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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2014	Feb. 04, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP INC
Entity Central Index Key	0001126328
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 14,833,259,052
Entity Common Stock, Shares Outstanding		294,110,248
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Assets
Fixed maturities, available-for-sale (2014 and 2013 include $278.2 million and $272.0 million related to consolidated variable interest entities)	$ 49,670.8	$ 48,757.1
Fixed maturities, trading (2014 and 2013 include $100.4 million and $110.4 million related to consolidated variable interest entities)	604.6	563.1
Equity securities, available-for-sale	123.0	110.5
Equity securities, trading (2014 and 2013 include $345.3 million and $327.2 million related to consolidated variable interest entities)	840.2	716.9
Mortgage loans	11,811.6	11,533.6
Real estate (2014 and 2013 include $284.9 million and $266.3 million related to consolidated variable interest entities)	1,344.6	1,271.6
Policy loans	829.2	859.7
Other investments (2014 and 2013 include $40.6 million and $68.1 million related to consolidated variable interest entities and $127.2 million and $142.9 million measured at fair value under the fair value option)	3,209.8	2,944.4
Total investments	68,433.8	66,756.9
Cash and cash equivalents	1,863.9	2,371.8
Accrued investment income	505.9	532.1
Premiums due and other receivables	1,213.0	1,241.0
Deferred acquisition costs	2,993.0	3,077.0
Property and equipment	590.2	500.7
Goodwill	1,007.4	1,100.3
Other intangibles	1,323.5	1,459.0
Separate account assets (2014 and 2013 include $34,655.4 million and $32,824.7 million related to consolidated variable interest entities)	140,072.8	130,018.4
Other assets	1,083.5	1,134.2
Total assets	219,087.0	208,191.4
Liabilities
Contractholder funds	34,726.7	35,958.3
Future policy benefits and claims	24,036.6	22,626.2
Other policyholder funds	812.7	758.9
Short-term debt	28.0	150.6
Long-term debt (2014 and 2013 include $82.3 million and $47.7 million related to consolidated variable interest entities)	2,531.2	2,601.4
Income taxes currently payable	11.5	5.2
Deferred income taxes	1,035.3	824.0
Separate account liabilities (2014 and 2013 include $34,655.4 million and $32,824.7 million related to consolidated variable interest entities)	140,072.8	130,018.4
Other liabilities (2014 and 2013 include $344.0 million and $362.4 million related to consolidated variable interest entities, of which $71.0 million and $104.9 million are measured at fair value under the fair value option)	5,542.2	5,224.2
Total liabilities	208,797.0	198,167.2
Redeemable noncontrolling interest	58.0	247.2
Stockholders' equity
Common stock, par value $.01 per share - 2,500.0 million shares authorized, 462.7 million and 459.3 million shares issued, and 293.9 million and 295.2 million shares outstanding in 2014 and 2013	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income (loss)	50.4	183.2
Treasury stock, at cost (168.8 million and 164.1 million shares in 2014 and 2013)	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Noncontrolling interest	48.0	92.8
Total stockholders' equity	10,232.0	9,777.0
Total liabilities and stockholders' equity	219,087.0	208,191.4
Series A
Stockholders' equity
Preferred stock, value	0.0	0.0
Total stockholders' equity	0.0	0.0
Series B
Stockholders' equity
Preferred stock, value	0.1	0.1
Total stockholders' equity	$ 0.1	$ 0.1

Consolidated Statements of Financial Position (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fixed maturities, available-for-sale	$ 49,670.8	$ 48,757.1
Fixed maturities, trading	604.6	563.1
Equity securities, trading	840.2	716.9
Real estate	1,344.6	1,271.6
Other investments	3,209.8	2,944.4
Other investments measured at fair value under fair value option	127.2	142.9
Separate account assets	140,072.8	130,018.4
Long-term debt	2,531.2	2,601.4
Separate account liabilities	140,072.8	130,018.4
Other liabilities	$ 5,542.2	$ 5,224.2
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500.0	2,500.0
Common stock, issued (in shares)	462.7	459.3
Common stock, outstanding (in shares)	293.9	295.2
Treasury stock (in shares)	168.8	164.1
Series A
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Preferred stock, authorized (in shares)	3.0	3.0
Preferred stock, issued (in shares)	3.0	3.0
Preferred stock, outstanding (in shares)	3.0	3.0
Series B
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	10.0	10.0
Preferred stock, issued (in shares)	10.0	10.0
Preferred stock, outstanding (in shares)	10.0	10.0
Aggregate consolidated variable interest entities
Fixed maturities, available-for-sale	$ 278.2	$ 272.0
Fixed maturities, trading	100.4	110.4
Equity securities, trading	345.3	327.2
Real estate	284.9	266.3
Other investments	40.6	68.1
Separate account assets	34,655.4	32,824.7
Long-term debt	82.3	47.7
Separate account liabilities	34,655.4	32,824.7
Other liabilities	344.0	362.4
Other liabilities measured at fair value under fair value option	$ 71.0	$ 104.9

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Premiums and other considerations	$ 3,722.9	$ 3,154.1	$ 3,219.4
Fees and other revenues	3,482.1	3,222.2	2,626.7
Net investment income (loss)	3,257.9	3,138.4	3,254.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities	92.7	(109.2)	232.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities	23.8	(91.5)	(135.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income	(101.8)	(24.5)	17.3
Net impairment losses on available-for-sale securities	(78.0)	(116.0)	(118.6)
Net realized capital gains (losses)	14.7	(225.2)	114.1
Total revenues	10,477.6	9,289.5	9,215.1
Expenses
Benefits, claims and settlement expenses	5,231.0	4,683.6	5,123.9
Dividends to policyholders	177.4	189.0	197.7
Operating expenses	3,574.3	3,292.9	2,933.5
Total expenses	8,982.7	8,165.5	8,255.1
Income (loss) before income taxes	1,494.9	1,124.0	960.0
Income taxes (benefits)	318.5	187.9	134.6
Net income (loss)	1,176.4	936.1	825.4
Net income (loss) attributable to noncontrolling interest	32.3	23.4	18.8
Net income (loss) attributable to Principal Financial Group, Inc.	1,144.1	912.7	806.6
Preferred stock dividends	33.0	33.0	33.0
Net income (loss) available to common stockholders	$ 1,111.1	$ 879.7	$ 773.6
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 3.70	$ 2.99	$ 2.60
Diluted earnings per common share (in dollars per share)	3.65	2.95	2.58
Dividends declared per common share (in dollars per share)	$ 1.28	$ 0.98	$ 0.78

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 1,176.4	$ 936.1	$ 825.4
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	324.7	(540.2)	557.6
Noncredit component of impairment losses on fixed maturities, available-for-sale	61.9	6.9	(6.7)
Net unrealized gains (losses) on derivative instruments	61.1	(1.8)	(43.6)
Foreign currency translation adjustment	(336.6)	(269.4)	(9.8)
Net unrecognized postretirement benefit obligation	(255.2)	332.6	(127.4)
Other comprehensive income (loss)	(144.1)	(471.9)	370.1
Comprehensive income (loss)	1,032.3	464.2	1,195.5
Comprehensive income (loss) attributable to noncontrolling interest	21.0	8.6	20.0
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 1,011.3	$ 455.6	$ 1,175.5

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Series A	Series B	Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest	Total
Balances at Dec. 31, 2011	$ 0.0	$ 0.1	$ 4.5	$ 9,634.7	$ 4,323.4	$ 271.4	$ (5,281.7)	$ 353.8	$ 9,306.2
Increase (decrease) in stockholders' equity
Common stock issued				28.9					28.9
Stock-based compensation and additional related tax benefits				67.3	(3.7)				63.6
Treasury stock acquired, common							(272.7)		(272.7)
Dividends to common stockholders					(231.3)				(231.3)
Dividends to preferred stockholders					(33.0)				(33.0)
Distributions to noncontrolling interest								(10.7)	(10.7)
Contributions from noncontrolling interest								13.1	13.1
Deconsolidation of certain variable interest entities								(353.2)	(353.2)
Net income (loss) (excludes $9.0 million, $13.6 million and $1.9 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)					806.6			16.9	823.5
Other comprehensive income (loss) (excludes $(5.3) million, $(4.8) million and $1.1 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)						368.9		0.1	369.0
Balances at Dec. 31, 2012	0.0	0.1	4.5	9,730.9	4,862.0	640.3	(5,554.4)	20.0	9,703.4
Increase (decrease) in stockholders' equity
Common stock issued			0.1	125.7					125.8
Stock-based compensation and additional related tax benefits				72.7	(4.6)				68.1
Treasury stock acquired, common							(153.6)		(153.6)
Dividends to common stockholders					(288.4)				(288.4)
Dividends to preferred stockholders					(33.0)				(33.0)
Distributions to noncontrolling interest								(2.0)	(2.0)
Contributions from noncontrolling interest								115.3	115.3
Purchase of subsidiary shares from noncontrolling interest				1.4				(54.1)	(52.7)
Sale of subsidiary shares to noncontrolling interest				11.5				20.3	31.8
Adjustments to redemption amount of redeemable noncontrolling interest				(143.3)	(43.3)			(6.5)	(193.1)
Net income (loss) (excludes $9.0 million, $13.6 million and $1.9 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)					912.7			9.8	922.5
Other comprehensive income (loss) (excludes $(5.3) million, $(4.8) million and $1.1 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)						(457.1)		(10.0)	(467.1)
Balances at Dec. 31, 2013	0.0	0.1	4.6	9,798.9	5,405.4	183.2	(5,708.0)	92.8	9,777.0
Increase (decrease) in stockholders' equity
Common stock issued				77.5					77.5
Stock-based compensation and additional related tax benefits				80.3	(6.1)				74.2
Treasury stock acquired, common							(222.7)		(222.7)
Dividends to common stockholders					(376.6)				(376.6)
Dividends to preferred stockholders					(33.0)				(33.0)
Distributions to noncontrolling interest								(23.9)	(23.9)
Contributions from noncontrolling interest								7.4	7.4
Purchase of subsidiary shares from noncontrolling interest				(2.0)				(45.6)	(47.6)
Adjustments to redemption amount of redeemable noncontrolling interest				(9.2)	(19.7)				(28.9)
Net income (loss) (excludes $9.0 million, $13.6 million and $1.9 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)					1,144.1			23.3	1,167.4
Other comprehensive income (loss) (excludes $(5.3) million, $(4.8) million and $1.1 million attributable to redeemable noncontrolling interest in 2014, 2013 and 2012 respectively)						(132.8)		(6.0)	(138.8)
Balances at Dec. 31, 2014	$ 0.0	$ 0.1	$ 4.6	$ 9,945.5	$ 6,114.1	$ 50.4	$ (5,930.7)	$ 48.0	$ 10,232.0

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Stockholders' Equity
Net income (loss) attributable to redeemable noncontrolling interest	$ 9.0	$ 13.6	$ 1.9
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	$ (5.3)	$ (4.8)	$ 1.1

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income (loss)	$ 1,176.4	$ 936.1	$ 825.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred acquisition costs	367.2	187.1	94.9
Additions to deferred acquisition costs	(404.1)	(447.0)	(428.9)
Accrued investment income	26.2	52.3	30.8
Net cash flows for trading securities	(93.4)	(76.0)	335.8
Premiums due and other receivables	26.9	(131.9)	70.6
Contractholder and policyholder liabilities and dividends	1,634.0	1,614.7	2,054.7
Current and deferred income taxes (benefits)	175.9	211.7	18.4
Net realized capital (gains) losses	(14.7)	225.2	(114.1)
Depreciation and amortization expense	169.5	153.9	132.1
Mortgage loans held for sale, acquired or originated			(48.0)
Mortgage loans held for sale, sold or repaid, net of gain	43.3	0.2	90.0
Real estate acquired through operating activities	(49.4)	(107.2)	(46.4)
Real estate sold through operating activities	158.9	24.2	43.9
Stock-based compensation	75.3	68.5	63.8
Other	(189.1)	(490.6)	(42.2)
Net adjustments	1,926.5	1,285.1	2,255.4
Net cash provided by (used in) operating activities	3,102.9	2,221.2	3,080.8
Investing activities
Available-for-sale securities: Purchases	(9,054.0)	(9,025.2)	(8,263.9)
Available-for-sale securities: Sales	2,512.0	1,919.1	1,303.7
Available-for-sale securities: Maturities	6,244.7	7,359.2	6,647.5
Mortgage loans acquired or originated	(2,169.6)	(2,192.9)	(2,538.4)
Mortgage loans sold or repaid	1,793.6	2,095.1	1,668.0
Real estate acquired	(281.7)	(85.6)	(151.8)
Net (purchases) sales of property and equipment	(136.0)	(59.4)	(38.9)
Purchases of interest in subsidiaries, net of cash acquired		(1,268.3)	(80.4)
Net change in other investments	(81.7)	31.7	(157.1)
Net cash provided by (used in) investing activities	(1,172.7)	(1,226.3)	(1,611.3)
Financing activities
Issuance of common stock	77.5	125.8	28.9
Acquisition of treasury stock	(222.7)	(153.6)	(272.7)
Proceeds from financing element derivatives	15.1	47.0	51.8
Payments for financing element derivatives	(58.0)	(48.0)	(49.9)
Excess tax benefits from share-based payment arrangements	9.7	10.1	10.8
Purchase of subsidiary shares from noncontrolling interest	(227.0)	(52.9)
Sale of subsidiary shares to noncontrolling interest		31.8
Dividends to common stockholders	(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders	(33.0)	(33.0)	(33.0)
Issuance of long-term debt	38.5	38.2	1,493.4
Principal repayments of long-term debt	(100.3)	(218.2)	(450.6)
Net proceeds from (repayments of) short-term borrowings	(118.3)	108.0	(68.8)
Investment contract deposits	5,638.4	6,716.3	6,900.4
Investment contract withdrawals	(7,099.2)	(8,852.7)	(7,522.6)
Net increase (decrease) in banking operation deposits	30.7	(225.7)	32.0
Other	(12.9)	(5.0)	(14.6)
Net cash provided by (used in) financing activities	(2,438.1)	(2,800.3)	(126.2)
Net increase (decrease) in cash and cash equivalents	(507.9)	(1,805.4)	1,343.3
Cash and cash equivalents at beginning of period	2,371.8	4,177.2	2,833.9
Cash and cash equivalents at end of period	1,863.9	2,371.8	4,177.2
Supplemental Information:
Cash paid for interest	137.6	144.1	127.7
Cash paid for income taxes	$ 73.8	$ 61.2	$ 82.7

Nature of Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Nature of Operations and Significant Accounting Policies

Nature of Operations and Significant Accounting Policies

1. Nature of Operations and Significant Accounting Policies

Description of Business

Principal Financial Group, Inc. ("PFG"), along with its consolidated subsidiaries, is a diversified financial services organization offering retirement services, insurance solutions and asset management in the U.S. and selected international markets.

Basis of Presentation

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

Recent Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Revenue recognition
This authoritative guidance replaces all general and most industry specific revenue recognition guidance currently prescribed by U.S. GAAP. The core principle is that an entity recognizes revenue to reflect the transfer of a promised good or service to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for that good or service.	January 1, 2017	We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Discontinued operations
This authoritative guidance amends the definition of discontinued operations and requires entities to provide additional disclosures associated with discontinued operations, as well as disposal transactions that do not meet the discontinued operations criteria. The guidance requires discontinued operations treatment for disposals of a component or group of components that represents a strategic shift that has or will have a major impact on an entity's operations or financial results. The guidance also expands the scope to disposals of equity method investments and businesses that, upon initial acquisition, qualify as held for sale.	January 1, 2015	This guidance will be applied prospectively and is not expected to have a material impact on our consolidated financial statements.
Standards adopted:
Foreign currency cumulative translation adjustment
This authoritative guidance clarifies how the cumulative translation adjustment related to a parent's investment in a foreign entity should be released when certain transactions related to the foreign entity occur.	January 1, 2014	The guidance was adopted prospectively and did not have a material impact on our consolidated financial statements.
Accumulated other comprehensive income
This authoritative guidance requires entities to disclose additional information about items reclassified out of accumulated other comprehensive income ("AOCI"). Entities are required to disclose information regarding changes in AOCI balances by component and significant items reclassified out of AOCI by component either on the face of the income statement or as a separate footnote to the financial statements.	January 1, 2013	See Note 14, Stockholders' Equity, for further details. The guidance did not have a material impact on our consolidated financial statements.
Balance sheet offsetting
This authoritative guidance requires disclosures about assets and liabilities that are offset or have the potential to be offset. These disclosures are intended to address differences in the asset and liability offsetting requirements under U.S. GAAP and International Financial Reporting Standards. The guidance further clarifies that the disclosure requirements apply to derivative instruments, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. Retrospective application was required.	January 1, 2013	See Note 5, Investments, for further details. The guidance did not have a material impact on our consolidated financial statements.
Presentation of comprehensive income
This authoritative guidance changes the presentation of comprehensive income in the financial statements. The guidance eliminates the presentation options contained in previous guidance and instead requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements that show the components of net income and other comprehensive income ("OCI"), including adjustments for items that are reclassified from OCI to net income. The guidance does not change the items that must be reported in OCI or when an item of OCI must be reclassified to net income.	January 1, 2012	See Consolidated Statements of Comprehensive Income and Note 14, Stockholders' Equity, for further details. The guidance did not have a material impact on our consolidated financial statements.
Fair value measurement and disclosure requirements
This authoritative guidance clarifies and changes fair value measurement and disclosure requirements. This guidance expands existing disclosure requirements for fair value measurements and makes other amendments but does not require additional fair value measurements.	January 1, 2012	See Note 15, Fair Value Measurements, for further details. The guidance did not have a material impact on our consolidated financial statements.
Capitalized costs incurred by insurance companies
This authoritative guidance modifies the definition of the types of costs incurred by insurance entities that can be capitalized in the successful acquisition of new or renewal insurance contracts. Capitalized costs should include incremental direct costs of contract acquisition, as well as certain costs related directly to acquisition activities such as underwriting, policy issuance and processing, medical and inspection and sales force contract selling.	January 1, 2012	We adopted the guidance retrospectively.

Use of Estimates in the Preparation of Financial Statements

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

•	the fair value of investments in the absence of quoted market values;
•	investment impairments and valuation allowances;
•	the fair value of and accounting for derivatives;
•	the deferred acquisition costs ("DAC") and other actuarial balances where the amortization is based on estimated gross profits;

•	the measurement of goodwill, indefinite lived intangible assets, finite lived intangible assets and related impairments or amortization, if any;
•	the liability for future policy benefits and claims;
•	the value of our pension and other postretirement benefit obligations and
•	accounting for income taxes and the valuation of deferred tax assets.

A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our businesses and operations. Actual results could differ from these estimates.

Closed Block

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

Cash and Cash Equivalents

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

Investments

Fixed maturities include bonds, asset-backed securities ("ABS"), redeemable preferred stock and certain nonredeemable preferred securities. Equity securities include mutual funds, common stock and nonredeemable preferred stock. We classify fixed maturities and equity securities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. See Note 14, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to available-for-sale securities, excluding those in fair value hedging relationships, are reflected in stockholders' equity, net of adjustments associated with DAC and related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Unrealized gains and losses related to hedged portions of available-for-sale securities in fair value hedging relationships and mark-to-market adjustments on certain trading securities are reflected in net realized capital gains (losses). 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 cost of fixed maturities is adjusted for amortization of premiums and accrual of discounts, both computed using the interest method. The cost of fixed maturities and equity securities classified as available-for-sale is adjusted for declines in value that are other than temporary. Impairments in value deemed to be other than temporary are primarily reported in net income as a component of net realized capital gains (losses), with noncredit impairment losses for certain fixed maturities, available-for-sale reported in OCI. 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.

Real estate investments are reported at cost less accumulated depreciation. The initial cost basis of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value. In such cases, the cost basis of the properties are reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $174.0 million and $182.3 million as of December 31, 2014 and 2013, respectively. Any impairment losses and any changes in valuation allowances are reported in net income.

Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method, net of valuation allowances. 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. Any changes in the valuation allowances are reported in net income as net realized capital gains (losses). We measure impairment based upon the difference between carrying value and estimated value less cost to sell. Estimated value is based on either the present value of expected cash flows discounted at the loan's effective interest rate, the loan's observable market price or the fair value of the collateral. If foreclosure is probable, the measurement of any valuation allowance is based upon the fair value of the collateral.

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): other-than-temporary impairments of securities and subsequent realized recoveries, mark-to-market adjustments on certain trading securities, mark-to-market adjustments on certain seed money investments, fair value hedge and cash flow hedge ineffectiveness, mark-to-market adjustments on derivatives not designated as hedges, changes in the mortgage loan valuation allowance provision, 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 that do not meet the criteria for classification as a discontinued operation and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses).

Policy loans and other investments are primarily reported at cost, excluding seed money investments, other investment funds, derivative assets, commercial mortgage loans of consolidated VIEs for which the fair value option was elected and equity method real estate investments for which the fair value option was elected.

Derivatives

Overview. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include interest rate swaps, interest rate options, swaptions, currency swaps, currency forwards, equity options, futures, credit default swaps and total return swaps. Derivatives may be exchange traded, cleared through centralized clearinghouses, or contracted in the over-the-counter market without being cleared. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 14, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity.

Accounting and Financial Statement Presentation. We designate derivatives as either:

(a)	a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency ("fair value hedge");
(b)	a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency ("cash flow hedge");
(c)	a hedge of a net investment in a foreign operation or
(d)	a derivative not designated as a hedging instrument.

Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period.

Fair Value Hedges. When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset, liability or firm commitment attributable to the hedged risk, are reported in net realized capital gains (losses). Any difference between the net change in fair value of the derivative and the hedged item represents hedge ineffectiveness.

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

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

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

Hedge Documentation and Effectiveness Testing. At inception, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes associating all derivatives designated as fair value or cash flow hedges with specific assets or liabilities on the statement of financial position or with specific firm commitments or forecasted transactions. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Even if a derivative is highly effective and qualifies for hedge accounting treatment, the hedge might have some ineffectiveness.

We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques.

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

If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. The component of OCI related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from OCI into net income.

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

Contractholder and Policyholder Liabilities

Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims and other policyholder funds) include reserves for investment contracts and reserves for universal life, term life insurance, participating traditional individual life insurance, group life insurance, health insurance and disability income policies, as well as a provision for dividends on participating policies.

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

We hold additional reserves on certain long duration contracts where benefit features result in gains in early years followed by losses in later years, universal life/variable universal life contracts that contain no lapse guarantee features, or annuities with guaranteed minimum death benefits.

Reserves for nonparticipating term life insurance and disability income contracts are computed on a basis of assumed investment yield, mortality, morbidity and expenses, including a provision for adverse deviation, which generally varies by plan, year of issue and policy duration. Investment yield is based on our experience. Mortality, morbidity and withdrawal rate assumptions are based on our experience and are periodically reviewed against both industry standards and experience.

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

Participating business represented approximately 11%, 12% and 13% of our life insurance in force and 40%, 43% and 47% of the number of life insurance policies in force at December 31, 2014, 2013 and 2012, respectively. Participating business represented approximately 40%, 40% and 43% of life insurance premiums for the years ended December 31, 2014, 2013 and 2012, respectively. The amount of dividends to policyholders is declared annually by Principal Life's Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date.

Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. These payments are established as unearned revenue liabilities upon receipt and included in other policyholder funds in the consolidated statements of financial position. These unearned revenue reserves are amortized to operations over the estimated lives of these policies and contracts in relation to the emergence of estimated gross profits.

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

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

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

Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves, using estimates for mortality and investment assumptions, which include provision for adverse deviation as required by U.S. GAAP. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves.

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

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

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

Fees and other revenues are earned for asset management services provided to retail and institutional clients based largely upon contractual rates applied to the market value of the client's portfolio. Additionally, fees and other revenues are earned for administrative services performed including recordkeeping and reporting services for retirement savings plans. Fees and other revenues received for performance of asset management and administrative services are recognized as revenue when earned, typically when the service is performed.

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

Deferred Acquisition Costs

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 contract business are capitalized to the extent recoverable. Commissions and other incremental direct costs of contract acquisition for the acquisition of long-term service contracts are also capitalized to the extent recoverable. Maintenance costs and acquisition costs that are not deferrable are charged to operations as incurred.

DAC for universal life-type insurance contracts, participating life insurance policies and certain investment contracts are being amortized over the lives of the policies and contracts in relation to the emergence of estimated gross profits ("EGPs") or, in certain circumstances, estimated gross revenues. This amortization is adjusted in the current period when EGPs or estimated gross revenues are revised. For individual variable life insurance, individual variable annuities and group annuities that have separate account U.S. equity investment options, we utilize a mean reversion method (reversion to the mean assumption), a common industry practice, to determine the future domestic equity market growth assumption used for the amortization of DAC. The DAC of nonparticipating term life insurance and individual disability policies are being amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policyholder liabilities.

DAC on insurance policies and investment contracts are subject to recoverability testing at the time of policy issue and loss recognition testing on an annual basis, or when an event occurs that may warrant loss recognition. If loss recognition is necessary, DAC would be written off to the extent that it is determined that future policy premiums and investment income or gross profits are not adequate to cover related losses and expenses.

DAC on long-term service contracts are amortized in proportion to the revenue recognized or straight-line if no pattern of revenue recognition can be reasonably predicted. We amortize capitalized costs of long-term service contracts on a straight-line basis over the expected contract life.

Deferred Acquisition Costs on Internal Replacements

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

Long-Term Debt

Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our statement of financial position.

Reinsurance

We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks. We may assume reinsurance from or cede reinsurance to other companies. Assets and liabilities related to reinsurance ceded are reported on a gross basis. Premiums and expenses are reported net of reinsurance ceded. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. 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. At December 31, 2014 and 2013, we had $338.0 million and $282.6 million of net ceded reinsurance recoverables related to claims that have been received, respectively. At December 31, 2014 and 2013, our largest exposures to a single third party reinsurer was in our life insurance business, which totaled $38.9 billion and $35.9 billion of life insurance in force, representing 16% and 17% of total net life insurance in force, respectively. The reinsurance recoverable relating to claims received that are associated to this single third party reinsurer recorded in our consolidated statements of financial position was $48.1 million and $31.3 million at December 31, 2014 and 2013, respectively.

The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Premiums and other considerations:
Direct	$	4,123.7		$	3,524.8		$	3,554.1
Assumed		2.1			2.5			2.6
Ceded		(402.9	)		(373.2	)		(337.3	)

Net premiums and other considerations	$	3,722.9		$	3,154.1		$	3,219.4


Benefits, claims and settlement expenses:
Direct	$	5,532.5		$	4,933.3		$	5,268.6
Assumed		30.7			32.2			33.9
Ceded		(332.2	)		(281.9	)		(178.6	)

Net benefits, claims and settlement expenses	$	5,231.0		$	4,683.6		$	5,123.9

Separate Accounts

The separate accounts are legally segregated and are not subject to the 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. We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services that are included in the consolidated statement 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.

Separate account assets and separate account liabilities include certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements. We have determined that summary totals are the most meaningful presentation for these funds.

At December 31, 2014 and December 31, 2013, the separate accounts include a separate account valued at $205.4 million and $223.1 million, respectively, which primarily includes 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 to eligible participants of the qualified plan. 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.

Income Taxes

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

Foreign Exchange

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

Goodwill and Other Intangibles

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

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

Earnings Per Common Share

Basic earnings per common share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period and excludes the dilutive effect of equity awards. Diluted earnings per common share reflects the potential dilution that could occur if dilutive securities, such as options and non-vested stock grants, were exercised or resulted in the issuance of common stock.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

2. Goodwill and Other Intangible Assets

Goodwill

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

	Retirement and Investor Services		Principal Global Investors			Principal International			U.S. Insurance Solutions			Corporate		Consolidated
	(in millions)
Balance at January 1, 2013	$	68.6	$	239.9		$	179.5		$	55.4		$	—	$	543.4
Goodwill from acquisitions		—		—			631.8			2.6			—		634.4
Goodwill disposed		—		—			—			(1.4	)		—		(1.4	)
Foreign currency		—		1.2			(81.3	)		—			—		(80.1	)
Other		4.0		—			—			—			—		4.0

Balance at December 31, 2013		72.6		241.1			730.0			56.6			—		1,100.3
Foreign currency		—		(3.9	)		(89.0	)		—			—		(92.9	)

Balance at December 31, 2014	$	72.6	$	237.2		$	641.0		$	56.6		$	—	$	1,007.4

Finite Lived Intangible Assets

Amortized intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 13 years were as follows:

	December 31, 2014						December 31, 2013
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Present value of future profits	$	—	$	—	$	—	$	13.5	$	6.7	$	6.8
Other finite lived intangible assets		674.1		183.6		490.5		858.8		262.9		595.9

Total finite lived intangible assets	$	674.1	$	183.6	$	490.5	$	872.3	$	269.6	$	602.7

During 2014, 2013 and 2012, we fully amortized other finite lived intangible assets of $118.6 million, $5.2 million and $5.0 million, respectively.

Other Finite Lived Intangible Assets. The amortization expense for intangible assets with finite useful lives was $49.9 million, $48.0 million and $22.7 million for 2014, 2013 and 2012, respectively. At December 31, 2014, the estimated amortization expense for the next five years is as follows (in millions):

Year ending December 31:
2015	$	48.6
2016		48.8
2017		48.1
2018		47.7
2019		46.1

Indefinite Lived Intangible Assets

The net carrying amount of unamortized indefinite lived intangible assets was $833.0 million and $856.3 million as of December 31, 2014 and 2013, respectively. As of both December 31, 2014 and 2013, $608.0 million relates to investment management contracts associated with our acquisition of WM Advisors, Inc. in 2006. In addition, in the first quarter of 2013, we recorded $185.2 million related to trade name intangibles associated with our acquisition of Administradora de Fondos de Pensiones Cuprum S.A. ("Cuprum").

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2014

Variable Interest Entities

Variable Interest Entities

3. Variable Interest Entities

We have relationships with and may have a variable interest in various types of special purpose entities. Following is a discussion of our interest in entities that meet the definition of a VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. The primary beneficiary of a VIE is defined as 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. For VIEs that are investment companies, the primary beneficiary is the enterprise who absorbs the majority of the entity's expected losses, receives a majority of the expected residual returns or both. On an ongoing basis, we assess whether we are the primary beneficiary of VIEs in which we have a relationship.

Consolidated Variable Interest Entities

Grantor Trusts

We contributed undated subordinated floating rate notes to three grantor trusts. The trusts separated the cash flows by issuing an interest-only certificate and a residual certificate related to each note contributed. Each interest-only certificate entitles the holder to interest on the stated note for a specified term, while the residual certificate entitles the holder to interest payments subsequent to the term of the interest-only certificate and to all principal payments. We retained the interest-only certificates and the residual certificates were subsequently sold to third parties. We have determined these grantor trusts are VIEs due to insufficient equity to sustain them. We determined we are the primary beneficiary as a result of our contribution of securities into the trusts and our continuing interest in the trusts.

Collateralized Private Investment Vehicle

We invest in synthetic collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities (collectively known as "collateralized private investment vehicles"). The performance of the notes of these structures is primarily linked to a synthetic portfolio by derivatives; each note has a specific loss attachment and detachment point. The notes and related derivatives are collateralized by a pool of permitted investments. The investments are held by a trustee and can only be liquidated to settle obligations of the trusts. These obligations primarily include derivatives and the notes due at maturity or termination of the trusts. We determined we are the primary beneficiary for one of these entities because we act as the investment manager of the underlying portfolio and we have an ownership interest.

Commercial Mortgage-Backed Securities

We sold commercial mortgage loans to a real estate mortgage investment conduit trust. The trust issued various commercial mortgage-backed securities ("CMBS") certificates using the cash flows of the underlying commercial mortgages it purchased. This is considered a VIE due to insufficient equity to sustain itself. We have determined we are the primary beneficiary as we retained the special servicing role for the assets within the trust as well as the ownership of the bond class that controls the unilateral kick out rights of the special servicer.

Mandatory Retirement Savings

We hold an equity interest in Chilean mandatory privatized social security funds in which we provide asset management services. We determined that the mandatory privatized social security funds, which include contributors 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 that we are the primary beneficiary through our power to make decisions and our 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 client 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.

Real Estate

During the third quarter of 2014, we re-evaluated our consolidation conclusions for certain real estate limited partnerships and limited liability companies. We determined the entities were properly consolidated in the financial statements, but should have been consolidated under the VIE model as opposed to the voting interest model. As a result, we have included the consolidation impacts of these entities within the current and prior period VIE disclosures.

We invest in several real estate limited partnerships and limited liability companies. The entities invest in real estate properties. 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.

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 are as follows:

	Grantor trusts		Collateralized private investment vehicle		CMBS		Mandatory retirement savings		Real estate			Total
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale	$	278.2	$	—	$	—	$	—	$	—		$	278.2
Fixed maturities, trading		—		100.4		—		—		—			100.4
Equity securities, trading		—		—		—		345.3		—			345.3
Real estate		—		—		—		—		284.9			284.9
Other investments		—		—		35.0		—		5.6			40.6
Cash		—		—		—		—		4.7			4.7
Accrued investment income		0.4		—		0.2		—		1.4			2.0
Separate account assets		—		—		—		34,655.4		—			34,655.4
Other assets		—		—		—		—		0.3			0.3

Total assets	$	278.6	$	100.4	$	35.2	$	35,000.7	$	296.9		$	35,711.8


Long-term debt	$	—	$	—	$	—	$	—	$	82.3		$	82.3
Income taxes currently payable		—		—		—		—		10.6			10.6
Deferred income taxes		1.5		—		—		—		(0.4	)		1.1
Separate account liabilities		—		—		—		34,655.4		—			34,655.4
Other liabilities (1)		239.1		85.6		4.8		—		14.5			344.0

Total liabilities	$	240.6	$	85.6	$	4.8	$	34,655.4	$	107.0		$	35,093.4


December 31, 2013
Fixed maturities, available-for-sale	$	272.0	$	—	$	—	$	—	$	—		$	272.0
Fixed maturities, trading		—		110.4		—		—		—			110.4
Equity securities, trading		—		—		—		327.2		—			327.2
Real estate		—		—		—		—		266.3			266.3
Other investments		—		—		68.1		—		—			68.1
Cash		—		—		—		—		12.0			12.0
Accrued investment income		0.3		—		0.6		—		1.1			2.0
Separate account assets		—		—		—		32,824.7		—			32,824.7
Other assets		—		—		—		—		0.1			0.1

Total assets	$	272.3	$	110.4	$	68.7	$	33,151.9	$	279.5		$	33,882.8


Long-term debt	$	—	$	—	$	—	$	—	$	47.7		$	47.7
Deferred income taxes		1.5		—		—		—		—			1.5
Separate account liabilities		—		—		—		32,824.7		—			32,824.7
Other liabilities (1)		217.2		93.8		31.4		—		20.0			362.4

Total liabilities	$	218.7	$	93.8	$	31.4	$	32,824.7	$	67.7		$	33,236.3

(1)	Grantor trusts contain an embedded derivative of a forecasted transaction to deliver the underlying securities; the collateralized private investment vehicle includes derivative liabilities and an obligation to redeem notes at maturity or termination of the trust.

We did not provide financial or other support to investees designated as VIEs for the periods ended December 31, 2014 and December 31, 2013.

Unconsolidated Variable Interest Entities

Invested Securities

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 and other investments in the consolidated statements of financial position and are described below.

Unconsolidated VIEs include CMBS, residential mortgage-backed pass-through securities ("RMBS") and other asset-backed securities ("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.

As previously discussed, we invest in several types of collateralized private investment vehicles, which are VIEs. These include cash and synthetic structures that we do not manage. We have determined we are not the primary beneficiary of these collateralized private investment vehicles 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 various VIE trusts as a debt holder. All of these entities are classified as VIEs due to insufficient equity to sustain them. 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, some of which are classified as VIEs. Some of these entities have returns in the form of income tax credits. These entities are classified as VIEs as the general partners do not have equity investments at risk in the entities. We have determined we are not the primary beneficiary because we are not the general partner, who makes all the significant decisions for the entities. Other limited partnerships and fund interests have returns from investment income. These entities are classified as VIEs as the decision makers do not have equity investments at risk in the entities. We have determined we are not the primary beneficiary because we do not make the significant decisions for the entities, or our variable interest does not absorb the majority of the variability of the entities' net assets.

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

	Asset carrying value		Maximum exposure to loss (1)
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale:
Corporate	$	456.7	$	353.3
Residential mortgage-backed pass-through securities		2,822.9		2,702.9
Commercial mortgage-backed securities		3,975.5		3,896.9
Collateralized debt obligations		504.1		521.2
Other debt obligations		4,616.4		4,583.4
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		34.4		34.4
Commercial mortgage-backed securities		1.5		1.5
Collateralized debt obligations		39.4		39.4
Other debt obligations		0.2		0.2
Other investments:
Other limited partnership and fund interests		188.2		188.2
December 31, 2013
Fixed maturities, available-for-sale:
Corporate	$	523.4	$	448.2
Residential mortgage-backed pass-through securities		2,845.2		2,799.1
Commercial mortgage-backed securities		4,026.4		4,078.0
Collateralized debt obligations		363.4		391.9
Other debt obligations		4,167.8		4,157.5
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		47.5		47.5
Commercial mortgage-backed securities		1.8		1.8
Collateralized debt obligations		59.6		59.6
Other debt obligations		1.2		1.2
Other investments:
Other limited partnership and fund interests		123.5		123.5

(1)	Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale and other investments. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading.

Sponsored Investment Funds

We are the investment manager for certain money market mutual funds that are deemed to be VIEs. We are not the primary beneficiary of these VIEs since our involvement is limited primarily to being a service provider, and our variable interest does not absorb the majority of the variability of the entities' net assets. As of both December 31, 2014 and December 31, 2013, these VIEs held $1.4 billion in total assets. We have no contractual obligation to contribute to the funds.

We provide asset management and other services to certain investment structures that are considered VIEs as we generally earn performance-based management fees. We are not the primary beneficiary of these entities as we do not have the obligation to absorb losses of the entities that could be potentially significant to the VIE or the right to receive benefits from these entities that could be potentially significant.

Investments

12 Months Ended

Dec. 31, 2014

Investments

Investments

4. Investments

Fixed Maturities and Equity Securities

The amortized cost, gross unrealized gains and losses, other-than-temporary impairments in AOCI and fair value of fixed maturities and equity securities available-for-sale are summarized as follows:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Other-than- temporary impairments in AOCI (1)
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,085.6	$	39.1	$	2.9	$	1,121.8	$	—
Non-U.S. governments		704.4		188.3		1.6		891.1		—
States and political subdivisions		3,916.8		291.3		4.1		4,204.0		—
Corporate		29,308.3		2,442.6		215.9		31,535.0		18.4
Residential mortgage-backed pass-through securities		2,702.9		126.3		6.3		2,822.9		—
Commercial mortgage-backed securities		3,896.9		141.5		62.9		3,975.5		88.9
Collateralized debt obligations		521.2		3.5		20.6		504.1		1.3
Other debt obligations		4,583.4		57.5		24.5		4,616.4		66.9

Total fixed maturities, available-for-sale	$	46,719.5	$	3,290.1	$	338.8	$	49,670.8	$	175.5


Total equity securities, available-for-sale	$	125.1	$	7.7	$	9.8	$	123.0


December 31, 2013
Fixed maturities, available-for-sale:
U.S. government and agencies	$	818.2	$	12.7	$	50.4	$	780.5	$	—
Non-U.S. governments		853.2		148.8		5.2		996.8		—
States and political subdivisions		3,622.8		120.9		85.7		3,658.0		—
Corporate		30,280.6		1,958.8		320.4		31,919.0		17.1
Residential mortgage-backed pass-through securities		2,799.1		92.8		46.7		2,845.2		—
Commercial mortgage-backed securities		4,078.0		170.6		222.2		4,026.4		183.4
Collateralized debt obligations		391.9		6.0		34.5		363.4		0.7
Other debt obligations		4,157.5		51.8		41.5		4,167.8		76.3

Total fixed maturities, available-for-sale	$	47,001.3	$	2,562.4	$	806.6	$	48,757.1	$	277.5


Total equity securities, available-for-sale	$	113.8	$	10.0	$	13.3	$	110.5

(1)

Excludes $167.5 million and $148.6 million as of December 31, 2014 and December 31, 2013, respectively, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.

The amortized cost and fair value of fixed maturities available-for-sale at December 31, 2014, by expected maturity, were as follows:

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	2,606.8	$	2,636.3
Due after one year through five years		12,930.8		13,461.2
Due after five years through ten years		7,895.2		8,366.5
Due after ten years		11,582.3		13,287.9

Subtotal		35,015.1		37,751.9
Mortgage-backed and other asset-backed securities		11,704.4		11,918.9

Total	$	46,719.5	$	49,670.8

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

Net Investment Income

Major categories of net investment income are summarized as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale	$	2,283.8		$	2,321.3		$	2,454.8
Fixed maturities, trading		27.9			22.5			30.2
Equity securities, available-for-sale		7.0			7.6			8.6
Equity securities, trading		61.4			19.8			6.6
Mortgage loans		630.9			611.5			635.8
Real estate		103.8			61.2			71.4
Policy loans		49.4			49.9			53.7
Cash and cash equivalents		6.5			14.0			9.6
Derivatives		(88.0	)		(115.2	)		(131.2	)
Other		252.1			222.0			196.6

Total		3,334.8			3,214.6			3,336.1
Investment expenses		(76.9	)		(76.2	)		(81.2	)

Net investment income	$	3,257.9		$	3,138.4		$	3,254.9

Net Realized Capital Gains and Losses

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	96.8		$	45.5		$	31.0
Gross losses		(45.8	)		(122.1	)		(144.9	)
Other-than-temporary impairment losses reclassified to (from) OCI		(101.8	)		(24.5	)		17.3
Hedging, net		(21.5	)		(115.5	)		(27.5	)
Fixed maturities, trading		31.2			(7.1	)		2.2
Equity securities, available-for-sale:
Gross gains		10.3			0.8			0.6
Gross losses		(0.3	)		(0.3	)		(0.9	)
Equity securities, trading		21.7			26.9			34.1
Mortgage loans		(9.4	)		(15.8	)		(51.3	)
Derivatives		13.1			(23.0	)		(10.9	)
Other		20.4			9.9			264.4

Net realized capital gains (losses)	$	14.7		$	(225.2	)	$	114.1

Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $2,251.2 million, $1,773.0 million and $1,228.6 million in 2014, 2013 and 2012, respectively.

Other-Than-Temporary Impairments

We have a process in place to identify fixed maturity and equity securities that could potentially have a credit impairment that is other than temporary. 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 are reviewed to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. We consider relevant facts and circumstances in evaluating whether a credit or interest-related impairment of a security is other than temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been 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; (4) for structured securities, the adequacy of the expected cash flows; (5) for fixed maturities, our intent 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 and (6) for equity securities, our ability and intent to hold the security for a period of time that allows for the recovery in value. To the extent we determine that a security is deemed to be other than temporarily impaired, an impairment loss is recognized.

Impairment losses on equity securities are recognized in net income and are measured as the difference between amortized cost and fair value. The way in which impairment losses on fixed maturities are recognized in the financial statements is dependent on the facts and circumstances related to the specific security. If we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its amortized cost, we recognize an other-than-temporary impairment in net income for the difference between amortized cost and fair value. If we do not expect to recover the amortized cost basis, we do not plan to sell the security and if it is not more likely than not that we would be required to sell a security before the recovery of its amortized cost, the recognition of the other-than-temporary impairment is bifurcated. We recognize the credit loss portion in net income and the noncredit loss portion in OCI ("bifurcated OTTI").

Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities, were as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale	$	13.8		$	(91.2	)	$	(135.5	)
Equity securities, available-for-sale		10.0			(0.3	)		(0.4	)

Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities		23.8			(91.5	)		(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)		(101.8	)		(24.5	)		17.3

Net impairment losses on available-for-sale securities	$	(78.0	)	$	(116.0	)	$	(118.6	)

(1)

Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

We estimate the amount of the credit loss component of a fixed maturity security impairment 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.

The following table provides a rollforward of accumulated credit losses for fixed maturities with bifurcated credit losses. The purpose of the table is to provide detail of (1) additions to the bifurcated credit loss amounts recognized in net realized capital gains (losses) during the period and (2) decrements for previously recognized bifurcated credit losses where the loss is no longer bifurcated and/or there has been a positive change in expected cash flows or accretion of the bifurcated credit loss amount.

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Beginning balance	$	(235.4	)	$	(335.2	)	$	(434.8	)
Credit losses for which an other-than-temporary impairment was not previously recognized		(11.3	)		(15.1	)		(20.7	)
Credit losses for which an other-than-temporary impairment was previously recognized		(67.4	)		(75.9	)		(80.0	)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		163.1			177.6			191.9
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		6.6			12.6			8.4
Foreign currency translation adjustment		—			0.6			—

Ending balance	$	(144.4	)	$	(235.4	)	$	(335.2	)

(1)	Amounts are recognized in net investment income.

Gross Unrealized Losses for Fixed Maturities and Equity Securities

For fixed maturities and equity securities available-for-sale with unrealized losses, including other-than-temporary impairment losses reported in OCI, 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 are summarized as follows:

	December 31, 2014
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	211.5	$	0.7	$	95.0	$	2.2	$	306.5	$	2.9
Non-U.S. governments		20.3		1.4		7.5		0.2		27.8		1.6
States and political subdivisions		208.1		0.7		210.5		3.4		418.6		4.1
Corporate		3,072.1		76.8		1,238.3		139.1		4,310.4		215.9
Residential mortgage-backed pass-through securities		18.0		—		395.3		6.3		413.3		6.3
Commercial mortgage-backed securities		375.3		3.0		395.0		59.9		770.3		62.9
Collateralized debt obligations		114.8		1.0		112.0		19.6		226.8		20.6
Other debt obligations		971.2		3.5		432.7		21.0		1,403.9		24.5

Total fixed maturities, available-for-sale	$	4,991.3	$	87.1	$	2,886.3	$	251.7	$	7,877.6	$	338.8


Total equity securities, available-for-sale	$	10.0	$	—	$	36.0	$	9.8	$	46.0	$	9.8

Of the total amounts, Principal Life's consolidated portfolio represented $7,638.7 million in available-for-sale fixed maturities with gross unrealized losses of $310.8 million. Of those fixed maturity securities in Principal Life's consolidated portfolio with a gross unrealized loss position, 80% were investment grade (rated AAA through BBB–) with an average price of 96 (carrying value/amortized cost) at December 31, 2014. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2014, due primarily to 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 685 securities with a carrying value of $4,907.1 million and unrealized losses of $85.4 million reflecting an average price of 98 at December 31, 2014. Of this portfolio, 77% was investment grade (rated AAA through BBB–) at December 31, 2014, with associated unrealized losses of $44.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.

For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life's consolidated portfolio held 429 securities with a carrying value of $2,731.6 million and unrealized losses of $225.4 million. The average rating of this portfolio was A with an average price of 92 at December 31, 2014. Of the $225.4 million in unrealized losses, the commercial mortgage-backed securities sector accounts for $59.9 million in unrealized losses with an average price of 87 and an average credit rating of A–. The remaining unrealized losses consist primarily of $113.0 million within the corporate sector at December 31, 2014. The average price of the corporate sector was 91 and the average credit rating was BBB+. 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, 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 maturity, we did not consider these investments to be other-than-temporarily impaired at December 31, 2014.

	December 31, 2013
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	526.8	$	49.6	$	9.2	$	0.8	$	536.0	$	50.4
Non-U.S. governments		78.1		5.1		5.8		0.1		83.9		5.2
States and political subdivisions		1,338.6		75.3		46.1		10.4		1,384.7		85.7
Corporate		4,087.9		155.4		1,278.1		165.0		5,366.0		320.4
Residential mortgage-backed pass- through securities		1,150.3		38.2		85.9		8.5		1,236.2		46.7
Commercial mortgage-backed securities		683.7		15.3		495.6		206.9		1,179.3		222.2
Collateralized debt obligations		88.8		1.4		47.4		33.1		136.2		34.5
Other debt obligations		1,359.0		16.1		287.9		25.4		1,646.9		41.5

Total fixed maturities, available-for-sale	$	9,313.2	$	356.4	$	2,256.0	$	450.2	$	11,569.2	$	806.6


Total equity securities, available-for-sale	$	16.7	$	0.3	$	48.3	$	13.0	$	65.0	$	13.3

Of the total amounts, Principal Life's consolidated portfolio represented $10,905.4 million in available-for-sale fixed maturities with gross unrealized losses of $752.5 million. Of those fixed maturity securities in Principal Life's consolidated portfolio with a gross unrealized loss position, 87% were investment grade (rated AAA through BBB–) with an average price of 94 (carrying value/amortized cost) at December 31, 2013. Gross unrealized losses in our fixed maturities portfolio decreased slightly during the year ended December 31, 2013, due to spread improvements.

For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life's consolidated portfolio held 1,154 securities with a carrying value of $8,899.5 million and unrealized losses of $339.8 million reflecting an average price of 96 at December 31, 2013. Of this portfolio, 94% was investment grade (rated AAA through BBB–) at December 31, 2013, with associated unrealized losses of $325.9 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 359 securities with a carrying value of $2,005.9 million and unrealized losses of $412.7 million. The average rating of this portfolio was BBB– with an average price of 83 at December 31, 2013. Of the $412.7 million in unrealized losses, the commercial mortgage-backed securities sector accounts for $206.9 million in unrealized losses with an average price of 71 and an average credit rating of BB–. The remaining unrealized losses consist primarily of $127.6 million within the corporate sector at December 31, 2013. The average price of the corporate sector was 89 and the average credit rating was BBB+. 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.

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

The net unrealized gains and losses on investments in fixed maturities available-for-sale, equity securities available-for-sale and derivative instruments in cash flow hedge relationships are reported as a separate component 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 DAC and related actuarial balances and applicable income taxes was as follows:

	December 31, 2014			December 31, 2013
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	3,079.1		$	2,067.4
Noncredit component of impairment losses on fixed maturities, available-for-sale		(175.5	)		(277.5	)
Net unrealized losses on equity securities, available-for-sale		(2.1	)		(3.3	)
Adjustments for assumed changes in amortization patterns		(346.8	)		(265.9	)
Adjustments for assumed changes in policyholder liabilities		(1,078.6	)		(621.2	)
Net unrealized gains on derivative instruments		160.1			56.0
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments		88.9			87.1
Provision for deferred income taxes		(576.8	)		(342.0	)

Net unrealized gains on available-for-sale securities and derivative instruments	$	1,148.3		$	700.6

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

Mortgage Loans

Mortgage loans consist of commercial and residential mortgage loans. We evaluate risks inherent in our commercial mortgage loans in two classes: (1) brick and mortar property loans, including mezzanine loans, where we analyze the property's rent payments as support for the loan, and (2) credit tenant loans ("CTL"), where we rely on the credit analysis of the tenant for the repayment of the loan. We evaluate risks inherent in our residential mortgage loan portfolio in two classes: (1) home equity mortgages and (2) first lien mortgages. The carrying amount of our mortgage loan portfolio was as follows:

	December 31, 2014			December 31, 2013
	(in millions)
Commercial mortgage loans	$	10,723.8		$	10,327.7
Residential mortgage loans		1,144.3			1,275.7

Total amortized cost		11,868.1			11,603.4
Valuation allowance		(56.5	)		(69.8	)

Total carrying value	$	11,811.6		$	11,533.6

We periodically purchase mortgage loans as well as sell mortgage loans we have originated. We purchased $184.8 million, $157.2 million and $153.0 million of residential mortgage loans in 2014, 2013 and 2012, respectively. We sold $95.9 million, $0.0 million and $14.2 million of residential mortgage loans in 2014, 2013 and 2012, respectively. We purchased $59.5 million, $166.1 million and $149.1 million of commercial mortgage loans in 2014, 2013 and 2012, respectively. We sold $2.3 million, $13.0 million and $31.1 million of commercial mortgage loans in 2014, 2013 and 2012, respectively.

Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on stabilized properties. Our commercial mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:

	December 31, 2014					December 31, 2013
	Amortized cost		Percent of total			Amortized cost		Percent of total
	($ in millions)
Geographic distribution
New England	$	528.0		4.9	%	$	528.5		5.1	%
Middle Atlantic		2,951.0		27.5			2,489.0		24.1
East North Central		442.1		4.1			519.9		5.0
West North Central		233.3		2.2			302.9		2.9
South Atlantic		1,970.9		18.4			1,949.5		18.9
East South Central		197.4		1.8			192.8		1.9
West South Central		1,023.9		9.5			830.3		8.0
Mountain		772.0		7.2			747.1		7.2
Pacific		2,565.5		24.0			2,722.5		26.5
International		39.7		0.4			45.2		0.4

Total	$	10,723.8		100.0	%	$	10,327.7		100.0	%


Property type distribution
Office	$	3,646.1		34.0	%	$	3,360.5		32.6	%
Retail		2,512.1		23.4			2,668.5		25.8
Industrial		1,918.7		17.9			1,766.2		17.1
Apartments		2,200.5		20.5			1,911.2		18.5
Hotel		331.5		3.1			333.1		3.2
Mixed use/other		114.9		1.1			288.2		2.8

Total	$	10,723.8		100.0	%	$	10,327.7		100.0	%

Our residential mortgage loan portfolio is composed of home equity mortgages with an amortized cost of $283.4 million and $394.9 million and first lien mortgages with an amortized cost of $860.9 million and $880.8 million as of December 31, 2014 and December 31, 2013, respectively. Our residential home equity mortgages are concentrated in the United States and are generally second lien mortgages comprised of closed-end loans and lines of credit. The majority of our first lien loans are concentrated in the Chilean market.

Mortgage Loan Credit Monitoring

Commercial Credit Risk Profile Based on Internal Rating

We actively monitor and manage our commercial mortgage loan portfolio. All commercial mortgage loans 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 model stresses 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 a Standard & Poor's ("S&P") bond equivalent rating. As the credit risk for commercial mortgage loans 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 are updated at least annually and potentially more often for certain loans with material changes in collateral value or occupancy and for loans on an internal "watch list".

Commercial mortgage loans that require more frequent and detailed attention than other loans in our portfolio are identified and placed on an internal "watch list". Among the criteria that would 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.

The amortized cost of our commercial mortgage loan portfolio by credit risk, as determined by our internal rating system expressed in terms of an S&P bond equivalent rating, was as follows:

	December 31, 2014
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	9,115.8	$	168.8	$	9,284.6
BBB+ thru BBB–		1,041.0		178.5		1,219.5
BB+ thru BB–		148.3		—		148.3
B+ and below		69.8		1.6		71.4

Total	$	10,374.9	$	348.9	$	10,723.8

	December 31, 2013
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	8,091.9	$	194.5	$	8,286.4
BBB+ thru BBB–		1,463.7		250.0		1,713.7
BB+ thru BB–		155.4		0.1		155.5
B+ and below		170.1		2.0		172.1

Total	$	9,881.1	$	446.6	$	10,327.7

Residential 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 impairment. We define non-performing residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status.

The amortized cost of our performing and non-performing residential mortgage loans was as follows:

	December 31, 2014
	Home equity		First liens		Total
	(in millions)
Performing	$	268.4	$	847.6	$	1,116.0
Nonperforming		15.0		13.3		28.3

Total	$	283.4	$	860.9	$	1,144.3

	December 31, 2013
	Home equity		First liens		Total
	(in millions)
Performing	$	378.3	$	862.1	$	1,240.4
Nonperforming		16.6		18.7		35.3

Total	$	394.9	$	880.8	$	1,275.7

Non-Accrual Mortgage Loans

Commercial and residential mortgage loans are placed on non-accrual status if we have concern regarding the collectability of future payments or if a loan 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 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 or according to the contractual terms of the loan. When a loan is placed on nonaccrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. Residential first lien mortgages in the Chilean market are carried on accrual for a longer period of delinquency than domestic loans, as assessment of collectability is based on the nature of the loans and collection practices in that market.

The amortized cost of mortgage loans on non-accrual status was as follows:

	December 31, 2014		December 31, 2013
	(in millions)
Commercial:
Brick and mortar	$	9.6	$	33.2
Residential:
Home equity		15.0		16.6
First liens		8.8		11.4

Total	$	33.4	$	61.2

The aging of our mortgage loans, based on amortized cost, was as follows:

	December 31, 2014
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	4.5	$	0.7	$	5.2	$	10,369.7	$	10,374.9	$	—
Commercial-CTL		—		—		—		—		348.9		348.9		—
Residential-home equity		2.3		1.2		3.4		6.9		276.5		283.4		—
Residential-first liens		24.2		7.0		12.1		43.3		817.6		860.9		4.5

Total	$	26.5	$	12.7	$	16.2	$	55.4	$	11,812.7	$	11,868.1	$	4.5

	December 31, 2013
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	16.7	$	16.7	$	9,864.4	$	9,881.1	$	—
Commercial-CTL		—		—		—		—		446.6		446.6		—
Residential-home equity		4.4		1.0		3.0		8.4		386.5		394.9		—
Residential-first liens		32.4		7.4		17.1		56.9		823.9		880.8		7.3

Total	$	36.8	$	8.4	$	36.8	$	82.0	$	11,521.4	$	11,603.4	$	7.3

Mortgage Loan Valuation Allowance

We establish a valuation allowance to provide for the risk of credit losses inherent in our portfolio. The valuation allowance includes loan specific reserves for loans that are deemed to be impaired as well as reserves for pools of loans with similar risk characteristics where a property risk or market specific risk has not been identified but for which we anticipate a loss may occur. Mortgage loans on real estate are considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to contractual terms of the loan agreement. When we determine that a loan is impaired, a valuation allowance is established equal to the difference between the carrying amount of the mortgage loan and the estimated value reduced by the cost to sell. Estimated value is based on either the present value of the expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price or fair value of the collateral. Subsequent changes in the estimated value are reflected in the valuation allowance. Amounts on loans deemed to be uncollectible are charged off and removed from the valuation allowance. The change in the valuation allowance provision is included in net realized capital gains (losses) on our consolidated statements of operations.

The valuation allowance is maintained at a level believed adequate by management to absorb estimated probable credit losses. 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 loan portfolio, portfolio delinquency information, underwriting standards, peer group information, current economic conditions, loss experience and other relevant factors. The evaluation of our impaired loan component is subjective, as it requires the estimation of timing and amount of future cash flows expected to be received on impaired loans.

We review our commercial mortgage loan portfolio and analyze the need for a valuation allowance for any loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal "watch list" or that currently has a valuation allowance. In addition to establishing allowance levels for specifically identified impaired commercial mortgage loans, management determines an allowance for all other loans in the portfolio for which historical experience and current economic conditions indicate certain losses exist. These loans are segregated by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historic loss experience for each risk rating level as adjusted for certain current environmental factors management believes to be relevant.

For our residential mortgage loan portfolio, we separate the loans into several homogeneous pools, each of which consist of loans of a similar nature including but not limited to loans similar in collateral, term and structure and loan purpose or type. We evaluate loan pools based on aggregated risk ratings, estimated specific loss potential in the different classes of credits, and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. Residential mortgage loan pools exclude loans that have been restructured or impaired, as those loans are evaluated individually.

A rollforward of our valuation allowance and ending balances of the allowance and loan balance by basis of impairment method was as follows:

	Commercial			Residential			Total
	(in millions)
For the year ended December 31, 2014
Beginning balance	$	28.7		$	41.1		$	69.8
Provision		(0.9	)		7.7			6.8
Charge-offs		(0.9	)		(22.7	)		(23.6	)
Recoveries		—			3.6			3.6
Effect of exchange rates		—			(0.1	)		(0.1	)

Ending balance	$	26.9		$	29.6		$	56.5


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	9.0		$	11.4
Collectively evaluated for impairment		24.5			20.6			45.1

Allowance ending balance	$	26.9		$	29.6		$	56.5


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	27.1		$	31.5
Collectively evaluated for impairment		10,719.4			1,117.2			11,836.6

Loan ending balance	$	10,723.8		$	1,144.3		$	11,868.1


For the year ended December 31, 2013
Beginning balance	$	51.8		$	45.6		$	97.4
Provision		4.1			10.8			14.9
Charge-offs		(28.0	)		(18.3	)		(46.3	)
Recoveries		0.8			3.1			3.9
Effect of exchange rates		—			(0.1	)		(0.1	)

Ending balance	$	28.7		$	41.1		$	69.8


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	10.2		$	12.6
Collectively evaluated for impairment		26.3			30.9			57.2

Allowance ending balance	$	28.7		$	41.1		$	69.8


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	33.0		$	37.4
Collectively evaluated for impairment		10,323.3			1,242.7			11,566.0

Loan ending balance	$	10,327.7		$	1,275.7		$	11,603.4


For the year ended December 31, 2012
Beginning balance	$	64.8		$	37.3		$	102.1
Provision		13.5			39.7			53.2
Charge-offs		(26.7	)		(35.1	)		(61.8	)
Recoveries		0.2			3.6			3.8
Effect of exchange rates		—			0.1			0.1

Ending balance	$	51.8		$	45.6		$	97.4


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	10.4		$	12.8
Collectively evaluated for impairment		49.4			35.2			84.6

Allowance ending balance	$	51.8		$	45.6		$	97.4


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	13.6		$	39.7		$	53.3
Collectively evaluated for impairment		10,221.5			1,342.3			11,563.8

Loan ending balance	$	10,235.1		$	1,382.0		$	11,617.1

Impaired Mortgage Loans

Impaired mortgage loans are loans with a related specific valuation allowance, loans whose carrying amount has been reduced to the expected collectible amount because the impairment has been considered other than temporary or a loan modification has been classified as a troubled debt restructuring ("TDR"). Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal or according to the contractual terms of the loan. Our recorded investment in and unpaid principal balance of impaired loans along with the related loan specific allowance for losses, if any, and the average recorded investment and interest income recognized during the time the loans were impaired were as follows:

	December 31, 2014
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	5.2	$	6.7	$	—
Residential-first liens		3.4		3.4		—
With an allowance recorded:
Commercial-brick and mortar		4.4		4.4		2.4
Residential-home equity		16.5		17.1		8.2
Residential-first liens		7.2		7.2		0.8
Total:
Commercial	$	9.6	$	11.1	$	2.4
Residential	$	27.1	$	27.7	$	9.0

	December 31, 2013
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	21.5	$	32.7	$	—
Residential-first liens		4.6		4.6		—
With an allowance recorded:
Commercial-brick and mortar		4.4		4.4		2.4
Residential-home equity		19.5		19.7		9.2
Residential-first liens		8.9		7.8		1.0
Total:
Commercial	$	25.9	$	37.1	$	2.4
Residential	$	33.0	$	32.1	$	10.2

	Average recorded investment		Interest income recognized
	(in millions)
For the year ended December 31, 2014
With no related allowance recorded:
Commercial-brick and mortar	$	13.4	$	—
Residential-first liens		4.0		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.2
Residential-home equity		18.0		0.6
Residential-first liens		8.1		0.2
Total:
Commercial	$	17.8	$	0.2
Residential	$	30.1	$	0.8
For the year ended December 31, 2013
With no related allowance recorded:
Commercial-brick and mortar	$	22.2	$	0.2
Residential-first liens		7.2		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.3
Residential-home equity		20.2		1.1
Residential-first liens		8.9		0.2
Total:
Commercial	$	26.6	$	0.5
Residential	$	36.3	$	1.3
For the year ended December 31, 2012
With no related allowance recorded:
Commercial-brick and mortar	$	11.4	$	2.6
Residential-first liens		7.0		—
With an allowance recorded:
Commercial-brick and mortar		59.2		0.2
Residential-home equity		17.7		0.9
Residential-first liens		9.0		0.1
Total:
Commercial	$	70.6	$	2.8
Residential	$	33.7	$	1.0

Mortgage Loan Modifications

Our commercial and residential mortgage loan portfolios include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a TDR has occurred. The commercial mortgage loan TDRs were modified to delay or reduce principal payments and to increase, reduce or delay interest payments. For these TDR assessments, we have determined the loan rates are now considered below market based on current circumstances. The commercial mortgage loan modifications resulted in delayed cash receipts and a decrease in interest income. The residential mortgage loan TDRs include modifications of interest-only payment periods, delays in principal balloon payments, and interest rate reductions. Residential mortgage loan modifications resulted in delayed or decreased cash receipts and a decrease in interest income.

The following table includes information about outstanding loans that were modified and met the criteria of a TDR during the periods indicated. In addition, the table includes information for loans that were modified and met the criteria of a TDR within the past twelve months that were in payment default during the periods indicated:

	For the year ended December 31, 2014
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	5.1		1	$	0.7
Residential-home equity		75		3.0		3		—
Residential-first liens		1		0.1		—		—

Total		78	$	8.2		4	$	0.7

	For the year ended December 31, 2013
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	0.9		—	$	—
Residential-home equity		69		3.8		19		—
Residential-first liens		3		0.6		1		0.3

Total		74	$	5.3		20	$	0.3

	For the year ended December 31, 2012
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	18.0		1	$	13.7
Residential-home equity		324		15.0		12		—
Residential-first liens		12		2.1		—		—

Total		338	$	35.1		13	$	13.7

Commercial mortgage loans that have been designated as a TDR have been previously reserved in the mortgage loan valuation allowance to the estimated fair value of the underlying collateral reduced by the cost to sell.

Residential mortgage loans that have been designated as a TDR are specifically reserved for in the mortgage loan valuation allowance if losses result from the modification. Residential mortgage loans that have defaulted or have been discharged through bankruptcy are reduced to the expected collectible amount.

Real Estate

Depreciation expense on invested real estate was $46.5 million, $44.4 million and $45.1 million in 2014, 2013 and 2012, respectively. Accumulated depreciation was $388.0 million and $364.9 million as of December 31, 2014 and 2013, respectively.

Other Investments

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

	December 31,
	2014		2013
	(in millions)
Total assets	$	60,190.2	$	47,401.9
Total liabilities		47,468.3		39,588.0

Total equity	$	12,721.9	$	7,813.9


Net investment in unconsolidated entities (1)	$	1,159.4	$	1,098.6

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Total revenues	$	6,297.0	$	3,002.9	$	4,555.9
Net income		1,152.7		738.6		750.1
Our share of net income of unconsolidated entities (1)		148.4		133.4		120.1

(1)	Primarily relates to Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil, which is reported in the results of our Principal International segment.

In addition, other investments include $790.8 million and $720.2 million of direct financing leases as of December 31, 2014 and 2013, respectively. 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. The direct financing lease receivables are carried at amortized cost. We actively monitor and manage our direct financing leases. All leases within the portfolio are analyzed regularly and internally rated, based on financial condition, payment history and loan-to-value.

Derivative assets are carried at fair value and reported as a component of other investments. Certain seed money investments are also carried at fair value and reported as a component of other investments, with changes in fair value included in net realized capital gains (losses) on our consolidated statements of operations.

Securities Posted as Collateral

We posted $1,439.9 million in fixed maturities, available-for-sale securities at December 31, 2014, 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 the Federal Home Loan Bank of Des Moines ("FHLB Des Moines"). In addition, we posted $2,408.2 million in commercial mortgage loans and home equity mortgages as of December 31, 2014, to satisfy collateral requirements associated with our obligation under funding agreements with the FHLB Des Moines. Since we did not relinquish ownership rights on these instruments, they are reported as fixed maturities, available-for-sale and mortgage loans, respectively, on our consolidated statements of financial position. Of the securities posted as collateral, $139.7 million can 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 assets (1)		Financial instruments (2)			Collateral received			Net amount
	(in millions)
December 31, 2014
Derivative assets	$	661.8	$	(479.5	)	$	(169.0	)	$	13.3
Reverse repurchase agreements		51.5		—			(51.5	)		—

Total	$	713.3	$	(479.5	)	$	(220.5	)	$	13.3


December 31, 2013
Derivative assets	$	664.9	$	(581.5	)	$	(82.1	)	$	1.3
Reverse repurchase agreements		51.8		—			(51.8	)		—

Total	$	716.7	$	(581.5	)	$	(133.9	)	$	1.3

(1)

The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents on the consolidated statements of financial position. The above excludes $0.0 million and $0.2 million of derivative assets as of December 31, 2014 and December 31, 2013, respectively, that are not subject to master netting agreements or similar agreements. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

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

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

			Gross amounts not offset in the consolidated statements of financial position
	Gross amount of recognized liabilities (1)		Financial instruments (2)			Collateral pledged			Net amount
	(in millions)
December 31, 2014
Derivative liabilities	$	786.0	$	(479.5	)	$	(220.6	)	$	85.9


December 31, 2013
Derivative liabilities	$	1,022.0	$	(581.5	)	$	(362.1	)	$	78.4

(1)

The gross amount of recognized derivative liabilities are reported with other liabilities on the consolidated statements of financial position. The above excludes $421.3 million and $226.7 million of derivative liabilities as of December 31, 2014 and December 31, 2013, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2)

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

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

Repurchase and reverse repurchase agreements include provisions to setoff other repurchase and reverse repurchase balances with the same counterparty. Repurchase and reverse repurchase agreements also include collateral provisions with the counterparties. For reverse repurchase agreements we require the counterparties to pledge collateral with a value greater than the amount of cash transferred. We have the right but do not sell or repledge collateral received in reverse repurchase agreements. Repurchase agreements are structured as secured borrowings for all counterparties. We pledge fixed maturities available-for-sale, which the counterparties have the right to sell or repledge. Interest incurred on repurchase agreements is reported as part of operating expense on the consolidated statements of operations. Net proceeds related to repurchase agreements are reported as a component of financing activities on the consolidated statements of cash flows. We did not have any outstanding repurchase agreements as of December 31, 2014 and December 31, 2013.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments

Derivative Financial Instruments

5. Derivative Financial Instruments

Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies.

Types of Derivative Instruments

Interest Rate Contracts

Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates.

Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and 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") liability. 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.

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 collars to manage interest rate risk related to guaranteed minimum interest rate liabilities in our individual annuities contracts and lapse risk associated with higher interest rates.

A swaption is an option to enter into an interest rate swap at a future date. We purchase swaptions to offset or modify existing exposures. Swaptions provide us the benefit of the agreed-upon strike rate if the market rates for liabilities are higher, with the flexibility to enter into the current market rate swap if the market rates for liabilities are lower. 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 have used exchange-traded futures to reduce market risks from changes in interest rates and to alter mismatches between the assets in a portfolio and the liabilities supported by those assets.

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 we issue, foreign currency-denominated fixed maturities we invest in and the financial results of our international operations, including 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 and to hedge the currency risk associated with a business combination. We have also used currency forwards to hedge the currency risk associated with net investments in foreign operations. We did not use any currency forwards during 2014 or 2013 to hedge our net investment in foreign operations.

Equity Contracts

Equity risk is the risk that we will incur economic losses due to adverse fluctuations in common stock. We use various derivatives to manage our exposure to equity risk, which arises from products in which the interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees.

We purchase equity call spreads 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 exchange-traded futures and equity put options to hedge against changes in the value of the GMWB liability related to the GMWB rider on our variable annuity product, as previously explained. The premium associated with certain options is paid quarterly over the life of the option contract.

Credit Contracts

Credit risk relates to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest. We use credit default swaps to enhance the return on our investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market. They are also used to hedge credit exposures in our investment portfolio. Credit derivatives are used to sell or buy credit protection on an identified name or names on an unfunded or synthetic basis in return for receiving or paying a quarterly premium. The premium generally corresponds to a referenced name's credit spread at the time the agreement is executed. In cases where we sell protection, we also buy a quality cash bond to match against the credit default swap, thereby entering into a synthetic transaction replicating a cash security. When selling protection, if there is an event of default by the referenced name, as defined by the agreement, we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced security in a principal amount equal to the notional value of the credit default swap.

Total return swaps are contracts in which we agree with other parties to exchange, at specified intervals, an amount determined by the difference between the previous price and the current price of a reference asset based upon an agreed upon notional principal amount plus an additional amount determined by the financing spread. We currently use futures traded on an exchange ("exchange-traded") and total return swaps referencing equity indices to hedge our portfolio from potential credit losses related to systemic events.

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 have investment-type insurance contracts in which the return is tied to a leveraged inflation index. In addition, we had an investment-type insurance contract in which the return was tied to an external equity index. We economically hedge the risk associated with these investment-type insurance contracts.

We offer group annuity contracts that have guaranteed separate accounts as an investment option. We also offer funds with embedded fixed-rate guarantees as investment options in our defined contribution plans in Hong Kong.

We have structured investment relationships with trusts we have determined to be VIEs, which are consolidated in our financial statements. The notes issued by these trusts include obligations to deliver an underlying security to residual interest holders and the obligations contain an embedded derivative of the forecasted transaction to deliver the underlying security.

We have fixed deferred annuities and universal life contracts that credit interest based on changes in an external equity index. We also have certain variable annuity products with a GMWB rider, which allows the customer to make withdrawals of a specified annual amount, either for a fixed number of years or for the lifetime of the customer, even if the account value is fully exhausted. Declines in the equity markets may increase our exposure to benefits under contracts with the GMWB. We economically hedge the exposure in these contracts, as previously explained.

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 recognized 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.

We posted $271.6 million and $393.1 million in cash and securities under collateral arrangements as of December 31, 2014 and December 31, 2013, respectively, to satisfy collateral requirements associated with our derivative credit support agreements and FCM agreements. These amounts include initial margin requirements.

Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of December 31, 2014 and December 31, 2013, was $656.2 million and $1,042.9 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 triggers, we posted collateral and initial margin of $271.6 million and $393.1 million as of December 31, 2014 and December 31, 2013, respectively, in the normal course of business, which reflects netting under derivative agreements. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2014, we would be required to post an additional $67.7 million of collateral to our counterparties.

As of December 31, 2014 and December 31, 2013, we had received $148.3 million and $32.5 million, respectively, of cash collateral associated with our derivative credit support annex agreements and FCM agreements, for which we recorded a corresponding liability reflecting our obligation to return the collateral.

Notional amounts are used to express the extent of our involvement in derivative transactions and represent a standard measurement of the volume of our derivative activity. Notional amounts represent those amounts used to calculate contractual flows to be exchanged and are not paid or received, except for contracts such as currency swaps. Credit exposure represents the gross amount owed to us under derivative contracts as of the valuation date. The notional amounts and credit exposure of our derivative financial instruments by type were as follows:

	December 31, 2014		December 31, 2013
	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	19,182.6	$	20,570.8
Interest rate options		4,900.0		4,100.0
Swaptions		260.0		325.0
Interest rate futures		147.5		92.5
Foreign exchange contracts:
Currency swaps		1,975.5		2,367.5
Currency forwards		270.7		247.4
Equity contracts:
Equity options		3,293.4		2,010.4
Equity futures		498.1		273.3
Credit contracts:
Credit default swaps		1,234.5		1,153.2
Total return swaps		90.0		90.0
Futures		10.5		9.1
Other contracts:
Embedded derivatives		9,235.7		7,601.1

Total notional amounts at end of period	$	41,098.5	$	38,840.3


Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	510.8	$	435.5
Interest rate options		41.0		42.5
Swaptions		—		1.0
Foreign exchange contracts:
Currency swaps		97.1		200.9
Currency forwards		1.4		0.6
Equity contracts:
Equity options		30.2		30.0
Credit contracts:
Credit default swaps		13.3		9.5
Total return swaps		—		0.1

Total gross credit exposure		693.8		720.1
Less: collateral received		183.5		115.9

Net credit exposure	$	510.3	$	604.2

The fair value of our derivative instruments classified as assets and liabilities was as follows:

	Derivative assets (1)				Derivative liabilities (2)
	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	8.8	$	0.1	$	193.9	$	285.4
Foreign exchange contracts		80.0		121.6		69.1		51.2

Total derivatives designated as hedging instruments	$	88.8	$	121.7	$	263.0	$	336.6


Derivatives not designated as hedging instruments
Interest rate contracts	$	508.7	$	452.2	$	321.4	$	489.6
Foreign exchange contracts		20.8		51.6		40.1		17.9
Equity contracts		30.2		30.0		131.7		145.0
Credit contracts		13.3		9.6		35.6		35.5
Other contracts		—		—		415.5		224.1

Total derivatives not designated as hedging instruments		573.0		543.4		944.3		912.1

Total derivative instruments	$	661.8	$	665.1	$	1,207.3	$	1,248.7

(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 derivative liabilities with a fair value of $176.4 million and $6.9 million as of December 31, 2014 and December 31, 2013, respectively, are reported with contractholder funds on the consolidated statements of financial position.

Credit Derivatives Sold

When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. The majority of our credit derivative contracts sold reference a single name or reference security (referred to as "single name credit default swaps"). The remainder of our credit derivatives reference either a basket or index of securities. These instruments are either referenced in an over-the-counter 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 have purchased credit protection with identical underlyings to certain of our sold protection transactions. The effect of this purchased protection would reduce our total maximum future payments by $10.0 million as of December 31, 2014 and $44.9 million as of December 31, 2013. These purchased credit derivative transactions had a net asset (liability) fair value of $(0.1) million as of December 31, 2014 and $(0.5) million as of December 31, 2013. In certain circumstances, our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name.

We purchased an investment structure with embedded credit features that is fully consolidated into our financial statements. This consolidation results in recognition of the underlying credit derivatives and collateral within the structure, typically high quality fixed maturities that are owned by a special purpose vehicle. These credit derivatives reference several names in a basket structure. In the event of default, the collateral within the structure would typically be liquidated to pay the claims of the credit derivative counterparty.

The following tables show our credit default swap protection sold by types of contract, types of referenced/underlying asset class and external agency rating for the underlying reference security. The maximum future payments are undiscounted and have not been reduced by the effect of any offsetting transactions, collateral or recourse features described above.

	December 31, 2014
	Notional amount		Fair value			Maximum future payments		Weighted average expected life (in years)
	(in millions)
Single name credit default swaps
Corporate debt
AAA	$	30.0	$	1.0		$	30.0		4.2
AA		79.0		1.6			79.0		3.3
A		254.5		3.3			254.5		2.8
BBB		345.0		1.2			345.0		3.6
BB		10.0		0.9			10.0		5.0
Government/municipalities
AA		30.0		0.6			30.0		4.3
Sovereign
AA		10.0		0.1			10.0		4.7
BBB		40.0		(0.1	)		40.0		4.7

Total single name credit default swaps		798.5		8.6			798.5		3.5
Basket and index credit default swaps
Corporate debt
Near default (1)		100.4		(19.1	)		100.4		2.2
Government/municipalities
AA		30.0		(1.8	)		30.0		2.7
Structured finance
BBB		16.9		0.1			16.9		3.5

Total basket and index credit default swaps		147.3		(20.8	)		147.3		2.5

Total credit default swap protection sold	$	945.8	$	(12.2	)	$	945.8		3.3

	December 31, 2013
	Notional amount		Fair value			Maximum future payments		Weighted average expected life (in years)
	(in millions)
Single name credit default swaps
Corporate debt
AAA	$	10.0	$	0.3		$	10.0		4.7
AA		84.0		1.8			84.0		4.0
A		294.5		4.2			294.5		4.0
BBB		265.0		(1.2	)		265.0		3.9

Total single name credit default swaps		653.5		5.1			653.5		4.0
Basket and index credit default swaps
Corporate debt
Near default (1)		110.4		(19.9	)		110.4		3.2
Government/municipalities
AA		30.0		(3.5	)		30.0		3.7
Structured finance
BBB		25.0		(0.9	)		25.0		3.5

Total basket and index credit default swaps		165.4		(24.3	)		165.4		3.4

Total credit default swap protection sold	$	818.9	$	(19.2	)	$	818.9		3.9

(1)	Includes $78.0 million and $88.0 million as of December 31, 2014 and December 31, 2013, respectively, notional of derivatives in consolidated collateralized private investment vehicle VIEs where the credit risk is borne by third party investors.

We also have invested in fixed maturities classified as available-for-sale that contain credit default swaps that do not require bifurcation and fixed maturities classified as trading that contain credit default swaps. These securities are subject to the credit risk of the issuer, normally a special purpose vehicle, which consists of the underlying credit default swaps and high quality fixed maturities that serve as collateral. A default event occurs if the cumulative losses exceed a specified attachment point, which is typically not the first loss of the portfolio. If a default event occurs that exceeds the specified attachment point, our investment may not be fully returned. We would have no future potential payments under these investments. The following tables show, by the types of referenced/underlying asset class and external rating, our fixed maturities with embedded credit derivatives.

	December 31, 2014
	Amortized cost		Carrying value		Weighted average expected life (in years)
	(in millions)
Corporate debt
A	$	24.1	$	24.1		2.0

Total corporate debt		24.1		24.1		2.0
Structured finance
A		56.1		56.1		1.5
BB		5.8		5.8		2.7
CCC		9.5		9.5		4.7

Total structured finance		71.4		71.4		2.1

Total fixed maturities with credit derivatives	$	95.5	$	95.5		2.0

	December 31, 2013
	Amortized cost		Carrying value		Weighted average expected life (in years)
	(in millions)
Corporate debt
BBB	$	23.4	$	23.4		3.0

Total corporate debt		23.4		23.4		3.0
Structured finance
A		18.1		16.7		4.8
BB		5.5		5.5		3.3
B		4.1		4.1		3.1
CCC		23.5		23.5		4.8

Total structured finance		51.2		49.8		4.5

Total fixed maturities with credit derivatives	$	74.6	$	73.2		4.0

Fair Value Hedges

We use fixed-to-floating rate interest rate swaps to more closely align the interest rate characteristics of certain assets and 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 and liabilities into U.S. dollar floating-rate denominated instruments to eliminate 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.

Hedge effectiveness testing for fair value relationships is performed utilizing a regression analysis approach for both prospective and retrospective evaluations. This regression analysis will consider multiple data points for the assessment that the hedge continues to be highly effective in achieving offsetting changes in fair value. In certain periods, the comparison of the change in value of the derivative and the change in the value of the hedged item may not be offsetting at a specific period in time due to small movements in value. However, any amounts recorded as fair value hedges have shown to be highly effective in achieving offsetting changes in fair value both for present and future periods.

The following table shows the effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations. All gains or losses on derivatives were included in the assessment of hedge effectiveness.

	Amount of gain (loss) recognized in net income on derivatives for the year ended December 31, (1)								Amount of gain (loss) recognized in net income on related hedged item for the year ended December 31, (1)
Derivatives in fair value hedging relationships								Hedged items in fair value hedging relationships
Derivatives in fair value hedging relationships	2014		2013			2012		Hedged items in fair value hedging relationships	2014			2013			2012
	(in millions)								(in millions)
Interest rate contracts	$	25.4	$	139.5		$	38.6	Fixed maturities, available-for-sale	$	(27.7	)	$	(133.3	)	$	(34.1	)
Interest rate contracts		2.0		(0.7	)		—	Investment-type insurance contracts		(1.9	)		0.2			—
Foreign exchange contracts		5.5		(0.2	)		0.7	Fixed maturities, available-for-sale		(5.4	)		0.4			0.4
Foreign exchange contracts		0.2		(36.7	)		9.3	Investment-type insurance contracts		(0.2	)		36.5			(12.6	)

Total	$	33.1	$	101.9		$	48.6	Total	$	(35.2	)	$	(96.2	)	$	(46.3	)

(1)	The gain (loss) on both derivatives and hedged items in fair value relationships is reported in net realized capital gains (losses) on the consolidated statements of operations. The net amount represents the ineffective portion of our fair value hedges.

The following table shows the periodic settlements on interest rate contracts and foreign exchange contracts in fair value hedging relationships.

	Amount of gain (loss) for the year ended December 31,
Hedged Item	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale (1)	$	(93.0	)	$	(120.7	)	$	(134.3	)
Investment-type insurance contracts (2)		4.3			33.2			37.1

(1)	Reported in net investment income on the consolidated statements of operations.
(2)	Reported in benefits, claims and settlement expenses on the consolidated statements of operations.

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 and forecasted transactions.

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.

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 5.5 years. At December 31, 2014, we had $67.1 million of net gains reported in AOCI on the consolidated statements of financial position related to active hedges of forecasted transactions. If a hedged forecasted transaction is no longer probable of occurring, cash flow hedge accounting is discontinued. If it is probable that the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. We reclassified $0.0 million and $0.2 million from AOCI into net realized capital gains (losses) as a result of the determination that hedged cash flows were probable of not occurring during the years ended December 31, 2014 and 2013, respectively.

The following table shows the effect of derivatives in cash flow hedging relationships on the consolidated statements of operations and consolidated statements of financial position. All gains or losses on derivatives were included in the assessment of hedge effectiveness.

		Amount of gain (loss) recognized in AOCI on derivatives (effective portion) for the year ended December 31,									Amount of gain (loss) reclassified from AOCI on derivatives (effective portion) for the year ended December 31,
										Location of gain (loss) reclassified from AOCI into net income (effective portion)
Derivatives in cash flow hedging relationships
Derivatives in cash flow hedging relationships	Related hedged item	2014		2013			2012				2014			2013			2012
		(in millions)									(in millions)
Interest rate contracts	Fixed maturities, available-for-sale	$	29.0	$	(80.5	)	$	16.2		Net investment income	$	13.8		$	11.7		$	8.9
Interest rate contracts	Investment-type insurance contracts		2.0		2.5			2.5		Benefits, claims and settlement expenses		—			—			—
Interest rate contracts	Debt		—		—			—		Operating expense		(7.4	)		(6.6	)		(5.9	)
Foreign exchange contracts	Fixed maturities, available-for-sale		68.7		(0.9	)		(27.9	)	Net realized capital losses		(10.2	)		(16.7	)		(6.4	)
Foreign exchange contracts	Investment-type insurance contracts		7.2		5.0			7.6		Benefits, claims and settlement expenses		—			—			—

Total		$	106.9	$	(73.9	)	$	(1.6	)	Total	$	(3.8	)	$	(11.6	)	$	(3.4	)

The following table shows the periodic settlements on interest rate contracts and foreign exchange contracts in cash flow hedging relationships.

	Amount of gain (loss) for the year ended December 31,
Hedged item	2014			2013			2012
Fixed maturities, available-for-sale (1)	$	5.1		$	7.7		$	8.0
Investment-type insurance contracts (2)		(11.1	)		(11.0	)		(13.4	)

(1)	Reported in net investment income on the consolidated statements of operations.
(2)	Reported in benefits, claims and settlement expenses on the consolidated statements of operations.

The ineffective portion of our cash flow hedges is reported in net realized capital gains (losses) on the consolidated statements of operations. The net gain resulting from the ineffective portion of foreign currency contracts in cash flow hedging relationships was $0.0 million, $0.8 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We expect to reclassify net gains of $1.8 million from AOCI into net income in the next 12 months, which includes both net deferred gains on discontinued hedges and net losses on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions.

Derivatives Not Designated as Hedging Instruments

Our use of futures, certain swaptions and swaps, 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.

The following table shows the effect of derivatives not designated as hedging instruments, including fair value changes of embedded derivatives that have been bifurcated from the host contract, on the consolidated statements of operations.

	Amount of gain (loss) recognized in net income on derivatives for the year ended December 31,
Derivatives not designated as hedging instruments	2014			2013			2012
	(in millions)
Interest rate contracts	$	246.0		$	(137.6	)	$	(7.9	)
Foreign exchange contracts		(74.6	)		(0.1	)		63.1
Equity contracts		21.9			(159.4	)		(100.5	)
Credit contracts		(34.7	)		40.6			11.0
Other contracts		(194.3	)		154.4			37.3

Total	$	(35.7	)	$	(102.1	)	$	3.0

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Closed Block

12 Months Ended

Dec. 31, 2014

Closed Block

Closed Block

6. Closed Block

In connection with the 1998 MIHC formation, Principal Life formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued. Assets of Principal Life were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies, including, but not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes. Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date. These amounts are referred to as Funding Adjustment Charges and are treated as capital transfers from the Closed Block.

Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block. Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities. Principal Life will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms. If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, Principal Life will be required to make such payments from their general funds. No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization.

A policyholder dividend obligation ("PDO") is required to be established for earnings in the Closed Block that are not available to stockholders. A model of the Closed Block was established to produce the pattern of expected earnings in the Closed Block, adjusted to eliminate the impact of related amounts in AOCI.

If actual cumulative earnings of the Closed Block are greater than the expected cumulative earnings of the Closed Block, only the expected cumulative earnings will be recognized in income with the excess recorded as a PDO. This PDO represents undistributed accumulated earnings that will be paid to Closed Block policyholders as additional policyholder dividends unless offset by future performance of the Closed Block that is less favorable than originally expected. If actual cumulative performance is less favorable than expected, only actual earnings will be recognized in income. At December 31, 2014 and 2013, cumulative actual earnings have been less than cumulative expected earnings. However, cumulative net unrealized gains were greater than expected, resulting in the recognition of a PDO of $165.2 million and $111.6 million as of December 31, 2014 and 2013, respectively.

Closed Block liabilities and assets designated to the Closed Block were as follows:

	December 31, 2014		December 31, 2013
	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	4,366.5	$	4,532.0
Other policyholder funds		9.6		10.5
Policyholder dividends payable		259.2		270.5
Policyholder dividends obligation		165.2		111.6
Deferred income taxes		—		2.2
Other liabilities		17.6		24.7

Total Closed Block liabilities		4,818.1		4,951.5
Assets designated to the Closed Block
Fixed maturities, available-for-sale		2,399.5		2,470.9
Fixed maturities, trading		11.9		13.4
Equity securities, available-for-sale		3.8		3.6
Mortgage loans		912.1		828.6
Policy loans		610.0		644.2
Other investments		101.1		118.5

Total investments		4,038.4		4,079.2
Cash and cash equivalents		29.2		70.3
Accrued investment income		48.8		49.5
Premiums due and other receivables		13.6		11.7
Deferred tax asset		58.1		66.2
Other assets		—		2.2

Total assets designated to the Closed Block		4,188.1		4,279.1

Excess of Closed Block liabilities over assets designated to the Closed Block		630.0		672.4
Amounts included in accumulated other comprehensive income		18.9		12.9

Maximum future earnings to be recognized from Closed Block assets and liabilities	$	648.9	$	685.3

Closed Block revenues and expenses were as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Revenues
Premiums and other considerations	$	351.9		$	379.9		$	397.4
Net investment income		201.9			207.7			222.8
Net realized capital gains (losses)		(2.3	)		(12.3	)		3.6

Total revenues		551.5			575.3			623.8
Expenses
Benefits, claims and settlement expenses		313.3			320.1			325.7
Dividends to policyholders		173.2			184.4			192.6
Operating expenses		4.3			4.7			4.9

Total expenses		490.8			509.2			523.2

Closed Block revenues, net of Closed Block expenses, before income taxes		60.7			66.1			100.6
Income taxes		19.5			21.1			32.6

Closed Block revenues, net of Closed Block expenses and income taxes		41.2			45.0			68.0
Funding adjustment charges		(4.8	)		(6.5	)		(4.8	)

Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustment charges	$	36.4		$	38.5		$	63.2

The change in maximum future earnings of the Closed Block was as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Beginning of year	$	685.3		$	723.8		$	787.0
End of year		648.9			685.3			723.8

Change in maximum future earnings	$	(36.4	)	$	(38.5	)	$	(63.2	)

Principal Life charges the Closed Block with federal income taxes, payroll taxes, state and local premium taxes and other state or local taxes, licenses and fees as provided in the plan of reorganization.

Deferred Acquisition Costs

12 Months Ended

Dec. 31, 2014

Deferred Acquisition Costs

Deferred Acquisition Costs

7. Deferred Acquisition Costs

Acquisition costs deferred and amortized were as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Balance at beginning of year	$	3,077.0		$	2,590.0		$	2,358.1
Cost deferred during the year		404.1			447.0			428.9
Amortized to expense during the year (1)		(367.2	)		(187.1	)		(94.9	)
Adjustment related to unrealized gains on available-for-sale securities and derivative instruments		(120.9	)		227.1			(102.1	)

Balance at end of year	$	2,993.0		$	3,077.0		$	2,590.0

(1)	Includes adjustments for revisions to estimated gross profits.

Insurance Liabilities

12 Months Ended

Dec. 31, 2014

Insurance Liabilities

Insurance Liabilities

8. Insurance Liabilities

Contractholder Funds

Major components of contractholder funds in the consolidated statements of financial position are summarized as follows:

	December 31,
	2014		2013
	(in millions)
Liabilities for investment-type insurance contracts:
Liabilities for individual annuities	$	10,077.7	$	10,582.7
GICs		10,115.3		10,858.3
Funding agreements		7,338.1		7,642.9
Other investment-type insurance contracts		901.6		832.6

Total liabilities for investment-type insurance contracts		28,432.7		29,916.5
Universal life and other reserves		6,294.0		6,041.8

Total contractholder funds	$	34,726.7	$	35,958.3

Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts.

Funding agreements include those issued directly to nonqualified institutional investors, as well as under five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws.

Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2014 and 2013, $111.2 million and $370.9 million, respectively, of liabilities are outstanding with respect to the issuance outstanding under this program. Principal Life was also authorized to issue up to Euro 4.0 billion (approximately USD$5.3 billion) of funding agreements under a program established in 2006 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. The unaffiliated entity is an unconsolidated special purpose vehicle. As of December 31, 2014 and 2013, $1,137.1 million and $1,278.7 million, respectively, of liabilities are outstanding with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under either of these programs due to the existence of the program established in 2011 described below.

In addition, Principal Life was authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2014 and 2013, $505.8 million and $637.6 million, respectively, of liabilities are being held with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below.

Additionally, Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in March 2004 to support the prospective issuance of medium term notes by unaffiliated entities in both domestic and international markets. In February 2006, this program was amended to authorize issuance of up to an additional $5.0 billion in recognition of the use of nearly all $4.0 billion of initial issuance authorization. In recognition of the use of nearly all $9.0 billion, this program was amended in November 2007 to authorize issuance of up to an additional $5.0 billion. Under this program, both the notes and the supporting funding agreements were registered with the United States Securities and Exchange Commission ("SEC"). As of December 31, 2014 and 2013, $549.2 million and $975.0 million, respectively, of liabilities are being held with respect to issuances outstanding under this program. In contrast with direct funding agreements, GIC issuances and the other three funding agreement-backed medium term note programs described above, Principal Life's payment obligations on each funding agreement issued under this SEC-registered program are guaranteed by PFG. Principal Life does not anticipate any new issuance activity under this program due to the existence of the program established in 2011 described below.

Principal Life was authorized to issue up to $5.0 billion of funding agreements under a program established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2014 and 2013, $3,284.7 million and $2,630.5 million of liabilities are being held with respect to any issuances outstanding under this program. Similar to the SEC-registered program, Principal Life's payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the SEC.

Future Policy Benefits and Claims

Activity associated with unpaid disability and health claims is summarized as follows:

	December 31,
	2014		2013		2012
	(in millions)
Balance at beginning of year	$	1,144.7	$	1,066.0	$	1,006.9
Incurred:
Current year		760.5		712.0		711.8
Prior years		1.2		1.0		9.7

Total incurred		761.7		713.0		721.5
Payments:
Current year		445.5		432.1		446.3
Prior years		220.8		202.2		216.1

Total payments		666.3		634.3		662.4
Balance at end of year:
Current year		315.0		279.9		265.5
Prior years		925.1		864.8		800.5

Total balance at end of year	$	1,240.1	$	1,144.7	$	1,066.0


Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	47.5	$	43.4	$	46.6
Reinsurance recoverables for unpaid claims	$	300.0	$	260.1	$	239.1

Incurred liability adjustments relating to prior years, which affected current operations during 2014, 2013 and 2012, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid disability and health claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid disability and health claims.

Debt

12 Months Ended

Dec. 31, 2014

Debt

Debt

9. Debt

Short-Term Debt

The components of short-term debt were as follows:

	December 31,
	2014		2013
	(in millions)
Line of credit	$	—	$	117.8
Other recourse short-term debt		28.0		32.8

Total short-term debt	$	28.0	$	150.6

As of December 31, 2014 and 2013, we had short-term credit facilities with various financial institutions in an aggregate amount of $1,005.0 million and $1,105.0 million, respectively. As of December 31, 2014 and 2013, we had $28.0 million and $150.6 million, respectively, of outstanding borrowings, with no assets pledged as support. Our credit facilities include a $400.0 million 5-year facility that matures in March 2019, with Principal Financial Services, Inc., Principal Life and us as co-borrowers, a $300.0 million 364-day facility with Principal Life as borrower that matures in March 2015, and a $200.0 million 3-year facility with Principal Financial Services, Inc., Principal Life, Principal Financial Services V (UK) LTD and us as the co-borrowers that matures in March 2017. These facilities may be used for general corporate purposes, including commercial paper back-stop. Our commercial paper programs require 100% back-stop support, of which there were no outstanding balances as of December 31, 2014 and 2013.

The weighted-average interest rate on short-term borrowings as of December 31, 2014 and 2013, was 5.8% and 4.7%, respectively.

Long-Term Debt

The components of long-term debt were as follows:

	December 31,
	2014		2013
	(in millions)
1.85% notes payable, due 2017	$	299.8	$	299.8
8.875% notes payable, due 2019		350.0		350.0
3.3% notes payable, due 2022		299.1		299.0
3.125% notes payable, due 2023		299.6		299.6
6.05% notes payable, due 2036		601.6		601.6
4.625% notes payable, due 2042		299.5		299.5
4.35% notes payable, due 2043		299.3		299.3
8.0% surplus notes payable, due 2044		—		99.3
Non-recourse mortgages and notes payable		82.3		53.3

Total long-term debt	$	2,531.2	$	2,601.4

The amounts included above are net of the discount and premium associated with issuing these notes, which are being amortized to expense over their respective terms using the interest method.

On November 16, 2012, we issued $900.0 million of senior notes. We issued a $300.0 million series of notes that bear interest at 1.85% and will mature in 2017, a $300.0 million series of notes that bear interest at 3.125% and will mature in 2023 and a $300.0 million series of notes that bear interest at 4.35% and will mature in 2043. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2013. The proceeds were used to fund our acquisition of Cuprum.

On September 5, 2012, we issued $600.0 million of senior notes. We issued a $300.0 million series of notes that bear interest at 3.3% and will mature in 2022 and a $300.0 million series of notes that bear interest at 4.625% and will mature in 2042. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on March 15, 2013. The proceeds were used for the repayment of the $400.0 million aggregate principal amount of notes due in 2014 and to partially fund our acquisition of Cuprum. We incurred a one-time cost to extinguish this debt before the scheduled maturity date.

On May 18, 2009, we issued $750.0 million of senior notes. We issued a $400.0 million series of notes that bear interest at 7.875% and were to mature on May 15, 2014, and a $350.0 million series of notes that bear interest at 8.875% and will mature on May 15, 2019. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2009. The proceeds were primarily used to refinance $440.9 million of notes that matured on August 15, 2009, with the remaining proceeds being used for general corporate purposes.

On October 16 and December 5, 2006, we issued $500.0 million and $100.0 million, respectively, of senior notes. The notes bear interest at a rate of 6.05% per year. Interest on the notes is payable semi-annually on April 15 and October 15 each year and began on April 15, 2007. The notes will mature on October 15, 2036. A portion of the proceeds were used to fund the 2006 acquisition of WM Advisors, Inc., with the remaining proceeds being used for general corporate purposes.

On November 3, 2010, Principal International de Chile S.A., a wholly owned indirect subsidiary, entered into a long-term borrowing agreement with Banco de Chile in the amount of US $98.9 million. The debt was denominated in Unidades de Fomento ("UF"), a Chilean inflation-indexed, peso-denominated monetary unit, bore interest at UF +3.76% and had a maturity date of November 3, 2015. On May 3, 2013, Principal International de Chile S.A., prepaid these notes without penalty as authorized under the borrowing agreement with Banco de Chile at par value upon the semi-annual interest payment date.

On March 10, 1994, Principal Life issued $100.0 million of surplus notes due March 1, 2044, at an 8% annual interest rate. None of our affiliates held any portion of the notes. Each payment of interest and principal on the notes, however, could be made only with the prior approval of the Commissioner of Insurance of the State of Iowa (the "Commissioner") and only to the extent that Principal Life had sufficient surplus earnings to make such payments. On March 1, 2014, Principal Life redeemed the surplus notes in whole at a redemption price equal to 102.3% of par, which was approved by the Commissioner.

The non-recourse mortgages, other mortgages and notes payable are primarily financings for real estate developments. Outstanding principal balances as of December 31, 2014, ranged from $1.7 million to $32.6 million per development with interest rates being variable. Outstanding principal balances as of December 31, 2013, ranged from $1.6 million to $20.1 million per development with interest rates being 5.5% or variable. Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $155.6 million and $101.4 million as of December 31, 2014 and 2013, respectively.

Also included in non-recourse mortgages and notes payable was a long-term debt obligation we assumed with the purchase of WM Advisors, Inc. As part of the purchase, we were bound by a class B share financing agreement previously entered into by WM Advisors, Inc. and a third party. The liability was extinguished in 2014. The value of this obligation was $0.2 million as of December 31, 2013.

At December 31, 2014, future annual maturities of the long-term debt were as follows (in millions):

Year ending December 31:
2015	$	—
2016		—
2017		299.8
2018		—
2019		350.0
Thereafter		1,881.4

Total future maturities of the long-term debt	$	2,531.2

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Taxes

10. Income Taxes

Income Tax Expense

Our income tax expense was as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Current income taxes (benefits):
U.S. federal	$	242.1		$	109.5		$	(66.9	)
State		4.7			7.7			(4.7	)
Foreign		67.6			69.7			48.7
Tax benefit of operating loss carryforward		(163.0	)		(134.1	)		(73.7	)

Total current income taxes (benefits)		151.4			52.8			(96.6	)
Deferred income taxes (benefits):
U.S. federal		148.0			155.1			221.3
State		(32.8	)		(3.1	)		(1.7	)
Foreign		51.9			(16.9	)		11.6

Total deferred income taxes		167.1			135.1			231.2

Total income taxes	$	318.5		$	187.9		$	134.6

Effective Income Tax Rate

Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows:

	For the year ended December 31,
	2014			2013			2012
U.S. corporate income tax rate		35	%		35	%		35	%
Dividends received deduction		(10	)		(10	)		(10	)
Impact of equity method presentation		(2	)		(3	)		(4	)
Foreign tax rate differential		(2	)		(2	)		(2	)
Tax credits		(2	)		—			—
Interest exclusion from taxable income		(1	)		(2	)		(2	)
Impact of enactment of tax legislation		4			1			1
Other		(1	)		(2	)		(4	)

Effective income tax rate		21	%		17	%		14	%

Unrecognized Tax Benefits

A summary of the changes in unrecognized tax benefits follows.

	For the year ended December 31,
	2014			2013
	(in millions)
Balance at beginning of period	$	108.9		$	119.5
Additions based on tax positions related to the current year		12.9			10.5
Additions for tax positions of prior years		62.5			10.9
Reductions for tax positions related to the current year		(8.4	)		(3.3	)
Reductions for tax positions of prior years		(0.2	)		(28.7	)
Settlements		(3.3	)		—

Balance at end of period (1)	$	172.4		$	108.9

(1)	Of this amount, $56.4 million, if recognized, would reduce the 2014 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses.

As of December 31, 2014 and 2013, we had recognized $100.4 million and $37.0 million of accumulated pre-tax interest and penalties related to unrecognized tax benefits, respectively.

Net Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our net deferred income taxes were as follows:

	December 31,
	2014			2013
	(in millions)
Deferred income tax assets:
Insurance liabilities	$	390.8		$	241.1
Investments, including derivatives		395.1			464.2
Net operating and capital loss carryforwards		291.6			339.8
Employee benefits		506.6			320.6
Other deferred income tax assets		156.3			90.4

Gross deferred income tax assets		1,740.4			1,456.1
Valuation allowance		(4.1	)		(0.7	)

Total deferred income tax assets		1,736.3			1,455.4
Deferred income tax liabilities:
Deferred acquisition costs		(774.2	)		(807.2	)
Investments, including derivatives		(411.1	)		(418.3	)
Net unrealized gains on available-for-sale securities		(1,004.6	)		(584.5	)
Real estate		(133.9	)		(117.3	)
Intangible assets		(314.2	)		(297.7	)
Other deferred income tax liabilities		(42.8	)		(4.8	)

Total deferred income tax liabilities		(2,680.8	)		(2,229.8	)

Total net deferred income tax liabilities	$	(944.5	)	$	(774.4	)

Net deferred income taxes by jurisdiction were as follows:

	December 31,
	2014			2013
	(in millions)
Deferred income tax assets:
State	$	35.3		$	—
Foreign		55.5			49.6

Net deferred income tax assets		90.8			49.6
Deferred income tax liabilities:
U.S. Federal		(663.7	)		(503.4	)
State		—			(1.5	)
Foreign		(371.6	)		(319.1	)

Net deferred income tax liabilities		(1,035.3	)		(824.0	)

Total net deferred income tax liabilities	$	(944.5	)	$	(774.4	)

In management's judgment, total deferred income tax assets are more likely than not to be realized. Included in the deferred income tax asset are net operating loss and tax credit carryforwards for tax purposes available to offset future taxable income. We had net operating loss and tax credit carryforwards for U.S. federal income tax purposes of $283.1 million and $670.8 million at December 31, 2014 and 2013, respectively, primarily attributable to our captive reinsurance companies that joined our consolidated U.S. federal income tax return in 2012 and 2013. These U.S. federal net operating loss and tax credit carryforwards will expire between 2022 and 2033. All accumulated U.S. federal net operating loss and tax credit carryforwards are anticipated to be utilized before expiration; therefore, no valuation allowance has been provided for the related deferred income tax assets.

Domestic state net operating loss carryforwards were $408.7 million and $397.7 million as of December 31, 2014 and 2013, respectively, and will expire between 2015 and 2034. Foreign net operating loss carryforwards generated in various foreign countries were $231.9 million and $95.7 million as of December 31, 2014 and 2013, respectively, with some net operating loss carryforwards expiring in 2015 while others never expire. We maintain valuation allowances by jurisdiction against the deferred income tax assets related to certain of these carryforwards, as utilization of these income tax benefits fail the more likely than not criteria in certain jurisdictions. As of December 31, 2014 and 2013, valuation allowances of $4.1 million and $0.7 million, respectively, have been recorded on income tax benefits associated with foreign net operating loss carryforwards. Adjustments to the valuation allowance will be made if there is a change in management's assessment of the amount of the deferred income tax assets that are more likely than not to be realized.

Tax legislation was signed into law in Chile on September 26, 2014, increasing the tax rate over multiple years. Our net deferred tax liabilities increased $58.1 million in the third quarter of 2014 as a result of this legislative enactment.

We are a U.S. shareholder in various foreign entities classified as controlled foreign corporations ("CFCs") for U.S. tax purposes. U.S. shareholders of CFCs are generally required to take into account as gross income in the U.S. certain passive income earned by the CFCs ("Subpart F income") even if the income is not currently distributed. Temporary exceptions (the "active financing" and "look through" exceptions) were applicable for tax years beginning before January 1, 2014 to avoid the current recognition of Subpart F income derived in either the active conduct of a banking, financing, insurance or similar business or for certain payments between related corporations in different foreign jurisdictions. The U.S. Congress and the President enacted legislation for the 2014 calendar year on December 19, 2014, retroactive to January 1, 2014, to extend the active financing and look through exceptions. The legislation did not have a material impact on our consolidated results.

U.S. federal and state deferred income taxes have not been provided on approximately $824.8 million and $693.7 million of accumulated but undistributed earnings from operations of foreign subsidiaries at December 31, 2014 and 2013, respectively. These earnings are considered to be indefinitely reinvested in the business. It is not practicable to determine the amount of the unrecognized deferred tax liability that would arise if these earnings were remitted due to foreign tax credits and exclusions that may become available at the time of remittance. At December 31, 2014, deferred taxes were also not provided on the approximately $106.2 million of excess book carrying value over tax basis with respect to the original investment of our foreign subsidiaries. A tax liability will be recognized when we no longer plan to indefinitely reinvest these earnings or when we plan to sell all or a portion of our ownership interest.

Other Tax Information

Income tax returns are filed in the U.S. federal jurisdiction as well as various states and foreign jurisdictions where we and one or more of our subsidiaries conduct business. Although determined by jurisdiction, with few exceptions our tax uncertainties relate primarily to the U.S. federal jurisdiction. The Internal Revenue Service ("IRS") has completed examination of our consolidated U.S. federal income tax returns for years prior to 2009. We are contesting certain issues and have filed suit in the Court of Federal Claims, requesting refunds for the years 1995-2003. We do not expect the litigation to be resolved within the next twelve months. We had $298.3 million and $329.9 million of current income tax receivables associated with outstanding audit issues reported as other assets in our consolidated statements of financial position as of December 31, 2014 and 2013, respectively.

We filed claims for refund for tax years 2004 - 2005 during 2012 and will file claims for refund relating to disputed adjustments for tax years 2006 - 2008 in 2015. The IRS commenced audit of our U.S. federal income tax return for 2009 during the fourth quarter of 2011, for 2010 during the first quarter of 2012 and for 2011 during the first quarter of 2013. We do not expect the results of these audits or developments in other tax areas for all open tax years to significantly change the possible increase in the amount of unrecognized tax benefits, but the outcome of tax reviews is uncertain and unforeseen results can occur.

The U.S. Court of Federal Claims issued a summary judgment determination in the case of Principal Life Insurance Company and Subsidiaries ("Principal Life") v. the United States on May 9, 2014. The court ruled against Principal Life's timing of recognition of gains and losses associated with the purchase and sale of principal-only certificates. The ruling caused a re-evaluation of our uncertain tax positions, which resulted in a $47.5 million reduction in net income in the second quarter of 2014. We believe that we have adequate defenses against, or sufficient provisions for, the contested issues, but final resolution of the contested issues could take several years while legal remedies are pursued. Consequently, we do not expect the ultimate resolution of issues from tax years 1995-2003 or those that might arise in tax years subsequent to 2003 to have a material impact on our net income. We do not believe there is a reasonable possibility the total amount of unrecognized tax benefits will significantly increase or decrease in the next twelve months.

Employee and Agent Benefits

12 Months Ended

Dec. 31, 2014

Employee and Agent Benefits

Employee and Agent Benefits

11. Employee and Agent Benefits

We have defined benefit pension plans covering substantially all of our U.S. employees and certain agents. Some of these plans provide supplemental pension benefits to employees and agents with salaries and/or pension benefits in excess of the qualified plan limits imposed by federal tax law. The employees and agents are generally first eligible for the pension plans when they reach age 21. For plan participants employed prior to January 1, 2002, the pension benefits are based on the greater of a final average pay benefit or a cash balance benefit. The final average pay benefit is based on the years of service and generally the employee's or agent's average annual compensation during the last five years of employment. Partial benefit accrual of final average pay benefits is recognized from first eligibility until retirement based on attained service divided by potential service to age 65 with a minimum of 35 years of potential service. The cash balance portion of the plan started on January 1, 2002. An employee's account is credited with an amount based on the employee's salary, age and service. These credits accrue with interest. For plan participants hired on and after January 1, 2002, only the cash balance plan applies. Our policy is to fund the cost of providing pension benefits in the years that the employees and agents are providing service to us. Our funding policy for the qualified defined benefit plan is to contribute an amount annually 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 federal income tax purposes. Our funding policy for the nonqualified benefit plan is to fund the plan in the years that the employees are providing service, taking into account the funded status of the trust. While we designate assets to cover the computed liability of the nonqualified plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP.

We also provide certain health care, life insurance and long-term care benefits for retired employees. Subsidized retiree health benefits are provided for employees hired prior to January 1, 2002. Employees hired after December 31, 2001, have access to retiree health benefits but it is intended that they pay for the full cost of the coverage. The health care plans are contributory with participants' contributions adjusted annually. The contributions are based on the number of years of service and age at retirement for those hired prior to January 1, 2002, who retired prior to January 1, 2011. For employees hired prior to January 1, 2002, who retired on or after January 1, 2011, the contributions are 60% of the expected cost. As part of the substantive plan, the retiree health contributions are assumed to be adjusted in the future as claim levels change. The life insurance plans are contributory for a small group of previously grandfathered participants that have elected supplemental coverage and dependent coverage.

Covered employees are first eligible for the health and life postretirement benefits when they reach age 57 and have completed ten years of service with us. Retiree long-term care benefits are provided for employees whose retirement was effective prior to July 1, 2000. Our policy is to fund the cost of providing retiree benefits in the years that the employees are providing service, taking into account the funded status of the trust.

Obligations and Funded Status

The plans' combined funded status, reconciled to amounts recognized in the consolidated statements of financial position, was as follows:

	Pension benefits						Other postretirement benefits
	December 31,						December 31,
	2014			2013			2014			2013
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	(2,440.2	)	$	(2,638.0	)	$	(140.6	)	$	(147.8	)
Service cost		(54.0	)		(57.1	)		(1.4	)		(1.0	)
Interest cost		(117.1	)		(103.8	)		(6.6	)		(5.7	)
Actuarial gain (loss)		(532.9	)		279.2			(26.0	)		7.9
Participant contribution		—			—			(6.6	)		(6.8	)
Benefits paid		84.2			79.5			12.2			13.6
Other		—			—			(0.7	)		(0.8	)

Benefit obligation at end of year	$	(3,060.0	)	$	(2,440.2	)	$	(169.7	)	$	(140.6	)


Change in plan assets
Fair value of plan assets at beginning of year	$	1,925.6		$	1,682.1		$	613.0		$	519.7
Actual return on plan assets		246.0			199.8			31.9			95.9
Employer contribution		130.9			123.2			0.4			4.2
Participant contributions		—			—			6.6			6.8
Benefits paid		(84.2	)		(79.5	)		(12.2	)		(13.6	)

Fair value of plan assets at end of year	$	2,218.3		$	1,925.6		$	639.7		$	613.0


Amount recognized in statement of financial position
Other assets	$	—		$	—		$	470.7		$	473.0
Other liabilities		(841.7	)		(514.6	)		(0.7	)		(0.6	)

Total	$	(841.7	)	$	(514.6	)	$	470.0		$	472.4


Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	$	759.2		$	391.1		$	(53.0	)	$	(83.1	)
Prior service benefit		(6.9	)		(11.8	)		(35.9	)		(56.2	)

Pre-tax accumulated other comprehensive (income) loss	$	752.3		$	379.3		$	(88.9	)	$	(139.3	)

The accumulated benefit obligation for all defined benefit pension plans was $2,854.0 million and $2,287.4 million at December 31, 2014 and 2013, respectively.

Employer contributions to the pension plans include contributions made directly to the qualified pension plan assets and contributions from corporate assets to pay nonqualified pension benefits. Benefits paid from the pension plans include both qualified and nonqualified plan benefits. Nonqualified pension plan assets are not included as part of the asset balances presented in this footnote. The nonqualified pension plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The assets held in a Rabbi trust are available to satisfy the claims of general creditors only in the event of bankruptcy. Therefore, these assets are fully consolidated in our consolidated statements of financial position and are not reflected in our funded status as they do not qualify as plan assets under U.S. GAAP. The market value of assets held in these trusts was $329.6 million and $304.3 million as of December 31, 2014 and 2013, respectively.

Pension Plan Changes and Plan Gains/Losses

On January 1, 2010, benefits under the Principal Pension Plan were frozen for certain participants.

For the year ended December 31, 2014, the pension plans had a loss primarily due to a decrease in the discount rate and updates to the mortality assumption. For the year ended December 31, 2013, the pension plans had a gain primarily due to an increase in the discount rate.

Other Postretirement Plan Changes and Plan Gains/Losses

On December 8, 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the "Medicare Modernization Act") was signed into law. The Medicare Modernization Act introduced a prescription drug benefit under Medicare ("Medicare Part D") as well as a federal subsidy to sponsors of retiree medical benefit plans. During each of the years ended December 31, 2014, 2013 and 2012, the Medicare subsidies we received and accrued for were $0.7 million, $0.8 million and $0.8 million, respectively.

An actuarial loss occurred during 2014 for the other postretirement benefit plans. This was due to a decrease in the discount rate, a change in the mortality assumption, a lower than expected increase in the medical premium equivalents for participants over age 65 and a greater than expected increase in the claim costs for participants under age 65. An actuarial gain occurred during 2013 for the other postretirement benefit plans. This was due to an increase in the discount rate and trend assumption for participants over age 65 and a change in assumption for retirees who voluntarily drop medical coverage at age 65 or older.

Impact from Exit of Group Medical Insurance Business

On September 30, 2010, we announced our decision to exit the group medical insurance business and entered into an agreement with United Healthcare Services, Inc. to renew medical insurance coverage for our customers as the business transitions. Our exit from the group medical insurance business resulted in a curtailment gain associated with the pension and other postretirement benefits of the impacted employees, which was recognized in our consolidated financial statements as impacted employees were terminated. We recognized a final curtailment in 2012 resulted in a curtailment gain of $0.7 million for the pension plan and $3.5 million for the other postretirement benefits.

Information for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets

For 2014 and 2013, both the qualified and nonqualified plans had accumulated benefit obligations in excess of plan assets. As noted previously, the nonqualified plans have assets that are deposited in trusts that fail to meet the U.S. GAAP requirements to be included in plan assets; however, these assets are included in our consolidated statements of financial position.

	December 31,
	2014		2013
	(in millions)
Projected benefit obligation	$	3,060.0	$	2,440.2
Accumulated benefit obligation		2,854.0		2,287.4
Fair value of plan assets		2,218.3		1,925.6

Information for Other Postretirement Benefit Plans With an Accumulated Postretirement Benefit Obligation in Excess of Plan Assets

	December 31,
	2014		2013
	(in millions)
Accumulated postretirement benefit obligation	$	1.5	$	1.5
Fair value of plan assets		0.8		0.9

Components of Net Periodic Benefit Cost

	Pension benefits									Other postretirement benefits
	For the year ended December 31,
	2014			2013			2012			2014			2013			2012
	(in millions)
Service cost	$	54.0		$	57.1		$	47.0		$	1.4		$	1.0		$	1.3
Interest cost		117.1			103.8			109.1			6.6			5.7			8.2
Expected return on plan assets		(131.9	)		(127.4	)		(114.6	)		(32.6	)		(28.8	)		(33.5	)
Amortization of prior service benefit		(4.7	)		(8.7	)		(9.4	)		(20.3	)		(25.9	)		(28.6	)
Recognized net actuarial (gain) loss		50.5			118.5			90.9			(3.4	)		1.0			0.9
Amounts recognized due to special events		—			—			(0.7	)		—			—			(3.5	)

Net periodic benefit cost (income)	$	85.0		$	143.3		$	122.3		$	(48.3	)	$	(47.0	)	$	(55.2	)

The pension plans' actuarial gains and losses are amortized using a straight-line amortization method over the average remaining service period of plan participants. For the qualified pension plan, gains and losses are amortized without use of the 10% allowable corridor. For the nonqualified pension plans and other postretirement benefit plans, the corridors allowed are used.

	Pension benefits						Other postretirement benefits
	For the year ended December 31,
	2014			2013			2014		2013
	(in millions)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	418.8		$	(351.7	)	$	26.7	$	(75.0	)
Amortization of gain (loss)		(50.5	)		(118.5	)		3.4		(1.0	)
Amortization of prior service benefit		4.7			8.7			20.3		25.9

Total recognized in pre-tax accumulated other comprehensive (income) loss	$	373.0		$	(461.5	)	$	50.4	$	(50.1	)


Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	458.0		$	(318.2	)	$	2.1	$	(97.1	)

Net actuarial (gain) loss and net prior service cost benefit have been recognized in AOCI.

The estimated net actuarial (gain) loss and prior service cost (benefit) that will be amortized from AOCI into net periodic benefit cost for the pension benefits during the 2015 fiscal year are $102.3 million and $(1.9) million, respectively. The estimated net actuarial (gain) loss and prior service cost (benefit) for the postretirement benefits that will be amortized from AOCI into net periodic benefit cost during the 2015 fiscal year are $(0.8) million and $(18.4) million, respectively.

Assumptions

Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section

	Pension benefits						Other postretirement benefits
	For the year ended December 31,
	2014			2013			2014			2013
Discount rate		4.00	%		4.90	%		4.00	%		4.90	%
Rate of compensation increase		4.80	%		4.80	%		4.82	%		4.83	%

Weighted average assumptions used to determine net periodic benefit cost

	Pension benefits									Other postretirement benefits
	For the year ended December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		4.90	%		4.00	%		5.15	%		4.90	%		4.00	%		5.15	%
Expected long-term return on plan assets		6.75	%		7.50	%		8.00	%		5.36	%		5.62	%		7.30	%
Rate of compensation increase		4.80	%		4.80	%		5.00	%		4.83	%		4.83	%		5.00	%

For the pension benefits, the discount rate is determined by projecting future benefit payments inherent in the projected benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans' expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The expected return on plan assets is the long-term rate we expect to be earned based on the plans' investment strategy. Historical and expected future returns of multiple asset classes were analyzed to develop a risk free rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk free real rate of return and the associated risk premium. A weighted average rate was developed based on those overall rates and the target asset allocation of the plans.

For other postretirement benefits, the 5.36% expected long-term return on plan assets for 2014 is based on the weighted average expected long-term asset returns for the medical, life and long-term care plans. The expected long-term rates for the medical, life and long-term care plans are 5.4%, 5.0% and 5.85%, respectively.

Assumed Health Care Cost Trend Rates

	December 31,
	2014			2013
Health care cost trend rate assumed for next year under age 65		7.0	%		8.0	%
Health care cost trend rate assumed for next year age 65 and over		6.0	%		6.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate (under age 65)		2019			2020
Year that the rate reaches the ultimate trend rate (65 and older)		2020			2019

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:

	1-percentage point increase			1-percentage point decrease
	(in millions)
Effect on total of service cost and interest cost components	$	0.4		$	(0.4	)
Effect on accumulated postretirement benefit obligation		(8.5	)		7.5

Pension Plan and Other Postretirement Benefit Plan Assets

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.

•	Level 1 — Fair values are based on unadjusted quoted prices in active markets for identical assets. Our Level 1 assets include cash, fixed income investment funds and exchange traded equity securities.
•	Level 2 — Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly. Our Level 2 assets primarily include fixed income and equity investment funds and real estate investments.
•	Level 3 — Fair values are based on significant unobservable inputs for the asset. Our Level 3 assets include a Principal Life general account investment.

Our pension plan assets consist of investments in separate accounts. Net asset value ("NAV") of the separate accounts is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of their fair value. Several of the separate accounts invest in publicly quoted mutual funds or actively managed stocks. The fair value of the underlying mutual funds or stock is used to determine the NAV of the separate account, which is not publicly quoted. Some of the separate accounts also invest in fixed income securities. The fair value of the underlying securities is based on quoted prices of similar assets and used to determine the NAV of the separate account.

Our other postretirement benefit plan assets consist of cash, investments in fixed income security portfolios and investments in equity security portfolios. Because of the nature of cash, its carrying amount approximates fair value. The fair value of fixed income investment funds, U.S. equity portfolios and international equity portfolios is based on quoted prices in active markets for identical assets. The fair value of the Principal Life general account investment is the amount the plan would receive if withdrawing funds from this participating contract. The amount that would be received is calculated using a cash-out factor based on an associated pool of general account fixed income securities. The cash-out factor is a ratio of the asset investment value of these securities to asset book value. As the investment values change, the cash-out factor is adjusted, impacting the amount the plan receives at measurement date. To determine investment value for each category of assets, we project cash flows. This is done using contractual provisions for the assets, with adjustment for expected prepayments and call provisions. Projected cash flows are discounted to present value for each asset category. Interest rates for discounting are based on current rates on similar new assets in the general account based on asset strategy.

Pension Plan Assets

The fair value of the qualified pension plan's assets by asset category as of the most recent measurement date is as follows:

	December 31, 2014
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
U.S. large cap equity portfolios (1)	$	493.7	$	—	$	493.7	$	—
U.S. small/mid cap equity portfolios (2)		118.1		—		118.1		—
Balanced asset portfolios (3)		114.2		—		114.2		—
International equity portfolios (4)		174.8		—		174.8		—
Fixed income security portfolios (5)		1,213.2		—		1,213.2		—
Real estate investment portfolios:
Direct real estate investments (6)		104.3		—		104.3		—

Total	$	2,218.3	$	—	$	2,218.3	$	—

	December 31, 2013
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
U.S. large cap equity portfolios (1)	$	414.0	$	—	$	414.0	$	—
U.S. small/mid cap equity portfolios (2)		102.9		—		102.9		—
Balanced asset portfolios (3)		96.9		—		96.9		—
International equity portfolios (4)		171.0		—		171.0		—
Fixed income security portfolios (5)		1,048.5		—		1,048.5		—
Real estate investment portfolios:
Direct real estate investments (6)		92.3		—		92.3		—

Total	$	1,925.6	$	—	$	1,925.6	$	—

(1)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(2)	The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies.
(3)	The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value.
(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
(5)	The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(6)	The portfolio invests primarily in U.S. commercial real estate properties.

We had no Level 3 assets in 2014, 2013 and 2012.

We have established an investment policy that provides the investment objectives and guidelines for the pension plan. Our investment strategy is to achieve the following:

•	Obtain a reasonable long-term return consistent with the level of risk assumed and at a cost of operation within prudent levels. Performance benchmarks are monitored.
•	Ensure sufficient liquidity to meet the emerging benefit liabilities for the plan.
•	Provide for diversification of assets in an effort to avoid the risk of large losses and maximize the investment return to the pension plan consistent with market and economic risk.

In administering the qualified pension plan's asset allocation strategy, we consider the projected liability stream of benefit payments, the relationship between current and projected assets of the plan and the projected actuarial liabilities streams, the historical performance of capital markets adjusted for the perception of future short- and long-term capital market performance and the perception of future economic conditions.

According to our investment policy, the target asset allocation for the qualified plan is:

Asset Category		Target allocation
U.S. equity portfolios		0% - 45%
International equity portfolios		0% - 15%
Fixed income security portfolios		30% - 100%
Real estate investment portfolios		0% - 10%

Other Postretirement Benefit Plan Assets

The fair value of the other postretirement benefit plans' assets by asset category as of the most recent measurement date is as follows:

	December 31, 2014
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
Cash and cash equivalents	$	5.5	$	5.5	$	—	$	—
Fixed income security portfolios:
Fixed income investment funds (1)		164.4		161.1		3.3		—
Principal Life general account investment (2)		36.3		—		—		36.3
U.S. equity portfolios (3)		375.6		311.0		64.6		—
International equity portfolios (4)		57.9		44.5		13.4		—

Total	$	639.7	$	522.1	$	81.3	$	36.3

	December 31, 2013
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
Cash and cash equivalents	$	4.7	$	4.7	$	—	$	—
Fixed income security portfolios:
Fixed income investment funds (1)		157.9		157.9		—		—
Principal Life general account investment (2)		38.8		—		—		38.8
U.S. equity portfolios (3)		351.6		288.0		63.6		—
International equity portfolios (4)		60.0		45.9		14.1		—

Total	$	613.0	$	496.5	$	77.7	$	38.8

(1)	The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(2)	The general account is invested in various fixed income securities.
(3)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

As of December 31, 2014 and 2013, respectively, $81.3 million and $77.7 million of assets in the U.S. equity and international equity portfolios were included in a trust owned life insurance contract.

The reconciliation for all assets measured at fair value using significant unobservable inputs (Level 3) is as follows:

	For the year ended December 31, 2014
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending asset balance as of December 31, 2014
	Beginning asset balance as of December 31, 2013		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending asset balance as of December 31, 2014
	(in millions)
Asset category
Principal Life general account investment	$	38.8	$	0.8	$	—	$	(3.3	)	$	—	$	—	$	36.3

	For the year ended December 31, 2013
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending assets balance as of December 31, 2013
	Beginning assets balance as of December 31, 2012		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending assets balance as of December 31, 2013
	(in millions)
Asset category
Principal Life general account investment	$	42.1	$	1.1	$	—	$	(4.4	)	$	—	$	—	$	38.8

	For the year ended December 31, 2012
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending assets balance as of December 31, 2012
	Beginning assets balance as of December 31, 2011		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending assets balance as of December 31, 2012
	(in millions)
Asset category
Principal Life general account investment	$	42.5	$	3.1	$	—	$	(3.5	)	$	—	$	—	$	42.1

According to our investment policy, the target asset allocation for the other postretirement benefit plans is:

Asset Category		Target allocation
U.S. equity portfolios		45% - 65%
International equity portfolios		5% - 15%
Fixed income security portfolios		30% - 50%

The investment strategies and policies for the other postretirement benefit plans are similar to those employed by the qualified pension plan.

Contributions

Our funding policy for the qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under ERISA and, generally, not greater than the maximum amount that can be deducted for federal income tax purposes. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan. At this time, it is too early to estimate the amount that may be contributed, but it is possible that we may fund the plans in 2015 up to $150 million. This includes funding for both our qualified and nonqualified pension plans. While we designate assets to cover the computed liability of the nonqualified plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. We may contribute to our other postretirement benefit plans in 2015 pending future analysis.

Estimated Future Benefit Payments

The estimated future benefit payments, which reflect expected future service, and the expected amount of subsidy receipts under Medicare Part D are:

	Pension benefits		Other postretirement benefits (gross benefit payments, including prescription drug benefits)		Amount of Medicare Part D subsidy receipts
	(in millions)
Year ending December 31:
2015	$	105.4	$	18.2	$	0.9
2016		110.5		18.9		1.0
2017		117.2		19.4		1.0
2018		123.6		19.6		1.0
2019		129.5		20.1		1.0
2020 - 2024		765.7		104.5		4.8

The above table reflects the total estimated future benefits to be paid from the plan, including both our share of the benefit cost and the participants' share of the cost, which is funded by their contributions to the plan.

The assumptions used in calculating the estimated future benefit payments are the same as those used to measure the benefit obligation for the year ended December 31, 2014.

The information that follows shows supplemental information for our defined benefit pension plans. Certain key summary data is shown separately for qualified and nonqualified plans.

	For the year ended December 31,
	2014									2013
	Qualified Plan			Nonqualified Plan			Total			Qualified Plan			Nonqualified Plan			Total
	(in millions)
Amount recognized in statement of financial position
Other assets	$	—		$	—		$	—		$	—		$	—		$	—
Other liabilities		(385.3	)		(456.4	)		(841.7	)		(138.6	)		(376.0	)		(514.6	)

Total	$	(385.3	)	$	(456.4	)	$	(841.7	)	$	(138.6	)	$	(376.0	)	$	(514.6	)


Amount recognized in accumulated other comprehensive loss
Total net actuarial loss	$	603.1		$	156.1		$	759.2		$	298.3		$	92.8		$	391.1
Prior service benefit		(3.4	)		(3.5	)		(6.9	)		(6.5	)		(5.3	)		(11.8	)

Pre-tax accumulated other comprehensive loss	$	599.7		$	152.6		$	752.3		$	291.8		$	87.5		$	379.3


Components of net periodic benefit cost
Service cost	$	46.8		$	7.2		$	54.0		$	50.4		$	6.7		$	57.1
Interest cost		99.1			18.0			117.1			88.2			15.6			103.8
Expected return on plan assets		(131.9	)		—			(131.9	)		(127.4	)		—			(127.4	)
Amortization of prior service benefit		(3.1	)		(1.6	)		(4.7	)		(6.1	)		(2.6	)		(8.7	)
Recognized net actuarial loss		42.9			7.6			50.5			104.4			14.1			118.5

Net periodic benefit cost	$	53.8		$	31.2		$	85.0		$	109.5		$	33.8		$	143.3


Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	347.8		$	71.0		$	418.8		$	(322.4	)	$	(29.3	)	$	(351.7	)
Amortization of net loss		(42.9	)		(7.6	)		(50.5	)		(104.4	)		(14.1	)		(118.5	)
Amortization of prior service benefit		3.1			1.6			4.7			6.1			2.6			8.7

Total recognized in pre-tax accumulated other comprehensive (income) loss	$	308.0		$	65.0		$	373.0		$	(420.7	)	$	(40.8	)	$	(461.5	)


Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	361.8		$	96.2		$	458.0		$	(311.2	)	$	(7.0	)	$	(318.2	)

In addition, we have defined contribution plans that are generally available to all U.S. employees and agents. Eligible participants could not contribute more than $17,500 of their compensation to the plans in 2014. Effective January 1, 2006, we made several changes to the retirement programs. In general, the pension and supplemental executive retirement plan benefit formulas were reduced, and the 401(k) matching contribution was increased. Employees who were ages 47 or older with at least ten years of service on December 31, 2005, could elect to retain the prior benefit provisions and forgo receipt of the additional matching contributions. The employees who elected to retain the prior benefit provisions are referred to as "Grandfathered Choice Participants." We match the Grandfathered Choice Participant's contribution at a 50% contribution rate up to a maximum contribution of 3% of the participant's compensation. For all other participants, we match the participant's contributions at a 75% contribution rate up to a maximum of 6% of the participant's compensation. The defined contribution plans allow employees to choose among various investment options, including our common stock. We contributed $41.7 million, $39.8 million and $37.3 million in 2014, 2013 and 2012, respectively, to our qualified defined contribution plans.

We also have nonqualified deferred compensation plans available to select employees and agents that allow them to defer compensation amounts in excess of limits imposed by federal tax law with respect to the qualified plans. In 2014, we matched the Grandfathered Choice Participant's deferral at a 50% match deferral rate up to a maximum matching deferral of 3% of the participant's compensation. For all other participants, we matched the participant's deferral at a 75% match deferral rate up to a maximum matching deferral of 6% of the participant's compensation. We contributed $4.1 million, $5.0 million and $4.6 million in 2014, 2013 and 2012, respectively, to our nonqualified deferred compensation plans.

Contingencies, Guarantees and Indemnifications

12 Months Ended

Dec. 31, 2014

Contingencies, Guarantees and Indemnifications

Contingencies, Guarantees and Indemnifications

12. 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, the Department of Labor and other regulatory agencies 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.

On March 18, 2014, McCaffree Financial Corp. Employee Retirement Program ("McCaffree") filed a putative class action lawsuit in the United States District Court for the Southern District of Iowa against Principal Life. The complaint alleged, among other things, breach of duty of loyalty, breach of duty of prudence and prohibited transactions under ERISA. McCaffree seeks a nationwide class action on behalf of all participants and beneficiaries of defined contribution retirement plans that invested in any Principal Separate Account in the last six years. McCaffree seeks disgorgement of all fees it alleges Principal Life improperly retained in addition to other general claims for relief. Principal Life has filed a motion to dismiss the case and on December 11, 2014, the court granted the motion. McCaffree filed a notice of appeal on December 22, 2014. Principal Life will continue to aggressively defend the case.

On August 29, 2013, American Chemicals & Equipment, Inc. 401(k) Retirement Plan ("ACE") filed a lawsuit in the United States District Court for the Northern District of Alabama against Principal Management Corporation and Principal Global Investors, LLC (the "ACE Defendants"). The lawsuit alleges the ACE Defendants breached their fiduciary duty under Section 36(b) of the Investment Company Act by charging excessive fees on certain of the LifeTime series target date funds. On January 24, 2014, the court granted the motion filed by the ACE Defendants to transfer the case to the Southern District of Iowa. The ACE Defendants continue to aggressively defend the lawsuit.

On December 2, 2009 and December 4, 2009, two plaintiffs, Cruise and Mullaney, each filed putative class action lawsuits in the United States District Court for the Southern District of New York against us; Principal Life; Principal Global Investors, LLC; Principal Management Corporation; and Principal Real Estate Investors, LLC (the "Cruise/Mullaney Defendants"). The lawsuits alleged the Cruise/Mullaney Defendants failed to manage the Principal U.S. Property Separate Account ("PUSPSA") in the best interests of investors, improperly imposed a "withdrawal freeze" on September 26, 2008, and instituted a "withdrawal queue" to honor withdrawal requests as sufficient liquidity became available. The two lawsuits, as well as two subsequently filed complaints asserting similar claims, have been consolidated and are now known as In re Principal U.S. Property Account Litigation. Plaintiffs' request for permission to appeal the denial of class certification was denied by the U.S. Eighth Circuit Court of Appeals on December 31, 2013. The case was dismissed on December 15, 2014.

In 2008, Principal Life received approximately $440.0 million in connection with the termination of certain structured transactions and the resulting prepayment of Principal Life's investment in those transactions. The transactions involved Lehman Brothers Special Financing Inc. and Lehman Brothers Holdings Inc. (collectively, "Lehman") in various capacities. Subsequent to Lehman's 2008 bankruptcy filing, its bankruptcy estate initiated several lawsuits seeking to recover from numerous sources significant amounts to which it claims entitlement under various theories. We are one of a large group of defendants to this action, and believe that we have meritorious defenses to Lehman's claims and intend to aggressively defend against them. The estate's claim against Principal Life, including interest (which we also dispute), was approximately $541.0 million.

While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe that any such matter will have a material adverse effect on our business or financial position. As of December 31, 2014, there were no estimated losses accrued related to the legal matters discussed above because we believe the loss from these matters is not probable and cannot be reasonably estimated.

We believe all of the litigation contingencies discussed above involve a chance of loss that is either remote or reasonably possible. Unless otherwise noted, all of these matters involve unspecified claim amounts, in which the respective plaintiffs seek an indeterminate amount of damages. 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 at December 31, 2014.

Guarantees and Indemnifications

In the normal course of business, we have provided guarantees to third parties primarily related to former subsidiaries and joint ventures. These agreements generally expire through 2019. The maximum exposure under these agreements as of December 31, 2014, was approximately $243.0 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 that 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.

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 and financing transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period.

Guaranty Funds

Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. A state's fund assesses its members based on their pro rata market share of written premiums in the state for the classes of insurance for which the insolvent insurer was engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. We accrue liabilities for guaranty fund assessments when an assessment is probable, can be reasonably estimated and when the event obligating us to pay has occurred. While we cannot predict the amount and timing of any future assessments, we have established reserves we believe are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings. As of December 31, 2014 and 2013, the liability balance for guaranty fund assessments, which is not discounted, was $16.8 million and $22.5 million, respectively, and was reported within other liabilities in the consolidated statements of financial position. As of December 31, 2014 and 2013, $7.1 million and $11.5 million, respectively, related to premium tax offsets were included in premiums due and other receivables in the consolidated statements of financial position.

Operating Leases

As a lessee, we lease office space, data processing equipment, office furniture and office equipment under various operating leases. Rental expense for the years ended December 31, 2014, 2013 and 2012, was $37.3 million, $36.3 million and $41.9 million, respectively.

The following represents payments due by period for operating lease obligations (in millions):

Year ending December 31:
2015	$	43.7
2016		39.0
2017		33.3
2018		21.8
2019		11.8
2020 and thereafter		51.2

Total operating lease obligations		200.8
Less: Future sublease rental income on noncancelable leases		5.8

Total future minimum lease payments	$	195.0

Capital Leases

We lease buildings and hardware storage equipment under capital leases. As of December 31, 2014 and 2013, these leases had a gross asset balance of $54.8 million and $42.6 million and accumulated depreciation of $17.0 million and $16.1 million, respectively. Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $13.6 million, $10.5 million and $7.9 million, respectively.

The following represents future minimum lease payments due by period for capital lease obligations (in millions).

Year ending December 31:
2015	$	6.3
2016		5.4
2017		2.5
2018		0.7
2019		0.1
2020 and thereafter		0.5

Total		15.5
Less: Amounts representing interest		0.3

Net present value of minimum lease payments	$	15.2

Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity

Stockholders' Equity

13. Stockholders' Equity

Preferred Stock

As of December 31, 2014, we had 13.0 million shares of preferred stock authorized, issued and outstanding under the two series described below. Preferred stockholders have dividend and liquidation priority over common stockholders.

Series A. Dividends on the Series A Preferred Stock are non-cumulative and are payable quarterly when, and if, declared by our Board of Directors at a rate of 5.563% per annum of the liquidation preference. On or after the dividend payment date in June 2015, the Series A initial distribution rate will become a floating rate, subject to reset, at our option, subject to certain conditions and parameters. If reset, the rate may be at fixed or floating rates. On or after the dividend payment date in June 2015, we may, at our option, redeem the shares at a price of $100 per share, or $300.0 million in the aggregate, plus accrued and unpaid dividends for the then current dividend period to the date of redemption, if any.

The Series A Preferred Stock has no stated maturity and is not convertible into any other of our securities. Series A Preferred Stock will have no voting rights, except with respect to certain fundamental changes in the terms of the shares and in the case of certain dividend non-payments.

Series B. Dividends on the Series B Preferred Stock are non-cumulative and are payable quarterly when, and if, declared by the Board of Directors at a rate of 6.518% per annum of the liquidation preference. On or after the dividend payment date in June 2035, the Series B initial distribution rate will become a floating rate, subject to reset, at our option, subject to certain conditions and parameters. If reset, the rate may be at fixed or floating rates. On or after the dividend payment date in June 2015, we may, at our option, redeem the shares at a price of $25 per share, or $250.0 million in the aggregate, plus accrued and unpaid dividends for the then current dividend period to the date of redemption, if any.

The Series B Preferred Stock has no stated maturity and is not convertible into any other of our securities. Series B Preferred Stock will have no voting rights, except with respect to certain fundamental changes in the terms of the shares and in the case of certain dividend non-payments.

Dividend Restrictions and Payments

The certificates of designation for the Series A and B Preferred Stock restrict the declaration of preferred dividends if we fail to meet specified capital adequacy, net income or stockholders' equity levels. As of December 31, 2014, we have no preferred dividend restrictions.

On April 1, 2014; June 30, 2014; September 30, 2014 and December 30, 2014, we paid a dividend of $8.2 million, $8.3 million, $8.2 million and $8.3 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock. Dividends were paid to stockholders of record as of March 13, 2014; June 12, 2014; September 11, 2014 and December 11, 2014, respectively.

On April 1, 2013; July 1, 2013; September 30, 2013 and December 30, 2013, we paid a dividend of $8.2 million, $8.3 million, $8.2 million and $8.3 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock. Dividends were paid to stockholders of record as of March 14, 2013; June 13, 2013; September 12, 2013 and December 12, 2013, respectively.

On March 30, 2012; July 2, 2012; October 1, 2012 and December 31, 2012, we paid a dividend of $8.2 million, $8.3 million, $8.2 million and $8.3 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock. Dividends were paid to stockholders of record as of March 15, 2012; June 14, 2012; September 13, 2012 and December 13, 2012, respectively.

Reconciliation of Outstanding Shares

	Series A preferred stock		Series B preferred stock		Common stock
	(in millions)
Outstanding shares at January 1, 2012		3.0		10.0		301.1
Shares issued		—		—		3.2
Treasury stock acquired		—		—		(10.5	)

Outstanding shares at December 31, 2012		3.0		10.0		293.8
Shares issued		—		—		5.8
Treasury stock acquired		—		—		(4.4	)

Outstanding shares at December 31, 2013		3.0		10.0		295.2
Shares issued		—		—		3.4
Treasury stock acquired		—		—		(4.7	)

Outstanding shares at December 31, 2014		3.0		10.0		293.9

In May 2012, our Board of Directors authorized a share repurchase program of up to $200.0 million of our outstanding common stock. We completed this program in February 2013. In February 2013, our Board of Directors authorized a share repurchase program of up to $150.0 million of our outstanding common stock, which was completed in March 2014. In February 2014, our Board of Directors authorized a share repurchase program of up to $200.0 million of our outstanding common stock. 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 (Loss)

	For the year ended December 31, 2014
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,087.9		$	(425.2	)	$	662.7
Reclassification adjustment for gains included in net income (1)		(73.2	)		24.4			(48.8	)
Adjustments for assumed changes in amortization patterns		(63.4	)		22.2			(41.2	)
Adjustments for assumed changes in policyholder liabilities		(458.4	)		210.4			(248.0	)

Net unrealized gains on available-for-sale securities		492.9			(168.2	)		324.7

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		102.0			(35.6	)		66.4
Adjustments for assumed changes in amortization patterns		(4.7	)		1.7			(3.0	)
Adjustments for assumed changes in policyholder liabilities		(2.2	)		0.7			(1.5	)

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		95.1			(33.2	)		61.9

Net unrealized gains on derivative instruments during the period		100.3			(35.1	)		65.2
Reclassification adjustment for losses included in net income (3)		3.8			(1.7	)		2.1
Adjustments for assumed changes in amortization patterns		(12.8	)		4.5			(8.3	)
Adjustments for assumed changes in policyholder liabilities		3.2			(1.1	)		2.1

Net unrealized gains on derivative instruments		94.5			(33.4	)		61.1

Foreign currency translation adjustment		(374.7	)		38.1			(336.6	)

Unrecognized postretirement benefit obligation during the period		(445.5	)		176.3			(269.2	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		22.1			(8.1	)		14.0

Net unrecognized postretirement benefit obligation		(423.4	)		168.2			(255.2	)

Other comprehensive loss	$	(115.6	)	$	(28.5	)	$	(144.1	)

	For the year ended December 31, 2013
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(1,686.5	)	$	559.5		$	(1,127.0	)
Reclassification adjustment for losses included in net income (1)		61.1			(20.9	)		40.2
Adjustments for assumed changes in amortization patterns		252.8			(88.5	)		164.3
Adjustments for assumed changes in policyholder liabilities		575.7			(193.4	)		382.3

Net unrealized losses on available-for-sale securities		(796.9	)		256.7			(540.2	)

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		24.5			(8.3	)		16.2
Adjustments for assumed changes in amortization patterns		(14.4	)		5.1			(9.3	)

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		10.1			(3.2	)		6.9

Net unrealized losses on derivative instruments during the period		(46.3	)		16.8			(29.5	)
Reclassification adjustment for losses included in net income (3)		11.6			(4.3	)		7.3
Adjustments for assumed changes in amortization patterns		10.9			(3.8	)		7.1
Adjustments for assumed changes in policyholder liabilities		20.5			(7.2	)		13.3

Net unrealized losses on derivative instruments		(3.3	)		1.5			(1.8	)

Foreign currency translation adjustment		(282.6	)		13.2			(269.4	)

Unrecognized postretirement benefit obligation during the period		426.7			(149.3	)		277.4
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		84.9			(29.7	)		55.2

Net unrecognized postretirement benefit obligation		511.6			(179.0	)		332.6

Other comprehensive loss	$	(561.1	)	$	89.2		$	(471.9	)

	For the year ended December 31, 2012
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,577.3		$	(520.6	)	$	1,056.7
Reclassification adjustment for losses included in net income (1)		107.8			(38.4	)		69.4
Adjustments for assumed changes in amortization patterns		(169.0	)		59.1			(109.9	)
Adjustments for assumed changes in policyholder liabilities		(689.2	)		230.6			(458.6	)

Net unrealized gains on available-for-sale securities		826.9			(269.3	)		557.6

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		(17.3	)		6.1			(11.2	)

Adjustments for assumed changes in amortization patterns		4.0			(1.6	)		2.4
Adjustments for assumed changes in policyholder liabilities		3.2			(1.1	)		2.1

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		(10.1	)		3.4			(6.7	)

Net unrealized losses on derivative instruments during the period		(25.9	)		9.1			(16.8	)
Reclassification adjustment for losses included in net income (3)		3.4			(1.5	)		1.9
Adjustments for assumed changes in amortization patterns		25.9			(9.1	)		16.8
Adjustments for assumed changes in policyholder liabilities		(70.0	)		24.5			(45.5	)

Net unrealized losses on derivative instruments		(66.6	)		23.0			(43.6	)

Foreign currency translation adjustment		(25.4	)		15.6			(9.8	)

Unrecognized postretirement benefit obligation during the period		(245.7	)		86.0			(159.7	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		49.6			(17.3	)		32.3

Net unrecognized postretirement benefit obligation		(196.1	)		68.7			(127.4	)

Other comprehensive income	$	528.7		$	(158.6	)	$	370.1

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.
(2)	Represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI.
(3)	See Note 5, Derivative Financial Instruments — Cash Flow Hedges, for further details.
(4)	Pre-tax amortization of prior service cost and actuarial loss included in net periodic benefit cost, which is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, is reported in operating expenses on the consolidated statements of operations. See Note 11, Employee and Agent Benefits — Components of Net Periodic Benefit Cost, for further details.

Accumulated Other Comprehensive Income

	Net unrealized gains on available-for-sale securities			Noncredit component of impairment losses on fixed maturities available-for-sale			Net unrealized gains (losses) on derivative instruments			Foreign currency translation adjustment			Unrecognized postretirement benefit obligation			Accumulated other comprehensive income
	(in millions)
Balances at January 1, 2012	$	860.7		$	(167.2	)	$	34.9		$	(95.9	)	$	(361.1	)	$	271.4
Other comprehensive income during the period, net of adjustments		488.2			(6.7	)		(45.5	)		(11.0	)		(159.7	)		265.3
Amounts reclassified from AOCI		69.4			—			1.9			—			32.3			103.6

Other comprehensive income		557.6			(6.7	)		(43.6	)		(11.0	)		(127.4	)		368.9

Balances at December 31, 2012		1,418.3			(173.9	)		(8.7	)		(106.9	)		(488.5	)		640.3
Other comprehensive loss during the period, net of adjustments		(580.4	)		—			(9.1	)		(254.6	)		277.4			(566.7	)
Amounts reclassified from AOCI		40.2			6.9			7.3			—			55.2			109.6

Other comprehensive loss		(540.2	)		6.9			(1.8	)		(254.6	)		332.6			(457.1	)

Balances at December 31, 2013		878.1			(167.0	)		(10.5	)		(361.5	)		(155.9	)		183.2
Other comprehensive loss during the period, net of adjustments		373.5			—			59.0			(325.3	)		(269.2	)		(162.0	)
Amounts reclassified from AOCI		(48.8	)		61.9			2.1			—			14.0			29.2

Other comprehensive loss		324.7			61.9			61.1			(325.3	)		(255.2	)		(132.8	)

Balances at December 31, 2014	$	1,202.8		$	(105.1	)	$	50.6		$	(686.8	)	$	(411.1	)	$	50.4

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 presented on the consolidated statements of financial position line item titled "Redeemable noncontrolling interest." If the interest were to be redeemed, we would be required to purchase such interest at a redemption value based on fair value or a formula that management intended to reasonably approximate fair value based on a fixed multiple of earnings over a measurement period. As such, 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 (in millions):

Balance at January 1, 2012	$	22.2
Net income attributable to redeemable noncontrolling interest		1.9
Redeemable noncontrolling interest assumed related to acquisition		37.2
Distributions to redeemable noncontrolling interest		(2.0	)
Foreign currency translation adjustment		1.1

Balance at December 31, 2012		60.4
Net income attributable to redeemable noncontrolling interest		13.6
Reclassification from stockholders' equity (1)		173.9
Redeemable noncontrolling interest assumed related to acquisition		1.2
Distributions to redeemable noncontrolling interest		(13.9	)
Purchase of subsidiary shares from redeemable noncontrolling interest		(2.4	)
Change in redemption value of redeemable noncontrolling interest		19.2
Foreign currency translation adjustment		(4.8	)

Balance at December 31, 2013		247.2
Net income attributable to redeemable noncontrolling interest		9.0
Contributions from redeemable noncontrolling interest		9.5
Distributions to redeemable noncontrolling interest		(16.1	)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(215.2	)
Change in redemption value of redeemable noncontrolling interest		28.9
Foreign currency translation adjustment		(5.3	)

Balance at December 31, 2014	$	58.0

(1)

During the third quarter of 2013, we identified a classification error of certain of our noncontrolling interests. The classification error had no impact on net income, but did impact earnings per share to the extent the redemption value of the redeemable noncontrolling interest exceeds the fair value. We evaluated the classification error and related earnings per share impact based on qualitative and quantitative factors in accordance with SEC Staff Accounting Bulletins 99 and 108 and concluded the impact was not material in the current or any prior quarterly or annual periods presented. During the third quarter of 2013, we recorded a $173.9 million increase to redeemable noncontrolling interest and a corresponding decrease to stockholders' equity. See related discussion in Note 18, Earnings Per Common Share.

(2)

During the third quarter of 2014, we increased our ownership stake in Columbus Circle Investors.

Dividend Limitations

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

Under Iowa law, Principal Life may pay stockholder dividends only from the earned surplus arising from its business and must receive the prior approval of the Commissioner to pay a stockholder dividend if such a stockholder dividend would exceed certain statutory limitations. In general, the current statutory limitation is the greater of 10% of Principal Life's policyholder surplus as of the preceding year-end or the net gain from operations from the previous calendar year. Based on this limitation and 2014 statutory results, Principal Life could pay approximately $615.2 million in stockholder dividends in 2015 without exceeding the statutory limitation.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

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-Number 210
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Fair Value Measurements

14. 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-type insurance 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. Our Level 1 assets and liabilities primarily include exchange traded equity securities, mutual funds and U.S. Treasury bonds.
•	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. Our Level 2 assets and liabilities primarily include fixed maturities (including public and private bonds), equity securities, derivatives and other investments for which public quotations are not available but that are priced by third party pricing services or internal models using substantially all observable inputs.
•	Level 3 — Fair values are based on at least one significant unobservable input for the asset or liability. Our Level 3 assets and liabilities include certain assets and liabilities priced using broker quotes or other valuation methods that utilize at least one significant unobservable input. These include fixed maturities, private equity securities, real estate and commercial mortgage loan investments of our separate accounts, commercial mortgage loan investments and obligations of consolidated VIEs for which the fair value option was elected, complex derivatives, embedded derivatives and equity method real estate investments for which the fair value option was elected.

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 or disclosed at fair value. The techniques utilized in estimating the fair values 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 2014.

Fixed Maturities

Fixed maturities include bonds, ABS, redeemable preferred stock and certain nonredeemable 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 where 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 from the investment professionals assigned to 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 actually 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, which are reflected in Level 3 and can include fixed maturities across all asset classes. As of December 31, 2014, less than 1% of our fixed maturities were valued using internal pricing models, which were classified as Level 3 assets accordingly.

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, nonredeemable preferred stock and mandatory regulatory required 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 net asset value ("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 such that their fair value is not reflected in the consolidated statements of financial position. The fair values of derivative instruments cleared through centralized clearinghouses are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses may utilize the overnight indexed swap ("OIS") curve in their valuation. 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 LIBOR interest rate curve to value our positions, which includes a credit spread. This credit spread incorporates an appropriate level of nonperformance risk into our valuations given the current ratings of our counterparties, as well as the collateral agreements in place. Counterparty credit risk is routinely monitored to ensure our adjustment for non-performance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral equal to the difference in the daily market values of those contracts that eliminates the non-performance risk on these trades.

Interest Rate Contracts. For non-cleared contracts we use discounted cash flow valuation techniques to determine the fair value of interest rate swaps using observable swap curves as the inputs. 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 a limited number of complex inflation-linked interest rate swaps, interest rate collars and swaptions 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 have a limited number of non-standard currency swaps that are valued using broker quotes. These are 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.

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 or broker prices to determine the fair value of credit default swaps. These are reflected in Level 3. In addition, we have a limited number of total return swaps that are valued based on the observable quoted price of underlying equity indices. These are reflected in Level 2.

Other Investments

Other investments reported at fair value include seed money investments, other investment funds, commercial mortgage loans of consolidated VIEs and equity method real estate investments for which the fair value option was elected.

The fair value of seed money and other investment funds is determined using the NAV of the fund. The NAV of the funds represents the price at which we feel we would be able to initiate a transaction. Seed money investments in mutual funds for which the NAV is published are reflected in Level 1. Seed money investments in mutual funds in markets that do not have a published NAV and other investment funds, which are relatively illiquid due to restrictions on sale, are reflected in Level 2.

Commercial mortgage loans of consolidated VIEs and equity method real estate investments for which the fair value option was elected are reflected in Level 3. Fair value of the commercial mortgage loans is computed utilizing a discount rate based on the current market. The market discount rate is then adjusted based on various factors that differentiate it from our pool of loans. The equity method real estate investments consist of underlying real estate and debt. The real estate fair value is estimated using a discounted cash flow valuation model that utilizes various public real estate market data inputs. The debt fair value is estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements.

Cash and 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 less than three months. 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 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.

Investment-Type Insurance Contracts

Certain annuity contracts and other investment-type insurance contracts include embedded derivatives that have been bifurcated from the host contract and that 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, 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 embedded derivative liabilities are valued using stochastic models that incorporate a spread reflecting our own creditworthiness.

The assumption for our own non-performance risk for investment-type insurance contracts and any embedded derivatives bifurcated from certain annuity and investment-type insurance contracts is based on the current market credit spreads for debt-like instruments that we have issued and are available in the market.

Other Liabilities

Certain obligations reported in other liabilities include embedded derivatives to deliver underlying securities of structured investments to third parties. The fair value of the embedded derivatives is calculated based on the value of the underlying securities that are valued based on prices obtained from third party pricing vendors as utilized and described in our discussion of how fair value is determined for fixed maturities, which are reflected in Level 2.

Additionally, obligations of consolidated VIEs for which the fair value option was elected are included in other liabilities. These obligations are valued either based on prices obtained from third party pricing vendors as utilized and described in our discussion of how fair value is determined for fixed maturities, which are reflected in Level 2, or broker quotes, which are reflected in Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below.

	December 31, 2014
	Assets/ (liabilities) measured at fair value			Fair value hierarchy level
	Assets/ (liabilities) measured at fair value			Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,121.8		$	720.5	$	401.3		$	—
Non-U.S. governments		891.1			—		852.4			38.7
States and political subdivisions		4,204.0			—		4,204.0			—
Corporate		31,535.0			40.3		31,249.1			245.6
Residential mortgage-backed securities		2,822.9			—		2,822.9			—
Commercial mortgage-backed securities		3,975.5			—		3,975.5			—
Collateralized debt obligations		504.1			—		439.9			64.2
Other debt obligations		4,616.4			—		4,552.7			63.7

Total fixed maturities, available-for-sale		49,670.8			760.8		48,497.8			412.2
Fixed maturities, trading		604.6			—		464.9			139.7
Equity securities, available-for-sale		123.0			64.2		54.7			4.1
Equity securities, trading		840.2			105.9		734.3			—
Derivative assets (1)		661.8			—		608.1			53.7
Other investments (2)		478.9			3.3		348.4			127.2
Cash equivalents (3)		1,041.7			—		1,041.7			—

Sub-total excluding separate account assets		53,421.0			934.2		51,749.9			736.9
Separate account assets		140,072.8			73,363.4		60,818.0			5,891.4

Total assets	$	193,493.8		$	74,297.6	$	112,567.9		$	6,628.3


Liabilities
Investment-type insurance contracts (4)	$	(176.4	)	$	—	$	—		$	(176.4	)
Derivative liabilities (1)		(791.8	)		—		(756.3	)		(35.5	)
Other liabilities (4)		(310.1	)		—		(243.8	)		(66.3	)

Total liabilities	$	(1,278.3	)	$	—	$	(1,000.1	)	$	(278.2	)


Net assets	$	192,215.5		$	74,297.6	$	111,567.8		$	6,350.1

	December 31, 2013
	Assets/ (liabilities) measured at fair value			Fair value hierarchy level
	Assets/ (liabilities) measured at fair value			Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	780.5		$	409.3	$	371.2		$	—
Non-U.S. governments		996.8			—		949.3			47.5
States and political subdivisions		3,658.0			—		3,656.2			1.8
Corporate		31,919.0			40.3		31,714.7			164.0
Residential mortgage-backed securities		2,845.2			—		2,845.2			—
Commercial mortgage-backed securities		4,026.4			—		4,024.8			1.6
Collateralized debt obligations		363.4			—		325.6			37.8
Other debt obligations		4,167.8			—		4,083.7			84.1

Total fixed maturities, available-for-sale		48,757.1			449.6		47,970.7			336.8
Fixed maturities, trading		563.1			—		393.2			169.9
Equity securities, available-for-sale		110.5			38.1		55.5			16.9
Equity securities, trading		716.9			105.1		611.8			—
Derivative assets (1)		665.1			—		590.9			74.2
Other investments (2)		361.1			6.8		211.4			142.9
Cash equivalents (3)		1,459.0			—		1,459.0			—

Sub-total excluding separate account assets		52,632.8			599.6		51,292.5			740.7
Separate account assets		130,018.4			67,215.1		57,538.1			5,265.2

Total assets	$	182,651.2		$	67,814.7	$	108,830.6		$	6,005.9


Liabilities
Investment-type insurance contracts (4)	$	(6.9	)	$	—	$	—		$	(6.9	)
Derivative liabilities (1)		(1,024.6	)		—		(985.0	)		(39.6	)
Other liabilities (4)		(322.1	)		—		(248.2	)		(73.9	)

Total liabilities	$	(1,353.6	)	$	—	$	(1,233.2	)	$	(120.4	)


Net assets	$	181,297.6		$	67,814.7	$	107,597.4		$	5,885.5

(1)	Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. Our derivatives are primarily Level 2, with the exception of certain credit default swaps and other swaps that are Level 3.
(2)	Primarily includes seed money investments, other investment funds, commercial mortgage loans of consolidated VIEs and equity method investments reported at fair value.
(3)	Includes money market instruments and short-term investments with a maturity date of three months or less when purchased.
(4)	Includes bifurcated embedded derivatives that are reported at fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. Other liabilities also include obligations of consolidated VIEs reported at fair value.

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) are summarized as follows:

	For the year ended December 31, 2014
	Beginning asset/ (liability) balance as of December 31, 2013			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2014			Changes in unrealized gains (losses) included in net income relating to positions still held (1)
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	47.5		$	(0.3	)	$	—		$	(8.5	)	$	—	$	—		$	38.7		$	(0.2	)
States and political subdivisions		1.8			—			—			(0.1	)		—		(1.7	)		—			—
Corporate		164.0			(1.8	)		(1.3	)		56.0			46.6		(17.9	)		245.6			(1.6	)
Commercial mortgage-backed securities		1.6			(1.2	)		1.3			(6.0	)		6.8		(2.5	)		—			—
Collateralized debt obligations		37.8			—			0.4			46.1			3.9		(24.0	)		64.2			—
Other debt obligations		84.1			—			1.4			7.9			—		(29.7	)		63.7			—

Total fixed maturities, available-for-sale		336.8			(3.3	)		1.8			95.4			57.3		(75.8	)		412.2			(1.8	)
Fixed maturities, trading		169.9			9.9			—			(40.1	)		—		—			139.7			1.2
Equity securities, available-for-sale		16.9			4.2			2.8			(20.0	)		0.2		—			4.1			(0.3	)
Derivative assets		74.2			(32.0	)		—			11.5			—		—			53.7			(32.0	)
Other investments		142.9			15.7			—			(31.4	)		—		—			127.2			15.7
Separate account assets (2)		5,265.2			649.6			—			(13.9	)		4.4		(13.9	)		5,891.4			608.4
Liabilities
Investments-type insurance contracts		(6.9	)		(196.0	)		—			26.5			—		—			(176.4	)		(196.5	)
Derivative liabilities		(39.6	)		3.9			(0.4	)		0.6			—		—			(35.5	)		(0.9	)
Other liabilities (3)		(73.9	)		(1.4	)		—			9.0			—		—			(66.3	)		(0.8	)

	For the year ended December 31, 2013
	For the year ended December 31, 2013																				Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2012			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2013
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	44.3		$	(0.1	)	$	(0.9	)	$	4.2		$	—	$	—		$	47.5		$	(0.1	)
States and political subdivisions		1.9			—			—			(0.1	)		—		—			1.8			—
Corporate		174.5			(13.4	)		4.5			(23.0	)		105.3		(83.9	)		164.0			(10.4	)
Commercial mortgage-backed securities		—			—			(0.1	)		(0.7	)		2.4		—			1.6			—
Collateralized debt obligations		77.6			2.1			7.2			(56.0	)		31.7		(24.8	)		37.8			—
Other debt obligations		14.7			(0.3	)		2.8			34.9			32.0		—			84.1			(0.3	)

Total fixed maturities, available-for-sale		313.0			(11.7	)		13.5			(40.7	)		171.4		(108.7	)		336.8			(10.8	)
Fixed maturities, trading		166.8			3.0			—			0.1			—		—			169.9			3.1
Equity securities, available-for-sale		15.3			(0.2	)		1.8			—			—		—			16.9			(0.2	)
Derivative assets		75.1			(19.5	)		—			18.6			—		—			74.2			(19.8	)
Other investments		113.9			11.2			—			17.8			—		—			142.9			11.2
Separate account assets (2)		4,616.0			574.9			(0.1	)		68.2			12.7		(6.5	)		5,265.2			545.8
Liabilities
Investments-type insurance contracts		(170.5	)		147.3			—			16.3			—		—			(6.9	)		145.0
Derivative liabilities		(102.6	)		55.0			(0.1	)		8.1			—		—			(39.6	)		53.9
Other liabilities (3)		(39.6	)		(34.3	)		—			—			—		—			(73.9	)		(34.3	)

	For the year ended December 31, 2012																				Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2011			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2012
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	22.9		$	(0.2	)	$	(0.3	)	$	7.4		$	14.5	$	—		$	44.3		$	(0.1	)
States and political subdivisions		—			—			0.2			(0.1	)		1.8		—			1.9			—
Corporate		297.0			(9.2	)		19.9			(75.5	)		79.7		(137.4	)		174.5			(2.6	)
Collateralized debt obligations		102.5			(3.3	)		5.1			4.5			—		(31.2	)		77.6			—
Other debt obligations		27.3			(2.3	)		0.6			(26.2	)		15.3		—			14.7			(2.2	)

Total fixed maturities, available-for-sale		449.7			(15.0	)		25.5			(89.9	)		111.3		(168.6	)		313.0			(4.9	)
Fixed maturities, trading		220.8			3.2			—			(66.7	)		9.5		—			166.8			(4.4	)
Equity securities, available-for-sale		18.0			(0.3	)		(2.4	)		—			—		—			15.3			—
Derivative assets		60.2			2.9			—			12.0			—		—			75.1			4.9
Other investments		97.5			2.1			—			14.3			—		—			113.9			2.2
Separate account assets (2)		4,198.2			421.3			0.4			(3.6	)		1.6		(1.9	)		4,616.0			412.8
Liabilities
Investments-type insurance contracts		(195.8	)		38.3			(0.1	)		(12.9	)		—		—			(170.5	)		35.3
Derivative liabilities		(177.1	)		39.8			1.3			33.4			—		—			(102.6	)		38.6
Other liabilities (3)		(24.2	)		(23.5	)		—			8.1			—		—			(39.6	)		(20.2	)

(1)	Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses) within the consolidated statements of operations. Realized and unrealized gains (losses) on certain fixed maturities, trading and certain derivatives used in relation to certain trading portfolios are reported in net investment income within the consolidated statements of operations.
(2)	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 segment separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.
(3)	Certain embedded derivatives reported in other liabilities are part of a cash flow hedge, with the effective portion of the unrealized gains (losses) recorded in AOCI.
(4)	Gross purchases, sales, issuances and settlements were:

	For the year ended December 31, 2014
	Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	12.1		$	(19.4	)	$	—		$	(1.2	)	$	(8.5	)
States and political subdivisions		—			—			—			(0.1	)		(0.1	)
Corporate		118.5			(54.8	)		—			(7.7	)		56.0
Commercial mortgage-backed securities		—			(5.8	)		—			(0.2	)		(6.0	)
Collateralized debt obligations		61.3			—			—			(15.2	)		46.1
Other debt obligations		19.2			—			—			(11.3	)		7.9

Total fixed maturities, available-for-sale		211.1			(80.0	)		—			(35.7	)		95.4
Fixed maturities, trading		—			(10.0	)		—			(30.1	)		(40.1	)
Equity securities, available-for-sale		—			(20.0	)		—			—			(20.0	)
Derivative assets		11.8			(0.3	)		—			—			11.5
Other investments		0.2			—			—			(31.6	)		(31.4	)
Separate account assets (5)		705.9			(500.2	)		(331.8	)		112.2			(13.9	)
Liabilities
Investment-type insurance contracts		—			—			20.7			5.8			26.5
Derivative liabilities		(1.5	)		2.1			—			—			0.6
Other liabilities		—			9.0			—			—			9.0

	For the year ended December 31, 2013
	Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	9.3		$	(3.9	)	$	—		$	(1.2	)	$	4.2
States and political subdivisions		—			—			—			(0.1	)		(0.1	)
Corporate		32.6			(33.3	)		—			(22.3	)		(23.0	)
Commercial mortgage-backed securities		—			—			—			(0.7	)		(0.7	)
Collateralized debt obligations		17.0			(47.4	)		—			(25.6	)		(56.0	)
Other debt obligations		37.8			—			—			(2.9	)		34.9

Total fixed maturities, available-for-sale		96.7			(84.6	)		—			(52.8	)		(40.7	)
Fixed maturities, trading		—			—			—			0.1			0.1
Derivative assets		22.1			(3.5	)		—			—			18.6
Other investments		30.2			—			—			(12.4	)		17.8
Separate account assets (5)		418.4			(300.8	)		(21.8	)		(27.6	)		68.2
Liabilities
Investment-type insurance contracts		—			—			11.0			5.3			16.3
Derivative liabilities		(3.4	)		11.5			—			—			8.1

		For the year ended December 31, 2012
		Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
		(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments		$	13.5		$	(5.0	)	$	—		$	(1.1	)	$	7.4
States and political subdivisions			—			—			—			(0.1	)		(0.1	)
Corporate			29.2			(92.0	)		—			(12.7	)		(75.5	)
Collateralized debt obligations			5.1			(1.1	)		—			0.5			4.5
Other debt obligations			—			—			—			(26.2	)		(26.2	)

Total fixed maturities, available-for-sale			47.8			(98.1	)		—			(39.6	)		(89.9	)
Fixed maturities, trading			—			(24.6	)		—			(42.1	)		(66.7	)
Derivative assets			12.6			(0.6	)		—			—			12.0
Other investments			34.0			—			—			(19.7	)		14.3
Separate account assets (5)			342.2			(310.6	)		(208.4	)		173.2			(3.6	)
Liabilities
Investment-type insurance contracts			—			—			(16.6	)		3.7			(12.9	)
Derivative liabilities			(8.9	)		42.3			—			—			33.4
Other liabilities			—			8.1			—			—			8.1
(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 are summarized below.

	For the year ended December 31, 2014
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	—	$	—	$	1.7
Corporate		—		—		—		46.6		—		17.9
Commercial mortgage-backed securities		—		—		—		6.8		—		2.5
Collateralized debt obligations		—		—		—		3.9		—		24.0
Other debt obligations		—		—		—		—		—		29.7

Total fixed maturities, available-for-sale		—		—		—		57.3		—		75.8
Equity securities, available-for-sale		—		—		—		0.2		—		—
Separate account assets		33.0		—		71.3		4.4		—		13.9

	For the year ended December 31, 2013
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	—	$	—	$	—	$	105.3	$	—	$	83.9
Commercial mortgage-backed securities		—		—		—		2.4		—		—
Collateralized debt obligations		—		—		—		31.7		—		24.8
Other debt obligations		—		—		—		32.0		—		—

Total fixed maturities, available-for-sale		—		—		—		171.4		—		108.7
Separate account assets		253.9		0.1		15.5		12.6		—		6.5

	For the year ended December 31, 2012
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	—	$	—	$	—	$	14.5	$	—	$	—
States and political subdivisions		—		—		—		1.8		—		—
Corporate		—		—		—		79.7		—		137.4
Collateralized debt obligations		—		—		—		—		—		31.2
Other debt obligations		—		—		—		15.3		—		—

Total fixed maturities, available-for-sale		—		—		—		111.3		—		168.6
Fixed maturities, trading		—		—		—		9.5		—		—
Separate account assets		3,255.7		0.3		205.5		1.3		—		1.9

Transfers between fair value hierarchy levels are recognized at the beginning of the reporting period.

We had significant transfers of separate account assets between Level 1 and Level 2, primarily related to foreign equity securities. When these securities are valued at the local close price of the exchange where the assets traded, they are reflected in Level 1. When events materially affecting the value occur between the close of the local exchange and the New York Stock Exchange, we use adjusted prices determined by a third party pricing vendor to update the foreign market closing prices and the fair value is reflected in Level 2.

Assets transferred into Level 3 during 2014, 2013 and 2012, 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 2014, 2013 and 2012, included those 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. Refer to "Assets and liabilities measured at fair value on a recurring basis" for a complete valuation hierarchy summary.

	December 31, 2014
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	10.3		Discounted cash flow	Discount rate (1)	2.2%	2.2%
					Illiquidity premium	50 basis points ("bps")	50bps
Corporate		83.0		Discounted cash flow	Discount rate (1)	1.8% - 6.7%	4.0%
					Comparability adjustment	0bps - 1bps	0bps
					Illiquidity premium	0bps - 25bps	13bps
Collateralized debt obligations		12.7		Discounted cash flow	Discount rate (1)	2.7% - 17.1%	6.1%
					Probability of default	0% - 100%	23.5%
					Potential loss severity	0% - 70.0%	16.4%
Other debt obligations		49.3		Discounted cash flow	Discount rate (1)	1.4% - 5.0%	2.3%
					Illiquidity premium	0bps - 1,000bps	175bps
Fixed maturities, trading		15.2		Discounted cash flow	Discount rate (1)	1.8% - 126.9%	3.5%
					Illiquidity premium	200bps - 1,400bps	460bps
		100.4		See note (2)
Other investments		35.0		Discounted cash flow — commercial mortgage loans of consolidated VIEs	Discount rate (1)	4.2%	4.2%
					Illiquidity premium	76bps	76bps
		92.2		Discounted cash flow — equity method real estate investments	Discount rate (1)	7.3% - 8.0%	7.6%
					Terminal capitalization rate	5.5% - 6.8%	6.1%
					Average market rent growth rate	3.3% - 3.7%	3.5%
				Discounted cash flow — equity method real estate investments — debt	Loan to value	34.2% - 58.9%	46.5%
					Credit spread rate	1.8% - 2.0%	1.9%
Separate account assets		5,857.4		Discounted cash flow — mortgage loans	Discount rate (1)	1.1% - 6.9%	3.2%
					Illiquidity premium	0bps - 60bps	7bps
					Credit spread rate	70bps - 632bps	221bps
				Discounted cash flow — real estate	Discount rate (1)	6.0% - 24.6%	7.4%
					Terminal capitalization rate	4.5% - 9.5%	6.4%
					Average market rent growth rate	1.3% - 4.4%	3.0%
				Discounted cash flow — real estate debt	Loan to value	6.8% - 64.1%	46.5%
					Credit spread rate	2.1% - 4.8%	3.4%
Liabilities
Investment-type insurance contracts		(176.4	)	Discounted cash flow	Long duration interest rate	2.6% - 2.7% (3)
					Long-term equity market volatility	14.9% - 39.5%
					Non-performance risk	0.1% - 1.4%
					Utilization rate	See note (4)
					Lapse rate	0.5% - 14.1%
					Mortality rate	See note (5)
Derivative liabilities		(19.3	)	See note (2)
Other liabilities		(66.3	)	See note (2)

	December 31, 2013
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	11.7		Discounted cash flow	Discount rate (1)	2.0%	2.0%
					Illiquidity premium	50 bps	50bps
Corporate		70.1		Discounted cash flow	Discount rate (1)	1.9% - 7.7%	4.4%
					Illiquidity premium	0bps - 25bps	15bps
					Earnings before interest, taxes, depreciation and amortization multiple	0x - 4.5x	0.2x
					Comparability adjustment	0bps - 125bps	43bps
					Probability of default	0% - 100%	5.4%
					Potential loss severity	0% - 16%	0.9%
Commercial mortgage-backed securities		1.6		Discounted cash flow	Discount rate (1)	1.5% - 4.5%	1.5%
Collateralized debt obligations		13.6		Discounted cash flow	Discount rate (1)	1.5%	1.5%
					Illiquidity premium	400bps	400bps
Other debt obligations		33.6		Discounted cash flow	Discount rate (1)	2.0% - 15.0%	6.7%
					Illiquidity premium	0bps - 50bps	11bps
Fixed maturities, trading		36.2		Discounted cash flow	Discount rate (1)	1.6% - 83.0%	3.4%
					Illiquidity premium	0bps - 1,400bps	370bps
		110.4		See note (2)
Other investments		68.1		Discounted cash flow — commercial mortgage loans of consolidated VIEs	Discount rate (1)	4.8%	4.8%
					Illiquidity premium	94bps	94bps
		74.8		Discounted cash flow — equity method real estate investments	Discount rate (1)	7.8% - 8.1%	7.9%
					Terminal capitalization rate	5.5% - 6.8%	6.1%
					Average market rent growth rate	3.5% - 3.6%	3.6%
				Discounted cash flow — equity method real estate investments — debt	Loan to value	40.5% - 61.0%	50.7%
					Credit spread rate	1.5% - 2.0%	1.8%
Separate account assets		5,090.4		Discounted cash flow — mortgage loans	Discount rate (1)	0.6% - 5.6%	3.3%
					Illiquidity premium	0bps - 60bps	12bps
					Credit spread rate	32bps - 440bps	214bps
				Discounted cash flow — real estate	Discount rate (1)	6.0% - 16.0%	7.6%
					Terminal capitalization rate	4.5% - 9.0%	6.6%
					Average market rent growth rate	2.4% - 4.7%	3.0%
				Discounted cash flow — real estate debt	Loan to value	11.0% - 55.9%	50.3%
					Credit spread rate	1.5% - 5.2%	3.3%
Liabilities
Investment-type insurance contracts		(6.9	)	Discounted cash flow	Long duration interest rate	3.8% - 3.9% (3)
					Long-term equity market volatility	15.0% - 40.1%
					Non-performance risk	0.2% - 1.2%
					Utilization rate	See note (4)
					Lapse rate	0.5%-14.6%
					Mortality rate	See note (5)
Derivative liabilities		(19.9	)	See note (2)
Other liabilities		(73.9	)	See note (2)

(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 credit spread, illiquidity or other adjustments, where applicable.
(2)	Relates to a consolidated collateralized private investment vehicle that is a VIE. Fixed maturities, trading represents the underlying collateral of the investment structure and consists of high-grade fixed maturity investments, which are over-collateralized based on outstanding notes priced at par. The derivative liability represents credit default swaps that are valued using a correlation model to the credit default swap ("CDS") Index ("CDX") and inputs to the valuation are based on observable market data such as the end of period swap curve, CDS constituents of the index and spread levels of the index, as well as CDX tranche spreads. The value of the obligations, which are due at maturity or termination of the trust, reflect the third parties' interest in the investment structure.
(3)	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 observable 20 and 30-year swap rates.
(4)	This input factor is the number of contractholders taking withdrawals as well as the amount and timing of the withdrawals and a range does not provide a meaningful presentation.
(5)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. Increases or decreases in the credit spreads on the comparable assets could cause 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. Increases or decreases in this illiquidity premium could cause significant decreases or increases, respectively, in the fair value of the asset.

Embedded derivatives can be either assets or liabilities within the investment-type insurance contracts line item, depending on certain inputs at the reporting date. Increases to an asset or decreases to a liability are described as increases to fair value. Increases or decreases in market volatilities could cause significant decreases or increases, respectively, in the fair value of embedded derivatives in investment-type insurance 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 amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals. Increases or decreases in risk free rates could cause the fair value of the embedded derivative to significantly increase or decrease, respectively. Increases or decreases in our own credit risks, which impact the rates used to discount future cash flows, could significantly increase or decrease, respectively, the fair value of the embedded derivative. All of these changes in fair value would impact net income.

Decreases or increases in the mortality rate assumption could cause the fair value of the embedded derivative to decrease or increase, respectively. Decreases or increases in the overall lapse rate assumption could cause the fair value of the embedded derivative to decrease or increase, respectively. The lapse rate assumption varies dynamically based on the relationship of the guarantee and associated account value. A stronger or weaker dynamic lapse rate assumption could cause the fair value of the embedded derivative to decrease or increase, respectively. 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. Increases or decreases in the assumption of the number of contractholders taking withdrawals could cause the fair value of the embedded derivative to decrease or increase, respectively. Assuming contractholders take withdrawals earlier or later could cause the fair value of the embedded derivative to decrease or increase, respectively. Assuming contractholders take more or less of their benefit could cause the fair value of the embedded derivative to decrease or increase, respectively.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis. During 2014, certain mortgage loans had been marked to fair value of $68.9 million. The net impact of impairments and improvements in estimated fair value of previously impaired loans resulted in a net loss of $10.0 million that was recorded in net realized capital gains (losses) as part of the mortgage loan valuation allowance. This includes the impact of certain loans no longer on our books. These collateral-dependent mortgage loans are a Level 3 fair value measurement, as fair value is based on the fair value of the underlying real estate collateral, which is estimated using appraised values that involve significant unobservable inputs. The fair value of the underlying collateral is determined based on a discounted cash flow valuation either from an external broker opinion of value or an internal model. Significant inputs used in the discounted cash flow calculation include: a discount rate, terminal capitalization rate and average market rent growth. The ranges of inputs used in the fair value measurements for the mortgage loans marked to fair value during 2014 were:

Discount rate = 8.8% - 11.0%
Terminal capitalization rate = 7.3% - 9.0%
Average market rent growth = 2.0% - 10.9%

During 2014, certain real estate had been written down to fair value of $22.3 million. This write down resulted in a loss of $6.2 million that was recorded in net realized capital gains (losses). This is a Level 3 fair value measurement, as the fair value of real estate is estimated based on a discounted cash flow valuation from an internal model. Significant inputs used in the discounted cash flow calculation include a discount rate, terminal capitalization rate and average market rent growth. The ranges of inputs used in the fair value measurements for the real estate marked to fair value during 2014 were:

Discount rate = 9.6% - 11.8%
Terminal capitalization rate = 8.3% - 8.5%
Average market rent growth = 3.0% - 3.6%

During 2013, certain mortgage loans had been marked to fair value of $153.1 million. The net impact of impairments and improvements in estimated fair value of previously impaired loans resulted in a net loss of $27.5 million that was recorded in net realized capital gains (losses) as part of the mortgage loan valuation allowance. This includes the impact of certain loans no longer on our books. These collateral-dependent mortgage loans are a Level 3 fair value measurement, as fair value is based on the fair value of the underlying real estate collateral, which is estimated using appraised values that involve significant unobservable inputs. The fair value of the underlying collateral is determined based on a discounted cash flow valuation either from an external broker opinion of value or an internal model. Significant inputs used in the discounted cash flow calculation include: a discount rate, terminal capitalization rate and average market rent growth. The ranges of inputs used in the fair value measurements for the mortgage loans marked to fair value during 2013 were:

Discount rate = 8.0% - 20.0%
Terminal capitalization rate = 7.3% - 10.5%
Average market rent growth = 1.0% - 10.9%

During 2013, certain mortgage servicing rights had been marked to fair value of $7.3 million. The net impact of impairments and subsequent improvements in estimated fair value of previously impaired mortgage servicing rights resulted in a net gain of $1.3 million that was recorded in operating expenses. These mortgage servicing rights are a Level 3 fair value measurement, as fair value is determined by calculating the present value of the future servicing cash flows from the underlying mortgage loans. The discount rate used in calculating the present value of the future servicing cash flows was 4.3% for the year ended December 31, 2013.

During 2012, certain mortgage loans had been marked to fair value of $173.8 million. The net impact of impairments and improvements in estimated fair value of previously impaired loans resulted in a net loss of $12.3 million that was recorded in net realized capital gains (losses) as part of the mortgage loan valuation allowance. This includes the impact of certain loans no longer on our books. These collateral-dependent mortgage loans are a Level 3 fair value measurement, as fair value is based on the fair value of the underlying real estate collateral, which is estimated using appraised values that involve significant unobservable inputs. The fair value of the underlying collateral is determined based on a discounted cash flow valuation either from an external broker opinion of value or an internal model. Significant inputs used in the discounted cash flow calculation include: a discount rate, terminal capitalization rate and average market rent growth. The ranges of inputs used in the fair value measurements for the mortgage loans marked to fair value during 2012 were:

Discount rate = 8.0% - 20.0%
Terminal capitalization rate = 6.3% - 10.5%
Average market rent growth = 3.0% - 8.0%

During 2012, certain mortgage servicing rights had been marked to fair value of $7.0 million. The net impact of impairments and subsequent improvements in estimated fair value of previously impaired mortgage servicing rights resulted in a net gain of $0.4 million that was recorded in operating expenses. These mortgage servicing rights are a Level 3 fair value measurement, as fair value is determined by calculating the present value of the future servicing cash flows from the underlying mortgage loans. The discount rate used in calculating the present value of the future servicing cash flows was 3.1% for the year ended December 31, 2012.

During 2012, certain real estate had been written down to fair value of $5.0 million. This write down resulted in a loss of $0.1 million that was recorded in net realized capital gains (losses). This is a Level 3 fair value measurement, as the fair value of real estate is estimated using appraised values that involve significant unobservable inputs that are not developed internally.

Fair Value Option

We elected fair value accounting for certain assets and liabilities of consolidated VIEs for which it was not practicable for us to determine the carrying value. The fair value option was elected for commercial mortgage loans reported with other investments and obligations reported with other liabilities in the consolidated statements of financial position. The changes in fair value of these items are reported in net realized capital gains (losses) on the consolidated statements of operations.

The fair value and aggregate contractual principal amounts of commercial mortgage loans for which the fair value option has been elected were $35.0 million and $32.4 million as of December 31, 2014, and $68.1 million and $64.0 million as of December 31, 2013, respectively. The change in fair value of the loans resulted in a $(1.5) million, $0.2 million and $2.6 million pre-tax gain (loss) for the years ended December 31, 2014, 2013 and 2012, respectively, none of which related to instrument-specific credit risk. None of these loans were more than 90 days past due or in nonaccrual status. Interest income on these commercial mortgage loans is included in net investment income on the consolidated statements of operations and is recorded based on the effective interest rates as determined at the closing of the loan. Interest income recorded on these commercial mortgage loans was $6.2 million, $5.7 million and $6.9 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The fair value and aggregate unpaid principal amounts of obligations for which the fair value option has been elected were $71.0 million and $132.8 million as of December 31, 2014, and $104.9 million and $174.4 million as of December 31, 2013, respectively. For the years ended December 31, 2014, 2013 and 2012, the change in fair value of the obligations resulted in a pre-tax loss of $0.7 million, $32.8 million and $37.7 million, which includes a pre-tax loss of $2.4 million, $34.3 million and $37.4 million related to instrument-specific credit risk that is estimated based on credit spreads and quality ratings, respectively. Interest expense recorded on these obligations is included in operating expenses on the consolidated statements of operations and was $3.0 million, $3.6 million and $5.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We invest in real estate ventures for the purpose of earning investment returns and for capital appreciation. We elected the fair value option for certain ventures that are subject to the equity method of accounting because the nature of the investments are to add value to the properties and generate income from the operations of the properties. Other equity method real estate investments are not fair valued because the investments mainly generate income from the operations of the underlying properties. These investments are reported with other investments in the consolidated statements of financial position. The changes in fair value are reported in net investment income on the consolidated statements of operations. The fair value of the equity method investments for which the fair value option has been elected was $92.2 million and $74.8 million as of December 31, 2014 and 2013, respectively. The change in fair value of the investments resulted in a $17.3 million, $11.0 million and $(0.4) million pre-tax gain (loss) for the years ended December 31, 2014, 2013 and 2012, respectively.

Financial Instruments Not Reported at Fair Value

The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows:

	December 31, 2014
							Fair value hierarchy level
	Carrying amount						Fair value hierarchy level
	Carrying amount			Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	11,811.6		$	12,350.2		$	—		$	—		$	12,350.2
Policy loans		829.2			1,083.2			—			—			1,083.2
Other investments		211.2			211.6			—			183.7			27.9
Cash and cash equivalents		822.2			822.2			822.2			—			—
Investment-type insurance contracts		(28,256.3	)		(28,322.7	)		—			(5,455.4	)		(22,867.3	)
Short-term debt		(28.0	)		(28.0	)		—			(28.0	)		—
Long-term debt		(2,531.2	)		(2,786.1	)		—			(2,703.8	)		(82.3	)
Separate account liabilities		(128,480.5	)		(127,131.0	)		—			—			(127,131.0	)
Bank deposits		(1,979.7	)		(1,985.5	)		(1,343.8	)		(641.7	)		—
Cash collateral payable		(148.3	)		(148.3	)		(148.3	)		—			—

	December 31, 2013
							Fair value hierarchy level
	Carrying amount						Fair value hierarchy level
	Carrying amount			Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	11,533.6		$	11,773.5		$	—		$	—		$	11,773.5
Policy loans		859.7			963.3			—			—			963.3
Other investments		174.0			174.7			—			140.9			33.8
Cash and cash equivalents		912.8			912.8			912.8			—			—
Investment-type insurance contracts		(29,909.6	)		(30,093.1	)		—			(5,902.2	)		(24,190.9	)
Short-term debt		(150.6	)		(150.6	)		—			(150.6	)		—
Long-term debt		(2,601.4	)		(2,692.1	)		—			(2,639.0	)		(53.1	)
Separate account liabilities		(119,500.7	)		(118,059.7	)		—			—			(118,059.7	)
Bank deposits		(1,949.0	)		(1,951.1	)		(1,252.2	)		(698.9	)		—
Cash collateral payable		(32.5	)		(32.5	)		(32.5	)		—			—

Mortgage Loans

Fair values of commercial and residential mortgage loans are primarily determined by discounting the expected cash flows at current treasury rates plus an applicable risk spread, which reflects credit quality and maturity of the loans. The risk spread is based on market clearing levels for loans with comparable credit quality, maturities and risk. The fair value of mortgage loans may also be based on the fair value of the underlying real estate collateral less cost to sell, which is estimated using appraised values. These are reflected in Level 3.

Policy Loans

Fair values of policy loans are estimated by discounting expected cash flows using a risk-free rate based on the Treasury curve. The expected cash flows reflect an estimate of timing of the repayment of the loans. These are reflected in Level 3.

Other Investments

The fair value of commercial loans and certain consumer loans included in other investments is calculated by discounting expected cash flows through the estimated maturity date using market interest rates that reflect the credit and interest rate risk inherent in the loans. The estimate of term to maturity is based on historical experience, adjusted as required, for current economic and lending conditions. The effect of nonperforming loans is considered in assessing the credit risk inherent in the fair value estimate. These are reflected in Level 3. The carrying value of the remaining investments reported in this line item approximate their fair value and are of a short-term nature. These are reflected in Level 2.

Cash and Cash Equivalents

Certain cash equivalents not reported at fair value include short-term investments with maturities of less than three months for which public quotations are not available to use in determining fair value. Because of the highly liquid nature of these assets, carrying amounts are used to approximate fair value, which are reflected in Level 2. The carrying amounts of the remaining cash and cash equivalents that are not reported at fair value on a recurring basis approximate their fair value, which are reflected in Level 1 given the nature of cash.

Investment-Type Insurance Contracts

The fair values of our reserves and liabilities for investment-type insurance contracts are determined via a third party pricing vendor or using discounted cash flow analyses when we are unable to find a price from third party pricing vendors. Third party pricing on various outstanding medium-term notes and funding agreements is based on observable inputs such as benchmark yields and spreads based on reported trades for our medium-term notes and funding agreement issuances. These are reflected in Level 2. The discounted cash flow analyses for the remaining contracts is based on current interest rates, including non-performance risk, being offered for similar contracts with maturities consistent with those remaining for the investment-type contracts being valued. These are reflected in Level 3. Investment-type insurance contracts include insurance, annuity and other policy contracts that do not involve significant mortality or morbidity risk and are only a portion of the policyholder liabilities appearing in the consolidated statements of financial position. Insurance contracts include insurance, annuity and other policy contracts that do involve significant mortality or morbidity risk. The fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed.

Short-Term Debt

The carrying amount of short-term debt approximates its fair value because of the relatively short time between origination of the debt instrument and its maturity, which is reflected in Level 2.

Long-Term Debt

Long-term debt primarily includes senior note issuances for which the fair values are determined using inputs that are observable in the market or that can be derived from or corroborated with observable market data. These are reflected in Level 2. Additionally, our long-term debt includes non-recourse mortgages and notes payable that are primarily financings for real estate developments for which the fair values are estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. These are reflected in Level 3.

Separate Account Liabilities

Fair values of separate account liabilities, excluding insurance-related elements, are estimated based on market assumptions around what a potential acquirer would pay for the associated block of business, including both the separate account assets and liabilities. As the applicable separate account assets are already reflected at fair value, any adjustment to the fair value of the block is an assumed adjustment to the separate account liabilities. To compute fair value, the separate account liabilities are originally set to equal separate account assets because these are pass-through contracts. The separate account liabilities are reduced by the amount of future fees expected to be collected that are intended to offset upfront acquisition costs already incurred that a potential acquirer would not have to pay. The estimated future fees are adjusted by an adverse deviation discount and the amount is then discounted at a risk-free rate as measured by the yield on Treasury securities at maturities aligned with the estimated timing of fee collection. These are reflected in Level 3.

Bank Deposits

The fair value of deposits of our Principal Bank subsidiary with no stated maturity is equal to the amount payable on demand (i.e., their carrying amounts). These are reflected in Level 1. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount is estimated using the rates currently offered for deposits of similar remaining maturities. These are reflected in Level 2.

Cash Collateral Payable

The carrying amount of the payable associated with our obligation to return the cash collateral received under derivative credit support annex (collateral) agreements approximates its fair value, which is reflected in Level 1.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Statutory Insurance Financial Information

12 Months Ended

Dec. 31, 2014

Statutory Insurance Financial Information

Statutory Insurance Financial Information

15. Statutory Insurance Financial Information

Principal Life, the largest indirect subsidiary of PFG, prepares statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the "State of Iowa"). The State of Iowa recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. As of December 31, 2014, our use of prescribed statutory accounting practices has resulted in higher statutory net income of $6.4 million relative to the accounting practices and procedures of the NAIC due to our accounting for derivatives that hedge some of our equity indexed products. In addition, as of December 31, 2014, our permitted statutory accounting practice relating to variable annuities with a guaranteed living benefit rider resulted in lower statutory surplus of $150.2 million relative to carrying certain interest rate swaps at book value rather than fair value, as if they received hedge accounting treatment for statutory. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets.

Principal Life cedes certain term and universal life insurance statutory reserves to our affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2014, our affiliated reinsurance subsidiaries assumed statutory reserves of $3,272.4 million from Principal Life. In the states of Vermont and Delaware, the affiliated reinsurers had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2014, assets admitted under these practices totaled $1,129.0 million.

Life and health insurance companies are subject to certain risk-based capital ("RBC") requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. At December 31, 2014, Principal Life meets the minimum RBC requirements.

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

	As of or for the year ended December 31,
	2014		2013		2012
	(in millions)
Statutory net income	$	535.5	$	607.9	$	576.1
Statutory capital and surplus		4,202.1		4,142.2		3,944.3

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

Segment Information

16. Segment Information

We provide financial products and services through the following segments: Retirement and Investor Services, Principal Global Investors, Principal International and U.S. Insurance Solutions. 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 Investor Services segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals.

The Principal Global Investors segment provides asset management services to our asset accumulation business, our insurance operations, the Corporate segment and third party clients.

The Principal International segment has operations in Brazil, Chile, China, Hong Kong Special Administrative Region, India, Mexico and Southeast Asia. We focus on countries with large middle classes, favorable demographics and growing long-term savings, ideally with defined contribution markets. We entered these countries through acquisitions, start-up operations and joint ventures.

The U.S. Insurance Solutions segment provides individual life insurance and specialty benefits insurance, which consists of group dental and vision insurance, individual and group disability insurance, group life insurance and non-medical fee-for-service claims administration, throughout the United States.

The 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 interest expense and preferred stock dividends), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other after-tax adjustments not allocated to the segments based on the nature of such items. Results of our exited group medical insurance business are reported in this segment.

Management uses segment operating earnings in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by securities analysts. We determine segment operating earnings by adjusting U.S. GAAP net income for net realized capital gains (losses), as adjusted, and other after-tax adjustments which management believes are not indicative of overall operating trends. Net realized capital gains (losses), as adjusted, are net of income taxes, related changes in the amortization pattern of DAC and related actuarial balances, recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and services, amortization of hedge accounting book value adjustments for certain discontinued hedges, net realized capital gains and losses distributed, noncontrolling interest capital gains and losses and certain market value adjustments to fee revenues. Net realized capital gains (losses), as adjusted, exclude periodic settlements and accruals on derivative instruments not designated as hedging instruments and exclude certain market value adjustments of embedded derivatives and realized capital gains (losses) associated with our exited group medical insurance business. Segment operating revenues exclude net realized capital gains (losses) (except periodic settlements and accruals on derivatives not designated as hedging instruments), including their impact on recognition of front-end fee revenues, certain market value adjustments to fee revenues and amortization of hedge accounting book value adjustments for certain discontinued hedges, and revenue from our exited group medical insurance business. Segment operating revenues include operating revenues from real estate properties that qualify for discontinued operations. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of segment operating earnings enhances the understanding of our results of operations by highlighting earnings attributable to the normal, ongoing operations of the business.

The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of income tax allocation. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. 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 and reconcile segment totals to those reported in the consolidated financial statements:

	December 31, 2014		December 31, 2013
	(in millions)
Assets:
Retirement and Investor Services	$	138,549.4	$	128,736.7
Principal Global Investors		1,175.1		1,312.1
Principal International		53,531.8		54,243.6
U.S. Insurance Solutions		21,554.5		20,033.6
Corporate		4,276.2		3,865.4

Total consolidated assets	$	219,087.0	$	208,191.4

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Operating revenues by segment:
Retirement and Investor Services	$	5,523.3		$	4,847.6		$	4,834.9
Principal Global Investors		725.9			719.2			591.2
Principal International		1,275.4			1,150.0			942.7
U.S. Insurance Solutions		3,262.6			3,106.4			2,994.7
Corporate		(232.4	)		(215.8	)		(188.1	)

Total segment operating revenues		10,554.8			9,607.4			9,175.4
Net realized capital gains (losses), net of related revenue adjustments		(77.4	)		(320.0	)		14.7
Exited group medical insurance business		0.2			2.1			25.0

Total revenues per consolidated statements of operations	$	10,477.6		$	9,289.5		$	9,215.1


Operating earnings (loss) by segment, net of related income taxes:
Retirement and Investor Services	$	828.1		$	694.4		$	575.1
Principal Global Investors		116.0			102.6			81.2
Principal International		268.0			215.2			154.1
U.S. Insurance Solutions		231.3			196.6			138.2
Corporate		(125.5	)		(148.9	)		(139.8	)

Total segment operating earnings, net of related income taxes		1,317.9			1,059.9			808.8
Net realized capital gains (losses), as adjusted (1)		(100.5	)		(179.1	)		39.0
Other after-tax adjustments (2)		(106.3	)		(1.1	)		(74.2	)

Net income available to common stockholders per consolidated statements of operations	$	1,111.1		$	879.7		$	773.6

(1)	Net realized capital gains (losses), as adjusted, is derived as follows:

		For the year ended December 31,
		2014			2013			2012
		(in millions)
Net realized capital gains (losses):
Net realized capital gains (losses)		$	14.7		$	(225.2	)	$	114.1
Certain derivative and hedging-related adjustments			(92.8	)		(93.9	)		(98.9	)
Certain market value adjustments to fee revenues			—			—			(0.3	)
Recognition of front-end fee (revenue) expense			0.7			(0.9	)		(0.2	)

Net realized capital gains (losses), net of related revenue adjustments			(77.4	)		(320.0	)		14.7
Amortization of deferred acquisition costs and other actuarial balances			(49.3	)		47.1			36.6
Capital gains distributed			(21.2	)		(25.8	)		(12.2	)
Certain market value adjustments of embedded derivatives			4.8			18.4			(0.6	)
Net realized capital losses associated with exited group medical insurance business			—			—			0.2
Noncontrolling interest capital gains			(1.0	)		(0.2	)		(8.3	)
Income tax effect			43.6			101.4			8.6

Net realized capital gains (losses), as adjusted		$	(100.5	)	$	(179.1	)	$	39.0


(2)	For the year ended December 31, 2014, other after-tax adjustments included the negative effect of (a) an increase in net deferred tax liabilities resulting from third quarter 2014 enactment of tax legislation in Chile ($58.1 million) (b) the impact of a court ruling on some uncertain tax positions ($47.5 million) and (c) the effect of losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP ($0.7 million). For the year ended December 31, 2013, other after-tax adjustments included the negative effect of losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP. For the year ended December 31, 2012, other after-tax adjustments included the negative effect of (a) a contribution made to The Principal Financial Group Foundation, Inc. ($39.8 million), (b) one-time costs incurred to extinguish long-term debt that was scheduled to mature in 2014 ($24.8 million) and (c) losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP ($9.6 million).

The following is a summary of income tax expense (benefit) allocated to our segments for purposes of determining operating earnings. Segment income taxes are reconciled to income taxes reported on our consolidated statements of operations.

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Income tax expense (benefit) by segment:
Retirement and Investor Services	$	200.5		$	195.6		$	150.0
Principal Global Investors		63.8			55.5			43.5
Principal International		30.3			28.0			0.6
U.S. Insurance Solutions		112.8			94.0			61.3
Corporate		(89.6	)		(83.2	)		(69.6	)

Total segment income taxes from operating earnings		317.8			289.9			185.8
Tax benefit related to net realized capital losses, as adjusted		(43.6	)		(101.4	)		(8.6	)
Tax expense (benefit) related to other after-tax adjustments		44.3			(0.6	)		(42.6	)

Total income taxes expense per consolidated statements of operations	$	318.5		$	187.9		$	134.6

The following is a summary of depreciation and amortization expense allocated to our segments for purposes of determining operating earnings. Segment depreciation and amortization is reconciled to depreciation and amortization included in operating expenses in our consolidated statements of operations.

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Depreciation and amortization expense by segment:
Retirement and Investor Services	$	31.1	$	26.7	$	26.3
Principal Global Investors		14.8		11.8		13.3
Principal International		51.6		47.8		18.9
U.S. Insurance Solutions		21.2		17.2		17.0
Corporate		4.0		4.6		5.4

Total segment depreciation and amortization expense included in operating earnings		122.7		108.1		80.9

Depreciation and amortization expense related to other after-tax adjustments		—		1.4		6.1

Total depreciation and amortization expense included in our consolidated statements of operations	$	122.7	$	109.5	$	87.0

The following table summarizes operating revenues for our products and services:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Retirement and Investor Services:
Full service accumulation	$	1,563.0		$	1,470.7		$	1,357.0
Principal Funds		861.9			765.8			619.6
Individual annuities		1,488.9			1,366.5			1,162.4
Bank and trust services		84.2			95.2			101.6
Eliminations		(155.2	)		(146.8	)		(120.3	)

Total Accumulation		3,842.8			3,551.4			3,120.3
Investment only		308.1			341.0			431.6
Full service payout		1,372.4			955.2			1,283.0

Total Guaranteed		1,680.5			1,296.2			1,714.6

Total Retirement and Investor Services		5,523.3			4,847.6			4,834.9
Principal Global Investors (1)		725.9			719.2			591.2
Principal International		1,275.4			1,150.0			942.7
U.S. Insurance Solutions:
Individual life insurance		1,535.7			1,483.0			1,423.3
Specialty benefits insurance		1,727.1			1,623.6			1,571.4
Eliminations		(0.2	)		(0.2	)		—

Total U.S. Insurance Solutions		3,262.6			3,106.4			2,994.7
Corporate		(232.4	)		(215.8	)		(188.1	)

Total operating revenues	$	10,554.8		$	9,607.4		$	9,175.4


Total operating revenues	$	10,554.8		$	9,607.4		$	9,175.4
Net realized capital gains (losses), net of related revenue adjustments		(77.4	)		(320.0	)		14.7
Exited group medical insurance business		0.2			2.1			25.0

Total revenues per consolidated statements of operations	$	10,477.6		$	9,289.5		$	9,215.1

(1)	Reflects inter-segment revenues of $292.5 million, $243.7 million and $217.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation Plans

Stock-Based Compensation Plans

17. Stock-Based Compensation Plans

As of December 31, 2014, we have the 2014 Stock Incentive Plan (approved by shareholders at the May 20, 2014, annual shareholder meeting), the Employee Stock Purchase Plan, the 2014 Directors Stock Plan (approved by shareholders at the May 20, 2014, annual shareholder meeting), the Long-Term Performance 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"). As of May 20, 2014, no new grants will be made under the Amended and Restated 2010 Stock Incentive Plan or the 2005 Directors Stock Plan. No grants have been made under the Stock Incentive Plan, the Directors Stock Plan or the Long-Term Performance Plan since at least 2005. Under the terms of the 2014 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. The 2014 Directors Stock Plan provides for the grant of nonqualified stock options, restricted stock, restricted stock units or other stock-based awards to our nonemployee directors. To date, we have not granted any incentive stock options, restricted stock or performance units under any plans.

As of December 31, 2014, the maximum number of new shares of common stock that were available for grant under the 2014 Stock Incentive Plan and the 2014 Directors Stock Plan was 13.1 million.

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

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Compensation cost	$	66.2	$	65.2	$	53.7
Related income tax benefit		21.6		20.0		17.7
Capitalized as part of an asset		2.5		2.6		2.3

Nonqualified Stock Options

Nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan. Options outstanding were granted at an exercise price equal to the fair market value of our common stock on the date of grant, and expire ten years after the grant date. These options have graded vesting over a three-year period, except in the case of approved retirement. Total options granted were 0.6 million, 0.8 million and 0.8 million during 2014, 2013 and 2012, respectively.

The following is a summary of the status of all of our stock option plans:

	Number of options		Weighted- average exercise price		Intrinsic value
	(in millions)				(in millions)
Options outstanding at January 1, 2014		9.6	$	41.37
Granted		0.6		44.88
Exercised		1.6		35.24

Options outstanding at December 31, 2014		8.6	$	42.68	$	107.0


Options vested or expected to vest at December 31, 2014		8.6	$	42.68	$	106.9


Options exercisable at December 31, 2014		7.2	$	43.89	$	85.7

The total intrinsic value of stock options exercised was $25.4 million, $30.7 million and $5.7 million during 2014, 2013, and 2012, respectively.

The following is a summary of weighted-average remaining contractual lives for stock options outstanding and the range of exercise prices on the stock options as of December 31, 2014:

Range of exercise prices	Number of options outstanding		Weighted- average remaining contractual life
	(in millions)
$11.07 - $21.69		0.9		4.2
$21.70 - $32.32		2.1		7.0
$32.33 - $42.95		0.7		4.1
$42.96 - $53.58		1.9		3.6
$53.59 - $64.22		3.0		2.7

$11.07 - $64.22		8.6		4.2

The weighted-average remaining contractual lives for stock options exercisable is approximately 3.4 years as of December 31, 2014.

The fair value of stock options is estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during the period:

	For the year ended December 31,
Options	2014			2013			2012
Expected volatility		53.2	%		53.3	%		70.0	%
Expected term (in years)		6.5			6.5			6.0
Risk-free interest rate		2.0	%		1.1	%		1.1	%
Expected dividend yield		2.50	%		3.00	%		2.55	%
Weighted average estimated fair value	$	18.89		$	11.95		$	13.95

We previously determined expected volatility based on, among other factors, historical volatility using daily price observations. Beginning with nonqualified stock options granted in 2013, we determine expected volatility based on a combination of historical volatility using daily price observations and implied volatility from traded options on our common stock. We believe that incorporating both historical and implied volatility into our expected volatility assumption calculation better reflects market expectations. The expected term represents the period of time that options granted are expected to be outstanding. We determine expected term using historical exercise and employee termination data. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The dividend yield is based on historical dividend distributions compared to the closing price of our common shares on the grant date.

As of December 31, 2014, there was $2.3 million of total unrecognized compensation costs related to nonvested stock options. The cost is expected to be recognized over a weighted-average service period of approximately 1.8 years.

Cash received from stock options exercised under these share-based payment arrangements during 2014, 2013 and 2012 was $56.1 million, $105.6 million and $11.3 million, respectively. The actual tax benefits realized for the tax deductions for options exercised under these share-based payment arrangements during 2014, 2013 and 2012 was $8.6 million, $10.6 million and $1.6 million, respectively.

Performance Share Awards

We granted performance share awards to certain employees under the 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. The performance share awards are treated as an equity award and are paid in shares. Whether the performance shares are earned depends upon the participant's continued employment through the performance period (except in the case of an approved retirement) and our performance against three-year goals set at the beginning of the performance period. Performance goals based on various factors, including return on equity, operating income and book value per share, must be achieved for any of the performance shares to be earned. If the performance requirements are not met, the performance shares will be forfeited, no compensation cost is recognized and any previously recognized compensation cost is reversed. There is no maximum contractual term on these awards. Dividend equivalents are credited on performance shares outstanding as of the record date. These dividend equivalents are only paid on the shares released. Total performance share awards granted were 0.3 million, 0.3 million and 0.4 million in 2014, 2013 and 2012, respectively.

The following is a summary of activity for the nonvested performance share awards:

	Number of performance share awards		Weighted- average grant-date fair value
	(in millions)
Nonvested performance share awards at January 1, 2014		1.0	$	30.30
Granted		0.3		44.88
Vested		0.3		34.26

Nonvested performance share awards at December 31, 2014		1.0	$	33.01

The total intrinsic value of performance share awards vested was $11.4 million, $10.9 million and $13.0 million during 2014, 2013 and 2012, respectively.

Performance share awards above represent initial target awards and do not reflect potential increases or decreases resulting from the final performance objectives to be determined at the end of the respective performance period. The actual number of shares to be awarded at the end of each performance period will range between 0% and 150% of the initial target awards.

The fair value of performance share awards is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant-date fair value of performance share awards granted during 2014, 2013 and 2012 was $44.88, $30.70 and $27.46, respectively.

As of December 31, 2014, there was $4.0 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.

Actual tax benefits realized for the tax deductions for performance share awards paid out under these share based payment arrangements for 2014, 2013 and 2012 was $4.0 million, $4.7 million and $4.7 million, respectively.

Restricted Stock Units

We issue restricted stock units under 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, and the Directors Stock Plan. Restricted stock units are treated as an equity award and are paid in shares. There is no maximum contractual term on these awards. Dividend equivalents are credited on restricted stock units outstanding as of the record date. These dividend equivalents are only paid on the shares released. Restricted stock units granted were 0.9 million, 1.3 million and 1.2 million in 2014, 2013 and 2012, respectively.

Restricted stock units were issued to certain employees and agents pursuant to the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan. Under these plans, awards have graded or cliff vesting over a three-year service period. When service for PFG ceases (except in the case of an approved retirement), all vesting stops and unvested units are forfeited.

Pursuant to the 2014 Directors Stock Plan and the 2005 Directors Stock Plan, restricted stock units are granted to each non-employee director in office immediately following each annual meeting of stockholders and, at the discretion of the Nominating and Governance Committee, to each person who becomes a member of the Board other than on the date of the annual meeting of stockholders. Under these plans, awards are granted on an annual basis and cliff vest after a one-year service period. When service to PFG ceases, all vesting stops and unvested units are forfeited.

The following is a summary of activity for the nonvested restricted stock units:

	Number of restricted stock units		Weighted- average grant-date fair value
	(in millions)
Nonvested restricted stock units at January 1, 2014		3.1	$	30.46
Granted		0.9		45.03
Vested		0.8		33.75
Canceled		0.1		33.27

Nonvested restricted stock units at December 31, 2014		3.1	$	33.87

The total intrinsic value of restricted stock units vested was $38.5 million, $37.7 million and $31.9 million during 2014, 2013 and 2012, respectively.

The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant-date fair value of restricted stock units granted during 2014, 2013 and 2012 was $45.03, $31.02 and $27.33, respectively.

As of December 31, 2014, there was $40.4 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted under these plans. The cost is expected to be recognized over a weighted-average period of approximately 1.7 years.

The actual tax benefits realized for the tax deductions for restricted stock unit payouts under these share-based payment arrangements for 2014, 2013 and 2012 was $12.8 million, $11.5 million and $11.1 million, respectively.

Employee Stock Purchase Plan

Under our Employee Stock Purchase Plan, participating employees have the opportunity to purchase shares of our common stock on a semi-annual basis. Employees may purchase up to $25,000 worth of company stock each year. Employees may purchase shares of our common stock at a price equal to 85% of the shares' fair market value as of the beginning or end of the purchase period, whichever is lower. Under the Employee Stock Purchase Plan, employees purchased 0.5 million, 0.8 million and 0.9 million shares during 2014, 2013 and 2012, respectively.

We recognize compensation expense for the fair value of the discount granted to employees participating in the employee stock purchase plan in the period of grant. Shares of the Employee Stock Purchase Plan are treated as an equity award. The weighted-average fair value of the discount on the stock purchased was $8.94, $14.20 and $5.34 during 2014, 2013 and 2012, respectively. The total intrinsic value of the Employee Stock Purchase Plan shares settled was $4.7 million, $11.4 million and $4.6 million during 2014, 2013 and 2012, respectively.

Cash received from shares issued under these share-based payment arrangements for 2014, 2013 and 2012 was $22.2 million, $20.4 million and $17.8 million, respectively. The actual tax benefit realized for the tax deductions for the settlement of the share-based payment arrangements for 2014, 2013 and 2012 was $1.1 million, $1.1 million and $0.5 million, respectively.

As of December 31, 2014, a total of 4.7 million of new shares are available to be made issuable by us for this plan.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Common Share

Earnings Per Common Share

18. Earnings Per Common Share

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

	For the year ended December 31,
	2014		2013		2012
	(in millions, except per share data)
Net income	$	1,176.4	$	936.1	$	825.4
Subtract:
Net income attributable to noncontrolling interest		32.3		23.4		18.8
Preferred stock dividends		33.0		33.0		33.0
Adjustments to redemption amounts of redeemable noncontrolling interests (1)		19.7		—		—

Total	$	1,091.4	$	879.7	$	773.6


Weighted-average shares outstanding:
Basic		294.7		294.6		297.5
Dilutive effects:
Stock options		1.8		1.6		1.0
Restricted stock units		1.8		1.7		1.5
Performance share awards		0.4		0.3		0.4

Diluted		298.7		298.2		300.4


Net income per common share:
Basic	$	3.70	$	2.99	$	2.60


Diluted	$	3.65	$	2.95	$	2.58

(1)

During the third quarter of 2013, we identified a classification error of certain of our noncontrolling interests, which had a related impact to earnings per share. See related discussion in Note 13, Stockholders' Equity — Noncontrolling Interest. The correction of the classification error in the third quarter of 2013 did not significantly impact earnings per share.

The calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

19. Quarterly Results of Operations (Unaudited)

The following is a summary of unaudited quarterly results of operations.

	For the three months ended,
	December 31		September 30		June 30		March 31
	(in millions, except per share data)
2014
Total revenues	$	2,908.0	$	2,484.3	$	2,606.7	$	2,478.6
Total expenses		2,590.8		2,090.5		2,199.2		2,102.2
Net income		280.3		252.8		319.2		324.1
Net income available to common stockholders		270.4		240.7		306.3		293.7
Basic earnings per common share for net income available to common stockholders		0.92		0.78		1.04		0.96
Diluted earnings per common share for net income available to common stockholders		0.91		0.77		1.03		0.95
2013
Total revenues	$	2,672.6	$	2,239.6	$	2,210.6	$	2,166.7
Total expenses		2,362.7		1,919.3		1,945.0		1,938.5
Net income		250.4		259.1		236.6		190.0
Net income available to common stockholders		233.4		245.7		222.3		178.3
Basic earnings per common share for net income available to common stockholders		0.79		0.83		0.76		0.61
Diluted earnings per common share for net income available to common stockholders		0.78		0.82		0.75		0.61

Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2014

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

20. Condensed Consolidating Financial Information

Principal Life has established special purpose entities to issue secured medium-term notes. Under the program, the payment obligations of principal and interest on the notes are secured by funding agreements issued by Principal Life. Principal Life's payment obligations on the funding agreements are fully and unconditionally guaranteed by PFG. All of the outstanding stock of Principal Life is indirectly owned by PFG and PFG is the only guarantor of the payment obligations of the funding agreements.

The following tables set forth condensed consolidating financial information of (i) PFG, (ii) Principal Life, (iii) Principal Financial Services, Inc. ("PFS") and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of December 31, 2014 and December 31, 2013, and for the years ended December 31, 2014, 2013 and 2012.

In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG's interest in all direct subsidiaries of PFG, (ii) Principal Life's interest in all direct subsidiaries of Principal Life and (iii) PFS's interest in Principal Life even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent's investment and earnings. All intercompany balances and transactions, including elimination of the parent's investment in subsidiaries, between PFG, Principal Life and PFS and all other subsidiaries have been eliminated, as shown in the column "Eliminations." These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities.

Condensed Consolidating Statements of Financial Position
December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only		Principal Financial Services, Inc. and Other Subsidiaries Combined		Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	43,649.7	$	6,411.6	$	(390.5	)	$	49,670.8
Fixed maturities, trading		—			298.5		306.1		—			604.6
Equity securities, available-for-sale		—			108.9		14.1		—			123.0
Equity securities, trading		—			0.3		839.9		—			840.2
Mortgage loans		—			10,972.6		1,188.6		(349.6	)		11,811.6
Real estate		—			7.0		1,337.6		—			1,344.6
Policy loans		—			799.0		30.2		—			829.2
Investment in unconsolidated entities		12,446.5			2,787.9		5,745.7		(20,164.3	)		815.8
Other investments		9.5			3,416.7		1,578.5		(2,610.7	)		2,394.0
Cash and cash equivalents		412.4			602.7		1,253.6		(404.8	)		1,863.9
Accrued investment income		—			449.2		58.1		(1.4	)		505.9
Premiums due and other receivables		—			1,237.4		2,165.6		(2,190.0	)		1,213.0
Deferred acquisition costs		—			2,754.6		238.4		—			2,993.0
Property and equipment		—			505.8		84.4		—			590.2
Goodwill		—			54.3		953.1		—			1,007.4
Other intangibles		—			25.7		1,297.8		—			1,323.5
Separate account assets		—			94,328.4		45,744.4		—			140,072.8
Other assets		450.7			873.2		2,768.6		(3,009.0	)		1,083.5

Total assets	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0


Liabilities
Contractholder funds	$	—		$	33,428.3	$	1,607.5	$	(309.1	)	$	34,726.7
Future policy benefits and claims		—			19,768.1		4,718.2		(449.7	)		24,036.6
Other policyholder funds		—			742.8		70.4		(0.5	)		812.7
Short-term debt		—			—		28.0		—			28.0
Long-term debt		2,448.9			—		417.5		(335.2	)		2,531.2
Income taxes currently payable		—			—		83.1		(71.6	)		11.5
Deferred income taxes		—			629.9		1,022.5		(617.1	)		1,035.3
Separate account liabilities		—			94,328.4		45,744.4		—			140,072.8
Other liabilities		686.2			5,793.0		5,845.5		(6,782.5	)		5,542.2

Total liabilities		3,135.1			154,690.5		59,537.1		(8,565.7	)		208,797.0
Redeemable noncontrolling interest		—			—		58.0		—			58.0
Stockholders' equity
Series A preferred stock		—			—		—		—			—
Series B preferred stock		0.1			—		—		—			0.1
Common stock		4.6			2.5		—		(2.5	)		4.6
Additional paid-in capital		9,945.5			5,275.0		8,964.2		(14,239.2	)		9,945.5
Retained earnings		6,114.1			1,817.2		2,858.6		(4,675.8	)		6,114.1
Accumulated other comprehensive income		50.4			1,086.7		545.9		(1,632.6	)		50.4
Treasury stock, at cost		(5,930.7	)		—		—		—			(5,930.7	)

Total stockholders' equity attributable to PFG		10,184.0			8,181.4		12,368.7		(20,550.1	)		10,184.0
Noncontrolling interest		—			—		52.5		(4.5	)		48.0

Total stockholders' equity		10,184.0			8,181.4		12,421.2		(20,554.6	)		10,232.0

Total liabilities and stockholders' equity	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0

Condensed Consolidating Statements of Financial Position
December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined		Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	42,794.7		$	6,357.5	$	(395.1	)	$	48,757.1
Fixed maturities, trading		—			245.5			317.6		—			563.1
Equity securities, available-for-sale		—			102.6			7.9		—			110.5
Equity securities, trading		—			0.3			716.6		—			716.9
Mortgage loans		—			10,501.5			1,345.9		(313.8	)		11,533.6
Real estate		—			7.9			1,263.7		—			1,271.6
Policy loans		—			830.1			29.6		—			859.7
Investment in unconsolidated entities		11,956.2			3,396.8			4,891.6		(19,364.6	)		880.0
Other investments		9.3			1,892.4			1,238.8		(1,076.1	)		2,064.4
Cash and cash equivalents		131.5			1,332.2			894.5		13.6			2,371.8
Accrued investment income		—			474.5			59.0		(1.4	)		532.1
Premiums due and other receivables		—			1,029.0			1,814.5		(1,602.5	)		1,241.0
Deferred acquisition costs		—			2,848.8			228.2		—			3,077.0
Property and equipment		—			422.1			78.6		—			500.7
Goodwill		—			54.3			1,046.0		—			1,100.3
Other intangibles		—			26.9			1,432.1		—			1,459.0
Separate account assets		—			83,790.2			46,228.2		—			130,018.4
Other assets		59.2			976.9			2,115.3		(2,017.2	)		1,134.2

Total assets	$	12,156.2		$	150,726.7		$	70,065.6	$	(24,757.1	)	$	208,191.4


Liabilities
Contractholder funds	$	—		$	34,918.0		$	1,330.7	$	(290.4	)	$	35,958.3
Future policy benefits and claims		—			18,292.9			4,625.0		(291.7	)		22,626.2
Other policyholder funds		—			705.1			54.2		(0.4	)		758.9
Short-term debt		—			—			150.6		—			150.6
Long-term debt		2,448.8			99.4			367.0		(313.8	)		2,601.4
Income taxes currently payable		—			—			67.4		(62.2	)		5.2
Deferred income taxes		—			(25.0	)		1,030.1		(181.1	)		824.0
Separate account liabilities		—			83,790.2			46,228.2		—			130,018.4
Other liabilities		23.2			5,204.8			3,911.8		(3,915.6	)		5,224.2

Total liabilities		2,472.0			142,985.4			57,765.0		(5,055.2	)		198,167.2
Redeemable noncontrolling interest		—			—			247.2		—			247.2
Stockholders' equity
Series A preferred stock		—			—			—		—			—
Series B preferred stock		0.1			—			—		—			0.1
Common stock		4.6			2.5			—		(2.5	)		4.6
Additional paid-in capital		9,798.9			5,505.0			9,163.7		(14,668.7	)		9,798.9
Retained earnings		5,405.4			1,738.1			2,578.2		(4,316.3	)		5,405.4
Accumulated other comprehensive income		183.2			495.7			214.3		(710.0	)		183.2
Treasury stock, at cost		(5,708.0	)		—			—		—			(5,708.0	)

Total stockholders' equity attributable to PFG		9,684.2			7,741.3			11,956.2		(19,697.5	)		9,684.2
Noncontrolling interest		—			—			97.2		(4.4	)		92.8

Total stockholders' equity		9,684.2			7,741.3			12,053.4		(19,701.9	)		9,777.0

Total liabilities and stockholders' equity	$	12,156.2		$	150,726.7		$	70,065.6	$	(24,757.1	)	$	208,191.4

Condensed Consolidating Statements of Operations
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	3,329.2		$	393.7		$	—		$	3,722.9
Fees and other revenues		—			1,892.5			1,981.3			(391.7	)		3,482.1
Net investment income		0.5			2,288.3			1,738.2			(769.1	)		3,257.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		—			1,117.6			(1,024.9	)		—			92.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		—			33.0			(9.2	)		—			23.8
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		—			(102.1	)		0.3			—			(101.8	)

Net impairment losses on available-for-sale securities		—			(69.1	)		(8.9	)		—			(78.0	)

Net realized capital gains (losses)		—			1,048.5			(1,033.8	)		—			14.7

Total revenues		0.5			8,558.5			3,079.4			(1,160.8	)		10,477.6
Expenses
Benefits, claims and settlement expenses		—			4,521.2			721.3			(11.5	)		5,231.0
Dividends to policyholders		—			177.4			—			—			177.4
Operating expenses		144.3			2,168.8			1,589.3			(328.1	)		3,574.3

Total expenses		144.3			6,867.4			2,310.6			(339.6	)		8,982.7

Income (loss) before income taxes		(143.8	)		1,691.1			768.8			(821.2	)		1,494.9
Income taxes (benefits)		(86.3	)		426.8			(19.8	)		(2.2	)		318.5
Equity in the net income (loss) of subsidiaries		1,201.6			(306.8	)		449.6			(1,344.4	)		—

Net income		1,144.1			957.5			1,238.2			(2,163.4	)		1,176.4
Net income attributable to noncontrolling interest		—			—			32.3			—			32.3

Net income attributable to PFG		1,144.1			957.5			1,205.9			(2,163.4	)		1,144.1
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	1,111.1		$	957.5		$	1,205.9		$	(2,163.4	)	$	1,111.1


Net income	$	1,144.1		$	957.5		$	1,238.2		$	(2,163.4	)	$	1,176.4
Other comprehensive income (loss)		(198.8	)		367.7			180.3			(493.3	)		(144.1	)

Comprehensive income	$	945.3		$	1,325.2		$	1,418.5		$	(2,656.7	)	$	1,032.3

Condensed Consolidating Statements of Operations
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	2,788.1		$	366.0		$	—		$	3,154.1
Fees and other revenues		—			1,723.8			1,855.0			(356.6	)		3,222.2
Net investment income		0.4			2,354.5			753.8			29.7			3,138.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		6.3			(779.5	)		663.9			0.1			(109.2	)
Net other-than-temporary impairment losses on available-for-sale securities		—			(85.6	)		(5.9	)		—			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			(17.0	)		(7.5	)		—			(24.5	)

Net impairment losses on available-for-sale securities		—			(102.6	)		(13.4	)		—			(116.0	)

Net realized capital gains (losses)		6.3			(882.1	)		650.5			0.1			(225.2	)

Total revenues		6.7			5,984.3			3,625.3			(326.8	)		9,289.5
Expenses
Benefits, claims and settlement expenses		—			4,056.6			639.2			(12.2	)		4,683.6
Dividends to policyholders		—			189.0			—			—			189.0
Operating expenses		140.5			1,887.7			1,567.5			(302.8	)		3,292.9

Total expenses		140.5			6,133.3			2,206.7			(315.0	)		8,165.5

Income (loss) before income taxes		(133.8	)		(149.0	)		1,418.6			(11.8	)		1,124.0
Income taxes (benefits)		(54.0	)		(167.5	)		412.6			(3.2	)		187.9
Equity in the net income of subsidiaries		992.5			678.1			10.1			(1,680.7	)		—

Net income		912.7			696.6			1,016.1			(1,689.3	)		936.1
Net income attributable to noncontrolling interest		—			—			23.6			(0.2	)		23.4

Net income attributable to PFG		912.7			696.6			992.5			(1,689.1	)		912.7
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	879.7		$	696.6		$	992.5		$	(1,689.1	)	$	879.7


Net income	$	912.7		$	696.6		$	1,016.1		$	(1,689.3	)	$	936.1
Other comprehensive loss		(450.1	)		(146.6	)		(300.1	)		424.9			(471.9	)

Comprehensive income	$	462.6		$	550.0		$	716.0		$	(1,264.4	)	$	464.2

Condensed Consolidating Statements of Operations
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	2,878.9		$	340.5		$	—		$	3,219.4
Fees and other revenues		0.5			1,529.7			1,404.1			(307.6	)		2,626.7
Net investment income		3.0			2,484.5			743.1			24.3			3,254.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		0.3			(194.8	)		454.8			(27.6	)		232.7
Total other-than-temporary impairment losses on available-for-sale securities		—			(121.1	)		(14.8	)		—			(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—			13.8			3.5			—			17.3

Net impairment losses on available-for-sale securities		—			(107.3	)		(11.3	)		—			(118.6	)

Net realized capital gains (losses)		0.3			(302.1	)		443.5			(27.6	)		114.1

Total revenues		3.8			6,591.0			2,931.2			(310.9	)		9,215.1
Expenses
Benefits, claims and settlement expenses		—			4,517.8			618.5			(12.4	)		5,123.9
Dividends to policyholders		—			197.7			—			—			197.7
Operating expenses		170.2			1,764.2			1,265.0			(265.9	)		2,933.5

Total expenses		170.2			6,479.7			1,883.5			(278.3	)		8,255.1

Income (loss) before income taxes		(166.4	)		111.3			1,047.7			(32.6	)		960.0
Income taxes (benefits)		(67.6	)		(83.2	)		287.1			(1.7	)		134.6
Equity in the net income of subsidiaries		905.4			480.4			163.9			(1,549.7	)		—

Net income		806.6			674.9			924.5			(1,580.6	)		825.4
Net income attributable to noncontrolling interest		—			—			19.1			(0.3	)		18.8

Net income attributable to PFG		806.6			674.9			905.4			(1,580.3	)		806.6
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	773.6		$	674.9		$	905.4		$	(1,580.3	)	$	773.6


Net income	$	806.6		$	674.9		$	924.5		$	(1,580.6	)	$	825.4
Other comprehensive income		321.2			315.2			95.1			(361.4	)		370.1

Comprehensive income	$	1,127.8		$	990.1		$	1,019.6		$	(1,942.0	)	$	1,195.5

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	(81.6	)	$	2,461.0		$	1,205.0		$	(481.5	)	$	3,102.9
Investing activities
Available-for-sale securities:
Purchases		—			(8,038.3	)		(1,025.9	)		10.2			(9,054.0	)
Sales		—			2,066.1			445.9			—			2,512.0
Maturities		—			5,696.6			548.1			—			6,244.7
Mortgage loans acquired or originated		—			(2,141.0	)		(188.6	)		160.0			(2,169.6	)
Mortgage loans sold or repaid		—			1,658.3			254.8			(119.5	)		1,793.6
Real estate acquired		—			(0.8	)		(280.9	)		—			(281.7	)
Net purchases of property and equipment		—			(115.1	)		(20.9	)		—			(136.0	)
Dividends and returns of capital received from unconsolidated entities		917.7			255.2			867.7			(2,040.6	)		—
Net change in other investments		(0.7	)		175.7			(290.7	)		34.0			(81.7	)

Net cash provided by (used in) investing activities		917.0			(443.3	)		309.5			(1,955.9	)		(1,172.7	)
Financing activities
Issuance of common stock		77.5			—			—			—			77.5
Acquisition of treasury stock		(222.7	)		—			—			—			(222.7	)
Proceeds from financing element derivatives		—			15.1			—			—			15.1
Payments for financing element derivatives		—			(58.0	)		—			—			(58.0	)
Excess tax benefits from share-based payment arrangements		0.3			4.2			5.2			—			9.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(227.5	)		0.5			(227.0	)
Sale of subsidiary shares to noncontrolling interest		—			—			0.5			(0.5	)		—
Dividends to common stockholders		(376.6	)		—			—			—			(376.6	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			140.9			(102.4	)		38.5
Principal repayments of long-term debt		—			(100.0	)		(81.1	)		80.8			(100.3	)
Net repayments of short-term borrowings		—			—			(118.3	)		—			(118.3	)
Dividends and capital paid to parent		—			(867.7	)		(1,172.9	)		2,040.6			—
Investment contract deposits		—			5,349.1			289.3			—			5,638.4
Investment contract withdrawals		—			(7,088.8	)		(10.4	)		—			(7,099.2	)
Net increase in banking operation deposits		—			—			30.7			—			30.7
Other		—			(1.1	)		(11.8	)		—			(12.9	)

Net cash used in financing activities		(554.5	)		(2,747.2	)		(1,155.4	)		2,019.0			(2,438.1	)

Net increase (decrease) in cash and cash equivalents		280.9			(729.5	)		359.1			(418.4	)		(507.9	)
Cash and cash equivalents at beginning of period		131.5			1,332.2			894.5			13.6			2,371.8

Cash and cash equivalents at end of period	$	412.4		$	602.7		$	1,253.6		$	(404.8	)	$	1,863.9

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(42.8	)	$	2,271.7		$	(170.1	)	$	162.4		$	2,221.2
Investing activities
Available-for-sale securities:
Purchases		—			(7,850.8	)		(1,186.1	)		11.7			(9,025.2	)
Sales		—			1,536.0			434.0			(50.9	)		1,919.1
Maturities		—			6,433.3			925.9			—			7,359.2
Mortgage loans acquired or originated		—			(2,378.4	)		(202.2	)		387.7			(2,192.9	)
Mortgage loans sold or repaid		—			1,918.0			634.3			(457.2	)		2,095.1
Real estate acquired		—			—			(85.6	)		—			(85.6	)
Net purchases of property and equipment		—			(52.4	)		(7.0	)		—			(59.4	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(1,268.3	)		—			(1,268.3	)
Dividends and returns of capital received from unconsolidated entities		319.5			444.2			319.5			(1,083.2	)		—
Net change in other investments		(3.1	)		56.1			(70.2	)		48.9			31.7

Net cash provided by (used in) investing activities		316.4			106.0			(505.7	)		(1,143.0	)		(1,226.3	)
Financing activities
Issuance of common stock		125.8			—			—			—			125.8
Acquisition of treasury stock		(153.6	)		—			—			—			(153.6	)
Proceeds from financing element derivatives		—			47.0			—			—			47.0
Payments for financing element derivatives		—			(48.0	)		—			—			(48.0	)
Excess tax benefits from share-based payment arrangements		—			3.1			7.0			—			10.1
Purchase of subsidiary shares from noncontrolling interest		—			—			(52.9	)		—			(52.9	)
Sale of subsidiary shares to noncontrolling interest		—			—			31.8			—			31.8
Dividends to common stockholders		(288.4	)		—			—			—			(288.4	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			38.2			—			38.2
Principal repayments of long-term debt		—			—			(214.4	)		(3.8	)		(218.2	)
Net proceeds from short-term borrowings		—			—			108.0			—			108.0
Dividends and capital paid to parent		—			(249.5	)		(763.7	)		1,013.2			—
Investment contract deposits		—			6,355.1			361.2			—			6,716.3
Investment contract withdrawals		—			(8,846.6	)		(6.1	)		—			(8,852.7	)
Net decrease in banking operation deposits		—			—			(225.7	)		—			(225.7	)
Other		—			(5.0	)		—			—			(5.0	)

Net cash used in financing activities		(349.2	)		(2,743.9	)		(716.6	)		1,009.4			(2,800.3	)

Net decrease in cash and cash equivalents		(75.6	)		(366.2	)		(1,392.4	)		28.8			(1,805.4	)
Cash and cash equivalents at beginning of period		207.1			1,698.4			2,286.9			(15.2	)		4,177.2

Cash and cash equivalents at end of period	$	131.5		$	1,332.2		$	894.5		$	13.6		$	2,371.8

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	204.8		$	3,133.8		$	(382.5	)	$	124.7		$	3,080.8
Investing activities
Available-for-sale securities:
Purchases		—			(7,254.5	)		(1,024.9	)		15.5			(8,263.9	)
Sales		—			1,183.9			134.8			(15.0	)		1,303.7
Maturities		—			5,805.7			841.8			—			6,647.5
Mortgage loans acquired or originated		—			(2,224.8	)		(250.4	)		(63.2	)		(2,538.4	)
Mortgage loans sold or repaid		—			1,422.2			382.3			(136.5	)		1,668.0
Real estate acquired		—			—			(151.8	)		—			(151.8	)
Net purchases of property and equipment		—			(22.2	)		(16.7	)		—			(38.9	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(80.4	)		—			(80.4	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		(759.2	)		299.2			714.8			(254.8	)		—
Net change in other investments		(0.2	)		(148.4	)		(1.6	)		(6.9	)		(157.1	)

Net cash provided by (used in) investing activities		(759.4	)		(938.9	)		547.9			(460.9	)		(1,611.3	)
Financing activities
Issuance of common stock		28.9			—			—			—			28.9
Acquisition of treasury stock		(272.7	)		—			—			—			(272.7	)
Proceeds from financing element derivatives		—			51.8			—			—			51.8
Payments for financing element derivatives		—			(49.9	)		—			—			(49.9	)
Excess tax benefits from share-based payment arrangements		—			5.1			5.7			—			10.8
Dividends to common stockholders		(231.3	)		—			—			—			(231.3	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		1,483.9			—			9.5			—			1,493.4
Principal repayments of long-term debt		(440.8	)		—			(90.9	)		81.1			(450.6	)
Net repayments of short-term borrowings		—			—			(68.8	)		—			(68.8	)
Dividends and capital received from (paid to) parent		—			(714.8	)		460.0			254.8			—
Investment contract deposits		—			6,401.2			499.2			—			6,900.4
Investment contract withdrawals		—			(7,519.8	)		(2.8	)		—			(7,522.6	)
Net increase in banking operation deposits		—			—			32.0			—			32.0
Other		—			(14.6	)		—			—			(14.6	)

Net cash provided by (used in) financing activities		535.0			(1,841.0	)		843.9			335.9			(126.2	)

Net increase (decrease) in cash and cash equivalents		(19.6	)		353.9			1,009.3			(0.3	)		1,343.3
Cash and cash equivalents at beginning of period		226.7			1,344.5			1,277.6			(14.9	)		2,833.9

Cash and cash equivalents at end of period	$	207.1		$	1,698.4		$	2,286.9		$	(15.2	)	$	4,177.2

On May 7, 2014, our shelf registration statement was filed with the SEC and became effective. The shelf registration replaces the shelf registration that had been in effect since May 2011. Under our current shelf registration, we have the ability to issue in unlimited amounts, unsecured senior debt securities or subordinated debt securities, junior subordinated debt, preferred stock, common stock, warrants, depository shares, stock purchase contracts and stock purchase units of PFG, trust preferred securities of three subsidiary trusts and guarantees by PFG of these trust preferred securities. Our wholly owned subsidiary, PFS, may guarantee, fully and unconditionally or otherwise, our obligations with respect to any non-convertible securities, other than common stock, described in the shelf registration.

The following tables set forth condensed consolidating financial information of (i) PFG, (ii) PFS, (iii) Principal Life and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of December 31, 2014 and December 31, 2013, and for the years ended December 31, 2014, 2013 and 2012.

In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG's interest in all direct subsidiaries of PFG and (ii) PFS's interest in Principal Life and all other subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent's investment and earnings. All intercompany balances and transactions, including elimination of the parent's investment in subsidiaries, between PFG, PFS and Principal Life and all other subsidiaries have been eliminated, as shown in the column "Eliminations." These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities.

Condensed Consolidating Statements of Financial Position
December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only		Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	—	$	49,670.8		$	—		$	49,670.8
Fixed maturities, trading		—			—		604.6			—			604.6
Equity securities, available-for-sale		—			—		123.0			—			123.0
Equity securities, trading		—			—		840.2			—			840.2
Mortgage loans		—			—		11,811.6			—			11,811.6
Real estate		—			—		1,344.6			—			1,344.6
Policy loans		—			—		829.2			—			829.2
Investment in unconsolidated entities		12,446.5			12,042.5		781.9			(24,455.1	)		815.8
Other investments		9.5			128.2		2,256.3			—			2,394.0
Cash and cash equivalents		412.4			907.2		1,598.0			(1,053.7	)		1,863.9
Accrued investment income		—			—		505.9			—			505.9
Premiums due and other receivables		—			0.3		1,211.8			0.9			1,213.0
Deferred acquisition costs		—			—		2,993.0			—			2,993.0
Property and equipment		—			—		590.2			—			590.2
Goodwill		—			—		1,007.4			—			1,007.4
Other intangibles		—			—		1,323.5			—			1,323.5
Separate account assets		—			—		140,072.8			—			140,072.8
Other assets		450.7			167.6		1,117.7			(652.5	)		1,083.5

Total assets	$	13,319.1		$	13,245.8	$	218,682.5		$	(26,160.4	)	$	219,087.0


Liabilities
Contractholder funds	$	—		$	—	$	34,726.7		$	—		$	34,726.7
Future policy benefits and claims		—			—		24,036.6			—			24,036.6
Other policyholder funds		—			—		812.7			—			812.7
Short-term debt		—			—		182.5			(154.5	)		28.0
Long-term debt		2,448.9			—		82.3			—			2,531.2
Income taxes currently payable		—			4.3		54.1			(46.9	)		11.5
Deferred income taxes		—			—		1,626.1			(590.8	)		1,035.3
Separate account liabilities		—			—		140,072.8			—			140,072.8
Other liabilities		686.2			872.8		4,862.4			(879.2	)		5,542.2

Total liabilities		3,135.1			877.1		206,456.2			(1,671.4	)		208,797.0
Redeemable noncontrolling interest		—			—		58.0			—			58.0
Stockholders' equity
Series A preferred stock		—			—		—			—			—
Series B preferred stock		0.1			—		—			—			0.1
Common stock		4.6			—		17.8			(17.8	)		4.6
Additional paid-in capital		9,945.5			8,964.2		9,341.0			(18,305.2	)		9,945.5
Retained earnings		6,114.1			2,858.6		2,283.2			(5,141.8	)		6,114.1
Accumulated other comprehensive income		50.4			545.9		480.3			(1,026.2	)		50.4
Treasury stock, at cost		(5,930.7	)		—		(2.0	)		2.0			(5,930.7	)

Total stockholders' equity attributable to PFG		10,184.0			12,368.7		12,120.3			(24,489.0	)		10,184.0
Noncontrolling interest		—			—		48.0			—			48.0

Total stockholders' equity		10,184.0			12,368.7		12,168.3			(24,489.0	)		10,232.0

Total liabilities and stockholders' equity	$	13,319.1		$	13,245.8	$	218,682.5		$	(26,160.4	)	$	219,087.0

Condensed Consolidating Statements of Financial Position
December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only		Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	—	$	48,757.1		$	—		$	48,757.1
Fixed maturities, trading		—			—		563.1			—			563.1
Equity securities, available-for-sale		—			—		110.5			—			110.5
Equity securities, trading		—			—		716.9			—			716.9
Mortgage loans		—			—		11,533.6			—			11,533.6
Real estate		—			—		1,271.6			—			1,271.6
Policy loans		—			—		859.7			—			859.7
Investment in unconsolidated entities		11,956.2			11,647.6		879.8			(23,603.6	)		880.0
Other investments		9.3			72.7		1,982.5			(0.1	)		2,064.4
Cash and cash equivalents		131.5			688.7		2,384.0			(832.4	)		2,371.8
Accrued investment income		—			—		532.1			—			532.1
Premiums due and other receivables		—			0.1		2,330.4			(1,089.5	)		1,241.0
Deferred acquisition costs		—			—		3,077.0			—			3,077.0
Property and equipment		—			—		500.7			—			500.7
Goodwill		—			—		1,100.3			—			1,100.3
Other intangibles		—			—		1,459.0			—			1,459.0
Separate account assets		—			—		130,018.4			—			130,018.4
Other assets		59.2			94.8		1,181.0			(200.8	)		1,134.2

Total assets	$	12,156.2		$	12,503.9	$	209,257.7		$	(25,726.4	)	$	208,191.4


Liabilities
Contractholder funds	$	—		$	—	$	35,958.3		$	—		$	35,958.3
Future policy benefits and claims		—			—		22,626.2			—			22,626.2
Other policyholder funds		—			—		758.9			—			758.9
Short-term debt		—			—		443.0			(292.4	)		150.6
Long-term debt		2,448.8			—		1,236.9			(1,084.3	)		2,601.4
Income taxes currently payable		—			2.8		44.7			(42.3	)		5.2
Deferred income taxes		—			—		979.6			(155.6	)		824.0
Separate account liabilities		—			—		130,018.4			—			130,018.4
Other liabilities		23.2			544.9		5,204.1			(548.0	)		5,224.2

Total liabilities		2,472.0			547.7		197,270.1			(2,122.6	)		198,167.2
Redeemable noncontrolling interest		—			—		247.2			—			247.2
Stockholders' equity
Series A preferred stock		—			—		—			—			—
Series B preferred stock		0.1			—		—			—			0.1
Common stock		4.6			—		17.8			(17.8	)		4.6
Additional paid-in capital		9,798.9			9,163.7		9,057.1			(18,220.8	)		9,798.9
Retained earnings		5,405.4			2,578.2		2,387.2			(4,965.4	)		5,405.4
Accumulated other comprehensive income		183.2			214.3		187.5			(401.8	)		183.2
Treasury stock, at cost		(5,708.0	)		—		(2.0	)		2.0			(5,708.0	)

Total stockholders' equity attributable to PFG		9,684.2			11,956.2		11,647.6			(23,603.8	)		9,684.2
Noncontrolling interest		—			—		92.8			—			92.8

Total stockholders' equity		9,684.2			11,956.2		11,740.4			(23,603.8	)		9,777.0

Total liabilities and stockholders' equity	$	12,156.2		$	12,503.9	$	209,257.7		$	(25,726.4	)	$	208,191.4

Condensed Consolidating Statements of Operations
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,722.9		$	—		$	3,722.9
Fees and other revenues		—			0.3			3,482.4			(0.6	)		3,482.1
Net investment income		0.5			0.7			3,256.8			(0.1	)		3,257.9
Net realized capital gains, excluding impairment losses on available-for-sale securities		—			3.8			93.0			(4.1	)		92.7
Net other-than-temporary impairment recoveries on available-for-sale securities		—			—			23.8			—			23.8
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			—			(101.8	)		—			(101.8	)

Net impairment losses on available-for-sale securities		—			—			(78.0	)		—			(78.0	)

Net realized capital gains		—			3.8			15.0			(4.1	)		14.7

Total revenues		0.5			4.8			10,477.1			(4.8	)		10,477.6
Expenses
Benefits, claims and settlement expenses		—			—			5,231.0			—			5,231.0
Dividends to policyholders		—			—			177.4			—			177.4
Operating expenses		144.3			12.2			3,418.3			(0.5	)		3,574.3

Total expenses		144.3			12.2			8,826.7			(0.5	)		8,982.7

Income (loss) before income taxes		(143.8	)		(7.4	)		1,650.4			(4.3	)		1,494.9
Income taxes (benefits)		(86.3	)		(8.5	)		413.3			—			318.5
Equity in the net income of subsidiaries		1,201.6			1,204.8			—			(2,406.4	)		—

Net income		1,144.1			1,205.9			1,237.1			(2,410.7	)		1,176.4
Net income attributable to noncontrolling interest		—			—			32.3			—			32.3

Net income attributable to PFG		1,144.1			1,205.9			1,204.8			(2,410.7	)		1,144.1
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	1,111.1		$	1,205.9		$	1,204.8		$	(2,410.7	)	$	1,111.1


Net income	$	1,144.1		$	1,205.9		$	1,237.1		$	(2,410.7	)	$	1,176.4
Other comprehensive income (loss)		(198.8	)		101.3			64.4			(111.0	)		(144.1	)

Comprehensive income	$	945.3		$	1,307.2		$	1,301.5		$	(2,521.7	)	$	1,032.3

Condensed Consolidating Statements of Operations
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,154.1		$	—		$	3,154.1
Fees and other revenues		—			1.0			3,250.2			(29.0	)		3,222.2
Net investment income		0.4			1.3			3,136.5			0.2			3,138.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		6.3			4.6			(120.1	)		—			(109.2	)
Net other-than-temporary impairment losses on available-for-sale securities		—			—			(91.5	)		—			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			—			(24.5	)		—			(24.5	)

Net impairment losses on available-for-sale securities		—			—			(116.0	)		—			(116.0	)

Net realized capital gains (losses)		6.3			4.6			(236.1	)		—			(225.2	)

Total revenues		6.7			6.9			9,304.7			(28.8	)		9,289.5
Expenses
Benefits, claims and settlement expenses		—			—			4,683.6			—			4,683.6
Dividends to policyholders		—			—			189.0			—			189.0
Operating expenses		140.5			9.0			3,172.2			(28.8	)		3,292.9

Total expenses		140.5			9.0			8,044.8			(28.8	)		8,165.5

Income (loss) before income taxes		(133.8	)		(2.1	)		1,259.9			—			1,124.0
Income taxes (benefits)		(54.0	)		(2.9	)		244.8			—			187.9
Equity in the net income of subsidiaries		992.5			991.7			—			(1,984.2	)		—

Net income		912.7			992.5			1,015.1			(1,984.2	)		936.1
Net income attributable to noncontrolling interest		—			—			23.4			—			23.4

Net income attributable to PFG		912.7			992.5			991.7			(1,984.2	)		912.7
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	879.7		$	992.5		$	991.7		$	(1,984.2	)	$	879.7


Net income	$	912.7		$	992.5		$	1,015.1		$	(1,984.2	)	$	936.1
Other comprehensive loss		(450.1	)		(476.4	)		(489.3	)		943.9			(471.9	)

Comprehensive income	$	462.6		$	516.1		$	525.8		$	(1,040.3	)	$	464.2

Condensed Consolidating Statements of Operations
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,219.4		$	—		$	3,219.4
Fees and other revenues		0.5			—			2,627.3			(1.1	)		2,626.7
Net investment income		3.0			0.4			3,250.8			0.7			3,254.9
Net realized capital gains, excluding impairment losses on available-for-sale securities		0.3			3.0			229.6			(0.2	)		232.7
Total other-than-temporary impairment losses on available-for-sale securities		—			—			(135.9	)		—			(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—			—			17.3			—			17.3

Net impairment losses on available-for-sale securities		—			—			(118.6	)		—			(118.6	)

Net realized capital gains		0.3			3.0			111.0			(0.2	)		114.1

Total revenues		3.8			3.4			9,208.5			(0.6	)		9,215.1
Expenses
Benefits, claims and settlement expenses		—			—			5,123.9			—			5,123.9
Dividends to policyholders		—			—			197.7			—			197.7
Operating expenses		170.2			9.3			2,754.6			(0.6	)		2,933.5

Total expenses		170.2			9.3			8,076.2			(0.6	)		8,255.1

Income (loss) before income taxes		(166.4	)		(5.9	)		1,132.3			—			960.0
Income taxes (benefits)		(67.6	)		(6.9	)		209.1			—			134.6
Equity in the net income of subsidiaries		905.4			904.4			—			(1,809.8	)		—

Net income		806.6			905.4			923.2			(1,809.8	)		825.4
Net income attributable to noncontrolling interest		—			—			18.8			—			18.8

Net income attributable to PFG		806.6			905.4			904.4			(1,809.8	)		806.6
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	773.6		$	905.4		$	904.4		$	(1,809.8	)	$	773.6


Net income	$	806.6		$	905.4		$	923.2		$	(1,809.8	)	$	825.4
Other comprehensive income		321.2			366.3			353.7			(671.1	)		370.1

Comprehensive income	$	1,127.8		$	1,271.7		$	1,276.9		$	(2,480.9	)	$	1,195.5

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(81.6	)	$	(16.6	)	$	3,456.7		$	(255.6	)	$	3,102.9
Investing activities
Available-for-sale securities:
Purchases		—			—			(9,054.0	)		—			(9,054.0	)
Sales		—			—			2,512.0			—			2,512.0
Maturities		—			—			6,244.7			—			6,244.7
Mortgage loans acquired or originated		—			—			(2,169.6	)		—			(2,169.6	)
Mortgage loans sold or repaid		—			—			1,793.6			—			1,793.6
Real estate acquired		—			—			(281.7	)		—			(281.7	)
Net purchases of property and equipment		—			—			(136.0	)		—			(136.0	)
Dividends and returns of capital received from unconsolidated entities		917.7			1,133.8			—			(2,051.5	)		—
Net change in other investments		(0.7	)		19.0			3.6			(103.6	)		(81.7	)

Net cash provided by (used in) investing activities		917.0			1,152.8			(1,087.4	)		(2,155.1	)		(1,172.7	)
Financing activities
Issuance of common stock		77.5			—			—			—			77.5
Acquisition of treasury stock		(222.7	)		—			—			—			(222.7	)
Proceeds from financing element derivatives		—			—			15.1			—			15.1
Payments for financing element derivatives		—			—			(58.0	)		—			(58.0	)
Excess tax benefits from share-based payment arrangements		0.3			—			9.4			—			9.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(227.0	)		—			(227.0	)
Dividends to common stockholders		(376.6	)		—			—			—			(376.6	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			38.5			—			38.5
Principal repayments of long-term debt		—			—			(100.3	)		—			(100.3	)
Net repayments of short-term borrowings		—			—			(256.2	)		137.9			(118.3	)
Dividends and capital paid to parent		—			(917.7	)		(1,133.8	)		2,051.5			—
Investment contract deposits		—			—			5,638.4			—			5,638.4
Investment contract withdrawals		—			—			(7,099.2	)		—			(7,099.2	)
Net increase in banking operation deposits		—			—			30.7			—			30.7
Other		—			—			(12.9	)		—			(12.9	)

Net cash used in financing activities		(554.5	)		(917.7	)		(3,155.3	)		2,189.4			(2,438.1	)

Net increase (decrease) in cash and cash equivalents		280.9			218.5			(786.0	)		(221.3	)		(507.9	)
Cash and cash equivalents at beginning of period		131.5			688.7			2,384.0			(832.4	)		2,371.8

Cash and cash equivalents at end of period	$	412.4		$	907.2		$	1,598.0		$	(1,053.7	)	$	1,863.9

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(42.8	)	$	1,019.0		$	2,340.2		$	(1,095.2	)	$	2,221.2
Investing activities
Available-for-sale securities:
Purchases		—			—			(9,025.2	)		—			(9,025.2	)
Sales		—			—			1,919.1			—			1,919.1
Maturities		—			—			7,359.2			—			7,359.2
Mortgage loans acquired or originated		—			—			(2,192.9	)		—			(2,192.9	)
Mortgage loans sold or repaid		—			—			2,095.1			—			2,095.1
Real estate acquired		—			—			(85.6	)		—			(85.6	)
Net purchases of property and equipment		—			—			(59.4	)		—			(59.4	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(1,268.3	)		—			(1,268.3	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		319.5			(594.6	)		—			275.1			—
Net change in other investments		(3.1	)		(28.7	)		63.5			—			31.7

Net cash provided by (used in) investing activities		316.4			(623.3	)		(1,194.5	)		275.1			(1,226.3	)
Financing activities
Issuance of common stock		125.8			—			—			—			125.8
Acquisition of treasury stock		(153.6	)		—			—			—			(153.6	)
Proceeds from financing element derivatives		—			—			47.0			—			47.0
Payments for financing element derivatives		—			—			(48.0	)		—			(48.0	)
Excess tax benefits from share-based payment arrangements		—			—			10.1			—			10.1
Purchase of subsidiary shares from noncontrolling interest		—			—			(52.9	)		—			(52.9	)
Sale of subsidiary shares to noncontrolling interest		—			—			31.8			—			31.8
Dividends to common stockholders		(288.4	)		—			—			—			(288.4	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			1,122.5			(1,084.3	)		38.2
Principal repayments of long-term debt		—			—			(218.2	)		—			(218.2	)
Net proceeds from (repayments of) short-term borrowings		—			—			(2,122.8	)		2,230.8			108.0
Dividends and capital received from (paid to) parent		—			(319.5	)		594.6			(275.1	)		—
Investment contract deposits		—			—			6,716.3			—			6,716.3
Investment contract withdrawals		—			—			(8,852.7	)		—			(8,852.7	)
Net decrease in banking operation deposits		—			—			(225.7	)		—			(225.7	)
Other		—			—			(5.0	)		—			(5.0	)

Net cash used in financing activities		(349.2	)		(319.5	)		(3,003.0	)		871.4			(2,800.3	)

Net increase (decrease) in cash and cash equivalents		(75.6	)		76.2			(1,857.3	)		51.3			(1,805.4	)
Cash and cash equivalents at beginning of period		207.1			612.5			4,241.3			(883.7	)		4,177.2

Cash and cash equivalents at end of period	$	131.5		$	688.7		$	2,384.0		$	(832.4	)	$	2,371.8

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	204.8		$	(1,145.0	)	$	1,762.0		$	2,259.0		$	3,080.8
Investing activities
Available-for-sale securities:
Purchases		—			—			(8,263.9	)		—			(8,263.9	)
Sales		—			—			1,303.7			—			1,303.7
Maturities		—			—			6,647.5			—			6,647.5
Mortgage loans acquired or originated		—			—			(2,538.4	)		—			(2,538.4	)
Mortgage loans sold or repaid		—			—			1,668.0			—			1,668.0
Real estate acquired		—			—			(151.8	)		—			(151.8	)
Net purchases of property and equipment		—			—			(38.9	)		—			(38.9	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(80.4	)		—			(80.4	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		(759.2	)		381.0			—			378.2			—
Net change in other investments		(0.2	)		(35.1	)		(121.8	)		—			(157.1	)

Net cash provided by (used in) investing activities		(759.4	)		345.9			(1,576.0	)		378.2			(1,611.3	)
Financing activities
Issuance of common stock		28.9			—			—			—			28.9
Acquisition of treasury stock		(272.7	)		—			—			—			(272.7	)
Proceeds from financing element derivatives		—			—			51.8			—			51.8
Payments for financing element derivatives		—			—			(49.9	)		—			(49.9	)
Excess tax benefits from share-based payment arrangements		—			—			10.8			—			10.8
Dividends to common stockholders		(231.3	)		—			—			—			(231.3	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		1,483.9			—			9.5			—			1,493.4
Principal repayments of long-term debt		(440.8	)		—			(9.8	)		—			(450.6	)
Net proceeds from (repayments of) short-term borrowings		—			(50.0	)		2,240.8			(2,259.6	)		(68.8	)
Dividends and capital received from (paid to) parent		—			759.2			(381.0	)		(378.2	)		—
Investment contract deposits		—			—			6,900.4			—			6,900.4
Investment contract withdrawals		—			—			(7,522.6	)		—			(7,522.6	)
Net increase in banking operation deposits		—			—			32.0			—			32.0
Other		—			—			(14.6	)		—			(14.6	)

Net cash provided by financing activities		535.0			709.2			1,267.4			(2,637.8	)		(126.2	)

Net increase (decrease) in cash and cash equivalents		(19.6	)		(89.9	)		1,453.4			(0.6	)		1,343.3
Cash and cash equivalents at beginning of period		226.7			702.4			2,787.9			(883.1	)		2,833.9

Cash and cash equivalents at end of period	$	207.1		$	612.5		$	4,241.3		$	(883.7	)	$	4,177.2

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2014
Subsequent Event
Subsequent Event	t 21. Subsequent Event In January 2015, we received regulatory approval and executed upon the merger of two of our Chilean legal entities. As the result of the merger, we will recognize an approximate $125.0 million benefit in net income in first quarter 2015 to reflect a change in deferred tax balances related to the merged entity.

Schedule I - Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2014

Schedule I - Summary of Investments - Other Than Investments in Related Parties

Schedule I - Summary of Investments - Other Than Investments in Related Parties

Schedule I — Summary of Investments — Other Than Investments in Related Parties
December 31, 2014

Type of Investment	Cost		Value		Amount as shown in the consolidated statement of financial position
	(in millions)
Fixed maturities, available-for-sale:
U.S Treasury securities and obligations of U.S government corporations and agencies	$	1,085.6	$	1,121.8	$	1,121.8
States, municipalities and political subdivisions		3,916.8		4,204.0		4,204.0
Foreign governments		704.4		891.1		891.1
Public utilities		3,693.5		3,440.0		3,440.0
Convertibles and bonds with warrants attached		45.5		—		—
Redeemable preferred stock		48.3		53.0		53.0
All other corporate bonds		25,521.0		28,042.0		28,042.0
Residential mortgage-backed securities		2,702.9		2,822.9		2,822.9
Commercial mortgage-backed securities		3,896.9		3,975.5		3,975.5
Collateralized debt obligations		521.2		504.1		504.1
Other debt obligations		4,583.4		4,616.4		4,616.4

Total fixed maturities, available-for-sale		46,719.5		49,670.8		49,670.8
Fixed maturities, trading		604.6		604.6		604.6
Equity securities, available-for-sale:
Banks, trust and insurance companies		71.3		62.0		62.0
Industrial, miscellaneous and all other		3.5		6.5		6.5
Non-redeemable preferred stock		50.3		54.5		54.5

Total equity securities, available-for-sale		125.1		123.0		123.0
Equity securities, trading		840.2		840.2		840.2
Mortgage loans (1)		11,868.1		XXXX		11,811.6
Real estate, net:
Real estate acquired in satisfaction of debt (3)		136.6		XXXX		130.4
Other real estate		1,214.2		XXXX		1,214.2
Policy loans		829.2		XXXX		829.2
Other investments (2)		3,210.9		XXXX		3,209.8

Total investments	$	65,548.4		XXXX	$	68,433.8

(1)	The amount shown in the consolidated statement of financial position for mortgage loans differs from cost as 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.
(2)	The amount shown in the consolidated statement of financial position for other investments differs from cost due to accumulated earnings from minority interests in unconsolidated entities and properties owned jointly with venture partners and operated by the partners. Other investments also includes derivative assets and certain seed money investments and other investment funds, which are reported at fair value, and commercial mortgage loans of consolidated VIEs and equity method real estate investments for which the fair value option was elected.
(3)	The amount shown in the consolidated statement of financial position for real estate differs from cost as real estate is generally reported at cost adjusted for valuation allowances.

Schedule II - Condensed Financial Information of Registrant (Parent Only)

12 Months Ended

Dec. 31, 2014

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Schedule II - Condensed Financial Information of Registrant (Parent Only)

Schedule II — Condensed Financial Information of Registrant (Parent Only)
Statements of Financial Position

	December 31,
	2014			2013
	(in millions)
Assets
Cash and cash equivalents	$	412.4		$	131.5
Other investments		9.5			9.3
Income taxes receivable		21.8			22.2
Deferred income taxes		405.5			17.2
Amounts receivable from subsidiary		5.4			0.8
Other assets		18.0			19.0
Investment in subsidiary		12,446.5			11,956.2

Total assets	$	13,319.1		$	12,156.2


Liabilities
Amounts payable to subsidiary	$	—		$	1.4
Long-term debt		2,448.9			2,448.8
Accrued investment payable		21.8			21.8
Pension liability		664.4			—

Total liabilities		3,135.1			2,472.0
Stockholders' equity
Series A preferred stock, par value $.01 per share with liquidation preference of $100 per share — 3.0 million shares authorized, issued and outstanding in 2014 and 2013		—			—
Series B preferred stock, par value $.01 per share with liquidation preference of $25 per share — 10.0 million shares authorized, issued and outstanding in 2014 and 2013		0.1			0.1
Common stock, par value $.01 per share — 2,500 million shares authorized, 462.7 million and 459.3 million shares issued, and 293.9 million and 295.2 million shares outstanding in 2014 and 2013		4.6			4.6
Additional paid-in capital		9,945.5			9,798.9
Retained earnings		6,114.1			5,405.4
Accumulated other comprehensive income		50.4			183.2
Treasury stock, at cost (168.8 million and 164.1 million shares in 2014 and 2013)		(5,930.7	)		(5,708.0	)

Total stockholders' equity attributable to Principal Financial Group, Inc.		10,184.0			9,684.2

Total liabilities and stockholders' equity	$	13,319.1		$	12,156.2

See accompanying notes.

Statements of Operations

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Revenues
Fees and other revenues	$	—		$	—		$	0.5
Net investment income		0.5			0.4			3.0
Net realized capital gains		—			6.3			0.3

Total revenues		0.5			6.7			3.8
Expenses
Other operating costs and expenses		144.3			140.5			170.2

Total expenses		144.3			140.5			170.2

Losses before income taxes		(143.8	)		(133.8	)		(166.4	)
Income tax benefits		(86.3	)		(54.0	)		(67.6	)
Equity in the net income of subsidiaries		1,201.6			992.5			905.4

Net income attributable to Principal Financial Group, Inc.		1,144.1			912.7			806.6
Preferred stock dividends		33.0			33.0			33.0

Net income available to common stockholders	$	1,111.1		$	879.7		$	773.6

See accompanying notes.

Statements of Cash Flows

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Operating activities
Net income	$	1,144.1		$	912.7		$	806.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in the net income of subsidiaries		(1,201.6	)		(992.5	)		(905.4	)
Net realized capital gains		—			(6.3	)		(0.3	)
Net cash flows for trading securities		—			10.4			258.2
Current and deferred income taxes		(225.9	)		12.6			(2.3	)
Stock-based compensation		3.1			2.2			2.2
Other		198.7			18.1			45.8

Net cash provided by (used in) operating activities		(81.6	)		(42.8	)		204.8
Investing activities
Net change in other investments		(0.7	)		(3.1	)		(0.2	)
Dividends and returns of capital received from (contributions to) unconsolidated entity		917.7			319.5			(759.2	)

Net cash provided by (used in) investing activities		917.0			316.4			(759.4	)
Financing activities
Issuance of common stock		77.5			125.8			28.9
Acquisition of treasury stock		(222.7	)		(153.6	)		(272.7	)
Excess tax benefits from share-based payment arrangements		0.3			—			—
Dividends to common stockholders		(376.6	)		(288.4	)		(231.3	)
Dividends to preferred stockholders		(33.0	)		(33.0	)		(33.0	)
Principal repayments of long-term debt		—			—			(440.8	)
Issuance of long-term debt		—			—			1,483.9

Net cash provided by (used in) financing activities		(554.5	)		(349.2	)		535.0

Net increase (decrease) in cash and cash equivalents		280.9			(75.6	)		(19.6	)
Cash and cash equivalents at beginning of year		131.5			207.1			226.7

Cash and cash equivalents at end of year	$	412.4		$	131.5		$	207.1

(1) Basis of Presentation

The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto of Principal Financial Group, Inc.

In the parent company only financial statements, our investments in subsidiaries are stated as cost plus equity in undistributed earnings of subsidiaries.

During November 2014, the parent company became the sponsor of the defined benefit pension plans discussed in Item 8. "Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 12, Employee and Agent Benefits." Prior to November 2014, Principal Life Insurance Company, an indirect wholly owned subsidiary of the parent company, was the sponsor of these plans.

(2) Dividends and Returns of Capital Received from (Contributions to) Unconsolidated Entity

The parent company received cash dividends and returns of capital totaling $917.7 million and $319.5 million from its unconsolidated entity in 2014 and 2013, respectively. The parent company contributed capital of $759.2 million in 2012 to its unconsolidated entity.

(3) Supplemental Disclosures of Non-Cash Investing Activity

The parent company's assumption of the obligations associated with the defined benefit pension plans previously sponsored by Principal Life Insurance Company resulted in a non-cash increase in the parent company's investment in subsidiary of $56.3 million in 2014.

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2014

Schedule III - Supplementary Insurance Information

Schedule III - Supplementary Insurance Information

Schedule III — Supplementary Insurance Information
As of December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012

Segment	Deferred acquisition costs		Future policy benefits and claims		Contractholder and other policyholder funds
	(in millions)
2014:
Retirement and Investor Services	$	797.4	$	11,274.2	$	28,968.5
Principal Global Investors		—		—		—
Principal International		238.1		4,071.8		275.0
U.S. Insurance Solutions		1,957.5		8,652.6		6,602.3
Corporate		—		38.0		(306.4	)

Total	$	2,993.0	$	24,036.6	$	35,539.4


2013:
Retirement and Investor Services	$	848.9	$	9,975.6	$	30,537.5
Principal Global Investors		—		—		—
Principal International		228.2		4,220.2		172.2
U.S. Insurance Solutions		1,999.9		8,389.0		6,293.9
Corporate		—		41.4		(286.4	)

Total	$	3,077.0	$	22,626.2	$	36,717.2

Schedule III — Supplementary Insurance Information — (continued)
As of December 31, 2014 and 2013 and for each of the years ended December 31, 2014, 2013 and 2012

Segment	Premiums and other considerations			Net investment income (1)		Benefits, claims and settlement expenses			Amortization of deferred acquisition costs			Other operating expenses (1)
	(in millions)
2014:
Retirement and Investor Services	$	1,584.5		$	1,857.9	$	2,766.9		$	163.6		$	1,603.1
Principal Global Investors		—			10.3		—			—			534.1
Principal International		225.7			591.0		622.9			18.7			342.8
U.S. Insurance Solutions		1,913.8			714.8		1,847.9			184.9			714.7
Corporate		(1.1	)		83.9		(6.7	)		—			12.4

Total	$	3,722.9		$	3,257.9	$	5,231.0		$	367.2		$	3,207.1


2013:
Retirement and Investor Services	$	1,045.5		$	1,933.3	$	2,303.4		$	75.0		$	1,529.9
Principal Global Investors		—			17.0		—			—			545.7
Principal International		291.6			447.1		569.0			16.5			318.0
U.S. Insurance Solutions		1,816.5			686.3		1,826.0			95.6			689.0
Corporate		0.5			54.7		(14.8	)		—			23.2

Total	$	3,154.1		$	3,138.4	$	4,683.6		$	187.1		$	3,105.8


2012:
Retirement and Investor Services	$	1,162.6		$	2,075.4	$	2,629.1		$	84.8		$	1,362.5
Principal Global Investors		—			15.4		—			—			456.9
Principal International		284.6			435.2		567.2			12.6			208.5
U.S. Insurance Solutions		1,769.3			675.2		1,935.5			(2.5	)		662.0
Corporate		2.9			53.7		(7.9	)		—			148.7

Total	$	3,219.4		$	3,254.9	$	5,123.9		$	94.9		$	2,838.6

(1)	Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates, and reported operating results would change by segment if different methods were applied.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2014

Schedule IV - Reinsurance

Schedule IV - Reinsurance

Schedule IV — Reinsurance
As of December 31, 2014, 2013 and 2012 and for each of the years then ended

	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percentage of amount assumed to net
	($ in millions)
2014:
Life insurance in force	$	354,951.9	$	177,418.6	$	1,317.7	$	178,851.0		0.7	%


Premiums:
Life insurance	$	2,725.4	$	228.1	$	2.1	$	2,499.4		0.1	%
Accident and health insurance		1,398.3		174.8		—		1,223.5		—	%

Total	$	4,123.7	$	402.9	$	2.1	$	3,722.9		0.1	%


2013:
Life insurance in force	$	317,154.5	$	144,024.9	$	1,455.4	$	174,585.0		0.8	%


Premiums:
Life insurance	$	2,216.9	$	205.2	$	2.5	$	2,014.2		0.1	%
Accident and health insurance		1,307.9		168.0		—		1,139.9		—	%

Total	$	3,524.8	$	373.2	$	2.5	$	3,154.1		0.1	%


2012:
Life insurance in force	$	286,435.3	$	115,315.7	$	1,606.2	$	172,725.8		0.9	%


Premiums:
Life insurance	$	2,289.4	$	174.4	$	2.6	$	2,117.6		0.1	%
Accident and health insurance		1,264.7		162.9		—		1,101.8		—	%

Total	$	3,554.1	$	337.3	$	2.6	$	3,219.4		0.1	%

Nature of Operations and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Nature of Operations and Significant Accounting Policies

Cash and Cash Equivalents - Policy

Cash and Cash Equivalents

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

Investments - Policy

Investments

Derivatives - Policy

Derivatives

Accounting and Financial Statement Presentation. We designate derivatives as either:

(a)	a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency ("fair value hedge");
(b)	a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency ("cash flow hedge");
(c)	a hedge of a net investment in a foreign operation or
(d)	a derivative not designated as a hedging instrument.

Contractholder and Policyholder Liabilities - Policy

Contractholder and Policyholder Liabilities

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

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

Deferred Acquisition Costs - Policy

Deferred Acquisition Costs

Deferred Acquisition Costs on Internal Replacements - Policy

Deferred Acquisition Costs on Internal Replacements

Long-Term Debt - Policy

Long-Term Debt

Reinsurance - Policy

Reinsurance

The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Premiums and other considerations:
Direct	$	4,123.7		$	3,524.8		$	3,554.1
Assumed		2.1			2.5			2.6
Ceded		(402.9	)		(373.2	)		(337.3	)

Net premiums and other considerations	$	3,722.9		$	3,154.1		$	3,219.4


Benefits, claims and settlement expenses:
Direct	$	5,532.5		$	4,933.3		$	5,268.6
Assumed		30.7			32.2			33.9
Ceded		(332.2	)		(281.9	)		(178.6	)

Net benefits, claims and settlement expenses	$	5,231.0		$	4,683.6		$	5,123.9

Separate Accounts - Policy

Separate Accounts

Income Taxes - Policy

Income Taxes

Foreign Exchange - Policy

Foreign Exchange

Goodwill and Other Intangibles - Policy

Goodwill and Other Intangibles

Earnings Per Common Share - Policy

Earnings Per Common Share

Nature of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Nature of Operations and Significant Accounting Policies

Effects of Reinsurance on Premiums and Other Considerations and Policy and Contract Benefits (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Premiums and other considerations:
Direct	$	4,123.7		$	3,524.8		$	3,554.1
Assumed		2.1			2.5			2.6
Ceded		(402.9	)		(373.2	)		(337.3	)

Net premiums and other considerations	$	3,722.9		$	3,154.1		$	3,219.4


Benefits, claims and settlement expenses:
Direct	$	5,532.5		$	4,933.3		$	5,268.6
Assumed		30.7			32.2			33.9
Ceded		(332.2	)		(281.9	)		(178.6	)

Net benefits, claims and settlement expenses	$	5,231.0		$	4,683.6		$	5,123.9

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Other Intangible Assets

Goodwill (Table)

	Retirement and Investor Services		Principal Global Investors			Principal International			U.S. Insurance Solutions			Corporate		Consolidated
	(in millions)
Balance at January 1, 2013	$	68.6	$	239.9		$	179.5		$	55.4		$	—	$	543.4
Goodwill from acquisitions		—		—			631.8			2.6			—		634.4
Goodwill disposed		—		—			—			(1.4	)		—		(1.4	)
Foreign currency		—		1.2			(81.3	)		—			—		(80.1	)
Other		4.0		—			—			—			—		4.0

Balance at December 31, 2013		72.6		241.1			730.0			56.6			—		1,100.3
Foreign currency		—		(3.9	)		(89.0	)		—			—		(92.9	)

Balance at December 31, 2014	$	72.6	$	237.2		$	641.0		$	56.6		$	—	$	1,007.4

Finite Lived Intangible Assets (Table)

	December 31, 2014						December 31, 2013
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Present value of future profits	$	—	$	—	$	—	$	13.5	$	6.7	$	6.8
Other finite lived intangible assets		674.1		183.6		490.5		858.8		262.9		595.9

Total finite lived intangible assets	$	674.1	$	183.6	$	490.5	$	872.3	$	269.6	$	602.7

Other Finite Lived Intangible Assets Estimated Amortization Expense (Table)

Year ending December 31:
2015	$	48.6
2016		48.8
2017		48.1
2018		47.7
2019		46.1

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2014

Variable Interest Entities

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

	Grantor trusts		Collateralized private investment vehicle		CMBS		Mandatory retirement savings		Real estate			Total
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale	$	278.2	$	—	$	—	$	—	$	—		$	278.2
Fixed maturities, trading		—		100.4		—		—		—			100.4
Equity securities, trading		—		—		—		345.3		—			345.3
Real estate		—		—		—		—		284.9			284.9
Other investments		—		—		35.0		—		5.6			40.6
Cash		—		—		—		—		4.7			4.7
Accrued investment income		0.4		—		0.2		—		1.4			2.0
Separate account assets		—		—		—		34,655.4		—			34,655.4
Other assets		—		—		—		—		0.3			0.3

Total assets	$	278.6	$	100.4	$	35.2	$	35,000.7	$	296.9		$	35,711.8


Long-term debt	$	—	$	—	$	—	$	—	$	82.3		$	82.3
Income taxes currently payable		—		—		—		—		10.6			10.6
Deferred income taxes		1.5		—		—		—		(0.4	)		1.1
Separate account liabilities		—		—		—		34,655.4		—			34,655.4
Other liabilities (1)		239.1		85.6		4.8		—		14.5			344.0

Total liabilities	$	240.6	$	85.6	$	4.8	$	34,655.4	$	107.0		$	35,093.4


December 31, 2013
Fixed maturities, available-for-sale	$	272.0	$	—	$	—	$	—	$	—		$	272.0
Fixed maturities, trading		—		110.4		—		—		—			110.4
Equity securities, trading		—		—		—		327.2		—			327.2
Real estate		—		—		—		—		266.3			266.3
Other investments		—		—		68.1		—		—			68.1
Cash		—		—		—		—		12.0			12.0
Accrued investment income		0.3		—		0.6		—		1.1			2.0
Separate account assets		—		—		—		32,824.7		—			32,824.7
Other assets		—		—		—		—		0.1			0.1

Total assets	$	272.3	$	110.4	$	68.7	$	33,151.9	$	279.5		$	33,882.8


Long-term debt	$	—	$	—	$	—	$	—	$	47.7		$	47.7
Deferred income taxes		1.5		—		—		—		—			1.5
Separate account liabilities		—		—		—		32,824.7		—			32,824.7
Other liabilities (1)		217.2		93.8		31.4		—		20.0			362.4

Total liabilities	$	218.7	$	93.8	$	31.4	$	32,824.7	$	67.7		$	33,236.3

(1)	Grantor trusts contain an embedded derivative of a forecasted transaction to deliver the underlying securities; the collateralized private investment vehicle includes derivative liabilities and an obligation to redeem notes at maturity or termination of the trust.

Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)

	Asset carrying value		Maximum exposure to loss (1)
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale:
Corporate	$	456.7	$	353.3
Residential mortgage-backed pass-through securities		2,822.9		2,702.9
Commercial mortgage-backed securities		3,975.5		3,896.9
Collateralized debt obligations		504.1		521.2
Other debt obligations		4,616.4		4,583.4
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		34.4		34.4
Commercial mortgage-backed securities		1.5		1.5
Collateralized debt obligations		39.4		39.4
Other debt obligations		0.2		0.2
Other investments:
Other limited partnership and fund interests		188.2		188.2
December 31, 2013
Fixed maturities, available-for-sale:
Corporate	$	523.4	$	448.2
Residential mortgage-backed pass-through securities		2,845.2		2,799.1
Commercial mortgage-backed securities		4,026.4		4,078.0
Collateralized debt obligations		363.4		391.9
Other debt obligations		4,167.8		4,157.5
Fixed maturities, trading:
Residential mortgage-backed pass-through securities		47.5		47.5
Commercial mortgage-backed securities		1.8		1.8
Collateralized debt obligations		59.6		59.6
Other debt obligations		1.2		1.2
Other investments:
Other limited partnership and fund interests		123.5		123.5

(1)	Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale and other investments. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading.

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments

Fixed Maturities and Equity Securities Available-for-Sale (Table)

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Other-than- temporary impairments in AOCI (1)
	(in millions)
December 31, 2014
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,085.6	$	39.1	$	2.9	$	1,121.8	$	—
Non-U.S. governments		704.4		188.3		1.6		891.1		—
States and political subdivisions		3,916.8		291.3		4.1		4,204.0		—
Corporate		29,308.3		2,442.6		215.9		31,535.0		18.4
Residential mortgage-backed pass-through securities		2,702.9		126.3		6.3		2,822.9		—
Commercial mortgage-backed securities		3,896.9		141.5		62.9		3,975.5		88.9
Collateralized debt obligations		521.2		3.5		20.6		504.1		1.3
Other debt obligations		4,583.4		57.5		24.5		4,616.4		66.9

Total fixed maturities, available-for-sale	$	46,719.5	$	3,290.1	$	338.8	$	49,670.8	$	175.5


Total equity securities, available-for-sale	$	125.1	$	7.7	$	9.8	$	123.0


December 31, 2013
Fixed maturities, available-for-sale:
U.S. government and agencies	$	818.2	$	12.7	$	50.4	$	780.5	$	—
Non-U.S. governments		853.2		148.8		5.2		996.8		—
States and political subdivisions		3,622.8		120.9		85.7		3,658.0		—
Corporate		30,280.6		1,958.8		320.4		31,919.0		17.1
Residential mortgage-backed pass-through securities		2,799.1		92.8		46.7		2,845.2		—
Commercial mortgage-backed securities		4,078.0		170.6		222.2		4,026.4		183.4
Collateralized debt obligations		391.9		6.0		34.5		363.4		0.7
Other debt obligations		4,157.5		51.8		41.5		4,167.8		76.3

Total fixed maturities, available-for-sale	$	47,001.3	$	2,562.4	$	806.6	$	48,757.1	$	277.5


Total equity securities, available-for-sale	$	113.8	$	10.0	$	13.3	$	110.5

(1)

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	2,606.8	$	2,636.3
Due after one year through five years		12,930.8		13,461.2
Due after five years through ten years		7,895.2		8,366.5
Due after ten years		11,582.3		13,287.9

Subtotal		35,015.1		37,751.9
Mortgage-backed and other asset-backed securities		11,704.4		11,918.9

Total	$	46,719.5	$	49,670.8

Net Investment Income (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale	$	2,283.8		$	2,321.3		$	2,454.8
Fixed maturities, trading		27.9			22.5			30.2
Equity securities, available-for-sale		7.0			7.6			8.6
Equity securities, trading		61.4			19.8			6.6
Mortgage loans		630.9			611.5			635.8
Real estate		103.8			61.2			71.4
Policy loans		49.4			49.9			53.7
Cash and cash equivalents		6.5			14.0			9.6
Derivatives		(88.0	)		(115.2	)		(131.2	)
Other		252.1			222.0			196.6

Total		3,334.8			3,214.6			3,336.1
Investment expenses		(76.9	)		(76.2	)		(81.2	)

Net investment income	$	3,257.9		$	3,138.4		$	3,254.9

Net Realized Capital Gains and Losses (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	96.8		$	45.5		$	31.0
Gross losses		(45.8	)		(122.1	)		(144.9	)
Other-than-temporary impairment losses reclassified to (from) OCI		(101.8	)		(24.5	)		17.3
Hedging, net		(21.5	)		(115.5	)		(27.5	)
Fixed maturities, trading		31.2			(7.1	)		2.2
Equity securities, available-for-sale:
Gross gains		10.3			0.8			0.6
Gross losses		(0.3	)		(0.3	)		(0.9	)
Equity securities, trading		21.7			26.9			34.1
Mortgage loans		(9.4	)		(15.8	)		(51.3	)
Derivatives		13.1			(23.0	)		(10.9	)
Other		20.4			9.9			264.4

Net realized capital gains (losses)	$	14.7		$	(225.2	)	$	114.1

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale	$	13.8		$	(91.2	)	$	(135.5	)
Equity securities, available-for-sale		10.0			(0.3	)		(0.4	)

Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities		23.8			(91.5	)		(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) OCI (1)		(101.8	)		(24.5	)		17.3

Net impairment losses on available-for-sale securities	$	(78.0	)	$	(116.0	)	$	(118.6	)

(1)

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Beginning balance	$	(235.4	)	$	(335.2	)	$	(434.8	)
Credit losses for which an other-than-temporary impairment was not previously recognized		(11.3	)		(15.1	)		(20.7	)
Credit losses for which an other-than-temporary impairment was previously recognized		(67.4	)		(75.9	)		(80.0	)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		163.1			177.6			191.9
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		6.6			12.6			8.4
Foreign currency translation adjustment		—			0.6			—

Ending balance	$	(144.4	)	$	(235.4	)	$	(335.2	)

(1)	Amounts are recognized in net investment income.

Gross Unrealized Losses for Fixed Maturities and Equity Securities (Table)

	December 31, 2014
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	211.5	$	0.7	$	95.0	$	2.2	$	306.5	$	2.9
Non-U.S. governments		20.3		1.4		7.5		0.2		27.8		1.6
States and political subdivisions		208.1		0.7		210.5		3.4		418.6		4.1
Corporate		3,072.1		76.8		1,238.3		139.1		4,310.4		215.9
Residential mortgage-backed pass-through securities		18.0		—		395.3		6.3		413.3		6.3
Commercial mortgage-backed securities		375.3		3.0		395.0		59.9		770.3		62.9
Collateralized debt obligations		114.8		1.0		112.0		19.6		226.8		20.6
Other debt obligations		971.2		3.5		432.7		21.0		1,403.9		24.5

Total fixed maturities, available-for-sale	$	4,991.3	$	87.1	$	2,886.3	$	251.7	$	7,877.6	$	338.8


Total equity securities, available-for-sale	$	10.0	$	—	$	36.0	$	9.8	$	46.0	$	9.8

	December 31, 2013
	Less than twelve months				Greater than or equal to twelve months				Total
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	526.8	$	49.6	$	9.2	$	0.8	$	536.0	$	50.4
Non-U.S. governments		78.1		5.1		5.8		0.1		83.9		5.2
States and political subdivisions		1,338.6		75.3		46.1		10.4		1,384.7		85.7
Corporate		4,087.9		155.4		1,278.1		165.0		5,366.0		320.4
Residential mortgage-backed pass- through securities		1,150.3		38.2		85.9		8.5		1,236.2		46.7
Commercial mortgage-backed securities		683.7		15.3		495.6		206.9		1,179.3		222.2
Collateralized debt obligations		88.8		1.4		47.4		33.1		136.2		34.5
Other debt obligations		1,359.0		16.1		287.9		25.4		1,646.9		41.5

Total fixed maturities, available-for-sale	$	9,313.2	$	356.4	$	2,256.0	$	450.2	$	11,569.2	$	806.6


Total equity securities, available-for-sale	$	16.7	$	0.3	$	48.3	$	13.0	$	65.0	$	13.3

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

	December 31, 2014			December 31, 2013
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	3,079.1		$	2,067.4
Noncredit component of impairment losses on fixed maturities, available-for-sale		(175.5	)		(277.5	)
Net unrealized losses on equity securities, available-for-sale		(2.1	)		(3.3	)
Adjustments for assumed changes in amortization patterns		(346.8	)		(265.9	)
Adjustments for assumed changes in policyholder liabilities		(1,078.6	)		(621.2	)
Net unrealized gains on derivative instruments		160.1			56.0
Net unrealized gains on equity method subsidiaries and noncontrolling interest adjustments		88.9			87.1
Provision for deferred income taxes		(576.8	)		(342.0	)

Net unrealized gains on available-for-sale securities and derivative instruments	$	1,148.3		$	700.6

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

Mortgage Loans (Table)

	December 31, 2014			December 31, 2013
	(in millions)
Commercial mortgage loans	$	10,723.8		$	10,327.7
Residential mortgage loans		1,144.3			1,275.7

Total amortized cost		11,868.1			11,603.4
Valuation allowance		(56.5	)		(69.8	)

Total carrying value	$	11,811.6		$	11,533.6

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

	December 31, 2014					December 31, 2013
	Amortized cost		Percent of total			Amortized cost		Percent of total
	($ in millions)
Geographic distribution
New England	$	528.0		4.9	%	$	528.5		5.1	%
Middle Atlantic		2,951.0		27.5			2,489.0		24.1
East North Central		442.1		4.1			519.9		5.0
West North Central		233.3		2.2			302.9		2.9
South Atlantic		1,970.9		18.4			1,949.5		18.9
East South Central		197.4		1.8			192.8		1.9
West South Central		1,023.9		9.5			830.3		8.0
Mountain		772.0		7.2			747.1		7.2
Pacific		2,565.5		24.0			2,722.5		26.5
International		39.7		0.4			45.2		0.4

Total	$	10,723.8		100.0	%	$	10,327.7		100.0	%


Property type distribution
Office	$	3,646.1		34.0	%	$	3,360.5		32.6	%
Retail		2,512.1		23.4			2,668.5		25.8
Industrial		1,918.7		17.9			1,766.2		17.1
Apartments		2,200.5		20.5			1,911.2		18.5
Hotel		331.5		3.1			333.1		3.2
Mixed use/other		114.9		1.1			288.2		2.8

Total	$	10,723.8		100.0	%	$	10,327.7		100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	December 31, 2014
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	9,115.8	$	168.8	$	9,284.6
BBB+ thru BBB–		1,041.0		178.5		1,219.5
BB+ thru BB–		148.3		—		148.3
B+ and below		69.8		1.6		71.4

Total	$	10,374.9	$	348.9	$	10,723.8

	December 31, 2013
	Brick and mortar		CTL		Total
	(in millions)
A– and above	$	8,091.9	$	194.5	$	8,286.4
BBB+ thru BBB–		1,463.7		250.0		1,713.7
BB+ thru BB–		155.4		0.1		155.5
B+ and below		170.1		2.0		172.1

Total	$	9,881.1	$	446.6	$	10,327.7

Performing and Non-Performing Residential Mortgage Loans (Table)

	December 31, 2014
	Home equity		First liens		Total
	(in millions)
Performing	$	268.4	$	847.6	$	1,116.0
Nonperforming		15.0		13.3		28.3

Total	$	283.4	$	860.9	$	1,144.3

	December 31, 2013
	Home equity		First liens		Total
	(in millions)
Performing	$	378.3	$	862.1	$	1,240.4
Nonperforming		16.6		18.7		35.3

Total	$	394.9	$	880.8	$	1,275.7

Non-Accrual Mortgage Loans (Table)

	December 31, 2014		December 31, 2013
	(in millions)
Commercial:
Brick and mortar	$	9.6	$	33.2
Residential:
Home equity		15.0		16.6
First liens		8.8		11.4

Total	$	33.4	$	61.2

Mortgage Loans Aging (Table)

	December 31, 2014
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	4.5	$	0.7	$	5.2	$	10,369.7	$	10,374.9	$	—
Commercial-CTL		—		—		—		—		348.9		348.9		—
Residential-home equity		2.3		1.2		3.4		6.9		276.5		283.4		—
Residential-first liens		24.2		7.0		12.1		43.3		817.6		860.9		4.5

Total	$	26.5	$	12.7	$	16.2	$	55.4	$	11,812.7	$	11,868.1	$	4.5

	December 31, 2013
	30 - 59 days past due		60 - 89 days past due		90 days or more past due		Total past due		Current		Total loans		Recorded investment 90 days or more and accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	16.7	$	16.7	$	9,864.4	$	9,881.1	$	—
Commercial-CTL		—		—		—		—		446.6		446.6		—
Residential-home equity		4.4		1.0		3.0		8.4		386.5		394.9		—
Residential-first liens		32.4		7.4		17.1		56.9		823.9		880.8		7.3

Total	$	36.8	$	8.4	$	36.8	$	82.0	$	11,521.4	$	11,603.4	$	7.3

Mortgage Loan Valuation Allowance (Table)

	Commercial			Residential			Total
	(in millions)
For the year ended December 31, 2014
Beginning balance	$	28.7		$	41.1		$	69.8
Provision		(0.9	)		7.7			6.8
Charge-offs		(0.9	)		(22.7	)		(23.6	)
Recoveries		—			3.6			3.6
Effect of exchange rates		—			(0.1	)		(0.1	)

Ending balance	$	26.9		$	29.6		$	56.5


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	9.0		$	11.4
Collectively evaluated for impairment		24.5			20.6			45.1

Allowance ending balance	$	26.9		$	29.6		$	56.5


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	27.1		$	31.5
Collectively evaluated for impairment		10,719.4			1,117.2			11,836.6

Loan ending balance	$	10,723.8		$	1,144.3		$	11,868.1


For the year ended December 31, 2013
Beginning balance	$	51.8		$	45.6		$	97.4
Provision		4.1			10.8			14.9
Charge-offs		(28.0	)		(18.3	)		(46.3	)
Recoveries		0.8			3.1			3.9
Effect of exchange rates		—			(0.1	)		(0.1	)

Ending balance	$	28.7		$	41.1		$	69.8


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	10.2		$	12.6
Collectively evaluated for impairment		26.3			30.9			57.2

Allowance ending balance	$	28.7		$	41.1		$	69.8


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	4.4		$	33.0		$	37.4
Collectively evaluated for impairment		10,323.3			1,242.7			11,566.0

Loan ending balance	$	10,327.7		$	1,275.7		$	11,603.4


For the year ended December 31, 2012
Beginning balance	$	64.8		$	37.3		$	102.1
Provision		13.5			39.7			53.2
Charge-offs		(26.7	)		(35.1	)		(61.8	)
Recoveries		0.2			3.6			3.8
Effect of exchange rates		—			0.1			0.1

Ending balance	$	51.8		$	45.6		$	97.4


Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	2.4		$	10.4		$	12.8
Collectively evaluated for impairment		49.4			35.2			84.6

Allowance ending balance	$	51.8		$	45.6		$	97.4


Loan balance by basis of impairment method:
Individually evaluated for impairment	$	13.6		$	39.7		$	53.3
Collectively evaluated for impairment		10,221.5			1,342.3			11,563.8

Loan ending balance	$	10,235.1		$	1,382.0		$	11,617.1

Impaired Mortgage Loans (Table)

	December 31, 2014
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	5.2	$	6.7	$	—
Residential-first liens		3.4		3.4		—
With an allowance recorded:
Commercial-brick and mortar		4.4		4.4		2.4
Residential-home equity		16.5		17.1		8.2
Residential-first liens		7.2		7.2		0.8
Total:
Commercial	$	9.6	$	11.1	$	2.4
Residential	$	27.1	$	27.7	$	9.0

	December 31, 2013
	Recorded investment		Unpaid principal balance		Related allowance
	(in millions)
With no related allowance recorded:
Commercial-brick and mortar	$	21.5	$	32.7	$	—
Residential-first liens		4.6		4.6		—
With an allowance recorded:
Commercial-brick and mortar		4.4		4.4		2.4
Residential-home equity		19.5		19.7		9.2
Residential-first liens		8.9		7.8		1.0
Total:
Commercial	$	25.9	$	37.1	$	2.4
Residential	$	33.0	$	32.1	$	10.2

	Average recorded investment		Interest income recognized
	(in millions)
For the year ended December 31, 2014
With no related allowance recorded:
Commercial-brick and mortar	$	13.4	$	—
Residential-first liens		4.0		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.2
Residential-home equity		18.0		0.6
Residential-first liens		8.1		0.2
Total:
Commercial	$	17.8	$	0.2
Residential	$	30.1	$	0.8
For the year ended December 31, 2013
With no related allowance recorded:
Commercial-brick and mortar	$	22.2	$	0.2
Residential-first liens		7.2		—
With an allowance recorded:
Commercial-brick and mortar		4.4		0.3
Residential-home equity		20.2		1.1
Residential-first liens		8.9		0.2
Total:
Commercial	$	26.6	$	0.5
Residential	$	36.3	$	1.3
For the year ended December 31, 2012
With no related allowance recorded:
Commercial-brick and mortar	$	11.4	$	2.6
Residential-first liens		7.0		—
With an allowance recorded:
Commercial-brick and mortar		59.2		0.2
Residential-home equity		17.7		0.9
Residential-first liens		9.0		0.1
Total:
Commercial	$	70.6	$	2.8
Residential	$	33.7	$	1.0

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)

	For the year ended December 31, 2014
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	5.1		1	$	0.7
Residential-home equity		75		3.0		3		—
Residential-first liens		1		0.1		—		—

Total		78	$	8.2		4	$	0.7

	For the year ended December 31, 2013
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	0.9		—	$	—
Residential-home equity		69		3.8		19		—
Residential-first liens		3		0.6		1		0.3

Total		74	$	5.3		20	$	0.3

	For the year ended December 31, 2012
	TDRs				TDRs in payment default
	Number of contracts		Recorded investment		Number of contracts		Recorded investment
			(in millions)				(in millions)
Commercial-brick and mortar		2	$	18.0		1	$	13.7
Residential-home equity		324		15.0		12		—
Residential-first liens		12		2.1		—		—

Total		338	$	35.1		13	$	13.7

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)

	December 31,
	2014		2013
	(in millions)
Total assets	$	60,190.2	$	47,401.9
Total liabilities		47,468.3		39,588.0

Total equity	$	12,721.9	$	7,813.9


Net investment in unconsolidated entities (1)	$	1,159.4	$	1,098.6

Minority Interests in Unconsolidated Entities-Income Statement (Table)

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Total revenues	$	6,297.0	$	3,002.9	$	4,555.9
Net income		1,152.7		738.6		750.1
Our share of net income of unconsolidated entities (1)		148.4		133.4		120.1

(1)	Primarily relates to Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil, which is reported in the results of our Principal International segment.

Financial Assets Subject to Netting Agreements (Table)

			Gross amounts not offset in the consolidated statements of financial position
	Gross amount of recognized assets (1)		Financial instruments (2)			Collateral received			Net amount
	(in millions)
December 31, 2014
Derivative assets	$	661.8	$	(479.5	)	$	(169.0	)	$	13.3
Reverse repurchase agreements		51.5		—			(51.5	)		—

Total	$	713.3	$	(479.5	)	$	(220.5	)	$	13.3


December 31, 2013
Derivative assets	$	664.9	$	(581.5	)	$	(82.1	)	$	1.3
Reverse repurchase agreements		51.8		—			(51.8	)		—

Total	$	716.7	$	(581.5	)	$	(133.9	)	$	1.3

(1)

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

Financial Liabilities Subject to Netting Agreements (Table)

			Gross amounts not offset in the consolidated statements of financial position
	Gross amount of recognized liabilities (1)		Financial instruments (2)			Collateral pledged			Net amount
	(in millions)
December 31, 2014
Derivative liabilities	$	786.0	$	(479.5	)	$	(220.6	)	$	85.9


December 31, 2013
Derivative liabilities	$	1,022.0	$	(581.5	)	$	(362.1	)	$	78.4

(1)

(2)

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments

Derivative Financial Instruments, Exposure (Table)

	December 31, 2014		December 31, 2013
	(in millions)
Notional amounts of derivative instruments
Interest rate contracts:
Interest rate swaps	$	19,182.6	$	20,570.8
Interest rate options		4,900.0		4,100.0
Swaptions		260.0		325.0
Interest rate futures		147.5		92.5
Foreign exchange contracts:
Currency swaps		1,975.5		2,367.5
Currency forwards		270.7		247.4
Equity contracts:
Equity options		3,293.4		2,010.4
Equity futures		498.1		273.3
Credit contracts:
Credit default swaps		1,234.5		1,153.2
Total return swaps		90.0		90.0
Futures		10.5		9.1
Other contracts:
Embedded derivatives		9,235.7		7,601.1

Total notional amounts at end of period	$	41,098.5	$	38,840.3


Credit exposure of derivative instruments
Interest rate contracts:
Interest rate swaps	$	510.8	$	435.5
Interest rate options		41.0		42.5
Swaptions		—		1.0
Foreign exchange contracts:
Currency swaps		97.1		200.9
Currency forwards		1.4		0.6
Equity contracts:
Equity options		30.2		30.0
Credit contracts:
Credit default swaps		13.3		9.5
Total return swaps		—		0.1

Total gross credit exposure		693.8		720.1
Less: collateral received		183.5		115.9

Net credit exposure	$	510.3	$	604.2

Derivative Financial Instruments, Fair Value Disclosures (Table)

The fair value of our derivative instruments classified as assets and liabilities was as follows:

	Derivative assets (1)				Derivative liabilities (2)
	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	8.8	$	0.1	$	193.9	$	285.4
Foreign exchange contracts		80.0		121.6		69.1		51.2

Total derivatives designated as hedging instruments	$	88.8	$	121.7	$	263.0	$	336.6


Derivatives not designated as hedging instruments
Interest rate contracts	$	508.7	$	452.2	$	321.4	$	489.6
Foreign exchange contracts		20.8		51.6		40.1		17.9
Equity contracts		30.2		30.0		131.7		145.0
Credit contracts		13.3		9.6		35.6		35.5
Other contracts		—		—		415.5		224.1

Total derivatives not designated as hedging instruments		573.0		543.4		944.3		912.1

Total derivative instruments	$	661.8	$	665.1	$	1,207.3	$	1,248.7

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

(2)

Credit Derivatives Sold (Table)

	December 31, 2014
	Notional amount		Fair value			Maximum future payments		Weighted average expected life (in years)
	(in millions)
Single name credit default swaps
Corporate debt
AAA	$	30.0	$	1.0		$	30.0		4.2
AA		79.0		1.6			79.0		3.3
A		254.5		3.3			254.5		2.8
BBB		345.0		1.2			345.0		3.6
BB		10.0		0.9			10.0		5.0
Government/municipalities
AA		30.0		0.6			30.0		4.3
Sovereign
AA		10.0		0.1			10.0		4.7
BBB		40.0		(0.1	)		40.0		4.7

Total single name credit default swaps		798.5		8.6			798.5		3.5
Basket and index credit default swaps
Corporate debt
Near default (1)		100.4		(19.1	)		100.4		2.2
Government/municipalities
AA		30.0		(1.8	)		30.0		2.7
Structured finance
BBB		16.9		0.1			16.9		3.5

Total basket and index credit default swaps		147.3		(20.8	)		147.3		2.5

Total credit default swap protection sold	$	945.8	$	(12.2	)	$	945.8		3.3

	December 31, 2013
	Notional amount		Fair value			Maximum future payments		Weighted average expected life (in years)
	(in millions)
Single name credit default swaps
Corporate debt
AAA	$	10.0	$	0.3		$	10.0		4.7
AA		84.0		1.8			84.0		4.0
A		294.5		4.2			294.5		4.0
BBB		265.0		(1.2	)		265.0		3.9

Total single name credit default swaps		653.5		5.1			653.5		4.0
Basket and index credit default swaps
Corporate debt
Near default (1)		110.4		(19.9	)		110.4		3.2
Government/municipalities
AA		30.0		(3.5	)		30.0		3.7
Structured finance
BBB		25.0		(0.9	)		25.0		3.5

Total basket and index credit default swaps		165.4		(24.3	)		165.4		3.4

Total credit default swap protection sold	$	818.9	$	(19.2	)	$	818.9		3.9

(1)	Includes $78.0 million and $88.0 million as of December 31, 2014 and December 31, 2013, respectively, notional of derivatives in consolidated collateralized private investment vehicle VIEs where the credit risk is borne by third party investors.

Hybrid Instruments (Table)

	December 31, 2014
	Amortized cost		Carrying value		Weighted average expected life (in years)
	(in millions)
Corporate debt
A	$	24.1	$	24.1		2.0

Total corporate debt		24.1		24.1		2.0
Structured finance
A		56.1		56.1		1.5
BB		5.8		5.8		2.7
CCC		9.5		9.5		4.7

Total structured finance		71.4		71.4		2.1

Total fixed maturities with credit derivatives	$	95.5	$	95.5		2.0

	December 31, 2013
	Amortized cost		Carrying value		Weighted average expected life (in years)
	(in millions)
Corporate debt
BBB	$	23.4	$	23.4		3.0

Total corporate debt		23.4		23.4		3.0
Structured finance
A		18.1		16.7		4.8
BB		5.5		5.5		3.3
B		4.1		4.1		3.1
CCC		23.5		23.5		4.8

Total structured finance		51.2		49.8		4.5

Total fixed maturities with credit derivatives	$	74.6	$	73.2		4.0

Fair Value Hedges (Table)

	Amount of gain (loss) recognized in net income on derivatives for the year ended December 31, (1)								Amount of gain (loss) recognized in net income on related hedged item for the year ended December 31, (1)
Derivatives in fair value hedging relationships								Hedged items in fair value hedging relationships
Derivatives in fair value hedging relationships	2014		2013			2012		Hedged items in fair value hedging relationships	2014			2013			2012
	(in millions)								(in millions)
Interest rate contracts	$	25.4	$	139.5		$	38.6	Fixed maturities, available-for-sale	$	(27.7	)	$	(133.3	)	$	(34.1	)
Interest rate contracts		2.0		(0.7	)		—	Investment-type insurance contracts		(1.9	)		0.2			—
Foreign exchange contracts		5.5		(0.2	)		0.7	Fixed maturities, available-for-sale		(5.4	)		0.4			0.4
Foreign exchange contracts		0.2		(36.7	)		9.3	Investment-type insurance contracts		(0.2	)		36.5			(12.6	)

Total	$	33.1	$	101.9		$	48.6	Total	$	(35.2	)	$	(96.2	)	$	(46.3	)

(1)	The gain (loss) on both derivatives and hedged items in fair value relationships is reported in net realized capital gains (losses) on the consolidated statements of operations. The net amount represents the ineffective portion of our fair value hedges.

Fair Value Hedges, Periodic Settlements Disclosures (Table)

	Amount of gain (loss) for the year ended December 31,
Hedged Item	2014			2013			2012
	(in millions)
Fixed maturities, available-for-sale (1)	$	(93.0	)	$	(120.7	)	$	(134.3	)
Investment-type insurance contracts (2)		4.3			33.2			37.1

(1)	Reported in net investment income on the consolidated statements of operations.
(2)	Reported in benefits, claims and settlement expenses on the consolidated statements of operations.

Cash Flow Hedges (Table)

		Amount of gain (loss) recognized in AOCI on derivatives (effective portion) for the year ended December 31,									Amount of gain (loss) reclassified from AOCI on derivatives (effective portion) for the year ended December 31,
										Location of gain (loss) reclassified from AOCI into net income (effective portion)
Derivatives in cash flow hedging relationships
Derivatives in cash flow hedging relationships	Related hedged item	2014		2013			2012				2014			2013			2012
		(in millions)									(in millions)
Interest rate contracts	Fixed maturities, available-for-sale	$	29.0	$	(80.5	)	$	16.2		Net investment income	$	13.8		$	11.7		$	8.9
Interest rate contracts	Investment-type insurance contracts		2.0		2.5			2.5		Benefits, claims and settlement expenses		—			—			—
Interest rate contracts	Debt		—		—			—		Operating expense		(7.4	)		(6.6	)		(5.9	)
Foreign exchange contracts	Fixed maturities, available-for-sale		68.7		(0.9	)		(27.9	)	Net realized capital losses		(10.2	)		(16.7	)		(6.4	)
Foreign exchange contracts	Investment-type insurance contracts		7.2		5.0			7.6		Benefits, claims and settlement expenses		—			—			—

Total		$	106.9	$	(73.9	)	$	(1.6	)	Total	$	(3.8	)	$	(11.6	)	$	(3.4	)

Cash Flow Hedges, Periodic Settlements Disclosures (Table)

	Amount of gain (loss) for the year ended December 31,
Hedged item	2014			2013			2012
Fixed maturities, available-for-sale (1)	$	5.1		$	7.7		$	8.0
Investment-type insurance contracts (2)		(11.1	)		(11.0	)		(13.4	)

(1)	Reported in net investment income on the consolidated statements of operations.
(2)	Reported in benefits, claims and settlement expenses on the consolidated statements of operations.

Derivatives Not Designated as Hedging Instruments (Table)

	Amount of gain (loss) recognized in net income on derivatives for the year ended December 31,
Derivatives not designated as hedging instruments	2014			2013			2012
	(in millions)
Interest rate contracts	$	246.0		$	(137.6	)	$	(7.9	)
Foreign exchange contracts		(74.6	)		(0.1	)		63.1
Equity contracts		21.9			(159.4	)		(100.5	)
Credit contracts		(34.7	)		40.6			11.0
Other contracts		(194.3	)		154.4			37.3

Total	$	(35.7	)	$	(102.1	)	$	3.0

Closed Block (Tables)

12 Months Ended

Dec. 31, 2014

Closed Block

Closed Block Liabilities and Assets Designated to the Closed Block (Table)

	December 31, 2014		December 31, 2013
	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	4,366.5	$	4,532.0
Other policyholder funds		9.6		10.5
Policyholder dividends payable		259.2		270.5
Policyholder dividends obligation		165.2		111.6
Deferred income taxes		—		2.2
Other liabilities		17.6		24.7

Total Closed Block liabilities		4,818.1		4,951.5
Assets designated to the Closed Block
Fixed maturities, available-for-sale		2,399.5		2,470.9
Fixed maturities, trading		11.9		13.4
Equity securities, available-for-sale		3.8		3.6
Mortgage loans		912.1		828.6
Policy loans		610.0		644.2
Other investments		101.1		118.5

Total investments		4,038.4		4,079.2
Cash and cash equivalents		29.2		70.3
Accrued investment income		48.8		49.5
Premiums due and other receivables		13.6		11.7
Deferred tax asset		58.1		66.2
Other assets		—		2.2

Total assets designated to the Closed Block		4,188.1		4,279.1

Excess of Closed Block liabilities over assets designated to the Closed Block		630.0		672.4
Amounts included in accumulated other comprehensive income		18.9		12.9

Maximum future earnings to be recognized from Closed Block assets and liabilities	$	648.9	$	685.3

Closed Block Revenues and Expenses (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Revenues
Premiums and other considerations	$	351.9		$	379.9		$	397.4
Net investment income		201.9			207.7			222.8
Net realized capital gains (losses)		(2.3	)		(12.3	)		3.6

Total revenues		551.5			575.3			623.8
Expenses
Benefits, claims and settlement expenses		313.3			320.1			325.7
Dividends to policyholders		173.2			184.4			192.6
Operating expenses		4.3			4.7			4.9

Total expenses		490.8			509.2			523.2

Closed Block revenues, net of Closed Block expenses, before income taxes		60.7			66.1			100.6
Income taxes		19.5			21.1			32.6

Closed Block revenues, net of Closed Block expenses and income taxes		41.2			45.0			68.0
Funding adjustment charges		(4.8	)		(6.5	)		(4.8	)

Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustment charges	$	36.4		$	38.5		$	63.2

Change in Maximum Future Earnings of the Closed Block (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Beginning of year	$	685.3		$	723.8		$	787.0
End of year		648.9			685.3			723.8

Change in maximum future earnings	$	(36.4	)	$	(38.5	)	$	(63.2	)

Deferred Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Acquisition Costs

Deferred Acquisition Costs Rollforward (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Balance at beginning of year	$	3,077.0		$	2,590.0		$	2,358.1
Cost deferred during the year		404.1			447.0			428.9
Amortized to expense during the year (1)		(367.2	)		(187.1	)		(94.9	)
Adjustment related to unrealized gains on available-for-sale securities and derivative instruments		(120.9	)		227.1			(102.1	)

Balance at end of year	$	2,993.0		$	3,077.0		$	2,590.0

(1)	Includes adjustments for revisions to estimated gross profits.

Insurance Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Insurance Liabilities

Contractholder Funds (Table)

	December 31,
	2014		2013
	(in millions)
Liabilities for investment-type insurance contracts:
Liabilities for individual annuities	$	10,077.7	$	10,582.7
GICs		10,115.3		10,858.3
Funding agreements		7,338.1		7,642.9
Other investment-type insurance contracts		901.6		832.6

Total liabilities for investment-type insurance contracts		28,432.7		29,916.5
Universal life and other reserves		6,294.0		6,041.8

Total contractholder funds	$	34,726.7	$	35,958.3

Future Policy Benefits and Claims (Table)

	December 31,
	2014		2013		2012
	(in millions)
Balance at beginning of year	$	1,144.7	$	1,066.0	$	1,006.9
Incurred:
Current year		760.5		712.0		711.8
Prior years		1.2		1.0		9.7

Total incurred		761.7		713.0		721.5
Payments:
Current year		445.5		432.1		446.3
Prior years		220.8		202.2		216.1

Total payments		666.3		634.3		662.4
Balance at end of year:
Current year		315.0		279.9		265.5
Prior years		925.1		864.8		800.5

Total balance at end of year	$	1,240.1	$	1,144.7	$	1,066.0


Amounts not included in the rollforward above:
Claim adjustment expense liabilities	$	47.5	$	43.4	$	46.6
Reinsurance recoverables for unpaid claims	$	300.0	$	260.1	$	239.1

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt

Short-Term Debt (Table)

	December 31,
	2014		2013
	(in millions)
Line of credit	$	—	$	117.8
Other recourse short-term debt		28.0		32.8

Total short-term debt	$	28.0	$	150.6

Long-Term Debt (Table)

	December 31,
	2014		2013
	(in millions)
1.85% notes payable, due 2017	$	299.8	$	299.8
8.875% notes payable, due 2019		350.0		350.0
3.3% notes payable, due 2022		299.1		299.0
3.125% notes payable, due 2023		299.6		299.6
6.05% notes payable, due 2036		601.6		601.6
4.625% notes payable, due 2042		299.5		299.5
4.35% notes payable, due 2043		299.3		299.3
8.0% surplus notes payable, due 2044		—		99.3
Non-recourse mortgages and notes payable		82.3		53.3

Total long-term debt	$	2,531.2	$	2,601.4

Future Annual Maturities of Long-Term Debt (Table)

Year ending December 31:
2015	$	—
2016		—
2017		299.8
2018		—
2019		350.0
Thereafter		1,881.4

Total future maturities of the long-term debt	$	2,531.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Tax Expense (Benefit) from Continuing Operations (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Current income taxes (benefits):
U.S. federal	$	242.1		$	109.5		$	(66.9	)
State		4.7			7.7			(4.7	)
Foreign		67.6			69.7			48.7
Tax benefit of operating loss carryforward		(163.0	)		(134.1	)		(73.7	)

Total current income taxes (benefits)		151.4			52.8			(96.6	)
Deferred income taxes (benefits):
U.S. federal		148.0			155.1			221.3
State		(32.8	)		(3.1	)		(1.7	)
Foreign		51.9			(16.9	)		11.6

Total deferred income taxes		167.1			135.1			231.2

Total income taxes	$	318.5		$	187.9		$	134.6

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

	For the year ended December 31,
	2014			2013			2012
U.S. corporate income tax rate		35	%		35	%		35	%
Dividends received deduction		(10	)		(10	)		(10	)
Impact of equity method presentation		(2	)		(3	)		(4	)
Foreign tax rate differential		(2	)		(2	)		(2	)
Tax credits		(2	)		—			—
Interest exclusion from taxable income		(1	)		(2	)		(2	)
Impact of enactment of tax legislation		4			1			1
Other		(1	)		(2	)		(4	)

Effective income tax rate		21	%		17	%		14	%

Changes in Unrecognized Tax Benefits (Table)

	For the year ended December 31,
	2014			2013
	(in millions)
Balance at beginning of period	$	108.9		$	119.5
Additions based on tax positions related to the current year		12.9			10.5
Additions for tax positions of prior years		62.5			10.9
Reductions for tax positions related to the current year		(8.4	)		(3.3	)
Reductions for tax positions of prior years		(0.2	)		(28.7	)
Settlements		(3.3	)		—

Balance at end of period (1)	$	172.4		$	108.9

(1)	Of this amount, $56.4 million, if recognized, would reduce the 2014 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses.

Components of Net Deferred Income Taxes (Table)

	December 31,
	2014			2013
	(in millions)
Deferred income tax assets:
Insurance liabilities	$	390.8		$	241.1
Investments, including derivatives		395.1			464.2
Net operating and capital loss carryforwards		291.6			339.8
Employee benefits		506.6			320.6
Other deferred income tax assets		156.3			90.4

Gross deferred income tax assets		1,740.4			1,456.1
Valuation allowance		(4.1	)		(0.7	)

Total deferred income tax assets		1,736.3			1,455.4
Deferred income tax liabilities:
Deferred acquisition costs		(774.2	)		(807.2	)
Investments, including derivatives		(411.1	)		(418.3	)
Net unrealized gains on available-for-sale securities		(1,004.6	)		(584.5	)
Real estate		(133.9	)		(117.3	)
Intangible assets		(314.2	)		(297.7	)
Other deferred income tax liabilities		(42.8	)		(4.8	)

Total deferred income tax liabilities		(2,680.8	)		(2,229.8	)

Total net deferred income tax liabilities	$	(944.5	)	$	(774.4	)

Net Deferred Income Taxes by Jurisdiction (Table)

	December 31,
	2014			2013
	(in millions)
Deferred income tax assets:
State	$	35.3		$	—
Foreign		55.5			49.6

Net deferred income tax assets		90.8			49.6
Deferred income tax liabilities:
U.S. Federal		(663.7	)		(503.4	)
State		—			(1.5	)
Foreign		(371.6	)		(319.1	)

Net deferred income tax liabilities		(1,035.3	)		(824.0	)

Total net deferred income tax liabilities	$	(944.5	)	$	(774.4	)

Employee and Agent Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Employee and Agent Benefits

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

	Pension benefits									Other postretirement benefits
	For the year ended December 31,
	2014			2013			2012			2014			2013			2012
	(in millions)
Service cost	$	54.0		$	57.1		$	47.0		$	1.4		$	1.0		$	1.3
Interest cost		117.1			103.8			109.1			6.6			5.7			8.2
Expected return on plan assets		(131.9	)		(127.4	)		(114.6	)		(32.6	)		(28.8	)		(33.5	)
Amortization of prior service benefit		(4.7	)		(8.7	)		(9.4	)		(20.3	)		(25.9	)		(28.6	)
Recognized net actuarial (gain) loss		50.5			118.5			90.9			(3.4	)		1.0			0.9
Amounts recognized due to special events		—			—			(0.7	)		—			—			(3.5	)

Net periodic benefit cost (income)	$	85.0		$	143.3		$	122.3		$	(48.3	)	$	(47.0	)	$	(55.2	)

Defined Benefit Plans and Other Postretirement Benefit Plans

Obligations and Funded Status (Table)

	Pension benefits						Other postretirement benefits
	December 31,						December 31,
	2014			2013			2014			2013
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	(2,440.2	)	$	(2,638.0	)	$	(140.6	)	$	(147.8	)
Service cost		(54.0	)		(57.1	)		(1.4	)		(1.0	)
Interest cost		(117.1	)		(103.8	)		(6.6	)		(5.7	)
Actuarial gain (loss)		(532.9	)		279.2			(26.0	)		7.9
Participant contribution		—			—			(6.6	)		(6.8	)
Benefits paid		84.2			79.5			12.2			13.6
Other		—			—			(0.7	)		(0.8	)

Benefit obligation at end of year	$	(3,060.0	)	$	(2,440.2	)	$	(169.7	)	$	(140.6	)


Change in plan assets
Fair value of plan assets at beginning of year	$	1,925.6		$	1,682.1		$	613.0		$	519.7
Actual return on plan assets		246.0			199.8			31.9			95.9
Employer contribution		130.9			123.2			0.4			4.2
Participant contributions		—			—			6.6			6.8
Benefits paid		(84.2	)		(79.5	)		(12.2	)		(13.6	)

Fair value of plan assets at end of year	$	2,218.3		$	1,925.6		$	639.7		$	613.0


Amount recognized in statement of financial position
Other assets	$	—		$	—		$	470.7		$	473.0
Other liabilities		(841.7	)		(514.6	)		(0.7	)		(0.6	)

Total	$	(841.7	)	$	(514.6	)	$	470.0		$	472.4


Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	$	759.2		$	391.1		$	(53.0	)	$	(83.1	)
Prior service benefit		(6.9	)		(11.8	)		(35.9	)		(56.2	)

Pre-tax accumulated other comprehensive (income) loss	$	752.3		$	379.3		$	(88.9	)	$	(139.3	)

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

	Pension benefits									Other postretirement benefits
	For the year ended December 31,
	2014			2013			2012			2014			2013			2012
	(in millions)
Service cost	$	54.0		$	57.1		$	47.0		$	1.4		$	1.0		$	1.3
Interest cost		117.1			103.8			109.1			6.6			5.7			8.2
Expected return on plan assets		(131.9	)		(127.4	)		(114.6	)		(32.6	)		(28.8	)		(33.5	)
Amortization of prior service benefit		(4.7	)		(8.7	)		(9.4	)		(20.3	)		(25.9	)		(28.6	)
Recognized net actuarial (gain) loss		50.5			118.5			90.9			(3.4	)		1.0			0.9
Amounts recognized due to special events		—			—			(0.7	)		—			—			(3.5	)

Net periodic benefit cost (income)	$	85.0		$	143.3		$	122.3		$	(48.3	)	$	(47.0	)	$	(55.2	)

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

	Pension benefits						Other postretirement benefits
	For the year ended December 31,
	2014			2013			2014		2013
	(in millions)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	418.8		$	(351.7	)	$	26.7	$	(75.0	)
Amortization of gain (loss)		(50.5	)		(118.5	)		3.4		(1.0	)
Amortization of prior service benefit		4.7			8.7			20.3		25.9

Total recognized in pre-tax accumulated other comprehensive (income) loss	$	373.0		$	(461.5	)	$	50.4	$	(50.1	)


Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	458.0		$	(318.2	)	$	2.1	$	(97.1	)

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

	Pension benefits						Other postretirement benefits
	For the year ended December 31,
	2014			2013			2014			2013
Discount rate		4.00	%		4.90	%		4.00	%		4.90	%
Rate of compensation increase		4.80	%		4.80	%		4.82	%		4.83	%

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

	Pension benefits									Other postretirement benefits
	For the year ended December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		4.90	%		4.00	%		5.15	%		4.90	%		4.00	%		5.15	%
Expected long-term return on plan assets		6.75	%		7.50	%		8.00	%		5.36	%		5.62	%		7.30	%
Rate of compensation increase		4.80	%		4.80	%		5.00	%		4.83	%		4.83	%		5.00	%

Assumed Health Care Cost Trend Rates (Table)

	December 31,
	2014			2013
Health care cost trend rate assumed for next year under age 65		7.0	%		8.0	%
Health care cost trend rate assumed for next year age 65 and over		6.0	%		6.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate (under age 65)		2019			2020
Year that the rate reaches the ultimate trend rate (65 and older)		2020			2019

Effects of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Table)

	1-percentage point increase			1-percentage point decrease
	(in millions)
Effect on total of service cost and interest cost components	$	0.4		$	(0.4	)
Effect on accumulated postretirement benefit obligation		(8.5	)		7.5

Estimated Future Benefit Payments (Table)

	Pension benefits		Other postretirement benefits (gross benefit payments, including prescription drug benefits)		Amount of Medicare Part D subsidy receipts
	(in millions)
Year ending December 31:
2015	$	105.4	$	18.2	$	0.9
2016		110.5		18.9		1.0
2017		117.2		19.4		1.0
2018		123.6		19.6		1.0
2019		129.5		20.1		1.0
2020 - 2024		765.7		104.5		4.8

Defined Benefit Pension Plans Supplemental Information (Table)

	For the year ended December 31,
	2014									2013
	Qualified Plan			Nonqualified Plan			Total			Qualified Plan			Nonqualified Plan			Total
	(in millions)
Amount recognized in statement of financial position
Other assets	$	—		$	—		$	—		$	—		$	—		$	—
Other liabilities		(385.3	)		(456.4	)		(841.7	)		(138.6	)		(376.0	)		(514.6	)

Total	$	(385.3	)	$	(456.4	)	$	(841.7	)	$	(138.6	)	$	(376.0	)	$	(514.6	)


Amount recognized in accumulated other comprehensive loss
Total net actuarial loss	$	603.1		$	156.1		$	759.2		$	298.3		$	92.8		$	391.1
Prior service benefit		(3.4	)		(3.5	)		(6.9	)		(6.5	)		(5.3	)		(11.8	)

Pre-tax accumulated other comprehensive loss	$	599.7		$	152.6		$	752.3		$	291.8		$	87.5		$	379.3


Components of net periodic benefit cost
Service cost	$	46.8		$	7.2		$	54.0		$	50.4		$	6.7		$	57.1
Interest cost		99.1			18.0			117.1			88.2			15.6			103.8
Expected return on plan assets		(131.9	)		—			(131.9	)		(127.4	)		—			(127.4	)
Amortization of prior service benefit		(3.1	)		(1.6	)		(4.7	)		(6.1	)		(2.6	)		(8.7	)
Recognized net actuarial loss		42.9			7.6			50.5			104.4			14.1			118.5

Net periodic benefit cost	$	53.8		$	31.2		$	85.0		$	109.5		$	33.8		$	143.3


Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$	347.8		$	71.0		$	418.8		$	(322.4	)	$	(29.3	)	$	(351.7	)
Amortization of net loss		(42.9	)		(7.6	)		(50.5	)		(104.4	)		(14.1	)		(118.5	)
Amortization of prior service benefit		3.1			1.6			4.7			6.1			2.6			8.7

Total recognized in pre-tax accumulated other comprehensive (income) loss	$	308.0		$	65.0		$	373.0		$	(420.7	)	$	(40.8	)	$	(461.5	)


Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$	361.8		$	96.2		$	458.0		$	(311.2	)	$	(7.0	)	$	(318.2	)

Pension benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Accumulated Benefit Obligation in Excess of Plan Assets (Table)

	December 31,
	2014		2013
	(in millions)
Projected benefit obligation	$	3,060.0	$	2,440.2
Accumulated benefit obligation		2,854.0		2,287.4
Fair value of plan assets		2,218.3		1,925.6

Fair Value of Plan Assets (Table)

	December 31, 2014
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
U.S. large cap equity portfolios (1)	$	493.7	$	—	$	493.7	$	—
U.S. small/mid cap equity portfolios (2)		118.1		—		118.1		—
Balanced asset portfolios (3)		114.2		—		114.2		—
International equity portfolios (4)		174.8		—		174.8		—
Fixed income security portfolios (5)		1,213.2		—		1,213.2		—
Real estate investment portfolios:
Direct real estate investments (6)		104.3		—		104.3		—

Total	$	2,218.3	$	—	$	2,218.3	$	—

	December 31, 2013
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
U.S. large cap equity portfolios (1)	$	414.0	$	—	$	414.0	$	—
U.S. small/mid cap equity portfolios (2)		102.9		—		102.9		—
Balanced asset portfolios (3)		96.9		—		96.9		—
International equity portfolios (4)		171.0		—		171.0		—
Fixed income security portfolios (5)		1,048.5		—		1,048.5		—
Real estate investment portfolios:
Direct real estate investments (6)		92.3		—		92.3		—

Total	$	1,925.6	$	—	$	1,925.6	$	—

(1)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(2)	The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies.
(3)	The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value.
(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
(5)	The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(6)	The portfolio invests primarily in U.S. commercial real estate properties.

Target Asset Allocation (Table)

Asset Category		Target allocation
U.S. equity portfolios		0% - 45%
International equity portfolios		0% - 15%
Fixed income security portfolios		30% - 100%
Real estate investment portfolios		0% - 10%

Other postretirement benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Accumulated Benefit Obligation in Excess of Plan Assets (Table)

	December 31,
	2014		2013
	(in millions)
Accumulated postretirement benefit obligation	$	1.5	$	1.5
Fair value of plan assets		0.8		0.9

Fair Value of Plan Assets (Table)

The fair value of the other postretirement benefit plans' assets by asset category as of the most recent measurement date is as follows:

	December 31, 2014
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
Cash and cash equivalents	$	5.5	$	5.5	$	—	$	—
Fixed income security portfolios:
Fixed income investment funds (1)		164.4		161.1		3.3		—
Principal Life general account investment (2)		36.3		—		—		36.3
U.S. equity portfolios (3)		375.6		311.0		64.6		—
International equity portfolios (4)		57.9		44.5		13.4		—

Total	$	639.7	$	522.1	$	81.3	$	36.3

	December 31, 2013
			Fair value hierarchy level
	Assets measured at fair value		Fair value hierarchy level
	Assets measured at fair value		Level 1		Level 2		Level 3
	(in millions)
Asset category
Cash and cash equivalents	$	4.7	$	4.7	$	—	$	—
Fixed income security portfolios:
Fixed income investment funds (1)		157.9		157.9		—		—
Principal Life general account investment (2)		38.8		—		—		38.8
U.S. equity portfolios (3)		351.6		288.0		63.6		—
International equity portfolios (4)		60.0		45.9		14.1		—

Total	$	613.0	$	496.5	$	77.7	$	38.8

(1)	The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations.
(2)	The general account is invested in various fixed income securities.
(3)	The portfolios invest primarily in publicly traded equity securities of large U.S. companies.
(4)	The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.

Target Asset Allocation (Table)

Asset Category		Target allocation
U.S. equity portfolios		45% - 65%
International equity portfolios		5% - 15%
Fixed income security portfolios		30% - 50%

Reconciliation of Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Table)

	For the year ended December 31, 2014
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending asset balance as of December 31, 2014
	Beginning asset balance as of December 31, 2013		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending asset balance as of December 31, 2014
	(in millions)
Asset category
Principal Life general account investment	$	38.8	$	0.8	$	—	$	(3.3	)	$	—	$	—	$	36.3

	For the year ended December 31, 2013
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending assets balance as of December 31, 2013
	Beginning assets balance as of December 31, 2012		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending assets balance as of December 31, 2013
	(in millions)
Asset category
Principal Life general account investment	$	42.1	$	1.1	$	—	$	(4.4	)	$	—	$	—	$	38.8

	For the year ended December 31, 2012
			Actual return gains (losses) on plan assets
			Actual return gains (losses) on plan assets											Ending assets balance as of December 31, 2012
	Beginning assets balance as of December 31, 2011		Relating to assets still held at the reporting date		Relating to assets sold during the period		Net purchases, sales, and settlements			Transfers into Level 3		Transfers out of Level 3		Ending assets balance as of December 31, 2012
	(in millions)
Asset category
Principal Life general account investment	$	42.5	$	3.1	$	—	$	(3.5	)	$	—	$	—	$	42.1

Contingencies, Guarantees and Indemnifications (Tables)

12 Months Ended

Dec. 31, 2014

Contingencies, Guarantees and Indemnifications

Operating Lease Obligations (Table)

Year ending December 31:
2015	$	43.7
2016		39.0
2017		33.3
2018		21.8
2019		11.8
2020 and thereafter		51.2

Total operating lease obligations		200.8
Less: Future sublease rental income on noncancelable leases		5.8

Total future minimum lease payments	$	195.0

Capital Leases Future Minimum Lease Payments (Table)

Year ending December 31:
2015	$	6.3
2016		5.4
2017		2.5
2018		0.7
2019		0.1
2020 and thereafter		0.5

Total		15.5
Less: Amounts representing interest		0.3

Net present value of minimum lease payments	$	15.2

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity

Reconciliation of Outstanding Shares (Table)

	Series A preferred stock		Series B preferred stock		Common stock
	(in millions)
Outstanding shares at January 1, 2012		3.0		10.0		301.1
Shares issued		—		—		3.2
Treasury stock acquired		—		—		(10.5	)

Outstanding shares at December 31, 2012		3.0		10.0		293.8
Shares issued		—		—		5.8
Treasury stock acquired		—		—		(4.4	)

Outstanding shares at December 31, 2013		3.0		10.0		295.2
Shares issued		—		—		3.4
Treasury stock acquired		—		—		(4.7	)

Outstanding shares at December 31, 2014		3.0		10.0		293.9

Other Comprehensive Income (Loss) (Table)

	For the year ended December 31, 2014
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,087.9		$	(425.2	)	$	662.7
Reclassification adjustment for gains included in net income (1)		(73.2	)		24.4			(48.8	)
Adjustments for assumed changes in amortization patterns		(63.4	)		22.2			(41.2	)
Adjustments for assumed changes in policyholder liabilities		(458.4	)		210.4			(248.0	)

Net unrealized gains on available-for-sale securities		492.9			(168.2	)		324.7

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		102.0			(35.6	)		66.4
Adjustments for assumed changes in amortization patterns		(4.7	)		1.7			(3.0	)
Adjustments for assumed changes in policyholder liabilities		(2.2	)		0.7			(1.5	)

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		95.1			(33.2	)		61.9

Net unrealized gains on derivative instruments during the period		100.3			(35.1	)		65.2
Reclassification adjustment for losses included in net income (3)		3.8			(1.7	)		2.1
Adjustments for assumed changes in amortization patterns		(12.8	)		4.5			(8.3	)
Adjustments for assumed changes in policyholder liabilities		3.2			(1.1	)		2.1

Net unrealized gains on derivative instruments		94.5			(33.4	)		61.1

Foreign currency translation adjustment		(374.7	)		38.1			(336.6	)

Unrecognized postretirement benefit obligation during the period		(445.5	)		176.3			(269.2	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		22.1			(8.1	)		14.0

Net unrecognized postretirement benefit obligation		(423.4	)		168.2			(255.2	)

Other comprehensive loss	$	(115.6	)	$	(28.5	)	$	(144.1	)

	For the year ended December 31, 2013
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(1,686.5	)	$	559.5		$	(1,127.0	)
Reclassification adjustment for losses included in net income (1)		61.1			(20.9	)		40.2
Adjustments for assumed changes in amortization patterns		252.8			(88.5	)		164.3
Adjustments for assumed changes in policyholder liabilities		575.7			(193.4	)		382.3

Net unrealized losses on available-for-sale securities		(796.9	)		256.7			(540.2	)

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		24.5			(8.3	)		16.2
Adjustments for assumed changes in amortization patterns		(14.4	)		5.1			(9.3	)

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		10.1			(3.2	)		6.9

Net unrealized losses on derivative instruments during the period		(46.3	)		16.8			(29.5	)
Reclassification adjustment for losses included in net income (3)		11.6			(4.3	)		7.3
Adjustments for assumed changes in amortization patterns		10.9			(3.8	)		7.1
Adjustments for assumed changes in policyholder liabilities		20.5			(7.2	)		13.3

Net unrealized losses on derivative instruments		(3.3	)		1.5			(1.8	)

Foreign currency translation adjustment		(282.6	)		13.2			(269.4	)

Unrecognized postretirement benefit obligation during the period		426.7			(149.3	)		277.4
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		84.9			(29.7	)		55.2

Net unrecognized postretirement benefit obligation		511.6			(179.0	)		332.6

Other comprehensive loss	$	(561.1	)	$	89.2		$	(471.9	)

	For the year ended December 31, 2012
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,577.3		$	(520.6	)	$	1,056.7
Reclassification adjustment for losses included in net income (1)		107.8			(38.4	)		69.4
Adjustments for assumed changes in amortization patterns		(169.0	)		59.1			(109.9	)
Adjustments for assumed changes in policyholder liabilities		(689.2	)		230.6			(458.6	)

Net unrealized gains on available-for-sale securities		826.9			(269.3	)		557.6

Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		(17.3	)		6.1			(11.2	)

Adjustments for assumed changes in amortization patterns		4.0			(1.6	)		2.4
Adjustments for assumed changes in policyholder liabilities		3.2			(1.1	)		2.1

Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		(10.1	)		3.4			(6.7	)

Net unrealized losses on derivative instruments during the period		(25.9	)		9.1			(16.8	)
Reclassification adjustment for losses included in net income (3)		3.4			(1.5	)		1.9
Adjustments for assumed changes in amortization patterns		25.9			(9.1	)		16.8
Adjustments for assumed changes in policyholder liabilities		(70.0	)		24.5			(45.5	)

Net unrealized losses on derivative instruments		(66.6	)		23.0			(43.6	)

Foreign currency translation adjustment		(25.4	)		15.6			(9.8	)

Unrecognized postretirement benefit obligation during the period		(245.7	)		86.0			(159.7	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		49.6			(17.3	)		32.3

Net unrecognized postretirement benefit obligation		(196.1	)		68.7			(127.4	)

Other comprehensive income	$	528.7		$	(158.6	)	$	370.1

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.
(2)	Represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI.
(3)	See Note 5, Derivative Financial Instruments — Cash Flow Hedges, for further details.
(4)	Pre-tax amortization of prior service cost and actuarial loss included in net periodic benefit cost, which is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, is reported in operating expenses on the consolidated statements of operations. See Note 11, Employee and Agent Benefits — Components of Net Periodic Benefit Cost, for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

	Net unrealized gains on available-for-sale securities			Noncredit component of impairment losses on fixed maturities available-for-sale			Net unrealized gains (losses) on derivative instruments			Foreign currency translation adjustment			Unrecognized postretirement benefit obligation			Accumulated other comprehensive income
	(in millions)
Balances at January 1, 2012	$	860.7		$	(167.2	)	$	34.9		$	(95.9	)	$	(361.1	)	$	271.4
Other comprehensive income during the period, net of adjustments		488.2			(6.7	)		(45.5	)		(11.0	)		(159.7	)		265.3
Amounts reclassified from AOCI		69.4			—			1.9			—			32.3			103.6

Other comprehensive income		557.6			(6.7	)		(43.6	)		(11.0	)		(127.4	)		368.9

Balances at December 31, 2012		1,418.3			(173.9	)		(8.7	)		(106.9	)		(488.5	)		640.3
Other comprehensive loss during the period, net of adjustments		(580.4	)		—			(9.1	)		(254.6	)		277.4			(566.7	)
Amounts reclassified from AOCI		40.2			6.9			7.3			—			55.2			109.6

Other comprehensive loss		(540.2	)		6.9			(1.8	)		(254.6	)		332.6			(457.1	)

Balances at December 31, 2013		878.1			(167.0	)		(10.5	)		(361.5	)		(155.9	)		183.2
Other comprehensive loss during the period, net of adjustments		373.5			—			59.0			(325.3	)		(269.2	)		(162.0	)
Amounts reclassified from AOCI		(48.8	)		61.9			2.1			—			14.0			29.2

Other comprehensive loss		324.7			61.9			61.1			(325.3	)		(255.2	)		(132.8	)

Balances at December 31, 2014	$	1,202.8		$	(105.1	)	$	50.6		$	(686.8	)	$	(411.1	)	$	50.4

Redeemable Noncontrolling Interest (Table)

Balance at January 1, 2012	$	22.2
Net income attributable to redeemable noncontrolling interest		1.9
Redeemable noncontrolling interest assumed related to acquisition		37.2
Distributions to redeemable noncontrolling interest		(2.0	)
Foreign currency translation adjustment		1.1

Balance at December 31, 2012		60.4
Net income attributable to redeemable noncontrolling interest		13.6
Reclassification from stockholders' equity (1)		173.9
Redeemable noncontrolling interest assumed related to acquisition		1.2
Distributions to redeemable noncontrolling interest		(13.9	)
Purchase of subsidiary shares from redeemable noncontrolling interest		(2.4	)
Change in redemption value of redeemable noncontrolling interest		19.2
Foreign currency translation adjustment		(4.8	)

Balance at December 31, 2013		247.2
Net income attributable to redeemable noncontrolling interest		9.0
Contributions from redeemable noncontrolling interest		9.5
Distributions to redeemable noncontrolling interest		(16.1	)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(215.2	)
Change in redemption value of redeemable noncontrolling interest		28.9
Foreign currency translation adjustment		(5.3	)

Balance at December 31, 2014	$	58.0

(1)

(2)

During the third quarter of 2014, we increased our ownership stake in Columbus Circle Investors.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Fair Value (Table)

	December 31, 2014
	Assets/ (liabilities) measured at fair value			Fair value hierarchy level
	Assets/ (liabilities) measured at fair value			Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,121.8		$	720.5	$	401.3		$	—
Non-U.S. governments		891.1			—		852.4			38.7
States and political subdivisions		4,204.0			—		4,204.0			—
Corporate		31,535.0			40.3		31,249.1			245.6
Residential mortgage-backed securities		2,822.9			—		2,822.9			—
Commercial mortgage-backed securities		3,975.5			—		3,975.5			—
Collateralized debt obligations		504.1			—		439.9			64.2
Other debt obligations		4,616.4			—		4,552.7			63.7

Total fixed maturities, available-for-sale		49,670.8			760.8		48,497.8			412.2
Fixed maturities, trading		604.6			—		464.9			139.7
Equity securities, available-for-sale		123.0			64.2		54.7			4.1
Equity securities, trading		840.2			105.9		734.3			—
Derivative assets (1)		661.8			—		608.1			53.7
Other investments (2)		478.9			3.3		348.4			127.2
Cash equivalents (3)		1,041.7			—		1,041.7			—

Sub-total excluding separate account assets		53,421.0			934.2		51,749.9			736.9
Separate account assets		140,072.8			73,363.4		60,818.0			5,891.4

Total assets	$	193,493.8		$	74,297.6	$	112,567.9		$	6,628.3


Liabilities
Investment-type insurance contracts (4)	$	(176.4	)	$	—	$	—		$	(176.4	)
Derivative liabilities (1)		(791.8	)		—		(756.3	)		(35.5	)
Other liabilities (4)		(310.1	)		—		(243.8	)		(66.3	)

Total liabilities	$	(1,278.3	)	$	—	$	(1,000.1	)	$	(278.2	)


Net assets	$	192,215.5		$	74,297.6	$	111,567.8		$	6,350.1

	December 31, 2013
	Assets/ (liabilities) measured at fair value			Fair value hierarchy level
	Assets/ (liabilities) measured at fair value			Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	780.5		$	409.3	$	371.2		$	—
Non-U.S. governments		996.8			—		949.3			47.5
States and political subdivisions		3,658.0			—		3,656.2			1.8
Corporate		31,919.0			40.3		31,714.7			164.0
Residential mortgage-backed securities		2,845.2			—		2,845.2			—
Commercial mortgage-backed securities		4,026.4			—		4,024.8			1.6
Collateralized debt obligations		363.4			—		325.6			37.8
Other debt obligations		4,167.8			—		4,083.7			84.1

Total fixed maturities, available-for-sale		48,757.1			449.6		47,970.7			336.8
Fixed maturities, trading		563.1			—		393.2			169.9
Equity securities, available-for-sale		110.5			38.1		55.5			16.9
Equity securities, trading		716.9			105.1		611.8			—
Derivative assets (1)		665.1			—		590.9			74.2
Other investments (2)		361.1			6.8		211.4			142.9
Cash equivalents (3)		1,459.0			—		1,459.0			—

Sub-total excluding separate account assets		52,632.8			599.6		51,292.5			740.7
Separate account assets		130,018.4			67,215.1		57,538.1			5,265.2

Total assets	$	182,651.2		$	67,814.7	$	108,830.6		$	6,005.9


Liabilities
Investment-type insurance contracts (4)	$	(6.9	)	$	—	$	—		$	(6.9	)
Derivative liabilities (1)		(1,024.6	)		—		(985.0	)		(39.6	)
Other liabilities (4)		(322.1	)		—		(248.2	)		(73.9	)

Total liabilities	$	(1,353.6	)	$	—	$	(1,233.2	)	$	(120.4	)


Net assets	$	181,297.6		$	67,814.7	$	107,597.4		$	5,885.5

(1)	Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. Our derivatives are primarily Level 2, with the exception of certain credit default swaps and other swaps that are Level 3.
(2)	Primarily includes seed money investments, other investment funds, commercial mortgage loans of consolidated VIEs and equity method investments reported at fair value.
(3)	Includes money market instruments and short-term investments with a maturity date of three months or less when purchased.
(4)	Includes bifurcated embedded derivatives that are reported at fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. Other liabilities also include obligations of consolidated VIEs reported at fair value.

Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)

	For the year ended December 31, 2014
	Beginning asset/ (liability) balance as of December 31, 2013			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2014			Changes in unrealized gains (losses) included in net income relating to positions still held (1)
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	47.5		$	(0.3	)	$	—		$	(8.5	)	$	—	$	—		$	38.7		$	(0.2	)
States and political subdivisions		1.8			—			—			(0.1	)		—		(1.7	)		—			—
Corporate		164.0			(1.8	)		(1.3	)		56.0			46.6		(17.9	)		245.6			(1.6	)
Commercial mortgage-backed securities		1.6			(1.2	)		1.3			(6.0	)		6.8		(2.5	)		—			—
Collateralized debt obligations		37.8			—			0.4			46.1			3.9		(24.0	)		64.2			—
Other debt obligations		84.1			—			1.4			7.9			—		(29.7	)		63.7			—

Total fixed maturities, available-for-sale		336.8			(3.3	)		1.8			95.4			57.3		(75.8	)		412.2			(1.8	)
Fixed maturities, trading		169.9			9.9			—			(40.1	)		—		—			139.7			1.2
Equity securities, available-for-sale		16.9			4.2			2.8			(20.0	)		0.2		—			4.1			(0.3	)
Derivative assets		74.2			(32.0	)		—			11.5			—		—			53.7			(32.0	)
Other investments		142.9			15.7			—			(31.4	)		—		—			127.2			15.7
Separate account assets (2)		5,265.2			649.6			—			(13.9	)		4.4		(13.9	)		5,891.4			608.4
Liabilities
Investments-type insurance contracts		(6.9	)		(196.0	)		—			26.5			—		—			(176.4	)		(196.5	)
Derivative liabilities		(39.6	)		3.9			(0.4	)		0.6			—		—			(35.5	)		(0.9	)
Other liabilities (3)		(73.9	)		(1.4	)		—			9.0			—		—			(66.3	)		(0.8	)

	For the year ended December 31, 2013
	For the year ended December 31, 2013																				Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2012			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2013
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	44.3		$	(0.1	)	$	(0.9	)	$	4.2		$	—	$	—		$	47.5		$	(0.1	)
States and political subdivisions		1.9			—			—			(0.1	)		—		—			1.8			—
Corporate		174.5			(13.4	)		4.5			(23.0	)		105.3		(83.9	)		164.0			(10.4	)
Commercial mortgage-backed securities		—			—			(0.1	)		(0.7	)		2.4		—			1.6			—
Collateralized debt obligations		77.6			2.1			7.2			(56.0	)		31.7		(24.8	)		37.8			—
Other debt obligations		14.7			(0.3	)		2.8			34.9			32.0		—			84.1			(0.3	)

Total fixed maturities, available-for-sale		313.0			(11.7	)		13.5			(40.7	)		171.4		(108.7	)		336.8			(10.8	)
Fixed maturities, trading		166.8			3.0			—			0.1			—		—			169.9			3.1
Equity securities, available-for-sale		15.3			(0.2	)		1.8			—			—		—			16.9			(0.2	)
Derivative assets		75.1			(19.5	)		—			18.6			—		—			74.2			(19.8	)
Other investments		113.9			11.2			—			17.8			—		—			142.9			11.2
Separate account assets (2)		4,616.0			574.9			(0.1	)		68.2			12.7		(6.5	)		5,265.2			545.8
Liabilities
Investments-type insurance contracts		(170.5	)		147.3			—			16.3			—		—			(6.9	)		145.0
Derivative liabilities		(102.6	)		55.0			(0.1	)		8.1			—		—			(39.6	)		53.9
Other liabilities (3)		(39.6	)		(34.3	)		—			—			—		—			(73.9	)		(34.3	)

	For the year ended December 31, 2012																				Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2011			Total realized/unrealized gains (losses)														Ending asset/ (liability) balance as of December 31, 2012
				Total realized/unrealized gains (losses)						Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income			Net purchases, sales, issuances and settlements (4)			Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	22.9		$	(0.2	)	$	(0.3	)	$	7.4		$	14.5	$	—		$	44.3		$	(0.1	)
States and political subdivisions		—			—			0.2			(0.1	)		1.8		—			1.9			—
Corporate		297.0			(9.2	)		19.9			(75.5	)		79.7		(137.4	)		174.5			(2.6	)
Collateralized debt obligations		102.5			(3.3	)		5.1			4.5			—		(31.2	)		77.6			—
Other debt obligations		27.3			(2.3	)		0.6			(26.2	)		15.3		—			14.7			(2.2	)

Total fixed maturities, available-for-sale		449.7			(15.0	)		25.5			(89.9	)		111.3		(168.6	)		313.0			(4.9	)
Fixed maturities, trading		220.8			3.2			—			(66.7	)		9.5		—			166.8			(4.4	)
Equity securities, available-for-sale		18.0			(0.3	)		(2.4	)		—			—		—			15.3			—
Derivative assets		60.2			2.9			—			12.0			—		—			75.1			4.9
Other investments		97.5			2.1			—			14.3			—		—			113.9			2.2
Separate account assets (2)		4,198.2			421.3			0.4			(3.6	)		1.6		(1.9	)		4,616.0			412.8
Liabilities
Investments-type insurance contracts		(195.8	)		38.3			(0.1	)		(12.9	)		—		—			(170.5	)		35.3
Derivative liabilities		(177.1	)		39.8			1.3			33.4			—		—			(102.6	)		38.6
Other liabilities (3)		(24.2	)		(23.5	)		—			8.1			—		—			(39.6	)		(20.2	)

(1)	Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses) within the consolidated statements of operations. Realized and unrealized gains (losses) on certain fixed maturities, trading and certain derivatives used in relation to certain trading portfolios are reported in net investment income within the consolidated statements of operations.
(2)	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 segment separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.
(3)	Certain embedded derivatives reported in other liabilities are part of a cash flow hedge, with the effective portion of the unrealized gains (losses) recorded in AOCI.
(4)	Gross purchases, sales, issuances and settlements were:

	For the year ended December 31, 2014
	Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	12.1		$	(19.4	)	$	—		$	(1.2	)	$	(8.5	)
States and political subdivisions		—			—			—			(0.1	)		(0.1	)
Corporate		118.5			(54.8	)		—			(7.7	)		56.0
Commercial mortgage-backed securities		—			(5.8	)		—			(0.2	)		(6.0	)
Collateralized debt obligations		61.3			—			—			(15.2	)		46.1
Other debt obligations		19.2			—			—			(11.3	)		7.9

Total fixed maturities, available-for-sale		211.1			(80.0	)		—			(35.7	)		95.4
Fixed maturities, trading		—			(10.0	)		—			(30.1	)		(40.1	)
Equity securities, available-for-sale		—			(20.0	)		—			—			(20.0	)
Derivative assets		11.8			(0.3	)		—			—			11.5
Other investments		0.2			—			—			(31.6	)		(31.4	)
Separate account assets (5)		705.9			(500.2	)		(331.8	)		112.2			(13.9	)
Liabilities
Investment-type insurance contracts		—			—			20.7			5.8			26.5
Derivative liabilities		(1.5	)		2.1			—			—			0.6
Other liabilities		—			9.0			—			—			9.0

	For the year ended December 31, 2013
	Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	9.3		$	(3.9	)	$	—		$	(1.2	)	$	4.2
States and political subdivisions		—			—			—			(0.1	)		(0.1	)
Corporate		32.6			(33.3	)		—			(22.3	)		(23.0	)
Commercial mortgage-backed securities		—			—			—			(0.7	)		(0.7	)
Collateralized debt obligations		17.0			(47.4	)		—			(25.6	)		(56.0	)
Other debt obligations		37.8			—			—			(2.9	)		34.9

Total fixed maturities, available-for-sale		96.7			(84.6	)		—			(52.8	)		(40.7	)
Fixed maturities, trading		—			—			—			0.1			0.1
Derivative assets		22.1			(3.5	)		—			—			18.6
Other investments		30.2			—			—			(12.4	)		17.8
Separate account assets (5)		418.4			(300.8	)		(21.8	)		(27.6	)		68.2
Liabilities
Investment-type insurance contracts		—			—			11.0			5.3			16.3
Derivative liabilities		(3.4	)		11.5			—			—			8.1

		For the year ended December 31, 2012
		Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
		(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments		$	13.5		$	(5.0	)	$	—		$	(1.1	)	$	7.4
States and political subdivisions			—			—			—			(0.1	)		(0.1	)
Corporate			29.2			(92.0	)		—			(12.7	)		(75.5	)
Collateralized debt obligations			5.1			(1.1	)		—			0.5			4.5
Other debt obligations			—			—			—			(26.2	)		(26.2	)

Total fixed maturities, available-for-sale			47.8			(98.1	)		—			(39.6	)		(89.9	)
Fixed maturities, trading			—			(24.6	)		—			(42.1	)		(66.7	)
Derivative assets			12.6			(0.6	)		—			—			12.0
Other investments			34.0			—			—			(19.7	)		14.3
Separate account assets (5)			342.2			(310.6	)		(208.4	)		173.2			(3.6	)
Liabilities
Investment-type insurance contracts			—			—			(16.6	)		3.7			(12.9	)
Derivative liabilities			(8.9	)		42.3			—			—			33.4
Other liabilities			—			8.1			—			—			8.1
(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

	For the year ended December 31, 2014
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	—	$	—	$	1.7
Corporate		—		—		—		46.6		—		17.9
Commercial mortgage-backed securities		—		—		—		6.8		—		2.5
Collateralized debt obligations		—		—		—		3.9		—		24.0
Other debt obligations		—		—		—		—		—		29.7

Total fixed maturities, available-for-sale		—		—		—		57.3		—		75.8
Equity securities, available-for-sale		—		—		—		0.2		—		—
Separate account assets		33.0		—		71.3		4.4		—		13.9

	For the year ended December 31, 2013
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	—	$	—	$	—	$	105.3	$	—	$	83.9
Commercial mortgage-backed securities		—		—		—		2.4		—		—
Collateralized debt obligations		—		—		—		31.7		—		24.8
Other debt obligations		—		—		—		32.0		—		—

Total fixed maturities, available-for-sale		—		—		—		171.4		—		108.7
Separate account assets		253.9		0.1		15.5		12.6		—		6.5

	For the year ended December 31, 2012
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	—	$	—	$	—	$	14.5	$	—	$	—
States and political subdivisions		—		—		—		1.8		—		—
Corporate		—		—		—		79.7		—		137.4
Collateralized debt obligations		—		—		—		—		—		31.2
Other debt obligations		—		—		—		15.3		—		—

Total fixed maturities, available-for-sale		—		—		—		111.3		—		168.6
Fixed maturities, trading		—		—		—		9.5		—		—
Separate account assets		3,255.7		0.3		205.5		1.3		—		1.9

Quantitative Information about Level 3 Fair Value Measurements (Table)

	December 31, 2014
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	10.3		Discounted cash flow	Discount rate (1)	2.2%	2.2%
					Illiquidity premium	50 basis points ("bps")	50bps
Corporate		83.0		Discounted cash flow	Discount rate (1)	1.8% - 6.7%	4.0%
					Comparability adjustment	0bps - 1bps	0bps
					Illiquidity premium	0bps - 25bps	13bps
Collateralized debt obligations		12.7		Discounted cash flow	Discount rate (1)	2.7% - 17.1%	6.1%
					Probability of default	0% - 100%	23.5%
					Potential loss severity	0% - 70.0%	16.4%
Other debt obligations		49.3		Discounted cash flow	Discount rate (1)	1.4% - 5.0%	2.3%
					Illiquidity premium	0bps - 1,000bps	175bps
Fixed maturities, trading		15.2		Discounted cash flow	Discount rate (1)	1.8% - 126.9%	3.5%
					Illiquidity premium	200bps - 1,400bps	460bps
		100.4		See note (2)
Other investments		35.0		Discounted cash flow — commercial mortgage loans of consolidated VIEs	Discount rate (1)	4.2%	4.2%
					Illiquidity premium	76bps	76bps
		92.2		Discounted cash flow — equity method real estate investments	Discount rate (1)	7.3% - 8.0%	7.6%
					Terminal capitalization rate	5.5% - 6.8%	6.1%
					Average market rent growth rate	3.3% - 3.7%	3.5%
				Discounted cash flow — equity method real estate investments — debt	Loan to value	34.2% - 58.9%	46.5%
					Credit spread rate	1.8% - 2.0%	1.9%
Separate account assets		5,857.4		Discounted cash flow — mortgage loans	Discount rate (1)	1.1% - 6.9%	3.2%
					Illiquidity premium	0bps - 60bps	7bps
					Credit spread rate	70bps - 632bps	221bps
				Discounted cash flow — real estate	Discount rate (1)	6.0% - 24.6%	7.4%
					Terminal capitalization rate	4.5% - 9.5%	6.4%
					Average market rent growth rate	1.3% - 4.4%	3.0%
				Discounted cash flow — real estate debt	Loan to value	6.8% - 64.1%	46.5%
					Credit spread rate	2.1% - 4.8%	3.4%
Liabilities
Investment-type insurance contracts		(176.4	)	Discounted cash flow	Long duration interest rate	2.6% - 2.7% (3)
					Long-term equity market volatility	14.9% - 39.5%
					Non-performance risk	0.1% - 1.4%
					Utilization rate	See note (4)
					Lapse rate	0.5% - 14.1%
					Mortality rate	See note (5)
Derivative liabilities		(19.3	)	See note (2)
Other liabilities		(66.3	)	See note (2)

	December 31, 2013
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	11.7		Discounted cash flow	Discount rate (1)	2.0%	2.0%
					Illiquidity premium	50 bps	50bps
Corporate		70.1		Discounted cash flow	Discount rate (1)	1.9% - 7.7%	4.4%
					Illiquidity premium	0bps - 25bps	15bps
					Earnings before interest, taxes, depreciation and amortization multiple	0x - 4.5x	0.2x
					Comparability adjustment	0bps - 125bps	43bps
					Probability of default	0% - 100%	5.4%
					Potential loss severity	0% - 16%	0.9%
Commercial mortgage-backed securities		1.6		Discounted cash flow	Discount rate (1)	1.5% - 4.5%	1.5%
Collateralized debt obligations		13.6		Discounted cash flow	Discount rate (1)	1.5%	1.5%
					Illiquidity premium	400bps	400bps
Other debt obligations		33.6		Discounted cash flow	Discount rate (1)	2.0% - 15.0%	6.7%
					Illiquidity premium	0bps - 50bps	11bps
Fixed maturities, trading		36.2		Discounted cash flow	Discount rate (1)	1.6% - 83.0%	3.4%
					Illiquidity premium	0bps - 1,400bps	370bps
		110.4		See note (2)
Other investments		68.1		Discounted cash flow — commercial mortgage loans of consolidated VIEs	Discount rate (1)	4.8%	4.8%
					Illiquidity premium	94bps	94bps
		74.8		Discounted cash flow — equity method real estate investments	Discount rate (1)	7.8% - 8.1%	7.9%
					Terminal capitalization rate	5.5% - 6.8%	6.1%
					Average market rent growth rate	3.5% - 3.6%	3.6%
				Discounted cash flow — equity method real estate investments — debt	Loan to value	40.5% - 61.0%	50.7%
					Credit spread rate	1.5% - 2.0%	1.8%
Separate account assets		5,090.4		Discounted cash flow — mortgage loans	Discount rate (1)	0.6% - 5.6%	3.3%
					Illiquidity premium	0bps - 60bps	12bps
					Credit spread rate	32bps - 440bps	214bps
				Discounted cash flow — real estate	Discount rate (1)	6.0% - 16.0%	7.6%
					Terminal capitalization rate	4.5% - 9.0%	6.6%
					Average market rent growth rate	2.4% - 4.7%	3.0%
				Discounted cash flow — real estate debt	Loan to value	11.0% - 55.9%	50.3%
					Credit spread rate	1.5% - 5.2%	3.3%
Liabilities
Investment-type insurance contracts		(6.9	)	Discounted cash flow	Long duration interest rate	3.8% - 3.9% (3)
					Long-term equity market volatility	15.0% - 40.1%
					Non-performance risk	0.2% - 1.2%
					Utilization rate	See note (4)
					Lapse rate	0.5%-14.6%
					Mortality rate	See note (5)
Derivative liabilities		(19.9	)	See note (2)
Other liabilities		(73.9	)	See note (2)

(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 credit spread, illiquidity or other adjustments, where applicable.
(2)	Relates to a consolidated collateralized private investment vehicle that is a VIE. Fixed maturities, trading represents the underlying collateral of the investment structure and consists of high-grade fixed maturity investments, which are over-collateralized based on outstanding notes priced at par. The derivative liability represents credit default swaps that are valued using a correlation model to the credit default swap ("CDS") Index ("CDX") and inputs to the valuation are based on observable market data such as the end of period swap curve, CDS constituents of the index and spread levels of the index, as well as CDX tranche spreads. The value of the obligations, which are due at maturity or termination of the trust, reflect the third parties' interest in the investment structure.
(3)	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 observable 20 and 30-year swap rates.
(4)	This input factor is the number of contractholders taking withdrawals as well as the amount and timing of the withdrawals and a range does not provide a meaningful presentation.
(5)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

Financial Instruments Not Reported at Fair Value (Table)

	December 31, 2014
							Fair value hierarchy level
	Carrying amount						Fair value hierarchy level
	Carrying amount			Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	11,811.6		$	12,350.2		$	—		$	—		$	12,350.2
Policy loans		829.2			1,083.2			—			—			1,083.2
Other investments		211.2			211.6			—			183.7			27.9
Cash and cash equivalents		822.2			822.2			822.2			—			—
Investment-type insurance contracts		(28,256.3	)		(28,322.7	)		—			(5,455.4	)		(22,867.3	)
Short-term debt		(28.0	)		(28.0	)		—			(28.0	)		—
Long-term debt		(2,531.2	)		(2,786.1	)		—			(2,703.8	)		(82.3	)
Separate account liabilities		(128,480.5	)		(127,131.0	)		—			—			(127,131.0	)
Bank deposits		(1,979.7	)		(1,985.5	)		(1,343.8	)		(641.7	)		—
Cash collateral payable		(148.3	)		(148.3	)		(148.3	)		—			—

	December 31, 2013
							Fair value hierarchy level
	Carrying amount						Fair value hierarchy level
	Carrying amount			Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	11,533.6		$	11,773.5		$	—		$	—		$	11,773.5
Policy loans		859.7			963.3			—			—			963.3
Other investments		174.0			174.7			—			140.9			33.8
Cash and cash equivalents		912.8			912.8			912.8			—			—
Investment-type insurance contracts		(29,909.6	)		(30,093.1	)		—			(5,902.2	)		(24,190.9	)
Short-term debt		(150.6	)		(150.6	)		—			(150.6	)		—
Long-term debt		(2,601.4	)		(2,692.1	)		—			(2,639.0	)		(53.1	)
Separate account liabilities		(119,500.7	)		(118,059.7	)		—			—			(118,059.7	)
Bank deposits		(1,949.0	)		(1,951.1	)		(1,252.2	)		(698.9	)		—
Cash collateral payable		(32.5	)		(32.5	)		(32.5	)		—			—

Statutory Insurance Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Statutory Insurance Financial Information

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

	As of or for the year ended December 31,
	2014		2013		2012
	(in millions)
Statutory net income	$	535.5	$	607.9	$	576.1
Statutory capital and surplus		4,202.1		4,142.2		3,944.3

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)

	December 31, 2014		December 31, 2013
	(in millions)
Assets:
Retirement and Investor Services	$	138,549.4	$	128,736.7
Principal Global Investors		1,175.1		1,312.1
Principal International		53,531.8		54,243.6
U.S. Insurance Solutions		21,554.5		20,033.6
Corporate		4,276.2		3,865.4

Total consolidated assets	$	219,087.0	$	208,191.4

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

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Operating revenues by segment:
Retirement and Investor Services	$	5,523.3		$	4,847.6		$	4,834.9
Principal Global Investors		725.9			719.2			591.2
Principal International		1,275.4			1,150.0			942.7
U.S. Insurance Solutions		3,262.6			3,106.4			2,994.7
Corporate		(232.4	)		(215.8	)		(188.1	)

Total segment operating revenues		10,554.8			9,607.4			9,175.4
Net realized capital gains (losses), net of related revenue adjustments		(77.4	)		(320.0	)		14.7
Exited group medical insurance business		0.2			2.1			25.0

Total revenues per consolidated statements of operations	$	10,477.6		$	9,289.5		$	9,215.1


Operating earnings (loss) by segment, net of related income taxes:
Retirement and Investor Services	$	828.1		$	694.4		$	575.1
Principal Global Investors		116.0			102.6			81.2
Principal International		268.0			215.2			154.1
U.S. Insurance Solutions		231.3			196.6			138.2
Corporate		(125.5	)		(148.9	)		(139.8	)

Total segment operating earnings, net of related income taxes		1,317.9			1,059.9			808.8
Net realized capital gains (losses), as adjusted (1)		(100.5	)		(179.1	)		39.0
Other after-tax adjustments (2)		(106.3	)		(1.1	)		(74.2	)

Net income available to common stockholders per consolidated statements of operations	$	1,111.1		$	879.7		$	773.6

(1)	Net realized capital gains (losses), as adjusted, is derived as follows:

		For the year ended December 31,
		2014			2013			2012
		(in millions)
Net realized capital gains (losses):
Net realized capital gains (losses)		$	14.7		$	(225.2	)	$	114.1
Certain derivative and hedging-related adjustments			(92.8	)		(93.9	)		(98.9	)
Certain market value adjustments to fee revenues			—			—			(0.3	)
Recognition of front-end fee (revenue) expense			0.7			(0.9	)		(0.2	)

Net realized capital gains (losses), net of related revenue adjustments			(77.4	)		(320.0	)		14.7
Amortization of deferred acquisition costs and other actuarial balances			(49.3	)		47.1			36.6
Capital gains distributed			(21.2	)		(25.8	)		(12.2	)
Certain market value adjustments of embedded derivatives			4.8			18.4			(0.6	)
Net realized capital losses associated with exited group medical insurance business			—			—			0.2
Noncontrolling interest capital gains			(1.0	)		(0.2	)		(8.3	)
Income tax effect			43.6			101.4			8.6

Net realized capital gains (losses), as adjusted		$	(100.5	)	$	(179.1	)	$	39.0


(2)	For the year ended December 31, 2014, other after-tax adjustments included the negative effect of (a) an increase in net deferred tax liabilities resulting from third quarter 2014 enactment of tax legislation in Chile ($58.1 million) (b) the impact of a court ruling on some uncertain tax positions ($47.5 million) and (c) the effect of losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP ($0.7 million). For the year ended December 31, 2013, other after-tax adjustments included the negative effect of losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP. For the year ended December 31, 2012, other after-tax adjustments included the negative effect of (a) a contribution made to The Principal Financial Group Foundation, Inc. ($39.8 million), (b) one-time costs incurred to extinguish long-term debt that was scheduled to mature in 2014 ($24.8 million) and (c) losses associated with our exited group medical insurance business that does not qualify for discontinued operations accounting treatment under U.S. GAAP ($9.6 million).

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Income tax expense (benefit) by segment:
Retirement and Investor Services	$	200.5		$	195.6		$	150.0
Principal Global Investors		63.8			55.5			43.5
Principal International		30.3			28.0			0.6
U.S. Insurance Solutions		112.8			94.0			61.3
Corporate		(89.6	)		(83.2	)		(69.6	)

Total segment income taxes from operating earnings		317.8			289.9			185.8
Tax benefit related to net realized capital losses, as adjusted		(43.6	)		(101.4	)		(8.6	)
Tax expense (benefit) related to other after-tax adjustments		44.3			(0.6	)		(42.6	)

Total income taxes expense per consolidated statements of operations	$	318.5		$	187.9		$	134.6

Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table)

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Depreciation and amortization expense by segment:
Retirement and Investor Services	$	31.1	$	26.7	$	26.3
Principal Global Investors		14.8		11.8		13.3
Principal International		51.6		47.8		18.9
U.S. Insurance Solutions		21.2		17.2		17.0
Corporate		4.0		4.6		5.4

Total segment depreciation and amortization expense included in operating earnings		122.7		108.1		80.9

Depreciation and amortization expense related to other after-tax adjustments		—		1.4		6.1

Total depreciation and amortization expense included in our consolidated statements of operations	$	122.7	$	109.5	$	87.0

Operating Revenue for Products and Services by Segment (Table)

	For the year ended December 31,
	2014			2013			2012
	(in millions)
Retirement and Investor Services:
Full service accumulation	$	1,563.0		$	1,470.7		$	1,357.0
Principal Funds		861.9			765.8			619.6
Individual annuities		1,488.9			1,366.5			1,162.4
Bank and trust services		84.2			95.2			101.6
Eliminations		(155.2	)		(146.8	)		(120.3	)

Total Accumulation		3,842.8			3,551.4			3,120.3
Investment only		308.1			341.0			431.6
Full service payout		1,372.4			955.2			1,283.0

Total Guaranteed		1,680.5			1,296.2			1,714.6

Total Retirement and Investor Services		5,523.3			4,847.6			4,834.9
Principal Global Investors (1)		725.9			719.2			591.2
Principal International		1,275.4			1,150.0			942.7
U.S. Insurance Solutions:
Individual life insurance		1,535.7			1,483.0			1,423.3
Specialty benefits insurance		1,727.1			1,623.6			1,571.4
Eliminations		(0.2	)		(0.2	)		—

Total U.S. Insurance Solutions		3,262.6			3,106.4			2,994.7
Corporate		(232.4	)		(215.8	)		(188.1	)

Total operating revenues	$	10,554.8		$	9,607.4		$	9,175.4


Total operating revenues	$	10,554.8		$	9,607.4		$	9,175.4
Net realized capital gains (losses), net of related revenue adjustments		(77.4	)		(320.0	)		14.7
Exited group medical insurance business		0.2			2.1			25.0

Total revenues per consolidated statements of operations	$	10,477.6		$	9,289.5		$	9,215.1

(1)	Reflects inter-segment revenues of $292.5 million, $243.7 million and $217.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation Plans

Stock-Based Compensation Disclosures (Table)

	For the year ended December 31,
	2014		2013		2012
	(in millions)
Compensation cost	$	66.2	$	65.2	$	53.7
Related income tax benefit		21.6		20.0		17.7
Capitalized as part of an asset		2.5		2.6		2.3

Nonqualified Stock Options Status (Table)

	Number of options		Weighted- average exercise price		Intrinsic value
	(in millions)				(in millions)
Options outstanding at January 1, 2014		9.6	$	41.37
Granted		0.6		44.88
Exercised		1.6		35.24

Options outstanding at December 31, 2014		8.6	$	42.68	$	107.0


Options vested or expected to vest at December 31, 2014		8.6	$	42.68	$	106.9


Options exercisable at December 31, 2014		7.2	$	43.89	$	85.7

Nonqualified Stock Options Remaining Contractual Lives and Range of Exercise Prices (Table)

Range of exercise prices	Number of options outstanding		Weighted- average remaining contractual life
	(in millions)
$11.07 - $21.69		0.9		4.2
$21.70 - $32.32		2.1		7.0
$32.33 - $42.95		0.7		4.1
$42.96 - $53.58		1.9		3.6
$53.59 - $64.22		3.0		2.7

$11.07 - $64.22		8.6		4.2

Nonqualified Stock Options Fair Value (Table)

	For the year ended December 31,
Options	2014			2013			2012
Expected volatility		53.2	%		53.3	%		70.0	%
Expected term (in years)		6.5			6.5			6.0
Risk-free interest rate		2.0	%		1.1	%		1.1	%
Expected dividend yield		2.50	%		3.00	%		2.55	%
Weighted average estimated fair value	$	18.89		$	11.95		$	13.95

Nonvested Performance Share Awards Activity (Table)

	Number of performance share awards		Weighted- average grant-date fair value
	(in millions)
Nonvested performance share awards at January 1, 2014		1.0	$	30.30
Granted		0.3		44.88
Vested		0.3		34.26

Nonvested performance share awards at December 31, 2014		1.0	$	33.01

Nonvested Restricted Stock Units Activity (Table)

	Number of restricted stock units		Weighted- average grant-date fair value
	(in millions)
Nonvested restricted stock units at January 1, 2014		3.1	$	30.46
Granted		0.9		45.03
Vested		0.8		33.75
Canceled		0.1		33.27

Nonvested restricted stock units at December 31, 2014		3.1	$	33.87

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Common Share

Earnings Per Common Share (Table)

	For the year ended December 31,
	2014		2013		2012
	(in millions, except per share data)
Net income	$	1,176.4	$	936.1	$	825.4
Subtract:
Net income attributable to noncontrolling interest		32.3		23.4		18.8
Preferred stock dividends		33.0		33.0		33.0
Adjustments to redemption amounts of redeemable noncontrolling interests (1)		19.7		—		—

Total	$	1,091.4	$	879.7	$	773.6


Weighted-average shares outstanding:
Basic		294.7		294.6		297.5
Dilutive effects:
Stock options		1.8		1.6		1.0
Restricted stock units		1.8		1.7		1.5
Performance share awards		0.4		0.3		0.4

Diluted		298.7		298.2		300.4


Net income per common share:
Basic	$	3.70	$	2.99	$	2.60


Diluted	$	3.65	$	2.95	$	2.58

(1)

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Table)

	For the three months ended,
	December 31		September 30		June 30		March 31
	(in millions, except per share data)
2014
Total revenues	$	2,908.0	$	2,484.3	$	2,606.7	$	2,478.6
Total expenses		2,590.8		2,090.5		2,199.2		2,102.2
Net income		280.3		252.8		319.2		324.1
Net income available to common stockholders		270.4		240.7		306.3		293.7
Basic earnings per common share for net income available to common stockholders		0.92		0.78		1.04		0.96
Diluted earnings per common share for net income available to common stockholders		0.91		0.77		1.03		0.95
2013
Total revenues	$	2,672.6	$	2,239.6	$	2,210.6	$	2,166.7
Total expenses		2,362.7		1,919.3		1,945.0		1,938.5
Net income		250.4		259.1		236.6		190.0
Net income available to common stockholders		233.4		245.7		222.3		178.3
Basic earnings per common share for net income available to common stockholders		0.79		0.83		0.76		0.61
Diluted earnings per common share for net income available to common stockholders		0.78		0.82		0.75		0.61

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information, Notes Guarantor (Table)

Condensed Consolidating Statements of Financial Position
December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only		Principal Financial Services, Inc. and Other Subsidiaries Combined		Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	43,649.7	$	6,411.6	$	(390.5	)	$	49,670.8
Fixed maturities, trading		—			298.5		306.1		—			604.6
Equity securities, available-for-sale		—			108.9		14.1		—			123.0
Equity securities, trading		—			0.3		839.9		—			840.2
Mortgage loans		—			10,972.6		1,188.6		(349.6	)		11,811.6
Real estate		—			7.0		1,337.6		—			1,344.6
Policy loans		—			799.0		30.2		—			829.2
Investment in unconsolidated entities		12,446.5			2,787.9		5,745.7		(20,164.3	)		815.8
Other investments		9.5			3,416.7		1,578.5		(2,610.7	)		2,394.0
Cash and cash equivalents		412.4			602.7		1,253.6		(404.8	)		1,863.9
Accrued investment income		—			449.2		58.1		(1.4	)		505.9
Premiums due and other receivables		—			1,237.4		2,165.6		(2,190.0	)		1,213.0
Deferred acquisition costs		—			2,754.6		238.4		—			2,993.0
Property and equipment		—			505.8		84.4		—			590.2
Goodwill		—			54.3		953.1		—			1,007.4
Other intangibles		—			25.7		1,297.8		—			1,323.5
Separate account assets		—			94,328.4		45,744.4		—			140,072.8
Other assets		450.7			873.2		2,768.6		(3,009.0	)		1,083.5

Total assets	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0


Liabilities
Contractholder funds	$	—		$	33,428.3	$	1,607.5	$	(309.1	)	$	34,726.7
Future policy benefits and claims		—			19,768.1		4,718.2		(449.7	)		24,036.6
Other policyholder funds		—			742.8		70.4		(0.5	)		812.7
Short-term debt		—			—		28.0		—			28.0
Long-term debt		2,448.9			—		417.5		(335.2	)		2,531.2
Income taxes currently payable		—			—		83.1		(71.6	)		11.5
Deferred income taxes		—			629.9		1,022.5		(617.1	)		1,035.3
Separate account liabilities		—			94,328.4		45,744.4		—			140,072.8
Other liabilities		686.2			5,793.0		5,845.5		(6,782.5	)		5,542.2

Total liabilities		3,135.1			154,690.5		59,537.1		(8,565.7	)		208,797.0
Redeemable noncontrolling interest		—			—		58.0		—			58.0
Stockholders' equity
Series A preferred stock		—			—		—		—			—
Series B preferred stock		0.1			—		—		—			0.1
Common stock		4.6			2.5		—		(2.5	)		4.6
Additional paid-in capital		9,945.5			5,275.0		8,964.2		(14,239.2	)		9,945.5
Retained earnings		6,114.1			1,817.2		2,858.6		(4,675.8	)		6,114.1
Accumulated other comprehensive income		50.4			1,086.7		545.9		(1,632.6	)		50.4
Treasury stock, at cost		(5,930.7	)		—		—		—			(5,930.7	)

Total stockholders' equity attributable to PFG		10,184.0			8,181.4		12,368.7		(20,550.1	)		10,184.0
Noncontrolling interest		—			—		52.5		(4.5	)		48.0

Total stockholders' equity		10,184.0			8,181.4		12,421.2		(20,554.6	)		10,232.0

Total liabilities and stockholders' equity	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0

Condensed Consolidating Statements of Financial Position
December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined		Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	42,794.7		$	6,357.5	$	(395.1	)	$	48,757.1
Fixed maturities, trading		—			245.5			317.6		—			563.1
Equity securities, available-for-sale		—			102.6			7.9		—			110.5
Equity securities, trading		—			0.3			716.6		—			716.9
Mortgage loans		—			10,501.5			1,345.9		(313.8	)		11,533.6
Real estate		—			7.9			1,263.7		—			1,271.6
Policy loans		—			830.1			29.6		—			859.7
Investment in unconsolidated entities		11,956.2			3,396.8			4,891.6		(19,364.6	)		880.0
Other investments		9.3			1,892.4			1,238.8		(1,076.1	)		2,064.4
Cash and cash equivalents		131.5			1,332.2			894.5		13.6			2,371.8
Accrued investment income		—			474.5			59.0		(1.4	)		532.1
Premiums due and other receivables		—			1,029.0			1,814.5		(1,602.5	)		1,241.0
Deferred acquisition costs		—			2,848.8			228.2		—			3,077.0
Property and equipment		—			422.1			78.6		—			500.7
Goodwill		—			54.3			1,046.0		—			1,100.3
Other intangibles		—			26.9			1,432.1		—			1,459.0
Separate account assets		—			83,790.2			46,228.2		—			130,018.4
Other assets		59.2			976.9			2,115.3		(2,017.2	)		1,134.2

Total assets	$	12,156.2		$	150,726.7		$	70,065.6	$	(24,757.1	)	$	208,191.4


Liabilities
Contractholder funds	$	—		$	34,918.0		$	1,330.7	$	(290.4	)	$	35,958.3
Future policy benefits and claims		—			18,292.9			4,625.0		(291.7	)		22,626.2
Other policyholder funds		—			705.1			54.2		(0.4	)		758.9
Short-term debt		—			—			150.6		—			150.6
Long-term debt		2,448.8			99.4			367.0		(313.8	)		2,601.4
Income taxes currently payable		—			—			67.4		(62.2	)		5.2
Deferred income taxes		—			(25.0	)		1,030.1		(181.1	)		824.0
Separate account liabilities		—			83,790.2			46,228.2		—			130,018.4
Other liabilities		23.2			5,204.8			3,911.8		(3,915.6	)		5,224.2

Total liabilities		2,472.0			142,985.4			57,765.0		(5,055.2	)		198,167.2
Redeemable noncontrolling interest		—			—			247.2		—			247.2
Stockholders' equity
Series A preferred stock		—			—			—		—			—
Series B preferred stock		0.1			—			—		—			0.1
Common stock		4.6			2.5			—		(2.5	)		4.6
Additional paid-in capital		9,798.9			5,505.0			9,163.7		(14,668.7	)		9,798.9
Retained earnings		5,405.4			1,738.1			2,578.2		(4,316.3	)		5,405.4
Accumulated other comprehensive income		183.2			495.7			214.3		(710.0	)		183.2
Treasury stock, at cost		(5,708.0	)		—			—		—			(5,708.0	)

Total stockholders' equity attributable to PFG		9,684.2			7,741.3			11,956.2		(19,697.5	)		9,684.2
Noncontrolling interest		—			—			97.2		(4.4	)		92.8

Total stockholders' equity		9,684.2			7,741.3			12,053.4		(19,701.9	)		9,777.0

Total liabilities and stockholders' equity	$	12,156.2		$	150,726.7		$	70,065.6	$	(24,757.1	)	$	208,191.4

Condensed Consolidating Statements of Operations
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	3,329.2		$	393.7		$	—		$	3,722.9
Fees and other revenues		—			1,892.5			1,981.3			(391.7	)		3,482.1
Net investment income		0.5			2,288.3			1,738.2			(769.1	)		3,257.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		—			1,117.6			(1,024.9	)		—			92.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		—			33.0			(9.2	)		—			23.8
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		—			(102.1	)		0.3			—			(101.8	)

Net impairment losses on available-for-sale securities		—			(69.1	)		(8.9	)		—			(78.0	)

Net realized capital gains (losses)		—			1,048.5			(1,033.8	)		—			14.7

Total revenues		0.5			8,558.5			3,079.4			(1,160.8	)		10,477.6
Expenses
Benefits, claims and settlement expenses		—			4,521.2			721.3			(11.5	)		5,231.0
Dividends to policyholders		—			177.4			—			—			177.4
Operating expenses		144.3			2,168.8			1,589.3			(328.1	)		3,574.3

Total expenses		144.3			6,867.4			2,310.6			(339.6	)		8,982.7

Income (loss) before income taxes		(143.8	)		1,691.1			768.8			(821.2	)		1,494.9
Income taxes (benefits)		(86.3	)		426.8			(19.8	)		(2.2	)		318.5
Equity in the net income (loss) of subsidiaries		1,201.6			(306.8	)		449.6			(1,344.4	)		—

Net income		1,144.1			957.5			1,238.2			(2,163.4	)		1,176.4
Net income attributable to noncontrolling interest		—			—			32.3			—			32.3

Net income attributable to PFG		1,144.1			957.5			1,205.9			(2,163.4	)		1,144.1
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	1,111.1		$	957.5		$	1,205.9		$	(2,163.4	)	$	1,111.1


Net income	$	1,144.1		$	957.5		$	1,238.2		$	(2,163.4	)	$	1,176.4
Other comprehensive income (loss)		(198.8	)		367.7			180.3			(493.3	)		(144.1	)

Comprehensive income	$	945.3		$	1,325.2		$	1,418.5		$	(2,656.7	)	$	1,032.3

Condensed Consolidating Statements of Operations
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	2,788.1		$	366.0		$	—		$	3,154.1
Fees and other revenues		—			1,723.8			1,855.0			(356.6	)		3,222.2
Net investment income		0.4			2,354.5			753.8			29.7			3,138.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		6.3			(779.5	)		663.9			0.1			(109.2	)
Net other-than-temporary impairment losses on available-for-sale securities		—			(85.6	)		(5.9	)		—			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			(17.0	)		(7.5	)		—			(24.5	)

Net impairment losses on available-for-sale securities		—			(102.6	)		(13.4	)		—			(116.0	)

Net realized capital gains (losses)		6.3			(882.1	)		650.5			0.1			(225.2	)

Total revenues		6.7			5,984.3			3,625.3			(326.8	)		9,289.5
Expenses
Benefits, claims and settlement expenses		—			4,056.6			639.2			(12.2	)		4,683.6
Dividends to policyholders		—			189.0			—			—			189.0
Operating expenses		140.5			1,887.7			1,567.5			(302.8	)		3,292.9

Total expenses		140.5			6,133.3			2,206.7			(315.0	)		8,165.5

Income (loss) before income taxes		(133.8	)		(149.0	)		1,418.6			(11.8	)		1,124.0
Income taxes (benefits)		(54.0	)		(167.5	)		412.6			(3.2	)		187.9
Equity in the net income of subsidiaries		992.5			678.1			10.1			(1,680.7	)		—

Net income		912.7			696.6			1,016.1			(1,689.3	)		936.1
Net income attributable to noncontrolling interest		—			—			23.6			(0.2	)		23.4

Net income attributable to PFG		912.7			696.6			992.5			(1,689.1	)		912.7
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	879.7		$	696.6		$	992.5		$	(1,689.1	)	$	879.7


Net income	$	912.7		$	696.6		$	1,016.1		$	(1,689.3	)	$	936.1
Other comprehensive loss		(450.1	)		(146.6	)		(300.1	)		424.9			(471.9	)

Comprehensive income	$	462.6		$	550.0		$	716.0		$	(1,264.4	)	$	464.2

Condensed Consolidating Statements of Operations
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	2,878.9		$	340.5		$	—		$	3,219.4
Fees and other revenues		0.5			1,529.7			1,404.1			(307.6	)		2,626.7
Net investment income		3.0			2,484.5			743.1			24.3			3,254.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		0.3			(194.8	)		454.8			(27.6	)		232.7
Total other-than-temporary impairment losses on available-for-sale securities		—			(121.1	)		(14.8	)		—			(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—			13.8			3.5			—			17.3

Net impairment losses on available-for-sale securities		—			(107.3	)		(11.3	)		—			(118.6	)

Net realized capital gains (losses)		0.3			(302.1	)		443.5			(27.6	)		114.1

Total revenues		3.8			6,591.0			2,931.2			(310.9	)		9,215.1
Expenses
Benefits, claims and settlement expenses		—			4,517.8			618.5			(12.4	)		5,123.9
Dividends to policyholders		—			197.7			—			—			197.7
Operating expenses		170.2			1,764.2			1,265.0			(265.9	)		2,933.5

Total expenses		170.2			6,479.7			1,883.5			(278.3	)		8,255.1

Income (loss) before income taxes		(166.4	)		111.3			1,047.7			(32.6	)		960.0
Income taxes (benefits)		(67.6	)		(83.2	)		287.1			(1.7	)		134.6
Equity in the net income of subsidiaries		905.4			480.4			163.9			(1,549.7	)		—

Net income		806.6			674.9			924.5			(1,580.6	)		825.4
Net income attributable to noncontrolling interest		—			—			19.1			(0.3	)		18.8

Net income attributable to PFG		806.6			674.9			905.4			(1,580.3	)		806.6
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	773.6		$	674.9		$	905.4		$	(1,580.3	)	$	773.6


Net income	$	806.6		$	674.9		$	924.5		$	(1,580.6	)	$	825.4
Other comprehensive income		321.2			315.2			95.1			(361.4	)		370.1

Comprehensive income	$	1,127.8		$	990.1		$	1,019.6		$	(1,942.0	)	$	1,195.5

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	(81.6	)	$	2,461.0		$	1,205.0		$	(481.5	)	$	3,102.9
Investing activities
Available-for-sale securities:
Purchases		—			(8,038.3	)		(1,025.9	)		10.2			(9,054.0	)
Sales		—			2,066.1			445.9			—			2,512.0
Maturities		—			5,696.6			548.1			—			6,244.7
Mortgage loans acquired or originated		—			(2,141.0	)		(188.6	)		160.0			(2,169.6	)
Mortgage loans sold or repaid		—			1,658.3			254.8			(119.5	)		1,793.6
Real estate acquired		—			(0.8	)		(280.9	)		—			(281.7	)
Net purchases of property and equipment		—			(115.1	)		(20.9	)		—			(136.0	)
Dividends and returns of capital received from unconsolidated entities		917.7			255.2			867.7			(2,040.6	)		—
Net change in other investments		(0.7	)		175.7			(290.7	)		34.0			(81.7	)

Net cash provided by (used in) investing activities		917.0			(443.3	)		309.5			(1,955.9	)		(1,172.7	)
Financing activities
Issuance of common stock		77.5			—			—			—			77.5
Acquisition of treasury stock		(222.7	)		—			—			—			(222.7	)
Proceeds from financing element derivatives		—			15.1			—			—			15.1
Payments for financing element derivatives		—			(58.0	)		—			—			(58.0	)
Excess tax benefits from share-based payment arrangements		0.3			4.2			5.2			—			9.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(227.5	)		0.5			(227.0	)
Sale of subsidiary shares to noncontrolling interest		—			—			0.5			(0.5	)		—
Dividends to common stockholders		(376.6	)		—			—			—			(376.6	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			140.9			(102.4	)		38.5
Principal repayments of long-term debt		—			(100.0	)		(81.1	)		80.8			(100.3	)
Net repayments of short-term borrowings		—			—			(118.3	)		—			(118.3	)
Dividends and capital paid to parent		—			(867.7	)		(1,172.9	)		2,040.6			—
Investment contract deposits		—			5,349.1			289.3			—			5,638.4
Investment contract withdrawals		—			(7,088.8	)		(10.4	)		—			(7,099.2	)
Net increase in banking operation deposits		—			—			30.7			—			30.7
Other		—			(1.1	)		(11.8	)		—			(12.9	)

Net cash used in financing activities		(554.5	)		(2,747.2	)		(1,155.4	)		2,019.0			(2,438.1	)

Net increase (decrease) in cash and cash equivalents		280.9			(729.5	)		359.1			(418.4	)		(507.9	)
Cash and cash equivalents at beginning of period		131.5			1,332.2			894.5			13.6			2,371.8

Cash and cash equivalents at end of period	$	412.4		$	602.7		$	1,253.6		$	(404.8	)	$	1,863.9

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(42.8	)	$	2,271.7		$	(170.1	)	$	162.4		$	2,221.2
Investing activities
Available-for-sale securities:
Purchases		—			(7,850.8	)		(1,186.1	)		11.7			(9,025.2	)
Sales		—			1,536.0			434.0			(50.9	)		1,919.1
Maturities		—			6,433.3			925.9			—			7,359.2
Mortgage loans acquired or originated		—			(2,378.4	)		(202.2	)		387.7			(2,192.9	)
Mortgage loans sold or repaid		—			1,918.0			634.3			(457.2	)		2,095.1
Real estate acquired		—			—			(85.6	)		—			(85.6	)
Net purchases of property and equipment		—			(52.4	)		(7.0	)		—			(59.4	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(1,268.3	)		—			(1,268.3	)
Dividends and returns of capital received from unconsolidated entities		319.5			444.2			319.5			(1,083.2	)		—
Net change in other investments		(3.1	)		56.1			(70.2	)		48.9			31.7

Net cash provided by (used in) investing activities		316.4			106.0			(505.7	)		(1,143.0	)		(1,226.3	)
Financing activities
Issuance of common stock		125.8			—			—			—			125.8
Acquisition of treasury stock		(153.6	)		—			—			—			(153.6	)
Proceeds from financing element derivatives		—			47.0			—			—			47.0
Payments for financing element derivatives		—			(48.0	)		—			—			(48.0	)
Excess tax benefits from share-based payment arrangements		—			3.1			7.0			—			10.1
Purchase of subsidiary shares from noncontrolling interest		—			—			(52.9	)		—			(52.9	)
Sale of subsidiary shares to noncontrolling interest		—			—			31.8			—			31.8
Dividends to common stockholders		(288.4	)		—			—			—			(288.4	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			38.2			—			38.2
Principal repayments of long-term debt		—			—			(214.4	)		(3.8	)		(218.2	)
Net proceeds from short-term borrowings		—			—			108.0			—			108.0
Dividends and capital paid to parent		—			(249.5	)		(763.7	)		1,013.2			—
Investment contract deposits		—			6,355.1			361.2			—			6,716.3
Investment contract withdrawals		—			(8,846.6	)		(6.1	)		—			(8,852.7	)
Net decrease in banking operation deposits		—			—			(225.7	)		—			(225.7	)
Other		—			(5.0	)		—			—			(5.0	)

Net cash used in financing activities		(349.2	)		(2,743.9	)		(716.6	)		1,009.4			(2,800.3	)

Net decrease in cash and cash equivalents		(75.6	)		(366.2	)		(1,392.4	)		28.8			(1,805.4	)
Cash and cash equivalents at beginning of period		207.1			1,698.4			2,286.9			(15.2	)		4,177.2

Cash and cash equivalents at end of period	$	131.5		$	1,332.2		$	894.5		$	13.6		$	2,371.8

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	204.8		$	3,133.8		$	(382.5	)	$	124.7		$	3,080.8
Investing activities
Available-for-sale securities:
Purchases		—			(7,254.5	)		(1,024.9	)		15.5			(8,263.9	)
Sales		—			1,183.9			134.8			(15.0	)		1,303.7
Maturities		—			5,805.7			841.8			—			6,647.5
Mortgage loans acquired or originated		—			(2,224.8	)		(250.4	)		(63.2	)		(2,538.4	)
Mortgage loans sold or repaid		—			1,422.2			382.3			(136.5	)		1,668.0
Real estate acquired		—			—			(151.8	)		—			(151.8	)
Net purchases of property and equipment		—			(22.2	)		(16.7	)		—			(38.9	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(80.4	)		—			(80.4	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		(759.2	)		299.2			714.8			(254.8	)		—
Net change in other investments		(0.2	)		(148.4	)		(1.6	)		(6.9	)		(157.1	)

Net cash provided by (used in) investing activities		(759.4	)		(938.9	)		547.9			(460.9	)		(1,611.3	)
Financing activities
Issuance of common stock		28.9			—			—			—			28.9
Acquisition of treasury stock		(272.7	)		—			—			—			(272.7	)
Proceeds from financing element derivatives		—			51.8			—			—			51.8
Payments for financing element derivatives		—			(49.9	)		—			—			(49.9	)
Excess tax benefits from share-based payment arrangements		—			5.1			5.7			—			10.8
Dividends to common stockholders		(231.3	)		—			—			—			(231.3	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		1,483.9			—			9.5			—			1,493.4
Principal repayments of long-term debt		(440.8	)		—			(90.9	)		81.1			(450.6	)
Net repayments of short-term borrowings		—			—			(68.8	)		—			(68.8	)
Dividends and capital received from (paid to) parent		—			(714.8	)		460.0			254.8			—
Investment contract deposits		—			6,401.2			499.2			—			6,900.4
Investment contract withdrawals		—			(7,519.8	)		(2.8	)		—			(7,522.6	)
Net increase in banking operation deposits		—			—			32.0			—			32.0
Other		—			(14.6	)		—			—			(14.6	)

Net cash provided by (used in) financing activities		535.0			(1,841.0	)		843.9			335.9			(126.2	)

Net increase (decrease) in cash and cash equivalents		(19.6	)		353.9			1,009.3			(0.3	)		1,343.3
Cash and cash equivalents at beginning of period		226.7			1,344.5			1,277.6			(14.9	)		2,833.9

Cash and cash equivalents at end of period	$	207.1		$	1,698.4		$	2,286.9		$	(15.2	)	$	4,177.2

Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table)

Condensed Consolidating Statements of Financial Position
December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only		Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	—	$	49,670.8		$	—		$	49,670.8
Fixed maturities, trading		—			—		604.6			—			604.6
Equity securities, available-for-sale		—			—		123.0			—			123.0
Equity securities, trading		—			—		840.2			—			840.2
Mortgage loans		—			—		11,811.6			—			11,811.6
Real estate		—			—		1,344.6			—			1,344.6
Policy loans		—			—		829.2			—			829.2
Investment in unconsolidated entities		12,446.5			12,042.5		781.9			(24,455.1	)		815.8
Other investments		9.5			128.2		2,256.3			—			2,394.0
Cash and cash equivalents		412.4			907.2		1,598.0			(1,053.7	)		1,863.9
Accrued investment income		—			—		505.9			—			505.9
Premiums due and other receivables		—			0.3		1,211.8			0.9			1,213.0
Deferred acquisition costs		—			—		2,993.0			—			2,993.0
Property and equipment		—			—		590.2			—			590.2
Goodwill		—			—		1,007.4			—			1,007.4
Other intangibles		—			—		1,323.5			—			1,323.5
Separate account assets		—			—		140,072.8			—			140,072.8
Other assets		450.7			167.6		1,117.7			(652.5	)		1,083.5

Total assets	$	13,319.1		$	13,245.8	$	218,682.5		$	(26,160.4	)	$	219,087.0


Liabilities
Contractholder funds	$	—		$	—	$	34,726.7		$	—		$	34,726.7
Future policy benefits and claims		—			—		24,036.6			—			24,036.6
Other policyholder funds		—			—		812.7			—			812.7
Short-term debt		—			—		182.5			(154.5	)		28.0
Long-term debt		2,448.9			—		82.3			—			2,531.2
Income taxes currently payable		—			4.3		54.1			(46.9	)		11.5
Deferred income taxes		—			—		1,626.1			(590.8	)		1,035.3
Separate account liabilities		—			—		140,072.8			—			140,072.8
Other liabilities		686.2			872.8		4,862.4			(879.2	)		5,542.2

Total liabilities		3,135.1			877.1		206,456.2			(1,671.4	)		208,797.0
Redeemable noncontrolling interest		—			—		58.0			—			58.0
Stockholders' equity
Series A preferred stock		—			—		—			—			—
Series B preferred stock		0.1			—		—			—			0.1
Common stock		4.6			—		17.8			(17.8	)		4.6
Additional paid-in capital		9,945.5			8,964.2		9,341.0			(18,305.2	)		9,945.5
Retained earnings		6,114.1			2,858.6		2,283.2			(5,141.8	)		6,114.1
Accumulated other comprehensive income		50.4			545.9		480.3			(1,026.2	)		50.4
Treasury stock, at cost		(5,930.7	)		—		(2.0	)		2.0			(5,930.7	)

Total stockholders' equity attributable to PFG		10,184.0			12,368.7		12,120.3			(24,489.0	)		10,184.0
Noncontrolling interest		—			—		48.0			—			48.0

Total stockholders' equity		10,184.0			12,368.7		12,168.3			(24,489.0	)		10,232.0

Total liabilities and stockholders' equity	$	13,319.1		$	13,245.8	$	218,682.5		$	(26,160.4	)	$	219,087.0

Condensed Consolidating Statements of Financial Position
December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only		Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	—	$	48,757.1		$	—		$	48,757.1
Fixed maturities, trading		—			—		563.1			—			563.1
Equity securities, available-for-sale		—			—		110.5			—			110.5
Equity securities, trading		—			—		716.9			—			716.9
Mortgage loans		—			—		11,533.6			—			11,533.6
Real estate		—			—		1,271.6			—			1,271.6
Policy loans		—			—		859.7			—			859.7
Investment in unconsolidated entities		11,956.2			11,647.6		879.8			(23,603.6	)		880.0
Other investments		9.3			72.7		1,982.5			(0.1	)		2,064.4
Cash and cash equivalents		131.5			688.7		2,384.0			(832.4	)		2,371.8
Accrued investment income		—			—		532.1			—			532.1
Premiums due and other receivables		—			0.1		2,330.4			(1,089.5	)		1,241.0
Deferred acquisition costs		—			—		3,077.0			—			3,077.0
Property and equipment		—			—		500.7			—			500.7
Goodwill		—			—		1,100.3			—			1,100.3
Other intangibles		—			—		1,459.0			—			1,459.0
Separate account assets		—			—		130,018.4			—			130,018.4
Other assets		59.2			94.8		1,181.0			(200.8	)		1,134.2

Total assets	$	12,156.2		$	12,503.9	$	209,257.7		$	(25,726.4	)	$	208,191.4


Liabilities
Contractholder funds	$	—		$	—	$	35,958.3		$	—		$	35,958.3
Future policy benefits and claims		—			—		22,626.2			—			22,626.2
Other policyholder funds		—			—		758.9			—			758.9
Short-term debt		—			—		443.0			(292.4	)		150.6
Long-term debt		2,448.8			—		1,236.9			(1,084.3	)		2,601.4
Income taxes currently payable		—			2.8		44.7			(42.3	)		5.2
Deferred income taxes		—			—		979.6			(155.6	)		824.0
Separate account liabilities		—			—		130,018.4			—			130,018.4
Other liabilities		23.2			544.9		5,204.1			(548.0	)		5,224.2

Total liabilities		2,472.0			547.7		197,270.1			(2,122.6	)		198,167.2
Redeemable noncontrolling interest		—			—		247.2			—			247.2
Stockholders' equity
Series A preferred stock		—			—		—			—			—
Series B preferred stock		0.1			—		—			—			0.1
Common stock		4.6			—		17.8			(17.8	)		4.6
Additional paid-in capital		9,798.9			9,163.7		9,057.1			(18,220.8	)		9,798.9
Retained earnings		5,405.4			2,578.2		2,387.2			(4,965.4	)		5,405.4
Accumulated other comprehensive income		183.2			214.3		187.5			(401.8	)		183.2
Treasury stock, at cost		(5,708.0	)		—		(2.0	)		2.0			(5,708.0	)

Total stockholders' equity attributable to PFG		9,684.2			11,956.2		11,647.6			(23,603.8	)		9,684.2
Noncontrolling interest		—			—		92.8			—			92.8

Total stockholders' equity		9,684.2			11,956.2		11,740.4			(23,603.8	)		9,777.0

Total liabilities and stockholders' equity	$	12,156.2		$	12,503.9	$	209,257.7		$	(25,726.4	)	$	208,191.4

Condensed Consolidating Statements of Operations
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,722.9		$	—		$	3,722.9
Fees and other revenues		—			0.3			3,482.4			(0.6	)		3,482.1
Net investment income		0.5			0.7			3,256.8			(0.1	)		3,257.9
Net realized capital gains, excluding impairment losses on available-for-sale securities		—			3.8			93.0			(4.1	)		92.7
Net other-than-temporary impairment recoveries on available-for-sale securities		—			—			23.8			—			23.8
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			—			(101.8	)		—			(101.8	)

Net impairment losses on available-for-sale securities		—			—			(78.0	)		—			(78.0	)

Net realized capital gains		—			3.8			15.0			(4.1	)		14.7

Total revenues		0.5			4.8			10,477.1			(4.8	)		10,477.6
Expenses
Benefits, claims and settlement expenses		—			—			5,231.0			—			5,231.0
Dividends to policyholders		—			—			177.4			—			177.4
Operating expenses		144.3			12.2			3,418.3			(0.5	)		3,574.3

Total expenses		144.3			12.2			8,826.7			(0.5	)		8,982.7

Income (loss) before income taxes		(143.8	)		(7.4	)		1,650.4			(4.3	)		1,494.9
Income taxes (benefits)		(86.3	)		(8.5	)		413.3			—			318.5
Equity in the net income of subsidiaries		1,201.6			1,204.8			—			(2,406.4	)		—

Net income		1,144.1			1,205.9			1,237.1			(2,410.7	)		1,176.4
Net income attributable to noncontrolling interest		—			—			32.3			—			32.3

Net income attributable to PFG		1,144.1			1,205.9			1,204.8			(2,410.7	)		1,144.1
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	1,111.1		$	1,205.9		$	1,204.8		$	(2,410.7	)	$	1,111.1


Net income	$	1,144.1		$	1,205.9		$	1,237.1		$	(2,410.7	)	$	1,176.4
Other comprehensive income (loss)		(198.8	)		101.3			64.4			(111.0	)		(144.1	)

Comprehensive income	$	945.3		$	1,307.2		$	1,301.5		$	(2,521.7	)	$	1,032.3

Condensed Consolidating Statements of Operations
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,154.1		$	—		$	3,154.1
Fees and other revenues		—			1.0			3,250.2			(29.0	)		3,222.2
Net investment income		0.4			1.3			3,136.5			0.2			3,138.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		6.3			4.6			(120.1	)		—			(109.2	)
Net other-than-temporary impairment losses on available-for-sale securities		—			—			(91.5	)		—			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			—			(24.5	)		—			(24.5	)

Net impairment losses on available-for-sale securities		—			—			(116.0	)		—			(116.0	)

Net realized capital gains (losses)		6.3			4.6			(236.1	)		—			(225.2	)

Total revenues		6.7			6.9			9,304.7			(28.8	)		9,289.5
Expenses
Benefits, claims and settlement expenses		—			—			4,683.6			—			4,683.6
Dividends to policyholders		—			—			189.0			—			189.0
Operating expenses		140.5			9.0			3,172.2			(28.8	)		3,292.9

Total expenses		140.5			9.0			8,044.8			(28.8	)		8,165.5

Income (loss) before income taxes		(133.8	)		(2.1	)		1,259.9			—			1,124.0
Income taxes (benefits)		(54.0	)		(2.9	)		244.8			—			187.9
Equity in the net income of subsidiaries		992.5			991.7			—			(1,984.2	)		—

Net income		912.7			992.5			1,015.1			(1,984.2	)		936.1
Net income attributable to noncontrolling interest		—			—			23.4			—			23.4

Net income attributable to PFG		912.7			992.5			991.7			(1,984.2	)		912.7
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	879.7		$	992.5		$	991.7		$	(1,984.2	)	$	879.7


Net income	$	912.7		$	992.5		$	1,015.1		$	(1,984.2	)	$	936.1
Other comprehensive loss		(450.1	)		(476.4	)		(489.3	)		943.9			(471.9	)

Comprehensive income	$	462.6		$	516.1		$	525.8		$	(1,040.3	)	$	464.2

Condensed Consolidating Statements of Operations
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	—		$	3,219.4		$	—		$	3,219.4
Fees and other revenues		0.5			—			2,627.3			(1.1	)		2,626.7
Net investment income		3.0			0.4			3,250.8			0.7			3,254.9
Net realized capital gains, excluding impairment losses on available-for-sale securities		0.3			3.0			229.6			(0.2	)		232.7
Total other-than-temporary impairment losses on available-for-sale securities		—			—			(135.9	)		—			(135.9	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income		—			—			17.3			—			17.3

Net impairment losses on available-for-sale securities		—			—			(118.6	)		—			(118.6	)

Net realized capital gains		0.3			3.0			111.0			(0.2	)		114.1

Total revenues		3.8			3.4			9,208.5			(0.6	)		9,215.1
Expenses
Benefits, claims and settlement expenses		—			—			5,123.9			—			5,123.9
Dividends to policyholders		—			—			197.7			—			197.7
Operating expenses		170.2			9.3			2,754.6			(0.6	)		2,933.5

Total expenses		170.2			9.3			8,076.2			(0.6	)		8,255.1

Income (loss) before income taxes		(166.4	)		(5.9	)		1,132.3			—			960.0
Income taxes (benefits)		(67.6	)		(6.9	)		209.1			—			134.6
Equity in the net income of subsidiaries		905.4			904.4			—			(1,809.8	)		—

Net income		806.6			905.4			923.2			(1,809.8	)		825.4
Net income attributable to noncontrolling interest		—			—			18.8			—			18.8

Net income attributable to PFG		806.6			905.4			904.4			(1,809.8	)		806.6
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	773.6		$	905.4		$	904.4		$	(1,809.8	)	$	773.6


Net income	$	806.6		$	905.4		$	923.2		$	(1,809.8	)	$	825.4
Other comprehensive income		321.2			366.3			353.7			(671.1	)		370.1

Comprehensive income	$	1,127.8		$	1,271.7		$	1,276.9		$	(2,480.9	)	$	1,195.5

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(81.6	)	$	(16.6	)	$	3,456.7		$	(255.6	)	$	3,102.9
Investing activities
Available-for-sale securities:
Purchases		—			—			(9,054.0	)		—			(9,054.0	)
Sales		—			—			2,512.0			—			2,512.0
Maturities		—			—			6,244.7			—			6,244.7
Mortgage loans acquired or originated		—			—			(2,169.6	)		—			(2,169.6	)
Mortgage loans sold or repaid		—			—			1,793.6			—			1,793.6
Real estate acquired		—			—			(281.7	)		—			(281.7	)
Net purchases of property and equipment		—			—			(136.0	)		—			(136.0	)
Dividends and returns of capital received from unconsolidated entities		917.7			1,133.8			—			(2,051.5	)		—
Net change in other investments		(0.7	)		19.0			3.6			(103.6	)		(81.7	)

Net cash provided by (used in) investing activities		917.0			1,152.8			(1,087.4	)		(2,155.1	)		(1,172.7	)
Financing activities
Issuance of common stock		77.5			—			—			—			77.5
Acquisition of treasury stock		(222.7	)		—			—			—			(222.7	)
Proceeds from financing element derivatives		—			—			15.1			—			15.1
Payments for financing element derivatives		—			—			(58.0	)		—			(58.0	)
Excess tax benefits from share-based payment arrangements		0.3			—			9.4			—			9.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(227.0	)		—			(227.0	)
Dividends to common stockholders		(376.6	)		—			—			—			(376.6	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			38.5			—			38.5
Principal repayments of long-term debt		—			—			(100.3	)		—			(100.3	)
Net repayments of short-term borrowings		—			—			(256.2	)		137.9			(118.3	)
Dividends and capital paid to parent		—			(917.7	)		(1,133.8	)		2,051.5			—
Investment contract deposits		—			—			5,638.4			—			5,638.4
Investment contract withdrawals		—			—			(7,099.2	)		—			(7,099.2	)
Net increase in banking operation deposits		—			—			30.7			—			30.7
Other		—			—			(12.9	)		—			(12.9	)

Net cash used in financing activities		(554.5	)		(917.7	)		(3,155.3	)		2,189.4			(2,438.1	)

Net increase (decrease) in cash and cash equivalents		280.9			218.5			(786.0	)		(221.3	)		(507.9	)
Cash and cash equivalents at beginning of period		131.5			688.7			2,384.0			(832.4	)		2,371.8

Cash and cash equivalents at end of period	$	412.4		$	907.2		$	1,598.0		$	(1,053.7	)	$	1,863.9

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(42.8	)	$	1,019.0		$	2,340.2		$	(1,095.2	)	$	2,221.2
Investing activities
Available-for-sale securities:
Purchases		—			—			(9,025.2	)		—			(9,025.2	)
Sales		—			—			1,919.1			—			1,919.1
Maturities		—			—			7,359.2			—			7,359.2
Mortgage loans acquired or originated		—			—			(2,192.9	)		—			(2,192.9	)
Mortgage loans sold or repaid		—			—			2,095.1			—			2,095.1
Real estate acquired		—			—			(85.6	)		—			(85.6	)
Net purchases of property and equipment		—			—			(59.4	)		—			(59.4	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(1,268.3	)		—			(1,268.3	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		319.5			(594.6	)		—			275.1			—
Net change in other investments		(3.1	)		(28.7	)		63.5			—			31.7

Net cash provided by (used in) investing activities		316.4			(623.3	)		(1,194.5	)		275.1			(1,226.3	)
Financing activities
Issuance of common stock		125.8			—			—			—			125.8
Acquisition of treasury stock		(153.6	)		—			—			—			(153.6	)
Proceeds from financing element derivatives		—			—			47.0			—			47.0
Payments for financing element derivatives		—			—			(48.0	)		—			(48.0	)
Excess tax benefits from share-based payment arrangements		—			—			10.1			—			10.1
Purchase of subsidiary shares from noncontrolling interest		—			—			(52.9	)		—			(52.9	)
Sale of subsidiary shares to noncontrolling interest		—			—			31.8			—			31.8
Dividends to common stockholders		(288.4	)		—			—			—			(288.4	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			1,122.5			(1,084.3	)		38.2
Principal repayments of long-term debt		—			—			(218.2	)		—			(218.2	)
Net proceeds from (repayments of) short-term borrowings		—			—			(2,122.8	)		2,230.8			108.0
Dividends and capital received from (paid to) parent		—			(319.5	)		594.6			(275.1	)		—
Investment contract deposits		—			—			6,716.3			—			6,716.3
Investment contract withdrawals		—			—			(8,852.7	)		—			(8,852.7	)
Net decrease in banking operation deposits		—			—			(225.7	)		—			(225.7	)
Other		—			—			(5.0	)		—			(5.0	)

Net cash used in financing activities		(349.2	)		(319.5	)		(3,003.0	)		871.4			(2,800.3	)

Net increase (decrease) in cash and cash equivalents		(75.6	)		76.2			(1,857.3	)		51.3			(1,805.4	)
Cash and cash equivalents at beginning of period		207.1			612.5			4,241.3			(883.7	)		4,177.2

Cash and cash equivalents at end of period	$	131.5		$	688.7		$	2,384.0		$	(832.4	)	$	2,371.8

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2012

	Principal Financial Group, Inc. Parent Only			Principal Financial Services, Inc. Only			Principal Life Insurance Company and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	204.8		$	(1,145.0	)	$	1,762.0		$	2,259.0		$	3,080.8
Investing activities
Available-for-sale securities:
Purchases		—			—			(8,263.9	)		—			(8,263.9	)
Sales		—			—			1,303.7			—			1,303.7
Maturities		—			—			6,647.5			—			6,647.5
Mortgage loans acquired or originated		—			—			(2,538.4	)		—			(2,538.4	)
Mortgage loans sold or repaid		—			—			1,668.0			—			1,668.0
Real estate acquired		—			—			(151.8	)		—			(151.8	)
Net purchases of property and equipment		—			—			(38.9	)		—			(38.9	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(80.4	)		—			(80.4	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		(759.2	)		381.0			—			378.2			—
Net change in other investments		(0.2	)		(35.1	)		(121.8	)		—			(157.1	)

Net cash provided by (used in) investing activities		(759.4	)		345.9			(1,576.0	)		378.2			(1,611.3	)
Financing activities
Issuance of common stock		28.9			—			—			—			28.9
Acquisition of treasury stock		(272.7	)		—			—			—			(272.7	)
Proceeds from financing element derivatives		—			—			51.8			—			51.8
Payments for financing element derivatives		—			—			(49.9	)		—			(49.9	)
Excess tax benefits from share-based payment arrangements		—			—			10.8			—			10.8
Dividends to common stockholders		(231.3	)		—			—			—			(231.3	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		1,483.9			—			9.5			—			1,493.4
Principal repayments of long-term debt		(440.8	)		—			(9.8	)		—			(450.6	)
Net proceeds from (repayments of) short-term borrowings		—			(50.0	)		2,240.8			(2,259.6	)		(68.8	)
Dividends and capital received from (paid to) parent		—			759.2			(381.0	)		(378.2	)		—
Investment contract deposits		—			—			6,900.4			—			6,900.4
Investment contract withdrawals		—			—			(7,522.6	)		—			(7,522.6	)
Net increase in banking operation deposits		—			—			32.0			—			32.0
Other		—			—			(14.6	)		—			(14.6	)

Net cash provided by financing activities		535.0			709.2			1,267.4			(2,637.8	)		(126.2	)

Net increase (decrease) in cash and cash equivalents		(19.6	)		(89.9	)		1,453.4			(0.6	)		1,343.3
Cash and cash equivalents at beginning of period		226.7			702.4			2,787.9			(883.1	)		2,833.9

Cash and cash equivalents at end of period	$	207.1		$	612.5		$	4,241.3		$	(883.7	)	$	4,177.2

Nature of Operations and Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents
Maximum maturity period when purchased for investments to be included in cash and cash equivalents	3 months
Investments
Real estate held for sale	$ 174.0	$ 182.3
Contractholder and Policyholder Liabilities
Participating business as a percentage of life insurance in force (as a percent)	11.00%	12.00%	13.00%
Participating business as a percentage of life insurance policies in force (as a percent)	40.00%	43.00%	47.00%
Participating business as a percentage of life insurance premiums (as a percent)	40.00%	40.00%	43.00%
Long-Term Debt
Minimum maturity period at date of issuance for debt to be classified as long-term	1 year
Reinsurance
Life insurance in force of largest exposure to a single third-party reinsurer in individual life insurance business	$ 38,900.0	$ 35,900.0
Largest exposure to a single third-party reinsurer in individual life insurance business as percentage of total net individual life insurance in force (as a percent)	16.00%	17.00%
Net ceded reinsurance recoverables related to claims received	$ 338.0	$ 282.6
Reinsurance recoverable of largest exposure to a single third-party reinsurer in individual life insurance business	48.1	31.3
Premiums and other considerations:
Premiums and other considerations, Direct	4,123.7	3,524.8	$ 3,554.1
Premiums and other considerations, Assumed	2.1	2.5	2.6
Premiums and other considerations, Ceded	(402.9)	(373.2)	(337.3)
Premiums and other considerations	3,722.9	3,154.1	3,219.4
Benefits, claims and settlement expenses:
Benefits, claims and settlement expenses, Direct	5,532.5	4,933.3	5,268.6
Benefits, claims and settlement expenses, Assumed	30.7	32.2	33.9
Benefits, claims and settlement expenses, Ceded	(332.2)	(281.9)	(178.6)
Benefits, claims and settlement expenses	5,231.0	4,683.6	$ 5,123.9
Separate Accounts
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	$ 205.4	$ 223.1

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Changes in Goodwill
Beginning balance, Goodwill	$ 1,100.3	$ 543.4
Goodwill from acquisitions		634.4
Goodwill disposed		(1.4)
Foreign currency, Goodwill	(92.9)	(80.1)
Other changes in goodwill		4.0
Ending balance, Goodwill	1,007.4	1,100.3
Retirement and Investor Services
Changes in Goodwill
Beginning balance, Goodwill	72.6	68.6
Other changes in goodwill		4.0
Ending balance, Goodwill	72.6	72.6
Principal Global Investors
Changes in Goodwill
Beginning balance, Goodwill	241.1	239.9
Foreign currency, Goodwill	(3.9)	1.2
Ending balance, Goodwill	237.2	241.1
Principal International
Changes in Goodwill
Beginning balance, Goodwill	730.0	179.5
Goodwill from acquisitions		631.8
Foreign currency, Goodwill	(89.0)	(81.3)
Ending balance, Goodwill	641.0	730.0
U.S. Insurance Solutions
Changes in Goodwill
Beginning balance, Goodwill	56.6	55.4
Goodwill from acquisitions		2.6
Goodwill disposed		(1.4)
Ending balance, Goodwill	$ 56.6	$ 56.6

Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite Lived Intangible Asset Disclosures
Weighted average remaining expected life of finite lived intangible assets	13 years
Gross carrying amount	$ 674.1	$ 872.3
Accumulated amortization	183.6	269.6
Net carrying amount	490.5	602.7
Finite lived intangible assets fully amortized during the period	118.6	5.2	$ 5.0
Other Finite Lived Intangible Assets
Amortization expense for intangible assets with finite useful lives	49.9	48.0	$ 22.7
Estimated amortization expense for the next five years
Year 1: Finite lived intangible assets amortization	48.6
Year 2: Finite lived intangible assets amortization	48.8
Year 3: Finite lived intangible assets amortization	48.1
Year 4: Finite lived intangible assets amortization	47.7
Year 5: Finite lived intangible assets amortization	46.1
Present value of future profits
Finite Lived Intangible Asset Disclosures
Gross carrying amount		13.5
Accumulated amortization		6.7
Net carrying amount		6.8
Other finite lived intangible assets
Finite Lived Intangible Asset Disclosures
Gross carrying amount	674.1	858.8
Accumulated amortization	183.6	262.9
Net carrying amount	$ 490.5	$ 595.9

Goodwill and Other Intangible Assets (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 833.0	$ 856.3
WM Advisors, Inc.
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 608.0	$ 608.0
Cuprum \| Trade names
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets			$ 185.2

Variable Interest Entities (Details) $ in Millions	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)
Carrying amounts of consolidated VIE assets and liabilities
Fixed maturities, available-for-sale	$ 49,670.8	$ 48,757.1
Fixed maturities, trading	604.6	563.1
Equity securities, trading	840.2	716.9
Real estate	1,344.6	1,271.6
Other investments	3,209.8	2,944.4
Accrued investment income	505.9	532.1
Separate account assets	140,072.8	130,018.4
Other assets	1,083.5	1,134.2
Total assets	219,087.0	208,191.4
Long-term debt	2,531.2	2,601.4
Income taxes currently payable	11.5	5.2
Deferred income taxes	1,035.3	824.0
Separate account liabilities	140,072.8	130,018.4
Other liabilities	5,542.2	5,224.2
Total liabilities	208,797.0	198,167.2
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Fixed maturities, available-for-sale	278.2	272.0
Fixed maturities, trading	100.4	110.4
Equity securities, trading	345.3	327.2
Real estate	284.9	266.3
Other investments	40.6	68.1
Cash	4.7	12.0
Accrued investment income	2.0	2.0
Separate account assets	34,655.4	32,824.7
Other assets	0.3	0.1
Total assets	35,711.8	33,882.8
Long-term debt	82.3	47.7
Income taxes currently payable	10.6
Deferred income taxes	1.1	1.5
Separate account liabilities	34,655.4	32,824.7
Other liabilities	344.0	362.4
Total liabilities	$ 35,093.4	33,236.3
Grantor trusts
Consolidated Variable Interest Entity disclosures
Number of consolidated variable interest entities \| item	3
Carrying amounts of consolidated VIE assets and liabilities
Fixed maturities, available-for-sale	$ 278.2	272.0
Accrued investment income	0.4	0.3
Total assets	278.6	272.3
Deferred income taxes	1.5	1.5
Other liabilities	239.1	217.2
Total liabilities	$ 240.6	218.7
Collateralized private investment vehicle
Consolidated Variable Interest Entity disclosures
Number of entities for which the reporting entity acts as primary beneficiary \| item	1
Carrying amounts of consolidated VIE assets and liabilities
Fixed maturities, trading	$ 100.4	110.4
Total assets	100.4	110.4
Other liabilities	85.6	93.8
Total liabilities	85.6	93.8
Commercial mortgage-backed securities VIE
Carrying amounts of consolidated VIE assets and liabilities
Other investments	35.0	68.1
Accrued investment income	0.2	0.6
Total assets	35.2	68.7
Other liabilities	4.8	31.4
Total liabilities	4.8	31.4
Mandatory retirement savings
Carrying amounts of consolidated VIE assets and liabilities
Equity securities, trading	345.3	327.2
Separate account assets	34,655.4	32,824.7
Total assets	35,000.7	33,151.9
Separate account liabilities	34,655.4	32,824.7
Total liabilities	34,655.4	32,824.7
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Real estate	284.9	266.3
Other investments	5.6
Cash	4.7	12.0
Accrued investment income	1.4	1.1
Other assets	0.3	0.1
Total assets	296.9	279.5
Long-term debt	82.3	47.7
Income taxes currently payable	10.6
Deferred income taxes	(0.4)
Other liabilities	14.5	20.0
Total liabilities	$ 107.0	$ 67.7

Variable Interest Entities (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Sponsored Investment Funds
Total assets of unconsolidated money market mutual fund variable interest entities	$ 1,400.0	$ 1,400.0
Other investments: Other limited partnership and fund interests
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	188.2	123.5
Maximum exposure to loss	188.2	123.5
Available-for-sale \| Corporate debt securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	456.7	523.4
Maximum exposure to loss	353.3	448.2
Available-for-sale \| Residential mortgage-backed pass-through securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2,822.9	2,845.2
Maximum exposure to loss	2,702.9	2,799.1
Available-for-sale \| Commercial mortgage-backed securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,975.5	4,026.4
Maximum exposure to loss	3,896.9	4,078.0
Available-for-sale \| Collateralized debt obligations
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	504.1	363.4
Maximum exposure to loss	521.2	391.9
Available-for-sale \| Other debt obligations
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	4,616.4	4,167.8
Maximum exposure to loss	4,583.4	4,157.5
Trading \| Residential mortgage-backed pass-through securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	34.4	47.5
Maximum exposure to loss	34.4	47.5
Trading \| Commercial mortgage-backed securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	1.5	1.8
Maximum exposure to loss	1.5	1.8
Trading \| Collateralized debt obligations
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	39.4	59.6
Maximum exposure to loss	39.4	59.6
Trading \| Other debt obligations
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	0.2	1.2
Maximum exposure to loss	$ 0.2	$ 1.2

Investments (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fixed maturities
Available-for-sale securities disclosures
Amortized cost	$ 46,719.5	$ 47,001.3
Gross unrealized gains	3,290.1	2,562.4
Gross unrealized losses	338.8	806.6
Fair value	49,670.8	48,757.1
Other-than-temporary impairments in AOCI	175.5	277.5
Net unrealized gains (losses) on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date	167.5	148.6
U.S. government and agencies
Available-for-sale securities disclosures
Amortized cost	1,085.6	818.2
Gross unrealized gains	39.1	12.7
Gross unrealized losses	2.9	50.4
Fair value	1,121.8	780.5
Non-U.S. governments
Available-for-sale securities disclosures
Amortized cost	704.4	853.2
Gross unrealized gains	188.3	148.8
Gross unrealized losses	1.6	5.2
Fair value	891.1	996.8
States and political subdivisions
Available-for-sale securities disclosures
Amortized cost	3,916.8	3,622.8
Gross unrealized gains	291.3	120.9
Gross unrealized losses	4.1	85.7
Fair value	4,204.0	3,658.0
Corporate debt securities
Available-for-sale securities disclosures
Amortized cost	29,308.3	30,280.6
Gross unrealized gains	2,442.6	1,958.8
Gross unrealized losses	215.9	320.4
Fair value	31,535.0	31,919.0
Other-than-temporary impairments in AOCI	18.4	17.1
Residential mortgage-backed pass-through securities
Available-for-sale securities disclosures
Amortized cost	2,702.9	2,799.1
Gross unrealized gains	126.3	92.8
Gross unrealized losses	6.3	46.7
Fair value	2,822.9	2,845.2
Commercial mortgage-backed securities
Available-for-sale securities disclosures
Amortized cost	3,896.9	4,078.0
Gross unrealized gains	141.5	170.6
Gross unrealized losses	62.9	222.2
Fair value	3,975.5	4,026.4
Other-than-temporary impairments in AOCI	88.9	183.4
Collateralized debt obligations
Available-for-sale securities disclosures
Amortized cost	521.2	391.9
Gross unrealized gains	3.5	6.0
Gross unrealized losses	20.6	34.5
Fair value	504.1	363.4
Other-than-temporary impairments in AOCI	1.3	0.7
Other debt obligations
Available-for-sale securities disclosures
Amortized cost	4,583.4	4,157.5
Gross unrealized gains	57.5	51.8
Gross unrealized losses	24.5	41.5
Fair value	4,616.4	4,167.8
Other-than-temporary impairments in AOCI	66.9	76.3
Equity securities
Available-for-sale securities disclosures
Amortized cost	125.1	113.8
Gross unrealized gains	7.7	10.0
Gross unrealized losses	9.8	13.3
Fair value	$ 123.0	$ 110.5

Investments (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Amortized cost of fixed maturities available-for-sale
Due in one year or less	$ 2,606.8
Due after one year through five years	12,930.8
Due after five years through ten years	7,895.2
Due after ten years	11,582.3
Subtotal	35,015.1
Mortgage-backed and other asset-backed securities	11,704.4
Total	46,719.5
Fair value of fixed maturities available-for-sale
Due in one year or less	2,636.3
Due after one year through five years	13,461.2
Due after five years through ten years	8,366.5
Due after ten years	13,287.9
Subtotal	37,751.9
Mortgage-backed and other asset-backed securities	11,918.9
Total	$ 49,670.8	$ 48,757.1

Investments (Details 3) - USD ($) $ in Millions	12 Months Ended
Investments (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Major categories of net investment income
Gross investment income (loss)	$ 3,334.8	$ 3,214.6	$ 3,336.1
Investment expenses	(76.9)	(76.2)	(81.2)
Net investment income (loss)	3,257.9	3,138.4	3,254.9
Mortgage loans
Major categories of net investment income
Gross investment income (loss)	630.9	611.5	635.8
Real estate
Major categories of net investment income
Gross investment income (loss)	103.8	61.2	71.4
Policy loans
Major categories of net investment income
Gross investment income (loss)	49.4	49.9	53.7
Cash and cash equivalents
Major categories of net investment income
Gross investment income (loss)	6.5	14.0	9.6
Derivatives
Major categories of net investment income
Gross investment income (loss)	(88.0)	(115.2)	(131.2)
Other investment types
Major categories of net investment income
Gross investment income (loss)	252.1	222.0	196.6
Available-for-sale \| Fixed maturities
Major categories of net investment income
Gross investment income (loss)	2,283.8	2,321.3	2,454.8
Available-for-sale \| Equity securities
Major categories of net investment income
Gross investment income (loss)	7.0	7.6	8.6
Trading \| Fixed maturities
Major categories of net investment income
Gross investment income (loss)	27.9	22.5	30.2
Trading \| Equity securities
Major categories of net investment income
Gross investment income (loss)	$ 61.4	$ 19.8	$ 6.6

Investments (Details 4) - USD ($) $ in Millions	12 Months Ended
Investments (Details 4) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fixed maturities, available-for-sale:
Gross gains	$ 96.8	$ 45.5	$ 31.0
Gross losses	(45.8)	(122.1)	(144.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income	(101.8)	(24.5)	17.3
Hedging, net	(21.5)	(115.5)	(27.5)
Fixed maturities, trading	31.2	(7.1)	2.2
Equity securities, available-for-sale:
Gross gains	10.3	0.8	0.6
Gross losses	(0.3)	(0.3)	(0.9)
Equity securities, trading	21.7	26.9	34.1
Mortgage loans	(9.4)	(15.8)	(51.3)
Derivatives	13.1	(23.0)	(10.9)
Other	20.4	9.9	264.4
Net realized capital gains (losses)	14.7	(225.2)	114.1
Proceeds from sales of investments
Proceeds from sales of investments in fixed maturities, available-for-sale	$ 2,251.2	$ 1,773.0	$ 1,228.6

Investments (Details 5) - USD ($) $ in Millions	12 Months Ended
Investments (Details 5) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other-than-temporary impairment losses, net of recoveries
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities	$ 23.8	$ (91.5)	$ (135.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income	(101.8)	(24.5)	17.3
Net impairment losses on available-for-sale securities	(78.0)	(116.0)	(118.6)
Fixed maturities
Other-than-temporary impairment losses, net of recoveries
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities	13.8	(91.2)	(135.5)
Equity securities
Other-than-temporary impairment losses, net of recoveries
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities	$ 10.0	$ (0.3)	$ (0.4)

Investments (Details 6) - USD ($) $ in Millions	12 Months Ended
Investments (Details 6) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other-Than-Temporary Impairment Credit Losses Recognized in Net Income - Rollforward
Beginning balance	$ (235.4)	$ (335.2)	$ (434.8)
Credit losses for which an other-than-temporary impairment was not previously recognized	(11.3)	(15.1)	(20.7)
Credit losses for which an other-than-temporary impairment was previously recognized	(67.4)	(75.9)	(80.0)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold	163.1	177.6	191.9
Net reduction (increase) for positive changes in cash flows expected to be collected and amortization	6.6	12.6	8.4
Foreign currency translation adjustment		0.6
Ending balance	$ (144.4)	$ (235.4)	$ (335.2)

Investments (Details 7) $ in Millions	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item
Fixed maturities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	$ 4,991.3	$ 9,313.2
Less than twelve months, Gross unrealized losses	87.1	356.4
Greater than or equal to twelve months, Fair value	2,886.3	2,256.0
Greater than or equal to twelve months, Gross unrealized losses	251.7	450.2
Total, Fair value	7,877.6	11,569.2
Total, Gross unrealized losses	338.8	806.6
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	211.5	526.8
Less than twelve months, Gross unrealized losses	0.7	49.6
Greater than or equal to twelve months, Fair value	95.0	9.2
Greater than or equal to twelve months, Gross unrealized losses	2.2	0.8
Total, Fair value	306.5	536.0
Total, Gross unrealized losses	2.9	50.4
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	20.3	78.1
Less than twelve months, Gross unrealized losses	1.4	5.1
Greater than or equal to twelve months, Fair value	7.5	5.8
Greater than or equal to twelve months, Gross unrealized losses	0.2	0.1
Total, Fair value	27.8	83.9
Total, Gross unrealized losses	1.6	5.2
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	208.1	1,338.6
Less than twelve months, Gross unrealized losses	0.7	75.3
Greater than or equal to twelve months, Fair value	210.5	46.1
Greater than or equal to twelve months, Gross unrealized losses	3.4	10.4
Total, Fair value	418.6	1,384.7
Total, Gross unrealized losses	4.1	85.7
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	3,072.1	4,087.9
Less than twelve months, Gross unrealized losses	76.8	155.4
Greater than or equal to twelve months, Fair value	1,238.3	1,278.1
Greater than or equal to twelve months, Gross unrealized losses	139.1	165.0
Total, Fair value	4,310.4	5,366.0
Total, Gross unrealized losses	215.9	320.4
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	18.0	1,150.3
Less than twelve months, Gross unrealized losses		38.2
Greater than or equal to twelve months, Fair value	395.3	85.9
Greater than or equal to twelve months, Gross unrealized losses	6.3	8.5
Total, Fair value	413.3	1,236.2
Total, Gross unrealized losses	6.3	46.7
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	375.3	683.7
Less than twelve months, Gross unrealized losses	3.0	15.3
Greater than or equal to twelve months, Fair value	395.0	495.6
Greater than or equal to twelve months, Gross unrealized losses	59.9	206.9
Total, Fair value	770.3	1,179.3
Total, Gross unrealized losses	62.9	222.2
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	114.8	88.8
Less than twelve months, Gross unrealized losses	1.0	1.4
Greater than or equal to twelve months, Fair value	112.0	47.4
Greater than or equal to twelve months, Gross unrealized losses	19.6	33.1
Total, Fair value	226.8	136.2
Total, Gross unrealized losses	20.6	34.5
Other debt obligations
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	971.2	1,359.0
Less than twelve months, Gross unrealized losses	3.5	16.1
Greater than or equal to twelve months, Fair value	432.7	287.9
Greater than or equal to twelve months, Gross unrealized losses	21.0	25.4
Total, Fair value	1,403.9	1,646.9
Total, Gross unrealized losses	24.5	41.5
Equity securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	10.0	16.7
Less than twelve months, Gross unrealized losses		0.3
Greater than or equal to twelve months, Fair value	36.0	48.3
Greater than or equal to twelve months, Gross unrealized losses	9.8	13.0
Total, Fair value	46.0	65.0
Total, Gross unrealized losses	9.8	13.3
Principal Life Insurance Company \| Fixed maturities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Less than twelve months, Fair value	4,907.1	8,899.5
Less than twelve months, Gross unrealized losses	85.4	339.8
Greater than or equal to twelve months, Fair value	2,731.6	2,005.9
Greater than or equal to twelve months, Gross unrealized losses	225.4	412.7
Total, Fair value	7,638.7	10,905.4
Total, Gross unrealized losses	$ 310.8	$ 752.5
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months \| item	685	1,154
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer \| item	429	359
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 44.4	$ 325.9
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent)	80.00%	87.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost) \| item	96	94
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	77.00%	94.00%
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost) \| item	98	96
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost) \| item	92	83
Principal Life Insurance Company \| Corporate debt securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Greater than or equal to twelve months, Gross unrealized losses	$ 113.0	$ 127.6
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) \| item	91	89
Principal Life Insurance Company \| Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities and Equity Securities
Greater than or equal to twelve months, Gross unrealized losses	$ 59.9	$ 206.9
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) \| item	87	71

Investments (Details 8) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized gains (losses) on fixed maturities, available-for-sale	$ 3,079.1	$ 2,067.4
Noncredit component of impairment losses on fixed maturities, available-for-sale	(175.5)	(277.5)
Net unrealized gains (losses) on equity securities, available-for-sale	(2.1)	(3.3)
Adjustments for assumed changes in amortization patterns	(346.8)	(265.9)
Adjustments for assumed changes in policyholder liabilities	(1,078.6)	(621.2)
Net unrealized gains (losses) on derivative instruments	160.1	56.0
Net unrealized gains (losses) on equity method subsidiaries and noncontrolling interest adjustments	88.9	87.1
Provision for deferred income tax benefits (taxes)	(576.8)	(342.0)
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ 1,148.3	$ 700.6

Investments (Details 9) - USD ($) $ in Millions	12 Months Ended
Investments (Details 9) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 11,868.1	$ 11,603.4	$ 11,617.1
Mortgage loan valuation allowance	(56.5)	(69.8)	(97.4)	$ (102.1)
Mortgage loans, Total carrying value	11,811.6	11,533.6
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, Total amortized cost	10,723.8	10,327.7	10,235.1
Mortgage loan valuation allowance	(26.9)	(28.7)	(51.8)	(64.8)
Mortgage loans, purchased	59.5	166.1	149.1
Mortgage loans, sold	$ 2.3	$ 13.0	31.1
Percent of mortgage loans (as a percent)	100.00%	100.00%
Commercial mortgage loans \| Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,646.1	$ 3,360.5
Percent of mortgage loans (as a percent)	34.00%	32.60%
Commercial mortgage loans \| Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,512.1	$ 2,668.5
Percent of mortgage loans (as a percent)	23.40%	25.80%
Commercial mortgage loans \| Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,918.7	$ 1,766.2
Percent of mortgage loans (as a percent)	17.90%	17.10%
Commercial mortgage loans \| Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,200.5	$ 1,911.2
Percent of mortgage loans (as a percent)	20.50%	18.50%
Commercial mortgage loans \| Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 331.5	$ 333.1
Percent of mortgage loans (as a percent)	3.10%	3.20%
Commercial mortgage loans \| Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 114.9	$ 288.2
Percent of mortgage loans (as a percent)	1.10%	2.80%
Commercial mortgage loans \| New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 528.0	$ 528.5
Percent of mortgage loans (as a percent)	4.90%	5.10%
Commercial mortgage loans \| Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,951.0	$ 2,489.0
Percent of mortgage loans (as a percent)	27.50%	24.10%
Commercial mortgage loans \| East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 442.1	$ 519.9
Percent of mortgage loans (as a percent)	4.10%	5.00%
Commercial mortgage loans \| West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 233.3	$ 302.9
Percent of mortgage loans (as a percent)	2.20%	2.90%
Commercial mortgage loans \| South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,970.9	$ 1,949.5
Percent of mortgage loans (as a percent)	18.40%	18.90%
Commercial mortgage loans \| East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 197.4	$ 192.8
Percent of mortgage loans (as a percent)	1.80%	1.90%
Commercial mortgage loans \| West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,023.9	$ 830.3
Percent of mortgage loans (as a percent)	9.50%	8.00%
Commercial mortgage loans \| Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 772.0	$ 747.1
Percent of mortgage loans (as a percent)	7.20%	7.20%
Commercial mortgage loans \| Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,565.5	$ 2,722.5
Percent of mortgage loans (as a percent)	24.00%	26.50%
Commercial mortgage loans \| International
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 39.7	$ 45.2
Percent of mortgage loans (as a percent)	0.40%	0.40%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,144.3	$ 1,275.7	1,382.0
Mortgage loan valuation allowance	(29.6)	(41.1)	(45.6)	$ (37.3)
Mortgage loans, purchased	184.8	157.2	153.0
Mortgage loans, sold	95.9	0.0	$ 14.2
Home equity
Mortgage loan disclosures
Mortgage loans, Total amortized cost	283.4	394.9
First liens
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 860.9	$ 880.8

Investments (Details 10) - USD ($) $ in Millions	12 Months Ended
Investments (Details 10) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	$ 11,868.1	$ 11,603.4	$ 11,617.1
Commercial mortgage loans
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	10,723.8	10,327.7	10,235.1
Commercial mortgage loans \| A- and above
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	9,284.6	8,286.4
Commercial mortgage loans \| BBB+ thru BBB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	1,219.5	1,713.7
Commercial mortgage loans \| BB+ thru BB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	148.3	155.5
Commercial mortgage loans \| B+ and below
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	71.4	172.1
Brick and mortar
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	10,374.9	9,881.1
Brick and mortar \| A- and above
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	9,115.8	8,091.9
Brick and mortar \| BBB+ thru BBB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	1,041.0	1,463.7
Brick and mortar \| BB+ thru BB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	148.3	155.4
Brick and mortar \| B+ and below
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	69.8	170.1
Credit tenant loans
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	348.9	446.6
Credit tenant loans \| A- and above
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	168.8	194.5
Credit tenant loans \| BBB+ thru BBB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	178.5	250.0
Credit tenant loans \| BB+ thru BB-
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost		0.1
Credit tenant loans \| B+ and below
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	1.6	2.0
Residential mortgage loans
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	1,144.3	1,275.7	$ 1,382.0
Residential mortgage loans \| Performing
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	1,116.0	1,240.4
Residential mortgage loans \| Nonperforming
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	$ 28.3	$ 35.3
Mortgage loans, Days delinquent to be considered nonperforming	90 days	90 days
Home equity
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	$ 283.4	$ 394.9
Home equity \| Performing
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	268.4	378.3
Home equity \| Nonperforming
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	15.0	16.6
First liens
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	860.9	880.8
First liens \| Performing
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	847.6	862.1
First liens \| Nonperforming
Mortgage loan credit quality disclosures
Mortgage loans, Total amortized cost	$ 13.3	$ 18.7

Investments (Details 11) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Non-accrual status	$ 33.4	$ 61.2
30-59 days past due	26.5	36.8
60-89 days past due	12.7	8.4
90 days or more past due	16.2	36.8
Total past due	55.4	82.0
Current	11,812.7	11,521.4
Mortgage loans, Total amortized cost	11,868.1	11,603.4	$ 11,617.1
Recorded investment 90 days or more past due and accruing	4.5	7.3
Commercial mortgage loans
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Total amortized cost	10,723.8	10,327.7	10,235.1
Brick and mortar
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Non-accrual status	9.6	33.2
60-89 days past due	4.5
90 days or more past due	0.7	16.7
Total past due	5.2	16.7
Current	10,369.7	9,864.4
Mortgage loans, Total amortized cost	10,374.9	9,881.1
Credit tenant loans
Mortgage loan non-accrual and aging disclosures
Current	348.9	446.6
Mortgage loans, Total amortized cost	348.9	446.6
Residential mortgage loans
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1,144.3	1,275.7	$ 1,382.0
Home equity
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Non-accrual status	15.0	16.6
30-59 days past due	2.3	4.4
60-89 days past due	1.2	1.0
90 days or more past due	3.4	3.0
Total past due	6.9	8.4
Current	276.5	386.5
Mortgage loans, Total amortized cost	283.4	394.9
First liens
Mortgage loan non-accrual and aging disclosures
Mortgage loans, Non-accrual status	8.8	11.4
30-59 days past due	24.2	32.4
60-89 days past due	7.0	7.4
90 days or more past due	12.1	17.1
Total past due	43.3	56.9
Current	817.6	823.9
Mortgage loans, Total amortized cost	860.9	880.8
Recorded investment 90 days or more past due and accruing	$ 4.5	$ 7.3

Investments (Details 12) - USD ($) $ in Millions	12 Months Ended
Investments (Details 12) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in mortgage loan valuation allowance
Beginning balance, Mortgage loan valuation allowance	$ 69.8	$ 97.4	$ 102.1
Provision: Mortgage loan valuation allowance	6.8	14.9	53.2
Charge-offs: Mortgage loan valuation allowance	(23.6)	(46.3)	(61.8)
Recoveries: Mortgage loan valuation allowance	3.6	3.9	3.8
Effect of exchange rates: Mortgage loan valuation allowance	(0.1)	(0.1)	0.1
Ending balance, Mortgage loan valuation allowance	56.5	69.8	97.4
Individually evaluated for impairment, Mortgage loan valuation allowance	11.4	12.6	12.8
Collectively evaluated for impairment, Mortgage loan valuation allowance	45.1	57.2	84.6
Individually evaluated for impairment, Mortgage loans	31.5	37.4	53.3
Collectively evaluated for impairment, Mortgage loans	11,836.6	11,566.0	11,563.8
Mortgage loans, Total amortized cost	$ 11,868.1	11,603.4	11,617.1
Commercial mortgage loans
Mortgage loan valuation allowance disclosures
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Changes in mortgage loan valuation allowance
Beginning balance, Mortgage loan valuation allowance	$ 28.7	51.8	64.8
Provision: Mortgage loan valuation allowance	(0.9)	4.1	13.5
Charge-offs: Mortgage loan valuation allowance	(0.9)	(28.0)	(26.7)
Recoveries: Mortgage loan valuation allowance		0.8	0.2
Ending balance, Mortgage loan valuation allowance	26.9	28.7	51.8
Individually evaluated for impairment, Mortgage loan valuation allowance	2.4	2.4	2.4
Collectively evaluated for impairment, Mortgage loan valuation allowance	24.5	26.3	49.4
Individually evaluated for impairment, Mortgage loans	4.4	4.4	13.6
Collectively evaluated for impairment, Mortgage loans	10,719.4	10,323.3	10,221.5
Mortgage loans, Total amortized cost	10,723.8	10,327.7	10,235.1
Residential mortgage loans
Changes in mortgage loan valuation allowance
Beginning balance, Mortgage loan valuation allowance	41.1	45.6	37.3
Provision: Mortgage loan valuation allowance	7.7	10.8	39.7
Charge-offs: Mortgage loan valuation allowance	(22.7)	(18.3)	(35.1)
Recoveries: Mortgage loan valuation allowance	3.6	3.1	3.6
Effect of exchange rates: Mortgage loan valuation allowance	(0.1)	(0.1)	0.1
Ending balance, Mortgage loan valuation allowance	29.6	41.1	45.6
Individually evaluated for impairment, Mortgage loan valuation allowance	9.0	10.2	10.4
Collectively evaluated for impairment, Mortgage loan valuation allowance	20.6	30.9	35.2
Individually evaluated for impairment, Mortgage loans	27.1	33.0	39.7
Collectively evaluated for impairment, Mortgage loans	1,117.2	1,242.7	1,342.3
Mortgage loans, Total amortized cost	$ 1,144.3	$ 1,275.7	$ 1,382.0

Investments (Details 13) - USD ($) $ in Millions	12 Months Ended
Investments (Details 13) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commercial mortgage loans
Impaired mortgage loans
Recorded investment in impaired mortgage loans	$ 9.6	$ 25.9
Unpaid principal balance of impaired mortgage loans	11.1	37.1
Related allowance for impaired mortgage loans	2.4	2.4
Average investment in impaired mortgage loans	17.8	26.6	$ 70.6
Interest income recognized on impaired mortgage loans	0.2	0.5	2.8
Brick and mortar
Impaired mortgage loans
Recorded investment in impaired mortgage loans with no related allowance	5.2	21.5
Recorded investment in impaired mortgage loans with related allowance	4.4	4.4
Unpaid principal balance of impaired mortgage loans with no related allowance	6.7	32.7
Unpaid principal balance of impaired mortgage loans with related allowance	4.4	4.4
Related allowance for impaired mortgage loans	2.4	2.4
Average investment in impaired mortgage loans with no related allowance	13.4	22.2	11.4
Average investment in impaired mortgage loans with related allowance	4.4	4.4	59.2
Interest income recognized on impaired mortgage loans with no related allowance		0.2	2.6
Interest income recognized on impaired mortgage loans with related allowance	0.2	0.3	0.2
Residential mortgage loans
Impaired mortgage loans
Recorded investment in impaired mortgage loans	27.1	33.0
Unpaid principal balance of impaired mortgage loans	27.7	32.1
Related allowance for impaired mortgage loans	9.0	10.2
Average investment in impaired mortgage loans	30.1	36.3	33.7
Interest income recognized on impaired mortgage loans	0.8	1.3	1.0
Home equity
Impaired mortgage loans
Recorded investment in impaired mortgage loans with related allowance	16.5	19.5
Unpaid principal balance of impaired mortgage loans with related allowance	17.1	19.7
Related allowance for impaired mortgage loans	8.2	9.2
Average investment in impaired mortgage loans with related allowance	18.0	20.2	17.7
Interest income recognized on impaired mortgage loans with related allowance	0.6	1.1	0.9
First liens
Impaired mortgage loans
Recorded investment in impaired mortgage loans with no related allowance	3.4	4.6
Recorded investment in impaired mortgage loans with related allowance	7.2	8.9
Unpaid principal balance of impaired mortgage loans with no related allowance	3.4	4.6
Unpaid principal balance of impaired mortgage loans with related allowance	7.2	7.8
Related allowance for impaired mortgage loans	0.8	1.0
Average investment in impaired mortgage loans with no related allowance	4.0	7.2	7.0
Average investment in impaired mortgage loans with related allowance	8.1	8.9	9.0
Interest income recognized on impaired mortgage loans with related allowance	$ 0.2	$ 0.2	$ 0.1

Investments (Details 14) $ in Millions	12 Months Ended
Investments (Details 14) $ in Millions	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item	Dec. 31, 2012 USD ($) item
Mortgage Loan Modifications
Number of mortgage loans modified as a troubled debt restructuring	78	74	338
Recorded investment of mortgage loans modified as a troubled debt restructuring \| $	$ 8.2	$ 5.3	$ 35.1
Number of mortgage loans modified as a troubled debt restructuring in payment default	4	20	13
Recorded investment of mortgage loans modified as a troubled debt restructuring in payment default \| $	$ 0.7	$ 0.3	$ 13.7
Brick and mortar
Mortgage Loan Modifications
Number of mortgage loans modified as a troubled debt restructuring	2	2	2
Recorded investment of mortgage loans modified as a troubled debt restructuring \| $	$ 5.1	$ 0.9	$ 18.0
Number of mortgage loans modified as a troubled debt restructuring in payment default	1		1
Recorded investment of mortgage loans modified as a troubled debt restructuring in payment default \| $	$ 0.7		$ 13.7
Home equity
Mortgage Loan Modifications
Number of mortgage loans modified as a troubled debt restructuring	75	69	324
Recorded investment of mortgage loans modified as a troubled debt restructuring \| $	$ 3.0	$ 3.8	$ 15.0
Number of mortgage loans modified as a troubled debt restructuring in payment default	3	19	12
First liens
Mortgage Loan Modifications
Number of mortgage loans modified as a troubled debt restructuring	1	3	12
Recorded investment of mortgage loans modified as a troubled debt restructuring \| $	$ 0.1	$ 0.6	$ 2.1
Number of mortgage loans modified as a troubled debt restructuring in payment default		1
Recorded investment of mortgage loans modified as a troubled debt restructuring in payment default \| $		$ 0.3

Investments (Details 15) - USD ($) $ in Millions	12 Months Ended
Investments (Details 15) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real estate
Depreciation expense on invested real estate	$ 46.5	$ 44.4	$ 45.1
Accumulated depreciation on invested real estate	388.0	364.9
Summarized financial information of unconsolidated entities
Total assets, unconsolidated entities	60,190.2	47,401.9
Total liabilities, unconsolidated entities	47,468.3	39,588.0
Total equity, unconsolidated entities	12,721.9	7,813.9
Net investment in unconsolidated entities	1,159.4	1,098.6
Total revenues, unconsolidated entities	6,297.0	3,002.9	4,555.9
Net income, unconsolidated entities	1,152.7	738.6	750.1
Our share of net income of unconsolidated entities	148.4	133.4	$ 120.1
Other Types of Investments
Direct financing leases	790.8	$ 720.2
Securities Posted as Collateral
Fixed maturity 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 the Federal Home Loan Bank of Des Moines	1,439.9
Commercial mortgage loans and home equity mortgages posted as collateral associated with obligation under funding agreements with the Federal Home Loan Bank of Des Moines	2,408.2
Securities posted as collateral eligible to be sold or repledged	$ 139.7

Investments (Details 16) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 713.3	$ 716.7
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(479.5)	(581.5)
Collateral received, financial assets	(220.5)	(133.9)
Net amount of assets subject to netting agreements	13.3	1.3
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	661.8	664.9
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(479.5)	(581.5)
Collateral received, financial assets	(169.0)	(82.1)
Net amount of assets subject to netting agreements	13.3	1.3
Gross amount of assets not subject to netting agreements	0.0	0.2
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	51.5	51.8
Collateral received, financial assets	$ (51.5)	$ (51.8)

Investments (Details 17) - Derivative liabilities - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 786.0	$ 1,022.0
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(479.5)	(581.5)
Collateral pledged, financial liabilities	(220.6)	(362.1)
Net amount of liabilities subject to netting agreements	85.9	78.4
Gross amount of liabilities not subject to netting agreements	$ 421.3	$ 226.7

Derivative Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments, exposure
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 271.6	$ 393.1
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	656.2	1,042.9
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	271.6	393.1
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	67.7
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	148.3	32.5
Notional amount	41,098.5	38,840.3
Gross credit exposure	693.8	720.1
Less: collateral received	183.5	115.9
Net credit exposure	510.3	604.2
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0.0
Principal payments made under contract	0.0
Notional amount	19,182.6	20,570.8
Gross credit exposure	510.8	435.5
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	4,900.0	4,100.0
Gross credit exposure	41.0	42.5
Swaptions
Derivative Financial Instruments, exposure
Notional amount	260.0	325.0
Gross credit exposure		1.0
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	147.5	92.5
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	1,975.5	2,367.5
Gross credit exposure	97.1	200.9
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	270.7	247.4
Gross credit exposure	1.4	0.6
Equity options
Derivative Financial Instruments, exposure
Notional amount	3,293.4	2,010.4
Gross credit exposure	30.2	30.0
Equity futures
Derivative Financial Instruments, exposure
Notional amount	498.1	273.3
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	1,234.5	1,153.2
Gross credit exposure	13.3	9.5
Total return swaps
Derivative Financial Instruments, exposure
Notional amount	90.0	90.0
Gross credit exposure		0.1
Credit Futures
Derivative Financial Instruments, exposure
Notional amount	10.5	9.1
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 9,235.7	$ 7,601.1

Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivatives, fair value disclosures
Total derivative instruments, assets	$ 661.8	$ 665.1
Total derivative instruments, liabilities	1,207.3	1,248.7
Fair value of embedded derivative liabilities reported with contractholder funds	176.4	6.9
Derivatives designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	88.8	121.7
Total derivative instruments, liabilities	263.0	336.6
Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	573.0	543.4
Total derivative instruments, liabilities	944.3	912.1
Interest rate contracts \| Derivatives designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	8.8	0.1
Total derivative instruments, liabilities	193.9	285.4
Interest rate contracts \| Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	508.7	452.2
Total derivative instruments, liabilities	321.4	489.6
Foreign exchange contracts \| Derivatives designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	80.0	121.6
Total derivative instruments, liabilities	69.1	51.2
Foreign exchange contracts \| Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	20.8	51.6
Total derivative instruments, liabilities	40.1	17.9
Equity contracts \| Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	30.2	30.0
Total derivative instruments, liabilities	131.7	145.0
Credit contracts \| Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, assets	13.3	9.6
Total derivative instruments, liabilities	35.6	35.5
Other contracts \| Derivatives not designated as hedging instrument
Derivatives, fair value disclosures
Total derivative instruments, liabilities	$ 415.5	$ 224.1

Derivative Financial Instruments (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Credit derivatives sold disclosures
Reduction in total maximum future payments due to purchased credit protection	$ 10.0	$ 44.9
Net asset (liability) fair value of purchased credit derivative transactions	(0.1)	(0.5)
Credit default swaps
Credit derivatives sold disclosures
Notional amount	945.8	818.9
Fair value	(12.2)	(19.2)
Maximum future payments	$ 945.8	$ 818.9
Weighted average expected life	3 years 3 months 18 days	3 years 10 months 24 days
Single name credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 798.5	$ 653.5
Fair value	8.6	5.1
Maximum future payments	$ 798.5	$ 653.5
Weighted average expected life	3 years 6 months	4 years
Single name credit default swaps \| Corporate debt securities \| AAA
Credit derivatives sold disclosures
Notional amount	$ 30.0	$ 10.0
Fair value	1.0	0.3
Maximum future payments	$ 30.0	$ 10.0
Weighted average expected life	4 years 2 months 12 days	4 years 8 months 12 days
Single name credit default swaps \| Corporate debt securities \| AA
Credit derivatives sold disclosures
Notional amount	$ 79.0	$ 84.0
Fair value	1.6	1.8
Maximum future payments	$ 79.0	$ 84.0
Weighted average expected life	3 years 3 months 18 days	4 years
Single name credit default swaps \| Corporate debt securities \| A
Credit derivatives sold disclosures
Notional amount	$ 254.5	$ 294.5
Fair value	3.3	4.2
Maximum future payments	$ 254.5	$ 294.5
Weighted average expected life	2 years 9 months 18 days	4 years
Single name credit default swaps \| Corporate debt securities \| BBB
Credit derivatives sold disclosures
Notional amount	$ 345.0	$ 265.0
Fair value	1.2	(1.2)
Maximum future payments	$ 345.0	$ 265.0
Weighted average expected life	3 years 7 months 6 days	3 years 10 months 24 days
Single name credit default swaps \| Corporate debt securities \| BB
Credit derivatives sold disclosures
Notional amount	$ 10.0
Fair value	0.9
Maximum future payments	$ 10.0
Weighted average expected life	5 years
Single name credit default swaps \| Government/municipalities \| AA
Credit derivatives sold disclosures
Notional amount	$ 30.0
Fair value	0.6
Maximum future payments	$ 30.0
Weighted average expected life	4 years 3 months 18 days
Single name credit default swaps \| Sovereign \| AA
Credit derivatives sold disclosures
Notional amount	$ 10.0
Fair value	0.1
Maximum future payments	$ 10.0
Weighted average expected life	4 years 8 months 12 days
Single name credit default swaps \| Sovereign \| BBB
Credit derivatives sold disclosures
Notional amount	$ 40.0
Fair value	(0.1)
Maximum future payments	$ 40.0
Weighted average expected life	4 years 8 months 12 days
Basket and index credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 147.3	$ 165.4
Fair value	(20.8)	(24.3)
Maximum future payments	$ 147.3	$ 165.4
Weighted average expected life	2 years 6 months	3 years 4 months 24 days
Basket and index credit default swaps \| Corporate debt securities \| Near default
Credit derivatives sold disclosures
Notional amount	$ 100.4	$ 110.4
Fair value	(19.1)	(19.9)
Maximum future payments	$ 100.4	$ 110.4
Weighted average expected life	2 years 2 months 12 days	3 years 2 months 12 days
Notional amount of derivative whose credit risk is borne by third party investors	$ 78.0	$ 88.0
Basket and index credit default swaps \| Government/municipalities \| AA
Credit derivatives sold disclosures
Notional amount	30.0	30.0
Fair value	(1.8)	(3.5)
Maximum future payments	$ 30.0	$ 30.0
Weighted average expected life	2 years 8 months 12 days	3 years 8 months 12 days
Basket and index credit default swaps \| Structured finance \| BBB
Credit derivatives sold disclosures
Notional amount	$ 16.9	$ 25.0
Fair value	0.1	(0.9)
Maximum future payments	$ 16.9	$ 25.0
Weighted average expected life	3 years 6 months	3 years 6 months

Derivative Financial Instruments (Details 4) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments
Future potential payments in the event of default of an investment in fixed maturity securities that contain embedded credit derivatives	$ 0.0
Hybrid instruments disclosures
Amortized cost	95.5	$ 74.6
Carrying value	$ 95.5	$ 73.2
Weighted average expected life	2 years	4 years
Corporate debt securities
Hybrid instruments disclosures
Amortized cost	$ 24.1	$ 23.4
Carrying value	$ 24.1	$ 23.4
Weighted average expected life	2 years	3 years
Corporate debt securities \| A
Hybrid instruments disclosures
Amortized cost	$ 24.1
Carrying value	$ 24.1
Weighted average expected life	2 years
Corporate debt securities \| BBB
Hybrid instruments disclosures
Amortized cost		$ 23.4
Carrying value		$ 23.4
Weighted average expected life		3 years
Structured finance
Hybrid instruments disclosures
Amortized cost	$ 71.4	$ 51.2
Carrying value	$ 71.4	$ 49.8
Weighted average expected life	2 years 1 month 6 days	4 years 6 months
Structured finance \| A
Hybrid instruments disclosures
Amortized cost	$ 56.1	$ 18.1
Carrying value	$ 56.1	$ 16.7
Weighted average expected life	1 year 6 months	4 years 9 months 18 days
Structured finance \| BB
Hybrid instruments disclosures
Amortized cost	$ 5.8	$ 5.5
Carrying value	$ 5.8	$ 5.5
Weighted average expected life	2 years 8 months 12 days	3 years 3 months 18 days
Structured finance \| B
Hybrid instruments disclosures
Amortized cost		$ 4.1
Carrying value		$ 4.1
Weighted average expected life		3 years 1 month 6 days
Structured finance \| CCC
Hybrid instruments disclosures
Amortized cost	$ 9.5	$ 23.5
Carrying value	$ 9.5	$ 23.5
Weighted average expected life	4 years 8 months 12 days	4 years 9 months 18 days

Derivative Financial Instruments (Details 5) - Fair Value Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ 33.1	$ 101.9	$ 48.6
Amount of gain (loss) recognized in net income on related hedged item	(35.2)	(96.2)	(46.3)
Fixed maturities, available-for-sale
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Gain (loss) on periodic settlements on interest rate and foreign exchange contracts in fair value hedge of fixed maturities, available-for-sale reported in net investment income	(93.0)	(120.7)	(134.3)
Investment-type insurance contracts
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Gain (loss) on periodic settlements on interest rate and foreign exchange contracts in fair value hedge of investment-type insurance contracts reported in benefits, claims and settlement expenses	4.3	33.2	37.1
Interest rate contracts \| Fixed maturities, available-for-sale
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	25.4	139.5	38.6
Amount of gain (loss) recognized in net income on related hedged item	(27.7)	(133.3)	(34.1)
Interest rate contracts \| Investment-type insurance contracts
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	2.0	(0.7)
Amount of gain (loss) recognized in net income on related hedged item	(1.9)	0.2
Foreign exchange contracts \| Fixed maturities, available-for-sale
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	5.5	(0.2)	0.7
Amount of gain (loss) recognized in net income on related hedged item	(5.4)	0.4	0.4
Foreign exchange contracts \| Investment-type insurance contracts
Effect of derivatives in fair value hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	0.2	(36.7)	9.3
Amount of gain (loss) recognized in net income on related hedged item	$ (0.2)	$ 36.5	$ (12.6)

Derivative Financial Instruments (Details 6) - Cash Flow Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions	5 years 6 months
Gross unrealized gains (losses) reported in accumulated OCI related to active hedges of forecasted transactions	$ 67.1
Gross unrealized gains (losses) reclassified from accumulated OCI into net income due to forecasted transaction probable of not occurring	0.0	$ 0.2
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	106.9	(73.9)	$ (1.6)
Amount of gain (loss) reclassified from accumulated OCI on derivatives (effective portion)	(3.8)	(11.6)	(3.4)
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months	1.8
Fixed maturities, available-for-sale
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Gain (loss) on periodic settlements on interest rate and foreign exchange contracts in cash flow hedge of fixed maturities, available-for-sale reported in net investment income	5.1	7.7	8.0
Investment-type insurance contracts
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Gain (loss) on periodic settlements on interest rate and foreign exchange contracts in cash flow hedge of investment-type insurance contracts reported in benefits, claims and settlement expenses	(11.1)	(11.0)	(13.4)
Interest rate contracts \| Fixed maturities, available-for-sale \| Net investment income
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	29.0	(80.5)	16.2
Amount of gain (loss) reclassified from accumulated OCI on derivatives (effective portion)	13.8	11.7	8.9
Interest rate contracts \| Investment-type insurance contracts \| Benefits, claims and settlement expenses
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	2.0	2.5	2.5
Interest rate contracts \| Hedged debt \| Operating expense
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) reclassified from accumulated OCI on derivatives (effective portion)	(7.4)	(6.6)	(5.9)
Foreign exchange contracts \| Net realized capital gains (losses)
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Gain (loss) resulting from the ineffective portion in cash flow hedging relationships	0.0	0.8	0.5
Foreign exchange contracts \| Fixed maturities, available-for-sale \| Net realized capital gains (losses)
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	68.7	(0.9)	(27.9)
Amount of gain (loss) reclassified from accumulated OCI on derivatives (effective portion)	(10.2)	(16.7)	(6.4)
Foreign exchange contracts \| Investment-type insurance contracts \| Benefits, claims and settlement expenses
Effect of derivatives in cash flow hedging relationships and the related hedged items on the consolidated statements of operations
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion)	$ 7.2	$ 5.0	$ 7.6

Derivative Financial Instruments (Details 7) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (35.7)	$ (102.1)	$ 3.0
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	246.0	(137.6)	(7.9)
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	(74.6)	(0.1)	63.1
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	21.9	(159.4)	(100.5)
Credit contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(34.7)	40.6	11.0
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	$ (194.3)	$ 154.4	$ 37.3

Closed Block (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Closed Block liabilities
Closed Block liabilities: Future policy benefits and claims	$ 4,366.5	$ 4,532.0
Closed Block liabilities: Other policyholder funds	9.6	10.5
Closed Block liabilities: Policyholder dividends payable	259.2	270.5
Closed Block liabilities: Policyholder dividend obligation	165.2	111.6
Closed Block liabilities: Deferred income taxes		2.2
Closed Block liabilities: Other liabilities	17.6	24.7
Total Closed Block liabilities	4,818.1	4,951.5
Assets designated to the Closed Block
Closed Block assets: Fixed maturities, available-for-sale	2,399.5	2,470.9
Closed Block assets: Fixed maturities, trading	11.9	13.4
Closed Block assets: Equity securities, available-for-sale	3.8	3.6
Closed Block assets: Mortgage loans	912.1	828.6
Closed Block assets: Policy loans	610.0	644.2
Closed Block assets: Other investments	101.1	118.5
Closed Block assets: Total investments	4,038.4	4,079.2
Closed Block assets: Cash and cash equivalents	29.2	70.3
Closed Block assets: Accrued investment income	48.8	49.5
Closed Block assets: Premiums due and other receivables	13.6	11.7
Closed Block assets: Deferred income tax asset	58.1	66.2
Closed Block assets: Other assets		2.2
Total assets designated to the Closed Block	4,188.1	4,279.1
Excess of Closed Block liabilities over assets designated to the Closed Block	630.0	672.4
Amounts included in accumulated other comprehensive income (loss)	18.9	12.9
Maximum future earnings to be recognized from Closed Block assets and liabilities	$ 648.9	$ 685.3	$ 723.8	$ 787.0

Closed Block (Details 2) - USD ($) $ in Millions	12 Months Ended
Closed Block (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Closed Block: Premiums and other considerations	$ 351.9	$ 379.9	$ 397.4
Closed Block: Net investment income (loss)	201.9	207.7	222.8
Closed Block: Net realized capital gains (losses)	(2.3)	(12.3)	3.6
Closed Block: Total revenues	551.5	575.3	623.8
Expenses
Closed Block: Benefits, claims and settlement expenses	313.3	320.1	325.7
Closed Block: Dividends to policyholders	173.2	184.4	192.6
Closed Block: Operating expenses	4.3	4.7	4.9
Closed Block: Total expenses	490.8	509.2	523.2
Closed Block revenues, net of Closed Block expenses, before income taxes	60.7	66.1	100.6
Closed Block: Income taxes (benefits)	19.5	21.1	32.6
Closed Block revenues, net of Closed Block expenses and income taxes	41.2	45.0	68.0
Funding adjustment charges	(4.8)	(6.5)	(4.8)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustment charges	$ 36.4	$ 38.5	$ 63.2

Closed Block (Details 3) - USD ($) $ in Millions	12 Months Ended
Closed Block (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in maximum future earnings of the Closed Block
Maximum future earnings to be recognized from Closed Block assets and liabilities, Beginning of year	$ 685.3	$ 723.8	$ 787.0
Maximum future earnings to be recognized from Closed Block assets and liabilities, End of year	648.9	685.3	723.8
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustment charges	$ (36.4)	$ (38.5)	$ (63.2)

Deferred Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in deferred acquisition costs
Balance at beginning of year, deferred acquisition costs	$ 3,077.0	$ 2,590.0	$ 2,358.1
Additions to deferred acquisition costs	404.1	447.0	428.9
Amortization of deferred acquisition costs	(367.2)	(187.1)	(94.9)
Adjustment related to unrealized (gains) losses on available-for-sale securities and derivative instruments	(120.9)	227.1	(102.1)
Balance at end of year, deferred acquisition costs	$ 2,993.0	$ 3,077.0	$ 2,590.0

Insurance Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Liabilities for investment-type insurance contracts:
Liabilities for individual annuities	$ 10,077.7	$ 10,582.7
GICs	10,115.3	10,858.3
Funding agreements	7,338.1	7,642.9
Other investment-type insurance contracts	901.6	832.6
Total liabilities for investment-type insurance contracts	28,432.7	29,916.5
Universal life and other reserves	6,294.0	6,041.8
Contractholder funds	$ 34,726.7	$ 35,958.3

Insurance Liabilities (Details 2) $ in Millions, € in Billions	12 Months Ended
	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Dec. 31, 2011 USD ($)	Nov. 30, 2007 USD ($)	Dec. 31, 2006 EUR (€)	Dec. 31, 2006 USD ($)	Feb. 28, 2006 USD ($)	Mar. 31, 2004 USD ($)	Dec. 31, 2001 USD ($)	Dec. 31, 1998 USD ($)
Funding agreement disclosures
Funding agreements	$ 7,338.1	$ 7,642.9
Principal Life Insurance Company
Funding agreement disclosures
Number of separate funding agreement programs \| item	5
Number of funding agreement programs not guaranteed by PFG \| item	3
Principal Life Insurance Company \| 1998 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued										$ 4,000.0
Funding agreements	$ 111.2	370.9
Principal Life Insurance Company \| 2001 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued									$ 7,000.0
Funding agreements	505.8	637.6
Principal Life Insurance Company \| 2004 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued								$ 4,000.0
Funding agreements	549.2	975.0
Additional maximum authorized amount of funding agreements to be issued				$ 5,000.0			$ 5,000.0
Amount of funding agreement authorization used at time additional amount authorized				$ 9,000.0			$ 4,000.0
Principal Life Insurance Company \| 2006 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued					€ 4.0	$ 5,300.0
Funding agreements	1,137.1	1,278.7
Principal Life Insurance Company \| 2011 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued			$ 5,000.0
Funding agreements	$ 3,284.7	$ 2,630.5

Insurance Liabilities (Details 3) - USD ($) $ in Millions	12 Months Ended
Insurance Liabilities (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in unpaid disability and health claims
Balance at beginning of year, Unpaid disability and health claims	$ 1,144.7	$ 1,066.0	$ 1,006.9
Incurred:
Incurred: Current year	760.5	712.0	711.8
Incurred: Prior years	1.2	1.0	9.7
Total incurred	761.7	713.0	721.5
Payments:
Payments: Current year	445.5	432.1	446.3
Payments: Prior years	220.8	202.2	216.1
Total payments	666.3	634.3	662.4
Balance at end of year:
Total balance at end of year, Unpaid disability and health claims: Current year	315.0	279.9	265.5
Total balance at end of year, Unpaid disability and health claims: Prior years	925.1	864.8	800.5
Total balance at end of year, Unpaid disability and health claims	1,240.1	1,144.7	1,066.0
Supplemental information:
Claim adjustment expense liabilities	47.5	43.4	46.6
Reinsurance recoverables for unpaid claims	$ 300.0	$ 260.1	$ 239.1

Debt (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Short-Term Debt
Short-term debt	$ 28.0	$ 150.6
Credit facilities	1,005.0	1,105.0
Outstanding borrowings related to credit facilities	28.0	$ 150.6
Assets pledged as support for credit facilities	$ 0.0
Weighted-average interest rates on short-term borrowings (as a percent)	5.80%	4.70%
Line of credit
Short-Term Debt
Short-term debt		$ 117.8
Line of credit \| Principal Financial Services, Inc., Principal Life Insurance Company, and Principal Financial Group, co-borrowers
Short-Term Debt
Credit facilities	$ 400.0
Term of credit facility	5 years
Line of credit \| Principal Life Insurance Company
Short-Term Debt
Credit facilities	$ 300.0
Term of credit facility	364 days
Line of credit \| Principal Financial Services, Inc., Principal Life Insurance Company, Principal Financial Services V (UK) LTD, and Principal Financial Group, co-borrowers
Short-Term Debt
Credit facilities	$ 200.0
Term of credit facility	3 years
Other recourse short-term debt
Short-Term Debt
Short-term debt	$ 28.0	$ 32.8
Commercial paper
Short-Term Debt
Support provided by back-stop facility for commercial paper program (as a percent)	100.00%	100.00%
Back-stop facility outstanding balances	$ 0.0	$ 0.0

Debt (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Nov. 16, 2012	Sep. 05, 2012	May 18, 2009	Dec. 05, 2006	Oct. 16, 2006
Long-Term Debt
Long-term debt	$ 2,531.2	$ 2,601.4
1.85% notes payable, due 2017
Long-Term Debt
Long-term debt interest rate (as a percent)	1.85%	1.85%	1.85%
Long-term debt	$ 299.8	$ 299.8
8.875% notes payable, due 2019
Long-Term Debt
Long-term debt interest rate (as a percent)	8.875%	8.875%			8.875%
Long-term debt	$ 350.0	$ 350.0
3.3% notes payable, due 2022
Long-Term Debt
Long-term debt interest rate (as a percent)	3.30%	3.30%		3.30%
Long-term debt	$ 299.1	$ 299.0
3.125% notes payable, due 2023
Long-Term Debt
Long-term debt interest rate (as a percent)	3.125%	3.125%	3.125%
Long-term debt	$ 299.6	$ 299.6
6.05% notes payable, due 2036
Long-Term Debt
Long-term debt interest rate (as a percent)	6.05%	6.05%				6.05%	6.05%
Long-term debt	$ 601.6	$ 601.6
4.625% notes payable, due 2042
Long-Term Debt
Long-term debt interest rate (as a percent)	4.625%	4.625%		4.625%
Long-term debt	$ 299.5	$ 299.5
4.35% notes payable, due 2043
Long-Term Debt
Long-term debt interest rate (as a percent)	4.35%	4.35%	4.35%
Long-term debt	$ 299.3	$ 299.3
8% surplus notes payable, due 2044
Long-Term Debt
Long-term debt interest rate (as a percent)	8.00%	8.00%
Long-term debt		$ 99.3
Non-recourse mortgages and notes payable
Long-Term Debt
Long-term debt interest rate (as a percent)		5.50%
Long-term debt	$ 82.3	$ 53.3

Debt (Details 3) - USD ($) $ in Millions			12 Months Ended
Debt (Details 3) - USD ($) $ in Millions	Sep. 05, 2012	Aug. 15, 2009	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 16, 2012	May 18, 2009	Dec. 05, 2006	Oct. 16, 2006
Long-Term Debt
Principal repayments of long-term debt			$ 100.3	$ 218.2	$ 450.6
1.85% notes payable, due 2017; 3.125% notes payable, due 2023; and 4.35% notes payable, due 2043
Long-Term Debt
Long-term debt issued						$ 900.0
1.85% notes payable, due 2017
Long-Term Debt
Long-term debt interest rate (as a percent)			1.85%	1.85%		1.85%
Long-term debt issued						$ 300.0
3.125% notes payable, due 2023
Long-Term Debt
Long-term debt interest rate (as a percent)			3.125%	3.125%		3.125%
Long-term debt issued						$ 300.0
4.35% notes payable, due 2043
Long-Term Debt
Long-term debt interest rate (as a percent)			4.35%	4.35%		4.35%
Long-term debt issued						$ 300.0
3.3% notes payable, due 2022 and 4.625% notes payable, due 2042
Long-Term Debt
Long-term debt issued	$ 600.0
3.3% notes payable, due 2022
Long-Term Debt
Long-term debt interest rate (as a percent)	3.30%		3.30%	3.30%
Long-term debt issued	$ 300.0
4.625% notes payable, due 2042
Long-Term Debt
Long-term debt interest rate (as a percent)	4.625%		4.625%	4.625%
Long-term debt issued	$ 300.0
7.875% notes payable, due 2014 and 8.875% notes payable, due 2019
Long-Term Debt
Long-term debt issued							$ 750.0
7.875% notes payable, due 2014
Long-Term Debt
Long-term debt interest rate (as a percent)							7.875%
Long-term debt issued							$ 400.0
Principal repayments of long-term debt	$ 400.0
8.875% notes payable, due 2019
Long-Term Debt
Long-term debt interest rate (as a percent)			8.875%	8.875%			8.875%
Long-term debt issued							$ 350.0
8.2% notes payable, due 2009
Long-Term Debt
Principal repayments of long-term debt		$ 440.9
6.05% notes payable, due 2036
Long-Term Debt
Long-term debt interest rate (as a percent)			6.05%	6.05%				6.05%	6.05%
Long-term debt issued								$ 100.0	$ 500.0

Debt (Details 4) - USD ($) $ in Millions	Nov. 03, 2010	Dec. 31, 2014	Mar. 01, 2014	Dec. 31, 2013	Mar. 10, 1994
8% surplus notes payable, due 2044
Long-Term Debt
Long-term debt interest rate (as a percent)		8.00%		8.00%
3.76% notes payable, due 2015
Long-Term Debt
Long-term debt interest rate (as a percent)	3.76%
Principal International de Chile S.A. \| 3.76% notes payable, due 2015
Long-Term Debt
Long-term debt issued	$ 98.9
Monetary unit used for denominating Chilean debt	Unidades de Formento ("UF")
Spread on UF interest rate basis for Chilean debt (as a percent)	3.76%
Principal Life Insurance Company \| 8% surplus notes payable, due 2044
Long-Term Debt
Long-term debt issued					$ 100.0
Long-term debt interest rate (as a percent)					8.00%
Approved redemption price of par (as a percent)			102.30%

Debt (Details 5) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Non-recourse mortgages and notes payable
Long-Term Debt
Outstanding principal balances per real estate development, low end of range	$ 1.7	$ 1.6
Outstanding principal balances per real estate development, high end of range	32.6	$ 20.1
Interest rates per real estate development (as a percent)		5.50%
Real estate	$ 155.6	$ 101.4
Other mortgages and notes payable
Long-Term Debt
Long-term debt obligation assumed with purchase of WM Advisors, Inc.		$ 0.2

Debt (Details 6) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Future maturities of long-term debt
Year 1: Long-term debt maturities	$ 0.0
Year 2: Long-term debt maturities	0.0
Year 3: Long-term debt maturities	299.8
Year 4: Long-term debt maturities	0.0
Year 5: Long-term debt maturities	350.0
Year 6 and thereafter: Long-term debt maturities	1,881.4
Long-term debt	$ 2,531.2	$ 2,601.4

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes
Current income taxes (benefits): U.S. federal	$ 242.1	$ 109.5	$ (66.9)
Current income taxes (benefits): State	4.7	7.7	(4.7)
Current income taxes (benefits): Foreign	67.6	69.7	48.7
Current income taxes (benefits): Tax benefit of operating loss carryforwards	(163.0)	(134.1)	(73.7)
Total current income taxes (benefits)	151.4	52.8	(96.6)
Deferred income taxes (benefits): U.S. federal	148.0	155.1	221.3
Deferred income taxes (benefits): State	(32.8)	(3.1)	(1.7)
Deferred income taxes (benefits): Foreign	51.9	(16.9)	11.6
Deferred income taxes (benefits)	167.1	135.1	231.2
Income taxes (benefits)	$ 318.5	$ 187.9	$ 134.6

Income Taxes (Details 2) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Millions	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in Unrecognized Tax Benefits
Beginning balance, Unrecognized tax benefits			$ 108.9	$ 119.5
Additions based on tax positions related to the current year			12.9	10.5
Additions for tax positions of prior years			62.5	10.9
Reductions for tax positions related to the current year			(8.4)	(3.3)
Reductions for tax positions of prior years			(0.2)	(28.7)
Settlements			(3.3)
Ending balance, Unrecognized tax benefits			172.4	108.9	$ 119.5
Amount of unrecognized tax benefits that would reduce the effective income tax rate, if recognized			56.4
Accumulated pre-tax interest and penalties related to unrecognized tax benefits			100.4	37.0
Net deferred income taxes by jurisdiction
Net deferred income tax assets			90.8	49.6
Deferred income taxes			(1,035.3)	(824.0)
Total net deferred income tax assets (liabilities)			(944.5)	(774.4)
Current income taxes (benefits):
U.S. federal			242.1	109.5	(66.9)
Total current income taxes (benefits)			151.4	52.8	(96.6)
Deferred income taxes (benefits)			$ 167.1	$ 135.1	$ 231.2
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate from continuing operations
U.S. corporate statutory income tax rate (as a percent)			35.00%	35.00%	35.00%
Dividends received deduction (as a percent)			(10.00%)	(10.00%)	(10.00%)
Impact of equity method presentation (as a percent)			(2.00%)	(3.00%)	(4.00%)
Foreign tax rate differential			(2.00%)	(2.00%)	(2.00%)
Tax credits			(2.00%)
Interest exclusion from taxable income (as a percent)			(1.00%)	(2.00%)	(2.00%)
Impact of enactment of tax legislation			4.00%	1.00%	1.00%
Other income tax rate impacts (as a percent)			(1.00%)	(2.00%)	(4.00%)
Effective income tax rate (as a percent)			21.00%	17.00%	14.00%
Deferred income tax assets:
Insurance liabilities			$ 390.8	$ 241.1
Investments, including derivative liabilities			395.1	464.2
Net operating and capital loss carryforwards			291.6	339.8
Employee benefits			506.6	320.6
Other deferred income tax assets			156.3	90.4
Gross deferred income tax assets			1,740.4	1,456.1
Valuation allowance			(4.1)	(0.7)
Total deferred income tax assets			1,736.3	1,455.4
Deferred income tax liabilities:
Deferred income tax liabilities: Deferred acquisition costs			(774.2)	(807.2)
Investments, including derivative assets			(411.1)	(418.3)
Net unrealized gains on available-for-sale securities			(1,004.6)	(584.5)
Deferred income tax liabilities: Real estate			(133.9)	(117.3)
Intangible assets			(314.2)	(297.7)
Other deferred income tax liabilities			(42.8)	(4.8)
Total deferred income tax liabilities			(2,680.8)	(2,229.8)
Total net deferred income tax assets (liabilities)			(944.5)	(774.4)
Deferred income tax disclosures
Net operating loss and tax credit carryforwards attributed to captive reinsurance company included in consolidated U.S. federal income tax return			283.1	670.8
Accumulated but undistributed earnings from operations of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided			824.8	693.7
Increase in net deferred tax liabilities resulting from enactment of tax legislation	$ 58.1		58.1
Excess book carrying value over tax basis with respect to the original investment of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided			106.2
Impact of court ruling on uncertain tax positions		$ (47.5)	(47.5)
Current income tax receivables associated with outstanding audit issues
Current income tax (receivables) payables associated with outstanding audit issues			(298.3)	(329.9)
U.S. Federal
Net deferred income taxes by jurisdiction
Deferred income taxes			(663.7)	(503.4)
State
Net deferred income taxes by jurisdiction
Net deferred income tax assets			35.3
Deferred income taxes				(1.5)
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards			408.7	397.7
Foreign
Net deferred income taxes by jurisdiction
Net deferred income tax assets			55.5	49.6
Deferred income taxes			(371.6)	(319.1)
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards			231.9	95.7
Deferred income tax disclosures
Valuation allowances on income tax benefits associated with foreign net operating loss carryforwards			$ 4.1	$ 0.7

Employee and Agent Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Components of Net Periodic Benefit Cost (Income)
Participant contributions as a percent of expected cost of coverage for employees hired prior to January 1, 2002, who retired on or after January 1, 2011 (as a percent)	60.00%
Other changes recognized in accumulated other comprehensive (income) loss
Total recognized in pre-tax accumulated other comprehensive (income) loss	$ 423.4	$ (511.6)	$ 196.1
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	54.0	57.1	47.0
Interest cost	117.1	103.8	109.1
Expected return on plan assets	(131.9)	(127.4)	(114.6)
Amortization of prior service (benefit) cost	(4.7)	(8.7)	(9.4)
Recognized net actuarial (gain) loss	50.5	118.5	90.9
Amount recognized due to special events			(0.7)
Net periodic benefit cost (income)	$ 85.0	143.3	122.3
Eligibility age	21 years
Period of employment used to calculate average annual compensation for the final average pay benefit	5 years
Maximum age used to calculate a partial benefit accrual of final average pay benefits	65 years
Minimum years of potential service used to calculate a partial benefit accrual of final average pay benefits	35 years
Change in benefit obligation
Benefit obligation at beginning of year	$ (2,440.2)	(2,638.0)
Service cost	(54.0)	(57.1)
Interest cost	(117.1)	(103.8)
Actuarial gain (loss)	(532.9)	279.2
Benefits paid	84.2	79.5
Benefit obligation at end of year	(3,060.0)	(2,440.2)	(2,638.0)
Change in plan assets
Fair value of plan assets at beginning of year	1,925.6	1,682.1
Actual return on plan assets	246.0	199.8
Employer contribution	130.9	123.2
Benefits paid	(84.2)	(79.5)
Fair value of plan assets at end of year	2,218.3	1,925.6	1,682.1
Amount recognized in statement of financial position
Amount recognized in other liabilities	(841.7)	(514.6)
Total assets (liabilities) recognized in statement of financial position	(841.7)	(514.6)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	759.2	391.1
Prior service (benefit) cost	(6.9)	(11.8)
Pre-tax accumulated other comprehensive (income) loss	752.3	379.3
Additional defined benefit plan disclosures
Accumulated benefit obligation	2,854.0	2,287.4
Impact from Exit of Group Medical Insurance Business
Curtailment (gain) loss			(0.7)
Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	3,060.0	2,440.2
Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	2,854.0	2,287.4
Fair value of plan assets for defined benefit plans with an accumulated benefit obligation in excess of plan assets	$ 2,218.3	1,925.6
Plan actuarial gain and loss amortization disclosures
Allowable corridor not used for amortization of actuarial gains and losses of qualified pension plan (as a percent)	10.00%
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	$ 418.8	(351.7)
Amortization of net gain (loss)	(50.5)	(118.5)
Amortization of prior service benefit (cost)	4.7	8.7
Total recognized in pre-tax accumulated other comprehensive (income) loss	373.0	(461.5)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	458.0	(318.2)
Estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year
Estimated net actuarial (gain) loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year	102.3
Estimated prior service cost (benefit) that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year	(1.9)
Qualified defined benefit pension plans
Components of Net Periodic Benefit Cost (Income)
Service cost	46.8	50.4
Interest cost	99.1	88.2
Expected return on plan assets	(131.9)	(127.4)
Amortization of prior service (benefit) cost	(3.1)	(6.1)
Recognized net actuarial (gain) loss	42.9	104.4
Net periodic benefit cost (income)	53.8	109.5
Change in plan assets
Fair value of plan assets at beginning of year	1,925.6
Fair value of plan assets at end of year	2,218.3	1,925.6
Amount recognized in statement of financial position
Amount recognized in other liabilities	(385.3)	(138.6)
Total assets (liabilities) recognized in statement of financial position	(385.3)	(138.6)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	603.1	298.3
Prior service (benefit) cost	(3.4)	(6.5)
Pre-tax accumulated other comprehensive (income) loss	599.7	291.8
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	347.8	(322.4)
Amortization of net gain (loss)	(42.9)	(104.4)
Amortization of prior service benefit (cost)	3.1	6.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	308.0	(420.7)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	361.8	(311.2)
Nonqualified defined benefit pension plans
Components of Net Periodic Benefit Cost (Income)
Service cost	7.2	6.7
Interest cost	18.0	15.6
Amortization of prior service (benefit) cost	(1.6)	(2.6)
Recognized net actuarial (gain) loss	7.6	14.1
Net periodic benefit cost (income)	31.2	33.8
Amount recognized in statement of financial position
Amount recognized in other liabilities	(456.4)	(376.0)
Total assets (liabilities) recognized in statement of financial position	(456.4)	(376.0)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	156.1	92.8
Prior service (benefit) cost	(3.5)	(5.3)
Pre-tax accumulated other comprehensive (income) loss	152.6	87.5
Additional defined benefit plan disclosures
Market value of assets held in Rabbi trusts for benefit of nonqualified pension plan participants	329.6	304.3
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	71.0	(29.3)
Amortization of net gain (loss)	(7.6)	(14.1)
Amortization of prior service benefit (cost)	1.6	2.6
Total recognized in pre-tax accumulated other comprehensive (income) loss	65.0	(40.8)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	96.2	(7.0)
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	1.4	1.0	1.3
Interest cost	6.6	5.7	8.2
Expected return on plan assets	(32.6)	(28.8)	(33.5)
Amortization of prior service (benefit) cost	(20.3)	(25.9)	(28.6)
Recognized net actuarial (gain) loss	(3.4)	1.0	0.9
Amount recognized due to special events			(3.5)
Net periodic benefit cost (income)	$ (48.3)	(47.0)	(55.2)
Eligibility age	57 years
Eligibility service period	10 years
Change in benefit obligation
Benefit obligation at beginning of year	$ (140.6)	(147.8)
Service cost	(1.4)	(1.0)
Interest cost	(6.6)	(5.7)
Actuarial gain (loss)	(26.0)	7.9
Participant contributions	(6.6)	(6.8)
Benefits paid	12.2	13.6
Other changes in benefit obligation	(0.7)	(0.8)
Benefit obligation at end of year	(169.7)	(140.6)	(147.8)
Change in plan assets
Fair value of plan assets at beginning of year	613.0	519.7
Actual return on plan assets	31.9	95.9
Employer contribution	0.4	4.2
Participant contributions	6.6	6.8
Benefits paid	(12.2)	(13.6)
Fair value of plan assets at end of year	639.7	613.0	519.7
Amount recognized in statement of financial position
Amount recognized in other assets	470.7	473.0
Amount recognized in other liabilities	(0.7)	(0.6)
Total assets (liabilities) recognized in statement of financial position	470.0	472.4
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	(53.0)	(83.1)
Prior service (benefit) cost	(35.9)	(56.2)
Pre-tax accumulated other comprehensive (income) loss	(88.9)	(139.3)
Additional defined benefit plan disclosures
Medicare subsidies received, accrued and included in service cost	0.7	0.8	0.8
Impact from Exit of Group Medical Insurance Business
Curtailment (gain) loss			$ (3.5)
Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	1.5	1.5
Fair value of plan assets for defined benefit plans with an accumulated benefit obligation in excess of plan assets	0.8	0.9
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	26.7	(75.0)
Amortization of net gain (loss)	3.4	(1.0)
Amortization of prior service benefit (cost)	20.3	25.9
Total recognized in pre-tax accumulated other comprehensive (income) loss	50.4	(50.1)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	2.1	$ (97.1)
Estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year
Estimated net actuarial (gain) loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year	(0.8)
Estimated prior service cost (benefit) that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year	$ (18.4)

Employee and Agent Benefits (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension benefits
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	4.00%	4.90%
Rate of compensation increase: Benefit obligation (as a percent)	4.80%	4.80%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	4.90%	4.00%	5.15%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	6.75%	7.50%	8.00%
Rate of compensation increase: Net periodic benefit cost (as a percent)	4.80%	4.80%	5.00%
Other postretirement benefits
Effect of one-percentage-point change in assumed health care cost trend rates
Effect on total of service cost and interest cost components of a one-percentage-point increase in assumed health care cost trend rates	$ 0.4
Effect on total of service cost and interest cost components of a one-percentage-point decrease in assumed health care cost trend rates	(0.4)
Effect on accumulated postretirement benefit obligation of a one-percentage-point increase in assumed health care cost trend rates	(8.5)
Effect on accumulated postretirement benefit obligation of a one-percentage-point decrease in assumed health care cost trend rates	$ 7.5
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	4.00%	4.90%
Rate of compensation increase: Benefit obligation (as a percent)	4.82%	4.83%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	4.90%	4.00%	5.15%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.36%	5.62%	7.30%
Rate of compensation increase: Net periodic benefit cost (as a percent)	4.83%	4.83%	5.00%
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for next year under age 65 (as a percent)	7.00%	8.00%
Health care cost trend rate assumed for next year age 65 and over (as a percent)	6.00%	6.00%
Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate) (as a percent)	4.50%	4.50%
Year that the health care cost trend rate reaches the ultimate trend rate under age 65 (calendar year)	2019	2020
Year that the health care cost trend rate reaches the ultimate trend rate age 65 and over (calendar year)	2020	2019
Medical plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.40%
Life plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.00%
Long-term care plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.85%

Employee and Agent Benefits (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 2,218.3	$ 1,925.6	$ 1,682.1
Pension benefits \| Fair value hierarchy Level 3
Defined benefit plan, fair value of plan assets
Fair value of plan assets	0.0	0.0	0.0
Qualified defined benefit pension plans
Defined benefit plan, fair value of plan assets
Fair value of plan assets	2,218.3	1,925.6
Qualified defined benefit pension plans \| U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	493.7	414.0
Qualified defined benefit pension plans \| U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	118.1	102.9
Qualified defined benefit pension plans \| Balance asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	114.2	96.9
Qualified defined benefit pension plans \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	174.8	171.0
Qualified defined benefit pension plans \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,213.2	1,048.5
Qualified defined benefit pension plans \| Direct real estate investments
Defined benefit plan, fair value of plan assets
Fair value of plan assets	104.3	92.3
Qualified defined benefit pension plans \| Fair value hierarchy Level 2
Defined benefit plan, fair value of plan assets
Fair value of plan assets	2,218.3	1,925.6
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	493.7	414.0
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	118.1	102.9
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| Balance asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	114.2	96.9
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	174.8	171.0
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,213.2	1,048.5
Qualified defined benefit pension plans \| Fair value hierarchy Level 2 \| Direct real estate investments
Defined benefit plan, fair value of plan assets
Fair value of plan assets	104.3	92.3
Other postretirement benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	639.7	613.0	519.7
Fair value of plan assets included in trust owned life insurance contract	81.3	77.7
Other postretirement benefits \| Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	5.5	4.7
Other postretirement benefits \| U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	375.6	351.6
Other postretirement benefits \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	57.9	60.0
Other postretirement benefits \| Fixed income investment funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	164.4	157.9
Other postretirement benefits \| Principal Life general account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	36.3	38.8
Other postretirement benefits \| Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	522.1	496.5
Other postretirement benefits \| Fair value hierarchy Level 1 \| Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	5.5	4.7
Other postretirement benefits \| Fair value hierarchy Level 1 \| U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	311.0	288.0
Other postretirement benefits \| Fair value hierarchy Level 1 \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	44.5	45.9
Other postretirement benefits \| Fair value hierarchy Level 1 \| Fixed income investment funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	161.1	157.9
Other postretirement benefits \| Fair value hierarchy Level 2
Defined benefit plan, fair value of plan assets
Fair value of plan assets	81.3	77.7
Other postretirement benefits \| Fair value hierarchy Level 2 \| U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	64.6	63.6
Other postretirement benefits \| Fair value hierarchy Level 2 \| International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	13.4	14.1
Other postretirement benefits \| Fair value hierarchy Level 2 \| Fixed income investment funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	3.3
Other postretirement benefits \| Fair value hierarchy Level 3
Defined benefit plan, fair value of plan assets
Fair value of plan assets	36.3	38.8
Other postretirement benefits \| Fair value hierarchy Level 3 \| Principal Life general account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 36.3	$ 38.8	$ 42.1	$ 42.5

Employee and Agent Benefits (Details 4) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension benefits
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	$ 1,925.6	$ 1,682.1
Fair value of plan assets at end of year	2,218.3	1,925.6	$ 1,682.1
Pension benefits \| Fair value hierarchy Level 3
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	0.0	0.0
Fair value of plan assets at end of year	0.0	0.0	0.0
Qualified defined benefit pension plans
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	1,925.6
Fair value of plan assets at end of year	2,218.3	1,925.6
Qualified defined benefit pension plans \| Direct real estate investments
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	92.3
Fair value of plan assets at end of year	104.3	92.3
Qualified defined benefit pension plans \| Fixed income security portfolios
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	1,048.5
Fair value of plan assets at end of year	1,213.2	1,048.5
Other postretirement benefits
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	613.0	519.7
Fair value of plan assets at end of year	639.7	613.0	519.7
Other postretirement benefits \| Principal Life general account investment
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	38.8
Fair value of plan assets at end of year	36.3	38.8
Other postretirement benefits \| Fair value hierarchy Level 3
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	38.8
Fair value of plan assets at end of year	36.3	38.8
Other postretirement benefits \| Fair value hierarchy Level 3 \| Principal Life general account investment
Change in Level 3 fair value measurement rollforward, plan assets
Fair value of plan assets at beginning of year	38.8	42.1	42.5
Actual return gains (losses) on plan assets relating to assets still held at the reporting date	0.8	1.1	3.1
Net purchases, sales and settlements	(3.3)	(4.4)	(3.5)
Fair value of plan assets at end of year	$ 36.3	$ 38.8	$ 42.1

Employee and Agent Benefits (Details 5)	12 Months Ended
Employee and Agent Benefits (Details 5)	Dec. 31, 2014
Qualified defined benefit pension plans \| U.S. equity portfolios \| Minimum
Asset category target allocation
Asset category target allocation	0%
Qualified defined benefit pension plans \| U.S. equity portfolios \| Maximum
Asset category target allocation
Asset category target allocation	45%
Qualified defined benefit pension plans \| International equity portfolios \| Minimum
Asset category target allocation
Asset category target allocation	0%
Qualified defined benefit pension plans \| International equity portfolios \| Maximum
Asset category target allocation
Asset category target allocation	15%
Qualified defined benefit pension plans \| Fixed income security portfolios \| Minimum
Asset category target allocation
Asset category target allocation	30%
Qualified defined benefit pension plans \| Fixed income security portfolios \| Maximum
Asset category target allocation
Asset category target allocation	100%
Qualified defined benefit pension plans \| Real estate investment portfolios \| Minimum
Asset category target allocation
Asset category target allocation	0%
Qualified defined benefit pension plans \| Real estate investment portfolios \| Maximum
Asset category target allocation
Asset category target allocation	10%
Other postretirement benefits \| U.S. equity portfolios \| Minimum
Asset category target allocation
Asset category target allocation	45%
Other postretirement benefits \| U.S. equity portfolios \| Maximum
Asset category target allocation
Asset category target allocation	65%
Other postretirement benefits \| International equity portfolios \| Minimum
Asset category target allocation
Asset category target allocation	5%
Other postretirement benefits \| International equity portfolios \| Maximum
Asset category target allocation
Asset category target allocation	15%
Other postretirement benefits \| Fixed income security portfolios \| Minimum
Asset category target allocation
Asset category target allocation	30%
Other postretirement benefits \| Fixed income security portfolios \| Maximum
Asset category target allocation
Asset category target allocation	50%

Employee and Agent Benefits (Details 6) $ in Millions	Dec. 31, 2014 USD ($)
Pension benefits
Contributions
The high end of the range of possible contributions to be made during the next fiscal year to the qualified and nonqualified pension plans combined	$ 150.0
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	105.4
Estimated future benefit payments, Year 2	110.5
Estimated future benefit payments, Year 3	117.2
Estimated future benefit payments, Year 4	123.6
Estimated future benefit payments, Year 5	129.5
Estimated future benefit payments, Years 6-10	765.7
Other postretirement benefits
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	18.2
Estimated future benefit payments, Year 2	18.9
Estimated future benefit payments, Year 3	19.4
Estimated future benefit payments, Year 4	19.6
Estimated future benefit payments, Year 5	20.1
Estimated future benefit payments, Years 6-10	104.5
Amount of Medicare Part D subsidy receipts
Medicare Part D subsidy receipts, Year 1	0.9
Medicare Part D subsidy receipts, Year 2	1.0
Medicare Part D subsidy receipts, Year 3	1.0
Medicare Part D subsidy receipts, Year 4	1.0
Medicare Part D subsidy receipts, Year 5	1.0
Medicare Part D subsidy receipts, Years 6-10	$ 4.8

Employee and Agent Benefits (Details 7) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other changes recognized in accumulated other comprehensive (income) loss
Total recognized in pre-tax accumulated other comprehensive (income) loss	$ 423.4	$ (511.6)	$ 196.1
Pension benefits
Amount recognized in statement of financial position
Amount recognized in other liabilities	(841.7)	(514.6)
Total assets (liabilities) recognized in statement of financial position	(841.7)	(514.6)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	759.2	391.1
Prior service (benefit) cost	(6.9)	(11.8)
Pre-tax accumulated other comprehensive (income) loss	752.3	379.3
Components of Net Periodic Benefit Cost (Income)
Service cost	54.0	57.1	47.0
Interest cost	117.1	103.8	109.1
Expected return on plan assets	(131.9)	(127.4)	(114.6)
Amortization of prior service (benefit) cost	(4.7)	(8.7)	(9.4)
Recognized net actuarial (gain) loss	50.5	118.5	90.9
Net periodic benefit cost (income)	85.0	143.3	$ 122.3
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	418.8	(351.7)
Amortization of net gain (loss)	(50.5)	(118.5)
Amortization of prior service benefit (cost)	4.7	8.7
Total recognized in pre-tax accumulated other comprehensive (income) loss	373.0	(461.5)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	458.0	(318.2)
Qualified defined benefit pension plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(385.3)	(138.6)
Total assets (liabilities) recognized in statement of financial position	(385.3)	(138.6)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	603.1	298.3
Prior service (benefit) cost	(3.4)	(6.5)
Pre-tax accumulated other comprehensive (income) loss	599.7	291.8
Components of Net Periodic Benefit Cost (Income)
Service cost	46.8	50.4
Interest cost	99.1	88.2
Expected return on plan assets	(131.9)	(127.4)
Amortization of prior service (benefit) cost	(3.1)	(6.1)
Recognized net actuarial (gain) loss	42.9	104.4
Net periodic benefit cost (income)	53.8	109.5
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	347.8	(322.4)
Amortization of net gain (loss)	(42.9)	(104.4)
Amortization of prior service benefit (cost)	3.1	6.1
Total recognized in pre-tax accumulated other comprehensive (income) loss	308.0	(420.7)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	361.8	(311.2)
Nonqualified defined benefit pension plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(456.4)	(376.0)
Total assets (liabilities) recognized in statement of financial position	(456.4)	(376.0)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	156.1	92.8
Prior service (benefit) cost	(3.5)	(5.3)
Pre-tax accumulated other comprehensive (income) loss	152.6	87.5
Components of Net Periodic Benefit Cost (Income)
Service cost	7.2	6.7
Interest cost	18.0	15.6
Amortization of prior service (benefit) cost	(1.6)	(2.6)
Recognized net actuarial (gain) loss	7.6	14.1
Net periodic benefit cost (income)	31.2	33.8
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	71.0	(29.3)
Amortization of net gain (loss)	(7.6)	(14.1)
Amortization of prior service benefit (cost)	1.6	2.6
Total recognized in pre-tax accumulated other comprehensive (income) loss	65.0	(40.8)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ 96.2	$ (7.0)

Employee and Agent Benefits (Details 8) - USD ($)	12 Months Ended
Employee and Agent Benefits (Details 8) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Qualified defined contribution plan
Defined Contribution Plan Disclosures
Maximum amount of compensation eligible participants could contribute to defined contribution plans	$ 17,500
Amount contributed by the employer to defined contribution plans	$ 41,700,000	$ 39,800,000	$ 37,300,000
Qualified defined contribution plan \| Grandfathered Choice Participant
Defined Contribution Plan Disclosures
Eligibility age to be able to elect to retain benefits in defined contribution plan	47 years
Minimum years of service to be able to elect to retain benefits in defined contribution plan	10 years
Contribution rate of employer to match participant's contributions (as a percent)	50.00%
Maximum percent of participant's compensation matched by employer (as a percent)	3.00%
Qualified defined contribution plan \| All other participants
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75.00%
Maximum percent of participant's compensation matched by employer (as a percent)	6.00%
Nonqualified deferred compensation plan
Defined Contribution Plan Disclosures
Amount contributed by the employer to defined contribution plans	$ 4,100,000	$ 5,000,000	$ 4,600,000
Nonqualified deferred compensation plan \| Grandfathered Choice Participant
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	50.00%
Maximum percent of participant's compensation matched by employer (as a percent)	3.00%
Nonqualified deferred compensation plan \| All other participants
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75.00%
Maximum percent of participant's compensation matched by employer (as a percent)	6.00%

Contingencies, Guarantees and Indemnifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2008
Loss contingencies - disclosures
Proceeds from termination of certain structured transactions and the resulting prepayment			$ 440.0
Amount, including interest, attempted to be recovered	$ 541.0
Estimated losses accrued related to legal matters	0.0
Maximum exposure under guarantees	243.0
Guaranty Funds
Undiscounted liability balance for guaranty fund assessments	16.8	$ 22.5
Premium tax offsets	$ 7.1	$ 11.5

Contingencies, Guarantees and Indemnifications (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating leases
Operating lease rental expense	$ 37.3	$ 36.3	$ 41.9
Operating lease obligations
Year 1: Operating lease obligations	43.7
Year 2: Operating lease obligations	39.0
Year 3: Operating lease obligations	33.3
Year 4: Operating lease obligations	21.8
Year 5: Operating lease obligations	11.8
Year 6 and thereafter: Operating lease obligations	51.2
Total operating lease obligations	200.8
Less: Future sublease rental income on noncancelable leases	5.8
Total future minimum lease payments	195.0
Capital leases
Capital lease gross asset balance	54.8	42.6
Capital lease accumulated depreciation	17.0	16.1
Capital lease depreciation expense	13.6	$ 10.5	$ 7.9
Capital lease future minimum lease payments
Year 1: Capital lease future minimum lease payments	6.3
Year 2: Capital lease future minimum lease payments	5.4
Year 3: Capital lease future minimum lease payments	2.5
Year 4: Capital lease future minimum lease payments	0.7
Year 5: Capital lease future minimum lease payments	0.1
Year 6 and thereafter: Capital lease future minimum lease payments	0.5
Total capital lease future minimum lease payments	15.5
Less: Amounts representing interest	0.3
Net present value of minimum lease payments	$ 15.2

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions													12 Months Ended
	Dec. 30, 2014	Sep. 30, 2014	Jun. 30, 2014	Apr. 01, 2014	Dec. 30, 2013	Sep. 30, 2013	Jul. 01, 2013	Apr. 01, 2013	Dec. 31, 2012	Oct. 01, 2012	Jul. 02, 2012	Mar. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Preferred Stock
Dividends to preferred stockholders													$ 33.0	$ 33.0	$ 33.0
Preferred stock
Preferred Stock
Preferred stock, authorized (in shares)													13.0
Preferred stock, issued (in shares)													13.0
Preferred stock, outstanding (in shares)													13.0
Dividends to preferred stockholders	$ 8.3	$ 8.2	$ 8.3	$ 8.2	$ 8.3	$ 8.2	$ 8.3	$ 8.2	$ 8.3	$ 8.2	$ 8.3	$ 8.2

Stockholders' Equity (Details 2 ) - USD ($) $ / shares in Units, shares in Millions, $ in Millions													1 Months Ended			12 Months Ended
	Dec. 30, 2014	Sep. 30, 2014	Jun. 30, 2014	Apr. 01, 2014	Dec. 30, 2013	Sep. 30, 2013	Jul. 01, 2013	Apr. 01, 2013	Dec. 31, 2012	Oct. 01, 2012	Jul. 02, 2012	Mar. 30, 2012	Feb. 28, 2014	Feb. 28, 2013	May 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common stock
Reconciliation of Outstanding Shares
Outstanding shares at beginning of period																295.2	293.8	301.1
Shares issued																3.4	5.8	3.2
Treasury stock acquired																(4.7)	(4.4)	(10.5)
Outstanding shares at end of period									293.8							293.9	295.2	293.8
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)													$ 200.0	$ 150.0	$ 200.0
Series A \| Preferred stock
Reconciliation of Outstanding Shares
Outstanding shares at beginning of period																3.0	3.0	3.0
Outstanding shares at end of period									3.0							3.0	3.0	3.0
Preferred Stock
Preferred stock dividend rate per annum (as a percent)																5.563%
Preferred stock redemption price (in dollars per share)																$ 100
Preferred stock aggregate redemption amount																$ 300.0
Preferred stock dividend (in dollars per share)	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39	$ 1.39
Series B \| Preferred stock
Reconciliation of Outstanding Shares
Outstanding shares at beginning of period																10.0	10.0	10.0
Outstanding shares at end of period									10.0							10.0	10.0	10.0
Preferred Stock
Preferred stock dividend rate per annum (as a percent)																6.518%
Preferred stock redemption price (in dollars per share)																$ 25
Preferred stock aggregate redemption amount																$ 250.0
Preferred stock dividend (in dollars per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41	$ 0.41

Stockholders' Equity (Details 3) - USD ($) $ in Millions	12 Months Ended
Stockholders' Equity (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Comprehensive Income (Loss) Pre-Tax
Net unrealized gains (losses) on available-for-sale securities during the period, pre-tax	$ 1,087.9	$ (1,686.5)	$ 1,577.3
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, pre-tax	(73.2)	61.1	107.8
Adjustments for assumed changes in amortization patterns related to available-for-sale securities, pre-tax	(63.4)	252.8	(169.0)
Adjustments for assumed changes in policyholder liabilities related to available-for-sale securities, pre-tax	(458.4)	575.7	(689.2)
Net unrealized gains (losses) on available-for-sale securities, pre-tax	492.9	(796.9)	826.9
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period, pre-tax	102.0	24.5	(17.3)
Adjustments for assumed changes in amortization patterns related to noncredit component of impairment losses on fixed maturities, available-for-sale, pre-tax	(4.7)	(14.4)	4.0
Adjustments for assumed changes in policyholder liabilities related to noncredit component of impairment losses on fixed maturities, available-for-sale, pre-tax	(2.2)		3.2
Noncredit component of impairment losses on fixed maturities, available-for-sale, pre-tax	95.1	10.1	(10.1)
Net unrealized gains (losses) on derivative instruments during the period, pre-tax	100.3	(46.3)	(25.9)
Reclassification adjustment for (gains) losses on derivative instruments included in net income, pre-tax	3.8	11.6	3.4
Adjustments for assumed changes in amortization patterns related to derivative instruments, pre-tax	(12.8)	10.9	25.9
Adjustments for assumed changes in policyholder liabilities related to derivative instruments, pre-tax	3.2	20.5	(70.0)
Net unrealized gains (losses) on derivative instruments, pre-tax	94.5	(3.3)	(66.6)
Foreign currency translation adjustment, pre-tax	(374.7)	(282.6)	(25.4)
Unrecognized postretirement benefit obligation during the period, pre-tax	(445.5)	426.7	(245.7)
Amortization of prior service (benefit) cost and actuarial (gain) loss included in net periodic benefit cost, pre-tax	22.1	84.9	49.6
Net unrecognized postretirement benefit obligation, pre-tax	(423.4)	511.6	(196.1)
Other comprehensive income (loss), pre-tax	(115.6)	(561.1)	528.7
Other Comprehensive Income (Loss) Tax
Net unrealized gains (losses) on available-for-sale securities during the period, tax	(425.2)	559.5	(520.6)
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, tax	24.4	(20.9)	(38.4)
Adjustments for assumed changes in amortization patterns related to available-for-sale securities, tax	22.2	(88.5)	59.1
Adjustments for assumed changes in policyholder liabilities related to available-for-sale securities, tax	210.4	(193.4)	230.6
Net unrealized gains (losses) on available-for-sale securities, tax	(168.2)	256.7	(269.3)
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period, tax	(35.6)	(8.3)	6.1
Adjustments for assumed changes in amortization patterns related to noncredit component of impairment losses on fixed maturities, available-for-sale, tax	1.7	5.1	(1.6)
Adjustments for assumed changes in policyholder liabilities related to noncredit component of impairment losses on fixed maturities, available-for-sale, tax	0.7		(1.1)
Noncredit component of impairment losses on fixed maturities, available-for-sale, tax	(33.2)	(3.2)	3.4
Net unrealized gains (losses) on derivative instruments during the period, tax	(35.1)	16.8	9.1
Reclassification adjustment for (gains) losses on derivative instruments included in net income, tax	(1.7)	(4.3)	(1.5)
Adjustments for assumed changes in amortization patterns related to derivative instruments, tax	4.5	(3.8)	(9.1)
Adjustments for assumed changes in policyholder liabilities related to derivative instruments, tax	(1.1)	(7.2)	24.5
Net unrealized gains (losses) on derivative instruments, tax	(33.4)	1.5	23.0
Foreign currency translation adjustment, tax	38.1	13.2	15.6
Unrecognized postretirement benefit obligation during the period, tax	176.3	(149.3)	86.0
Amortization of prior service (benefit) cost and actuarial (gain) loss included in net periodic benefit cost, tax	(8.1)	(29.7)	(17.3)
Net unrecognized postretirement benefit obligation, tax	168.2	(179.0)	68.7
Other comprehensive income (loss), tax	(28.5)	89.2	(158.6)
Other Comprehensive Income (Loss) After-Tax
Net unrealized gains (losses) on available-for-sale securities during the period	662.7	(1,127.0)	1,056.7
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income	(48.8)	40.2	69.4
Adjustments for assumed changes in amortization patterns related to available-for-sale securities	(41.2)	164.3	(109.9)
Adjustments for assumed changes in policyholder liabilities related to available-for-sale securities	(248.0)	382.3	(458.6)
Net unrealized gains (losses) on available-for-sale securities	324.7	(540.2)	557.6
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period	66.4	16.2	(11.2)
Adjustments for assumed changes in amortization patterns related to noncredit component of impairment losses on fixed maturities, available-for-sale	(3.0)	(9.3)	2.4
Adjustments for assumed changes in policyholder liabilities related to noncredit component of impairment losses on fixed maturities, available-for-sale	(1.5)		2.1
Noncredit component of impairment losses on fixed maturities, available-for-sale	61.9	6.9	(6.7)
Net unrealized gains (losses) on derivative instruments during the period	65.2	(29.5)	(16.8)
Reclassification adjustment for (gains) losses on derivative instruments included in net income	2.1	7.3	1.9
Adjustments for assumed changes in amortization patterns related to derivative instruments	(8.3)	7.1	16.8
Adjustments for assumed changes in policyholder liabilities related to derivative instruments	2.1	13.3	(45.5)
Net unrealized gains (losses) on derivative instruments	61.1	(1.8)	(43.6)
Foreign currency translation adjustment	(336.6)	(269.4)	(9.8)
Unrecognized postretirement benefit obligation during the period	(269.2)	277.4	(159.7)
Amortization of prior service (benefit) cost and actuarial (gain) loss included in net periodic benefit cost	14.0	55.2	32.3
Net unrecognized postretirement benefit obligation	(255.2)	332.6	(127.4)
Other comprehensive income (loss)	$ (144.1)	$ (471.9)	$ 370.1

Stockholders' Equity (Details 4) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Stockholders' Equity (Details 4) - USD ($) $ in Millions	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		$ 183.2
Accumulated other comprehensive income (loss), balance at end of period		50.4	$ 183.2
Change in redeemable noncontrolling interest rollforward
Redeemable noncontrolling interest, balance at beginning of period		247.2	60.4	$ 22.2
Net income (loss) attributable to redeemable noncontrolling interest		9.0	13.6	1.9
Reclassification from stockholders' equity	$ 173.9		173.9
Redeemable noncontrolling interest assumed related to acquisition			1.2	37.2
Contributions from redeemable noncontrolling interest		9.5
Distributions to redeemable noncontrolling interest		(16.1)	(13.9)	(2.0)
Purchase of subsidiary shares from redeemable noncontrolling interest		(215.2)	(2.4)
Change in redemption value of redeemable noncontrolling interest		28.9	19.2
Foreign currency translation adjustment, redeemable noncontrolling interest		(5.3)	(4.8)	1.1
Redeemable noncontrolling interest, balance at end of period		$ 58.0	247.2	60.4
Dividend Limitations
Statutory dividend limitation as percentage of policyholder surplus (as a percent)		10.00%
Dividends that can be paid in upcoming calendar year without exceeding statutory limitation		$ 615.2
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		878.1	1,418.3	860.7
Other comprehensive income (loss) during the period, net of adjustments		373.5	(580.4)	488.2
Amounts reclassified from accumulated other comprehensive income (loss)		(48.8)	40.2	69.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		324.7	(540.2)	557.6
Accumulated other comprehensive income (loss), balance at end of period		1,202.8	878.1	1,418.3
Noncredit component of impairment losses on fixed maturities available-for-sale
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		(167.0)	(173.9)	(167.2)
Other comprehensive income (loss) during the period, net of adjustments				(6.7)
Amounts reclassified from accumulated other comprehensive income (loss)		61.9	6.9
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		61.9	6.9	(6.7)
Accumulated other comprehensive income (loss), balance at end of period		(105.1)	(167.0)	(173.9)
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		(10.5)	(8.7)	34.9
Other comprehensive income (loss) during the period, net of adjustments		59.0	(9.1)	(45.5)
Amounts reclassified from accumulated other comprehensive income (loss)		2.1	7.3	1.9
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		61.1	(1.8)	(43.6)
Accumulated other comprehensive income (loss), balance at end of period		50.6	(10.5)	(8.7)
Foreign currency translation adjustment
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		(361.5)	(106.9)	(95.9)
Other comprehensive income (loss) during the period, net of adjustments		(325.3)	(254.6)	(11.0)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		(325.3)	(254.6)	(11.0)
Accumulated other comprehensive income (loss), balance at end of period		(686.8)	(361.5)	(106.9)
Unrecognized postretirement benefit obligations
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		(155.9)	(488.5)	(361.1)
Other comprehensive income (loss) during the period, net of adjustments		(269.2)	277.4	(159.7)
Amounts reclassified from accumulated other comprehensive income (loss)		14.0	55.2	32.3
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		(255.2)	332.6	(127.4)
Accumulated other comprehensive income (loss), balance at end of period		(411.1)	(155.9)	(488.5)
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Accumulated other comprehensive income (loss), balance at beginning of period		183.2	640.3	271.4
Other comprehensive income (loss) during the period, net of adjustments		(162.0)	(566.7)	265.3
Amounts reclassified from accumulated other comprehensive income (loss)		29.2	109.6	103.6
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		(132.8)	(457.1)	368.9
Accumulated other comprehensive income (loss), balance at end of period		$ 50.4	$ 183.2	$ 640.3

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Assets (liabilities) measured at fair value on a recurring basis
Derivative assets	$ 661.8	$ 665.1
Separate account assets	140,072.8	130,018.4
Investment-type insurance contracts	$ (176.4)	(6.9)
Fixed maturities valued using internal pricing models
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent)	1.00%
Fixed maturities
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	$ 49,670.8	48,757.1
U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	1,121.8	780.5
Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	891.1	996.8
States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,204.0	3,658.0
Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	31,535.0	31,919.0
Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	2,822.9	2,845.2
Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	3,975.5	4,026.4
Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	504.1	363.4
Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,616.4	4,167.8
Equity securities
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	123.0	110.5
Recurring Fair Value Measurements \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Derivative assets	661.8	665.1
Other investments	478.9	361.1
Cash equivalents	1,041.7	1,459.0
Sub-total excluding separate account assets	53,421.0	52,632.8
Separate account assets	140,072.8	130,018.4
Total assets	193,493.8	182,651.2
Investment-type insurance contracts	(176.4)	(6.9)
Derivative liabilities	(791.8)	(1,024.6)
Other liabilities	(310.1)	(322.1)
Total liabilities	(1,278.3)	(1,353.6)
Net assets (liabilities)	192,215.5	181,297.6
Recurring Fair Value Measurements \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Other investments	3.3	6.8
Sub-total excluding separate account assets	934.2	599.6
Separate account assets	73,363.4	67,215.1
Total assets	74,297.6	67,814.7
Net assets (liabilities)	74,297.6	67,814.7
Recurring Fair Value Measurements \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Derivative assets	608.1	590.9
Other investments	348.4	211.4
Cash equivalents	1,041.7	1,459.0
Sub-total excluding separate account assets	51,749.9	51,292.5
Separate account assets	60,818.0	57,538.1
Total assets	112,567.9	108,830.6
Derivative liabilities	(756.3)	(985.0)
Other liabilities	(243.8)	(248.2)
Total liabilities	(1,000.1)	(1,233.2)
Net assets (liabilities)	111,567.8	107,597.4
Recurring Fair Value Measurements \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Derivative assets	53.7	74.2
Other investments	127.2	142.9
Sub-total excluding separate account assets	736.9	740.7
Separate account assets	5,891.4	5,265.2
Total assets	6,628.3	6,005.9
Investment-type insurance contracts	(176.4)	(6.9)
Derivative liabilities	(35.5)	(39.6)
Other liabilities	(66.3)	(73.9)
Total liabilities	(278.2)	(120.4)
Net assets (liabilities)	6,350.1	5,885.5
Recurring Fair Value Measurements \| Fixed maturities \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	49,670.8	48,757.1
Trading	604.6	563.1
Recurring Fair Value Measurements \| Fixed maturities \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	760.8	449.6
Recurring Fair Value Measurements \| Fixed maturities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	48,497.8	47,970.7
Trading	464.9	393.2
Recurring Fair Value Measurements \| Fixed maturities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	412.2	336.8
Trading	139.7	169.9
Recurring Fair Value Measurements \| U.S. government and agencies \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	1,121.8	780.5
Recurring Fair Value Measurements \| U.S. government and agencies \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	720.5	409.3
Recurring Fair Value Measurements \| U.S. government and agencies \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	401.3	371.2
Recurring Fair Value Measurements \| Non-U.S. governments \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	891.1	996.8
Recurring Fair Value Measurements \| Non-U.S. governments \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	852.4	949.3
Recurring Fair Value Measurements \| Non-U.S. governments \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	38.7	47.5
Recurring Fair Value Measurements \| States and political subdivisions \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,204.0	3,658.0
Recurring Fair Value Measurements \| States and political subdivisions \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,204.0	3,656.2
Recurring Fair Value Measurements \| States and political subdivisions \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale		1.8
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	31,535.0	31,919.0
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	40.3	40.3
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	31,249.1	31,714.7
Recurring Fair Value Measurements \| Corporate debt securities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	245.6	164.0
Recurring Fair Value Measurements \| Residential mortgage-backed pass-through securities \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	2,822.9	2,845.2
Recurring Fair Value Measurements \| Residential mortgage-backed pass-through securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	2,822.9	2,845.2
Recurring Fair Value Measurements \| Commercial mortgage-backed securities \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	3,975.5	4,026.4
Recurring Fair Value Measurements \| Commercial mortgage-backed securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	3,975.5	4,024.8
Recurring Fair Value Measurements \| Commercial mortgage-backed securities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale		1.6
Recurring Fair Value Measurements \| Collateralized debt obligations \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	504.1	363.4
Recurring Fair Value Measurements \| Collateralized debt obligations \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	439.9	325.6
Recurring Fair Value Measurements \| Collateralized debt obligations \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	64.2	37.8
Recurring Fair Value Measurements \| Other debt obligations \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,616.4	4,167.8
Recurring Fair Value Measurements \| Other debt obligations \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	4,552.7	4,083.7
Recurring Fair Value Measurements \| Other debt obligations \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	63.7	84.1
Recurring Fair Value Measurements \| Equity securities \| Fair value
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	123.0	110.5
Trading	840.2	716.9
Recurring Fair Value Measurements \| Equity securities \| Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	64.2	38.1
Trading	105.9	105.1
Recurring Fair Value Measurements \| Equity securities \| Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	54.7	55.5
Trading	734.3	611.8
Recurring Fair Value Measurements \| Equity securities \| Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Available-for-sale	$ 4.1	$ 16.9

Fair Value Measurements (Details 2) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Available-for-sale \| Fixed maturities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	$ 336.8	$ 313.0	$ 449.7
Total realized/unrealized gains (losses) included in net income, assets	(3.3)	(11.7)	(15.0)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.8	13.5	25.5
Net purchases, sales, issuances and settlements, assets	95.4	(40.7)	(89.9)
Transfers into Level 3, assets	57.3	171.4	111.3
Transfers out of Level 3, assets	(75.8)	(108.7)	(168.6)
Ending balance, assets	412.2	336.8	313.0
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(1.8)	(10.8)	(4.9)
Gross purchases, sales, issuances and settlements
Purchases, assets	211.1	96.7	47.8
Sales, assets	(80.0)	(84.6)	(98.1)
Settlements, assets	(35.7)	(52.8)	(39.6)
Net purchases, sales, issuances and settlements, assets	95.4	(40.7)	(89.9)
Available-for-sale \| Non-U.S. governments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	47.5	44.3	22.9
Total realized/unrealized gains (losses) included in net income, assets	(0.3)	(0.1)	(0.2)
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(0.9)	(0.3)
Net purchases, sales, issuances and settlements, assets	(8.5)	4.2	7.4
Transfers into Level 3, assets			14.5
Ending balance, assets	38.7	47.5	44.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(0.2)	(0.1)	(0.1)
Gross purchases, sales, issuances and settlements
Purchases, assets	12.1	9.3	13.5
Sales, assets	(19.4)	(3.9)	(5.0)
Settlements, assets	(1.2)	(1.2)	(1.1)
Net purchases, sales, issuances and settlements, assets	(8.5)	4.2	7.4
Available-for-sale \| States and political subdivisions
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1.8	1.9
Total realized/unrealized gains (losses) included in other comprehensive income, assets			0.2
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.1)
Transfers into Level 3, assets			1.8
Transfers out of Level 3, assets	(1.7)
Ending balance, assets		1.8	1.9
Gross purchases, sales, issuances and settlements
Settlements, assets	(0.1)	(0.1)	(0.1)
Net purchases, sales, issuances and settlements, assets	(0.1)	(0.1)	(0.1)
Available-for-sale \| Corporate debt securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	164.0	174.5	297.0
Total realized/unrealized gains (losses) included in net income, assets	(1.8)	(13.4)	(9.2)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(1.3)	4.5	19.9
Net purchases, sales, issuances and settlements, assets	56.0	(23.0)	(75.5)
Transfers into Level 3, assets	46.6	105.3	79.7
Transfers out of Level 3, assets	(17.9)	(83.9)	(137.4)
Ending balance, assets	245.6	164.0	174.5
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(1.6)	(10.4)	(2.6)
Gross purchases, sales, issuances and settlements
Purchases, assets	118.5	32.6	29.2
Sales, assets	(54.8)	(33.3)	(92.0)
Settlements, assets	(7.7)	(22.3)	(12.7)
Net purchases, sales, issuances and settlements, assets	56.0	(23.0)	(75.5)
Available-for-sale \| Commercial mortgage-backed securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1.6
Total realized/unrealized gains (losses) included in net income, assets	(1.2)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.3	(0.1)
Net purchases, sales, issuances and settlements, assets	(6.0)	(0.7)
Transfers into Level 3, assets	6.8	2.4
Transfers out of Level 3, assets	(2.5)
Ending balance, assets		1.6
Gross purchases, sales, issuances and settlements
Sales, assets	(5.8)
Settlements, assets	(0.2)	(0.7)
Net purchases, sales, issuances and settlements, assets	(6.0)	(0.7)
Available-for-sale \| Collateralized debt obligations
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	37.8	77.6	102.5
Total realized/unrealized gains (losses) included in net income, assets		2.1	(3.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	0.4	7.2	5.1
Net purchases, sales, issuances and settlements, assets	46.1	(56.0)	4.5
Transfers into Level 3, assets	3.9	31.7
Transfers out of Level 3, assets	(24.0)	(24.8)	(31.2)
Ending balance, assets	64.2	37.8	77.6
Gross purchases, sales, issuances and settlements
Purchases, assets	61.3	17.0	5.1
Sales, assets		(47.4)	(1.1)
Settlements, assets	(15.2)	(25.6)	0.5
Net purchases, sales, issuances and settlements, assets	46.1	(56.0)	4.5
Available-for-sale \| Other debt obligations
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	84.1	14.7	27.3
Total realized/unrealized gains (losses) included in net income, assets		(0.3)	(2.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.4	2.8	0.6
Net purchases, sales, issuances and settlements, assets	7.9	34.9	(26.2)
Transfers into Level 3, assets		32.0	15.3
Transfers out of Level 3, assets	(29.7)
Ending balance, assets	63.7	84.1	14.7
Changes in unrealized gains (losses) included in net income relating to positions still held, assets		(0.3)	(2.2)
Gross purchases, sales, issuances and settlements
Purchases, assets	19.2	37.8
Settlements, assets	(11.3)	(2.9)	(26.2)
Net purchases, sales, issuances and settlements, assets	7.9	34.9	(26.2)
Available-for-sale \| Equity securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	16.9	15.3	18.0
Total realized/unrealized gains (losses) included in net income, assets	4.2	(0.2)	(0.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	2.8	1.8	(2.4)
Net purchases, sales, issuances and settlements, assets	(20.0)
Transfers into Level 3, assets	0.2
Ending balance, assets	4.1	16.9	15.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(0.3)	(0.2)
Gross purchases, sales, issuances and settlements
Sales, assets	(20.0)
Net purchases, sales, issuances and settlements, assets	(20.0)
Trading \| Fixed maturities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	169.9	166.8	220.8
Total realized/unrealized gains (losses) included in net income, assets	9.9	3.0	3.2
Net purchases, sales, issuances and settlements, assets	(40.1)	0.1	(66.7)
Transfers into Level 3, assets			9.5
Ending balance, assets	139.7	169.9	166.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	1.2	3.1	(4.4)
Gross purchases, sales, issuances and settlements
Sales, assets	(10.0)		(24.6)
Settlements, assets	(30.1)	0.1	(42.1)
Net purchases, sales, issuances and settlements, assets	(40.1)	0.1	(66.7)
Derivative assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	74.2	75.1	60.2
Total realized/unrealized gains (losses) included in net income, assets	(32.0)	(19.5)	2.9
Net purchases, sales, issuances and settlements, assets	11.5	18.6	12.0
Ending balance, assets	53.7	74.2	75.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(32.0)	(19.8)	4.9
Gross purchases, sales, issuances and settlements
Purchases, assets	11.8	22.1	12.6
Sales, assets	(0.3)	(3.5)	(0.6)
Net purchases, sales, issuances and settlements, assets	11.5	18.6	12.0
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	142.9	113.9	97.5
Total realized/unrealized gains (losses) included in net income, assets	15.7	11.2	2.1
Net purchases, sales, issuances and settlements, assets	(31.4)	17.8	14.3
Ending balance, assets	127.2	142.9	113.9
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	15.7	11.2	2.2
Gross purchases, sales, issuances and settlements
Purchases, assets	0.2	30.2	34.0
Settlements, assets	(31.6)	(12.4)	(19.7)
Net purchases, sales, issuances and settlements, assets	(31.4)	17.8	14.3
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	5,265.2	4,616.0	4,198.2
Total realized/unrealized gains (losses) included in net income, assets	649.6	574.9	421.3
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(0.1)	0.4
Net purchases, sales, issuances and settlements, assets	(13.9)	68.2	(3.6)
Transfers into Level 3, assets	4.4	12.7	1.6
Transfers out of Level 3, assets	(13.9)	(6.5)	(1.9)
Ending balance, assets	5,891.4	5,265.2	4,616.0
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	608.4	545.8	412.8
Gross purchases, sales, issuances and settlements
Purchases, assets	705.9	418.4	342.2
Sales, assets	(500.2)	(300.8)	(310.6)
Issuances, assets	(331.8)	(21.8)	(208.4)
Settlements, assets	112.2	(27.6)	173.2
Net purchases, sales, issuances and settlements, assets	(13.9)	68.2	(3.6)
Investment-type insurance contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(6.9)	(170.5)	(195.8)
Total realized/unrealized gains (losses) included in net income, liabilities	(196.0)	147.3	38.3
Total realized/unrealized gains (losses) included in other comprehensive income, liabilities			(0.1)
Net purchases, sales, issuances and settlements, liabilities	26.5	16.3	(12.9)
Ending balance, liabilities	(176.4)	(6.9)	(170.5)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(196.5)	145.0	35.3
Gross purchases, sales, issuances and settlements
Issuances, liabilities	20.7	11.0	(16.6)
Settlements, liabilities	5.8	5.3	3.7
Net purchases, sales, issuances and settlements, liabilities	26.5	16.3	(12.9)
Derivative liabilities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(39.6)	(102.6)	(177.1)
Total realized/unrealized gains (losses) included in net income, liabilities	3.9	55.0	39.8
Total realized/unrealized gains (losses) included in other comprehensive income, liabilities	(0.4)	(0.1)	1.3
Net purchases, sales, issuances and settlements, liabilities	0.6	8.1	33.4
Ending balance, liabilities	(35.5)	(39.6)	(102.6)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(0.9)	53.9	38.6
Gross purchases, sales, issuances and settlements
Purchases, liabilities	(1.5)	(3.4)	(8.9)
Sales, liabilities	2.1	11.5	42.3
Net purchases, sales, issuances and settlements, liabilities	0.6	8.1	33.4
Other liabilities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(73.9)	(39.6)	(24.2)
Total realized/unrealized gains (losses) included in net income, liabilities	(1.4)	(34.3)	(23.5)
Net purchases, sales, issuances and settlements, liabilities	9.0		8.1
Ending balance, liabilities	(66.3)	(73.9)	(39.6)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(0.8)	$ (34.3)	(20.2)
Gross purchases, sales, issuances and settlements
Sales, liabilities	9.0		8.1
Net purchases, sales, issuances and settlements, liabilities	$ 9.0		$ 8.1

Fair Value Measurements (Details 3) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Available-for-sale \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	$ 57.3	$ 171.4	$ 111.3
Transfers out of Level 3 into Level 2	75.8	108.7	168.6
Available-for-sale \| Non-U.S. governments
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			14.5
Available-for-sale \| States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			1.8
Transfers out of Level 3 into Level 2	1.7
Available-for-sale \| Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	46.6	105.3	79.7
Transfers out of Level 3 into Level 2	17.9	83.9	137.4
Available-for-sale \| Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	6.8	2.4
Transfers out of Level 3 into Level 2	2.5
Available-for-sale \| Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	3.9	31.7
Transfers out of Level 3 into Level 2	24.0	24.8	31.2
Available-for-sale \| Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		32.0	15.3
Transfers out of Level 3 into Level 2	29.7
Available-for-sale \| Equity securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	0.2
Trading \| Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			9.5
Separate account assets
Fair Value Hierarchy Levels Transfers
Transfers out of Level 1 into Level 2	33.0	253.9	3,255.7
Transfers out of Level 1 into Level 3		0.1	0.3
Transfers out of Level 2 into Level 1	71.3	15.5	205.5
Transfers out of Level 2 into Level 3	4.4	12.6	1.3
Transfers out of Level 3 into Level 2	$ 13.9	$ 6.5	$ 1.9

Fair Value Measurements (Details 4) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair value
Unobservable inputs
Assets measured at fair value	$ 193,493.8	$ 182,651.2
Liabilities measured at fair value	(1,278.3)	(1,353.6)
Fair value \| Available-for-sale \| Non-U.S. governments
Unobservable inputs
Assets measured at fair value	10.3	11.7
Fair value \| Available-for-sale \| Corporate debt securities
Unobservable inputs
Assets measured at fair value	83.0	70.1
Fair value \| Available-for-sale \| Commercial mortgage-backed securities
Unobservable inputs
Assets measured at fair value		1.6
Fair value \| Available-for-sale \| Collateralized debt obligations
Unobservable inputs
Assets measured at fair value	12.7	13.6
Fair value \| Available-for-sale \| Other debt obligations
Unobservable inputs
Assets measured at fair value	49.3	33.6
Fair value \| Trading \| Fixed maturities
Unobservable inputs
Assets measured at fair value	15.2	36.2
Fair value \| Trading \| Collateralized private investment vehicle \| Fixed maturities
Unobservable inputs
Assets measured at fair value	100.4	110.4
Fair value \| Other investments \| Discounted cash flow, commercial mortgage loans of consolidated VIEs
Unobservable inputs
Assets measured at fair value	35.0	68.1
Fair value \| Other investments \| Discounted cash flow, equity method real estate investment
Unobservable inputs
Assets measured at fair value	92.2	74.8
Fair value \| Separate account assets
Unobservable inputs
Assets measured at fair value	5,857.4	5,090.4
Fair value \| Investment-type insurance contracts
Unobservable inputs
Liabilities measured at fair value	(176.4)	(6.9)
Fair value \| Derivative liabilities
Unobservable inputs
Liabilities measured at fair value	(19.3)	(19.9)
Fair value \| Other liabilities
Unobservable inputs
Liabilities measured at fair value	(66.3)	(73.9)
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value	6,628.3	6,005.9
Liabilities measured at fair value	$ (278.2)	$ (120.4)
Fair value hierarchy Level 3 \| Available-for-sale \| Non-U.S. governments \| Discounted cash flow \| Input
Unobservable inputs
Discount rate (as a percent)	2.20%	2.00%
Illiquidity premium (as a percent)	0.50%	0.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Non-U.S. governments \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	2.20%	2.00%
Illiquidity premium (as a percent)	0.50%	0.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Corporate debt securities \| Discounted cash flow \| Minimum
Unobservable inputs
Discount rate (as a percent)	1.80%	1.90%
Illiquidity premium (as a percent)	0.00%	0.00%
Earnings before interest, taxes, depreciation and amortization multiple		0.0
Comparability adjustment (as a percent)	0.00%	0.00%
Probability of default (as a percent)		0.00%
Potential loss severity (as a percent)		0.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Corporate debt securities \| Discounted cash flow \| Maximum
Unobservable inputs
Discount rate (as a percent)	6.70%	7.70%
Illiquidity premium (as a percent)	0.25%	0.25%
Earnings before interest, taxes, depreciation and amortization multiple		4.5
Comparability adjustment (as a percent)	0.01%	1.25%
Probability of default (as a percent)		100.00%
Potential loss severity (as a percent)		16.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Corporate debt securities \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	4.00%	4.40%
Illiquidity premium (as a percent)	0.13%	0.15%
Earnings before interest, taxes, depreciation and amortization multiple		0.2
Comparability adjustment (as a percent)	0.00%	0.43%
Probability of default (as a percent)		5.40%
Potential loss severity (as a percent)		0.90%
Fair value hierarchy Level 3 \| Available-for-sale \| Commercial mortgage-backed securities \| Discounted cash flow \| Minimum
Unobservable inputs
Discount rate (as a percent)		1.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Commercial mortgage-backed securities \| Discounted cash flow \| Maximum
Unobservable inputs
Discount rate (as a percent)		4.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Commercial mortgage-backed securities \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)		1.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Collateralized debt obligations \| Discounted cash flow \| Input
Unobservable inputs
Discount rate (as a percent)		1.50%
Illiquidity premium (as a percent)		4.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Collateralized debt obligations \| Discounted cash flow \| Minimum
Unobservable inputs
Discount rate (as a percent)	2.70%
Probability of default (as a percent)	0.00%
Potential loss severity (as a percent)	0.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Collateralized debt obligations \| Discounted cash flow \| Maximum
Unobservable inputs
Discount rate (as a percent)	17.10%
Probability of default (as a percent)	100.00%
Potential loss severity (as a percent)	70.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Collateralized debt obligations \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	6.10%	1.50%
Illiquidity premium (as a percent)		4.00%
Probability of default (as a percent)	23.50%
Potential loss severity (as a percent)	16.40%
Fair value hierarchy Level 3 \| Available-for-sale \| Other debt obligations \| Discounted cash flow \| Minimum
Unobservable inputs
Discount rate (as a percent)	1.40%	2.00%
Illiquidity premium (as a percent)	0.00%	0.00%
Fair value hierarchy Level 3 \| Available-for-sale \| Other debt obligations \| Discounted cash flow \| Maximum
Unobservable inputs
Discount rate (as a percent)	5.00%	15.00%
Illiquidity premium (as a percent)	10.00%	0.50%
Fair value hierarchy Level 3 \| Available-for-sale \| Other debt obligations \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	2.30%	6.70%
Illiquidity premium (as a percent)	1.75%	0.11%
Fair value hierarchy Level 3 \| Trading \| Fixed maturities \| Discounted cash flow \| Minimum
Unobservable inputs
Discount rate (as a percent)	1.80%	1.60%
Illiquidity premium (as a percent)	2.00%	0.00%
Fair value hierarchy Level 3 \| Trading \| Fixed maturities \| Discounted cash flow \| Maximum
Unobservable inputs
Discount rate (as a percent)	126.90%	83.00%
Illiquidity premium (as a percent)	14.00%	14.00%
Fair value hierarchy Level 3 \| Trading \| Fixed maturities \| Discounted cash flow \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	3.50%	3.40%
Illiquidity premium (as a percent)	4.60%	3.70%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, commercial mortgage loans of consolidated VIEs \| Input
Unobservable inputs
Discount rate (as a percent)	4.20%	4.80%
Illiquidity premium (as a percent)	0.76%	0.94%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, commercial mortgage loans of consolidated VIEs \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	4.20%	4.80%
Illiquidity premium (as a percent)	0.76%	0.94%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment \| Minimum
Unobservable inputs
Discount rate (as a percent)	7.30%	7.80%
Terminal capitalization rate (as a percent)	5.50%	5.50%
Average market rent growth rate (as a percent)	3.30%	3.50%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment \| Maximum
Unobservable inputs
Discount rate (as a percent)	8.00%	8.10%
Terminal capitalization rate (as a percent)	6.80%	6.80%
Average market rent growth rate (as a percent)	3.70%	3.60%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	7.60%	7.90%
Terminal capitalization rate (as a percent)	6.10%	6.10%
Average market rent growth rate (as a percent)	3.50%	3.60%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment debt \| Minimum
Unobservable inputs
Loan to value (as a percent)	34.20%	40.50%
Credit spread rate (as a percent)	1.80%	1.50%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment debt \| Maximum
Unobservable inputs
Loan to value (as a percent)	58.90%	61.00%
Credit spread rate (as a percent)	2.00%	2.00%
Fair value hierarchy Level 3 \| Other investments \| Discounted cash flow, equity method real estate investment debt \| Weighted average input
Unobservable inputs
Loan to value (as a percent)	46.50%	50.70%
Credit spread rate (as a percent)	1.90%	1.80%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, mortgage loans \| Minimum
Unobservable inputs
Discount rate (as a percent)	1.10%	0.60%
Illiquidity premium (as a percent)	0.00%	0.00%
Credit spread rate (as a percent)	0.70%	0.32%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, mortgage loans \| Maximum
Unobservable inputs
Discount rate (as a percent)	6.90%	5.60%
Illiquidity premium (as a percent)	0.60%	0.60%
Credit spread rate (as a percent)	6.32%	4.40%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, mortgage loans \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	3.20%	3.30%
Illiquidity premium (as a percent)	0.07%	0.12%
Credit spread rate (as a percent)	2.21%	2.14%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Minimum
Unobservable inputs
Discount rate (as a percent)	6.00%	6.00%
Terminal capitalization rate (as a percent)	4.50%	4.50%
Average market rent growth rate (as a percent)	1.30%	2.40%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Maximum
Unobservable inputs
Discount rate (as a percent)	24.60%	16.00%
Terminal capitalization rate (as a percent)	9.50%	9.00%
Average market rent growth rate (as a percent)	4.40%	4.70%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate \| Weighted average input
Unobservable inputs
Discount rate (as a percent)	7.40%	7.60%
Terminal capitalization rate (as a percent)	6.40%	6.60%
Average market rent growth rate (as a percent)	3.00%	3.00%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Minimum
Unobservable inputs
Loan to value (as a percent)	6.80%	11.00%
Credit spread rate (as a percent)	2.10%	1.50%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Maximum
Unobservable inputs
Loan to value (as a percent)	64.10%	55.90%
Credit spread rate (as a percent)	4.80%	5.20%
Fair value hierarchy Level 3 \| Separate account assets \| Discounted cash flow, real estate debt \| Weighted average input
Unobservable inputs
Loan to value (as a percent)	46.50%	50.30%
Credit spread rate (as a percent)	3.40%	3.30%
Fair value hierarchy Level 3 \| Investment-type insurance contracts \| Discounted cash flow \| Minimum
Unobservable inputs
Long duration interest rate (as a percent)	2.60%	3.80%
Long-term equity market volatility (as a percent)	14.90%	15.00%
Non-performance risk (as a percent)	0.10%	0.20%
Lapse rate (as a percent)	0.50%	0.50%
Period of swap rate used for calculating long duration interest rate	20 years	20 years
Fair value hierarchy Level 3 \| Investment-type insurance contracts \| Discounted cash flow \| Maximum
Unobservable inputs
Long duration interest rate (as a percent)	2.70%	3.90%
Long-term equity market volatility (as a percent)	39.50%	40.10%
Non-performance risk (as a percent)	1.40%	1.20%
Lapse rate (as a percent)	14.10%	14.60%
Period of swap rate used for calculating long duration interest rate	30 years	30 years

Fair Value Measurements (Details 5) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details 5) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage loans \| Minimum
Assets and liabilities measured at fair value on a nonrecurring basis
Discount rate (as a percent)	8.80%	8.00%	8.00%
Terminal capitalization rate (as a percent)	7.30%	7.30%	6.30%
Average market rent growth rate (as a percent)	2.00%	1.00%	3.00%
Mortgage loans \| Maximum
Assets and liabilities measured at fair value on a nonrecurring basis
Discount rate (as a percent)	11.00%	20.00%	20.00%
Terminal capitalization rate (as a percent)	9.00%	10.50%	10.50%
Average market rent growth rate (as a percent)	10.90%	10.90%	8.00%
Real estate \| Minimum
Assets and liabilities measured at fair value on a nonrecurring basis
Discount rate (as a percent)	9.60%
Terminal capitalization rate (as a percent)	8.30%
Average market rent growth rate (as a percent)	3.00%
Real estate \| Maximum
Assets and liabilities measured at fair value on a nonrecurring basis
Discount rate (as a percent)	11.80%
Terminal capitalization rate (as a percent)	8.50%
Average market rent growth rate (as a percent)	3.60%
Mortgage servicing rights \| Input
Assets and liabilities measured at fair value on a nonrecurring basis
Discount rate (as a percent)		4.30%	3.10%
Nonrecurring Fair Value Measurements \| Fair value hierarchy Level 3 \| Mortgage loans
Assets and liabilities measured at fair value on a nonrecurring basis
Fair value of assets measured on nonrecurring basis	$ 68.9	$ 153.1	$ 173.8
Net (gain) loss due to change in fair value of assets measured on nonrecurring basis	10.0	27.5	12.3
Nonrecurring Fair Value Measurements \| Fair value hierarchy Level 3 \| Real estate
Assets and liabilities measured at fair value on a nonrecurring basis
Fair value of assets measured on nonrecurring basis	22.3		5.0
Net (gain) loss due to change in fair value of assets measured on nonrecurring basis	$ 6.2		0.1
Nonrecurring Fair Value Measurements \| Fair value hierarchy Level 3 \| Mortgage servicing rights
Assets and liabilities measured at fair value on a nonrecurring basis
Fair value of assets measured on nonrecurring basis		7.3	7.0
Net (gain) loss due to change in fair value of assets measured on nonrecurring basis		$ (1.3)	$ (0.4)

Fair Value Measurements (Details 6) $ in Millions	12 Months Ended
Fair Value Measurements (Details 6) $ in Millions	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item	Dec. 31, 2012 USD ($) item
Commercial Mortgage Loans of Consolidated VIEs
Fair Value Option, Quantitative Disclosures
Fair value of assets for which fair value option was elected	$ 35.0	$ 68.1
Contractual principal amounts of assets for which the fair value option was elected	32.4	64.0
Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected	(1.5)	0.2	$ 2.6
Credit risk portion of pre-tax gain (loss) due to change in fair value of assets for which the fair value option was elected	$ 0.0	$ 0.0	$ 0.0
Number of loans which are more than 90 days past due or in nonaccrual status \| item	0	0	0
Interest income	$ 6.2	$ 5.7	$ 6.9
Obligations of Consolidated VIEs
Fair Value Option, Quantitative Disclosures
Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected	(0.7)	(32.8)	(37.7)
Fair value of liabilities for which the fair value option was elected	71.0	104.9
Aggregate unpaid principal amounts of obligations for which the fair value option was elected	132.8	174.4
Credit risk portion of pre-tax gain (loss) due to change in fair value of liabilities for which the fair value option was elected	(2.4)	(34.3)	(37.4)
Interest expense	3.0	3.6	5.3
Equity Method Investment
Fair Value Option, Quantitative Disclosures
Fair value of assets for which fair value option was elected	92.2	74.8
Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected	$ 17.3	$ 11.0	$ (0.4)

Fair Value Measurements (Details 7) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Assets (liabilities)
Mortgage loans	$ 11,811.6	$ 11,533.6
Policy loans	829.2	859.7
Short-term debt	(28.0)	(150.6)
Long-term debt	(2,531.2)	(2,601.4)
Fair value hierarchy Level 1
Assets (liabilities)
Cash and cash equivalents not required to be reported at fair value	822.2	912.8
Bank deposits	(1,343.8)	(1,252.2)
Cash collateral payable	(148.3)	(32.5)
Fair value hierarchy Level 2
Assets (liabilities)
Other investments	183.7	140.9
Investment-type insurance contracts	(5,455.4)	(5,902.2)
Short-term debt	(28.0)	(150.6)
Long-term debt	(2,703.8)	(2,639.0)
Bank deposits	(641.7)	(698.9)
Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	12,350.2	11,773.5
Policy loans	1,083.2	963.3
Other investments	27.9	33.8
Investment-type insurance contracts	(22,867.3)	(24,190.9)
Long-term debt	(82.3)	(53.1)
Separate account liabilities	(127,131.0)	(118,059.7)
Carrying amount
Assets (liabilities)
Mortgage loans	11,811.6	11,533.6
Policy loans	829.2	859.7
Other investments	211.2	174.0
Cash and cash equivalents not required to be reported at fair value	822.2	912.8
Investment-type insurance contracts	(28,256.3)	(29,909.6)
Short-term debt	(28.0)	(150.6)
Long-term debt	(2,531.2)	(2,601.4)
Separate account liabilities	(128,480.5)	(119,500.7)
Bank deposits	(1,979.7)	(1,949.0)
Cash collateral payable	(148.3)	(32.5)
Fair value
Assets (liabilities)
Mortgage loans	12,350.2	11,773.5
Policy loans	1,083.2	963.3
Other investments	211.6	174.7
Cash and cash equivalents not required to be reported at fair value	822.2	912.8
Investment-type insurance contracts	(28,322.7)	(30,093.1)
Short-term debt	(28.0)	(150.6)
Long-term debt	(2,786.1)	(2,692.1)
Separate account liabilities	(127,131.0)	(118,059.7)
Bank deposits	(1,985.5)	(1,951.1)
Cash collateral payable	$ (148.3)	$ (32.5)

Statutory Insurance Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statutory disclosures
Impact of prescribed practices on statutory net income	$ 6.4
Impact of permitted practices on statutory surplus	(150.2)
Statutory reserves assumed by affiliated reinsurance subsidiaries	3,272.4
Admitted assets under prescribed and permitted statutory accounting practices	1,129.0
Statutory net income	535.5	$ 607.9	$ 576.1
Statutory capital and surplus	$ 4,202.1	$ 4,142.2	$ 3,944.3

Segment Information (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Segment Information: Assets
Total assets	$ 219,087.0	$ 208,191.4
Retirement and Investor Services
Segment Information: Assets
Total assets	138,549.4	128,736.7
Principal Global Investors
Segment Information: Assets
Total assets	1,175.1	1,312.1
Principal International
Segment Information: Assets
Total assets	53,531.8	54,243.6
U.S. Insurance Solutions
Segment Information: Assets
Total assets	21,554.5	20,033.6
Corporate
Segment Information: Assets
Total assets	$ 4,276.2	$ 3,865.4

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details 2) - USD ($) $ in Millions	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information
Net realized capital gains (losses), net of related revenue adjustments									$ (77.4)	$ (320.0)	$ 14.7
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	10,477.6	9,289.5	9,215.1
Net realized capital gains (losses), as adjusted									(100.5)	(179.1)	39.0
Net income (loss) available to common stockholders	$ 270.4	$ 240.7	306.3	$ 293.7	$ 233.4	$ 245.7	$ 222.3	$ 178.3	1,111.1	879.7	773.6
Impact of enactment of tax legislation									(58.1)
Impact of court ruling on uncertain tax positions			$ (47.5)						(47.5)
Contribution to The Principal Financial Group Foundation, Inc.											(39.8)
One-time costs associated with early extinguishment of long-term debt											(24.8)
After-tax gains (losses) associated with exited group medical insurance business that does not qualify for discontinued operations									(0.7)		(9.6)
Operating Segments
Segment Reporting Information
Operating revenues									10,554.8	9,607.4	9,175.4
Operating earnings (loss)									1,317.9	1,059.9	808.8
Operating Segments \| Retirement and Investor Services
Segment Reporting Information
Operating revenues									5,523.3	4,847.6	4,834.9
Operating earnings (loss)									828.1	694.4	575.1
Operating Segments \| Principal Global Investors
Segment Reporting Information
Operating revenues									725.9	719.2	591.2
Operating earnings (loss)									116.0	102.6	81.2
Operating Segments \| Principal International
Segment Reporting Information
Operating revenues									1,275.4	1,150.0	942.7
Operating earnings (loss)									268.0	215.2	154.1
Operating Segments \| U.S. Insurance Solutions
Segment Reporting Information
Operating revenues									3,262.6	3,106.4	2,994.7
Operating earnings (loss)									231.3	196.6	138.2
Operating Segments \| Corporate
Segment Reporting Information
Operating revenues									(232.4)	(215.8)	(188.1)
Operating earnings (loss)									(125.5)	(148.9)	(139.8)
Reconciling Items
Segment Reporting Information
Net realized capital gains (losses), net of related revenue adjustments									(77.4)	(320.0)	14.7
Exited group medical insurance business									0.2	2.1	25.0
Net realized capital gains (losses), as adjusted									(100.5)	(179.1)	39.0
Other after-tax adjustments									$ (106.3)	$ (1.1)	$ (74.2)

Segment Information (Details 3) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 3) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)	$ 14.7	$ (225.2)	$ 114.1
Certain derivative and hedging-related adjustments	(92.8)	(93.9)	(98.9)
Certain market value adjustments to fee revenues			(0.3)
Recognition of front-end fee (revenue) expense	0.7	(0.9)	(0.2)
Net realized capital gains (losses), net of related revenue adjustments	(77.4)	(320.0)	14.7
Amortization of deferred acquisition costs and other actuarial balances	(49.3)	47.1	36.6
Capital (gains) losses distributed	(21.2)	(25.8)	(12.2)
Certain market value adjustments of embedded derivatives	4.8	18.4	(0.6)
Net realized capital (gains) losses associated with exited group medical insurance business			0.2
Noncontrolling interest capital (gains) losses	(1.0)	(0.2)	(8.3)
Tax expense/benefit related to net realized capital gains (losses), as adjusted	43.6	101.4	8.6
Net realized capital gains (losses), as adjusted	$ (100.5)	$ (179.1)	$ 39.0

Segment Information (Details 4) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 4) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Information: Income tax expense (benefit)
Tax expense/benefit related to net realized capital gains (losses), as adjusted	$ (43.6)	$ (101.4)	$ (8.6)
Income taxes (benefits)	318.5	187.9	134.6
Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	317.8	289.9	185.8
Operating Segments \| Retirement and Investor Services
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	200.5	195.6	150.0
Operating Segments \| Principal Global Investors
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	63.8	55.5	43.5
Operating Segments \| Principal International
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	30.3	28.0	0.6
Operating Segments \| U.S. Insurance Solutions
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	112.8	94.0	61.3
Operating Segments \| Corporate
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (loss)	(89.6)	(83.2)	(69.6)
Reconciling Items
Segment Information: Income tax expense (benefit)
Tax expense/benefit related to net realized capital gains (losses), as adjusted	(43.6)	(101.4)	(8.6)
Tax expense (benefit) related to other after-tax adjustments	$ 44.3	$ (0.6)	$ (42.6)

Segment Information (Details 5) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 5) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	$ 122.7	$ 109.5	$ 87.0
Operating Segments
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	122.7	108.1	80.9
Operating Segments \| Retirement and Investor Services
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	31.1	26.7	26.3
Operating Segments \| Principal Global Investors
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	14.8	11.8	13.3
Operating Segments \| Principal International
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	51.6	47.8	18.9
Operating Segments \| U.S. Insurance Solutions
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	21.2	17.2	17.0
Operating Segments \| Corporate
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense	$ 4.0	4.6	5.4
Reconciling Items
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense related to other after-tax adjustments		$ 1.4	$ 6.1

Segment Information (Details 6) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details 6) - USD ($) $ in Millions	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Revenues for Products and Services
Net realized capital gains (losses), net of related revenue adjustments									$ (77.4)	$ (320.0)	$ 14.7
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	10,477.6	9,289.5	9,215.1
Principal Global Investors
Operating Revenues for Products and Services
Inter-segment revenues									292.5	243.7	217.6
Operating Segments
Operating Revenues for Products and Services
Operating revenues									10,554.8	9,607.4	9,175.4
Operating Segments \| Retirement and Investor Services
Operating Revenues for Products and Services
Operating revenues									5,523.3	4,847.6	4,834.9
Operating Segments \| Retirement and Investor Services \| Total Accumulation
Operating Revenues for Products and Services
Operating revenues									3,842.8	3,551.4	3,120.3
Operating Segments \| Retirement and Investor Services \| Full service accumulation
Operating Revenues for Products and Services
Operating revenues									1,563.0	1,470.7	1,357.0
Operating Segments \| Retirement and Investor Services \| Principal Funds
Operating Revenues for Products and Services
Operating revenues									861.9	765.8	619.6
Operating Segments \| Retirement and Investor Services \| Individual annuities
Operating Revenues for Products and Services
Operating revenues									1,488.9	1,366.5	1,162.4
Operating Segments \| Retirement and Investor Services \| Bank and trust services
Operating Revenues for Products and Services
Operating revenues									84.2	95.2	101.6
Operating Segments \| Retirement and Investor Services \| Accumulation Eliminations
Operating Revenues for Products and Services
Operating revenues									(155.2)	(146.8)	(120.3)
Operating Segments \| Retirement and Investor Services \| Total Guaranteed
Operating Revenues for Products and Services
Operating revenues									1,680.5	1,296.2	1,714.6
Operating Segments \| Retirement and Investor Services \| Investment only
Operating Revenues for Products and Services
Operating revenues									308.1	341.0	431.6
Operating Segments \| Retirement and Investor Services \| Full service payout
Operating Revenues for Products and Services
Operating revenues									1,372.4	955.2	1,283.0
Operating Segments \| Principal Global Investors
Operating Revenues for Products and Services
Operating revenues									725.9	719.2	591.2
Operating Segments \| Principal International
Operating Revenues for Products and Services
Operating revenues									1,275.4	1,150.0	942.7
Operating Segments \| U.S. Insurance Solutions
Operating Revenues for Products and Services
Operating revenues									3,262.6	3,106.4	2,994.7
Operating Segments \| U.S. Insurance Solutions \| Individual life insurance
Operating Revenues for Products and Services
Operating revenues									1,535.7	1,483.0	1,423.3
Operating Segments \| U.S. Insurance Solutions \| Specialty benefits insurance
Operating Revenues for Products and Services
Operating revenues									1,727.1	1,623.6	1,571.4
Operating Segments \| U.S. Insurance Solutions \| U.S. Insurance Solutions Eliminations
Operating Revenues for Products and Services
Operating revenues									(0.2)	(0.2)
Operating Segments \| Corporate
Operating Revenues for Products and Services
Operating revenues									(232.4)	(215.8)	(188.1)
Reconciling Items
Operating Revenues for Products and Services
Net realized capital gains (losses), net of related revenue adjustments									(77.4)	(320.0)	14.7
Exited group medical insurance business									$ 0.2	$ 2.1	$ 25.0

Stock-Based Compensation Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended			108 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	May 20, 2014
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 66.2	$ 65.2	$ 53.7
Related income tax benefit	21.6	20.0	17.7
Capitalized as part of an asset	$ 2.5	$ 2.6	$ 2.3
2014 Stock Incentive Plan and 2014 Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Maximum number of new shares of common stock available for grant (in shares)	13.1			13.1
Stock Incentive Plan, Directors Stock Plan and Long-Term Performance Plan
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)				0.0
Amended and Restated 2010 Stock Incentive Plan and 2005 Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted					0.0

Stock-Based Compensation Plans (Details 2) - Nonqualified Stock Options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in options outstanding
Options outstanding at beginning of period (in shares)	9.6
Options granted (in shares)	0.6
Options exercised (in shares)	1.6
Options outstanding at end of period (in shares)	8.6	9.6
Options vested or expected to vest at end of period (in shares)	8.6
Options exercisable at end of period (in shares)	7.2
Options outstanding at beginning of period weighted-average exercise price (in dollars per share)	$ 41.37
Options granted weighted-average exercise price (in dollars per share)	44.88
Options exercised weighted-average exercise price (in dollars per share)	35.24
Options outstanding at end of period weighted-average exercise price (in dollars per share)	42.68	$ 41.37
Options vested or expected to vest at end of period weighted-average exercise price (in dollars per share)	42.68
Options exercisable at end of period weighted-average exercise price (in dollars per share)	$ 43.89
Options outstanding at end of period intrinsic value	$ 107.0
Options vested or expected to vest at end of period intrinsic value	106.9
Options exercisable at end of period intrinsic value	85.7
Total intrinsic value of options exercised	$ 25.4	$ 30.7	$ 5.7
Assumptions used to estimate fair value of stock options granted during period
Weighted-average expected volatility (as a percent)	53.20%	53.30%	70.00%
Weighted-average expected term	6 years 6 months	6 years 6 months	6 years
Weighted-average risk-free interest rate (as a percent)	2.00%	1.10%	1.10%
Weighted-average expected dividend yield (as a percent)	2.50%	3.00%	2.55%
Weighted-average estimated fair value of stock options granted (in dollars per share)	$ 18.89	$ 11.95	$ 13.95
Other nonqualified stock option disclosures
Unrecognized compensation costs	$ 2.3
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 9 months 18 days
Cash received from stock options exercised	$ 56.1	$ 105.6	$ 11.3
Tax benefits realized for the tax deductions from options exercised	$ 8.6	$ 10.6	$ 1.6
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Weighted-average remaining contractual life for stock options exercisable	3 years 4 months 24 days
Range of exercise prices, Range 1
Change in options outstanding
Options outstanding at end of period (in shares)	0.9
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 11.07
Upper limit of exercise price range (in dollars per share)	$ 21.69
Weighted-average remaining contractual life	4 years 2 months 12 days
Range of exercise prices, Range 2
Change in options outstanding
Options outstanding at end of period (in shares)	2.1
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 21.70
Upper limit of exercise price range (in dollars per share)	$ 32.32
Weighted-average remaining contractual life	7 years
Range of exercise prices, Range 3
Change in options outstanding
Options outstanding at end of period (in shares)	0.7
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 32.33
Upper limit of exercise price range (in dollars per share)	$ 42.95
Weighted-average remaining contractual life	4 years 1 month 6 days
Range of exercise prices, Range 4
Change in options outstanding
Options outstanding at end of period (in shares)	1.9
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 42.96
Upper limit of exercise price range (in dollars per share)	$ 53.58
Weighted-average remaining contractual life	3 years 7 months 6 days
Range of exercise prices, Range 5
Change in options outstanding
Options outstanding at end of period (in shares)	3.0
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 53.59
Upper limit of exercise price range (in dollars per share)	$ 64.22
Weighted-average remaining contractual life	2 years 8 months 12 days
Range of exercise prices, Total Range
Change in options outstanding
Options outstanding at end of period (in shares)	8.6
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 11.07
Upper limit of exercise price range (in dollars per share)	$ 64.22
Weighted-average remaining contractual life	4 years 2 months 12 days
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Option expiration period	10 years
Vesting period	3 years
Change in options outstanding
Options granted (in shares)	0.6	0.8	0.8

Stock-Based Compensation Plans (Details 3) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Performance Share Awards
Change in nonvested units outstanding
Awards or units outstanding at beginning of period (in shares)	1.0
Awards or units granted (in shares)	0.3	0.3	0.4
Awards or units vested (in shares)	0.3
Awards or units outstanding at end of period (in shares)	1.0	1.0
Awards or units outstanding at beginning of period weighted-average grant-date fair value (in dollars per share)	$ 30.30
Awards or units granted weighted-average grant-date fair value (in dollars per share)	44.88	$ 30.70	$ 27.46
Awards or units vested weighted-average grant-date fair value (in dollars per share)	34.26
Awards or units outstanding at end of period weighted-average grant-date fair value (in dollars per share)	$ 33.01	$ 30.30
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)	150.00%
Unrecognized compensation costs	$ 4.0
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 7 months 6 days
Tax benefits realized for the tax deductions from awards or units paid out	$ 4.0	$ 4.7	$ 4.7
Intrinsic value from awards or units vested	$ 11.4	$ 10.9	$ 13.0
Performance period for goals	3 years
Restricted Stock Units
Change in nonvested units outstanding
Awards or units outstanding at beginning of period (in shares)	3.1
Awards or units granted (in shares)	0.9	1.3	1.2
Awards or units vested (in shares)	0.8
Awards or units canceled (in shares)	0.1
Awards or units outstanding at end of period (in shares)	3.1	3.1
Awards or units outstanding at beginning of period weighted-average grant-date fair value (in dollars per share)	$ 30.46
Awards or units granted weighted-average grant-date fair value (in dollars per share)	45.03	$ 31.02	$ 27.33
Awards or units vested weighted-average grant-date fair value (in dollars per share)	33.75
Awards or units canceled weighted-average grant-date fair value (in dollars per share)	33.27
Awards or units outstanding at end of period weighted-average grant-date fair value (in dollars per share)	$ 33.87	$ 30.46
Other award and unit disclosures
Unrecognized compensation costs	$ 40.4
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 8 months 12 days
Tax benefits realized for the tax deductions from awards or units paid out	$ 12.8	$ 11.5	$ 11.1
Intrinsic value from awards or units vested	$ 38.5	$ 37.7	$ 31.9
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan \| Restricted Stock Units
Other award and unit disclosures
Vesting period	3 years
2014 Directors Stock Plan and 2005 Directors Stock Plan \| Restricted Stock Units
Other award and unit disclosures
Vesting period	1 year

Stock-Based Compensation Plans (Details 4) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-Based Compensation Plans - Disclosures
Maximum value of company common stock that can be purchased by an employee per year	$ 25,000
Employee purchase price as a percent of fair market value (as a percent)	85.00%
Share purchases under employee stock purchase plan (in shares)	0.5	0.8	0.9
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share)	$ 8.94	$ 14.20	$ 5.34
Intrinsic value from shares settled	$ 4,700,000	$ 11,400,000	$ 4,600,000
Cash received from shares issued	22,200,000	20,400,000	17,800,000
Tax benefits realized from the settlement of share-based payment arrangements	$ 1,100,000	$ 1,100,000	$ 500,000
Shares available to be issued under employee stock purchase plan (in shares)	4.7

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Common Share
Net income (loss)	$ 280.3	$ 252.8	$ 319.2	$ 324.1	$ 250.4	$ 259.1	$ 236.6	$ 190.0	$ 1,176.4	$ 936.1	$ 825.4
Subtract:
Net income (loss) attributable to noncontrolling interest									32.3	23.4	18.8
Preferred stock dividends									33.0	33.0	33.0
Adjustments to redemption amounts of redeemable noncontrolling interests									19.7
Total									$ 1,091.4	$ 879.7	$ 773.6
Weighted-average shares outstanding
Basic									294.7	294.6	297.5
Dilutive effects:
Stock options									1.8	1.6	1.0
Restricted stock units									1.8	1.7	1.5
Performance share awards									0.4	0.3	0.4
Diluted									298.7	298.2	300.4
Net income (loss) per common share:
Basic	$ 0.92	$ 0.78	$ 1.04	$ 0.96	$ 0.79	$ 0.83	$ 0.76	$ 0.61	$ 3.70	$ 2.99	$ 2.60
Diluted	$ 0.91	$ 0.77	$ 1.03	$ 0.95	$ 0.78	$ 0.82	$ 0.75	$ 0.61	$ 3.65	$ 2.95	$ 2.58

Quarterly Results of Operations (Unaudited) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Results of Operations (Unaudited)
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	$ 10,477.6	$ 9,289.5	$ 9,215.1
Total expenses	2,590.8	2,090.5	2,199.2	2,102.2	2,362.7	1,919.3	1,945.0	1,938.5	8,982.7	8,165.5	8,255.1
Net income (loss)	280.3	252.8	319.2	324.1	250.4	259.1	236.6	190.0	1,176.4	936.1	825.4
Net income (loss) available to common stockholders	$ 270.4	$ 240.7	$ 306.3	$ 293.7	$ 233.4	$ 245.7	$ 222.3	$ 178.3	$ 1,111.1	$ 879.7	$ 773.6
Basic earnings per common share (in dollars per share)	$ 0.92	$ 0.78	$ 1.04	$ 0.96	$ 0.79	$ 0.83	$ 0.76	$ 0.61	$ 3.70	$ 2.99	$ 2.60
Diluted earnings per common share (in dollars per share)	$ 0.91	$ 0.77	$ 1.03	$ 0.95	$ 0.78	$ 0.82	$ 0.75	$ 0.61	$ 3.65	$ 2.95	$ 2.58

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Fixed maturities, available-for-sale	$ 49,670.8	$ 48,757.1
Fixed maturities, trading	604.6	563.1
Equity securities, available-for-sale	123.0	110.5
Equity securities, trading	840.2	716.9
Mortgage loans	11,811.6	11,533.6
Real estate	1,344.6	1,271.6
Policy loans	829.2	859.7
Investment in unconsolidated entities	815.8	880.0
Other investments	2,394.0	2,064.4
Cash and cash equivalents	1,863.9	2,371.8	$ 4,177.2	$ 2,833.9
Accrued investment income	505.9	532.1
Premiums due and other receivables	1,213.0	1,241.0
Deferred acquisition costs	2,993.0	3,077.0	2,590.0	2,358.1
Property and equipment	590.2	500.7
Goodwill	1,007.4	1,100.3	543.4
Other intangibles	1,323.5	1,459.0
Separate account assets	140,072.8	130,018.4
Other assets	1,083.5	1,134.2
Total assets	219,087.0	208,191.4
Liabilities
Contractholder funds	34,726.7	35,958.3
Future policy benefits and claims	24,036.6	22,626.2
Other policyholder funds	812.7	758.9
Short-term debt	28.0	150.6
Long-term debt	2,531.2	2,601.4
Income taxes currently payable	11.5	5.2
Deferred income taxes	1,035.3	824.0
Separate account liabilities	140,072.8	130,018.4
Other liabilities	5,542.2	5,224.2
Total liabilities	208,797.0	198,167.2
Redeemable noncontrolling interest	58.0	247.2	60.4	22.2
Stockholders' equity
Common stock	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income	50.4	183.2
Treasury stock, at cost	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Noncontrolling interest	48.0	92.8
Total stockholders' equity	10,232.0	9,777.0	9,703.4	9,306.2
Total liabilities and stockholders' equity	219,087.0	208,191.4
Principal Financial Group, Inc. Parent Only
Assets
Investment in unconsolidated entities	12,446.5	11,956.2
Other investments	9.5	9.3
Cash and cash equivalents	412.4	131.5	207.1	226.7
Other assets	450.7	59.2
Total assets	13,319.1	12,156.2
Liabilities
Long-term debt	2,448.9	2,448.8
Other liabilities	686.2	23.2
Total liabilities	3,135.1	2,472.0
Stockholders' equity
Common stock	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income	50.4	183.2
Treasury stock, at cost	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Total stockholders' equity	10,184.0	9,684.2
Total liabilities and stockholders' equity	13,319.1	12,156.2
Principal Life Insurance Company Only
Assets
Fixed maturities, available-for-sale	43,649.7	42,794.7
Fixed maturities, trading	298.5	245.5
Equity securities, available-for-sale	108.9	102.6
Equity securities, trading	0.3	0.3
Mortgage loans	10,972.6	10,501.5
Real estate	7.0	7.9
Policy loans	799.0	830.1
Investment in unconsolidated entities	2,787.9	3,396.8
Other investments	3,416.7	1,892.4
Cash and cash equivalents	602.7	1,332.2	1,698.4	1,344.5
Accrued investment income	449.2	474.5
Premiums due and other receivables	1,237.4	1,029.0
Deferred acquisition costs	2,754.6	2,848.8
Property and equipment	505.8	422.1
Goodwill	54.3	54.3
Other intangibles	25.7	26.9
Separate account assets	94,328.4	83,790.2
Other assets	873.2	976.9
Total assets	162,871.9	150,726.7
Liabilities
Contractholder funds	33,428.3	34,918.0
Future policy benefits and claims	19,768.1	18,292.9
Other policyholder funds	742.8	705.1
Long-term debt		99.4
Deferred income taxes	629.9	(25.0)
Separate account liabilities	94,328.4	83,790.2
Other liabilities	5,793.0	5,204.8
Total liabilities	154,690.5	142,985.4
Stockholders' equity
Common stock	2.5	2.5
Additional paid-in capital	5,275.0	5,505.0
Retained earnings (accumulated deficit)	1,817.2	1,738.1
Accumulated other comprehensive income	1,086.7	495.7
Total stockholders' equity attributable to Principal Financial Group, Inc.	8,181.4	7,741.3
Total stockholders' equity	8,181.4	7,741.3
Total liabilities and stockholders' equity	162,871.9	150,726.7
Principal Financial Services, Inc. and Other Subsidiaries Combined
Assets
Fixed maturities, available-for-sale	6,411.6	6,357.5
Fixed maturities, trading	306.1	317.6
Equity securities, available-for-sale	14.1	7.9
Equity securities, trading	839.9	716.6
Mortgage loans	1,188.6	1,345.9
Real estate	1,337.6	1,263.7
Policy loans	30.2	29.6
Investment in unconsolidated entities	5,745.7	4,891.6
Other investments	1,578.5	1,238.8
Cash and cash equivalents	1,253.6	894.5	2,286.9	1,277.6
Accrued investment income	58.1	59.0
Premiums due and other receivables	2,165.6	1,814.5
Deferred acquisition costs	238.4	228.2
Property and equipment	84.4	78.6
Goodwill	953.1	1,046.0
Other intangibles	1,297.8	1,432.1
Separate account assets	45,744.4	46,228.2
Other assets	2,768.6	2,115.3
Total assets	72,016.3	70,065.6
Liabilities
Contractholder funds	1,607.5	1,330.7
Future policy benefits and claims	4,718.2	4,625.0
Other policyholder funds	70.4	54.2
Short-term debt	28.0	150.6
Long-term debt	417.5	367.0
Income taxes currently payable	83.1	67.4
Deferred income taxes	1,022.5	1,030.1
Separate account liabilities	45,744.4	46,228.2
Other liabilities	5,845.5	3,911.8
Total liabilities	59,537.1	57,765.0
Redeemable noncontrolling interest	58.0	247.2
Stockholders' equity
Additional paid-in capital	8,964.2	9,163.7
Retained earnings (accumulated deficit)	2,858.6	2,578.2
Accumulated other comprehensive income	545.9	214.3
Total stockholders' equity attributable to Principal Financial Group, Inc.	12,368.7	11,956.2
Noncontrolling interest	52.5	97.2
Total stockholders' equity	12,421.2	12,053.4
Total liabilities and stockholders' equity	72,016.3	70,065.6
Eliminations, Notes Guarantor
Assets
Fixed maturities, available-for-sale	(390.5)	(395.1)
Mortgage loans	(349.6)	(313.8)
Investment in unconsolidated entities	(20,164.3)	(19,364.6)
Other investments	(2,610.7)	(1,076.1)
Cash and cash equivalents	(404.8)	13.6	(15.2)	(14.9)
Accrued investment income	(1.4)	(1.4)
Premiums due and other receivables	(2,190.0)	(1,602.5)
Other assets	(3,009.0)	(2,017.2)
Total assets	(29,120.3)	(24,757.1)
Liabilities
Contractholder funds	(309.1)	(290.4)
Future policy benefits and claims	(449.7)	(291.7)
Other policyholder funds	(0.5)	(0.4)
Long-term debt	(335.2)	(313.8)
Income taxes currently payable	(71.6)	(62.2)
Deferred income taxes	(617.1)	(181.1)
Other liabilities	(6,782.5)	(3,915.6)
Total liabilities	(8,565.7)	(5,055.2)
Stockholders' equity
Common stock	(2.5)	(2.5)
Additional paid-in capital	(14,239.2)	(14,668.7)
Retained earnings (accumulated deficit)	(4,675.8)	(4,316.3)
Accumulated other comprehensive income	(1,632.6)	(710.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	(20,550.1)	(19,697.5)
Noncontrolling interest	(4.5)	(4.4)
Total stockholders' equity	(20,554.6)	(19,701.9)
Total liabilities and stockholders' equity	(29,120.3)	(24,757.1)
Series A
Stockholders' equity
Preferred stock, value	0.0	0.0
Total stockholders' equity	0.0	0.0	0.0	0.0
Series B
Stockholders' equity
Preferred stock, value	0.1	0.1
Total stockholders' equity	0.1	0.1	$ 0.1	$ 0.1
Series B \| Principal Financial Group, Inc. Parent Only
Stockholders' equity
Preferred stock, value	$ 0.1	$ 0.1

Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Premiums and other considerations									$ 3,722.9	$ 3,154.1	$ 3,219.4
Fees and other revenues									3,482.1	3,222.2	2,626.7
Net investment income (loss)									3,257.9	3,138.4	3,254.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									92.7	(109.2)	232.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities									23.8	(91.5)	(135.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income									(101.8)	(24.5)	17.3
Net impairment losses on available-for-sale securities									(78.0)	(116.0)	(118.6)
Net realized capital gains (losses)									14.7	(225.2)	114.1
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	10,477.6	9,289.5	9,215.1
Expenses
Benefits, claims and settlement expenses									5,231.0	4,683.6	5,123.9
Dividends to policyholders									177.4	189.0	197.7
Operating expenses									3,574.3	3,292.9	2,933.5
Total expenses	2,590.8	2,090.5	2,199.2	2,102.2	2,362.7	1,919.3	1,945.0	1,938.5	8,982.7	8,165.5	8,255.1
Income (loss) before income taxes									1,494.9	1,124.0	960.0
Income taxes (benefits)									318.5	187.9	134.6
Net income (loss)	280.3	252.8	319.2	324.1	250.4	259.1	236.6	190.0	1,176.4	936.1	825.4
Net income (loss) attributable to noncontrolling interest									32.3	23.4	18.8
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders	270.4	240.7	306.3	293.7	233.4	245.7	222.3	178.3	1,111.1	879.7	773.6
Net income (loss)	$ 280.3	$ 252.8	$ 319.2	$ 324.1	$ 250.4	$ 259.1	$ 236.6	$ 190.0	1,176.4	936.1	825.4
Other comprehensive income (loss)									(144.1)	(471.9)	370.1
Comprehensive income (loss)									1,032.3	464.2	1,195.5
Principal Financial Group, Inc. Parent Only
Revenues
Fees and other revenues											0.5
Net investment income (loss)									0.5	0.4	3.0
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities										6.3	0.3
Net realized capital gains (losses)										6.3	0.3
Total revenues									0.5	6.7	3.8
Expenses
Operating expenses									144.3	140.5	170.2
Total expenses									144.3	140.5	170.2
Income (loss) before income taxes									(143.8)	(133.8)	(166.4)
Income taxes (benefits)									(86.3)	(54.0)	(67.6)
Equity in the net income (loss) of subsidiaries									1,201.6	992.5	905.4
Net income (loss)									1,144.1	912.7	806.6
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders									1,111.1	879.7	773.6
Net income (loss)									1,144.1	912.7	806.6
Other comprehensive income (loss)									(198.8)	(450.1)	321.2
Comprehensive income (loss)									945.3	462.6	1,127.8
Principal Life Insurance Company Only
Revenues
Premiums and other considerations									3,329.2	2,788.1	2,878.9
Fees and other revenues									1,892.5	1,723.8	1,529.7
Net investment income (loss)									2,288.3	2,354.5	2,484.5
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									1,117.6	(779.5)	(194.8)
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities									33.0	(85.6)	(121.1)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income									(102.1)	(17.0)	13.8
Net impairment losses on available-for-sale securities									(69.1)	(102.6)	(107.3)
Net realized capital gains (losses)									1,048.5	(882.1)	(302.1)
Total revenues									8,558.5	5,984.3	6,591.0
Expenses
Benefits, claims and settlement expenses									4,521.2	4,056.6	4,517.8
Dividends to policyholders									177.4	189.0	197.7
Operating expenses									2,168.8	1,887.7	1,764.2
Total expenses									6,867.4	6,133.3	6,479.7
Income (loss) before income taxes									1,691.1	(149.0)	111.3
Income taxes (benefits)									426.8	(167.5)	(83.2)
Equity in the net income (loss) of subsidiaries									(306.8)	678.1	480.4
Net income (loss)									957.5	696.6	674.9
Net income (loss) attributable to Principal Financial Group, Inc.									957.5	696.6	674.9
Net income (loss) available to common stockholders									957.5	696.6	674.9
Net income (loss)									957.5	696.6	674.9
Other comprehensive income (loss)									367.7	(146.6)	315.2
Comprehensive income (loss)									1,325.2	550.0	990.1
Principal Financial Services, Inc. and Other Subsidiaries Combined
Revenues
Premiums and other considerations									393.7	366.0	340.5
Fees and other revenues									1,981.3	1,855.0	1,404.1
Net investment income (loss)									1,738.2	753.8	743.1
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									(1,024.9)	663.9	454.8
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities									(9.2)	(5.9)	(14.8)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income									0.3	(7.5)	3.5
Net impairment losses on available-for-sale securities									(8.9)	(13.4)	(11.3)
Net realized capital gains (losses)									(1,033.8)	650.5	443.5
Total revenues									3,079.4	3,625.3	2,931.2
Expenses
Benefits, claims and settlement expenses									721.3	639.2	618.5
Operating expenses									1,589.3	1,567.5	1,265.0
Total expenses									2,310.6	2,206.7	1,883.5
Income (loss) before income taxes									768.8	1,418.6	1,047.7
Income taxes (benefits)									(19.8)	412.6	287.1
Equity in the net income (loss) of subsidiaries									449.6	10.1	163.9
Net income (loss)									1,238.2	1,016.1	924.5
Net income (loss) attributable to noncontrolling interest									32.3	23.6	19.1
Net income (loss) attributable to Principal Financial Group, Inc.									1,205.9	992.5	905.4
Net income (loss) available to common stockholders									1,205.9	992.5	905.4
Net income (loss)									1,238.2	1,016.1	924.5
Other comprehensive income (loss)									180.3	(300.1)	95.1
Comprehensive income (loss)									1,418.5	716.0	1,019.6
Eliminations, Notes Guarantor
Revenues
Fees and other revenues									(391.7)	(356.6)	(307.6)
Net investment income (loss)									(769.1)	29.7	24.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities										0.1	(27.6)
Net realized capital gains (losses)										0.1	(27.6)
Total revenues									(1,160.8)	(326.8)	(310.9)
Expenses
Benefits, claims and settlement expenses									(11.5)	(12.2)	(12.4)
Operating expenses									(328.1)	(302.8)	(265.9)
Total expenses									(339.6)	(315.0)	(278.3)
Income (loss) before income taxes									(821.2)	(11.8)	(32.6)
Income taxes (benefits)									(2.2)	(3.2)	(1.7)
Equity in the net income (loss) of subsidiaries									(1,344.4)	(1,680.7)	(1,549.7)
Net income (loss)									(2,163.4)	(1,689.3)	(1,580.6)
Net income (loss) attributable to noncontrolling interest										(0.2)	(0.3)
Net income (loss) attributable to Principal Financial Group, Inc.									(2,163.4)	(1,689.1)	(1,580.3)
Net income (loss) available to common stockholders									(2,163.4)	(1,689.1)	(1,580.3)
Net income (loss)									(2,163.4)	(1,689.3)	(1,580.6)
Other comprehensive income (loss)									(493.3)	424.9	(361.4)
Comprehensive income (loss)									$ (2,656.7)	$ (1,264.4)	$ (1,942.0)

Condensed Consolidating Financial Information (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net cash provided by (used in) operating activities	$ 3,102.9	$ 2,221.2	$ 3,080.8
Investing activities
Available-for-sale securities: Purchases	(9,054.0)	(9,025.2)	(8,263.9)
Available-for-sale securities: Sales	2,512.0	1,919.1	1,303.7
Available-for-sale securities: Maturities	6,244.7	7,359.2	6,647.5
Mortgage loans acquired or originated	(2,169.6)	(2,192.9)	(2,538.4)
Mortgage loans sold or repaid	1,793.6	2,095.1	1,668.0
Real estate acquired	(281.7)	(85.6)	(151.8)
Net (purchases) sales of property and equipment	(136.0)	(59.4)	(38.9)
Purchases of interest in subsidiaries, net of cash acquired		(1,268.3)	(80.4)
Net change in other investments	(81.7)	31.7	(157.1)
Net cash provided by (used in) investing activities	(1,172.7)	(1,226.3)	(1,611.3)
Financing activities
Issuance of common stock	77.5	125.8	28.9
Acquisition of treasury stock	(222.7)	(153.6)	(272.7)
Proceeds from financing element derivatives	15.1	47.0	51.8
Payments for financing element derivatives	(58.0)	(48.0)	(49.9)
Excess tax benefits from share-based payment arrangements	9.7	10.1	10.8
Purchase of subsidiary shares from noncontrolling interest	(227.0)	(52.9)
Sale of subsidiary shares to noncontrolling interest		31.8
Dividends to common stockholders	(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders	(33.0)	(33.0)	(33.0)
Issuance of long-term debt	38.5	38.2	1,493.4
Principal repayments of long-term debt	(100.3)	(218.2)	(450.6)
Net proceeds from (repayments of) short-term borrowings	(118.3)	108.0	(68.8)
Investment contract deposits	5,638.4	6,716.3	6,900.4
Investment contract withdrawals	(7,099.2)	(8,852.7)	(7,522.6)
Net increase (decrease) in banking operation deposits	30.7	(225.7)	32.0
Other	(12.9)	(5.0)	(14.6)
Net cash provided by (used in) financing activities	(2,438.1)	(2,800.3)	(126.2)
Net increase (decrease) in cash and cash equivalents	(507.9)	(1,805.4)	1,343.3
Cash and cash equivalents at beginning of period	2,371.8	4,177.2	2,833.9
Cash and cash equivalents at end of period	1,863.9	2,371.8	4,177.2
Principal Financial Group, Inc. Parent Only
Operating activities
Net cash provided by (used in) operating activities	(81.6)	(42.8)	204.8
Investing activities
Dividends and returns of capital received from (contributions to) unconsolidated entities	917.7	319.5	(759.2)
Net change in other investments	(0.7)	(3.1)	(0.2)
Net cash provided by (used in) investing activities	917.0	316.4	(759.4)
Financing activities
Issuance of common stock	77.5	125.8	28.9
Acquisition of treasury stock	(222.7)	(153.6)	(272.7)
Excess tax benefits from share-based payment arrangements	0.3
Dividends to common stockholders	(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders	(33.0)	(33.0)	(33.0)
Issuance of long-term debt			1,483.9
Principal repayments of long-term debt			(440.8)
Net cash provided by (used in) financing activities	(554.5)	(349.2)	535.0
Net increase (decrease) in cash and cash equivalents	280.9	(75.6)	(19.6)
Cash and cash equivalents at beginning of period	131.5	207.1	226.7
Cash and cash equivalents at end of period	412.4	131.5	207.1
Principal Life Insurance Company Only
Operating activities
Net cash provided by (used in) operating activities	2,461.0	2,271.7	3,133.8
Investing activities
Available-for-sale securities: Purchases	(8,038.3)	(7,850.8)	(7,254.5)
Available-for-sale securities: Sales	2,066.1	1,536.0	1,183.9
Available-for-sale securities: Maturities	5,696.6	6,433.3	5,805.7
Mortgage loans acquired or originated	(2,141.0)	(2,378.4)	(2,224.8)
Mortgage loans sold or repaid	1,658.3	1,918.0	1,422.2
Real estate acquired	(0.8)
Net (purchases) sales of property and equipment	(115.1)	(52.4)	(22.2)
Dividends and returns of capital received from (contributions to) unconsolidated entities	255.2	444.2	299.2
Net change in other investments	175.7	56.1	(148.4)
Net cash provided by (used in) investing activities	(443.3)	106.0	(938.9)
Financing activities
Proceeds from financing element derivatives	15.1	47.0	51.8
Payments for financing element derivatives	(58.0)	(48.0)	(49.9)
Excess tax benefits from share-based payment arrangements	4.2	3.1	5.1
Principal repayments of long-term debt	(100.0)
Capital received from (dividends and capital paid to) parent	(867.7)	(249.5)	(714.8)
Investment contract deposits	5,349.1	6,355.1	6,401.2
Investment contract withdrawals	(7,088.8)	(8,846.6)	(7,519.8)
Other	(1.1)	(5.0)	(14.6)
Net cash provided by (used in) financing activities	(2,747.2)	(2,743.9)	(1,841.0)
Net increase (decrease) in cash and cash equivalents	(729.5)	(366.2)	353.9
Cash and cash equivalents at beginning of period	1,332.2	1,698.4	1,344.5
Cash and cash equivalents at end of period	602.7	1,332.2	1,698.4
Principal Financial Services, Inc. and Other Subsidiaries Combined
Operating activities
Net cash provided by (used in) operating activities	1,205.0	(170.1)	(382.5)
Investing activities
Available-for-sale securities: Purchases	(1,025.9)	(1,186.1)	(1,024.9)
Available-for-sale securities: Sales	445.9	434.0	134.8
Available-for-sale securities: Maturities	548.1	925.9	841.8
Mortgage loans acquired or originated	(188.6)	(202.2)	(250.4)
Mortgage loans sold or repaid	254.8	634.3	382.3
Real estate acquired	(280.9)	(85.6)	(151.8)
Net (purchases) sales of property and equipment	(20.9)	(7.0)	(16.7)
Purchases of interest in subsidiaries, net of cash acquired		(1,268.3)	(80.4)
Dividends and returns of capital received from (contributions to) unconsolidated entities	867.7	319.5	714.8
Net change in other investments	(290.7)	(70.2)	(1.6)
Net cash provided by (used in) investing activities	309.5	(505.7)	547.9
Financing activities
Excess tax benefits from share-based payment arrangements	5.2	7.0	5.7
Purchase of subsidiary shares from noncontrolling interest	(227.5)	(52.9)
Sale of subsidiary shares to noncontrolling interest	0.5	31.8
Issuance of long-term debt	140.9	38.2	9.5
Principal repayments of long-term debt	(81.1)	(214.4)	(90.9)
Net proceeds from (repayments of) short-term borrowings	(118.3)	108.0	(68.8)
Capital received from (dividends and capital paid to) parent	(1,172.9)	(763.7)	460.0
Investment contract deposits	289.3	361.2	499.2
Investment contract withdrawals	(10.4)	(6.1)	(2.8)
Net increase (decrease) in banking operation deposits	30.7	(225.7)	32.0
Other	(11.8)
Net cash provided by (used in) financing activities	(1,155.4)	(716.6)	843.9
Net increase (decrease) in cash and cash equivalents	359.1	(1,392.4)	1,009.3
Cash and cash equivalents at beginning of period	894.5	2,286.9	1,277.6
Cash and cash equivalents at end of period	1,253.6	894.5	2,286.9
Eliminations, Notes Guarantor
Operating activities
Net cash provided by (used in) operating activities	(481.5)	162.4	124.7
Investing activities
Available-for-sale securities: Purchases	10.2	11.7	15.5
Available-for-sale securities: Sales		(50.9)	(15.0)
Mortgage loans acquired or originated	160.0	387.7	(63.2)
Mortgage loans sold or repaid	(119.5)	(457.2)	(136.5)
Dividends and returns of capital received from (contributions to) unconsolidated entities	(2,040.6)	(1,083.2)	(254.8)
Net change in other investments	34.0	48.9	(6.9)
Net cash provided by (used in) investing activities	(1,955.9)	(1,143.0)	(460.9)
Financing activities
Purchase of subsidiary shares from noncontrolling interest	0.5
Sale of subsidiary shares to noncontrolling interest	(0.5)
Issuance of long-term debt	(102.4)
Principal repayments of long-term debt	80.8	(3.8)	81.1
Capital received from (dividends and capital paid to) parent	2,040.6	1,013.2	254.8
Net cash provided by (used in) financing activities	2,019.0	1,009.4	335.9
Net increase (decrease) in cash and cash equivalents	(418.4)	28.8	(0.3)
Cash and cash equivalents at beginning of period	13.6	(15.2)	(14.9)
Cash and cash equivalents at end of period	$ (404.8)	$ 13.6	$ (15.2)

Condensed Consolidating Financial Information (Details 4) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Fixed maturities, available-for-sale	$ 49,670.8	$ 48,757.1
Fixed maturities, trading	604.6	563.1
Equity securities, available-for-sale	123.0	110.5
Equity securities, trading	840.2	716.9
Mortgage loans	11,811.6	11,533.6
Real estate	1,344.6	1,271.6
Policy loans	829.2	859.7
Investment in unconsolidated entities	815.8	880.0
Other investments	2,394.0	2,064.4
Cash and cash equivalents	1,863.9	2,371.8	$ 4,177.2	$ 2,833.9
Accrued investment income	505.9	532.1
Premiums due and other receivables	1,213.0	1,241.0
Deferred acquisition costs	2,993.0	3,077.0	2,590.0	2,358.1
Property and equipment	590.2	500.7
Goodwill	1,007.4	1,100.3	543.4
Other intangibles	1,323.5	1,459.0
Separate account assets	140,072.8	130,018.4
Other assets	1,083.5	1,134.2
Total assets	219,087.0	208,191.4
Liabilities
Contractholder funds	34,726.7	35,958.3
Future policy benefits and claims	24,036.6	22,626.2
Other policyholder funds	812.7	758.9
Short-term debt	28.0	150.6
Long-term debt	2,531.2	2,601.4
Income taxes currently payable	11.5	5.2
Deferred income taxes	1,035.3	824.0
Separate account liabilities	140,072.8	130,018.4
Other liabilities	5,542.2	5,224.2
Total liabilities	208,797.0	198,167.2
Redeemable noncontrolling interest	58.0	247.2	60.4	22.2
Stockholders' equity
Common stock	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income	50.4	183.2
Treasury stock, at cost	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Noncontrolling interest	48.0	92.8
Total stockholders' equity	10,232.0	9,777.0	9,703.4	9,306.2
Total liabilities and stockholders' equity	219,087.0	208,191.4
Principal Financial Group, Inc. Parent Only
Assets
Investment in unconsolidated entities	12,446.5	11,956.2
Other investments	9.5	9.3
Cash and cash equivalents	412.4	131.5	207.1	226.7
Other assets	450.7	59.2
Total assets	13,319.1	12,156.2
Liabilities
Long-term debt	2,448.9	2,448.8
Other liabilities	686.2	23.2
Total liabilities	3,135.1	2,472.0
Stockholders' equity
Common stock	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income	50.4	183.2
Treasury stock, at cost	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Total stockholders' equity	10,184.0	9,684.2
Total liabilities and stockholders' equity	13,319.1	12,156.2
Principal Financial Services, Inc. Only
Assets
Investment in unconsolidated entities	12,042.5	11,647.6
Other investments	128.2	72.7
Cash and cash equivalents	907.2	688.7	612.5	702.4
Premiums due and other receivables	0.3	0.1
Other assets	167.6	94.8
Total assets	13,245.8	12,503.9
Liabilities
Income taxes currently payable	4.3	2.8
Other liabilities	872.8	544.9
Total liabilities	877.1	547.7
Stockholders' equity
Additional paid-in capital	8,964.2	9,163.7
Retained earnings (accumulated deficit)	2,858.6	2,578.2
Accumulated other comprehensive income	545.9	214.3
Total stockholders' equity attributable to Principal Financial Group, Inc.	12,368.7	11,956.2
Total stockholders' equity	12,368.7	11,956.2
Total liabilities and stockholders' equity	13,245.8	12,503.9
Principal Life Insurance Company and Other Subsidiaries Combined
Assets
Fixed maturities, available-for-sale	49,670.8	48,757.1
Fixed maturities, trading	604.6	563.1
Equity securities, available-for-sale	123.0	110.5
Equity securities, trading	840.2	716.9
Mortgage loans	11,811.6	11,533.6
Real estate	1,344.6	1,271.6
Policy loans	829.2	859.7
Investment in unconsolidated entities	781.9	879.8
Other investments	2,256.3	1,982.5
Cash and cash equivalents	1,598.0	2,384.0	4,241.3	2,787.9
Accrued investment income	505.9	532.1
Premiums due and other receivables	1,211.8	2,330.4
Deferred acquisition costs	2,993.0	3,077.0
Property and equipment	590.2	500.7
Goodwill	1,007.4	1,100.3
Other intangibles	1,323.5	1,459.0
Separate account assets	140,072.8	130,018.4
Other assets	1,117.7	1,181.0
Total assets	218,682.5	209,257.7
Liabilities
Contractholder funds	34,726.7	35,958.3
Future policy benefits and claims	24,036.6	22,626.2
Other policyholder funds	812.7	758.9
Short-term debt	182.5	443.0
Long-term debt	82.3	1,236.9
Income taxes currently payable	54.1	44.7
Deferred income taxes	1,626.1	979.6
Separate account liabilities	140,072.8	130,018.4
Other liabilities	4,862.4	5,204.1
Total liabilities	206,456.2	197,270.1
Redeemable noncontrolling interest	58.0	247.2
Stockholders' equity
Common stock	17.8	17.8
Additional paid-in capital	9,341.0	9,057.1
Retained earnings (accumulated deficit)	2,283.2	2,387.2
Accumulated other comprehensive income	480.3	187.5
Treasury stock, at cost	(2.0)	(2.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	12,120.3	11,647.6
Noncontrolling interest	48.0	92.8
Total stockholders' equity	12,168.3	11,740.4
Total liabilities and stockholders' equity	218,682.5	209,257.7
Eliminations, Shelf Registration Debt Guarantor
Assets
Investment in unconsolidated entities	(24,455.1)	(23,603.6)
Other investments		(0.1)
Cash and cash equivalents	(1,053.7)	(832.4)	(883.7)	(883.1)
Premiums due and other receivables	0.9	(1,089.5)
Other assets	(652.5)	(200.8)
Total assets	(26,160.4)	(25,726.4)
Liabilities
Short-term debt	(154.5)	(292.4)
Long-term debt		(1,084.3)
Income taxes currently payable	(46.9)	(42.3)
Deferred income taxes	(590.8)	(155.6)
Other liabilities	(879.2)	(548.0)
Total liabilities	(1,671.4)	(2,122.6)
Stockholders' equity
Common stock	(17.8)	(17.8)
Additional paid-in capital	(18,305.2)	(18,220.8)
Retained earnings (accumulated deficit)	(5,141.8)	(4,965.4)
Accumulated other comprehensive income	(1,026.2)	(401.8)
Treasury stock, at cost	2.0	2.0
Total stockholders' equity attributable to Principal Financial Group, Inc.	(24,489.0)	(23,603.8)
Total stockholders' equity	(24,489.0)	(23,603.8)
Total liabilities and stockholders' equity	(26,160.4)	(25,726.4)
Series A
Stockholders' equity
Preferred stock, value	0.0	0.0
Total stockholders' equity	0.0	0.0	0.0	0.0
Series B
Stockholders' equity
Preferred stock, value	0.1	0.1
Total stockholders' equity	0.1	0.1	$ 0.1	$ 0.1
Series B \| Principal Financial Group, Inc. Parent Only
Stockholders' equity
Preferred stock, value	$ 0.1	$ 0.1

Condensed Consolidating Financial Information (Details 5) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Premiums and other considerations									$ 3,722.9	$ 3,154.1	$ 3,219.4
Fees and other revenues									3,482.1	3,222.2	2,626.7
Net investment income (loss)									3,257.9	3,138.4	3,254.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									92.7	(109.2)	232.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities									23.8	(91.5)	(135.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income									(101.8)	(24.5)	17.3
Net impairment losses on available-for-sale securities									(78.0)	(116.0)	(118.6)
Net realized capital gains (losses)									14.7	(225.2)	114.1
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	10,477.6	9,289.5	9,215.1
Expenses
Benefits, claims and settlement expenses									5,231.0	4,683.6	5,123.9
Dividends to policyholders									177.4	189.0	197.7
Operating expenses									3,574.3	3,292.9	2,933.5
Total expenses	2,590.8	2,090.5	2,199.2	2,102.2	2,362.7	1,919.3	1,945.0	1,938.5	8,982.7	8,165.5	8,255.1
Income (loss) before income taxes									1,494.9	1,124.0	960.0
Income taxes (benefits)									318.5	187.9	134.6
Net income (loss)	280.3	252.8	319.2	324.1	250.4	259.1	236.6	190.0	1,176.4	936.1	825.4
Net income (loss) attributable to noncontrolling interest									32.3	23.4	18.8
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders	270.4	240.7	306.3	293.7	233.4	245.7	222.3	178.3	1,111.1	879.7	773.6
Net income (loss)	$ 280.3	$ 252.8	$ 319.2	$ 324.1	$ 250.4	$ 259.1	$ 236.6	$ 190.0	1,176.4	936.1	825.4
Other comprehensive income (loss)									(144.1)	(471.9)	370.1
Comprehensive income (loss)									1,032.3	464.2	1,195.5
Principal Financial Group, Inc. Parent Only
Revenues
Fees and other revenues											0.5
Net investment income (loss)									0.5	0.4	3.0
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities										6.3	0.3
Net realized capital gains (losses)										6.3	0.3
Total revenues									0.5	6.7	3.8
Expenses
Operating expenses									144.3	140.5	170.2
Total expenses									144.3	140.5	170.2
Income (loss) before income taxes									(143.8)	(133.8)	(166.4)
Income taxes (benefits)									(86.3)	(54.0)	(67.6)
Equity in the net income (loss) of subsidiaries									1,201.6	992.5	905.4
Net income (loss)									1,144.1	912.7	806.6
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders									1,111.1	879.7	773.6
Net income (loss)									1,144.1	912.7	806.6
Other comprehensive income (loss)									(198.8)	(450.1)	321.2
Comprehensive income (loss)									945.3	462.6	1,127.8
Principal Financial Services, Inc. Only
Revenues
Fees and other revenues									0.3	1.0
Net investment income (loss)									0.7	1.3	0.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									3.8	4.6	3.0
Net realized capital gains (losses)									3.8	4.6	3.0
Total revenues									4.8	6.9	3.4
Expenses
Operating expenses									12.2	9.0	9.3
Total expenses									12.2	9.0	9.3
Income (loss) before income taxes									(7.4)	(2.1)	(5.9)
Income taxes (benefits)									(8.5)	(2.9)	(6.9)
Equity in the net income (loss) of subsidiaries									1,204.8	991.7	904.4
Net income (loss)									1,205.9	992.5	905.4
Net income (loss) attributable to Principal Financial Group, Inc.									1,205.9	992.5	905.4
Net income (loss) available to common stockholders									1,205.9	992.5	905.4
Net income (loss)									1,205.9	992.5	905.4
Other comprehensive income (loss)									101.3	(476.4)	366.3
Comprehensive income (loss)									1,307.2	516.1	1,271.7
Principal Life Insurance Company and Other Subsidiaries Combined
Revenues
Premiums and other considerations									3,722.9	3,154.1	3,219.4
Fees and other revenues									3,482.4	3,250.2	2,627.3
Net investment income (loss)									3,256.8	3,136.5	3,250.8
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									93.0	(120.1)	229.6
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities									23.8	(91.5)	(135.9)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income									(101.8)	(24.5)	17.3
Net impairment losses on available-for-sale securities									(78.0)	(116.0)	(118.6)
Net realized capital gains (losses)									15.0	(236.1)	111.0
Total revenues									10,477.1	9,304.7	9,208.5
Expenses
Benefits, claims and settlement expenses									5,231.0	4,683.6	5,123.9
Dividends to policyholders									177.4	189.0	197.7
Operating expenses									3,418.3	3,172.2	2,754.6
Total expenses									8,826.7	8,044.8	8,076.2
Income (loss) before income taxes									1,650.4	1,259.9	1,132.3
Income taxes (benefits)									413.3	244.8	209.1
Net income (loss)									1,237.1	1,015.1	923.2
Net income (loss) attributable to noncontrolling interest									32.3	23.4	18.8
Net income (loss) attributable to Principal Financial Group, Inc.									1,204.8	991.7	904.4
Net income (loss) available to common stockholders									1,204.8	991.7	904.4
Net income (loss)									1,237.1	1,015.1	923.2
Other comprehensive income (loss)									64.4	(489.3)	353.7
Comprehensive income (loss)									1,301.5	525.8	1,276.9
Eliminations, Shelf Registration Debt Guarantor
Revenues
Fees and other revenues									(0.6)	(29.0)	(1.1)
Net investment income (loss)									(0.1)	0.2	0.7
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities									(4.1)		(0.2)
Net realized capital gains (losses)									(4.1)		(0.2)
Total revenues									(4.8)	(28.8)	(0.6)
Expenses
Operating expenses									(0.5)	(28.8)	(0.6)
Total expenses									(0.5)	(28.8)	(0.6)
Income (loss) before income taxes									(4.3)
Equity in the net income (loss) of subsidiaries									(2,406.4)	(1,984.2)	(1,809.8)
Net income (loss)									(2,410.7)	(1,984.2)	(1,809.8)
Net income (loss) attributable to Principal Financial Group, Inc.									(2,410.7)	(1,984.2)	(1,809.8)
Net income (loss) available to common stockholders									(2,410.7)	(1,984.2)	(1,809.8)
Net income (loss)									(2,410.7)	(1,984.2)	(1,809.8)
Other comprehensive income (loss)									(111.0)	943.9	(671.1)
Comprehensive income (loss)									$ (2,521.7)	$ (1,040.3)	$ (2,480.9)

Condensed Consolidating Financial Information (Details 6) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net cash provided by (used in) operating activities	$ 3,102.9	$ 2,221.2	$ 3,080.8
Investing activities
Available-for-sale securities: Purchases	(9,054.0)	(9,025.2)	(8,263.9)
Available-for-sale securities: Sales	2,512.0	1,919.1	1,303.7
Available-for-sale securities: Maturities	6,244.7	7,359.2	6,647.5
Mortgage loans acquired or originated	(2,169.6)	(2,192.9)	(2,538.4)
Mortgage loans sold or repaid	1,793.6	2,095.1	1,668.0
Real estate acquired	(281.7)	(85.6)	(151.8)
Net (purchases) sales of property and equipment	(136.0)	(59.4)	(38.9)
Purchases of interest in subsidiaries, net of cash acquired		(1,268.3)	(80.4)
Net change in other investments	(81.7)	31.7	(157.1)
Net cash provided by (used in) investing activities	(1,172.7)	(1,226.3)	(1,611.3)
Financing activities
Issuance of common stock	77.5	125.8	28.9
Acquisition of treasury stock	(222.7)	(153.6)	(272.7)
Proceeds from financing element derivatives	15.1	47.0	51.8
Payments for financing element derivatives	(58.0)	(48.0)	(49.9)
Excess tax benefits from share-based payment arrangements	9.7	10.1	10.8
Purchase of subsidiary shares from noncontrolling interest	(227.0)	(52.9)
Sale of subsidiary shares to noncontrolling interest		31.8
Dividends to common stockholders	(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders	(33.0)	(33.0)	(33.0)
Issuance of long-term debt	38.5	38.2	1,493.4
Principal repayments of long-term debt	(100.3)	(218.2)	(450.6)
Net proceeds from (repayments of) short-term borrowings	(118.3)	108.0	(68.8)
Investment contract deposits	5,638.4	6,716.3	6,900.4
Investment contract withdrawals	(7,099.2)	(8,852.7)	(7,522.6)
Net increase (decrease) in banking operation deposits	30.7	(225.7)	32.0
Other	(12.9)	(5.0)	(14.6)
Net cash provided by (used in) financing activities	(2,438.1)	(2,800.3)	(126.2)
Net increase (decrease) in cash and cash equivalents	(507.9)	(1,805.4)	1,343.3
Cash and cash equivalents at beginning of period	2,371.8	4,177.2	2,833.9
Cash and cash equivalents at end of period	1,863.9	2,371.8	4,177.2
Principal Financial Group, Inc. Parent Only
Operating activities
Net cash provided by (used in) operating activities	(81.6)	(42.8)	204.8
Investing activities
Dividends and returns of capital received from (contributions to) unconsolidated entities	917.7	319.5	(759.2)
Net change in other investments	(0.7)	(3.1)	(0.2)
Net cash provided by (used in) investing activities	917.0	316.4	(759.4)
Financing activities
Issuance of common stock	77.5	125.8	28.9
Acquisition of treasury stock	(222.7)	(153.6)	(272.7)
Excess tax benefits from share-based payment arrangements	0.3
Dividends to common stockholders	(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders	(33.0)	(33.0)	(33.0)
Issuance of long-term debt			1,483.9
Principal repayments of long-term debt			(440.8)
Net cash provided by (used in) financing activities	(554.5)	(349.2)	535.0
Net increase (decrease) in cash and cash equivalents	280.9	(75.6)	(19.6)
Cash and cash equivalents at beginning of period	131.5	207.1	226.7
Cash and cash equivalents at end of period	412.4	131.5	207.1
Principal Financial Services, Inc. Only
Operating activities
Net cash provided by (used in) operating activities	(16.6)	1,019.0	(1,145.0)
Investing activities
Dividends and returns of capital received from (contributions to) unconsolidated entities	1,133.8	(594.6)	381.0
Net change in other investments	19.0	(28.7)	(35.1)
Net cash provided by (used in) investing activities	1,152.8	(623.3)	345.9
Financing activities
Net proceeds from (repayments of) short-term borrowings			(50.0)
Capital received from (dividends and capital paid to) parent	(917.7)	(319.5)	759.2
Net cash provided by (used in) financing activities	(917.7)	(319.5)	709.2
Net increase (decrease) in cash and cash equivalents	218.5	76.2	(89.9)
Cash and cash equivalents at beginning of period	688.7	612.5	702.4
Cash and cash equivalents at end of period	907.2	688.7	612.5
Principal Life Insurance Company and Other Subsidiaries Combined
Operating activities
Net cash provided by (used in) operating activities	3,456.7	2,340.2	1,762.0
Investing activities
Available-for-sale securities: Purchases	(9,054.0)	(9,025.2)	(8,263.9)
Available-for-sale securities: Sales	2,512.0	1,919.1	1,303.7
Available-for-sale securities: Maturities	6,244.7	7,359.2	6,647.5
Mortgage loans acquired or originated	(2,169.6)	(2,192.9)	(2,538.4)
Mortgage loans sold or repaid	1,793.6	2,095.1	1,668.0
Real estate acquired	(281.7)	(85.6)	(151.8)
Net (purchases) sales of property and equipment	(136.0)	(59.4)	(38.9)
Purchases of interest in subsidiaries, net of cash acquired		(1,268.3)	(80.4)
Net change in other investments	3.6	63.5	(121.8)
Net cash provided by (used in) investing activities	(1,087.4)	(1,194.5)	(1,576.0)
Financing activities
Proceeds from financing element derivatives	15.1	47.0	51.8
Payments for financing element derivatives	(58.0)	(48.0)	(49.9)
Excess tax benefits from share-based payment arrangements	9.4	10.1	10.8
Purchase of subsidiary shares from noncontrolling interest	(227.0)	(52.9)
Sale of subsidiary shares to noncontrolling interest		31.8
Issuance of long-term debt	38.5	1,122.5	9.5
Principal repayments of long-term debt	(100.3)	(218.2)	(9.8)
Net proceeds from (repayments of) short-term borrowings	(256.2)	(2,122.8)	2,240.8
Capital received from (dividends and capital paid to) parent	(1,133.8)	594.6	(381.0)
Investment contract deposits	5,638.4	6,716.3	6,900.4
Investment contract withdrawals	(7,099.2)	(8,852.7)	(7,522.6)
Net increase (decrease) in banking operation deposits	30.7	(225.7)	32.0
Other	(12.9)	(5.0)	(14.6)
Net cash provided by (used in) financing activities	(3,155.3)	(3,003.0)	1,267.4
Net increase (decrease) in cash and cash equivalents	(786.0)	(1,857.3)	1,453.4
Cash and cash equivalents at beginning of period	2,384.0	4,241.3	2,787.9
Cash and cash equivalents at end of period	1,598.0	2,384.0	4,241.3
Eliminations, Shelf Registration Debt Guarantor
Operating activities
Net cash provided by (used in) operating activities	(255.6)	(1,095.2)	2,259.0
Investing activities
Dividends and returns of capital received from (contributions to) unconsolidated entities	(2,051.5)	275.1	378.2
Net change in other investments	(103.6)
Net cash provided by (used in) investing activities	(2,155.1)	275.1	378.2
Financing activities
Issuance of long-term debt		(1,084.3)
Net proceeds from (repayments of) short-term borrowings	137.9	2,230.8	(2,259.6)
Capital received from (dividends and capital paid to) parent	2,051.5	(275.1)	(378.2)
Net cash provided by (used in) financing activities	2,189.4	871.4	(2,637.8)
Net increase (decrease) in cash and cash equivalents	(221.3)	51.3	(0.6)
Cash and cash equivalents at beginning of period	(832.4)	(883.7)	(883.1)
Cash and cash equivalents at end of period	$ (1,053.7)	$ (832.4)	$ (883.7)

Subsequent Event (Details) $ in Millions	3 Months Ended
Subsequent Event (Details) $ in Millions	Mar. 31, 2015 USD ($)
Subsequent Event
Subsequent Event
Benefit in net income for change in deferred tax balances	$ 125.0

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2014 USD ($)
Summary of Investments - Other Than Investments in Related Parties
Cost	$ 65,548.4
Amount as shown in the Consolidated Statement of Financial Position	68,433.8
Fixed maturities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	46,719.5
Value	49,670.8
Amount as shown in the Consolidated Statement of Financial Position	49,670.8
Fixed maturities \| Trading
Summary of Investments - Other Than Investments in Related Parties
Cost	604.6
Value	604.6
Amount as shown in the Consolidated Statement of Financial Position	604.6
U.S. government and agencies \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	1,085.6
Value	1,121.8
Amount as shown in the Consolidated Statement of Financial Position	1,121.8
States and political subdivisions \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3,916.8
Value	4,204.0
Amount as shown in the Consolidated Statement of Financial Position	4,204.0
Non-U.S. governments \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	704.4
Value	891.1
Amount as shown in the Consolidated Statement of Financial Position	891.1
Public utilities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3,693.5
Value	3,440.0
Amount as shown in the Consolidated Statement of Financial Position	3,440.0
Convertibles and bonds with warrants attached
Summary of Investments - Other Than Investments in Related Parties
Cost	45.5
Redeemable preferred stock \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	48.3
Value	53.0
Amount as shown in the Consolidated Statement of Financial Position	53.0
All other corporate bonds \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	25,521.0
Value	28,042.0
Amount as shown in the Consolidated Statement of Financial Position	28,042.0
Residential mortgage-backed pass-through securities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	2,702.9
Value	2,822.9
Amount as shown in the Consolidated Statement of Financial Position	2,822.9
Commercial mortgage-backed securities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3,896.9
Value	3,975.5
Amount as shown in the Consolidated Statement of Financial Position	3,975.5
Collateralized debt obligations \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	521.2
Value	504.1
Amount as shown in the Consolidated Statement of Financial Position	504.1
Other debt obligations \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	4,583.4
Value	4,616.4
Amount as shown in the Consolidated Statement of Financial Position	4,616.4
Equity securities \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	125.1
Value	123.0
Amount as shown in the Consolidated Statement of Financial Position	123.0
Equity securities \| Trading
Summary of Investments - Other Than Investments in Related Parties
Cost	840.2
Value	840.2
Amount as shown in the Consolidated Statement of Financial Position	840.2
Common stocks: Banks, trust and insurance companies \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	71.3
Value	62.0
Amount as shown in the Consolidated Statement of Financial Position	62.0
Common stocks: Industrial, miscellaneous and all other \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3.5
Value	6.5
Amount as shown in the Consolidated Statement of Financial Position	6.5
Non-redeemable preferred stock \| Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	50.3
Value	54.5
Amount as shown in the Consolidated Statement of Financial Position	54.5
Mortgage loans
Summary of Investments - Other Than Investments in Related Parties
Cost	11,868.1
Amount as shown in the Consolidated Statement of Financial Position	11,811.6
Real estate acquired in satisfaction of debt
Summary of Investments - Other Than Investments in Related Parties
Cost	136.6
Amount as shown in the Consolidated Statement of Financial Position	130.4
Other real estate
Summary of Investments - Other Than Investments in Related Parties
Cost	1,214.2
Amount as shown in the Consolidated Statement of Financial Position	1,214.2
Policy loans
Summary of Investments - Other Than Investments in Related Parties
Cost	829.2
Amount as shown in the Consolidated Statement of Financial Position	829.2
Investments: Other investments
Summary of Investments - Other Than Investments in Related Parties
Cost	3,210.9
Amount as shown in the Consolidated Statement of Financial Position	$ 3,209.8

Schedule II - Condensed Financial Information of Registrant (Parent Only) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 1,863.9	$ 2,371.8	$ 4,177.2	$ 2,833.9
Other investments	3,209.8	2,944.4
Deferred income taxes	90.8	49.6
Investment in subsidiary	815.8	880.0
Total assets	219,087.0	208,191.4
Liabilities
Long-term debt	2,531.2	2,601.4
Total liabilities	208,797.0	198,167.2
Stockholders' equity
Common stock, par value $.01 per share - 2,500.0 million shares authorized, 462.7 million and 459.3 million shares issued, and 293.9 million and 295.2 million shares outstanding in 2014 and 2013	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income (loss)	50.4	183.2
Treasury stock, at cost (168.8 million and 164.1 million shares in 2014 and 2013)	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Total liabilities and stockholders' equity	219,087.0	208,191.4
Series A
Stockholders' equity
Preferred stock, value	0.0	0.0
Series B
Stockholders' equity
Preferred stock, value	0.1	0.1
Principal Financial Group, Inc. Parent Only
Assets
Cash and cash equivalents	412.4	131.5	$ 207.1	$ 226.7
Other investments	9.5	9.3
Income taxes receivable	21.8	22.2
Deferred income taxes	405.5	17.2
Amounts receivable from subsidiary	5.4	0.8
Other assets	18.0	19.0
Investment in subsidiary	12,446.5	11,956.2
Total assets	13,319.1	12,156.2
Liabilities
Amounts payable to subsidiary		1.4
Long-term debt	2,448.9	2,448.8
Accrued investment payable	21.8	21.8
Pension liability	664.4
Total liabilities	3,135.1	2,472.0
Stockholders' equity
Common stock, par value $.01 per share - 2,500.0 million shares authorized, 462.7 million and 459.3 million shares issued, and 293.9 million and 295.2 million shares outstanding in 2014 and 2013	4.6	4.6
Additional paid-in capital	9,945.5	9,798.9
Retained earnings (accumulated deficit)	6,114.1	5,405.4
Accumulated other comprehensive income (loss)	50.4	183.2
Treasury stock, at cost (168.8 million and 164.1 million shares in 2014 and 2013)	(5,930.7)	(5,708.0)
Total stockholders' equity attributable to Principal Financial Group, Inc.	10,184.0	9,684.2
Total liabilities and stockholders' equity	13,319.1	12,156.2
Principal Financial Group, Inc. Parent Only \| Series B
Stockholders' equity
Preferred stock, value	$ 0.1	$ 0.1

Schedule II - Condensed Financial Information of Registrant (Parent Only) (Details 2) - $ / shares shares in Millions	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Information of Registrant [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500.0	2,500.0
Common stock, issued (in shares)	462.7	459.3
Common stock, outstanding (in shares)	293.9	295.2
Treasury stock (in shares)	168.8	164.1
Series A
Condensed Financial Information of Registrant [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Preferred stock, authorized (in shares)	3.0	3.0
Preferred stock, issued (in shares)	3.0	3.0
Preferred stock, outstanding (in shares)	3.0	3.0
Series B
Condensed Financial Information of Registrant [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	10.0	10.0
Preferred stock, issued (in shares)	10.0	10.0
Preferred stock, outstanding (in shares)	10.0	10.0
Principal Financial Group, Inc. Parent Only
Condensed Financial Information of Registrant [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500.0	2,500.0
Common stock, issued (in shares)	462.7	459.3
Common stock, outstanding (in shares)	293.9	295.2
Treasury stock (in shares)	168.8	164.1
Principal Financial Group, Inc. Parent Only \| Series A
Condensed Financial Information of Registrant [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Preferred stock, authorized (in shares)	3.0	3.0
Preferred stock, issued (in shares)	3.0	3.0
Preferred stock, outstanding (in shares)	3.0	3.0
Principal Financial Group, Inc. Parent Only \| Series B
Condensed Financial Information of Registrant [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	10.0	10.0
Preferred stock, issued (in shares)	10.0	10.0
Preferred stock, outstanding (in shares)	10.0	10.0

Schedule II - Condensed Financial Information of Registrant (Parent Only) (Details 3) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Fees and other revenues									$ 3,482.1	$ 3,222.2	$ 2,626.7
Net investment income (loss)									3,257.9	3,138.4	3,254.9
Net realized capital gains (losses)									14.7	(225.2)	114.1
Total revenues	$ 2,908.0	$ 2,484.3	$ 2,606.7	$ 2,478.6	$ 2,672.6	$ 2,239.6	$ 2,210.6	$ 2,166.7	10,477.6	9,289.5	9,215.1
Expenses
Other operating costs and expenses									3,574.3	3,292.9	2,933.5
Total expenses	2,590.8	2,090.5	2,199.2	2,102.2	2,362.7	1,919.3	1,945.0	1,938.5	8,982.7	8,165.5	8,255.1
Income (loss) before income taxes									1,494.9	1,124.0	960.0
Income taxes (benefits)									318.5	187.9	134.6
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders	$ 270.4	$ 240.7	$ 306.3	$ 293.7	$ 233.4	$ 245.7	$ 222.3	$ 178.3	1,111.1	879.7	773.6
Principal Financial Group, Inc. Parent Only
Revenues
Fees and other revenues											0.5
Net investment income (loss)									0.5	0.4	3.0
Net realized capital gains (losses)										6.3	0.3
Total revenues									0.5	6.7	3.8
Expenses
Other operating costs and expenses									144.3	140.5	170.2
Total expenses									144.3	140.5	170.2
Income (loss) before income taxes									(143.8)	(133.8)	(166.4)
Income taxes (benefits)									(86.3)	(54.0)	(67.6)
Equity in the net income (loss) of subsidiaries									1,201.6	992.5	905.4
Net income (loss) attributable to Principal Financial Group, Inc.									1,144.1	912.7	806.6
Preferred stock dividends									33.0	33.0	33.0
Net income (loss) available to common stockholders									$ 1,111.1	$ 879.7	$ 773.6

Schedule II - Condensed Financial Information of Registrant (Parent Only) (Details 4) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income (loss)	$ 280.3	$ 252.8	$ 319.2	$ 324.1	$ 250.4	$ 259.1	$ 236.6	$ 190.0	$ 1,176.4	$ 936.1	$ 825.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net realized capital (gains) losses									(14.7)	225.2	(114.1)
Net cash flows for trading securities									(93.4)	(76.0)	335.8
Current and deferred income taxes (benefits)									175.9	211.7	18.4
Stock-based compensation									75.3	68.5	63.8
Other									(189.1)	(490.6)	(42.2)
Net cash provided by (used in) operating activities									3,102.9	2,221.2	3,080.8
Investing activities
Net change in other investments									(81.7)	31.7	(157.1)
Net cash provided by (used in) investing activities									(1,172.7)	(1,226.3)	(1,611.3)
Financing activities
Issuance of common stock									77.5	125.8	28.9
Acquisition of treasury stock									(222.7)	(153.6)	(272.7)
Excess tax benefits from share-based payment arrangements									9.7	10.1	10.8
Dividends to common stockholders									(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders									(33.0)	(33.0)	(33.0)
Principal repayments of long-term debt									(100.3)	(218.2)	(450.6)
Issuance of long-term debt									38.5	38.2	1,493.4
Net cash provided by (used in) financing activities									(2,438.1)	(2,800.3)	(126.2)
Net increase (decrease) in cash and cash equivalents									(507.9)	(1,805.4)	1,343.3
Cash and cash equivalents at beginning of period				2,371.8				4,177.2	2,371.8	4,177.2	2,833.9
Cash and cash equivalents at end of period	1,863.9				2,371.8				1,863.9	2,371.8	4,177.2
Principal Financial Group, Inc. Parent Only
Operating activities
Net income (loss)									1,144.1	912.7	806.6
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in the net (income) loss of subsidiaries									(1,201.6)	(992.5)	(905.4)
Net realized capital (gains) losses										(6.3)	(0.3)
Net cash flows for trading securities										10.4	258.2
Current and deferred income taxes (benefits)									(225.9)	12.6	(2.3)
Stock-based compensation									3.1	2.2	2.2
Other									198.7	18.1	45.8
Net cash provided by (used in) operating activities									(81.6)	(42.8)	204.8
Investing activities
Net change in other investments									(0.7)	(3.1)	(0.2)
Dividends and returns of capital received from (contributions to) unconsolidated entities									917.7	319.5	(759.2)
Net cash provided by (used in) investing activities									917.0	316.4	(759.4)
Financing activities
Issuance of common stock									77.5	125.8	28.9
Acquisition of treasury stock									(222.7)	(153.6)	(272.7)
Excess tax benefits from share-based payment arrangements									0.3
Dividends to common stockholders									(376.6)	(288.4)	(231.3)
Dividends to preferred stockholders									(33.0)	(33.0)	(33.0)
Principal repayments of long-term debt											(440.8)
Issuance of long-term debt											1,483.9
Net cash provided by (used in) financing activities									(554.5)	(349.2)	535.0
Net increase (decrease) in cash and cash equivalents									280.9	(75.6)	(19.6)
Cash and cash equivalents at beginning of period				$ 131.5				$ 207.1	131.5	207.1	226.7
Cash and cash equivalents at end of period	$ 412.4				$ 131.5				$ 412.4	$ 131.5	$ 207.1

Schedule II - Condensed Financial Information of Registrant (Parent Only) (Details 5) - Principal Financial Group, Inc. Parent Only - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends and Returns of Capital Received from (Contributed to) Unconsolidated Entity
Dividends and returns of capital received from (contributions to) unconsolidated entities	$ 917.7	$ 319.5	$ (759.2)
Supplemental Disclosures of Non-Cash Investing Activity
Non-cash increase in investment in subsidiaries	$ 56.3

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplementary Insurance Information
Deferred acquisition costs	$ 2,993.0	$ 3,077.0	$ 2,590.0	$ 2,358.1
Future policy benefits and claims	24,036.6	22,626.2
Contractholder and other policyholder funds	35,539.4	36,717.2
Premiums and other considerations	3,722.9	3,154.1	3,219.4
Net investment income (loss)	3,257.9	3,138.4	3,254.9
Benefits, claims and settlement expenses	5,231.0	4,683.6	5,123.9
Amortization of deferred acquisition costs	367.2	187.1	94.9
Other operating expenses	3,207.1	3,105.8	2,838.6
Retirement and Investor Services
Supplementary Insurance Information
Deferred acquisition costs	797.4	848.9
Future policy benefits and claims	11,274.2	9,975.6
Contractholder and other policyholder funds	28,968.5	30,537.5
Premiums and other considerations	1,584.5	1,045.5	1,162.6
Net investment income (loss)	1,857.9	1,933.3	2,075.4
Benefits, claims and settlement expenses	2,766.9	2,303.4	2,629.1
Amortization of deferred acquisition costs	163.6	75.0	84.8
Other operating expenses	1,603.1	1,529.9	1,362.5
Principal Global Investors
Supplementary Insurance Information
Net investment income (loss)	10.3	17.0	15.4
Other operating expenses	534.1	545.7	456.9
Principal International
Supplementary Insurance Information
Deferred acquisition costs	238.1	228.2
Future policy benefits and claims	4,071.8	4,220.2
Contractholder and other policyholder funds	275.0	172.2
Premiums and other considerations	225.7	291.6	284.6
Net investment income (loss)	591.0	447.1	435.2
Benefits, claims and settlement expenses	622.9	569.0	567.2
Amortization of deferred acquisition costs	18.7	16.5	12.6
Other operating expenses	342.8	318.0	208.5
U.S. Insurance Solutions
Supplementary Insurance Information
Deferred acquisition costs	1,957.5	1,999.9
Future policy benefits and claims	8,652.6	8,389.0
Contractholder and other policyholder funds	6,602.3	6,293.9
Premiums and other considerations	1,913.8	1,816.5	1,769.3
Net investment income (loss)	714.8	686.3	675.2
Benefits, claims and settlement expenses	1,847.9	1,826.0	1,935.5
Amortization of deferred acquisition costs	184.9	95.6	(2.5)
Other operating expenses	714.7	689.0	662.0
Corporate
Supplementary Insurance Information
Future policy benefits and claims	38.0	41.4
Contractholder and other policyholder funds	(306.4)	(286.4)
Premiums and other considerations	(1.1)	0.5	2.9
Net investment income (loss)	83.9	54.7	53.7
Benefits, claims and settlement expenses	(6.7)	(14.8)	(7.9)
Other operating expenses	$ 12.4	$ 23.2	$ 148.7

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Life insurance in force
Life insurance in force gross amount	$ 354,951.9	$ 317,154.5	$ 286,435.3
Life insurance in force ceded to other companies	177,418.6	144,024.9	115,315.7
Life insurance in force assumed from other companies	1,317.7	1,455.4	1,606.2
Life insurance in force net amount	$ 178,851.0	$ 174,585.0	$ 172,725.8
Life insurance in force, percentage of amount assumed to net (as a percent)	0.70%	0.80%	0.90%
Premiums:
Premiums gross amount	$ 4,123.7	$ 3,524.8	$ 3,554.1
Premiums ceded to other companies	402.9	373.2	337.3
Premiums assumed from other companies	2.1	2.5	2.6
Premiums net amount	$ 3,722.9	$ 3,154.1	$ 3,219.4
Premiums percentage of amount assumed to net (as a percent)	0.10%	0.10%	0.10%
Life insurance
Premiums:
Premiums gross amount	$ 2,725.4	$ 2,216.9	$ 2,289.4
Premiums ceded to other companies	228.1	205.2	174.4
Premiums assumed from other companies	2.1	2.5	2.6
Premiums net amount	$ 2,499.4	$ 2,014.2	$ 2,117.6
Premiums percentage of amount assumed to net (as a percent)	0.10%	0.10%	0.10%
Accident and health insurance
Premiums:
Premiums gross amount	$ 1,398.3	$ 1,307.9	$ 1,264.7
Premiums ceded to other companies	174.8	168.0	162.9
Premiums net amount	$ 1,223.5	$ 1,139.9	$ 1,101.8