Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	155.4	$	169.3	$	449.3	$	493.3
Principal Asset Management:
Investment Management		448.6		433.9		1,308.4		1,253.9
International Pension		88.7		92.3		272.5		279.2
Eliminations		(4.8)		(3.5)		(14.1)		(11.8)
Total Principal Asset Management		532.5		522.7		1,566.8		1,521.3
Benefits and Protection:
Specialty Benefits		4.0		3.8		11.7		11.6
Life Insurance		23.1		24.7		66.9		69.8
Eliminations		(0.1)		—		(0.1)		(0.1)
Total Benefits and Protection		27.0		28.5		78.5		81.3
Corporate		64.9		52.6		181.0		166.3
Total segment revenue from contracts with customers		779.8		773.1		2,275.6		2,262.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		331.2		299.7		961.1		886.5
Pre-tax other adjustments (2)		17.7		18.3		52.3		56.7
Total fees and other revenues per consolidated statements of operations	$	1,128.7	$	1,091.1	$	3,289.0	$	3,205.4

(1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.

Retirement and Income Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Administrative service fee revenue	$	150.5	$	165.3	$	435.3	$	481.6
Deposit account fee revenue		3.3		3.1		9.9		9.2
Commission income		1.6		0.9		4.1		2.5
Total revenues from contracts with customers		155.4		169.3		449.3		493.3
Fees and other revenues not within the scope of revenue recognition guidance		303.9		283.9		885.4		838.7
Total fees and other revenues		459.3		453.2		1,334.7		1,332.0
Premiums and other considerations		566.5		471.7		1,824.0		2,236.8
Net investment income		860.4		761.5		2,521.0		2,244.3
Total operating revenues	$	1,886.2	$	1,686.4	$	5,679.7	$	5,813.1

Principal Asset Management | Investment Management

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Investment Management:
Management fee revenue	$	409.5	$	390.1	$	1,186.7	$	1,134.9
Other fee revenue		39.1		43.8		121.7		119.0
Total revenues from contracts with customers		448.6		433.9		1,308.4		1,253.9
Fees and other revenues not within the scope of revenue recognition guidance		8.9		4.1		21.5		14.9
Total fees and other revenues		457.5		438.0		1,329.9		1,268.8
Net investment income		26.4		28.4		74.9		77.3
Total operating revenues	$	483.9	$	466.4	$	1,404.8	$	1,346.1

Principal Asset Management | International Pension

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
International Pension:
Management fee revenue	$	85.2	$	89.0	$	262.0	$	267.8
Other fee revenue		3.5		3.3		10.5		11.4
Total revenues from contracts with customers		88.7		92.3		272.5		279.2
Fees and other revenues not within the scope of revenue recognition guidance		5.7		1.3		8.4		4.1
Total fees and other revenues		94.4		93.6		280.9		283.3
Premiums and other considerations		0.5		4.8		6.1		18.0
Net investment income		153.1		179.0		439.6		445.0
Total operating revenues	$	248.0	$	277.4	$	726.6	$	746.3

Benefits and Protection | Specialty Benefits

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Specialty Benefits:
Administrative service fees	$	4.0	$	3.8	$	11.7	$	11.6
Total revenues from contracts with customers		4.0		3.8		11.7		11.6
Fees and other revenues not within the scope of revenue recognition guidance		4.4		4.4		13.1		13.4
Total fees and other revenues		8.4		8.2		24.8		25.0
Premiums and other considerations		836.8		810.6		2,492.1		2,408.6
Net investment income		51.3		50.1		155.7		141.9
Total operating revenues	$	896.5	$	868.9	$	2,672.6	$	2,575.5

Benefits and Protection | Life Insurance

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Life Insurance:
Administrative service fees	$	11.0	$	10.3	$	32.8	$	28.9
Commission income		12.1		14.4		34.1		40.9
Total revenues from contracts with customers		23.1		24.7		66.9		69.8
Fees and other revenues not within the scope of revenue recognition guidance		89.7		84.9		271.1		251.6
Total fees and other revenues		112.8		109.6		338.0		321.4
Premiums and other considerations		136.1		131.5		384.0		380.7
Net investment income		115.3		103.7		326.9		309.6
Total operating revenues	$	364.2	$	344.8	$	1,048.9	$	1,011.7

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025			2024
	(in millions)
Commission income	$	133.5	$	129.4	$	396.9	$	351.8
Other fee revenue		25.2		22.4		74.2		66.5
Eliminations		(93.8)		(99.2)		(290.1)		(252.0)
Total revenues from contracts with customers		64.9		52.6		181.0		166.3
Fees and other revenues not within the scope of revenue recognition guidance		(81.4)		(78.7)		(238.4)		(235.8)
Total fees and other revenues		(16.5)		(26.1)		(57.4)		(69.5)
Premiums and other considerations		(1.3)		(1.3)		(4.0)		(3.9)
Net investment income		42.0		58.5		144.3		142.0
Total operating revenues	$	24.2	$	31.1	$	82.9	$	68.6