		(1.0)
Pre-tax net realized capital gains (losses), as adjusted (a)	$	28.3	$	155.5	$	(24.9)	$	70.1

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

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Pre-tax income (loss) from exited business
Change in fair value of funds withheld embedded derivative	$	(776.8)	$	925.6	$	(346.9)	$	392.9
Net realized capital gains on funds withheld assets		39.4		1.0		105.9		119.8
Amortization of reinsurance loss (a)		(46.4)		(8.1)		(474.0)		(50.5)
Other impacts of reinsured business (a)		(25.3)		(39.3)		99.6		(109.9)
Total pre-tax income (loss) from exited business	$	(809.1)	$	879.2	$	(615.4)	$	352.3

(a)Includes the one-time impact of YRT reinsurance transactions in 2024.

Future Policy Benefits and Claims - Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Changes in the additional liability for certain benefits features
Balance at end of period	$ 5,873.3		$ 5,873.3	$ 5,326.5
Benefits and Protection \| Life Insurance \| Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period			5,326.5	4,095.2
Effect of changes in cash flow assumptions	151.9		151.9	725.4
Effect of actual variances from expected experience	20.7		20.7	45.2
Interest accrual			186.9	209.2
Net assessments collected			316.3	378.1
Benefit payments			(129.0)	(126.6)
Balance at end of period	5,873.3		5,873.3	5,326.5
Reinsurance impact	(5,848.7)		(5,848.7)	(5,306.2)
Balance at end of period after reinsurance	$ 24.6		$ 24.6	$ 20.3
Weighted-average duration for additional liability (in years)	23 years 10 months 24 days		23 years 10 months 24 days	26 years 2 months 12 days
Additional liability for certain benefit features increase (decrease) from update of actuarial assumptions	$ 151.9	$ 725.4
Income before taxes, net of reinsurance increase (decrease) due to updating actuarial assumptions related to the additional liability for certain benefit features	$ (0.3)	$ (13.1)

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Assets (liabilities) measured at fair value on a recurring basis

^[1]

$ 69,148.3

$ 65,673.1

858.9

836.2

1,581.9

1,478.1

517.6

304.2

Investment and universal life contracts

180,653.5

167,605.6

$ (368.0)

(115.5)

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

7.1

U.S. government and agencies

Assets (liabilities) measured at fair value on a recurring basis

Assets (liabilities) measured at fair value on a recurring basis

1,761.2

1,528.8

Non-U.S. governments

States and political subdivisions

525.1

507.9

Assets (liabilities) measured at fair value on a recurring basis

Corporate debt securities

6,520.4

6,676.8

Assets (liabilities) measured at fair value on a recurring basis

Residential mortgage-backed pass-through securities

37,167.2

35,810.0

Assets (liabilities) measured at fair value on a recurring basis

Commercial mortgage-backed securities

3,512.1

3,061.1

Assets (liabilities) measured at fair value on a recurring basis

Collateralized debt obligations

5,014.9

4,775.5

Assets (liabilities) measured at fair value on a recurring basis

Assets (liabilities) measured at fair value on a recurring basis

6,199.3

5,403.7

Other debt obligations

Recurring Fair Value Measurements

8,448.1

7,909.3

Assets (liabilities) measured at fair value on a recurring basis

69,148.3

65,673.1

858.9

836.2

1,581.9

1,478.1

517.6

304.2

Market risk benefit asset

870.7

815.6

Cash equivalents

4,620.1

3,771.4

162.6

153.4

77,760.1

73,032.0

180,653.5

167,605.6

Investment and universal life contracts

258,413.6

240,637.6

(368.0)

(115.5)

Market risk benefit liability

(96.0)

(133.2)

Funds withheld payable embedded derivative

2,220.2

2,567.1

Derivative liabilities

(415.9)

(494.0)

Other liabilities

(0.3)

(1.0)

1,340.0

1,823.4

Recurring Fair Value Measurements | Amount measured at net asset value

259,753.6

242,461.0

Assets (liabilities) measured at fair value on a recurring basis

69.8

73.7

69.8

73.7

8,074.1

8,692.0

8,143.9

8,765.7

Recurring Fair Value Measurements | Fair value hierarchy Level 1

8,143.9

8,765.7

Assets (liabilities) measured at fair value on a recurring basis

1,474.8

1,247.1

7.5

27.7

237.0

245.4

272.3

220.1

Cash equivalents

355.7

511.6

2,347.3

2,251.9

114,823.1

104,505.0

117,170.4

106,756.9

Recurring Fair Value Measurements | Fair value hierarchy Level 2

117,170.4

106,756.9

Assets (liabilities) measured at fair value on a recurring basis

63,927.4

60,789.2

358.6

392.7

1,344.9

1,232.7

505.3

297.9

387.1

356.7

Cash equivalents

4,264.4

3,259.8

70,787.7

66,329.0

57,042.5

53,655.8

127,830.2

119,984.8

Derivative liabilities

(412.8)

(493.2)

Other liabilities

(0.3)

(1.0)

(413.1)

(494.2)

Recurring Fair Value Measurements | Fair value hierarchy Level 3

127,417.1

119,490.6

Assets (liabilities) measured at fair value on a recurring basis

3,746.1

3,636.8

492.8

415.8

12.3

6.3

Market risk benefit asset

141.5

165.1

162.6

153.4

4,555.3

4,377.4

713.8

752.8

Investment and universal life contracts

5,269.1

5,130.2

(368.0)

(115.5)

Market risk benefit liability

(96.0)

(133.2)

Funds withheld payable embedded derivative

2,220.2

2,567.1

Derivative liabilities

(3.1)

(0.8)

1,753.1

2,317.6

Recurring Fair Value Measurements | U.S. government and agencies

7,022.2

7,447.8

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 1

1,761.2

1,528.8

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 2

1,442.5

1,216.0

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Non-U.S. governments

318.7

312.8

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 1

525.1

507.9

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 2

0.2

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | States and political subdivisions

525.1

507.7

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 2

6,520.4

6,676.8

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 3

6,450.1

6,606.9

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Corporate debt securities

70.3

69.9

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 1

37,167.2

35,810.0

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 2

32.3

30.9

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3

34,828.5

33,473.2

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities

2,306.4

2,305.9

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2

3,512.1

3,061.1

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Commercial mortgage-backed securities

3,512.1

3,061.1

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 2

5,014.9

4,775.5

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 3

5,012.1

4,772.5

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Collateralized debt obligations

2.8

3.0

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2

6,199.3

5,403.7

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 3

6,105.4

5,328.3

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Other debt obligations

93.9

75.4

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 2

8,448.1

7,909.3

Assets (liabilities) measured at fair value on a recurring basis

Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 3

7,175.4

6,726.7

Assets (liabilities) measured at fair value on a recurring basis

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)

$ 1,272.7

$ 1,182.6

[1]	See Note 3, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2024

Reinsurance


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023

	(in millions)
Premiums and other considerations:
Direct	$	1,535.6	$	1,575.3	$	5,405.4	$	4,757.5
Ceded		(122.7)		(117.4)		(381.3)		(358.3)
Net premiums and other considerations	$	1,412.9	$	1,457.9	$	5,024.1	$	4,399.2
Benefits, claims and settlement expenses:
Direct	$	2,209.4	$	2,143.0	$	7,475.6	$	6,504.9
Ceded (1)		(431.3)		(432.4)		(1,549.9)		(1,186.3)
Net benefits, claims and settlement expenses	$	1,778.1	$	1,710.6	$	5,925.7	$	5,318.6
LFPB remeasurement (gain) loss:
Direct	$	221.5	$	697.4	$	253.9	$	721.7
Ceded (1)		(99.0)		(739.7)		311.7		(768.9)
Net LFPB remeasurement (gain) loss	$	122.5	$	(42.3)	$	565.6	$	(47.2)

(1)Includes the one-time impact of YRT reinsurance transactions in 2024.

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Cost of reinsurance asset	$	3,201.9	$	3,275.5

Cost of reinsurance liability	$	858.0	$	424.6

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)


	September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities, available-for-sale	$	14,403.4	$	15,587.5
Fixed maturities, trading		309.6		316.8
Equity securities		0.3		0.3
Mortgage loans		2,231.3		2,385.9
Other investments		1,007.9		621.4
Cash and cash equivalents		1,411.5		818.4
Accrued interest income		171.5		187.0
Net other liabilities		(302.1)		(77.8)
Net assets	$	19,233.4	$	19,839.5

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Fixed maturities, available-for-sale	$	(10.8)	$	(22.7)	$	(52.0)	$	(146.3)
Fixed maturities, trading		—		—		—		(0.1)
Equity securities		—		—		—		(1.2)
Mortgage loans		(1.8)		—		(1.8)		(9.2)
Derivatives		(0.5)		(0.4)		1.3		5.0
Net realized capital losses	$	(13.1)	$	(23.1)	$	(52.5)	$	(151.8)

Separate Account Balances - Benefits and Protection (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	180,653.5	$ 167,605.6
Benefits and Protection \| Life Insurance \| Universal life
Changes in separate account liabilities
Balance at beginning of period	5,982.5	5,011.0
Premiums and deposits	406.3	532.1
Policy charges	(99.5)	(129.0)
Surrenders, withdrawals and benefit payments	(380.1)	(342.1)
Investment performance	888.0	902.8
Net transfers (to) from general account	10.3	7.7
Balance at end of period	6,807.5	5,982.5
Cash surrender value	$ 6,867.9	$ 6,041.9

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Gains (losses) recognized for hedging relationships

Net investment income (loss)

$ 1,167.6

$ 989.2

$ 3,325.9

$ 2,964.0

Benefits, claims and settlement expenses

^[1]

77.4

179.3

61.3

40.5

1,778.1

1,710.6

5,925.7

5,318.6

Fair Value Hedges | Net investment income

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

20.0

16.7

53.6

45.6

Fair Value Hedges | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

0.3

0.1

Fair Value Hedges | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

(4.3)

(2.0)

(14.1)

(2.2)

Fair Value Hedges | Interest rate contracts | Net investment income

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

49.2

(12.4)

33.0

(8.9)

Gain (loss) recognized on derivatives

(45.6)

12.7

(30.5)

10.7

Amortization of hedged item basis adjustments

0.7

(0.1)

1.7

(0.2)

14.9

16.5

47.1

44.0

Fair Value Hedges | Interest rate contracts | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

47.4

(6.8)

29.1

(9.4)

Gain (loss) recognized on derivatives

(44.9)

6.0

(26.3)

8.5

(6.8)

(1.2)

(16.9)

(1.3)

Fair Value Hedges | Foreign exchange contracts | Net investment income

Gains (losses) recognized for hedging relationships

0.8

2.3

Fair Value Hedges | Foreign exchange contracts | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Gain (loss) recognized on hedged item

8.0

(1.4)

2.3

(0.8)

Gain (loss) recognized on derivatives

(7.7)

1.3

(2.3)

0.7

0.2

Cash Flow Hedges | Net investment income

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

7.7

6.4

21.8

19.1

Cash Flow Hedges | Net realized capital gains (losses)

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

0.1

0.3

0.2

3.2

Cash Flow Hedges | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

Total gain (loss) recognized for hedging relationships

2.2

3.7

9.7

10.2

Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives

Gains (losses) recognized for hedging relationships

Net investment income (loss)

0.8

1.0

2.6

3.1

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

0.3

0.4

1.7

Cash Flow Hedges | Interest rate contracts | Benefits, claims and settlement expenses

Gains (losses) recognized for hedging relationships

2.2

3.7

9.8

10.3

Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives

Gains (losses) recognized for hedging relationships

Cash Flow Hedges | Foreign exchange contracts | Net investment income

(0.2)

0.3

(0.2)

1.5

Gains (losses) recognized for hedging relationships

6.9

5.4

19.2

16.0

Net investment hedging relationships

Gains (losses) recognized for hedging relationships

Amount of gain (loss) recognized in AOCI on derivatives

(1.3)

0.9

0.2

0.1

Net investment hedging relationships | Foreign exchange contracts

Gains (losses) recognized for hedging relationships

Amount of gain (loss) recognized in AOCI on derivatives

$ (1.3)

$ 0.9

$ 0.2

$ 0.1

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 4,593.7	$ 5,042.3
Effect of changes in discount rate assumptions at beginning of period	(351.8)	(754.6)
Balance at beginning of period at original discount rate	4,241.9	4,287.7
Effect of actual variances from expected experience	0.1	0.9
Adjusted beginning of period balance at original discount rate	4,242.0	4,288.6
Interest accrual	239.7	385.8
Benefit payments	(245.8)	(355.9)
Issuances	17.8	30.0
Foreign currency translation adjustment	(114.9)	(106.6)
Balance at end of period at original discount rate	4,138.8	4,241.9
Effect of changes in discount rate assumptions at end of period	657.0	351.8
Balance at end of period, Present value of expected future policy benefit payments	$ 4,795.8	$ 4,593.7
Weighted-average duration for future policy benefits (in years)	10 years 1 month 6 days	9 years 10 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 305.2	$ (402.8)

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Common Share

Earnings Per Common Share (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions, except per share data)
Net income (loss)	$	(193.4)	$	1,250.1	$	695.4	$	1,509.3
Subtract:
Net income attributable to noncontrolling interest		26.6		3.9		29.8		14.4
Total	$	(220.0)	$	1,246.2	$	665.6	$	1,494.9
Weighted-average shares outstanding:
Basic		230.7		241.1		233.5		242.4
Dilutive effects:
Stock options		—		0.9		0.8		0.9
Restricted stock units		—		2.0		2.0		2.0
Performance share awards		—		0.3		0.3		0.4
Diluted		230.7		244.3		236.6		245.7
Net income (loss) per common share:
Basic	$	(0.95)	$	5.17	$	2.85	$	6.17
Diluted	$	(0.95)	$	5.10	$	2.81	$	6.08

Stockholders' Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in accumulated other comprehensive income (loss) rollforward
Balances			$ 10,916.0
Balances	$ 11,237.4		11,237.4
Change in redeemable noncontrolling interest rollforward
Redeemable noncontrolling interest, balance at beginning of period	277.4	$ 266.7	248.9	$ 262.0
Net income (loss) attributable to redeemable noncontrolling interest	14.3	(2.8)	15.1	5.3
Redeemable noncontrolling interest of deconsolidated entities			(185.5)	(3.0)
Contributions from redeemable noncontrolling interest	34.2	8.3	275.3	31.6
Distributions to redeemable noncontrolling interest	(14.8)	(11.6)	(42.8)	(34.4)
Purchase of subsidiary shares from redeemable noncontrolling interest			(0.6)	(1.6)
Change in redemption value of redeemable noncontrolling interest	(0.7)	(0.8)	0.4	(0.7)
Stock-based compensation attributable to redeemable noncontrolling interest		0.1	0.1	0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	1.4	(0.4)	0.9	0.2
Redeemable noncontrolling interest, balance at end of period	311.8	259.5	311.8	259.5
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(5,411.8)	(6,245.2)	(5,345.3)	(6,879.0)
Other comprehensive income (loss) during the period, net of adjustments	815.4	(623.0)	673.8	(139.1)
Amounts reclassified to accumulated other comprehensive income (loss)	11.4	27.3	86.5	177.2
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	826.8	(595.7)	760.3	38.1
Balances	(4,585.0)	(6,840.9)	(4,585.0)	(6,840.9)
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Balances	(4,894.2)	(5,322.2)	(4,014.8)	(5,857.9)
Other comprehensive income (loss) during the period, net of adjustments	2,106.5	(1,833.5)	1,158.1	(1,443.0)
Amounts reclassified to accumulated other comprehensive income (loss)	8.4	24.1	77.4	169.3
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	2,114.9	(1,809.4)	1,235.5	(1,273.7)
Balances	(2,779.3)	(7,131.6)	(2,779.3)	(7,131.6)
Net unrealized gains (losses) on available-for-sale debt securities with allowance for credit losses	(2.6)	(3.8)	(2.6)	(3.8)
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Balances	39.4	33.9	(2.1)	39.7
Other comprehensive income (loss) during the period, net of adjustments	(37.3)	(13.9)	5.6	(15.8)
Amounts reclassified to accumulated other comprehensive income (loss)	(0.7)	(1.0)	(2.1)	(4.9)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(38.0)	(14.9)	3.5	(20.7)
Balances	1.4	19.0	1.4	19.0
Liability for future policy benefits discount rate remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	1,376.4	709.2	428.2	740.9
Other comprehensive income (loss) during the period, net of adjustments	(1,317.4)	1,373.6	(369.2)	1,341.9
Amounts reclassified to accumulated other comprehensive income (loss)			0.0
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(1,317.4)	1,373.6	(369.2)	1,341.9
Balances	59.0	2,082.8	59.0	2,082.8
Market risk benefit nonperformance risk remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(14.5)	24.4	(6.9)	24.0
Other comprehensive income (loss) during the period, net of adjustments	(5.3)	(17.9)	(12.9)	(17.5)
Amounts reclassified to accumulated other comprehensive income (loss)			0.0
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(5.3)	(17.9)	(12.9)	(17.5)
Balances	(19.8)	6.5	(19.8)	6.5
Foreign currency translation adjustment
Change in accumulated other comprehensive income (loss) rollforward
Balances	(1,672.5)	(1,431.1)	(1,498.0)	(1,571.6)
Other comprehensive income (loss) during the period, net of adjustments	68.9	(131.4)	(105.6)	8.8
Amounts reclassified to accumulated other comprehensive income (loss)		0.1	0.0	0.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	68.9	(131.3)	(105.6)	9.2
Balances	(1,603.6)	(1,562.4)	(1,603.6)	(1,562.4)
Unrecognized postretirement benefit obligations
Change in accumulated other comprehensive income (loss) rollforward
Balances	(246.4)	(259.4)	(251.7)	(254.1)
Other comprehensive income (loss) during the period, net of adjustments		0.1	(2.2)	(13.5)
Amounts reclassified to accumulated other comprehensive income (loss)	3.7	4.1	11.2	12.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	3.7	4.2	9.0	(1.1)
Balances	$ (242.7)	$ (255.2)	$ (242.7)	$ (255.2)

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of MRBs for Asia - Guaranteed Pension (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ 20.2
Balance at end of period, market risk benefits	66.6	$ 20.2
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	(21.3)	(26.0)
Effect of changes in nonperformance risk at beginning of period	1.0	1.2
Adjusted balance at beginning of period, market risk benefits	(20.3)	(24.8)
Interest accrual and expected policyholder behavior	(0.2)	(10.1)
Benefit payments	20.2	13.8
Changes in interest rates	(0.6)	1.2
Changes in equity markets	0.7	0.2
Actual policyholder behavior different from expected behavior	$ 0.2	(0.6)
Adjusted balance at end of period, market risk benefits		(20.3)
Effect of changes in nonperformance risk at end of period		1.0
Balance at end of period, market risk benefits		$ (21.3)
Weighted-average attained age of policyholders (years)		54 years
Net amount at risk		$ 25.1

Separate Account Balances

9 Months Ended

Sep. 30, 2024

Separate Account Balances

Separate Account Balances

6. 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 15, 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 non-guaranteed constituent fund investment options to customers and has previously offered various guaranteed constituent funds. The guaranteed constituent funds included 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 was accounted for as an MRB. The guaranteed constituent funds were closed in the fourth quarter of 2023 and the second quarter of 2024. 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 9, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above.

As of September 30, 2024 and December 31, 2023, the separate accounts included a separate account valued at $91.1 million and $88.2 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:


	September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities:
U.S. government and agencies	$	8,001.4	$	8,467.3
Non-U.S. governments		9,783.0		8,522.3
States and political subdivisions		175.1		205.1
Corporate		13,775.2		13,386.4
Residential mortgage-backed pass-through securities		4,025.4		4,126.1
Commercial mortgage-backed securities		225.1		221.1
Other debt obligations		823.8		575.6
Total fixed maturities		36,809.0		35,503.9
Equity securities		129,419.5		118,073.7
Real estate		442.6		494.6
Other investments		9,787.8		9,436.2
Cash and cash equivalents		3,435.4		3,332.8
Other assets		759.2		764.4
Total separate account assets per consolidated statements of financial position	$	180,653.5	$	167,605.6

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.


	September 30, 2024		December 31, 2023

	(in millions)
Retirement and Income Solutions:
Group retirement contracts	$	127,667.2	$	117,518.5
Individual variable annuities		8,983.2		9,131.9
Total Retirement and Income Solutions		136,650.4		126,650.4
Principal Asset Management – Principal International:
Latin America:
Pension		36,897.4		34,580.6
Asia:
Guaranteed pension (1)		—		144.2
Total Principal Asset Management – Principal International		36,897.4		34,724.8
Benefits and Protection - Life Insurance:
Universal life		6,807.5		5,982.5
Other balances (2)		298.2		247.9
Total separate account liabilities per consolidated statements of financial position	$	180,653.5	$	167,605.6

(1)	The guaranteed constituent funds in Asia closed in the fourth quarter of 2023 and the second quarter of 2024.

(2)	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 nine months ended				For the year ended
	September 30, 2024				December 31, 2023
	Group		Individual		Group		Individual
	retirement		variable		retirement		variable
	contracts		annuities		contracts		annuities

	(in millions)
Balance at beginning of period	$	117,518.5	$	9,131.9	$	107,240.1	$	8,659.0
Premiums and deposits (1)		12,411.0		264.7		11,379.0		328.5
Policy charges		(262.0)		(150.2)		(366.0)		(204.5)
Surrenders, withdrawals and benefit payments (1)		(14,789.3)		(1,363.8)		(13,916.8)		(1,018.2)
Investment performance		14,905.2		1,103.6		15,820.7		1,315.1
Net transfers (to) from general account (1)		(2,502.9)		(3.0)		(2,461.1)		30.4
Other (2)		386.7		—		(177.4)		21.6
Balance at end of period	$	127,667.2	$	8,983.2	$	117,518.5	$	9,131.9

Cash surrender value (3)	$	126,239.2	$	8,865.0	$	116,522.1	$	9,011.5

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

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

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

Principal Asset Management – Principal International

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


	For the nine months ended				For the year ended
	September 30, 2024				December 31, 2023
	Latin America		Asia		Latin America		Asia
			Guaranteed				Guaranteed
	Pension		pension		Pension		pension

	(in millions)
Balance at beginning of period	$	34,580.6	$	144.2	$	33,316.7	$	915.0
Premiums and deposits		2,484.9		31.9		3,628.6		217.2
Policy charges		(12.4)		(1.2)		(17.8)		(16.9)
Surrenders, withdrawals and benefit payments (1)		(2,705.5)		(142.8)		(4,191.7)		(1,006.8)
Investment performance		3,353.6		3.3		2,733.7		37.7
Other (2)		14.2		(35.3)		7.6		(0.3)
Foreign currency translation adjustment		(818.0)		(0.1)		(896.5)		(1.7)
Balance at end of period	$	36,897.4	$	—	$	34,580.6	$	144.2

Cash surrender value	$	36,897.4	$	—	$	34,580.6	$	144.2

(1)	Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023 and the second quarter of 2024.

(2)	Includes the removal of insignificant balances for non-guaranteed investment options in Asia from the rollforward in 2024.

Benefits and Protection

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


	For the nine months ended		For the year ended
	September 30, 2024		December 31, 2023

	(in millions)
Balance at beginning of period	$	5,982.5	$	5,011.0
Premiums and deposits (1)		406.3		532.1
Policy charges		(99.5)		(129.0)
Surrenders, withdrawals and benefit payments (1)		(380.1)		(342.1)
Investment performance		888.0		902.8
Net transfers (to) from general account (1)		10.3		7.7
Balance at end of period	$	6,807.5	$	5,982.5

Cash surrender value (2)	$	6,867.9	$	6,041.9

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

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

Reinsurance - Cost of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Reinsurance
Cost of reinsurance asset	$ 3,201.9		$ 3,201.9		$ 3,275.5
Cost of reinsurance liability	858.0		858.0		$ 424.6
Cost of reinsurance amortization	$ 55.1	$ (25.0)	$ 514.2	$ 8.2

Future Policy Benefits and Claims - Disaggregated Amounts Included in Future Policy Benefits and Claims (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Future Policy Benefits and Claims
Liability for future policy benefits	$ 38,590.7	$ 36,514.6
Additional liability for certain benefit features	5,873.3	5,326.5
Participating contracts	2,959.7	3,060.5
Short-duration contracts	1,277.5	1,283.4
Cost of reinsurance liability	858.0	424.6
Reinsurance recoverable liability	55.8	45.2
Other	217.6	171.7
Future policy benefits and claims per consolidated statements of financial position	49,832.6	46,826.5
Retirement and Income Solutions
Future Policy Benefits and Claims
Liability for future policy benefits	30,317.4	28,769.9
Retirement and Income Solutions \| Pension risk transfer
Future Policy Benefits and Claims
Liability for future policy benefits	25,554.1	23,855.8
Retirement and Income Solutions \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,763.3	4,914.1
Principal Asset Management \| Principal International \| Latin America \| Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,795.8	4,593.7
Benefits and Protection
Future Policy Benefits and Claims
Liability for future policy benefits	3,301.8	2,984.3
Benefits and Protection \| Specialty Benefits \| Individual disability
Future Policy Benefits and Claims
Liability for future policy benefits	2,017.8	1,898.4
Benefits and Protection \| Life Insurance \| Term life
Future Policy Benefits and Claims
Liability for future policy benefits	1,284.0	1,085.9
Benefits and Protection \| Life Insurance \| Universal life
Future Policy Benefits and Claims
Additional liability for certain benefit features	5,873.3	5,326.5
Corporate \| Long-term care insurance
Future Policy Benefits and Claims
Liability for future policy benefits	$ 175.7	$ 166.7

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Rollforward of the allowance for credit loss by major security type
Beginning balance	$ 2.9	$ 8.5	$ 4.7	$ 7.8
Write-offs charged against allowance			(1.6)
Additions for credit losses not previously recorded	0.1		0.1	6.2
Reductions for securities sold during the period	(0.3)		(0.3)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		(1.5)		(7.5)
Foreign currency translation adjustment	0.1	(0.5)	(0.1)
Ending balance	2.8	6.5	2.8	6.5
Accrued interest written off to net investment income	0.0	0.1	0.0	0.1
Corporate debt securities
Rollforward of the allowance for credit loss by major security type
Beginning balance	2.8	8.4	4.6	7.7
Write-offs charged against allowance			(1.6)
Additions for credit losses not previously recorded				6.2
Reductions for securities sold during the period	(0.3)		(0.3)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		(1.5)		(7.5)
Foreign currency translation adjustment	0.1	(0.5)	(0.1)
Ending balance	2.6	6.4	2.6	6.4
Accrued interest written off to net investment income		0.1		0.1
Other debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance	0.1	0.1	0.1	0.1
Additions for credit losses not previously recorded	0.1		0.1
Ending balance	$ 0.2	$ 0.1	$ 0.2	$ 0.1

Investments - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 21.9	$ 0.5	$ 78.9	$ 108.4
Mortgage loans, sold	3.0		3.8
Mortgage loans, Total amortized cost	$ 16,609.5		$ 16,609.5		$ 16,581.8
Percent of mortgage loans (as a percent)	100.00%		100.00%		100.00%
Commercial mortgage loans \| Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,220.3		$ 3,220.3		$ 3,643.0
Percent of mortgage loans (as a percent)	19.40%		19.40%		21.90%
Commercial mortgage loans \| Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,431.6		$ 1,431.6		$ 1,454.7
Percent of mortgage loans (as a percent)	8.60%		8.60%		8.80%
Commercial mortgage loans \| Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,906.1		$ 3,906.1		$ 3,515.7
Percent of mortgage loans (as a percent)	23.50%		23.50%		21.20%
Commercial mortgage loans \| Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 7,174.9		$ 7,174.9		$ 7,128.2
Percent of mortgage loans (as a percent)	43.20%		43.20%		43.00%
Commercial mortgage loans \| Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 65.8		$ 65.8		$ 68.6
Percent of mortgage loans (as a percent)	0.40%		0.40%		0.40%
Commercial mortgage loans \| Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 810.8		$ 810.8		$ 771.6
Percent of mortgage loans (as a percent)	4.90%		4.90%		4.70%
Commercial mortgage loans \| New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 349.8		$ 349.8		$ 366.5
Percent of mortgage loans (as a percent)	2.10%		2.10%		2.20%
Commercial mortgage loans \| Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,673.1		$ 4,673.1		$ 4,512.6
Percent of mortgage loans (as a percent)	28.20%		28.20%		27.10%
Commercial mortgage loans \| East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 580.9		$ 580.9		$ 583.3
Percent of mortgage loans (as a percent)	3.50%		3.50%		3.50%
Commercial mortgage loans \| West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 357.1		$ 357.1		$ 336.0
Percent of mortgage loans (as a percent)	2.10%		2.10%		2.00%
Commercial mortgage loans \| South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,796.0		$ 2,796.0		$ 2,761.9
Percent of mortgage loans (as a percent)	16.80%		16.80%		16.70%
Commercial mortgage loans \| East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 419.7		$ 419.7		$ 429.4
Percent of mortgage loans (as a percent)	2.50%		2.50%		2.60%
Commercial mortgage loans \| West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,266.5		$ 1,266.5		$ 1,268.6
Percent of mortgage loans (as a percent)	7.60%		7.60%		7.70%
Commercial mortgage loans \| Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 909.7		$ 909.7		$ 824.2
Percent of mortgage loans (as a percent)	5.50%		5.50%		5.00%
Commercial mortgage loans \| Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,731.5		$ 4,731.5		$ 4,974.4
Percent of mortgage loans (as a percent)	28.50%		28.50%		30.00%
Commercial mortgage loans \| International
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 525.2		$ 525.2		$ 524.9
Percent of mortgage loans (as a percent)	3.20%		3.20%		3.20%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 112.3	74.6	$ 199.8	497.0
Mortgage loans, sold	9.4	$ 4.1	22.2	$ 25.4
Mortgage loans, Total amortized cost	$ 3,593.2		$ 3,593.2		$ 3,696.5

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of the MRBs for Individual Variable Annuities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ 20.2
Balance at end of period, market risk benefits	66.6	$ 20.2
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	41.5	(72.2)
Effect of changes in nonperformance risk at beginning of period	7.7	(31.7)
Adjusted balance at beginning of period, market risk benefits	49.2	(103.9)
Interest accrual and expected policyholder behavior	(54.8)	(80.9)
Benefit payments	0.6	0.4
Changes in interest rates	24.3	39.9
Changes in equity markets	92.6	155.1
Changes in equity index volatility	6.7	47.9
Actual policyholder behavior different from expected behavior	(8.2)	(4.0)
Changes in future expected policyholder behavior	(20.2)
Changes in other future expected assumptions	1.5	(5.3)
Adjusted balance at end of period, market risk benefits	91.7	49.2
Effect of changes in nonperformance risk at end of period	25.1	7.7
Balance at end of period, market risk benefits	$ 66.6	$ 41.5
Weighted-average attained age of policyholders (years)	67 years 6 months	67 years 8 months 12 days
Net amount at risk	$ 35.0	$ 111.2

Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Common Share

Earnings Per Common Share

19. Earnings Per Common Share

The computations of the basic and diluted per share amounts were as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions, except per share data)
Net income (loss)	$	(193.4)	$	1,250.1	$	695.4	$	1,509.3
Subtract:
Net income attributable to noncontrolling interest		26.6		3.9		29.8		14.4
Total	$	(220.0)	$	1,246.2	$	665.6	$	1,494.9
Weighted-average shares outstanding:
Basic		230.7		241.1		233.5		242.4
Dilutive effects:
Stock options		—		0.9		0.8		0.9
Restricted stock units		—		2.0		2.0		2.0
Performance share awards		—		0.3		0.3		0.4
Diluted		230.7		244.3		236.6		245.7
Net income (loss) per common share:
Basic	$	(0.95)	$	5.17	$	2.85	$	6.17
Diluted	$	(0.95)	$	5.10	$	2.81	$	6.08

The calculation of diluted earnings per share for the three and nine months ended September 30, 2024 and 2023, 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.

Segment Information - Revenues from exited business (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues from exited business:

Change in fair value of funds withheld embedded derivative

$ (776.8)

$ 925.6

$ (346.9)

$ 392.9

Net realized capital gains (losses) on funds withheld assets

^[1]

39.4

1.0

105.9

119.8

Reconciling items

Revenues from exited business:

Change in fair value of funds withheld embedded derivative

(776.8)

925.6

(346.9)

392.9

Net realized capital gains (losses) on funds withheld assets

39.4

1.0

105.9

119.8

Amortization of reinsurance gain

0.6

1.6

2.7

4.5

Other impacts of reinsured business

(4.2)

(3.3)

(15.6)

(9.0)

Total revenues from exited business

$ (741.0)

$ 924.9

$ (253.9)

$ 508.2

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Performance Share Awards
Change in nonvested units outstanding
Awards or units granted (in shares) \| shares	0.3
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 82.52
Other award and unit disclosures
Lower limit multiple of initial target awards (as a percent)	0.00%
Upper limit multiple of initial target awards (as a percent)	180.00%
Unrecognized compensation costs \| $	$ 24.3
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 7 months 6 days
Restricted Stock Units
Change in nonvested units outstanding
Awards or units granted (in shares) \| shares	1.1
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 80.16
Other award and unit disclosures
Unrecognized compensation costs \| $	$ 84.1
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 7 months 6 days

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Taxes

Reconciliation between U.S. corporate income tax rate and effective income tax rate from continuing operations (Table)


	For the three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023			2024			2023
U.S. corporate income tax rate	21	%		21	%		21	%		21	%
Dividends received deduction	7			(1)			(7)			(3)
Tax credits	7			(1)			(7)			(3)
Impact of equity method presentation	3			—			(3)			(1)
Interest exclusion from taxable income	2			—			(2)			—
Impact of noncontrolling interest presentation	2			—			(1)			—
Local country permanent tax adjustments	2			—			—			—
Low income housing tax credit amortization	(4)			—			4			2
State income taxes	(2)			—			4			—
Valuation allowance	(1)			—			2			—
Global Intangible Low-Taxed Income	(1)			2			—			3
Foreign country statutory rate differential	(2)			—			—			—
Other	—			1			—			(1)
Effective income tax rate	34	%		22	%		11	%		18	%

Future Policy Benefits and Claims - Benefits and Protection (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Future policy benefits	$ 38,590.7		$ 38,590.7	$ 36,514.6
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits	3,301.8		3,301.8	2,984.3
Benefits and Protection \| Life Insurance \| Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			3,793.7	3,423.2
Effect of changes in discount rate assumptions at beginning of period			100.1	196.0
Balance at beginning of period at original discount rate			3,893.8	3,619.2
Effect of changes in cash flow assumptions	419.9		419.9	143.5
Effect of actual variances from expected experience	40.7		40.7	103.3
Adjusted beginning of period balance at original discount rate	4,354.4		4,354.4	3,866.0
Interest accrual			140.3	171.9
Net premiums collected			(290.8)	(359.8)
Issuances			181.1	215.7
Balance at end of period at original discount rate	4,385.0		4,385.0	3,893.8
Effect of changes in discount rate assumptions at end of period	(72.8)		(72.8)	(100.1)
Balance at end of period, Present value of expected net premiums	4,312.2		4,312.2	3,793.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,879.6	4,332.2
Effect of changes in discount rate assumptions at beginning of period			124.5	251.6
Balance at beginning of period at original discount rate			5,004.1	4,583.8
Effect of changes in cash flow assumptions	488.1		488.1	181.8
Effect of actual variances from expected experience	41.2		41.2	116.8
Adjusted beginning of period balance at original discount rate	5,533.4		5,533.4	4,882.4
Interest accrual			182.0	220.1
Benefit payments			(235.4)	(330.4)
Issuances			194.1	232.0
Balance at end of period at original discount rate	5,674.1		5,674.1	5,004.1
Effect of changes in discount rate assumptions at end of period	(77.9)		(77.9)	(124.5)
Balance at end of period, Present value of expected future policy benefit payments	5,596.2		5,596.2	4,879.6
Future policy benefits	1,284.0		1,284.0	1,085.9
Reinsurance Impact	27.0		27.0	45.2
Future policy benefits after reinsurance	1,311.0		$ 1,311.0	1,131.1
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions				$ 31.2
Increase (decrease) in LFPB from actuarial assumptions	68.2	$ 38.3
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	$ (52.9)	(25.4)
Weighted-average duration for future policy benefits (in years)	8 years 8 months 12 days		8 years 8 months 12 days	9 years 4 months 24 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			$ 2,552.3	$ 2,341.8
Effect of changes in discount rate assumptions at beginning of period			313.7	395.2
Balance at beginning of period at original discount rate			2,866.0	2,737.0
Effect of changes in cash flow assumptions	$ 196.4		196.4	(37.6)
Effect of actual variances from expected experience	140.6		140.6	244.3
Adjusted beginning of period balance at original discount rate	3,203.0		3,203.0	2,943.7
Interest accrual			76.5	95.6
Net premiums collected			(216.1)	(273.4)
Issuances			65.9	100.1
Balance at end of period at original discount rate	3,129.3		3,129.3	2,866.0
Effect of changes in discount rate assumptions at end of period	(307.1)		(307.1)	(313.7)
Balance at end of period, Present value of expected net premiums	2,822.2		2,822.2	2,552.3
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,450.7	4,040.6
Effect of changes in discount rate assumptions at beginning of period			903.5	1,021.4
Balance at beginning of period at original discount rate			5,354.2	5,062.0
Effect of changes in cash flow assumptions	240.5		240.5	(51.5)
Effect of actual variances from expected experience	146.8		146.8	260.8
Adjusted beginning of period balance at original discount rate	5,741.5		5,741.5	5,271.3
Interest accrual			150.9	190.1
Benefit payments			(164.6)	(210.0)
Issuances			66.4	102.8
Balance at end of period at original discount rate	5,794.2		5,794.2	5,354.2
Effect of changes in discount rate assumptions at end of period	(954.2)		(954.2)	(903.5)
Balance at end of period, Present value of expected future policy benefit payments	4,840.0		4,840.0	4,450.7
Future policy benefits	2,017.8		2,017.8	1,898.4
Reinsurance Impact	(450.2)		(450.2)	(421.6)
Future policy benefits after reinsurance	1,567.6		$ 1,567.6	1,476.8
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions				$ 36.4
Increase (decrease) in LFPB from actuarial assumptions	44.1	(13.9)
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	$ (27.6)	$ 10.2
Weighted-average duration for future policy benefits (in years)	18 years 8 months 12 days		18 years 8 months 12 days	18 years 4 months 24 days

Employee and Agent Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Employee and Agent Benefits

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


					Other postretirement
	Pension benefits				benefits
	For the three months ended				For the three months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Service cost	$	14.8	$	13.9	$	—	$	—
Interest cost		40.3		40.0		0.8		0.8
Expected return on plan assets		(42.6)		(40.7)		(1.0)		(1.2)
Amortization of prior service benefit		(4.2)		(4.2)		(0.3)		(0.3)
Recognized net actuarial (gain) loss		9.8		10.2		(0.3)		(0.1)
Net periodic benefit cost (income)	$	18.1	$	19.2	$	(0.8)	$	(0.8)


					Other postretirement
	Pension benefits				benefits
	For the nine months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Service cost	$	44.4	$	41.7	$	—	$	—
Interest cost		121.1		120.0		2.3		2.5
Expected return on plan assets		(127.8)		(122.3)		(3.3)		(3.5)
Amortization of prior service benefit		(12.5)		(12.6)		(0.8)		(0.8)
Recognized net actuarial (gain) loss		29.2		30.7		(0.8)		(0.5)
Net periodic benefit cost (income)	$	54.4	$	57.5	$	(2.6)	$	(2.3)

Market Risk Benefits - Unobservable Inputs for Fair Value Measurement (Details)	Sep. 30, 2024	Dec. 31, 2023
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0414	0.0400
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1810	0.1800
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0049	0.0080
Retirement and Income Solutions \| Individual variable annuities \| Minimum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0090	0.0110
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0419	0.0420
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.3543	0.3300
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0122	0.0160
Retirement and Income Solutions \| Individual variable annuities \| Maximum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.5500	0.5500
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	0.0416	0.0410
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	0.2171	0.2200
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0102	0.0130
Retirement and Income Solutions \| Individual variable annuities \| Weighted average input \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0514	0.0590
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
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
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Minimum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		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
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
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
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0177
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia \| Maximum \| Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		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
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
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
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

Nature of Operations and Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Nature of Operations and Significant Accounting Policies

Nature of Operations and Significant Accounting Policies

1. Nature of Operations and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ended December 31, 2024, especially when considering risks and uncertainties that may impact our business, results of operations, financial condition and liquidity. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, 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 market risk benefits (“MRBs”), funds withheld embedded derivative, deferred acquisition costs (“DAC”) and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. 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.

These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2023, included in our Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2023, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

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 variable interest entity (“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 2, 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 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 notes to the consolidated financial statements, but do not expect it to have a material impact.
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.	December 31, 2024	We will add additional reportable segment financial information detail in our notes to the consolidated financial statements. The disclosure changes are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and must be applied retrospectively.
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. 3. 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.	January 1, 2023	This guidance changed how we account for many of our insurance and annuity products. The additional disclosure requirements can be found in the following notes: ● Note 5, Deferred Acquisition Costs and Other Actuarial Balances ● Note 6, Separate Account Balances ● Note 7, Contractholder Funds ● Note 8, Future Policy Benefits and Claims ● Note 9, Market Risk Benefits

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

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 MRBs was applied retrospectively.

Troubled debt restructurings and vintage disclosures

This authoritative guidance eliminated the accounting requirements for troubled debt restructurings 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.

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.

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.

Long-Duration Insurance Contracts Disclosures

We include disaggregated rollforwards for DAC, the unearned revenue liability, separate account liabilities, policyholder account balances, the liability for future policy benefits, the additional liability for certain benefit features and market risk benefits. 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.

Amounts from different reportable segments cannot be aggregated for disclosures. 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 long-duration insurance contract disclosures.

●

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 long-duration insurance contracts disclosures for separate accounts

o

Asia:

◾

Guaranteed pension – Pension savings schemes offered to both employers and employees, which were closed in the fourth quarter of 2023 and the second quarter of 2024

●

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 universal life insurance with secondary guarantee (“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 long-duration insurance contracts 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 uses 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.

Deferred Acquisition Costs and Other Actuarial Balances - Benefits and Protection - Balances and changes in DAC (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,950.5
Ending balance, Deferred acquisition costs	3,992.2	$ 3,950.5
Individual disability \| Benefits and Protection \| Specialty Benefits
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	667.7	626.1
Costs deferred	60.0	86.7
Amortized to expense	(36.6)	(45.1)
Ending balance, Deferred acquisition costs	691.1	667.7
Universal life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,545.3	1,569.7
Costs deferred	55.3	70.7
Amortized to expense	(70.5)	(95.1)
Ending balance, Deferred acquisition costs	1,530.1	1,545.3
Term life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	695.1	685.7
Costs deferred	58.9	71.3
Amortized to expense	(47.2)	(61.9)
Ending balance, Deferred acquisition costs	706.8	695.1
Participating life \| Benefits and Protection \| Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	84.7	93.0
Costs deferred	1.3	1.4
Amortized to expense	(6.5)	(9.7)
Ending balance, Deferred acquisition costs	$ 79.5	$ 84.7

Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative Financial Instruments, exposure
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 426.3	$ 544.2
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	403.6	482.3
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	426.3	544.2
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	109.3
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	235.8	103.3
Notional amount	98,931.0	94,371.1
Gross credit exposure	528.1	314.3
Less: collateral received	287.8	148.7
Net credit exposure	240.3	165.6
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0.0
Principal payments made under contract	0.0
Notional amount	60,017.6	57,792.2
Gross credit exposure	28.1	42.9
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	5,023.7	4,498.4
Gross credit exposure	26.9	37.0
Interest rate forwards
Derivative Financial Instruments, exposure
Notional amount	2,307.4	1,990.8
Gross credit exposure	6.1	4.2
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	774.0	1,205.0
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	2,599.9	2,105.8
Gross credit exposure	146.0	120.9
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	1,032.0	1,062.5
Gross credit exposure	22.7	20.8
Equity options
Derivative Financial Instruments, exposure
Notional amount	3,638.6	2,331.3
Gross credit exposure	289.6	83.8
Equity futures
Derivative Financial Instruments, exposure
Notional amount	706.0	568.4
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	325.0	305.0
Gross credit exposure	4.5	4.7
Total return swaps
Derivative Financial Instruments, exposure
Notional amount	250.0
Gross credit exposure	4.2
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 22,256.8	$ 22,511.7

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ (193.4)	$ 1,250.1	$ 695.4	$ 1,509.3
Subtract:
Net income (loss) attributable to noncontrolling interest	26.6	3.9	29.8	14.4
Total net income (loss), basic	(220.0)	1,246.2	665.6	1,494.9
Total net income (loss), diluted	$ (220.0)	$ 1,246.2	$ 665.6	$ 1,494.9
Weighted-average shares outstanding:
Basic	230.7	241.1	233.5	242.4
Dilutive effects:
Diluted	230.7	244.3	236.6	245.7
Net income (loss) per common share:
Basic	$ (0.95)	$ 5.17	$ 2.85	$ 6.17
Diluted	$ (0.95)	$ 5.10	$ 2.81	$ 6.08
Nonqualified Stock Options
Dilutive effects:
Stock-based compensation awards		0.9	0.8	0.9
Restricted Stock Units
Dilutive effects:
Stock-based compensation awards		2.0	2.0	2.0
Performance Share Awards
Dilutive effects:
Stock-based compensation awards		0.3	0.3	0.4

Market Risk Benefits - Asset and Liability Position and Reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefits
Market risk benefit asset	$ 162.6	$ 153.4
Market risk benefit liability	96.0	133.2
Net asset (liability)	66.6	20.2
Retirement and Income Solutions \| Individual variable annuities
Market Risk Benefits
Market risk benefit asset	162.6	153.4
Market risk benefit liability	96.0	111.9
Net asset (liability)	$ 66.6	41.5	$ (72.2)
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Market Risk Benefits
Market risk benefit liability		21.3
Net asset (liability)		$ (21.3)	$ (26.0)

Segment Information - Pre-tax income (loss) from exited business (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Pre-tax income (loss) from exited business:

Change in fair value of funds withheld embedded derivative

$ (776.8)

$ 925.6

$ (346.9)

$ 392.9

Net realized capital gains (losses) on funds withheld assets

^[1]

39.4

1.0

105.9

119.8

Total pre-tax income (loss) from exited business

(809.1)

879.2

(615.4)

352.3

Reconciling items

Pre-tax income (loss) from exited business:

Change in fair value of funds withheld embedded derivative

(776.8)

925.6

(346.9)

392.9

Net realized capital gains (losses) on funds withheld assets

39.4

1.0

105.9

119.8

Amortization of reinsurance gain (loss)

(46.4)

(8.1)

(474.0)

(50.5)

Other impacts of reinsured business

(25.3)

(39.3)

99.6

(109.9)

Total pre-tax income (loss) from exited business

$ (809.1)

$ 879.2

$ (615.4)

$ 352.3

[1]	Includes realized and unrealized gains (losses). See Note 3, Investments, for further details.

Separate Account Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
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	$ 91.1	$ 88.2

Deferred Acquisition Costs and Other Actuarial Balances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Long-duration and short-duration insurance
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 98.4	$ 97.5	$ 293.0	$ 292.8

Stock-Based Compensation Plans

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Future Policy Benefits and Claims - Retirement and Income Solutions (Details) - Retirement and Income Solutions - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 23,855.8	$ 21,211.4
Effect of changes in discount rate assumptions at beginning of period	1,036.1	1,799.6
Balance at beginning of period at original discount rate	24,891.9	23,011.0
Effect of changes in cash flow assumptions	(3.4)	(53.4)
Effect of actual variances from expected experience	(1.7)	(14.6)
Adjusted beginning of period balance at original discount rate	24,886.8	22,943.0
Interest accrual	842.5	1,008.6
Benefit payments	(1,658.3)	(1,981.4)
Issuances	2,218.0	2,921.7
Balance at end of period at original discount rate	26,289.0	24,891.9
Effect of changes in discount rate assumptions at end of period	(734.9)	(1,036.1)
Balance at end of period, Present value of expected future policy benefit payments	25,554.1	23,855.8
Future policy benefits after reinsurance	$ 25,554.1	$ 23,855.8
Weighted-average duration for future policy benefits (in years)	8 years 3 months 18 days	8 years 6 months
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 301.2	$ 763.5
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	4,914.1	5,019.4
Effect of changes in discount rate assumptions at beginning of period	296.7	439.0
Balance at beginning of period at original discount rate	5,210.8	5,458.4
Effect of changes in cash flow assumptions	(38.4)	(1.3)
Effect of actual variances from expected experience	(2.6)	(0.1)
Adjusted beginning of period balance at original discount rate	5,169.8	5,457.0
Interest accrual	157.4	219.1
Benefit payments	(375.3)	(507.3)
Issuances	34.9	42.0
Balance at end of period at original discount rate	4,986.8	5,210.8
Effect of changes in discount rate assumptions at end of period	(223.5)	(296.7)
Balance at end of period, Present value of expected future policy benefit payments	4,763.3	4,914.1
Reinsurance Impact	(4,733.1)	(4,869.1)
Future policy benefits after reinsurance	$ 30.2	$ 45.0
Weighted-average duration for future policy benefits (in years)	7 years 6 months	7 years 10 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 73.2	$ 142.3

Future Policy Benefits and Claims - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 1,405.9	$ 1,395.0
Balance at beginning of period, reinsurance recoverables for unpaid claims	67.8	68.6
Net balance at beginning of period, unpaid claims	1,338.1	1,326.4
Incurred:
Incurred: Current year	1,332.8	1,233.1
Incurred: Prior years	(92.8)	(92.1)
Total incurred	1,240.0	1,141.0
Payments:
Payments: Current year	934.5	856.6
Payments: Prior years	315.2	295.4
Total payments	1,249.7	1,152.0
Net balance at end of period, unpaid claims	1,328.4	1,315.4
Balance at end of period, reinsurance recoverables for unpaid claims	62.8	66.5
Balance at end of period, unpaid claims	$ 1,391.2	$ 1,381.9

Contractholder Funds - Changes in Policyholder Account Balances (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 25,322.2
Policyholder account balance, end of period	26,163.4	$ 25,322.2
Retirement and Income Solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	18,774.0
Policyholder account balance, end of period	19,608.0	18,774.0
Retirement and Income Solutions \| Workplace savings and retirement solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	12,721.5	12,154.7
Premiums and deposits	3,665.9	4,441.7
Policy charges	(27.5)	(31.6)
Surrenders, withdrawals and benefit payments	(2,919.3)	(4,356.6)
Net transfers from (to) separate account	(65.8)	264.8
Interest credited	285.6	280.2
Other	(24.2)	(31.7)
Policyholder account balance, end of period	$ 13,636.2	$ 12,721.5
Weighted-average crediting rate	3.18%	2.54%
Cash surrender value	$ 12,260.3	$ 11,211.9
Retirement and Income Solutions \| Individual variable annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	514.2	381.4
Premiums and deposits	1,137.8	586.7
Surrenders, withdrawals and benefit payments	(1,459.3)	(1,123.0)
Net transfers from (to) separate account	1,102.1	659.3
Interest credited	6.2	9.8
Other	(0.1)
Policyholder account balance, end of period	$ 1,300.9	$ 514.2
Weighted-average crediting rate	3.35%	3.22%
Cash surrender value	$ 1,353.0	$ 512.6
Retirement and Income Solutions \| Individual fixed deferred annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	5,538.3	7,228.3
Premiums and deposits	35.3	36.8
Surrenders, withdrawals and benefit payments	(1,006.4)	(1,888.4)
Interest credited	103.7	161.6
Policyholder account balance, end of period	$ 4,670.9	$ 5,538.3
Weighted-average crediting rate	3.06%	2.84%
Cash surrender value	$ 4,400.5	$ 5,434.4
Benefits and Protection \| Life Insurance \| Universal life
Changes in policyholder account balances
Policyholder account balance, beginning of period	6,910.4	6,947.9
Premiums and deposits	942.4	1,260.5
Policy charges	(654.0)	(858.1)
Surrenders, withdrawals and benefit payments	(466.4)	(483.6)
Net transfers from (to) separate account	(36.5)	(197.7)
Interest credited	213.5	242.1
Other	(0.2)	(0.7)
Policyholder account balance, end of period	6,909.2	6,910.4
Reinsurance impact	(3,272.1)	(3,396.8)
Policyholder account balance at end of period after reinsurance	$ 3,637.1	$ 3,513.6
Weighted-average crediting rate	4.09%	4.01%
Net amount at risk	$ 85,992.9	$ 86,671.0
Cash surrender value	$ 6,008.0	$ 5,953.0

Stockholders' Equity - Common Stock Dividends and Reconciliation of Outstanding Common Shares (Details) - USD ($) $ / shares in Units, $ in Billions	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 29, 2024	Jan. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock Dividends
Dividends declared per common share (in dollars per share)			$ 0.72	$ 0.65	$ 2.12	$ 1.93
Common stock
Reconciliation of Outstanding Common Shares
Outstanding shares at beginning of period			232,293,387	242,037,833	236,438,294	243,549,782
Shares issued			178,639	187,895	2,013,575	2,186,549
Treasury stock acquired			(3,180,724)	(2,567,868)	(9,160,567)	(6,078,471)
Outstanding shares at end of period			229,291,302	239,657,860	229,291,302	239,657,860
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)	$ 1.5	$ 1.6

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3, net derivative assets (liabilities)	$ (0.1)	$ 0.1	$ (0.1)	$ 0.1
Available-for-sale \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	4.6	103.4	214.6	411.2
Transfers out of Level 3 into Level 2	17.9	44.2	129.5	223.2
Available-for-sale \| States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			15.5
Transfers out of Level 3 into Level 2	17.9		17.9
Available-for-sale \| Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		82.2	58.9	171.7
Transfers out of Level 3 into Level 2		34.3		77.2
Available-for-sale \| Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2		9.9		146.0
Available-for-sale \| Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	$ 4.6	$ 21.2	140.2	$ 239.5
Transfers out of Level 3 into Level 2			$ 111.6

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation Plans

18. Stock-Based Compensation Plans

As of September 30, 2024, 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 2024 required a fair value adjustment.

As of September 30, 2024, the maximum number of new shares of common stock available for grant under the 2021 Stock Incentive Plan was 20.4 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 nine months ended September 30,
	2024		2023

	(in millions)
Compensation cost	$	83.3	$	77.4
Related income tax benefit		18.7		12.8
Capitalized as part of an asset		0.9		3.3

Nonqualified Stock Options

No nonqualified stock options were granted to employees during both the nine months ended September 30, 2024 and 2023. All outstanding nonqualified stock options are vested and have been fully expensed.

Performance Share Awards

Performance share awards were granted to certain employees under the 2021 Stock Incentive Plan. Total performance share awards granted were 0.3 million for the nine months ended September 30, 2024. The performance share awards granted 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 performance period. The performance share awards include a relative total shareholder return modifier under which the number of shares ultimately awarded is also impacted by our actual shareholder return relative to our S&P 500 Financial Sector Index peer group. The actual number of common shares to be awarded at the end of each performance period will range between 0% and 180% of the initial target awards. The fair value of performance share awards is determined using a Monte Carlo simulation model. The weighted-average grant date fair value of these performance share awards granted was $82.52 per common share.

As of September 30, 2024, we had $24.3 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 1.6 years.

Restricted Stock Units

Restricted stock units were issued to certain employees and non-employee directors pursuant to the 2021 Stock Incentive Plan. Total restricted stock units granted were 1.1 million for the nine months ended September 30, 2024. 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 these restricted stock units granted was $80.16 per common share.

As of September 30, 2024, we had $84.1 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted. The cost is expected to be recognized over a weighted-average period of approximately 1.6 years.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, employees purchased 0.3 million shares for the nine months ended September 30, 2024. The weighted average fair value of the discount on the stock purchased was $8.42 per share.

As of September 30, 2024, a total of 2.6 million of new shares were available to be made issuable by us for this plan.

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Actuarial Balances
Total unearned revenue liability	$ 510.2	$ 492.7
Universal life \| Benefits and Protection \| Life Insurance
Other Actuarial Balances
Total unearned revenue liability	504.0	485.5	$ 459.0
Other balances
Other Actuarial Balances
Total unearned revenue liability	$ 6.2	$ 7.2

Separate Account Balances - Separate Account Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Separate Account Balances
Separate account liabilities	$ 180,653.5	$ 167,605.6
Other balances
Separate Account Balances
Separate account liabilities	298.2	247.9
Retirement and Income Solutions
Separate Account Balances
Separate account liabilities	136,650.4	126,650.4
Retirement and Income Solutions \| Group retirement contracts
Separate Account Balances
Separate account liabilities	127,667.2	117,518.5	$ 107,240.1
Retirement and Income Solutions \| Individual variable annuities
Separate Account Balances
Separate account liabilities	8,983.2	9,131.9	8,659.0
Principal Asset Management \| Principal International
Separate Account Balances
Separate account liabilities	36,897.4	34,724.8
Principal Asset Management \| Principal International \| Pension \| Latin America
Separate Account Balances
Separate account liabilities	36,897.4	34,580.6	33,316.7
Principal Asset Management \| Principal International \| Guaranteed pension \| Asia
Separate Account Balances
Separate account liabilities		144.2	915.0
Benefits and Protection \| Life Insurance \| Universal life
Separate Account Balances
Separate account liabilities	$ 6,807.5	$ 5,982.5	$ 5,011.0

Employee and Agent Benefits

9 Months Ended

Sep. 30, 2024

Employee and Agent Benefits

Employee and Agent Benefits

12. Employee and Agent Benefits

Components of Net Periodic Benefit Cost


					Other postretirement
	Pension benefits				benefits
	For the three months ended				For the three months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Service cost	$	14.8	$	13.9	$	—	$	—
Interest cost		40.3		40.0		0.8		0.8
Expected return on plan assets		(42.6)		(40.7)		(1.0)		(1.2)
Amortization of prior service benefit		(4.2)		(4.2)		(0.3)		(0.3)
Recognized net actuarial (gain) loss		9.8		10.2		(0.3)		(0.1)
Net periodic benefit cost (income)	$	18.1	$	19.2	$	(0.8)	$	(0.8)


					Other postretirement
	Pension benefits				benefits
	For the nine months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Service cost	$	44.4	$	41.7	$	—	$	—
Interest cost		121.1		120.0		2.3		2.5
Expected return on plan assets		(127.8)		(122.3)		(3.3)		(3.5)
Amortization of prior service benefit		(12.5)		(12.6)		(0.8)		(0.8)
Recognized net actuarial (gain) loss		29.2		30.7		(0.8)		(0.5)
Net periodic benefit cost (income)	$	54.4	$	57.5	$	(2.6)	$	(2.3)

The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations.

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 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. We do not anticipate that we will be required to fund a minimum required contribution under ERISA in 2024; however, it is possible that we may fund the qualified and nonqualified pension plans in 2024 for a combined total of up to $75.0 million. During the three and nine months ended September 30, 2024, we contributed $26.0 million and $59.0 million to these plans, respectively.

The entire disclosure for retirement benefits.

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

Nature of Operations and Significant Accounting Policies

Nature of Operations and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

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 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 notes to the consolidated financial statements, but do not expect it to have a material impact.
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.	December 31, 2024	We will add additional reportable segment financial information detail in our notes to the consolidated financial statements. The disclosure changes are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and must be applied retrospectively.
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. 3. 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.	January 1, 2023	This guidance changed how we account for many of our insurance and annuity products. The additional disclosure requirements can be found in the following notes: ● Note 5, Deferred Acquisition Costs and Other Actuarial Balances ● Note 6, Separate Account Balances ● Note 7, Contractholder Funds ● Note 8, Future Policy Benefits and Claims ● Note 9, Market Risk Benefits

Description

Date of
adoption

Effect on our consolidated
financial statements or other
significant matters

Troubled debt restructurings and vintage disclosures

January 1, 2023

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

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.

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

Long-Duration Insurance Contracts Disclosures - Policy

Long-Duration Insurance Contracts Disclosures

●

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, which were closed in the fourth quarter of 2023 and the second quarter of 2024

●

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

●

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.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income
Net income (loss)	$ (193.4)	$ 1,250.1	$ 695.4	$ 1,509.3
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	2,115.0	(1,809.4)	1,235.6	(1,273.7)
Net unrealized gains (losses) on derivative instruments	(38.0)	(14.9)	3.5	(20.7)
Liability for future policy benefits discount rate remeasurement gain (loss)	(1,317.4)	1,373.6	(369.2)	1,341.9
Market risk benefit nonperformance risk remeasurement gain (loss)	(5.3)	(17.9)	(12.9)	(17.5)
Foreign currency translation adjustment	71.0	(133.4)	(105.1)	8.6
Net unrecognized postretirement benefit obligation	3.7	4.2	9.0	(1.1)
Other comprehensive income (loss)	829.0	(597.8)	760.9	37.5
Comprehensive income (loss)	635.6	652.3	1,456.3	1,546.8
Comprehensive income (loss) attributable to noncontrolling interest	28.8	1.8	30.4	13.8
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 606.8	$ 650.5	$ 1,425.9	$ 1,533.0

Investments

9 Months Ended

Sep. 30, 2024

Investments

Investments

3. 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 10, Reinsurance, for more information on the funds withheld invested assets.

Fixed Maturities

Fixed maturities include bonds, 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 15, 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.

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

Allowance

Amortized

unrealized

for credit

cost (1)

gains

losses

loss

Fair value

(in millions)

September 30, 2024

Fixed maturities, available-for-sale:

U.S. government and agencies

1,952.8

35.5

227.1

—

1,761.2

Non-U.S. governments

560.1

19.3

54.3

—

525.1

States and political subdivisions

7,273.3

52.7

805.6

—

6,520.4

Corporate

38,915.3

902.1

2,647.6

2.6

37,167.2

Residential mortgage-backed pass-through securities

3,596.3

44.8

129.0

—

3,512.1

Commercial mortgage-backed securities

5,421.2

7.9

414.2

—

5,014.9

Collateralized debt obligations (2)

6,150.2

56.4

7.3

—

6,199.3

Other debt obligations

8,827.2

88.2

467.1

0.2

8,448.1

Total fixed maturities, available-for-sale

72,696.4

1,206.9

4,752.2

2.8

69,148.3


			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

(1)	Amortized cost excludes accrued interest receivable of $661.3 million and $619.2 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, by expected maturity, were as follows:


	Amortized cost		Fair value

	(in millions)
Due in one year or less	$	1,360.8	$	1,358.0
Due after one year through five years		8,550.2		8,490.8
Due after five years through ten years		10,291.6		10,154.5
Due after ten years		28,498.9		25,970.6
Subtotal		48,701.5		45,973.9
Mortgage-backed and other asset-backed securities		23,994.9		23,174.4
Total	$	72,696.4	$	69,148.3

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 Realized Capital Gains and Losses

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 on 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).

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 10, 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 a 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 three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	7.8	$	8.4	$	12.0	$	49.1
Gross losses		(6.2)		(17.7)		(45.2)		(92.5)
Net credit recoveries (losses) (1)		(1.9)		1.0		(5.8)		(19.8)
Hedging, net (2)		8.3		(1.7)		2.6		(2.3)
Fixed maturities, trading (3)		11.2		(6.4)		8.9		(11.6)
Equity securities (4)		42.8		29.6		113.9		32.3
Mortgage loans		(49.2)		(8.1)		(96.6)		(82.4)
Derivatives (2)		16.2		91.2		20.8		54.8
Other		48.4		83.0		50.7		112.9
Net realized capital gains	$	77.4	$	179.3	$	61.3	$	40.5

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

(2)

(3)

(4)

Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $964.3 million and $755.4 million for the three months ended September 30, 2024 and 2023, and $2,672.2 million and $3,852.5 million for the nine months ended September 30, 2024 and 2023, 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 three months ended September 30, 2024

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

—

2.8

—

0.1

2.9

Additions for credit losses not previously recorded

—

0.1

Reductions for securities sold during the period

—

(0.3)

—

(0.3)

Foreign currency translation adjustment

—

0.1

—

0.1

Ending balance

—

2.6

—

0.2

2.8


	For the three months ended September 30, 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		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	8.4	$	—	$	—	$	—	$	0.1	$	8.5
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(1.5)		—		—		—		—		(1.5)
Foreign currency translation adjustment		—		—		—		(0.5)		—		—		—		—		(0.5)
Ending balance	$	—	$	—	$	—	$	6.4	$	—	$	—	$	—	$	0.1	$	6.5
Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.1	$	—	$	—	$	—	$	—	$	0.1

For the nine months ended September 30, 2024

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

—

4.6

—

0.1

4.7

Additions for credit losses not previously recorded

—

0.1

Reductions for securities sold during the period

—

(0.3)

—

(0.3)

Write-offs charged against allowance

—

(1.6)

—

(1.6)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

—

2.6

—

0.2

2.8


	For the nine months ended September 30, 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		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	7.7	$	—	$	—	$	—	$	0.1	$	7.8
Additions for credit losses not previously recorded		—		—		—		6.2		—		—		—		—		6.2
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(7.5)		—		—		—		—		(7.5)
Ending balance	$	—	$	—	$	—	$	6.4	$	—	$	—	$	—	$	0.1	$	6.5
Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.1	$	—	$	—	$	—	$	—	$	0.1

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

During 2024, 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:

September 30, 2024

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

34.7

0.1

1,039.0

227.0

1,073.7

227.1

Non-U.S. governments

0.2

—

339.3

54.3

339.5

54.3

States and political subdivisions

74.7

—

5,134.7

805.7

5,209.4

805.7

Corporate

842.8

32.0

21,749.2

2,613.2

22,592.0

2,645.2

Residential mortgage-backed pass-through securities

139.3

0.3

1,294.4

128.8

1,433.7

129.1

Commercial mortgage-backed securities

296.4

1.9

4,063.2

412.4

4,359.6

414.3

Collateralized debt obligations (2)

500.3

1.2

118.0

6.0

618.3

7.2

Other debt obligations

428.8

12.4

3,995.0

454.3

4,423.8

466.7

Total fixed maturities, available-for-sale

2,317.2

47.9

37,732.8

4,701.7

40,050.0

4,749.6

(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 $39,129.7 million in available-for-sale fixed maturities with gross unrealized losses of $4,671.9 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 96% were investment grade (rated AAA through BBB-) with an average price of 89 (carrying value/amortized cost) as of September 30, 2024. Gross unrealized losses in our fixed maturities portfolio decreased during the nine months ended September 30, 2024, primarily due to a tightening of credit spreads and a decrease in interest rates.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life’s consolidated portfolio held 386 securities with a carrying value of $2,218.2 million and unrealized losses of $39.9 million reflecting an average price of 98 as of September 30, 2024. Of this portfolio, 91% was investment grade (rated AAA through BBB-) as of September 30, 2024, with associated unrealized losses of $33.6 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 6,363 securities with a carrying value of $36,911.5 million and unrealized losses of $4,632.0 million as of September 30, 2024. The average credit rating of this portfolio was A with an average price of 89 as of September 30, 2024. Of the $4,632.0 million in unrealized losses, the corporate sector accounts for $2,559.3 million in unrealized losses with an average price of 89 and an average credit rating of BBB+. Furthermore, unrealized losses include $799.2 million within the states and political subdivisions sector with an average price of 86 and an average credit rating of AA-; $409.5 million within the CMBS sector with an average price of 91 and an average credit rating of AA; and $393.5 million within the collateralized mortgage obligation security sector with an average price of 87 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 September 30, 2024. 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, 2023
	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	$	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’s 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.

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:


	September 30, 2024		December 31, 2023

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(3,522.1)	$	(5,143.0)
Net unrealized gains (losses) on derivative instruments		2.3		(1.6)
Adjustments for assumed changes in amortization patterns		2.1		(5.2)
Adjustments for assumed changes in policyholder liabilities		1.2		1.4
Net unrealized gains (losses) on other investments and noncontrolling interest adjustments		(12.9)		43.1
Provision for deferred income tax benefits		751.5		1,088.4
Net unrealized losses on available-for-sale securities and derivative instruments	$	(2,777.9)	$	(4,016.9)

(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. The amortized cost of our residential mortgage loans also includes basis adjustments related to fair value hedges in a closed portfolio. See Note 4, Derivative Financial Instruments, for further information. 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:

September 30, 2024

2024

2023

2022

2021

2020

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

706.7

778.8

1,241.2

2,135.8

1,473.4

6,916.5

13,252.4

BBB+ thru BBB-

97.7

349.6

230.8

267.1

182.3

1,208.4

2,335.9

BB+ thru BB-

104.8

134.6

153.5

60.4

40.3

224.6

718.2

B+ and below

—

2.8

300.2

303.0

Total

909.2

1,263.0

1,625.5

2,463.3

1,698.8

8,649.7

16,609.5

Direct financing leases:

A- and above

—

1.1

42.9

12.1

37.4

198.6

292.1

BBB+ thru BBB-

5.3

2.0

95.5

20.8

58.3

74.1

256.0

BB+ thru BB-

42.4

—

0.6

7.5

3.8

9.3

63.6

B+ and below

4.0

—

7.6

—

11.6

Total

51.7

3.1

139.0

48.0

99.5

282.0

623.3

Residential mortgage loans:

Performing

207.5

428.1

990.4

1,266.1

208.4

465.7

3,566.2

Non-performing

0.1

2.9

7.2

6.8

2.4

7.6

27.0

Total

207.6

431.0

997.6

1,272.9

210.8

473.3

3,593.2

Other loans:

Performing

77.5

77.0

—

154.5

Non-performing

—

0.1

Total

77.5

77.0

—

0.1

154.6

Reinsurance recoverable and deposit receivable

20,061.0


	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		0.1
Total	$	168.5	$	—	$	—	$	—	$	—	$	0.1	$	168.6

Reinsurance recoverable and deposit receivable													$	20,614.9

The amortized cost of commercial mortgage loans, direct financing leases, residential mortgage loans and other loans excluded accrued interest receivable of $65.9 million, $1.2 million, $11.6 million and $1.3 million, respectively, as of September 30, 2024, and $58.3 million, $1.2 million, $11.4 million and $1.6 million, respectively, as of December 31, 2023.

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:


	September 30, 2024
					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	$	58.4	$	57.8	$	—
Residential mortgage loans		10.2		17.8		—
Total	$	68.6	$	75.6	$	—


	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

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


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Commercial mortgage loans	$	0.4	$	0.7	$	0.2	$	0.7
Residential mortgage loans		—		—		0.1		—
Total	$	0.4	$	0.7	$	0.3	$	0.7

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

September 30, 2024

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

19.2

1.8

11.9

32.9

16,576.6

16,609.5

—

Direct financing leases

—

623.3

—

Residential mortgage loans

53.6

15.4

22.1

91.1

3,502.1

3,593.2

9.2

Other loans

1.9

1.7

1.1

4.7

149.9

154.6

1.0

Total

74.7

18.9

35.1

128.7

20,851.9

20,980.6

10.2


	December 31, 2023
													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	$	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

(1)	As of both September 30, 2024 and December 31, 2023, 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 2024 and 2023, we did not write off any commercial mortgage loan accrued interest receivable or residential mortgage loan accrued interest receivable.

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 three months ended September 30, 2024

Commercial

Direct

Residential

mortgage

financing

mortgage

Reinsurance

loans

leases

loans

recoverables

Total

(in millions)

Beginning balance

165.0

1.9

9.4

3.1

179.4

Provision

52.1

1.3

(1.1)

—

52.3

Charge-offs

(38.1)

—

(0.1)

—

(38.2)

Recoveries

—

0.3

—

0.3

Foreign currency translation adjustment

0.1

0.2

0.1

—

0.4

Ending balance

179.1

3.4

8.6

3.1

194.2


	For the three months ended September 30, 2023
	Commercial		Direct		Residential
	mortgage		financing		mortgage		Reinsurance
	loans		leases		loans		recoverables		Total

	(in millions)
Beginning balance	$	101.5	$	1.1	$	6.8	$	2.7	$	112.1
Provision		6.0		—		1.1		—		7.1
Charge-offs		—		—		(0.1)		—		(0.1)
Recoveries		—		—		0.4		—		0.4
Foreign currency translation adjustment		(0.2)		(0.1)		(0.1)		—		(0.4)
Ending balance	$	107.3	$	1.0	$	8.1	$	2.7	$	119.1

For the nine months ended September 30, 2024

Commercial

Direct

Residential

mortgage

financing

mortgage

Reinsurance

loans

leases

loans

recoverables

Total

(in millions)

Beginning balance

128.8

0.9

6.7

3.2

139.6

Provision

100.3

2.4

1.4

(0.1)

104.0

Charge-offs

(49.9)

—

(0.2)

—

(50.1)

Recoveries

—

0.7

—

0.7

Foreign currency translation adjustment

(0.1)

0.1

—

Ending balance

179.1

3.4

8.6

3.1

194.2


	For the nine months ended September 30, 2023
	Commercial		Direct		Residential
	mortgage		financing		mortgage		Reinsurance
	loans		leases		loans		recoverables		Total

	(in millions)
Beginning balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8
Provision		29.5		0.5		1.6		—		31.6
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		1.1		—		1.1
Foreign currency translation adjustment		(0.1)		(0.1)		—		—		(0.2)
Ending balance	$	107.3	$	1.0	$	8.1	$	2.7	$	119.1

For both the three and nine months ended September 30, 2024 and 2023, 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 three months ended

For the nine months ended

September 30,

2024

2023

2024

2023

(in millions)

Commercial mortgage loans:

Purchased

21.9

0.5

78.9

108.4

Sold

3.0

—

3.8

—

Residential mortgage loans:

Purchased (1)

112.3

74.6

199.8

497.0

Sold

9.4

4.1

22.2

25.4

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs in 2023.

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


	September 30, 2024				December 31, 2023
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	349.8	2.1	%	$	366.5	2.2	%
Middle Atlantic		4,673.1	28.2			4,512.6	27.1
East North Central		580.9	3.5			583.3	3.5
West North Central		357.1	2.1			336.0	2.0
South Atlantic		2,796.0	16.8			2,761.9	16.7
East South Central		419.7	2.5			429.4	2.6
West South Central		1,266.5	7.6			1,268.6	7.7
Mountain		909.7	5.5			824.2	5.0
Pacific		4,731.5	28.5			4,974.4	30.0
International		525.2	3.2			524.9	3.2
Total	$	16,609.5	100.0	%	$	16,581.8	100.0	%

Property type distribution
Office	$	3,220.3	19.4	%	$	3,643.0	21.9	%
Retail		1,431.6	8.6			1,454.7	8.8
Industrial		3,906.1	23.5			3,515.7	21.2
Apartments		7,174.9	43.2			7,128.2	43.0
Hotel		65.8	0.4			68.6	0.4
Mixed use/other		810.8	4.9			771.6	4.7
Total	$	16,609.5	100.0	%	$	16,581.8	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 both the three and nine months ended September 30, 2024 and 2023.

Securities Posted as Collateral

As of September 30, 2024 and December 31, 2023, we posted $6,732.2 million and $6,616.8 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 September 30, 2024 and December 31, 2023, we posted $3,427.1 million and $4,139.7 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 September 30, 2024 and December 31, 2023, $333.9 million and $519.9 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)
September 30, 2024
Derivative assets	$	517.1	$	(219.9)	$	(247.7)	$	49.5
Reverse repurchase agreements		139.5		—		(139.5)		—
Total	$	656.6	$	(219.9)	$	(387.2)	$	49.5
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

(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 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)

September 30, 2024

Derivative liabilities

415.9

(219.9)

(180.0)

16.0

December 31, 2023

Derivative liabilities

494.0

(178.5)

(301.1)

14.4

(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.

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 4, 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 September 30, 2024 and December 31, 2023.

Reinsurance

9 Months Ended

Sep. 30, 2024

Reinsurance

Reinsurance

10. Reinsurance

We reinsure a portion of the insurance risks associated with our individual disability, traditional life, universal life, medical and long-term care insurance as well as retail fixed annuity contracts with significant life insurance risk through reinsurance agreements with unaffiliated reinsurance companies, primarily on a quota share, excess loss, yearly renewable term (“YRT”) or coinsurance basis. We have coinsurance with funds withheld reinsurance agreements in which we cede our U.S. retail fixed annuity and ULSG blocks of business using both the reinsurance and deposit methods of accounting.

We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of September 30, 2024, and December 31, 2023, we had $14,927.8 million and $14,533.1 million of reinsurance recoverable assets, respectively, included in reinsurance recoverable and deposit receivable on the consolidated statements of financial position, which does not reflect potentially offsetting impacts of collateral. As of September 30, 2024, and December 31, 2023, we had $55.8 million and $45.2 million of reinsurance recoverable liabilities, respectively, included in future policy benefits and claims on the consolidated statements of financial position.

The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023

	(in millions)
Premiums and other considerations:
Direct	$	1,535.6	$	1,575.3	$	5,405.4	$	4,757.5
Ceded		(122.7)		(117.4)		(381.3)		(358.3)
Net premiums and other considerations	$	1,412.9	$	1,457.9	$	5,024.1	$	4,399.2
Benefits, claims and settlement expenses:
Direct	$	2,209.4	$	2,143.0	$	7,475.6	$	6,504.9
Ceded (1)		(431.3)		(432.4)		(1,549.9)		(1,186.3)
Net benefits, claims and settlement expenses	$	1,778.1	$	1,710.6	$	5,925.7	$	5,318.6
LFPB remeasurement (gain) loss:
Direct	$	221.5	$	697.4	$	253.9	$	721.7
Ceded (1)		(99.0)		(739.7)		311.7		(768.9)
Net LFPB remeasurement (gain) loss	$	122.5	$	(42.3)	$	565.6	$	(47.2)

(1)Includes the one-time impact of YRT reinsurance transactions in 2024.

As of September 30, 2024 and December 31, 2023, we had a $5,130.1 million and $6,078.6 million reinsurance deposit receivable, respectively.

Refer to Note 3, Investments, for information on our financing receivables valuation allowance related to the reinsurance recoverable and deposit receivable.

Cost of Reinsurance

A reinsurance asset or liability is established to spread the expected net reinsurance costs or profits over the expected term of the contracts. The cost of reinsurance asset and liability are reported in premiums due and other receivables and liability for future policy benefits and claims, respectively, on the consolidated statements of financial position. The cost of reinsurance asset and liability included on the consolidated statements of financial position were as follows:


	September 30, 2024		December 31, 2023

	(in millions)
Cost of reinsurance asset	$	3,201.9	$	3,275.5

Cost of reinsurance liability	$	858.0	$	424.6

Cost of reinsurance amortization, including the impacts of remeasurement, of $55.1 million and $(25.0) million for the three months ended September 30, 2024 and 2023, and $514.2 million and $8.2 million for the nine months ended September 30, 2024 and 2023, respectively, was reported in benefits, claims and settlement expenses and liability for future policy benefits remeasurement (gain) loss on the consolidated statements of operations. The 2024 impacts of remeasurement include the one-time impact of YRT reinsurance transactions.

Funds Withheld

The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown on the consolidated statements of financial position.


	September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities, available-for-sale	$	14,403.4	$	15,587.5
Fixed maturities, trading		309.6		316.8
Equity securities		0.3		0.3
Mortgage loans		2,231.3		2,385.9
Other investments		1,007.9		621.4
Cash and cash equivalents		1,411.5		818.4
Accrued interest income		171.5		187.0
Net other liabilities		(302.1)		(77.8)
Net assets	$	19,233.4	$	19,839.5

Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. As of September 30, 2024 and December 31, 2023, we had a $19,076.3 million and $19,629.5 million funds withheld payable, which was net of a $2,220.2 million and $2,567.1 million embedded derivative asset, respectively. The change in fair value of the embedded derivative was a gain (loss) of $(776.8) million and $925.6 million for the three months ended September 30, 2024 and 2023, respectively, and $(346.9) million and $392.9 million for the nine months ended September 30, 2024 and 2023, respectively.

While the economic benefits of the funds withheld assets flow to the reinsurer, we retain legal ownership of the assets within the funds withheld account. Guidelines are in place to ensure the investment risk is appropriately managed. Net investment income and net realized capital gains (losses) related to the assets on the consolidated statements of operations is reported net of the amounts that flow to the reinsurer. The realized 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.

Following are the components of net realized capital gains (losses) on the funds withheld assets that were passed to the reinsurer.


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023

	(in millions)
Fixed maturities, available-for-sale	$	(10.8)	$	(22.7)	$	(52.0)	$	(146.3)
Fixed maturities, trading		—		—		—		(0.1)
Equity securities		—		—		—		(1.2)
Mortgage loans		(1.8)		—		(1.8)		(9.2)
Derivatives		(0.5)		(0.4)		1.3		5.0
Net realized capital losses	$	(13.1)	$	(23.1)	$	(52.5)	$	(151.8)

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Financial Instruments

Derivative Financial Instruments

4. 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 certain treasury forward contracts we do not intend to take physical delivery. We intend to take delivery of the bond forwards referencing corporate, municipal and certain treasury 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 and to more closely match the interest rate characteristics of assets and liabilities. 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 products. We also use equity options to hedge returns credited to policyholder accounts related to our RILA products. 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 products 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.

We also use total return swaps for income enhancement. Total return swaps are contracts in which we agree with other parties to periodically exchange the total return on a referenced security for an agreed upon reference rate based on specified notional amounts. In the case of a predefined credit event, total return swaps require the total return receiver to pay for the decline in the price of the referenced security.

In cases where we sell protection, we also buy a quality cash bond to match against the 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 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 coinsurance with funds withheld reinsurance agreements. The funds withheld payable has an embedded total return swap as the total return of the funds withheld assets are transferred to the reinsurer, 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 $426.3 million and $544.2 million in cash and securities under collateral arrangements as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, was $403.6 million and $482.3 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 $426.3 million and $544.2 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, we would be required to post up to an additional $109.3 million of collateral to our counterparties.

As of September 30, 2024 and December 31, 2023, we had received $235.8 million and $103.3 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:


	September 30, 2024		December 31, 2023

	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	60,017.6	$	57,792.2
Interest rate options		5,023.7		4,498.4
Interest rate forwards		2,307.4		1,990.8
Interest rate futures		774.0		1,205.0
Foreign exchange contracts:
Currency swaps		2,599.9		2,105.8
Currency forwards		1,032.0		1,062.5
Equity contracts:
Equity options		3,638.6		2,331.3
Equity futures		706.0		568.4
Credit contracts:
Credit default swaps		325.0		305.0
Total return swaps		250.0		—
Other contracts:
Embedded derivatives		22,256.8		22,511.7
Total notional amounts at end of period	$	98,931.0	$	94,371.1

Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	28.1	$	42.9
Interest rate options		26.9		37.0
Interest rate forwards		6.1		4.2
Foreign exchange contracts:
Currency swaps		146.0		120.9
Currency forwards		22.7		20.8
Equity contracts:
Equity options		289.6		83.8
Credit contracts:
Credit default swaps		4.5		4.7
Total return swaps		4.2		—
Total gross credit exposure		528.1		314.3
Less: collateral received		287.8		148.7
Net credit exposure	$	240.3	$	165.6

The fair value of our derivative instruments classified as assets and liabilities was as follows:


	Derivative assets (1)				Derivative liabilities (2)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	—	$	9.0	$	64.5	$	72.6
Foreign exchange contracts		107.1		84.6		56.2		39.6
Total derivatives designated as hedging instruments	$	107.1	$	93.6	$	120.7	$	112.2

Derivatives not designated as hedging instruments
Interest rate contracts	$	55.6	$	70.3	$	168.8	$	284.3
Foreign exchange contracts		56.9		51.9		17.9		22.2
Equity contracts		289.6		83.8		107.4		74.2
Credit contracts		8.4		4.6		1.1		1.1
Other contracts		—		—		(1,852.2)		(2,451.6)
Total derivatives not designated as hedging instruments		410.5		210.6		(1,557.0)		(2,069.8)

Total derivative instruments	$	517.6	$	304.2	$	(1,436.3)	$	(1,957.6)

(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” or “single name total return 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 September 30, 2024 and December 31, 2023, 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 derivative 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.


	September 30, 2024
							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	$	0.2	$	40.0	0.7
BBB		160.0		4.1		160.0	2.3
Sovereign
A		20.0		0.1		20.0	0.7
Total single name credit default swaps		220.0		4.4		220.0	1.9

Single name total return swaps
Government/municipalities
AAA		40.0		0.8		40.0	30.8
AA		130.0		1.9		130.0	26.7
A		80.0		1.3		80.0	30.9
Total single name total return swaps		250.0		4.0		250.0	28.7

Total credit derivatives sold	$	470.0	$	8.4	$	470.0	16.2


	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
A	$	40.0	$	0.3	$	40.0	1.5
BBB		140.0		3.8		140.0	3.0
BB		20.0		0.2		20.0	3.5
Sovereign
A		20.0		0.2		20.0	1.5
Total credit derivatives sold	$	220.0	$	4.5	$	220.0	2.7

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	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

	(in millions)
Fixed maturities, available-for-sale (1):
Active hedging relationships	$	3,227.4	$	3,510.1	$	(47.5)	$	(87.0)
Discontinued hedging relationships		582.5		304.7		(7.8)		(5.2)
Total fixed maturities, available-for-sale in active or discontinued hedging relationships	$	3,809.9	$	3,814.8	$	(55.3)	$	(92.2)

Mortgage loans (2):
Active hedging relationships	$	1,269.1	$	—	$	1.2	$	—
Total mortgage loans in active or discontinued hedging relationships	$	1,269.1	$	—	$	1.2	$	—

Investment contracts:
Active hedging relationships	$	2,299.0	$	300.5	$	29.5	$	0.4
Total investment contracts in active or discontinued hedging relationships	$	2,299.0	$	300.5	$	29.5	$	0.4

(1)

(2)

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 September 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1,267.9 million and $0.0 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $1.2 million and $0.0 million, respectively, and the amount of the designated hedged items were $165.0 million and $0.0 million, respectively.

Derivative instruments’ gains (losses) excluded from the assessment of hedge effectiveness were $0.8 million and $(0.2) million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $(1.0) million for the nine months ended September 30, 2024 and 2023, respectively.

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 2.4 years. As of September 30, 2024, we had $7.9 million of net losses reported in accumulated other comprehensive income (“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

For the three months ended

For the nine months ended

Derivatives in cash

September 30,

flow hedging relationships

Related hedged item

2024

2023

2024

2023

(in millions)

Interest rate contracts

Fixed maturities, available-for-sale

18.0

(20.3)

7.9

(1.8)

Interest rate contracts

Investment contracts

(2.3)

(3.1)

(9.0)

(7.7)

Foreign exchange contracts

Fixed maturities, available-for-sale

(64.2)

6.4

6.4

(10.4)

Total

(48.5)

(17.0)

5.3

(19.9)

We expect to reclassify net gains of $26.8 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 three months ended September 30, 2024
					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-for-sale		available-		investment
	and mortgage loans		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	$	1,167.6	$	77.4	$	1,778.1

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	49.2	$	—	$	47.4
Loss recognized on derivatives		(45.6)		—		(44.9)
Amortization of hedged item basis adjustments		0.7		—		—
Amounts related to periodic settlements on derivatives		14.9		—		(6.8)

Foreign exchange contracts:
Gain recognized on hedged item		—		8.0		—
Loss recognized on derivatives		—		(7.7)		—
Amounts related to periodic settlements on derivatives		0.8		—		—
Total gain (loss) recognized for fair value hedging relationships	$	20.0	$	0.3	$	(4.3)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain reclassified from AOCI on derivatives	$	0.8	$	—	$	—
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.3		—
Amounts related to periodic settlements on derivatives		—		—		2.2

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives		—		(0.2)		—
Amounts related to periodic settlements on derivatives		6.9		—		—
Total gain recognized for cash flow hedging relationships	$	7.7	$	0.1	$	2.2


	For the three months ended September 30, 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-for-sale		available-		investment
	and mortgage loans		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	$	989.2	$	179.3	$	1,710.6

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(12.4)	$	—	$	(6.8)
Gain recognized on derivatives		12.7		—		6.0
Amortization of hedged item basis adjustments		(0.1)		—		—
Amounts related to periodic settlements on derivatives		16.5		—		(1.2)

Foreign exchange contracts:
Loss recognized on hedged item		—		(1.4)		—
Gain recognized on derivatives		—		1.3		—
Amounts related to periodic settlements on derivatives		—		0.2		—
Total gain (loss) recognized for fair value hedging relationships	$	16.7	$	0.1	$	(2.0)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain reclassified from AOCI on derivatives	$	1.0	$	—	$	—
Amounts related to periodic settlements on derivatives		—		—		3.7

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		0.3		—
Amounts related to periodic settlements on derivatives		5.4		—		—
Total gain recognized for cash flow hedging relationships	$	6.4	$	0.3	$	3.7


	For the nine months ended September 30, 2024
	Net investment				Benefits,
	income related		Net realized		claims and
	to hedges		capital gains		settlement
	of fixed		(losses) related to		expenses
	maturities,		hedges of fixed		related to
	available-		maturities,		hedges of
	for-sale		available-		investment
	and mortgage loans		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	$	3,325.9	$	61.3	$	5,925.7

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Gain recognized on hedged item	$	33.0	$	—	$	29.1
Loss recognized on derivatives		(30.5)		—		(26.3)
Amortization of hedged item basis adjustments		1.7		—		—
Amounts related to periodic settlements on derivatives		47.1		—		(16.9)

Foreign exchange contracts:
Gain recognized on hedged item		—		2.3		—
Loss recognized on derivatives		—		(2.3)		—
Amounts related to periodic settlements on derivatives		2.3		—		—
Total gain (loss) recognized for fair value hedging relationships	$	53.6	$	—	$	(14.1)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	2.6	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		0.4		—
Amounts related to periodic settlements on derivatives		—		—		9.8

Foreign exchange contracts:
Loss reclassified from AOCI on derivatives		—		(0.2)		—
Amounts related to periodic settlements on derivatives		19.2		—		—
Total gain recognized for cash flow hedging relationships	$	21.8	$	0.2	$	9.7


	For the nine months ended September 30, 2023
	Net investment				Benefits,
	income related		Net realized		claims and
	to hedges		capital gains		settlement
	of fixed		(losses) related to		expenses
	maturities,		hedges of fixed		related to
	available-		maturities,		hedges of
	for-sale		available-		investment
	and mortgage loans		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	$	2,964.0	$	40.5	$	5,318.6

Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Loss recognized on hedged item	$	(8.9)	$	—	$	(9.4)
Gain recognized on derivatives		10.7		—		8.5
Amortization of hedged item basis adjustments		(0.2)		—		—
Amounts related to periodic settlements on derivatives		44.0		—		(1.3)

Foreign exchange contracts:
Loss recognized on hedged item		—		(0.8)		—
Gain recognized on derivatives		—		0.7		—
Amounts related to periodic settlements on derivatives		—		0.2		—
Total gain (loss) recognized for fair value hedging relationships	$	45.6	$	0.1	$	(2.2)

Gains on cash flow hedging relationships:
Interest rate contracts:
Gain (loss) reclassified from AOCI on derivatives	$	3.1	$	—	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring		—		1.7		—
Amounts related to periodic settlements on derivatives		—		—		10.3

Foreign exchange contracts:
Gain reclassified from AOCI on derivatives		—		1.5		—
Amounts related to periodic settlements on derivatives		16.0		—		—
Total gain recognized for cash flow hedging relationships	$	19.1	$	3.2	$	10.2

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 loss
	Amount of gain (loss) recognized				reclassified from AOCI into
	in AOCI on derivatives				net realized capital gains (losses)
	for the three months ended				for the three months ended
	September 30,				September 30,
Derivatives in net investment hedging relationships	2024		2023		2024		2023

	(in millions)
Foreign exchange contracts	$	(1.3)	$	0.9	$	—	$	—
Total	$	(1.3)	$	0.9	$	—	$	—


					Amount of loss
	Amount of gain recognized				reclassified from AOCI into
	in AOCI on derivatives				net realized capital gains (losses)
	for the nine months ended				for the nine months ended
	September 30,				September 30,
Derivatives in net investment hedging relationships	2024		2023		2024		2023

	(in millions)
Foreign exchange contracts	$	0.2	$	0.1	$	—	$	—
Total	$	0.2	$	0.1	$	—	$	—

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 and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 10, Reinsurance, for further details.


	Amount of gain (loss) recognized in				Amount of gain (loss) recognized in
	net income on derivatives for the				net income on derivatives for the
	three months ended September 30,				nine months ended September 30,
Derivatives not designated as hedging instruments	2024		2023		2024		2023

	(in millions)
Interest rate contracts	$	(20.0)	$	73.2	$	(151.8)	$	29.0
Foreign exchange contracts		28.0		(66.1)		11.8		(50.2)
Equity contracts		26.6		19.3		18.1		(102.3)
Credit contracts		4.3		0.8		5.7		2.6
Other contracts (1)		(914.8)		916.5		(599.4)		360.5
Total	$	(875.9)	$	943.7	$	(715.6)	$	239.6

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

Future Policy Benefits and Claims - Corporate (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Future policy benefits	$ 38,590.7	$ 36,514.6
Corporate \| Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums	42.8	64.6
Effect of changes in discount rate assumptions at beginning of period	(3.0)	(3.6)
Balance at beginning of period at original discount rate	39.8	61.0
Effect of changes in cash flow assumptions	(5.3)	(13.3)
Effect of actual variances from expected experience	(3.4)	(5.7)
Adjusted beginning of period balance at original discount rate	31.1	42.0
Interest accrual	1.5	2.9
Net premiums collected	(3.7)	(5.1)
Balance at end of period at original discount rate	28.9	39.8
Effect of changes in discount rate assumptions at end of period	2.4	3.0
Balance at end of period, Present value of expected net premiums	31.3	42.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	209.5	248.1
Effect of changes in discount rate assumptions at beginning of period	(20.0)	(18.9)
Balance at beginning of period at original discount rate	189.5	229.2
Effect of changes in cash flow assumptions	(1.2)	(40.5)
Effect of actual variances from expected experience	0.9	2.5
Adjusted beginning of period balance at original discount rate	189.2	191.2
Interest accrual	8.4	12.5
Benefit payments	(10.9)	(14.2)
Balance at end of period at original discount rate	186.7	189.5
Effect of changes in discount rate assumptions at end of period	20.3	20.0
Balance at end of period, Present value of expected future policy benefit payments	207.0	209.5
Future policy benefits	175.7	166.7
Reinsurance Impact	$ (175.7)	$ (166.7)
Weighted-average duration for future policy benefits (in years)	9 years 9 months 18 days	10 years 4 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 0.9	$ 1.7

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Stock-Based Compensation Plans - Disclosures
Share purchases under employee stock purchase plan (in shares)	0.3
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share) \| $ / shares	$ 8.42
Shares available to be issued under employee stock purchase plan (in shares)	2.6

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.