Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information

Reconciliation of Assets from Segment to Consolidated (Table)

	March 31, 2012		December 31, 2011
	(in millions)
Assets:
Retirement and Investor Services	$	113,266.7	$	108,998.0
Principal Global Investors	1,795.8		1,833.3
Principal International	17,248.2		15,612.1
U.S. Insurance Solutions	17,669.9		17,389.1
Corporate	3,757.6		3,529.2
Total consolidated assets	$	153,738.2	$	147,361.7

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

	For the three months ended March 31,
	2012			2011
	(in millions)
Operating revenues by segment:
Retirement and Investor Services	$	1,055.1		$	1,017.9
Principal Global Investors	138.1			125.3
Principal International	262.5			206.1
U.S. Insurance Solutions	697.0			732.0
Corporate	(45.3		)	(33.8		)
Total segment operating revenues	2,107.4			2,047.5
Net realized capital losses, net of related revenue adjustments	(30.4		)	(80.5		)
Exited group medical insurance business	18.9			254.9
Total revenues per consolidated statements of operations	$	2,095.9		$	2,221.9
Operating earnings (loss) by segment, net of related income taxes:
Retirement and Investor Services	$	143.6		$	154.1
Principal Global Investors	16.2			16.6
Principal International	41.8			27.8
U.S. Insurance Solutions	50.2			53.4
Corporate	(38.8		)	(32.1		)
Total segment operating earnings, net of related income taxes	213.0			219.8
Net realized capital losses, as adjusted (1)	(10.0		)	(54.9		)
Other after-tax adjustments (2)	(1.5		)	17.1
Net income available to common stockholders per consolidated statements of operations	$	201.5		$	182.0

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

	For the three months ended March 31,
	2012			2011
	(in millions)
Net realized capital losses:
Net realized capital losses	$	(6.7	)	$	(58.0	)
Certain derivative and hedging-related adjustments	(23.3		)	(22.3		)
Recognition of front-end fee revenue	(0.4		)	(0.2		)
Net realized capital losses, net of related revenue adjustments	(30.4		)	(80.5		)
Amortization of deferred policy acquisition and sales inducement costs	32.9			20.6
Capital gains distributed	(7.5		)	(8.7		)
Certain market value adjustments of embedded derivatives	(1.9		)	3.8
Net realized capital (gains) losses associated with exited group medical insurance business	0.1			(0.1		)
Noncontrolling interest capital gains	(8.1		)	(17.5		)
Income tax effect	4.9			27.5
Net realized capital losses, as adjusted	$	(10.0	)	$	(54.9	)

(2)For the three months ended March 31, 2012, other after-tax adjustments included the negative effect of losses associated with our exited group medical insurance business that does not yet qualify for discontinued operations accounting treatment under U.S. GAAP.

For the three months ended March 31, 2011, other after-tax adjustments included the positive effect of gains associated with our exited group medical insurance business that does not yet qualify for discontinued operations accounting treatment under U.S. GAAP.

Operating Revenue for Products and Services by Segment (Table)

	For the three months ended March 31,
	2012			2011
	(in millions)
Retirement and Investor Services:
Full-service accumulation	$	332.7		$	343.4
Principal Funds	147.1			141.6
Individual annuities	272.3			274.2
Bank and trust services	24.5			23.8
Eliminations	(29.2		)	(28.9		)
Total Accumulation	747.4			754.1
Investment only	115.3			135.6
Full-service payout	192.4			128.2
Total Guaranteed	307.7			263.8
Total Retirement and Investor Services	1,055.1			1,017.9
Principal Global Investors (1)	138.1			125.3
Principal International	262.5			206.1
U.S. Insurance Solutions:
Individual life insurance	313.5			358.3
Specialty benefits insurance	383.5			373.7
Total U.S. Insurance Solutions	697.0			732.0
Corporate	(45.3		)	(33.8		)
Total operating revenues	$	2,107.4		$	2,047.5
Total operating revenues	$	2,107.4		$	2,047.5
Net realized capital losses (except periodic settlements and accruals on non-hedge derivatives), including recognition of front-end fee revenues and certain market value adjustments to fee revenues	(30.4		)	(80.5		)
Exited group medical insurance business	18.9			254.9
Total revenues per consolidated statements of operations	$	2,095.9		$	2,221.9

(1)Reflects inter-segment revenues of $52.6 million and $51.7 million for the three months ended March 31, 2012 and 2011, respectively. These revenues are eliminated within the Corporate segment.