Condensed Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Revenues | ||
| Premiums and other considerations | $ 2,291.0 | $ 1,724.9 |
| Fees and other revenues | 1,145.3 | 973.5 |
| Net investment income (loss) | 983.6 | 961.0 |
| Net realized capital gains (losses) | 131.4 | 84.5 |
| Total revenues | 4,551.3 | 3,743.9 |
| Expenses | ||
| Benefits, claims and settlement expenses | 2,858.7 | 2,195.1 |
| Dividends to policyholders | 28.9 | 30.1 |
| Operating expenses | 1,335.5 | 992.7 |
| Total expenses | 4,223.1 | 3,217.9 |
| Income (loss) before income taxes | 328.2 | 526.0 |
| Income taxes (benefits) | 43.2 | 73.9 |
| Net income (loss) | 285.0 | 452.1 |
| Net income (loss) attributable to noncontrolling interest | (3.9) | 22.2 |
| Net income (loss) attributable to Principal Financial Group, Inc. | $ 288.9 | $ 429.9 |
| Earnings per common share | ||
| Basic earnings per common share (in dollars per share) | $ 1.05 | $ 1.54 |
| Diluted earnings per common share (in dollars per share) | $ 1.04 | $ 1.53 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Condensed Consolidated Statements of Comprehensive Income | ||
| Net income (loss) | $ 285.0 | $ 452.1 |
| Other comprehensive income (loss), net: | ||
| Net unrealized gains (losses) on available-for-sale securities | (1,411.6) | 1,104.3 |
| Noncredit component of impairment losses on fixed maturities, available-for-sale | (2.5) | |
| Net unrealized gains (losses) on derivative instruments | 48.6 | (4.5) |
| Foreign currency translation adjustment | (294.3) | 37.9 |
| Net unrecognized postretirement benefit obligation | 11.0 | 11.5 |
| Other comprehensive income (loss) | (1,646.3) | 1,146.7 |
| Comprehensive income (loss) | (1,361.3) | 1,598.8 |
| Comprehensive income (loss) attributable to noncontrolling interest | (13.1) | 22.7 |
| Comprehensive income (loss) attributable to Principal Financial Group, Inc. | $ (1,348.2) | $ 1,576.1 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Operating activities | ||
| Net income (loss) | $ 285.0 | $ 452.1 |
| Net cash provided by (used in) operating activities | 1,589.1 | 1,176.4 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (3,190.1) | (2,886.7) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 582.4 | 342.6 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 1,984.1 | 1,548.9 |
| Mortgage loans acquired or originated | (827.3) | (625.1) |
| Mortgage loans sold or repaid | 581.6 | 382.4 |
| Real estate acquired | (39.6) | (10.5) |
| Net purchases of property and equipment | (18.0) | (29.4) |
| Net change in other investments | 14.2 | (213.3) |
| Net cash provided by (used in) investing activities | (912.7) | (1,491.1) |
| Financing activities | ||
| Issuance of common stock | 9.0 | 5.8 |
| Acquisition of treasury stock | (231.8) | (153.6) |
| Payments for financing element derivatives | (7.1) | (6.5) |
| Purchase of subsidiary shares from noncontrolling interest | (0.9) | |
| Dividends to common stockholders | (153.6) | (150.2) |
| Issuance of long-term debt | 6.7 | |
| Principal repayments of long-term debt | (64.5) | (0.3) |
| Net proceeds from (repayments of) short-term borrowings | 24.6 | 0.1 |
| Investment contract deposits | 2,725.7 | 1,872.2 |
| Investment contract withdrawals | (2,255.6) | (1,947.4) |
| Net increase (decrease) in banking operation deposits | 244.5 | (35.4) |
| Other | 0.1 | 5.5 |
| Net cash provided by (used in) financing activities | 290.4 | (403.1) |
| Net increase (decrease) in cash and cash equivalents | 966.8 | (717.8) |
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 |
| Cash and cash equivalents at end of period | 3,482.7 | 2,259.7 |
| Supplemental disclosure of non-cash activities: | ||
| Lease assets established upon adoption of accounting guidance | 168.8 | |
| Lease liabilities established upon adoption of accounting guidance | $ 164.0 | |
| Assets received in kind from pension risk transfer transactions | $ 909.6 | |
Nature of Operations and Significant Accounting Policies |
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| Nature of Operations and Significant Accounting Policies | 1. Nature of Operations and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020, especially when considering the risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, deferred acquisition costs ("DAC") and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future as more information becomes known about the impact of COVID-19. Our results of operations and financial condition may also be impacted by evolving regulatory, legislative and standard-setter accounting interpretations and guidance. These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2019, included in our Form 10-K for the year ended December 31, 2019, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2019, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Certain reclassifications have been made to the prior period consolidated statements of cash flows to conform to the current period presentation. Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 2, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. Recent Accounting Pronouncements
When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates. 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 statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations. Separate account assets and separate account liabilities include certain international 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. As of March 31, 2020 and December 31, 2019, the separate accounts included a separate account valued at $55.8 million and $100.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations.
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Variable Interest Entities |
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| Variable Interest Entities | 2. Variable Interest Entities We have relationships with various types of entities which may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended March 31, 2020 and December 31, 2019. Consolidated Variable Interest Entities Grantor Trust We contributed undated subordinated floating rate notes to a grantor trust. The trust separated its 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 determined the grantor trust is a VIE due to insufficient equity to sustain it. We determined we are the primary beneficiary as a result of our contribution of securities into the trust and our significant continuing interest in the trust. Mandatory Retirement Savings Funds We hold an equity interest in Chilean mandatory privatized social security funds in which we provide asset management services. We determined the mandatory privatized social security funds, which also include contributions for voluntary pension savings, voluntary non-pension savings and compensation savings accounts, are VIEs. This is because the equity holders as a group lack the power, due to voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance and also because equity investors are protected from below-average market investment returns relative to the industry's return, due to a regulatory guarantee that we provide. Further we concluded we are the primary beneficiary through our power to make decisions and our significant variable interest in the funds. The purpose of the funds, which reside in legally segregated entities, is to provide long-term retirement savings. The obligation to the customer is directly related to the assets held in the funds and, as such, we present the assets as separate account assets and the obligation as separate account liabilities within our consolidated statements of financial position. Principal International Hong Kong offers retirement pension schemes in which we provide trustee, administration and asset management services to employers and employees under the Hong Kong Mandatory Provident Fund and Occupational Retirement Schemes Ordinance pension schemes. Each pension scheme has various guaranteed and non-guaranteed constituent funds, or investment options, in which customers can invest their money. The guaranteed funds provide either a guaranteed rate of return to the customer or a minimum guarantee on withdrawals under certain qualifying events. We determined the guaranteed funds are VIEs due to the fact the equity holders, as a group, lack the obligation to absorb expected losses due to the guarantee we provide. We concluded we are the primary beneficiary because we have the power to make decisions and to receive benefits and the obligation to absorb losses that could be potentially significant to the VIE. Therefore, we consolidate the underlying assets and liabilities of the funds and present as separate accounts or within the general account, depending on the terms of the guarantee. Real Estate We invest in several real estate limited partnerships and limited liability companies. The entities invest in real estate properties. Certain of these entities are VIEs based on the combination of our significant economic interest and related voting rights. We determined we are the primary beneficiary as a result of our power to control the entities through our significant ownership. Due to the nature of these real estate investments, the investment balance will fluctuate as we purchase and sell interests in the entities and as capital expenditures are made to improve the underlying real estate. Sponsored Investment Funds We sponsor and invest in certain investment funds for which we provide asset management services. Although our asset management fee is commensurate with the services provided and consistent with fees for similar services negotiated at arms-length, we have a variable interest for funds where our other interests are more than insignificant. The funds are VIEs as the equity holders lack power through voting rights to direct the activities of the entity that most significantly impact its economic performance. We determined we are the primary beneficiary of the VIEs where our interest in the entity is more than insignificant and we are the asset manager. We also invest in certain series of another investment fund. These series are VIEs as the equity holders of each series lack the power to direct the most significant activities of the VIE. We determined we are the primary beneficiary of these series as our interest is more than insignificant and collectively we have the power to direct the most significant activities of the fund. Assets and Liabilities of Consolidated Variable Interest Entities The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows:
Unconsolidated Variable Interest Entities We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading; equity securities and other investments in the consolidated statements of financial position and are described below. Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities ("RMBS") and other 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. We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager. We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities. We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities. As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds. We hold an equity interest in Mexican mandatory privatized social security funds in which we provide asset management services. Our equity interest in the funds is considered a variable interest. We concluded the funds are VIEs because the equity holders as a group lack decision-making ability through their voting rights. We are not the primary beneficiary of the VIEs because although we, as the asset manager, have the power to direct the activities of the VIEs, we do not have a potentially significant variable interest in the funds. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows:
Money Market Funds We are the investment manager for certain money market mutual funds. These types of funds are exempt from assessment under any consolidation model due to a scope exception for money market funds registered under Rule 2a-7 of the Investment Company Act of 1940 or similar funds. As of March 31, 2020 and December 31, 2019, money market mutual funds we manage held $4.7 billion and $4.0 billion in total assets, respectively. We have no contractual obligation to contribute to these funds; however, we provide support through the waiver of fees and through expense reimbursements. The amount of fees waived and expenses reimbursed was insignificant. |
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| Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 3. Investments Fixed Maturities and Equity Securities Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 10, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to fixed maturities, available-for-sale, excluding those in fair value hedging relationships, are reflected in stockholders' equity, net of adjustments associated with DAC and related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships are reflected in net investment income. Mark-to-market adjustments related to certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reflected in net investment income. The amortized cost of fixed maturities includes cost adjusted for amortization of premiums and discounts, computed using the interest method. The amortized cost of fixed maturities, available-for-sale is adjusted for changes in fair value of the hedged portions of securities in fair value hedging relationships and excludes accrued interest receivable. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Beginning in 2020, fixed maturities, available-for-sale are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized capital gains (losses). Prior to 2020, the amortized cost of fixed maturities, available-for-sale was adjusted for declines in value that were other than temporary. Prior to 2020, impairments in value deemed to be other than temporary were 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. Available-for-sale securities were as follows:
The amortized cost and fair value of fixed maturities, available-for-sale as of March 31, 2020, by expected maturity, were as follows:
Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits. Net Realized Capital Gains and Losses Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses): mark-to-market adjustments on equity securities, mark-to-market adjustments on certain fixed maturities, trading, mark-to-market adjustments on sponsored investment funds, mark-to-market adjustments on derivatives not designated as hedges, cash flow hedge gains (losses) when the hedged item impacts realized capital gains (losses), changes in the valuation allowance for fixed maturities available-for-sale and certain financing receivables, impairments of real estate held for investment, impairments on equity method investments and, prior to 2020, other-than-temporary impairments of securities and subsequent realized recoveries. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses). The major components of net realized capital gains (losses) on investments were as follows:
Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $541.6 million and $163.0 million for the three months ended March 31, 2020 and 2019, respectively. Allowance for Credit Loss We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income. We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability. Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. The following table provides a rollforward of the allowance for credit loss by major security type.
During 2020, we did not write off any accrued interest to net investment income. Other-Than-Temporary Impairments Prior to the implementation of authoritative guidance in 2020, we had a process in place to identify fixed maturity securities that could potentially have an impairment that is other than temporary. This process involved monitoring market events that could impact issuers' credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involved 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 were reviewed to determine whether an other-than-temporary decline in value existed and whether losses should be recognized. We considered relevant facts and circumstances in evaluating whether a credit or interest rate related impairment of a security was other than temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value was 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 and (5) 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. To the extent we determined a security was deemed to be other than temporarily impaired, an impairment loss was recognized. The way in which impairment losses on fixed maturities were recognized in the financial statements was dependent on the facts and circumstances related to the specific security. If we intended to sell a security or it was more likely than not that we would be required to sell a security before the recovery of its amortized cost, we recognized an other-than-temporary impairment in net income for the difference between amortized cost and fair value. If we did not expect to recover the amortized cost basis, we did not plan to sell the security and if it was 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 was bifurcated. We recognized the credit loss portion in net income and the noncredit loss portion in OCI (“bifurcated OTTI”). Prior to 2020, net realized capital gains (losses) included total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities, as follows:
We estimated 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 was 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 varied depending on the type of security. The ABS cash flow estimates were 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 were 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 prior to the implementation of new accounting guidance in 2020. 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.
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss For available-for-sale securities with unrealized losses for which an allowance for credit loss has not been recorded, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
Of the total amounts, Principal Life’s consolidated portfolio represented $25,549.9 million in available-for-sale fixed maturities with gross unrealized losses of $1,741.6 million. Of the available-for-sale fixed maturities within Principal Life's consolidated portfolio in a gross unrealized loss position, 89% were investment grade (rated AAA through BBB-) with an average price of 94 (carrying value/amortized cost) as of March 31, 2020. Gross unrealized losses in our fixed maturities portfolio increased during the three months ended March 31, 2020, primarily due to widening of credit spreads, partially offset by 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 3,571 securities with a carrying value of $24,340.6 million and unrealized losses of $1,632.4 million reflecting an average price of 94 as of March 31, 2020. Of this portfolio, 89% was investment grade (rated AAA through BBB-) as of March 31, 2020, with associated unrealized losses of $1,224.3 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 205 securities with a carrying value of $1,209.3 million and unrealized losses of $109.2 million. The average credit rating of this portfolio was AA with an average price of 92 as of March 31, 2020. Of the $109.2 million in unrealized losses, the corporate sector accounts for $41.7 million in unrealized losses with an average price of 78 and an average credit rating of BB+. The remaining unrealized losses also include $45.4 million within the collateralized debt obligation sector accounts with an average price of 95 and an average credit rating of AA+. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of March 31, 2020. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value. Gross Unrealized Losses for Available-for-Sale Securities
(1) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Of the total amounts, Principal Life’s consolidated portfolio represented $8,380.7 million in available-for-sale fixed maturities with gross unrealized losses of $103.9 million. Of the available-for-sale fixed maturities within Principal Life's consolidated portfolio in a gross unrealized loss position, 97% were investment grade (rated AAA through BBB-) with an average price of 99 (carrying value/amortized cost) as of December 31, 2019. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2019, primarily due to a decrease in interest rates and tightening of credit spreads. For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life's consolidated portfolio held 882 securities with a carrying value of $5,302.7 million and unrealized losses of $44.0 million reflecting an average price of 99 as of December 31, 2019. Of this portfolio, 98% was investment grade (rated AAA through BBB-) as of December 31, 2019, with associated unrealized losses of $43.1 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 502 securities with a carrying value of $3,078.0 million and unrealized losses of $59.9 million. The average credit rating of this portfolio was AA+ with an average price of 98 as of December 31, 2019. Of the $59.9 million in unrealized losses, the corporate sector accounts for $23.6 million in unrealized losses with an average price of 94 and an average credit rating of BBB-. The remaining unrealized losses also include $14.6 million within the commercial mortgage-backed securities sector with an average price of 95 and an average credit rating of AA+. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not consider these investments to be other-than-temporarily impaired as of December 31, 2019. Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments The net unrealized gains and losses on investments in available-for-sale securities and the net unrealized gains and losses on derivative instruments in cash flow hedge relationships are reported as separate components of stockholders' equity. The cumulative amount of net unrealized gains and losses on available-for-sale securities and derivative instruments in cash flow hedge relationships net of adjustments related to DAC and related actuarial balances, policyholder liabilities, noncontrolling interest and applicable income taxes was as follows:
Financing Receivables Mortgage Loans Mortgage loans consist of commercial and residential mortgage loans. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on stabilized properties. Our residential mortgage loan portfolio is composed of first lien and home equity mortgages concentrated in Chile and the United States. Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. Further details relating to our valuation allowance are included under the caption “Financing Receivables Valuation Allowance.” Direct Financing Leases Our direct financing leases are concentrated in Chile. Our Chilean operations enter into private placement contracts for commercial, industrial and office space properties whereby our Chilean operations purchase the real estate and/or building from the seller-lessee but then lease the property back to the seller-lessee. Ownership of the property is transferred to the lessee by the end of the lease term. Direct financing leases are reported as a component of other investments in the consolidated statements of financial position. Reinsurance Recoverables Our reinsurance recoverables include amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported or policy benefits. We cede life, disability, medical and long-term care insurance to other insurance companies through reinsurance. Reinsurance recoverables are reported with premiums due and other receivables in the consolidated statements of financial position. Credit Quality Information for Financing Receivables The amortized cost of our financing receivables by credit risk and vintage as of March 31, 2020, was as follows:
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:
The amortized cost of our performing and non-performing residential mortgage loans was as follows:
Financing Receivables Credit Monitoring Commercial Credit Risk Profile Based on Internal Rating We actively monitor and manage our commercial mortgage loan and direct financing lease portfolios. All commercial mortgage loans and direct financing leases are analyzed regularly and substantially all are internally rated, based on a proprietary risk rating cash flow model, in order to monitor the financial quality of these assets. The models stress expected cash flows at various levels and at different points in time depending on the durability of the income stream, which includes our assessment of factors such as location (macro and micro markets), tenant quality and lease expirations. Our internal rating analysis presents expected losses in terms of an S&P Global (“S&P”) bond equivalent rating for domestic commercial mortgage loans and Feller rate equivalent for Chilean commercial mortgage loans and direct financing leases. As the credit risk for commercial mortgage loans and direct financing leases increases, we adjust our internal ratings downward with loans in the category “B+ and below” having the highest risk for credit loss. Internal ratings on commercial mortgage loans and direct financing leases are updated at least annually and potentially more often for certain investments with material changes in collateral value or occupancy and for investments on an internal “watch list”. Commercial mortgage loans and direct financing leases that require more frequent and detailed attention are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests.
Residential Credit Risk Profile Based on Performance Status Our residential mortgage loan portfolio is monitored based on performance of the loans. Monitoring on a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of potential impairment. We define non-performing domestic residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status. We define non-performing residential first lien mortgages in the Chilean market as loans that have missed a specified number of coupon payments based on the nature of the loans and collection practices in that market. Non-Accrual Financing Receivables Financing receivables are placed on non-accrual status if we have concern regarding the collectability of future payments or if a financing receivable has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow for commercial mortgage loans and direct financing leases or number of days past due and other circumstances for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal, against the valuation allowance or according to the contractual terms. When a financing receivable is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. Financing receivables in the Chilean market are carried on accrual for a longer period of delinquency than domestic financing receivables, as assessment of collectability is based on the nature of the financing receivables and collection practices in that market. The amortized cost of financing receivables on non-accrual status was as follows:
As of March 31, 2020, no interest income was recognized on non-accrual financing receivables. The aging of our financing receivables, based on amortized cost, was as follows:
Financing Receivables Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our financing receivables. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost excluding accrued interest receivable and includes reserves for pools of financing receivables with similar risk characteristics. We do not measure a credit loss allowance on accrued interest receivable because we write off the uncollectible accrued interest receivable balance to net investment income in a timely manner, generally within 90 days domestically or, in the Chilean market, based on the nature of the loans and collection practices in that market. We wrote off $0.0 million of commercial mortgage loan accrued interest receivable and $0.0 million of residential mortgage loan accrued interest receivable during the three months ended March 31, 2020. For commercial and residential mortgage loans and direct financing leases, management's periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks in the portfolio, adverse situations that may affect a borrower's ability to repay, the estimated value of the underlying collateral, composition of the portfolio, portfolio delinquency information, underwriting standards, peer group information, current and forecasted economic conditions, loss experience and other relevant factors. For reinsurance recoverables, management's periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks, adverse situations that may affect a reinsurer's ability to repay, current and forecasted economic conditions, industry loss experience and other relevant factors. Our commercial mortgage loans and direct financing leases are pooled by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historical loss experience for each risk rating level as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for two years or less with immediate reversion to historical experience. The allowance for direct financing leases is also adjusted for the residual value of the leased assets. A commercial mortgage loan or direct financing lease is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic commercial mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal "watch list" or that currently is evaluated individually. We analyze the need for an individual evaluation for any Chilean commercial mortgage loan or direct financing lease that is considered past due based on collection practices in the Chilean market and the nature of the loan or lease. We estimate expected credit losses for certain commercial mortgage loan or direct financing lease commitments where we have a contractual obligation to extend credit. The expected credit losses are estimated based on the commercial mortgage loan or direct financing lease valuation allowance process described previously, adjusted for probability of funding. The estimated expected credit losses for loan commitments are reported in other liabilities on the consolidated statements of financial position. We evaluate residential mortgage loans based on aggregated risk factors and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present and forecasted conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. A residential mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic residential mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal "watch list" or that currently is evaluated individually. We analyze the need for an individual evaluation for any Chilean residential mortgage loan that is considered past due based on collection practices in the Chilean market and the nature of the loan. As discussed previously, commercial and residential mortgage loans and direct financing leases are evaluated individually if the asset does not continue to share similar risk characteristics of a pool. When we determine a commercial or residential mortgage loan is probable of foreclosure, a valuation allowance is established equal to the difference between the carrying amount of the mortgage loan and the estimated value of the collateral reduced by the cost to sell. For certain commercial mortgage loans where repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we elect to establish a valuation allowance equal to the difference between the carrying amount of the mortgage loan and the estimated value of the real estate collateral, which may be reduced by the cost to sell. Estimated value may also be based on either the present value of the expected future cash flows discounted at the asset's effective interest rate or the asset's observable market price. Subsequent changes in the estimated value are reflected in the valuation allowance. Amounts on financing receivables deemed to be uncollectible are charged off and removed from the valuation allowance. The change in the valuation allowance for loans and direct financing leases is included in net realized capital gains (losses) on the consolidated statements of operations. Our reinsurance recoverables are pooled by reinsurer risk rating with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon industry historical loss experience and expected recovery timing as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for five years or less with immediate reversion to industry historical experience. A reinsurance recoverable is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any reinsurance recoverable based on past due payments and changes in reinsurer risk ratings. The change in the valuation allowance for reinsurance recoverables is included in benefits, claims and settlement expenses on the consolidated statements of operations. A rollforward of our valuation allowance was as follows:
Mortgage Loans We periodically purchase mortgage loans as well as sell mortgage loans we have originated. Mortgage loans purchased and sold were as follows:
Our commercial mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:
Impaired Mortgage Loans Prior to 2020, impaired mortgage loans were loans with a related specific valuation allowance, loans whose carrying amount had been reduced to the expected collectible amount because the impairment had been considered other than temporary or a loan modification had been classified as a troubled debt restructuring (“TDR”). Based on an assessment as to the collectability of the principal, a determination was made to apply any payments received either against the principal, against the valuation allowance or according to the contractual terms of the loan. We did not have any significant impaired mortgage loans in 2019. Mortgage Loan Modifications Our commercial and residential mortgage loan portfolios can include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a TDR has occurred. When we have commercial mortgage loan TDRs, they are modified to delay or reduce principal payments and to reduce or delay interest payments. The commercial mortgage loan modifications result in delayed cash receipts, a decrease in interest income and loan rates that are considered below market. When we have residential mortgage loan TDRs, they include modifications of interest-only payment periods, delays in principal balloon payments and interest rate reductions. Residential mortgage loan modifications result in delayed or decreased cash receipts and a decrease in interest income. When we have commercial mortgage loan TDRs, they are reserved for in the mortgage loan valuation allowance at the estimated fair value of the underlying collateral reduced by the cost to sell. When we have residential mortgage loan TDRs, they 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. We did not have any significant loans that were modified and met the criteria of a TDR for the three months ended March 31, 2020 and 2019. Securities Posted as Collateral As of March 31, 2020 and December 31, 2019, we posted $4,382.7 million and $4,062.0 million, respectively, in commercial mortgage loans and residential first lien mortgages to satisfy collateral requirements associated with our obligation under funding agreements with Federal Home Loan Bank of Des Moines (“FHLB Des Moines”). In addition, as of March 31, 2020 and December 31, 2019, we posted $2,793.4 million and $2,749.4 million, respectively, in fixed maturities, available-for-sale and trading securities to satisfy collateral requirements primarily associated with a reinsurance arrangement, our derivative credit support annex (collateral) agreements, Futures Commission Merchant (“FCM”) agreements, a lending arrangement and our obligation under funding agreements with FHLB Des Moines. Since we did not relinquish ownership rights on these instruments, they are reported as mortgage loans, fixed maturities, available-for-sale and fixed maturities, trading, respectively, on our consolidated statements of financial position. Of the securities posted as collateral, as of March 31, 2020 and December 31, 2019, $307.2 million and $163.9 million, respectively, could be sold or repledged by the secured party. Balance Sheet Offsetting Financial assets subject to master netting agreements or similar agreements were as follows:
Financial liabilities subject to master netting agreements or similar agreements were as follows:
The financial instruments that are subject to master netting agreements or similar agreements include right of setoff provisions. Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral or variation margin provisions, which are generally settled daily with each counterparty. See Note 4, Derivative Financial Instruments, for further details. Repurchase and reverse repurchase agreements include provisions to setoff other repurchase and reverse repurchase balances with the same counterparty. Repurchase and reverse repurchase agreements also include collateral provisions with the counterparties. For reverse repurchase agreements we require the counterparties to pledge collateral with a value greater than the amount of cash transferred. We have the right but do not sell or repledge collateral received in reverse repurchase agreements. Repurchase agreements are structured as secured borrowings for all counterparties. We pledge fixed maturities available-for-sale, which the counterparties have the right to sell or repledge. Interest incurred on repurchase agreements is reported as part of operating expenses on the consolidated statements of operations. Net proceeds related to repurchase agreements are reported as a component of financing activities on the consolidated statements of cash flows. We did not have any outstanding repurchase agreements as of March 31, 2020 and December 31, 2019. |
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| Derivative Financial Instruments | 4. Derivative Financial Instruments Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies. Types of Derivative Instruments Interest Rate Contracts Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates. Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/or floating rate interest amounts based upon designated market rates or rate indices and an agreed upon notional principal amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by any party. Cash is paid or received based on the terms of the swap. We use interest rate swaps primarily to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities (including duration mismatches). We also use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments. Interest rate swaps are used to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) 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 options to manage prepayment risks in our assets and minimum guaranteed interest rates and lapse risks in our liabilities. A swaption is an option to enter into an interest rate swap at a future date. We purchase swaptions to hedge interest rate exposure for certain assets and liabilities. Swaptions not only hedge against the downside risk, but also allow us to take advantage of any upside benefits. In exchange-traded futures transactions, we agree to purchase or sell a specified number of contracts, the values of which are determined by the values of designated classes of securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. We enter into exchange-traded futures with regulated futures commissions merchants who are members of a trading exchange. We 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 issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity. We use various derivatives to manage our exposure to fluctuations in foreign currency exchange rates. Currency swaps are contracts in which we agree with other parties to exchange, at specified intervals, a series of principal and interest payments in one currency for that of another currency. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party. The interest payments are primarily fixed-to-fixed rate; however, they may also be fixed-to-floating rate or floating-to-fixed rate. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by one counterparty for payments made in the same currency at each due date. We use currency swaps to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. Currency forwards are contracts in which we agree with other parties to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We use currency forwards to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. We use currency forwards to hedge certain net equity investments in foreign operations, including certain sponsored investment funds. Currency options are contracts that give the holder the right, but not the obligation to buy or sell a specified amount of the identified currency within a limited period of time at a contracted price. The contracts are net settled in cash, based on the differential in the current foreign exchange rate and the strike price. Purchased and sold options can be combined to form a foreign currency collar where we receive a payment if the foreign exchange rate is below the purchased option strike price and make a payment if the foreign exchange rate is above the sold option strike price. We use currency options to hedge expected cash flows from our foreign operations. Equity Contracts Equity risk is the risk that we will incur economic losses due to adverse fluctuations in common stock prices. We use various derivatives to manage our exposure to equity risk, which arises from products in which the return or interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees. We purchase equity call spreads (“option collars”) to hedge the equity participation rates promised to contractholders in conjunction with our fixed deferred annuity and universal life products that credit interest based on changes in an external equity index. We use 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. The premium associated with certain options is paid quarterly over the life of the option contract. We also use exchange-traded futures in various fund strategies to manage an absolute return and volatility reduction objective for equity risk against respective benchmarks. Credit Contracts Credit risk relates to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest. We use credit default swaps to enhance the return on our investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market. They are also used to hedge credit exposures in our investment portfolio. Credit derivatives are used to sell or buy credit protection on an identified name or names on an unfunded or synthetic basis in return for receiving or paying a quarterly premium. The premium generally corresponds to a referenced name’s credit spread at the time the agreement is executed. In cases where we sell protection, we also buy a quality cash bond to match against the credit default swap, thereby entering into a synthetic transaction replicating a cash security. When selling protection, if there is an event of default by the referenced name, as defined by the agreement, we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced security in a principal amount equal to the notional value of the credit default swap. Other Contracts Embedded Derivatives. We purchase or issue certain financial instruments or products that contain a derivative instrument that is embedded in the financial instrument or product. When it is determined that the embedded derivative possesses economic characteristics that are not clearly or closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host instrument for measurement purposes. The embedded derivative, which is reported with the host instrument in the consolidated statements of financial position, is carried at fair value. We offer group annuity contracts that have guaranteed separate accounts as an investment option. We 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 products 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 of bilateral OTC derivatives for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparties under master netting agreements. OTC cleared derivatives have variation margin that is legally characterized as settlement of the derivative exposure, which reduces their fair value in the consolidated statements of financial position. We posted $290.9 million and $271.6 million in cash and securities under collateral arrangements as of March 31, 2020 and December 31, 2019, respectively, to satisfy collateral and initial margin requirements associated with our derivative credit support agreements and FCM agreements. Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of March 31, 2020 and December 31, 2019, was $102.3 million and $164.7 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 $290.9 million and $271.6 million as of March 31, 2020 and December 31, 2019, 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 March 31, 2020, we would be required to post an additional $78.8 million of collateral to our counterparties. As of March 31, 2020 and December 31, 2019, we had received $473.5 million and $156.8 million, respectively, of cash collateral associated with our derivative credit support annex agreements and FCM agreements, for which we recorded a corresponding liability reflecting our obligation to return the collateral. Notional amounts are used to express the extent of our involvement in derivative transactions and represent a standard measurement of the volume of our derivative activity. Notional amounts represent those amounts used to calculate contractual flows to be exchanged and are not paid or received, except for contracts such as currency swaps. Credit exposure represents the gross amount owed to us under derivative contracts as of the valuation date. The notional amounts and credit exposure of our derivative financial instruments by type were as follows:
The fair value of our derivative instruments classified as assets and liabilities was as follows:
Credit Derivatives Sold When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. Our credit derivative contracts sold reference a single name or reference security (referred to as “single name credit default swaps”). These instruments are either referenced in an OTC credit derivative transaction or embedded within an investment structure that has been fully consolidated into our financial statements. These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative. In certain cases, we also may have purchased credit protection with identical underlyings to certain of our sold protection transactions. As of March 31, 2020 and December 31, 2019, we did not purchase credit protection relating to our sold protection transactions. In certain circumstances, our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name. The following tables show our credit default swap protection sold by types of contract, types of referenced/underlying asset class and external agency rating for the underlying reference security. The maximum future payments are undiscounted and have not been reduced by the effect of any offsetting transactions, collateral or recourse features described above.
Fair Value and Cash Flow Hedges Fair Value Hedges We use fixed-to-floating rate interest rate swaps to more closely align the interest rate characteristics of certain assets and have used them to align the interest rate characteristics of certain liabilities. In general, these swaps are used in asset and liability management to modify duration, which is a measure of sensitivity to interest rate changes. The net interest effect of interest rate swap transactions for derivatives in fair value hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The following amounts were recorded on the consolidated statements of financial position related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment.
Cash Flow Hedges We utilized 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 0.2 years. As of March 31, 2020, we had $0.0 million of net gains reported in accumulated other comprehensive income (“AOCI”) on the consolidated statements of financial position related to active hedges of forecasted transactions. If a hedged forecasted transaction is no longer probable of occurring, cash flow hedge accounting is discontinued. If it is probable that the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. The following table shows the effect of derivatives in cash flow hedging relationships on the consolidated statements of financial position.
We expect to reclassify net gains of $25.0 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. Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations.
Net Investment Hedges We may take measures to hedge our net equity investments in our foreign operations from currency risk. This is accomplished with the use of currency forwards. Gains and losses associated with net investment hedges are recorded in AOCI and will be released into net income if our investment in the foreign operation is sold or substantially liquidated. The following table shows the effect of foreign exchange contracts used to hedge a portion of our net investment in certain sponsored investment funds on the consolidated financial statements.
Derivatives Not Designated as Hedging Instruments Our use of futures, certain swaptions and swaps, option collars, options and forwards are effective from an economic standpoint, but they have not been designated as hedges for financial reporting purposes. As such, periodic changes in the market value of these instruments, which includes mark-to-market gains and losses as well as periodic and final settlements, primarily flow directly into net realized capital gains (losses) on the consolidated statements of operations. 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.
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| Insurance Liabilities | 5. Insurance Liabilities Liability for Unpaid Claims The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows:
Incurred liability adjustments relating to prior years, which affected current operations during 2020 and 2019, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. |
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Income Taxes |
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| Income Taxes | 6. Income Taxes Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows:
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Employee and Agent Benefits |
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| Employee and Agent Benefits | 7. Employee and Agent Benefits Components of Net Periodic Benefit Cost
The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations. Contributions Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”) and, generally, not greater than the maximum amount that can be deducted for federal income tax purposes. It is too early to determine, but we do not anticipate that we will be required to fund a minimum required contribution under ERISA. Regardless, it is possible that we may fund the qualified and nonqualified pension plans in 2020 for a combined total of up to $35.0 million. During the three months ended March 31, 2020, we contributed $5.7 million to these plans. |
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Contingencies, Guarantees and Indemnifications |
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| Contingencies, Guarantees and Indemnifications | 8. Contingencies, Guarantees and Indemnifications Litigation and Regulatory Contingencies We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages. We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses. In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and other regulatory agencies in the U.S. and in international locations in which we do business, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future. On November 12, 2014, Frederick Rozo filed a class action lawsuit in the United States District Court for the Southern District of Iowa against Principal Life and us. We were later dismissed as a defendant. The Plaintiff alleged that defendants breached fiduciary duties and engaged in prohibited transactions under ERISA in connection with a general account guaranteed product known as the Principal Fixed Income Option ("PFIO"). On May 12, 2017, the district court certified a nationwide class of participants and beneficiaries who had funds invested in one of the PFIO contracts. On September 25, 2018, the district court granted Principal Life's motion for summary judgment. On February 3, 2020, the Eighth Circuit Court of Appeals reversed that ruling and remanded the case back to the district court. Principal Life will continue to aggressively defend the case. While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe any such matter will have a material adverse effect on our business or financial position. As of March 31, 2020, we had no estimated loss accrued related to the legal matter discussed above because we believe the chance of loss from this matter is not probable and the amount of loss cannot be reasonably estimated. 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 March 31, 2020. Guarantees and Indemnifications In the normal course of business, we have provided guarantees to third parties primarily related to former subsidiaries and joint ventures. The terms of these agreements range in duration and often are not explicitly defined. The maximum exposure under these agreements as of March 31, 2020, was approximately $114.0 million. At inception, the fair value of such guarantees was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. Should we be required to perform under these guarantees, we generally could recover a portion of the loss from third parties through recourse provisions included in agreements with such parties, the sale of assets held as collateral that can be liquidated in the event performance is required under the guarantees or other recourse generally available to us; therefore, such guarantees would not result in a material adverse effect on our business or financial position. While the likelihood is remote, such outcomes could materially affect net income in a particular quarter or annual period. Furthermore, in connection with our contingent funding agreements, we are required to purchase any principal and interest strips of U.S. Treasury securities that are due and not paid from the associated unconsolidated trusts. The maximum exposure under these agreements as of March 31, 2020, was $750.0 million. We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable. We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions 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.
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Stockholders' Equity |
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| Stockholders' Equity | 9. Stockholders’ Equity Common Stock Dividends
Reconciliation of Outstanding Common Shares
In November 2018, our Board of Directors authorized a share repurchase program of up to $500.0 million of our outstanding common stock, which was completed in February 2020. In February 2020, our Board of Directors authorized a share repurchase program of up to $900.0 million of our outstanding common stock, which has no expiration date. Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest Interests held by unaffiliated parties in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling partners’ share of the underlying net assets of our consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the consolidated statements of financial position. The noncontrolling interest holders in certain of our consolidated entities maintain an equity interest that is redeemable at the option of the holder, which may be exercised on varying dates. Since redemption of the noncontrolling interest is outside of our control, this interest is excluded from stockholders’ equity and reported separately as redeemable noncontrolling interest on the consolidated statements of financial position. Our redeemable noncontrolling interest primarily relates to consolidated sponsored investment funds for which interests are redeemed at fair value from the net assets of the funds. For our redeemable noncontrolling interest related to other consolidated subsidiaries, redemptions are required to be purchased at fair value or a value based on a formula that management intended to reasonably approximate fair value based on a fixed multiple of earnings over a measurement period. The carrying value of the redeemable noncontrolling interest is compared to the redemption value at each reporting period. Any adjustments to the carrying amount of the redeemable noncontrolling interest for changes in redemption value prior to exercise of the redemption option are determined after the attribution of net income or loss of the subsidiary and are recognized in the redemption value as they occur. Adjustments to the carrying value of redeemable noncontrolling interest result in adjustments to additional paid-in capital and/or retained earnings. Adjustments are recorded in retained earnings to the extent the redemption value of the redeemable noncontrolling interest exceeds its fair value and will impact the numerator in our earnings per share calculations. All other adjustments to the redeemable noncontrolling interest are recorded in additional paid-in capital. Following is a reconciliation of the changes in the redeemable noncontrolling interest (in millions):
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Fair Value Measurements |
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| Fair Value Measurements | 10. Fair Value Measurements We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements. Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability. ● Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Fair values are based on at least one significant unobservable input for the asset or liability. Determination of Fair Value The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis or disclosed at fair value. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2020. Fixed Maturities Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. When available, the fair value of fixed maturities is based on quoted prices of identical assets in active markets. These are reflected in Level 1 and primarily include U.S. Treasury bonds and actively traded redeemable corporate preferred securities. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data 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 also be impacted by company specific factors. If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of March 31, 2020, less than 1% of our total fixed maturities were Level 3 securities valued using internal pricing models. The primary inputs, by asset class, for valuations of the majority of our Level 2 investments from third party pricing vendors or our internal pricing valuation approach are described below. U.S. Government and Agencies/Non-U.S. Governments. Inputs include recently executed market transactions, interest rate yield curves, maturity dates, market price quotations and credit spreads relating to similar instruments. States and Political Subdivisions. Inputs include Municipal Securities Rulemaking Board reported trades, U.S. Treasury and other benchmark curves, material event notices, new issue data and obligor credit ratings. Corporate. Inputs include recently executed transactions, market price quotations, benchmark yields, issuer spreads and observations of equity and credit default swap curves related to the issuer. For private placement corporate securities valued through the matrix valuation approach inputs include the current Treasury curve and risk spreads based on sector, rating and average life of the issuance. RMBS, CMBS, Collateralized Debt Obligations and Other Debt Obligations. Inputs include cash flows, priority of the tranche in the capital structure, expected time to maturity for the specific tranche, reinvestment period remaining and performance of the underlying collateral including prepayments, defaults, deferrals, loss severity of defaulted collateral and, for RMBS, prepayment speed assumptions. Other inputs include market indices and recently executed market transactions. Equity Securities Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. When quoted prices are not available, we may utilize internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices or the 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, which reduces their fair value in the consolidated statements of financial position. The fair values of OTC cleared derivatives are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses may utilize the overnight indexed swap (“OIS”) curve in their valuation. Variation margin associated with OTC cleared derivatives is settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of bilateral OTC derivative instruments are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The majority of our bilateral OTC derivatives are valued with models that use market observable inputs, which are reflected in Level 2. Significant inputs include contractual terms, interest rates, currency exchange rates, credit spread curves, equity prices and volatilities. These valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Certain bilateral OTC derivatives utilize unobservable market data, primarily independent broker quotes that are nonbinding quotes based on models that do not reflect the result of market transactions, which are reflected in Level 3. Our non-cleared derivative contracts are generally documented under ISDA Master Agreements, which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Collateral arrangements are bilateral and based on current ratings of each entity. We utilize the 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 or variation margin 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 and swaptions 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 had interest rate options that were valued using broker quotes. These were 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 and currency options 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 and currency options 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 to determine the fair value of credit default swaps. These are reflected in Level 2. In addition, we have a limited number of credit default swaps that are valued using broker quotes. These are reflected within Level 3. Other Investments Other investments reported at fair value include invested assets of consolidated sponsored investment funds, unconsolidated sponsored investment funds, other investment funds reported at fair value, equity method real estate investments for which the fair value option was elected and certain redeemable and nonredeemable preferred stock. In addition, in 2019 we had commercial mortgage loans of consolidated VIEs for which the fair value option was elected. Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and other investments, for which fair values are determined as previously described, and are reflected in Level 1 and Level 2. The fair value of unconsolidated sponsored investment funds and other investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2. Commercial mortgage loans of a consolidated VIE were valued using the more observable fair value of the liabilities of the consolidated collateralized financing entity (“CCFE”) under the measurement alternative guidance and were reflected in Level 2. The liabilities were affiliated so were not reflected in our consolidated results. The trust was unwound in the third quarter of 2019. Equity method real estate investments for which the fair value option was elected are reflected in Level 3. 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 public real estate market data inputs such as transaction prices, market rents, vacancy levels, leasing absorption, market cap rates and discount rates. The debt fair value is estimated using a discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The fair value of certain redeemable and nonredeemable preferred stock is based on an internal model using unobservable inputs, which is reflected in Level 3. Cash Equivalents Certain cash equivalents are reported at fair value on a recurring basis and include money market instruments and other short-term investments with maturities of three months or less. Fair values of these cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2. Separate Account Assets Separate account assets include equity securities, debt securities, cash equivalents and derivative instruments, for which fair values are determined as previously described, and are reflected in Level 1, Level 2 and Level 3. Separate account assets also include commercial mortgage loans, for which the fair value is estimated by discounting the expected total cash flows using market rates that are applicable to the yield, credit quality and maturity of the loans. The market clearing spreads vary based on mortgage type, weighted average life, rating and liquidity. These are reflected in Level 3. Finally, separate account assets include real estate, for which the fair value is estimated using discounted cash flow valuation models that utilize various public real estate market data inputs. In addition, each property is appraised annually by an independent appraiser. The real estate included in separate account assets is recorded net of related mortgage encumbrances for which the fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The real estate within the separate accounts is reflected in Level 3. Investment and Universal Life Contracts Certain universal life, annuity and other investment contracts include embedded derivatives that have been bifurcated from the host contract and are measured at fair value on a recurring basis, which are reflected in Level 3. The key assumptions for calculating the fair value of the embedded derivative liabilities are market assumptions (such as equity market returns, interest rate levels, market volatility and correlations) and policyholder behavior assumptions (such as lapse, 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 models that incorporate a spread reflecting our own creditworthiness. The assumption for our own non-performance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows:
Changes in Level 3 Fair Value Measurements The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was as follows:
Transfers Transfers of assets and liabilities measured at fair value on a recurring basis between fair value hierarchy levels were as follows:
Assets transferred into Level 3 during the three months ended March 31, 2020, 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. Other investments transferred from Level 2 into Level 3 during the three months ended March 31, 2019, included certain redeemable preferred stock for which at least one significant unobservable input is now used to determine fair value. Assets transferred out of Level 3 during the three months ended March 31, 2020 and 2019, primarily included those assets for which we are now able to obtain pricing from a recognized third party pricing vendor or from internal models using substantially all market observable information. Quantitative Information about Level 3 Fair Value Measurements The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally, which primarily consists of those valued using broker quotes or the measurement alternative for CCFEs. Refer to “Assets and liabilities measured at fair value on a recurring basis” for a complete valuation hierarchy summary.
Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. The use of a higher or lower discount rate would have caused the fair value of the assets to significantly decrease or increase, respectively. Additionally, we may adjust the base discount rate or the modeled price by applying an illiquidity premium given the highly structured nature of certain assets. The use of a higher or lower illiquidity premium would have caused significant decreases or increases, respectively, in the fair value of the asset. Embedded derivatives within our investment and universal life contracts liability can be in either an asset or liability position, depending on certain inputs at the reporting date. Increases to an asset or decreases to a liability are described as increases to fair value. The use of a higher or lower market volatility would have caused significant decreases or increases, respectively, in the fair value of embedded derivatives in investment 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. The use of higher or lower risk-free rates would have caused the fair value of the embedded derivative to significantly increase or decrease, respectively. The use of a higher or lower rate for our own credit risks, which impact the rates used to discount future cash flows, would have significantly increased or decreased, respectively, the fair value of the embedded derivative. All of these changes in fair value would impact net income. The use of a lower or higher mortality rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively. The use of a lower or higher overall lapse rate assumption would have caused the fair value of the embedded derivative to decrease or increase, respectively. The lapse rate assumption may vary dynamically based on the relationship of the guarantee and associated account value. A stronger or weaker dynamic lapse rate assumption would have caused 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. The use of a higher or lower assumption of the number of contractholders taking withdrawals would have caused the fair value of the embedded derivative to decrease or increase, respectively. Assuming contractholders take withdrawals earlier or later would have caused the fair value of the embedded derivative to decrease or increase, respectively. Assuming contractholders take more or less of their benefit would have caused the fair value of the embedded derivative to decrease or increase, respectively. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis No significant assets and liabilities were measured at fair value on a nonrecurring basis for the three months ended March 31, 2020 and 2019. Fair Value Option We elected fair value accounting for:
The following tables present information regarding the assets and liabilities for which the fair value option was elected.
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:
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| Segment Information | 11. Segment Information We provide financial products and services through the following segments: Retirement and Income Solutions, 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 Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment is organized into Retirement and Income Solutions – Fee, which includes full service accumulation, trust services, individual variable annuities and revenues and expenses associated with the purchase of the Institutional Retirement & Trust business of Wells Fargo Bank N.A. (the “Acquired Business”); and Retirement and Income Solutions – Spread, which includes individual fixed annuities, investment only, pension risk transfer and banking services. The Principal Global Investors segment provides asset management services to our asset accumulation business, our insurance operations, the Corporate segment and third party clients. This segment also includes our mutual fund business. The Principal International segment has operations in Latin America (Brazil, Chile and Mexico) and Asia (China, Hong Kong Special Administrative Region, India and Southeast Asia). We focus on locations with large middle classes, favorable demographics and growing long-term savings, ideally with voluntary or mandatory pension markets. We entered these locations through acquisitions, start-up operations and joint ventures. The U.S. Insurance Solutions segment focuses on solutions for individuals and small-to-medium sized businesses and their employees. The segment is organized into Specialty Benefits insurance, which provides group dental and vision insurance, individual and group disability insurance, critical illness, accident, group life insurance and non-medical fee-for-service claims administration; and Individual Life insurance, which provides universal life, variable universal life, indexed universal life and traditional life insurance. Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc. (“PSI”), our retail broker-dealer and registered investment advisor ("RIA”); RobustWealth, Inc. (“RobustWealth”), our financial technology company; and our exited group medical and long-term care insurance businesses are reported in this segment. Management uses segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business. The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings:
Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for:
Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding:
The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of: (1) pension and other postretirement employee benefits (“OPEB”) cost allocations, (2) certain expenses deemed to benefit the entire organization and (3) income tax allocations. For purposes of determining pre-tax operating earnings, the segments are allocated the service component of pension and other postretirement benefit costs. The Corporate segment reflects the non-service components of pension and other postretirement benefit costs as assumptions are established and funding decisions are managed from a company-wide perspective. Additionally, the Corporate segment reflects expenses that benefit the entire organization for which the segments are not able to influence the spend. This includes expenses such as public company costs, executive management costs, acquisition and disposition costs, among others. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. For purposes of determining non-GAAP operating earnings, the segments are allocated tax adjustments consistent with the positions we took on tax returns. The Corporate segment results reflect any differences between the tax returns and the estimated resolution of any disputes. The following tables summarize select financial information by segment, including operating revenues for our products and services, and reconcile segment totals to those reported in the consolidated financial statements:
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| Revenues from Contracts with Customers | 12. Revenues from Contracts with Customers The following tables summarize disaggregation of revenues from contracts with customers, including select financial information by segment, and reconcile totals to those reported in the consolidated financial statements. Revenues from contracts with customers are included in fees and other revenues on the consolidated statements of operations.
Retirement and Income Solutions – Fee Retirement and Income Solutions – Fee offers service and trust agreements for defined contribution retirement plans, including 401(k) plans, 403(b) plans, and employee stock ownership plans. The investment components of these service agreements are in the form of mutual fund offerings. In addition, plan sponsor retirement plan trust and custody services are also available through an affiliated trust company. With the Acquired Business, services and trust agreements are also offered to non-retirement customers including insurance companies, endowments and other financial institutions. Fees and other revenues are earned for administrative activities performed for the defined contribution retirement plans including recordkeeping and reporting as well as trust and custody, asset management and investment services. Fees and other revenues are earned for administrative activities performed for non-retirement plan customers including trust and custody services, defined benefit administration and investment management activities. The majority of these activities are performed daily over time. Fee-for-service transactions are also provided upon client request. These services are considered distinct or grouped into a bundle until a distinct performance obligation is identified. Some performance obligations are considered a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer. Fees and other revenues can be based on a fixed contractual rate for these services or can be variable based upon contractual rates applied to the market value of the client’s investment portfolio each day. If the consideration for this series of performance obligations is based on daily market value, it is considered variable each day as the services are performed over time. The consideration becomes unconstrained and thus recognized as revenue for each day’s series of distinct services once the market value of the clients’ investment portfolios is determined at market close or carried over at the end of the day for days when the market is closed. Additionally, fixed fees and other revenues are recognized point-in-time as fee-for-service transactions upon completion. The types of revenues from contracts with customers were as follows:
Retirement and Income Solutions - Spread Retirement and Income Solutions – Spread offers individual retirement accounts (“IRAs”) through Principal Bank, which are primarily funded by retirement savings rolled over from qualified retirement plans. The IRAs are held in savings accounts, money market accounts and certificates of deposit. Revenues are earned through fees as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. The types of revenues from contracts with customers were as follows:
Principal Global Investors Fees and other revenues earned for asset management, investment advisory and distribution services provided to institutional and retail clients are based largely upon contractual rates applied to the specified amounts of the clients’ portfolios. Each service is a distinct performance obligation, or a series of distinct services that are a single performance obligation in that the services are substantially the same and have the same pattern of transfer to the customer. Fees and other revenues received for performance obligations such as asset management and other services are typically recognized over time utilizing the output method as the service is performed. Performance fees and transaction fees on certain accounts are recognized in income when the probability of significant reversal will not occur upon resolution of the uncertainty, which could be based on a variety of factors such as market performance or other internal metrics. Asset management fees are accrued each month based on the fee terms within the applicable agreement and are generally billed quarterly when values used for the calculation are available. Management fees and performance fees are variable consideration as they are subject to fluctuation based on assets under management (“AUM”) and other constraints. These fees are not recognized until unconstrained at the end of each reporting period. The types of revenues from contracts with customers were as follows:
Principal International Fees and other revenues are earned for asset management and distribution services provided to retail and institutional clients in addition to trustee and/or administrative services performed for retirement savings plans. Each service is considered a distinct performance obligation; however, if the services are not distinct on their own, we combine them into a distinct bundle or we have a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. Fees and other revenues are typically based upon contractual rates applied to the market value of the clients’ investment portfolios and are considered variable consideration. The transaction price generally includes the amount determined at the end of the reporting period, whereby fees are deducted from the clients’ investment portfolios and are recognized as revenue when no longer constrained and satisfied as the services are performed over time utilizing the output method. In addition, payments to customers can take the form of an incentive given by us to entice the customer to purchase its goods or services. Incentives offered to customers are recognized as part of the transaction price as a reduction of revenue either over the period the customer remains in order to receive the incentive or monthly throughout the life of the contract. Incentive-based fees are recognized in income when the probability of significant reversal will not occur upon the resolution of the uncertainty, which is based on market performance. Fees for managing customers’ mandatory retirement savings accounts in 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 contracts as services are performed over the life of the contract and review annually. The types of revenues from contracts with customers were as follows:
U.S. Insurance Solutions Fees and other revenues are earned for administrative services performed including recordkeeping and reporting services for fee-for-service products, nonqualified benefit plans, separate accounts and dental networks. Services within contracts are not distinct on their own; however, we combine the services into a distinct bundle and account for the bundle as a single performance obligation, which is satisfied over time utilizing the output method as services are rendered. The transaction price corresponds with the performance completed to date, for which the value is recognized as revenue during the period. Variability of consideration is resolved at the end of each period and payments are due when billed. Commission income is earned through sponsored brokerage services. Performance obligations are satisfied at a point in time, upon delivery of a placed case, and the transaction price calculated per the compensation schedule is recognized as revenue. The types of revenues from contracts with customers were as follows:
Corporate Fees and other revenues are earned on the performance of selling and servicing of securities and related products offered through PSI, an introducing broker-dealer registered with the FINRA. PSI enters into selling and distribution agreements with the obligation to sell or distribute the securities products, such as mutual funds, annuities and products sold through RIAs, to individual clients in return for a front-end sales charges, 12b-1 service fees, annuity fees and asset-based fees. Front-end sales charges, 12b-1 fees and annuity fees are related to a single sale and are earned at the time of sale. PSI also enters into agreements with individual customers to provide securities trade execution and custody through a brokerage services platform in return for ticket charge and other service fee revenue. These services are bundled as one single distinct service referred to as brokerage services. This revenue is related to distinct transactions and is earned at a point in time. PSI also enters into agreements with individual customers to provide trade execution, clearing services, custody services and investment research services through our proprietary offered fee-based products. These services are bundled as one single distinct service referred to as advisory services. In addition, for outside RIA business PSI performs sales and distribution services only. The revenues are earned over time as the service is performed utilizing the output method. A majority of our revenue is based upon contractual rates applied to the market value of the clients’ portfolios and considered variable consideration. The Corporate segment also includes inter-segment eliminations of fees and other revenues. The types of revenues from contracts with customers were as follows:
Contract Costs Sales compensation and other incremental costs of obtaining a contract are capitalized and amortized over the period of contract benefit if the costs are expected to be recovered. The contract cost asset, which is included in other assets on the consolidated statements of financial position, was $146.1 million and $157.0 million as of March 31, 2020 and December 31, 2019, respectively. We apply the practical expedient for certain costs where we recognize the incremental costs of obtaining these contracts as an expense when incurred if the amortization period of the assets is one year or less. These costs, along with costs that are not deferrable, are included in operating expenses on the consolidated statements of operations. Deferred contract costs consist primarily of commissions and variable compensation. We amortize capitalized contract costs on a straight-line basis over the expected contract life, reflecting lapses as they are incurred. Deferred contract costs are subject to impairment testing on an annual basis, or when a triggering event occurs that could warrant an impairment. To the extent future revenues less future maintenance expenses are not adequate to cover the asset balance, an impairment is recognized. For the three months ended March 31, 2020 and 2019, $6.6 million and $5.6 million, respectively, of amortization expense was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized. |
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| Stock-Based Compensation Plans | 13. Stock-Based Compensation Plans As of March 31, 2020, we had the 2014 Stock Incentive Plan, the Employee Stock Purchase Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan and the Directors Stock Plan (“Stock-Based Compensation Plans”). 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 or the Directors Stock Plan since at least . 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 March 31, 2020, the maximum number of new shares of common stock available for grant under the 2014 Stock Incentive Plan and the 2014 Directors Stock Plan was 4.0 million. For awards with graded vesting, we use an accelerated expense attribution method. The compensation cost that was charged against net income for stock-based awards granted under the Stock-Based Compensation Plans was as follows:
Nonqualified Stock Options Nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan. Total options granted were 1.4 million for the three months ended March 31, 2020. 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:
As of March 31, 2020, we had $11.6 million of total unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a weighted-average service period of approximately 1.4 years. Performance Share Awards Performance share awards were granted to certain employees under the 2014 Stock Incentive Plan. Total performance share awards granted were 0.3 million for the three months ended March 31, 2020. The performance share awards granted represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results to be determined at the end of the performance period. The actual number of common 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 these performance share awards granted was $51.73 per common share. As of March 31, 2020, we had $10.8 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 1.5 years. Restricted Stock Units Restricted stock units were issued to certain employees pursuant to the 2014 Stock Incentive Plan and non-employee directors pursuant to the 2014 Directors Stock Plan. Total restricted stock units granted were 1.0 million for the three months ended March 31, 2020. The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant date fair value of these restricted stock units granted was $51.73 per common share. As of March 31, 2020, we had $79.0 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted. The cost is expected to be recognized over a weighted-average period of approximately 2.1 years. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan, employees purchased 0.5 million shares for the three months ended March 31, 2020. The weighted average fair value of the discount on the stock purchased was $4.70 per share. As of March 31, 2020, a total of 0.9 million of new shares were available to be made issuable by us for this plan. |
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Earnings Per Common Share |
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| Earnings Per Common Share | 14. Earnings Per Common Share The computations of the basic and diluted per share amounts were as follows:
The calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. |
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| Condensed Consolidating Financial Information | 15. 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 (“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 March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019. 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, Pri doincipal 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. PFG sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The Rabbi trusts are separate legal entities and are not a part of PFG on a stand-alone basis. The plan assets are available to satisfy the claims of general creditors only in the event of bankruptcy and are, therefore, consolidated in our statements of financial position. Condensed Consolidating Statements of Financial Position March 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the three months ended March 31, 2020
Condensed Consolidating Statements of Operations For the three months March 31, 2019
Condensed Consolidating Statements of Cash Flows For the three months March 31, 2020
Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2019
Under our current shelf registration that was filed with the SEC and became effective May 3, 2017, 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, depositary shares, purchase contracts and purchase units of PFG. 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 March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019. 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. PFG sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The Rabbi trusts are separate legal entities and are not a part of PFG on a stand-alone basis. The plan assets are available to satisfy the claims of general creditors only in the event of bankruptcy and are, therefore, consolidated in our statements of financial position. Condensed Consolidating Statements of Financial Position March 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the three months ended March 31, 2020
Condensed Consolidating Statements of Operations For the three months ended March 31, 2019
Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020
Condensed Consolidating Statements of Cash Flows For the three months March 31, 2019
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| Basis of Presentation - Policy | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020, especially when considering the risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, deferred acquisition costs ("DAC") and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future as more information becomes known about the impact of COVID-19. Our results of operations and financial condition may also be impacted by evolving regulatory, legislative and standard-setter accounting interpretations and guidance. These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2019, included in our Form 10-K for the year ended December 31, 2019, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2019, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Certain reclassifications have been made to the prior period consolidated statements of cash flows to conform to the current period presentation. |
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| Consolidation - Policy | Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 2, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method.
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| Recent Accounting Pronouncements - Policy | Recent Accounting Pronouncements
When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates.
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| Separate Accounts - Policy | 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 statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations. Separate account assets and separate account liabilities include certain international 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. As of March 31, 2020 and December 31, 2019, the separate accounts included a separate account valued at $55.8 million and $100.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations. |
Variable Interest Entities (Tables) |
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| Variable Interest Entities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table) |
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| Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table) |
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Maturities and Equity Securities Available-for-Sale (Table) |
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| Fixed Maturities Available-for-Sale by Contractual Maturity (Table) |
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| Net Realized Capital Gains and Losses (Table) |
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| Allowance for credit loss (Tables) |
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| Other-Than-Temporary Impairment Losses, Net of Recoveries (Table) |
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| Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table) |
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| Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table) |
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| Gross Unrealized Losses for Fixed Maturities (Table) |
(1) Primarily consists of collateralized loan obligations backed by secured corporate loans.
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| Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table) |
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| Financing Receivable Credit Quality Indicators (Table) |
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| Commercial Mortgage Loan Portfolio by Credit Risk (Table) |
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| Performing and Non-Performing Residential Mortgage Loans (Table) |
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| Non-Accrual Financing Receivables (Table) |
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| Financing Receivables Aging (Table) |
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| Financing Receivables Valuation Allowance (Table) |
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| Mortgage Loans Purchased and Sold (Table) |
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| Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table) |
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| Financial Assets Subject to Netting Agreements (Table) |
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| Financial Liabilities Subject to Netting Agreements (Table) |
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Derivative Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments, Exposure (Table) |
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| Derivative Financial Instruments, Fair Value Disclosures (Table) |
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| Credit Derivatives Sold (Table) |
|
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| Fair Value Hedges (Table) |
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| Cash Flow Hedges (Table) |
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| Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table) |
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| Net Investment Hedges (Table) |
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| Derivatives Not Designated as Hedging Instruments (Table) |
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Insurance Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability for Unpaid Claims (Table) |
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Table) |
|
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Employee and Agent Benefits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee and Agent Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit Cost (Income) (Table) |
|
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Dividends (Table) |
|
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| Reconciliation of Outstanding Common Shares (Table) |
|
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| Other Comprehensive Income (Loss) (Table) |
|
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| Accumulated Other Comprehensive Income (Loss) (Table) |
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| Redeemable Noncontrolling Interest (Table) |
|
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value (Table) |
|
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| Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table) |
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| Transfers (Table) |
|
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| Quantitative Information about Level 3 Fair Value Measurements (Table) |
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| Fair Value Option (Table) |
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| Financial Instruments Not Reported at Fair Value (Table) |
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Assets from Segment to Consolidated (Table) |
|
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| Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table) |
|
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Revenues from Contracts with Customers (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| Retirement and Income Solutions | Retirement and Income Solutions - Fee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| Retirement and Income Solutions | Retirement and Income Solutions - Spread | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| Principal Global Investors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| Principal International | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| U.S. Insurance Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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| Corporate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenues from Contracts with Customers (Table) |
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Stock-Based Compensation Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Disclosures (Table) |
|
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| Nonqualified Stock Options Fair Value (Table) |
|
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Earnings Per Common Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share (Table) |
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information, Notes Guarantor (Table) | Condensed Consolidating Statements of Financial Position March 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the three months ended March 31, 2020
Condensed Consolidating Statements of Operations For the three months March 31, 2019
Condensed Consolidating Statements of Cash Flows For the three months March 31, 2020
Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2019
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| Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table) | Condensed Consolidating Statements of Financial Position March 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the three months ended March 31, 2020
Condensed Consolidating Statements of Operations For the three months ended March 31, 2019
Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020
Condensed Consolidating Statements of Cash Flows For the three months March 31, 2019
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Nature of Operations and Significant Accounting Policies - Recent Accounting Pronouncements (Details) - Adjustment for adoption of guidance - USD ($) $ in Millions |
Jan. 01, 2020 |
Jan. 01, 2019 |
|---|---|---|
| ASU 2016-13 - CECL | ||
| Recent Accounting Pronouncements | ||
| Cumulative effect adjustment, decrease to retained earnings | $ 8.4 | |
| ASU 2016-02 - Leases | ||
| Recent Accounting Pronouncements | ||
| Cumulative effect adjustment, decrease to retained earnings | $ 4.0 |
Nature of Operations and Significant Accounting Policies - Separate Accounts (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| 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 | $ 55.8 | $ 100.4 |
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | $ 246,903.9 | $ 276,087.8 | ||
| Total liabilities | 233,691.6 | 261,137.1 | ||
| Redeemable noncontrolling interest | 239.7 | 264.9 | $ 537.7 | $ 391.2 |
| Aggregate consolidated variable interest entities | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 32,331.6 | 40,802.1 | ||
| Total liabilities | 31,326.0 | 39,713.7 | ||
| Redeemable noncontrolling interest | 187.6 | 215.4 | ||
| Grantor trust | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 35.1 | 99.9 | ||
| Total liabilities | 34.7 | 98.6 | ||
| Mandatory retirement savings funds | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 31,535.3 | 39,891.1 | ||
| Total liabilities | 31,256.1 | 39,524.9 | ||
| Real estate VIE | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 421.5 | 479.7 | ||
| Total liabilities | 26.9 | 88.0 | ||
| Sponsored investment funds | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 339.7 | 331.4 | ||
| Total liabilities | 8.3 | 2.2 | ||
| Redeemable noncontrolling interest | $ 187.6 | $ 215.4 |
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Money Market Funds | ||
| Total assets of unconsolidated money market mutual funds | $ 4,700.0 | $ 4,000.0 |
| Corporate debt securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 186.7 | 238.2 |
| Maximum exposure to loss | 177.6 | 225.7 |
| Residential mortgage-backed pass-through securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 3,201.9 | 2,982.4 |
| Maximum exposure to loss | 3,063.8 | 2,913.9 |
| Residential mortgage-backed pass-through securities | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 272.2 | 282.3 |
| Maximum exposure to loss | 272.2 | 282.3 |
| Commercial mortgage-backed securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 4,493.7 | 4,850.2 |
| Maximum exposure to loss | 4,793.6 | 4,746.6 |
| Commercial mortgage-backed securities | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 24.9 | 28.2 |
| Maximum exposure to loss | 24.9 | 28.2 |
| Collateralized debt obligations | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 3,348.3 | 3,215.3 |
| Maximum exposure to loss | 3,555.6 | 3,226.7 |
| Collateralized debt obligations | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 19.8 | 20.9 |
| Maximum exposure to loss | 19.8 | 20.9 |
| Other debt obligations | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 7,786.3 | 8,191.1 |
| Maximum exposure to loss | 7,806.8 | 8,076.4 |
| Other debt obligations | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 11.5 | 13.2 |
| Maximum exposure to loss | 11.5 | 13.2 |
| Equity securities | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 97.1 | 123.2 |
| Maximum exposure to loss | 97.1 | 123.2 |
| Other investments: Other limited partnership and fund interests | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 915.3 | 911.9 |
| Maximum exposure to loss | 1,463.6 | 1,467.0 |
| Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure | $ 126.0 | $ 129.1 |
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | $ 66,648.7 | $ 65,302.5 |
| Gross unrealized gains, fixed maturities | 3,880.0 | 4,927.7 |
| Gross unrealized losses, fixed maturities | 1,813.3 | 124.0 |
| Allowance, fixed maturities | 7.6 | |
| Fair value, fixed maturities | 68,707.8 | 70,106.2 |
| Other-than-temporary impairments in AOCI | 48.4 | |
| Accrued interest receivable | 569.8 | |
| Net unrealized gains (losses) on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date | 62.3 | |
| U.S. government and agencies | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 1,463.6 | 1,627.0 |
| Gross unrealized gains, fixed maturities | 267.6 | 100.2 |
| Gross unrealized losses, fixed maturities | 3.0 | |
| Fair value, fixed maturities | 1,731.2 | 1,724.2 |
| Non-U.S. governments | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 837.4 | 852.3 |
| Gross unrealized gains, fixed maturities | 120.9 | 144.1 |
| Gross unrealized losses, fixed maturities | 1.6 | 0.2 |
| Fair value, fixed maturities | 956.7 | 996.2 |
| States and political subdivisions | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 7,077.8 | 6,857.1 |
| Gross unrealized gains, fixed maturities | 709.6 | 644.5 |
| Gross unrealized losses, fixed maturities | 24.0 | 11.6 |
| Fair value, fixed maturities | 7,763.4 | 7,490.0 |
| Corporate debt securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 38,044.9 | 36,993.1 |
| Gross unrealized gains, fixed maturities | 2,446.8 | 3,706.5 |
| Gross unrealized losses, fixed maturities | 1,063.5 | 52.2 |
| Allowance, fixed maturities | 7.0 | |
| Fair value, fixed maturities | 39,421.2 | 40,647.4 |
| Residential mortgage-backed pass-through securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 3,063.8 | 2,913.9 |
| Gross unrealized gains, fixed maturities | 138.4 | 72.3 |
| Gross unrealized losses, fixed maturities | 0.3 | 3.8 |
| Fair value, fixed maturities | 3,201.9 | 2,982.4 |
| Commercial mortgage-backed securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 4,793.6 | 4,746.6 |
| Gross unrealized gains, fixed maturities | 20.7 | 127.6 |
| Gross unrealized losses, fixed maturities | 320.2 | 24.0 |
| Allowance, fixed maturities | 0.4 | |
| Fair value, fixed maturities | 4,493.7 | 4,850.2 |
| Other-than-temporary impairments in AOCI | 15.8 | |
| Collateralized debt obligations | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 3,555.6 | 3,226.7 |
| Gross unrealized gains, fixed maturities | 3.9 | 2.9 |
| Gross unrealized losses, fixed maturities | 211.1 | 14.3 |
| Allowance, fixed maturities | 0.1 | |
| Fair value, fixed maturities | 3,348.3 | 3,215.3 |
| Other-than-temporary impairments in AOCI | 0.9 | |
| Other debt obligations | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 7,812.0 | 8,085.8 |
| Gross unrealized gains, fixed maturities | 172.1 | 129.6 |
| Gross unrealized losses, fixed maturities | 192.6 | 14.9 |
| Allowance, fixed maturities | 0.1 | |
| Fair value, fixed maturities | $ 7,791.4 | 8,200.5 |
| Other-than-temporary impairments in AOCI | $ 31.7 |
Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Amortized cost of fixed maturities available-for-sale | ||
| Due in one year or less | $ 2,170.7 | |
| Due after one year through five years | 10,179.8 | |
| Due after five years through ten years | 12,378.6 | |
| Due after ten years | 22,694.6 | |
| Subtotal | 47,423.7 | |
| Mortgage-backed and other asset-backed securities | 19,225.0 | |
| Amortized cost, fixed maturities | 66,648.7 | $ 65,302.5 |
| Fair value of fixed maturities available-for-sale | ||
| Due in one year or less | 2,173.4 | |
| Due after one year through five years | 10,168.8 | |
| Due after five years through ten years | 12,459.7 | |
| Due after ten years | 25,070.6 | |
| Subtotal | 49,872.5 | |
| Mortgage-backed and other asset-backed securities | 18,835.3 | |
| Fair value, fixed maturities | $ 68,707.8 | $ 70,106.2 |
Investments - Net Realized Capital Gains and Losses (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Major components of net realized capital gains (losses) on investments | ||
| Fixed maturities, available-for-sale: Gross gains | $ 23.1 | $ 2.5 |
| Fixed maturities, available-for-sale: Gross losses | (4.2) | (1.5) |
| Fixed maturities, available-for-sale: Net credit loss | (7.9) | |
| Fixed maturities, available-for-sale: Net credit loss | (6.8) | |
| Fixed maturities, available-for-sale: Hedging, net | (1.5) | |
| Fixed maturities, trading | (16.4) | 14.2 |
| Equity securities | (63.7) | 21.0 |
| Net realized capital gains (losses) | 131.4 | 84.5 |
| Unrealized gains (losses) on fixed maturities, trading | (14.2) | 14.2 |
| Unrealized gains (losses) on equity securities | (66.0) | 19.8 |
| Unrealized gains (losses) on equity securities reported in net investment income | (38.5) | 22.5 |
| Proceeds from sales of investments | ||
| Proceeds from sales of investments in fixed maturities, available-for-sale | 541.6 | 163.0 |
| Mortgage loans | ||
| Major components of net realized capital gains (losses) on investments | ||
| Realized capital gains (losses) | (15.7) | 0.3 |
| Derivatives | ||
| Major components of net realized capital gains (losses) on investments | ||
| Realized capital gains (losses) | 290.5 | 5.0 |
| Other investment types | ||
| Major components of net realized capital gains (losses) on investments | ||
| Realized capital gains (losses) | $ (72.8) | $ 49.8 |
Investments - Allowance for Credit Loss (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
USD ($)
| |
| Allowance for Credit Loss | |
| Additions for credit losses on securities for which an allowance was not previously recorded | $ 7.6 |
| Ending balance | 7.6 |
| Corporate debt securities | |
| Allowance for Credit Loss | |
| Additions for credit losses on securities for which an allowance was not previously recorded | 7.0 |
| Ending balance | 7.0 |
| Commercial mortgage-backed securities | |
| Allowance for Credit Loss | |
| Additions for credit losses on securities for which an allowance was not previously recorded | 0.4 |
| Ending balance | 0.4 |
| Collateralized debt obligations | |
| Allowance for Credit Loss | |
| Additions for credit losses on securities for which an allowance was not previously recorded | 0.1 |
| Ending balance | 0.1 |
| Other debt obligations | |
| Allowance for Credit Loss | |
| Additions for credit losses on securities for which an allowance was not previously recorded | 0.1 |
| Ending balance | $ 0.1 |
Investments - Other-Than-Temporary Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Other-than-temporary impairment losses, net of recoveries | ||
| Net realized capital gains, excluding impairment losses on available-for-sale securities | $ 131.4 | $ 91.3 |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (9.6) | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income | 2.8 | |
| Net impairment losses recoveries on available-for-sale securities | (6.8) | |
| Net realized capital gains (losses) | $ 131.4 | $ 84.5 |
Investments - Accumulated Credit Losses for Fixed Maturities with Bifurcated Credit Losses (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Other-Than-Temporary Impairment Credit Losses Recognized in Net Income - Rollforward | |
| Beginning balance | $ (117.5) |
| Credit losses for which an other-than-temporary impairment was not previously recognized | (2.0) |
| Credit losses for which an other-than-temporary impairment was previously recognized | (4.3) |
| Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold | 20.4 |
| Net reduction for positive changes in cash flows expected to be collected and amortization | 1.1 |
| Ending balance | $ (102.3) |
Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions |
Mar. 31, 2020
USD ($)
item
|
Dec. 31, 2019
USD ($)
item
|
|---|---|---|
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | $ 24,901.6 | $ 5,390.1 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 1,699.5 | 63.0 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 1,227.6 | 3,134.9 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 110.5 | 61.0 |
| Fixed maturities, Total, Fair value | 26,129.2 | 8,525.0 |
| Fixed maturities, Total, Gross unrealized losses | 1,810.0 | 124.0 |
| U.S. government and agencies | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 100.0 | |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 1.9 | |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 74.2 | |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 1.1 | |
| Fixed maturities, Total, Fair value | 174.2 | |
| Fixed maturities, Total, Gross unrealized losses | 3.0 | |
| Non-U.S. governments | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 115.4 | 17.6 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 1.6 | 0.2 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 5.2 | 12.4 |
| Fixed maturities, Total, Fair value | 120.6 | 30.0 |
| Fixed maturities, Total, Gross unrealized losses | 1.6 | 0.2 |
| States and political subdivisions | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 812.6 | 559.9 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 23.7 | 11.2 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 26.1 | 86.3 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 0.3 | 0.4 |
| Fixed maturities, Total, Fair value | 838.7 | 646.2 |
| Fixed maturities, Total, Gross unrealized losses | 24.0 | 11.6 |
| Corporate debt securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 13,248.9 | 1,041.5 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 1,021.9 | 27.8 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 150.9 | 394.7 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 41.7 | 24.4 |
| Fixed maturities, Total, Fair value | 13,399.8 | 1,436.2 |
| Fixed maturities, Total, Gross unrealized losses | 1,063.6 | 52.2 |
| Residential mortgage-backed pass-through securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 15.1 | 429.6 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 0.2 | 1.4 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 3.7 | 237.3 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 0.1 | 2.4 |
| Fixed maturities, Total, Fair value | 18.8 | 666.9 |
| Fixed maturities, Total, Gross unrealized losses | 0.3 | 3.8 |
| Commercial mortgage-backed securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 3,691.3 | 829.3 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 302.2 | 9.2 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 161.8 | 268.5 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 15.5 | 14.8 |
| Fixed maturities, Total, Fair value | 3,853.1 | 1,097.8 |
| Fixed maturities, Total, Gross unrealized losses | 317.7 | 24.0 |
| Collateralized debt obligations | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 2,419.4 | 639.4 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 164.5 | 1.8 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 797.0 | 1,447.8 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 45.7 | 12.5 |
| Fixed maturities, Total, Fair value | 3,216.4 | 2,087.2 |
| Fixed maturities, Total, Gross unrealized losses | 210.2 | 14.3 |
| Other debt obligations | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 4,598.9 | 1,772.8 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 185.4 | 9.5 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 82.9 | 613.7 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 7.2 | 5.4 |
| Fixed maturities, Total, Fair value | 4,681.8 | 2,386.5 |
| Fixed maturities, Total, Gross unrealized losses | 192.6 | 14.9 |
| Principal Life Insurance Company | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 24,340.6 | 5,302.7 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 1,632.4 | 44.0 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 1,209.3 | 3,078.0 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 109.2 | 59.9 |
| Fixed maturities, Total, Fair value | 25,549.9 | 8,380.7 |
| Fixed maturities, Total, Gross unrealized losses | $ 1,741.6 | $ 103.9 |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure | ||
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent) | 89.00% | 97.00% |
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost) | item | 94 | 99 |
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months | item | 3,571 | 882 |
| Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost) | item | 94 | 99 |
| Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent) | 89.00% | 98.00% |
| Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months | $ 1,224.3 | $ 43.1 |
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer | item | 205 | 502 |
| Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost) | item | 92 | 98 |
| Principal Life Insurance Company | Corporate debt securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | $ 41.7 | $ 23.6 |
| 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 | 78 | 94 |
| Principal Life Insurance Company | Commercial mortgage-backed securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | $ 14.6 | |
| 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 | 95 | |
| Principal Life Insurance Company | Collateralized debt obligations | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | $ 45.4 | |
| 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 | 95 |
Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments | ||
| Net unrealized gains on fixed maturities, available-for-sale | $ 2,026.1 | $ 4,834.2 |
| Noncredit component of impairment losses on fixed maturities, available-for-sale | (48.4) | |
| Net unrealized gains on derivative instruments | 154.7 | 94.1 |
| Adjustments for assumed changes in amortization patterns | 71.2 | (261.0) |
| Adjustments for assumed changes in policyholder liabilities | (470.1) | (1,133.5) |
| Net unrealized gains on other investments and noncontrolling interest adjustments | 69.6 | 96.8 |
| Provision for deferred income taxes | (398.9) | (766.9) |
| Net unrealized gains on available-for-sale securities and derivative instruments | $ 1,452.6 | $ 2,815.3 |
Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
|
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | $ 17,335.3 | $ 16,513.9 | $ 15,625.1 |
| Reinsurance recoverables | 510.4 | ||
| Accrued interest receivable | 569.8 | ||
| Commercial mortgage loans | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 548.7 | ||
| 2019 | 2,787.6 | ||
| 2018 | 2,883.3 | ||
| 2017 | 2,188.5 | ||
| 2016 | 1,651.2 | ||
| Prior | 5,083.3 | ||
| Mortgage loans, Total amortized cost | 15,142.6 | 15,017.2 | 14,274.2 |
| Accrued interest receivable | 56.0 | ||
| Commercial mortgage loans | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 536.3 | ||
| 2019 | 2,593.6 | ||
| 2018 | 2,556.5 | ||
| 2017 | 2,006.5 | ||
| 2016 | 1,575.2 | ||
| Prior | 4,680.4 | ||
| Mortgage loans, Total amortized cost | 13,948.5 | 13,961.9 | |
| Commercial mortgage loans | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 12.4 | ||
| 2019 | 165.2 | ||
| 2018 | 322.5 | ||
| 2017 | 182.0 | ||
| 2016 | 76.0 | ||
| Prior | 398.4 | ||
| Mortgage loans, Total amortized cost | 1,156.5 | 1,026.9 | |
| Commercial mortgage loans | BB+ thru BB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2019 | 28.8 | ||
| 2018 | 4.3 | ||
| Mortgage loans, Total amortized cost | 33.1 | 23.3 | |
| Commercial mortgage loans | B+ and below | |||
| Financing Receivable, Credit Quality Indicator | |||
| Prior | 4.5 | ||
| Mortgage loans, Total amortized cost | 4.5 | 5.1 | |
| Brick and mortar | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 14,856.7 | ||
| Brick and mortar | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 13,885.2 | ||
| Brick and mortar | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 943.1 | ||
| Brick and mortar | BB+ thru BB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 23.3 | ||
| Brick and mortar | B+ and below | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 5.1 | ||
| Credit tenant loans | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 160.5 | ||
| Credit tenant loans | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 76.7 | ||
| Credit tenant loans | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 83.8 | ||
| Direct financing leases | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 55.5 | ||
| 2019 | 30.4 | ||
| 2018 | 77.4 | ||
| 2017 | 39.8 | ||
| 2016 | 46.1 | ||
| Prior | 396.4 | ||
| Mortgage loans, Total amortized cost | 645.6 | ||
| Direct financing leases | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 9.6 | ||
| 2019 | 1.4 | ||
| 2018 | 35.6 | ||
| 2017 | 16.0 | ||
| 2016 | 29.4 | ||
| Prior | 233.4 | ||
| Mortgage loans, Total amortized cost | 325.4 | ||
| Direct financing leases | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 40.3 | ||
| 2019 | 22.3 | ||
| 2018 | 38.4 | ||
| 2017 | 23.8 | ||
| 2016 | 16.7 | ||
| Prior | 157.6 | ||
| Mortgage loans, Total amortized cost | 299.1 | ||
| Direct financing leases | BB+ thru BB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 5.6 | ||
| 2019 | 6.7 | ||
| 2018 | 3.4 | ||
| Prior | 4.1 | ||
| Mortgage loans, Total amortized cost | 19.8 | ||
| Direct financing leases | B+ and below | |||
| Financing Receivable, Credit Quality Indicator | |||
| Prior | 1.3 | ||
| Mortgage loans, Total amortized cost | 1.3 | ||
| Residential mortgage loans | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 73.6 | ||
| 2019 | 510.1 | ||
| 2018 | 211.4 | ||
| 2017 | 197.2 | ||
| 2016 | 138.2 | ||
| Prior | 416.6 | ||
| Mortgage loans, Total amortized cost | 1,547.1 | 1,496.7 | $ 1,350.9 |
| Residential mortgage loans | Performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 73.6 | ||
| 2019 | 509.4 | ||
| 2018 | 210.5 | ||
| 2017 | 196.6 | ||
| 2016 | 138.2 | ||
| Prior | 409.1 | ||
| Mortgage loans, Total amortized cost | 1,537.4 | 1,482.2 | |
| Residential mortgage loans | Non-performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2019 | 0.7 | ||
| 2018 | 0.9 | ||
| 2017 | 0.6 | ||
| Prior | 7.5 | ||
| Mortgage loans, Total amortized cost | $ 9.7 | 14.5 | |
| Mortgage loans, Days delinquent to be considered non-performing | 90 days | ||
| First liens | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 1,485.7 | ||
| First liens | Performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 1,474.2 | ||
| First liens | Non-performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 11.5 | ||
| Home equity | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 11.0 | ||
| Home equity | Performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | 8.0 | ||
| Home equity | Non-performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | $ 3.0 |
Investments - Mortgage Loans, Non-Accrual and Aging (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
|
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | $ 11.4 | $ 11.8 | |
| Financing receivables, Non-accrual assets without a valuation allowance | 0.8 | ||
| Financing receivables, Nonaccrual, Interest Income | 0.0 | ||
| Past due | 64.2 | 68.2 | |
| Current | 17,271.1 | 16,445.7 | |
| Financing receivables, Total amortized cost | 17,335.3 | 16,513.9 | $ 15,625.1 |
| Recorded investment 90 days or more past due and accruing | 2.8 | 2.7 | |
| 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 45.7 | 47.4 | |
| 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 8.0 | 9.3 | |
| 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 10.5 | 11.5 | |
| Commercial mortgage loans | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 4.5 | 5.0 | |
| Past due | 10.2 | ||
| Current | 15,132.4 | ||
| Financing receivables, Total amortized cost | 15,142.6 | 15,017.2 | 14,274.2 |
| Commercial mortgage loans | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 5.8 | ||
| Commercial mortgage loans | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 4.4 | ||
| Brick and mortar | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Current | 14,856.7 | ||
| Financing receivables, Total amortized cost | 14,856.7 | ||
| Credit tenant loans | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Current | 160.5 | ||
| Financing receivables, Total amortized cost | 160.5 | ||
| Direct financing leases | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 4.9 | ||
| Current | 640.7 | ||
| Financing receivables, Total amortized cost | 645.6 | ||
| Direct financing leases | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 4.9 | ||
| Residential mortgage loans | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 6.9 | 6.8 | |
| Financing receivables, Non-accrual assets without a valuation allowance | 0.8 | ||
| Past due | 49.1 | ||
| Current | 1,498.0 | ||
| Financing receivables, Total amortized cost | 1,547.1 | 1,496.7 | $ 1,350.9 |
| Recorded investment 90 days or more past due and accruing | 2.8 | ||
| Residential mortgage loans | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 35.0 | ||
| Residential mortgage loans | 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 8.0 | ||
| Residential mortgage loans | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | $ 6.1 | ||
| First liens | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 8.8 | ||
| Past due | 67.1 | ||
| Current | 1,418.6 | ||
| Financing receivables, Total amortized cost | 1,485.7 | ||
| Recorded investment 90 days or more past due and accruing | 2.7 | ||
| First liens | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 46.6 | ||
| First liens | 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 9.3 | ||
| First liens | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 11.2 | ||
| Home equity | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 3.0 | ||
| Past due | 1.1 | ||
| Current | 9.9 | ||
| Financing receivables, Total amortized cost | 11.0 | ||
| Home equity | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 0.8 | ||
| Home equity | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | $ 0.3 |
Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
| Changes in financing receivable valuation allowance | |||
| Beginning balance, Financing receivable valuation allowance | $ 33.1 | $ 27.4 | |
| Provision: Financing receivable valuation allowance | 12.9 | (0.4) | |
| Charge-offs: Financing receivable valuation allowance | (0.1) | (0.1) | |
| Recoveries: Financing receivable valuation allowance | 0.6 | 0.7 | |
| Ending balance, Financing receivable valuation allowance | 46.5 | 27.6 | |
| Individually evaluated for impairment, Financing receivable valuation allowance | 1.4 | ||
| Collectively evaluated for impairment, Financing receivable valuation allowance | 26.2 | ||
| Individually evaluated for impairment, Financing receivable | 8.1 | ||
| Collectively evaluated for impairment, Financing receivable | 15,617.0 | ||
| Financing receivables, Total amortized cost | $ 17,335.3 | 15,625.1 | $ 16,513.9 |
| Commercial mortgage loans | |||
| Financing receivable valuation allowance disclosures | |||
| Mortgage loans, Days delinquent to be analyzed for valuation allowance | 60 days | ||
| Changes in financing receivable valuation allowance | |||
| Beginning balance, Financing receivable valuation allowance | $ 27.3 | 24.3 | |
| Provision: Financing receivable valuation allowance | 10.4 | 0.4 | |
| Charge-offs: Financing receivable valuation allowance | (0.0) | ||
| Ending balance, Financing receivable valuation allowance | 37.7 | 24.7 | |
| Collectively evaluated for impairment, Financing receivable valuation allowance | 24.7 | ||
| Collectively evaluated for impairment, Financing receivable | 14,274.2 | ||
| Financing receivables, Total amortized cost | $ 15,142.6 | 14,274.2 | 15,017.2 |
| Residential mortgage loans | |||
| Financing receivable valuation allowance disclosures | |||
| Mortgage loans, Days delinquent to be analyzed for valuation allowance | 60 days | ||
| Changes in financing receivable valuation allowance | |||
| Beginning balance, Financing receivable valuation allowance | $ 3.3 | 3.1 | |
| Provision: Financing receivable valuation allowance | 2.3 | (0.8) | |
| Charge-offs: Financing receivable valuation allowance | (0.1) | (0.1) | |
| Recoveries: Financing receivable valuation allowance | 0.6 | 0.7 | |
| Ending balance, Financing receivable valuation allowance | 6.1 | 2.9 | |
| Individually evaluated for impairment, Financing receivable valuation allowance | 1.4 | ||
| Collectively evaluated for impairment, Financing receivable valuation allowance | 1.5 | ||
| Individually evaluated for impairment, Financing receivable | 8.1 | ||
| Collectively evaluated for impairment, Financing receivable | 1,342.8 | ||
| Financing receivables, Total amortized cost | 1,547.1 | $ 1,350.9 | $ 1,496.7 |
| Direct financing leases | |||
| Changes in financing receivable valuation allowance | |||
| Provision: Financing receivable valuation allowance | 0.2 | ||
| Ending balance, Financing receivable valuation allowance | 0.2 | ||
| Financing receivables, Total amortized cost | 645.6 | ||
| Reinsurance recoverables | |||
| Changes in financing receivable valuation allowance | |||
| Beginning balance, Financing receivable valuation allowance | 2.5 | ||
| Ending balance, Financing receivable valuation allowance | 2.5 | ||
| Residential mortgage loans | |||
| Changes in financing receivable valuation allowance | |||
| Charge-offs: Financing receivable valuation allowance | $ (0.0) | ||
Investments - Mortgage Loans (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 17,335.3 | $ 15,625.1 | $ 16,513.9 |
| Commercial mortgage loans | |||
| Mortgage loan disclosures | |||
| Mortgage loans, purchased | 12.8 | 12.9 | |
| Mortgage loans, sold | 1.1 | 0.5 | |
| Mortgage loans, Total amortized cost | $ 15,142.6 | 14,274.2 | $ 15,017.2 |
| Percent of mortgage loans (as a percent) | 100.00% | 100.00% | |
| Commercial mortgage loans | Office | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,812.6 | $ 4,887.1 | |
| Percent of mortgage loans (as a percent) | 31.80% | 32.60% | |
| Commercial mortgage loans | Retail | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 1,954.4 | $ 2,052.6 | |
| Percent of mortgage loans (as a percent) | 12.90% | 13.70% | |
| Commercial mortgage loans | Industrial | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 2,335.2 | $ 2,268.5 | |
| Percent of mortgage loans (as a percent) | 15.40% | 15.10% | |
| Commercial mortgage loans | Apartments | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 5,522.0 | $ 5,246.9 | |
| Percent of mortgage loans (as a percent) | 36.50% | 34.90% | |
| Commercial mortgage loans | Hotel | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 90.0 | $ 90.8 | |
| Percent of mortgage loans (as a percent) | 0.60% | 0.60% | |
| Commercial mortgage loans | Mixed use/other | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 428.4 | $ 471.3 | |
| Percent of mortgage loans (as a percent) | 2.80% | 3.10% | |
| Commercial mortgage loans | New England | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 682.7 | $ 613.9 | |
| Percent of mortgage loans (as a percent) | 4.50% | 4.10% | |
| Commercial mortgage loans | Middle Atlantic | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,168.0 | $ 4,139.7 | |
| Percent of mortgage loans (as a percent) | 27.60% | 27.50% | |
| Commercial mortgage loans | East North Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 615.4 | $ 624.5 | |
| Percent of mortgage loans (as a percent) | 4.10% | 4.20% | |
| Commercial mortgage loans | West North Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 226.7 | $ 237.2 | |
| Percent of mortgage loans (as a percent) | 1.50% | 1.60% | |
| Commercial mortgage loans | South Atlantic | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 2,306.9 | $ 2,318.4 | |
| Percent of mortgage loans (as a percent) | 15.20% | 15.40% | |
| Commercial mortgage loans | East South Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 431.7 | $ 438.5 | |
| Percent of mortgage loans (as a percent) | 2.90% | 2.90% | |
| Commercial mortgage loans | West South Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 1,443.8 | $ 1,450.0 | |
| Percent of mortgage loans (as a percent) | 9.50% | 9.70% | |
| Commercial mortgage loans | Mountain | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 943.5 | $ 931.8 | |
| Percent of mortgage loans (as a percent) | 6.20% | 6.20% | |
| Commercial mortgage loans | Pacific | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,047.2 | $ 3,963.7 | |
| Percent of mortgage loans (as a percent) | 26.70% | 26.40% | |
| Commercial mortgage loans | International | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 276.7 | $ 299.5 | |
| Percent of mortgage loans (as a percent) | 1.80% | 2.00% | |
| Residential mortgage loans | |||
| Mortgage loan disclosures | |||
| Mortgage loans, purchased | $ 226.8 | 33.2 | |
| Mortgage loans, sold | 24.9 | 10.9 | |
| Mortgage loans, Total amortized cost | 1,547.1 | $ 1,350.9 | $ 1,496.7 |
| Direct financing leases | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 645.6 | ||
Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Securities Posted as Collateral | ||
| Commercial mortgage loans and residential first lien mortgages posted as collateral associated with obligation under funding agreements with the Federal Home Loan Bank of Des Moines | $ 4,382.7 | $ 4,062.0 |
| Fixed maturities available-for-sale and trading securities posted as collateral for a reinsurance arrangement, derivative credit support annex (collateral) agreements, Futures Commission Merchant agreements, a lending arrangement and an obligation under funding agreements with Federal Home Loan Bank of Des Moines | 2,793.4 | 2,749.4 |
| Securities posted as collateral eligible to be sold or repledged | $ 307.2 | $ 163.9 |
Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | $ 625.9 | $ 312.3 |
| Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position | (93.8) | (88.4) |
| Collateral received, financial assets | (527.2) | (221.2) |
| Net amount of assets subject to netting agreements | 4.9 | 2.7 |
| Derivative assets | ||
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | 616.2 | 288.7 |
| Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position | (93.8) | (88.4) |
| Collateral received, financial assets | (517.5) | (197.6) |
| Net amount of assets subject to netting agreements | 4.9 | 2.7 |
| Gross amount of assets not subject to netting agreements | 1.4 | 6.0 |
| Reverse repurchase agreements | ||
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | 9.7 | 23.6 |
| Collateral received, financial assets | $ (9.7) | $ (23.6) |
Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Financial Liability Offsetting | ||
| Gross amount of recognized liabilities subject to netting agreements | $ 203.7 | $ 216.0 |
| Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position | (93.8) | (88.4) |
| Collateral pledged, financial liabilities | (92.9) | (118.3) |
| Net amount of liabilities subject to netting agreements | 17.0 | 9.3 |
| Gross amount of liabilities not subject to netting agreements | $ 596.9 | $ 314.5 |
Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
| Derivative Financial Instruments, exposure | ||
| Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements | $ 290.9 | $ 271.6 |
| Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position | 102.3 | 164.7 |
| Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position | 290.9 | 271.6 |
| Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered | 78.8 | |
| Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements | 473.5 | 156.8 |
| Notional amount | 54,266.9 | 50,868.2 |
| Gross credit exposure | 629.0 | 301.6 |
| Less: collateral received | 536.0 | 208.3 |
| Net credit exposure | 93.0 | 93.3 |
| Interest rate swaps | ||
| Derivative Financial Instruments, exposure | ||
| Cash exchanged under contract | 0.0 | |
| Principal payments made under contract | 0.0 | |
| Notional amount | 37,078.6 | 35,173.6 |
| Gross credit exposure | 355.3 | 181.9 |
| Interest rate options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,886.9 | 1,416.9 |
| Gross credit exposure | 63.8 | 28.3 |
| Interest rate futures | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 539.0 | 142.5 |
| Swaptions | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 62.0 | 62.0 |
| Currency forwards | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,257.6 | 1,262.6 |
| Gross credit exposure | 36.4 | 4.9 |
| Currency swaps | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,005.1 | 1,027.2 |
| Gross credit exposure | 89.7 | 55.4 |
| Currency options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 95.2 | 53.8 |
| Gross credit exposure | 7.4 | 0.1 |
| Equity options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,742.0 | 1,672.8 |
| Gross credit exposure | 74.7 | 30.5 |
| Equity futures | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 667.8 | 149.5 |
| Credit default swaps | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 160.0 | 165.0 |
| Gross credit exposure | 1.7 | 0.5 |
| Embedded derivative financial instruments | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | $ 9,772.7 | $ 9,742.3 |
Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | $ 617.6 | $ 294.7 |
| Derivative instruments, liabilities | 800.6 | 530.5 |
| Fair value of embedded derivative liabilities reported with contractholder funds | 555.4 | 214.2 |
| Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 87.6 | 30.0 |
| Derivative instruments, liabilities | 31.1 | 36.5 |
| Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 530.0 | 264.7 |
| Derivative instruments, liabilities | 769.5 | 494.0 |
| Interest rate contracts | Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, liabilities | 31.1 | 21.3 |
| Interest rate contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 409.3 | 204.2 |
| Derivative instruments, liabilities | 40.1 | 16.7 |
| Foreign exchange contracts | Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 87.6 | 30.0 |
| Derivative instruments, liabilities | 15.2 | |
| Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 44.3 | 29.5 |
| Derivative instruments, liabilities | 137.0 | 100.2 |
| Equity contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 74.7 | 30.5 |
| Derivative instruments, liabilities | 2.2 | 63.1 |
| Credit contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 1.7 | 0.5 |
| Derivative instruments, liabilities | 0.1 | 1.2 |
| Other contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, liabilities | $ 590.1 | $ 312.8 |
Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2019 |
|
| Credit default swaps | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 75.0 | $ 90.0 |
| Fair value | 0.5 | 0.5 |
| Maximum future payments | $ 75.0 | $ 90.0 |
| Weighted average expected life | 2 years 7 months 6 days | 2 years 4 months 24 days |
| Single name credit default swaps | Corporate debt securities | A | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 5.0 | $ 5.0 |
| Maximum future payments | $ 5.0 | $ 5.0 |
| Weighted average expected life | 2 months 12 days | 6 months |
| Single name credit default swaps | Corporate debt securities | BBB | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 55.0 | $ 70.0 |
| Fair value | 0.4 | 0.2 |
| Maximum future payments | $ 55.0 | $ 70.0 |
| Weighted average expected life | 3 years 1 month 6 days | 2 years 7 months 6 days |
| Single name credit default swaps | Sovereign | BBB | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 15.0 | $ 15.0 |
| Fair value | 0.1 | 0.3 |
| Maximum future payments | $ 15.0 | $ 15.0 |
| Weighted average expected life | 1 year 8 months 12 days | 2 years |
Derivative Financial Instruments - Fair Value Hedges (Details) - Fixed maturities, available-for-sale - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Fair Value Hedges | ||
| Amortized cost of hedged item - Active hedging relationships | $ 152.8 | $ 142.0 |
| Amortized cost of hedged item - Discontinued hedging relationships | 141.5 | 159.3 |
| Amortized cost of hedged item - Active or discontinued hedging relationships | 294.3 | 301.3 |
| Cumulative amount of fair value hedging basis adjustment - Active hedging relationships | 29.1 | 18.1 |
| Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships | 7.1 | 7.7 |
| Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships | $ 36.2 | $ 25.8 |
Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Cash Flow Hedges | ||
| Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions | 2 months 12 days | |
| Net gains (losses) reported in AOCI related to active cash flow hedges of forecasted transactions | $ 0.0 | |
| Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships | 69.7 | $ (12.8) |
| Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months | 25.0 | |
| Interest rate contracts | Fixed maturities, available-for-sale | ||
| Cash Flow Hedges | ||
| Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships | 4.4 | (4.2) |
| Foreign exchange contracts | Fixed maturities, available-for-sale | ||
| Cash Flow Hedges | ||
| Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships | $ 65.3 | $ (8.6) |
Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Gains (losses) recognized for hedging relationships | ||
| Net investment income (loss) | $ 983.6 | $ 961.0 |
| Net realized capital gains (losses) | 131.4 | 84.5 |
| Benefits, claims and settlement expenses | (2,858.7) | (2,195.1) |
| Operating expenses | (1,335.5) | (992.7) |
| Fair Value Hedges | Interest rate contracts | Net investment income | ||
| Gains (losses) recognized for hedging relationships | ||
| Gain (loss) recognized on hedged item | 11.0 | 2.4 |
| Gain (loss) recognized on derivatives | (11.3) | (2.5) |
| Amortization of hedged item basis adjustments | (0.7) | (1.3) |
| Amounts related to periodic settlements on derivatives | (1.1) | (0.8) |
| Total gain (loss) recognized for hedging relationships | (2.1) | (2.2) |
| Cash Flow Hedges | Net investment income | ||
| Gains (losses) recognized for hedging relationships | ||
| Total gain (loss) recognized for hedging relationships | 6.8 | 6.7 |
| Cash Flow Hedges | Net realized capital gains (losses) | ||
| Gains (losses) recognized for hedging relationships | ||
| Total gain (loss) recognized for hedging relationships | 0.9 | |
| Cash Flow Hedges | Operating expense | ||
| Gains (losses) recognized for hedging relationships | ||
| Total gain (loss) recognized for hedging relationships | (2.8) | |
| Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives | ||
| Gains (losses) recognized for hedging relationships | ||
| Net investment income (loss) | 4.7 | 5.1 |
| Net realized capital gains (losses) | (1.3) | |
| Operating expenses | (2.8) | |
| Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives | ||
| Gains (losses) recognized for hedging relationships | ||
| Net realized capital gains (losses) | 2.2 | |
| Cash Flow Hedges | Foreign exchange contracts | Net investment income | ||
| Gains (losses) recognized for hedging relationships | ||
| Amounts related to periodic settlements on derivatives | 2.1 | $ 1.6 |
| Net investment hedging relationships | ||
| Gains (losses) recognized for hedging relationships | ||
| Total gain (loss) recognized for hedging relationships | 7.5 | |
| Net investment hedging relationships | Foreign exchange contracts | ||
| Gains (losses) recognized for hedging relationships | ||
| Total gain (loss) recognized for hedging relationships | $ 7.5 | |
Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Effect of derivatives not designated as hedging instruments on the consolidated statements of operations | ||
| Amount of gain (loss) recognized in net income on derivatives | $ 263.2 | $ 2.9 |
| 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 | 500.4 | 67.3 |
| 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 | (56.9) | 4.6 |
| 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 | 177.1 | (75.0) |
| 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 | 2.4 | 1.3 |
| 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 | $ (359.8) | $ 4.7 |
Insurance Liabilities - Liability for Unpaid Claims (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Change in unpaid claims | ||
| Balance at beginning of period, unpaid claims | $ 2,365.5 | $ 2,252.7 |
| Balance at beginning of period, reinsurance recoverables for unpaid claims | 403.8 | 404.3 |
| Net balance at beginning of period, unpaid claims | 1,961.7 | 1,848.4 |
| Incurred: | ||
| Incurred: Current year | 324.8 | 325.5 |
| Incurred: Prior years | 19.5 | 25.1 |
| Total incurred | 344.3 | 350.6 |
| Payments: | ||
| Payments: Current year | 168.7 | 162.9 |
| Payments: Prior years | 166.3 | 157.6 |
| Total payments | 335.0 | 320.5 |
| Net balance at end of period, unpaid claims | 1,971.0 | 1,878.5 |
| Balance at end of period, reinsurance recoverables for unpaid claims | 413.9 | 397.5 |
| Balance at end of period, unpaid claims | 2,384.9 | 2,276.0 |
| Amount not included in the rollforward above: | ||
| Claim adjustment expense liabilities | $ 58.0 | $ 54.7 |
Income Taxes - Effective Income Tax Rate (Details) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Reconciliation between the U.S. corporate income tax rate and the effective income tax rate from continuing operations | ||
| U.S. corporate income tax rate (as a percent) | 21.00% | 21.00% |
| Dividends received deduction (as a percent) | (5.00%) | (5.00%) |
| Tax credits (as a percent) | (3.00%) | (2.00%) |
| Impact of equity method presentation (as a percent) | (1.00%) | (1.00%) |
| Interest exclusion from taxable income (as a percent) | (1.00%) | (1.00%) |
| Local country permanent tax adjustments (as a percent) | 2.00% | 1.00% |
| Other income tax rate impacts (as a percent) | 1.00% | |
| Effective income tax rate (as a percent) | 13.00% | 14.00% |
Employee and Agent Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Pension benefits | ||
| Components of Net Periodic Benefit Cost (Income) | ||
| Service cost | $ 18.1 | $ 16.8 |
| Interest cost | $ 29.3 | $ 32.8 |
| Interest cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Expected return on plan assets | $ (39.2) | $ (35.5) |
| Expected return on plan assets, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Amortization of prior service (benefit) cost | $ (4.2) | $ (0.9) |
| Amortization of prior service (benefit) cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Recognized net actuarial (gain) loss | $ 18.8 | $ 16.9 |
| Recognized net actuarial (gain) loss, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Net periodic benefit cost (income) | $ 22.8 | $ 30.1 |
| Other postretirement benefits | ||
| Components of Net Periodic Benefit Cost (Income) | ||
| Interest cost | $ 0.7 | $ 0.9 |
| Interest cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Expected return on plan assets | $ (9.0) | $ (8.3) |
| Expected return on plan assets, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Amortization of prior service (benefit) cost | $ (0.2) | $ (0.3) |
| Amortization of prior service (benefit) cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Net periodic benefit cost (income) | $ (8.5) | $ (7.7) |
Employee and Agent Benefits - Pension Plan Changes and Plan Gains/Losses (Details) - Pension benefits $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
USD ($)
| |
| Contributions | |
| Contributions made by employer to fund qualified and nonqualified pension plans | $ 5.7 |
| Maximum | |
| Contributions | |
| Amount of possible contributions to be made during the current fiscal year to the qualified and nonqualified pension plans combined | $ 35.0 |
Contingencies, Guarantees and Indemnifications - Guarantees and Indemnifications (Details) $ in Millions |
Mar. 31, 2020
USD ($)
|
|---|---|
| Guarantees to third parties primarily related to former subsidiaries and joint ventures | |
| Guarantees and Indemnifications | |
| Maximum exposure under guarantees | $ 114.0 |
| Guarantees related to P-Caps contingent funding agreements | |
| Guarantees and Indemnifications | |
| Maximum exposure under guarantees | $ 750.0 |
Stockholders' Equity - Common Stock Dividends and Reconciliation of Outstanding Common Shares (Details) - Common stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | ||
|---|---|---|---|---|
Feb. 29, 2020 |
Nov. 30, 2018 |
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Common Stock Dividends | ||||
| Dividends declared per common share (in dollars per share) | $ 0.56 | $ 0.54 | ||
| Reconciliation of Outstanding Common Shares | ||||
| Outstanding shares at beginning of period | 276.6 | 279.5 | ||
| Shares issued | 1.2 | 1.8 | ||
| Treasury stock acquired | (4.4) | (3.1) | ||
| Outstanding shares at end of period | 273.4 | 278.2 | ||
| Common stock share repurchase disclosures | ||||
| Share repurchase program, maximum authorized amount (in dollars) | $ 900.0 | $ 500.0 | ||
Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss), pre-tax | $ (2,021.1) | $ 1,451.0 |
| Other comprehensive income (loss), tax | 374.8 | (304.3) |
| Other comprehensive income (loss) | (1,646.3) | 1,146.7 |
| Net unrealized gains (losses) on available-for-sale securities including NCI | ||
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss) before reclassifications, pre-tax | (2,777.7) | 1,817.0 |
| Adjustments for assumed changes in amortization patterns, pre-tax | 332.5 | (122.1) |
| Adjustments for assumed changes in policyholder liabilities, pre-tax | 662.2 | (300.3) |
| Other comprehensive income (loss), pre-tax | (1,792.5) | 1,403.3 |
| Other comprehensive income (loss) before reclassifications, tax | 600.3 | (392.5) |
| Reclassification from accumulated other comprehensive income, tax | 2.6 | (1.7) |
| Adjustments for assumed changes in amortization patterns, tax | (69.8) | 25.7 |
| Adjustments for assumed changes in policyholder liabilities, tax | (152.2) | 69.5 |
| Other comprehensive income (loss), tax | 380.9 | (299.0) |
| Other comprehensive income (loss) before reclassifications, after-tax | (2,177.4) | 1,424.5 |
| Reclassification from accumulated other comprehensive income, after-tax | (6.9) | 7.0 |
| Adjustments for assumed changes in amortization patterns, after-tax | 262.7 | (96.4) |
| Adjustments for assumed changes in policyholder liabilities, after-tax | 510.0 | (230.8) |
| Other comprehensive income (loss) | (1,411.6) | 1,104.3 |
| Net unrealized gains (losses) on available-for-sale securities including NCI | Net realized capital gains (losses) | ||
| Other Comprehensive Income (Loss) | ||
| Reclassification from accumulated other comprehensive income, pre-tax | (9.5) | 8.7 |
| Noncredit component of impairment losses on fixed maturities available-for-sale including NCI | ||
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss) before reclassifications, pre-tax | (2.8) | |
| Adjustments for assumed changes in amortization patterns, pre-tax | (0.4) | |
| Other comprehensive income (loss), pre-tax | (3.2) | |
| Other comprehensive income (loss) before reclassifications, tax | 0.6 | |
| Adjustments for assumed changes in amortization patterns, tax | 0.1 | |
| Other comprehensive income (loss), tax | 0.7 | |
| Other comprehensive income (loss) before reclassifications, after-tax | (2.2) | |
| Adjustments for assumed changes in amortization patterns, after-tax | (0.3) | |
| Other comprehensive income (loss) | (2.5) | |
| Net unrealized gains (losses) on derivative instruments including NCI | ||
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss) before reclassifications, pre-tax | 66.2 | (8.5) |
| Reclassification from accumulated other comprehensive income, pre-tax | (5.6) | (2.3) |
| Adjustments for assumed changes in amortization patterns, pre-tax | (0.3) | 1.9 |
| Adjustments for assumed changes in policyholder liabilities, pre-tax | 1.2 | 3.6 |
| Other comprehensive income (loss), pre-tax | 61.5 | (5.3) |
| Other comprehensive income (loss) before reclassifications, tax | (14.2) | 1.8 |
| Reclassification from accumulated other comprehensive income, tax | 1.5 | 0.3 |
| Adjustments for assumed changes in amortization patterns, tax | (0.4) | |
| Adjustments for assumed changes in policyholder liabilities, tax | (0.2) | (0.9) |
| Other comprehensive income (loss), tax | (12.9) | 0.8 |
| Other comprehensive income (loss) before reclassifications, after-tax | 52.0 | (6.7) |
| Reclassification from accumulated other comprehensive income, after-tax | (4.1) | (2.0) |
| Adjustments for assumed changes in amortization patterns, after-tax | (0.3) | 1.5 |
| Adjustments for assumed changes in policyholder liabilities, after-tax | 1.0 | 2.7 |
| Other comprehensive income (loss) | 48.6 | (4.5) |
| Foreign currency translation adjustment including NCI | ||
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss) before reclassifications, pre-tax | (336.6) | 40.9 |
| Reclassification from accumulated other comprehensive income, pre-tax | 31.5 | (0.4) |
| Other comprehensive income (loss), pre-tax | (305.1) | 40.5 |
| Other comprehensive income (loss) before reclassifications, tax | 10.8 | (2.6) |
| Other comprehensive income (loss), tax | 10.8 | (2.6) |
| Other comprehensive income (loss) before reclassifications, after-tax | (325.8) | 38.3 |
| Reclassification from accumulated other comprehensive income, after-tax | 31.5 | (0.4) |
| Other comprehensive income (loss) | (294.3) | 37.9 |
| Unrecognized postretirement benefit obligation including NCI | ||
| Other Comprehensive Income (Loss) | ||
| Other comprehensive income (loss) before reclassifications, pre-tax | 0.6 | |
| Other comprehensive income (loss), pre-tax | 15.0 | 15.7 |
| Other comprehensive income (loss) before reclassifications, tax | (0.1) | |
| Reclassification from accumulated other comprehensive income, tax | (3.9) | (4.2) |
| Other comprehensive income (loss), tax | (4.0) | (4.2) |
| Other comprehensive income (loss) before reclassifications, after-tax | 0.5 | |
| Reclassification from accumulated other comprehensive income, after-tax | 10.5 | 11.5 |
| Other comprehensive income (loss) | 11.0 | 11.5 |
| Unrecognized postretirement benefit obligation including NCI | Operating expense | ||
| Other Comprehensive Income (Loss) | ||
| Reclassification from accumulated other comprehensive income, pre-tax | $ 14.4 | $ 15.7 |
Stockholders' Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | $ 14,618.0 | |
| Balances | 12,907.5 | |
| Change in redeemable noncontrolling interest rollforward | ||
| Redeemable noncontrolling interest, balance at beginning of period | 264.9 | $ 391.2 |
| Net income (loss) attributable to redeemable noncontrolling interest | (23.7) | 20.3 |
| Contributions from redeemable noncontrolling interest | 34.2 | 143.7 |
| Distributions to redeemable noncontrolling interest | (29.7) | (20.3) |
| Change in redemption value of redeemable noncontrolling interest | 0.6 | 2.7 |
| Other comprehensive income (loss) attributable to redeemable noncontrolling interest | (6.6) | 0.1 |
| Redeemable noncontrolling interest, balance at end of period | 239.7 | 537.7 |
| ASU 2016-13 - CECL | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Effects of implementation of accounting change | (8.4) | |
| Accumulated other comprehensive income (loss) | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | 1,037.9 | (1,565.1) |
| Other comprehensive income (loss) during the period, net of adjustments | (1,668.1) | 1,130.1 |
| Amounts reclassified from accumulated other comprehensive income (loss) | 31.0 | 16.1 |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (1,637.1) | 1,146.2 |
| Balances | (599.2) | (418.9) |
| Net unrealized gains (losses) on available-for-sale securities | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | 2,806.0 | 190.0 |
| Other comprehensive income (loss) during the period, net of adjustments | (1,404.4) | 1,097.3 |
| Amounts reclassified from accumulated other comprehensive income (loss) | (6.9) | 7.0 |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (1,411.3) | 1,104.3 |
| Balances | 1,350.6 | 1,294.3 |
| Available-for-sale debt securities, allowance for credit losses | 3.3 | |
| Net unrealized gains (losses) on available-for-sale securities | ASU 2016-13 - CECL | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Effects of implementation of accounting change | (44.1) | |
| Noncredit component of impairment losses on fixed maturities available-for-sale | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | (44.1) | (47.1) |
| Other comprehensive income (loss) during the period, net of adjustments | (2.5) | |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (2.5) | |
| Balances | (49.6) | |
| Noncredit component of impairment losses on fixed maturities available-for-sale | ASU 2016-13 - CECL | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Effects of implementation of accounting change | 44.1 | |
| Net unrealized gains (losses) on derivative instruments | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | 53.4 | 64.4 |
| Other comprehensive income (loss) during the period, net of adjustments | 52.7 | (2.5) |
| Amounts reclassified from accumulated other comprehensive income (loss) | (4.1) | (2.0) |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 48.6 | (4.5) |
| Balances | 102.0 | 59.9 |
| Foreign currency translation adjustment | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | (1,341.8) | (1,259.5) |
| Other comprehensive income (loss) during the period, net of adjustments | (316.9) | 37.8 |
| Amounts reclassified from accumulated other comprehensive income (loss) | 31.5 | (0.4) |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (285.4) | 37.4 |
| Balances | (1,627.2) | (1,222.1) |
| Unrecognized postretirement benefit obligation | ||
| Change in accumulated other comprehensive income (loss) rollforward | ||
| Balances | (435.6) | (512.9) |
| Other comprehensive income (loss) during the period, net of adjustments | 0.5 | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 10.5 | 11.5 |
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 11.0 | 11.5 |
| Balances | $ (424.6) | $ (501.4) |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | $ 68,707.8 | $ 70,106.2 |
| Fixed maturities, trading | 596.0 | 675.9 |
| Equity securities | 1,664.1 | 1,879.4 |
| Derivative instruments, assets | 617.6 | 294.7 |
| Separate account assets | 136,836.0 | 165,468.0 |
| Investment and universal life contracts | $ (555.4) | (214.2) |
| 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% | |
| Amount measured at net asset value | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Unfunded commitments of investments measured using NAV | $ 17.9 | 19.9 |
| U.S. government and agencies | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 1,731.2 | 1,724.2 |
| Non-U.S. governments | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 956.7 | 996.2 |
| States and political subdivisions | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,763.4 | 7,490.0 |
| Corporate debt securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 39,421.2 | 40,647.4 |
| Residential mortgage-backed pass-through securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,201.9 | 2,982.4 |
| Commercial mortgage-backed securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,493.7 | 4,850.2 |
| Collateralized debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,348.3 | 3,215.3 |
| Other debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,791.4 | 8,200.5 |
| Recurring Fair Value Measurements | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 68,707.8 | 70,106.2 |
| Fixed maturities, trading | 596.0 | 675.9 |
| Equity securities | 1,664.1 | 1,879.4 |
| Derivative instruments, assets | 617.6 | 294.7 |
| Other investments | 686.6 | 796.0 |
| Cash equivalents | 2,459.1 | 1,299.0 |
| Sub-total excluding separate account assets | 74,731.2 | 75,051.2 |
| Separate account assets | 136,836.0 | 165,468.0 |
| Total assets | 211,567.2 | 240,519.2 |
| Investment and universal life contracts | (555.4) | (214.2) |
| Derivative liabilities | (210.5) | (217.7) |
| Other liabilities | (37.5) | (98.9) |
| Total liabilities | (803.4) | (530.8) |
| Net assets (liabilities) | 210,763.8 | 239,988.4 |
| Recurring Fair Value Measurements | Amount measured at net asset value | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Other investments | 77.0 | 78.3 |
| Sub-total excluding separate account assets | 77.0 | 78.3 |
| Separate account assets | 140.1 | 129.0 |
| Total assets | 217.1 | 207.3 |
| Net assets (liabilities) | 217.1 | 207.3 |
| Recurring Fair Value Measurements | Fair value hierarchy Level 1 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 1,389.4 | 1,339.9 |
| Fixed maturities, trading | 0.5 | 0.5 |
| Equity securities | 603.5 | 645.8 |
| Other investments | 226.9 | 335.2 |
| Cash equivalents | 51.3 | 40.9 |
| Sub-total excluding separate account assets | 2,271.6 | 2,362.3 |
| Separate account assets | 76,626.9 | 95,652.5 |
| Total assets | 78,898.5 | 98,014.8 |
| Net assets (liabilities) | 78,898.5 | 98,014.8 |
| Recurring Fair Value Measurements | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 66,857.5 | 68,381.4 |
| Fixed maturities, trading | 595.2 | 675.1 |
| Equity securities | 1,060.6 | 1,233.6 |
| Derivative instruments, assets | 615.9 | 265.4 |
| Other investments | 346.7 | 343.5 |
| Cash equivalents | 2,407.8 | 1,258.1 |
| Sub-total excluding separate account assets | 71,883.7 | 72,157.1 |
| Separate account assets | 51,202.3 | 60,718.5 |
| Total assets | 123,086.0 | 132,875.6 |
| Derivative liabilities | (193.2) | (201.4) |
| Other liabilities | (37.5) | (98.9) |
| Total liabilities | (230.7) | (300.3) |
| Net assets (liabilities) | 122,855.3 | 132,575.3 |
| Recurring Fair Value Measurements | Fair value hierarchy Level 3 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 460.9 | 384.9 |
| Fixed maturities, trading | 0.3 | 0.3 |
| Derivative instruments, assets | 1.7 | 29.3 |
| Other investments | 36.0 | 39.0 |
| Sub-total excluding separate account assets | 498.9 | 453.5 |
| Separate account assets | 8,866.7 | 8,968.0 |
| Total assets | 9,365.6 | 9,421.5 |
| Investment and universal life contracts | (555.4) | (214.2) |
| Derivative liabilities | (17.3) | (16.3) |
| Total liabilities | (572.7) | (230.5) |
| Net assets (liabilities) | 8,792.9 | 9,191.0 |
| Recurring Fair Value Measurements | U.S. government and agencies | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 1,731.2 | 1,724.2 |
| Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 1 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 1,369.0 | 1,320.0 |
| Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 362.2 | 404.2 |
| Recurring Fair Value Measurements | Non-U.S. governments | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 956.7 | 996.2 |
| Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 1 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 2.3 | 1.4 |
| Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 954.4 | 994.8 |
| Recurring Fair Value Measurements | States and political subdivisions | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,763.4 | 7,490.0 |
| Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,763.4 | 7,490.0 |
| Recurring Fair Value Measurements | Corporate debt securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 39,421.2 | 40,647.4 |
| Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 1 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 18.1 | 18.5 |
| Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 39,232.8 | 40,547.2 |
| Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 170.3 | 81.7 |
| Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,201.9 | 2,982.4 |
| Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,201.9 | 2,982.4 |
| Recurring Fair Value Measurements | Commercial mortgage-backed securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,493.7 | 4,850.2 |
| Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,479.3 | 4,837.3 |
| Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 3 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 14.4 | 12.9 |
| Recurring Fair Value Measurements | Collateralized debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,348.3 | 3,215.3 |
| Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 3,177.0 | 3,016.3 |
| Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 3 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 171.3 | 199.0 |
| Recurring Fair Value Measurements | Other debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,791.4 | 8,200.5 |
| Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 2 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,686.5 | 8,109.2 |
| Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 3 | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | $ 104.9 | $ 91.3 |
Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, net derivative assets | $ 13.0 | $ 3.1 |
| Total realized/unrealized gains (losses) included in net income, net derivative assets | (0.7) | (1.6) |
| Net purchases, sales, issuances and settlements, net derivative assets | (1.4) | 1.9 |
| Transfers out of Level 3, net derivative assets | (26.5) | |
| Ending balance, net derivative assets | (15.6) | 3.4 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets | (1.4) | (1.3) |
| Gross purchases, sales, issuances and settlements | ||
| Sales, net derivative assets (liabilities) | (1.4) | 1.9 |
| Net purchases, sales, issuances and settlements, net derivative assets (liabilities) | (1.4) | 1.9 |
| Investment and universal life contracts | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, liabilities | (214.2) | (45.2) |
| Total realized/unrealized gains (losses) included in net income, liabilities | (340.4) | 4.3 |
| Total realized/unrealized gains (losses) included in other comprehensive income, liabilities | (0.3) | 0.1 |
| Net purchases, sales, issuances and settlements, liabilities | (0.5) | 0.3 |
| Ending balance, liabilities | (555.4) | (40.5) |
| Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities | (354.0) | 5.6 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, liabilities | (0.3) | |
| Gross purchases, sales, issuances and settlements | ||
| Issuances, liabilities | (6.7) | (1.3) |
| Settlements, liabilities | 6.2 | 1.6 |
| Net purchases, sales, issuances and settlements, liabilities | (0.5) | 0.3 |
| Fixed maturities | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 384.9 | 138.8 |
| Total realized/unrealized gains (losses) included in net income, assets | (0.1) | (2.5) |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (40.0) | 1.6 |
| Net purchases, sales, issuances and settlements, assets | 181.4 | 12.1 |
| Transfers into Level 3, assets | 170.8 | |
| Transfers out of Level 3, assets | (236.1) | (26.0) |
| Ending balance, assets | 460.9 | 124.0 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (2.5) | |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (40.0) | |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 183.6 | 12.9 |
| Sales, assets | (0.5) | (0.2) |
| Settlements, assets | (1.7) | (0.6) |
| Net purchases, sales, issuances and settlements, assets | 181.4 | 12.1 |
| Fixed maturities | Trading | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 0.3 | |
| Ending balance, assets | 0.3 | |
| Non-U.S. governments | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 4.6 | |
| Net purchases, sales, issuances and settlements, assets | (0.4) | |
| Ending balance, assets | 4.2 | |
| Gross purchases, sales, issuances and settlements | ||
| Settlements, assets | (0.4) | |
| Net purchases, sales, issuances and settlements, assets | (0.4) | |
| Corporate debt securities | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 81.7 | 57.9 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (16.3) | 0.4 |
| Net purchases, sales, issuances and settlements, assets | 26.5 | 0.2 |
| Transfers into Level 3, assets | 124.7 | |
| Transfers out of Level 3, assets | (46.3) | |
| Ending balance, assets | 170.3 | 58.5 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (16.3) | |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 27.5 | 0.5 |
| Sales, assets | (0.5) | (0.2) |
| Settlements, assets | (0.5) | (0.1) |
| Net purchases, sales, issuances and settlements, assets | 26.5 | 0.2 |
| Commercial mortgage-backed securities | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 12.9 | 9.5 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | 1.5 | 0.3 |
| Net purchases, sales, issuances and settlements, assets | 2.2 | |
| Ending balance, assets | 14.4 | 12.0 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | 1.5 | |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 2.4 | |
| Settlements, assets | (0.2) | |
| Net purchases, sales, issuances and settlements, assets | 2.2 | |
| Collateralized debt obligations | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 199.0 | 8.3 |
| Total realized/unrealized gains (losses) included in net income, assets | (0.1) | (2.5) |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (22.1) | (0.2) |
| Net purchases, sales, issuances and settlements, assets | 141.8 | 0.3 |
| Transfers out of Level 3, assets | (147.3) | |
| Ending balance, assets | 171.3 | 5.9 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (2.5) | |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (22.1) | |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 141.8 | |
| Settlements, assets | 0.3 | |
| Net purchases, sales, issuances and settlements, assets | 141.8 | 0.3 |
| Other debt obligations | Available-for-sale | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 91.3 | 58.5 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (3.1) | 1.1 |
| Net purchases, sales, issuances and settlements, assets | 13.1 | 9.8 |
| Transfers into Level 3, assets | 46.1 | |
| Transfers out of Level 3, assets | (42.5) | (26.0) |
| Ending balance, assets | 104.9 | 43.4 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (3.1) | |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 14.3 | 10.0 |
| Settlements, assets | (1.2) | (0.2) |
| Net purchases, sales, issuances and settlements, assets | 13.1 | 9.8 |
| Equity securities | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | 0.4 | |
| Ending balance, assets | 0.4 | |
| Other investments | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 39.0 | 17.2 |
| Total realized/unrealized gains (losses) included in net income, assets | (0.1) | 2.2 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (2.9) | |
| Transfers into Level 3, assets | 10.0 | |
| Ending balance, assets | 36.0 | 29.4 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (0.1) | 2.2 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (2.9) | |
| Separate account assets | ||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | ||
| Beginning balance, assets | 8,968.0 | 8,615.5 |
| Total realized/unrealized gains (losses) included in net income, assets | 144.6 | 174.6 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (0.4) | |
| Net purchases, sales, issuances and settlements, assets | (245.9) | (70.3) |
| Transfers out of Level 3, assets | (0.7) | |
| Ending balance, assets | 8,866.7 | 8,718.7 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | 126.4 | 180.7 |
| Gross purchases, sales, issuances and settlements | ||
| Purchases, assets | 67.6 | 79.0 |
| Sales, assets | (184.1) | (101.7) |
| Issuances, assets | (174.2) | (47.3) |
| Settlements, assets | 44.8 | (0.3) |
| Net purchases, sales, issuances and settlements, assets | $ (245.9) | $ (70.3) |
Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 3 into Level 2, net derivative assets (liabilities) | $ 26.5 | |
| Corporate debt securities | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 2 into Level 3 | 124.7 | |
| Transfers out of Level 3 into Level 2 | 46.3 | |
| Collateralized debt obligations | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 3 into Level 2 | 147.3 | |
| Other investments | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 2 into Level 3 | $ 10.0 | |
| Separate account assets | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 3 into Level 2 | 0.7 | |
| Available-for-sale | Fixed maturities | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 2 into Level 3 | 170.8 | |
| Transfers out of Level 3 into Level 2 | 236.1 | 26.0 |
| Available-for-sale | Other debt obligations | ||
| Fair Value Hierarchy Levels Transfers | ||
| Transfers out of Level 2 into Level 3 | 46.1 | |
| Transfers out of Level 3 into Level 2 | $ 42.5 | $ 26.0 |
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions |
Mar. 31, 2020
USD ($)
item
|
Dec. 31, 2019
USD ($)
item
|
|---|---|---|
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 211,567.2 | $ 240,519.2 |
| Liabilities measured at fair value | $ | (803.4) | (530.8) |
| Fair value hierarchy Level 3 | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | 9,365.6 | 9,421.5 |
| Liabilities measured at fair value | $ | (572.7) | (230.5) |
| Fair value hierarchy Level 3 | Investment and universal life contracts | ||
| Unobservable inputs | ||
| Liabilities measured at fair value | $ | $ (555.4) | $ (214.2) |
| Embedded derivative, Valuation technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.009 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.020 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.021 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.009 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.169 | 0.150 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.317 | 0.269 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Weighted average input | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.195 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.021 | 0.002 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.030 | 0.013 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Weighted average input | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.026 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.000 | 0.000 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Maximum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.180 | 0.180 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.063 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 66.1 | $ 72.5 |
| Fixed maturities, available-for-sale, Valuation technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.031 | 0.019 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.140 | 0.051 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.060 | 0.038 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0 | 0 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0075 | 0.0410 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0046 | 0.0152 |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0031 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0007 | |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 14.4 | $ 2.4 |
| Fixed maturities, available-for-sale, Valuation technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Discount rate | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.023 | |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.023 | |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Probability of default | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 1.000 | 1.000 |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 1.000 | 1.000 |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Potential loss severity | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.534 | 0.531 |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.534 | 0.531 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 53.0 | $ 108.7 |
| Fixed maturities, available-for-sale, Valuation technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.031 | 0.029 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.060 | 0.100 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.045 | 0.034 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Probability of default | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 1.000 | 1.000 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 1.000 | 1.000 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Potential loss severity | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.452 | 0.230 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.452 | 0.230 |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 25.3 | $ 1.2 |
| Fixed maturities, available-for-sale, Valuation technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.050 | |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.042 | |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.050 | |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.044 | 0.050 |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0500 | 0.0500 |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.0500 | 0.0500 |
| Fair value hierarchy Level 3 | Other investments | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 34.6 | $ 14.8 |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.250 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.300 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.275 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Terminal earnings before interest, taxes, depreciation and amortization multiple | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 3.5 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Terminal earnings before interest, taxes, depreciation and amortization multiple | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 4.5 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Terminal earnings before interest, taxes, depreciation and amortization multiple | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 4.0 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.250 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.300 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.275 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 3.8 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 4.7 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 4.2 | |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.8 | 0.8 |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 7.0 | 7.0 |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 3.8 | 4.1 |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | ||
| Unobservable inputs | ||
| Other investments, Input | 0.084 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.084 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Terminal capitalization rate | ||
| Unobservable inputs | ||
| Other investments, Input | 0.053 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.053 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Average market rent growth rate | ||
| Unobservable inputs | ||
| Other investments, Input | 0.026 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.026 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate | ||
| Unobservable inputs | ||
| Other investments, Input | 0.026 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.026 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | ||
| Unobservable inputs | ||
| Other investments, Input | 0.551 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.551 | |
| Fair value hierarchy Level 3 | Separate account assets | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 8,864.5 | $ 8,966.2 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.037 | 0.028 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.037 | 0.028 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Illiquidity premium | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.0060 | 0.0060 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Illiquidity premium | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.0060 | 0.0060 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Credit spread rate | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.0338 | 0.0120 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Credit spread rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.0338 | 0.0120 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.055 | 0.055 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.118 | 0.118 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.066 | 0.067 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.045 | 0.045 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.093 | 0.093 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.056 | 0.057 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.020 | 0.020 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.047 | 0.047 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.029 | 0.030 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.080 | 0.080 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.804 | 0.804 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.465 | 0.459 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.034 | 0.032 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.058 | 0.058 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Weighted average input | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.038 | 0.036 |
Fair Value Measurements - Fair Value Option on Consolidated VIEs and Equity Method Investments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
| Commercial Mortgage Loans of Consolidated VIEs | |||
| Fair Value Option, Quantitative Disclosures | |||
| Interest income | $ 0.1 | ||
| Real Estate Ventures | |||
| Fair Value Option, Quantitative Disclosures | |||
| Fair value of assets for which fair value option was elected | $ 22.7 | $ 22.8 | |
| Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected | $ (0.1) | $ 2.2 | |
Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets (liabilities) | ||
| Mortgage loans | $ 16,645.9 | $ 16,486.9 |
| Policy loans | 797.0 | 798.0 |
| Short-term debt | (105.6) | (93.4) |
| Long-term debt | (3,670.1) | (3,734.1) |
| Carrying amount | ||
| Assets (liabilities) | ||
| Mortgage loans | 16,645.9 | 16,486.9 |
| Policy loans | 797.0 | 798.0 |
| Other investments | 288.7 | 278.8 |
| Cash and cash equivalents not required to be reported at fair value | 1,023.6 | 1,216.9 |
| Investment contracts | (34,316.4) | (33,922.2) |
| Short-term debt | (105.6) | (93.4) |
| Long-term debt | (3,670.1) | (3,734.1) |
| Separate account liabilities | (124,659.4) | (151,132.4) |
| Bank deposits | (461.9) | (469.6) |
| Cash collateral payable | (473.0) | (156.8) |
| Assets (liabilities) measured at fair value | ||
| Assets (liabilities) | ||
| Mortgage loans | 16,708.9 | 17,214.7 |
| Policy loans | 1,055.7 | 1,030.8 |
| Other investments | 286.0 | 273.1 |
| Cash and cash equivalents not required to be reported at fair value | 1,023.6 | 1,216.9 |
| Investment contracts | (33,618.0) | (34,001.3) |
| Short-term debt | (105.6) | (93.4) |
| Long-term debt | (3,821.9) | (4,122.9) |
| Separate account liabilities | (123,695.0) | (149,955.6) |
| Bank deposits | (469.7) | (468.3) |
| Cash collateral payable | (473.0) | (156.8) |
| Assets (liabilities) measured at fair value | Fair value hierarchy Level 1 | ||
| Assets (liabilities) | ||
| Cash and cash equivalents not required to be reported at fair value | 1,014.0 | 1,193.3 |
| Cash collateral payable | (473.0) | (156.8) |
| Assets (liabilities) measured at fair value | Fair value hierarchy Level 2 | ||
| Assets (liabilities) | ||
| Other investments | 189.4 | 180.3 |
| Cash and cash equivalents not required to be reported at fair value | 9.6 | 23.6 |
| Investment contracts | (3,701.0) | (4,304.5) |
| Short-term debt | (105.6) | (93.4) |
| Long-term debt | (3,781.6) | (4,015.3) |
| Bank deposits | (469.7) | (468.3) |
| Assets (liabilities) measured at fair value | Fair value hierarchy Level 3 | ||
| Assets (liabilities) | ||
| Mortgage loans | 16,708.9 | 17,214.7 |
| Policy loans | 1,055.7 | 1,030.8 |
| Other investments | 96.6 | 92.8 |
| Investment contracts | (29,917.0) | (29,696.8) |
| Long-term debt | (40.3) | (107.6) |
| Separate account liabilities | $ (123,695.0) | $ (149,955.6) |
Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Segment Information: Assets | ||
| Total assets | $ 246,903.9 | $ 276,087.8 |
| Retirement and Income Solutions | ||
| Segment Information: Assets | ||
| Total assets | 174,996.9 | 192,698.1 |
| Principal Global Investors | ||
| Segment Information: Assets | ||
| Total assets | 2,173.2 | 2,363.3 |
| Principal International | ||
| Segment Information: Assets | ||
| Total assets | 39,445.7 | 48,857.6 |
| U.S. Insurance Solutions | ||
| Segment Information: Assets | ||
| Total assets | 27,928.3 | 28,669.6 |
| Corporate | ||
| Segment Information: Assets | ||
| Total assets | $ 2,359.8 | $ 3,499.2 |
Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Net realized capital gains (losses), net of related revenue adjustments | $ 132.3 | $ 83.7 |
| Total revenues | 4,551.3 | 3,743.9 |
| Pre-tax net realized capital gains (losses), as adjusted | (67.1) | 65.6 |
| Income (loss) before income taxes | 328.2 | 526.0 |
| Retirement and Income Solutions | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Inter-segment revenues | 84.0 | 85.7 |
| Principal Global Investors | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Inter-segment revenues | 72.7 | 61.5 |
| Operating Segments | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 4,429.6 | 3,680.7 |
| Pre-tax operating earnings (losses) | 386.0 | 478.7 |
| Operating Segments | Retirement and Income Solutions | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 2,605.7 | 1,891.9 |
| Pre-tax operating earnings (losses) | 205.1 | 240.6 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 543.1 | 430.8 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 2,062.6 | 1,461.1 |
| Operating Segments | Principal Global Investors | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 390.8 | 339.0 |
| Pre-tax operating earnings (losses) | 111.7 | 100.7 |
| Operating Segments | Principal International | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 300.5 | 380.5 |
| Pre-tax operating earnings (losses) | 30.8 | 111.1 |
| Operating Segments | U.S. Insurance Solutions | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 1,123.3 | 1,068.1 |
| Pre-tax operating earnings (losses) | 129.5 | 110.7 |
| Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 639.0 | 601.8 |
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 484.3 | 466.3 |
| Operating Segments | Corporate | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Operating revenues | 9.3 | 1.2 |
| Pre-tax operating earnings (losses) | (91.1) | (84.4) |
| Reconciling Items | ||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | ||
| Net realized capital gains (losses), net of related revenue adjustments | 132.3 | 83.7 |
| Adjustments related to equity method investments | (10.6) | (20.5) |
| Pre-tax net realized capital gains (losses), as adjusted | (67.1) | 65.6 |
| Earnings adjustments related to equity method investments and noncontrolling interest | $ 9.3 | $ (18.3) |
Segment Information - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Segment Information: Net realized capital gains (losses), as adjusted | ||
| Net realized capital gains (losses) | $ 131.4 | $ 84.5 |
| Derivative and hedging-related revenue adjustments | (13.6) | (11.5) |
| Adjustments related to equity method investments | (5.1) | (0.4) |
| Adjustments related to sponsored investment funds | 3.9 | 8.0 |
| Recognition of front-end fee revenue | 15.7 | 3.1 |
| Net realized capital gains (losses), net of related revenue adjustments | 132.3 | 83.7 |
| Amortization of deferred acquisition costs and other actuarial balances | (219.4) | (16.4) |
| Capital (gains) losses distributed | 43.4 | (8.7) |
| Market value adjustments of embedded derivatives | (23.4) | 7.0 |
| Pre-tax net realized capital gains (losses), as adjusted | $ (67.1) | $ 65.6 |
Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total fees and other revenues per consolidated statements of operations | $ 1,145.3 | $ 973.5 |
| Operating Segments | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 700.4 | 561.2 |
| Operating Segments | Retirement and Income Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 158.5 | 61.3 |
| Operating Segments | Principal Global Investors | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 382.9 | 332.3 |
| Fees and other revenues not within the scope of revenue recognition guidance | 5.5 | 4.3 |
| Total fees and other revenues per consolidated statements of operations | 388.4 | 336.6 |
| Operating Segments | Principal International | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 109.5 | 114.9 |
| Fees and other revenues not within the scope of revenue recognition guidance | 1.3 | 1.7 |
| Total fees and other revenues per consolidated statements of operations | 110.8 | 116.6 |
| Operating Segments | U.S. Insurance Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 16.6 | 15.7 |
| Operating Segments | Corporate | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 32.9 | 37.0 |
| Fees and other revenues not within the scope of revenue recognition guidance | (76.1) | (70.6) |
| Total fees and other revenues per consolidated statements of operations | (43.2) | (33.6) |
| Operating Segments | Retirement and Income Solutions - Fee | Retirement and Income Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 156.4 | 58.4 |
| Fees and other revenues not within the scope of revenue recognition guidance | 280.5 | 271.8 |
| Total fees and other revenues per consolidated statements of operations | 436.9 | 330.2 |
| Operating Segments | Retirement and Income Solutions - Spread | Retirement and Income Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 2.1 | 2.9 |
| Fees and other revenues not within the scope of revenue recognition guidance | 3.1 | 4.9 |
| Total fees and other revenues per consolidated statements of operations | 5.2 | 7.8 |
| Operating Segments | Specialty Benefits insurance | U.S. Insurance Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 3.8 | 3.7 |
| Fees and other revenues not within the scope of revenue recognition guidance | 4.9 | 4.9 |
| Total fees and other revenues per consolidated statements of operations | 8.7 | 8.6 |
| Operating Segments | Individual Life insurance | U.S. Insurance Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total segment revenue from contracts with customers | 12.8 | 12.0 |
| Fees and other revenues not within the scope of revenue recognition guidance | 210.0 | 192.2 |
| Total fees and other revenues per consolidated statements of operations | 222.8 | 204.2 |
| Reconciling Items | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Fees and other revenues not within the scope of revenue recognition guidance | 429.2 | 409.2 |
| Pre-tax other adjustments | $ 15.7 | $ 3.1 |
Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total fees and other revenues | $ 1,145.3 | $ 973.5 |
| Premiums and other considerations | 2,291.0 | 1,724.9 |
| Net investment income (loss) | 983.6 | 961.0 |
| Operating Segments | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 700.4 | 561.2 |
| Total operating revenues | 4,429.6 | 3,680.7 |
| Operating Segments | Retirement and Income Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 158.5 | 61.3 |
| Total operating revenues | 2,605.7 | 1,891.9 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 156.4 | 58.4 |
| Fees and other revenues not within the scope of revenue recognition guidance | 280.5 | 271.8 |
| Total fees and other revenues | 436.9 | 330.2 |
| Premiums and other considerations | 1.8 | 1.1 |
| Net investment income (loss) | 104.4 | 99.5 |
| Total operating revenues | 543.1 | 430.8 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | Administrative service fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 156.2 | 58.2 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | Other fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 0.2 | 0.2 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 2.1 | 2.9 |
| Fees and other revenues not within the scope of revenue recognition guidance | 3.1 | 4.9 |
| Total fees and other revenues | 5.2 | 7.8 |
| Premiums and other considerations | 1,521.1 | 957.5 |
| Net investment income (loss) | 536.3 | 495.8 |
| Total operating revenues | 2,062.6 | 1,461.1 |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | Deposit account fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 2.1 | 2.9 |
| Operating Segments | Principal Global Investors | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 382.9 | 332.3 |
| Fees and other revenues not within the scope of revenue recognition guidance | 5.5 | 4.3 |
| Total fees and other revenues | 388.4 | 336.6 |
| Net investment income (loss) | 2.4 | 2.4 |
| Total operating revenues | 390.8 | 339.0 |
| Operating Segments | Principal Global Investors | Management fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 321.0 | 292.8 |
| Operating Segments | Principal Global Investors | Other fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 61.9 | 39.5 |
| Operating Segments | Principal International | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 109.5 | 114.9 |
| Fees and other revenues not within the scope of revenue recognition guidance | 1.3 | 1.7 |
| Total fees and other revenues | 110.8 | 116.6 |
| Premiums and other considerations | 85.0 | 117.5 |
| Net investment income (loss) | 104.7 | 146.4 |
| Total operating revenues | 300.5 | 380.5 |
| Operating Segments | Principal International | Latin America | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 81.5 | 88.1 |
| Operating Segments | Principal International | Asia | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 28.0 | 27.0 |
| Operating Segments | Principal International | Principal International Corporate / Regional Office | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 0.2 | 0.2 |
| Operating Segments | Principal International | Geographical Eliminations | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | (0.2) | (0.4) |
| Operating Segments | Principal International | Management fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 108.5 | 114.3 |
| Operating Segments | Principal International | Other fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 1.0 | 0.6 |
| Operating Segments | U.S. Insurance Solutions | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 16.6 | 15.7 |
| Total operating revenues | 1,123.3 | 1,068.1 |
| Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 3.8 | 3.7 |
| Fees and other revenues not within the scope of revenue recognition guidance | 4.9 | 4.9 |
| Total fees and other revenues | 8.7 | 8.6 |
| Premiums and other considerations | 588.4 | 555.9 |
| Net investment income (loss) | 41.9 | 37.3 |
| Total operating revenues | 639.0 | 601.8 |
| Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | Administrative service fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 3.8 | 3.7 |
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 12.8 | 12.0 |
| Fees and other revenues not within the scope of revenue recognition guidance | 210.0 | 192.2 |
| Total fees and other revenues | 222.8 | 204.2 |
| Premiums and other considerations | 94.7 | 92.9 |
| Net investment income (loss) | 166.8 | 169.2 |
| Total operating revenues | 484.3 | 466.3 |
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | Administrative service fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 5.7 | 5.9 |
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | Commission income | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 7.1 | 6.1 |
| Operating Segments | Corporate | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 32.9 | 37.0 |
| Fees and other revenues not within the scope of revenue recognition guidance | (76.1) | (70.6) |
| Total fees and other revenues | (43.2) | (33.6) |
| Net investment income (loss) | 52.5 | 34.8 |
| Total operating revenues | 9.3 | 1.2 |
| Operating Segments | Corporate | Other fee revenue | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 11.1 | 8.8 |
| Operating Segments | Corporate | Commission income | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | 80.4 | 75.8 |
| Operating Segments | Corporate | Revenue by type - Eliminations | ||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||
| Total revenues from contracts with customers | $ (58.6) | $ (47.6) |
Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
| Contract costs | |||
| Contract cost asset | $ 146.1 | $ 157.0 | |
| Practical expedient, incremental costs of obtaining a contract | true | ||
| Impairment loss for contract cost asset | $ 0.0 | $ 0.0 | |
| Amortization expense of contract cost asset | $ 6.6 | $ 5.6 | |
Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 171 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Mar. 31, 2020 |
May 20, 2014 |
|
| Stock-Based Compensation Plans | ||||
| Stock-Based Compensation Plans - Disclosures | ||||
| Compensation cost | $ 23.5 | $ 24.3 | ||
| Related income tax benefit | 4.9 | 4.8 | ||
| Capitalized as part of an asset | $ 0.4 | $ 0.6 | ||
| 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 Incentive Plan and Directors Stock Plan | ||||
| Stock-Based Compensation Plans - Disclosures | ||||
| Options granted (in shares) | 0.0 | |||
| Awards or units granted (in shares) | 0.0 | |||
| 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) | 4.0 | 4.0 | ||
Stock-Based Compensation Plans - Nonqualified Stock Options, Assumptions and Other Disclosures (Details) - Nonqualified Stock Options $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
USD ($)
$ / shares
shares
| |
| Stock-Based Compensation Plans - Disclosures | |
| Options granted (in shares) | shares | 1.4 |
| Assumptions used to estimate fair value of stock options granted during period | |
| Weighted-average expected volatility (as a percent) | 25.70% |
| Weighted-average expected term | 7 years |
| Weighted-average risk-free interest rate (as a percent) | 1.30% |
| Weighted-average expected dividend yield (as a percent) | 4.33% |
| Weighted-average estimated fair value of stock options granted (in dollars per share) | $ / shares | $ 9.64 |
| Other nonqualified stock option disclosures | |
| Unrecognized compensation costs | $ | $ 11.6 |
| Weighted-average service period over which unrecognized compensation costs will be recognized | 1 year 4 months 24 days |
Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
USD ($)
$ / shares
shares
| |
| Performance Share Awards | |
| Change in nonvested units outstanding | |
| Awards or units granted (in shares) | shares | 0.3 |
| Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 51.73 |
| 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 | $ | $ 10.8 |
| Weighted-average service period over which unrecognized compensation costs will be recognized | 1 year 6 months |
| Restricted Stock Units | |
| Change in nonvested units outstanding | |
| Awards or units granted (in shares) | shares | 1.0 |
| Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 51.73 |
| Other award and unit disclosures | |
| Unrecognized compensation costs | $ | $ 79.0 |
| Weighted-average service period over which unrecognized compensation costs will be recognized | 2 years 1 month 6 days |
Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan shares in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
$ / shares
shares
| |
| Stock-Based Compensation Plans - Disclosures | |
| Share purchases under employee stock purchase plan (in shares) | 0.5 |
| Weighted-average fair value of discount on employee stock purchase plan (in dollars per share) | $ / shares | $ 4.70 |
| Shares available to be issued under employee stock purchase plan (in shares) | 0.9 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Net income (loss) | $ 285.0 | $ 452.1 |
| Subtract: | ||
| Net income (loss) attributable to noncontrolling interest | (3.9) | 22.2 |
| Total | $ 288.9 | $ 429.9 |
| Weighted-average shares outstanding: | ||
| Basic | 275.0 | 278.7 |
| Dilutive effects: | ||
| Diluted | 277.2 | 280.9 |
| Net income (loss) per common share: | ||
| Basic | $ 1.05 | $ 1.54 |
| Diluted | $ 1.04 | $ 1.53 |
| Nonqualified Stock Options | ||
| Dilutive effects: | ||
| Stock-based compensation awards | 0.5 | 0.7 |
| Restricted Stock Units | ||
| Dilutive effects: | ||
| Stock-based compensation awards | 1.6 | 1.5 |
| Performance Share Awards | ||
| Dilutive effects: | ||
| Stock-based compensation awards | 0.1 | |
Condensed Consolidating Financial Information - Guarantor, Statements of Financial Position (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Assets | ||||
| Fixed maturities, available-for-sale | $ 68,707.8 | $ 70,106.2 | ||
| Fixed maturities, trading | 596.0 | 675.9 | ||
| Equity securities | 1,664.1 | 1,879.4 | ||
| Mortgage loans | 16,645.9 | 16,486.9 | ||
| Real estate | 1,657.5 | 1,714.8 | ||
| Policy loans | 797.0 | 798.0 | ||
| Investment in unconsolidated entities | 728.6 | 830.2 | ||
| Other investments | 3,978.4 | 3,860.0 | ||
| Cash and cash equivalents | 3,482.7 | 2,515.9 | ||
| Accrued investment income | 721.7 | 686.6 | ||
| Premiums due and other receivables | 1,691.0 | 1,740.3 | ||
| Deferred acquisition costs | 3,679.8 | 3,521.3 | ||
| Property and equipment | 973.8 | 967.7 | ||
| Goodwill | 1,616.4 | 1,693.8 | ||
| Other intangibles | 1,716.6 | 1,786.7 | ||
| Separate account assets | 136,836.0 | 165,468.0 | ||
| Other assets | 1,410.6 | 1,356.1 | ||
| Total assets | 246,903.9 | 276,087.8 | ||
| Liabilities | ||||
| Contractholder funds | 42,126.6 | 41,367.5 | ||
| Future policy benefits and claims | 41,244.0 | 40,838.2 | ||
| Other policyholder funds | 860.9 | 959.4 | ||
| Short-term debt | 105.6 | 93.4 | ||
| Long-term debt | 3,670.1 | 3,734.1 | ||
| Income taxes currently payable | 14.7 | 16.2 | ||
| Deferred income taxes | 1,450.3 | 1,796.6 | ||
| Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities) | 136,836.0 | 165,468.0 | ||
| Other liabilities | 7,383.4 | 6,863.7 | ||
| Total liabilities | 233,691.6 | 261,137.1 | ||
| Redeemable noncontrolling interest | 239.7 | 264.9 | $ 537.7 | $ 391.2 |
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,216.5 | 10,182.6 | ||
| Retained earnings (accumulated deficit) | 11,198.8 | 11,074.3 | ||
| Accumulated other comprehensive income | (599.2) | 1,037.9 | ||
| Treasury stock, at cost | (7,913.4) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 12,907.5 | 14,618.0 | ||
| Noncontrolling interest | 65.1 | 67.8 | ||
| Total stockholders' equity | 12,972.6 | 14,685.8 | $ 12,762.2 | $ 11,456.0 |
| Total liabilities and stockholders' equity | 246,903.9 | 276,087.8 | ||
| Principal Financial Group, Inc. parent only | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 290.5 | 265.8 | ||
| Fixed maturities, trading | 258.5 | 268.2 | ||
| Investment in unconsolidated entities | 15,786.7 | 17,539.6 | ||
| Other investments | 10.4 | 10.4 | ||
| Cash and cash equivalents | 453.3 | 394.9 | ||
| Accrued investment income | 1.5 | 1.6 | ||
| Other assets | 391.1 | 383.2 | ||
| Total assets | 17,192.0 | 18,863.7 | ||
| Liabilities | ||||
| Long-term debt | 3,626.0 | 3,625.5 | ||
| Income taxes currently payable | 12.6 | |||
| Other liabilities | 645.9 | 620.2 | ||
| Total liabilities | 4,284.5 | 4,245.7 | ||
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,216.5 | 10,182.6 | ||
| Retained earnings (accumulated deficit) | 11,198.8 | 11,074.3 | ||
| Accumulated other comprehensive income | (599.2) | 1,037.9 | ||
| Treasury stock, at cost | (7,913.4) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 12,907.5 | 14,618.0 | ||
| Total stockholders' equity | 12,907.5 | 14,618.0 | ||
| Total liabilities and stockholders' equity | 17,192.0 | 18,863.7 | ||
| Principal Life Insurance Company only | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 61,408.8 | 62,363.1 | ||
| Fixed maturities, trading | 220.4 | 237.5 | ||
| Equity securities | 61.7 | 69.9 | ||
| Mortgage loans | 15,524.6 | 15,388.5 | ||
| Real estate | 3.2 | 3.3 | ||
| Policy loans | 743.0 | 742.2 | ||
| Investment in unconsolidated entities | 4,850.7 | 5,036.2 | ||
| Other investments | 4,214.3 | 3,682.5 | ||
| Cash and cash equivalents | 1,908.3 | 1,178.1 | ||
| Accrued investment income | 641.9 | 608.5 | ||
| Premiums due and other receivables | 2,067.3 | 2,082.3 | ||
| Deferred acquisition costs | 3,669.7 | 3,509.7 | ||
| Property and equipment | 757.7 | 733.9 | ||
| Goodwill | 54.3 | 54.3 | ||
| Other intangibles | 17.3 | 17.7 | ||
| Separate account assets | 105,530.3 | 125,801.7 | ||
| Other assets | 1,136.9 | 1,118.6 | ||
| Total assets | 202,810.4 | 222,628.0 | ||
| Liabilities | ||||
| Contractholder funds | 39,090.1 | 38,334.6 | ||
| Future policy benefits and claims | 36,435.7 | 35,476.6 | ||
| Other policyholder funds | 694.9 | 790.3 | ||
| Deferred income taxes | 86.2 | 325.8 | ||
| Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities) | 105,530.3 | 125,801.7 | ||
| Other liabilities | 10,937.5 | 10,533.5 | ||
| Total liabilities | 192,774.7 | 211,262.5 | ||
| Stockholders' equity | ||||
| Common stock | 2.5 | 2.5 | ||
| Additional paid-in capital | 6,324.1 | 6,331.5 | ||
| Retained earnings (accumulated deficit) | 2,372.2 | 2,410.8 | ||
| Accumulated other comprehensive income | 1,336.9 | 2,620.7 | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 10,035.7 | 11,365.5 | ||
| Total stockholders' equity | 10,035.7 | 11,365.5 | ||
| Total liabilities and stockholders' equity | 202,810.4 | 222,628.0 | ||
| Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 7,367.5 | 7,833.1 | ||
| Fixed maturities, trading | 117.1 | 170.2 | ||
| Equity securities | 1,602.4 | 1,809.5 | ||
| Mortgage loans | 1,816.1 | 1,793.5 | ||
| Real estate | 1,654.3 | 1,711.5 | ||
| Policy loans | 54.0 | 55.8 | ||
| Investment in unconsolidated entities | 5,183.0 | 6,429.5 | ||
| Other investments | 2,697.5 | 2,859.6 | ||
| Cash and cash equivalents | 1,982.7 | 1,767.7 | ||
| Accrued investment income | 80.3 | 81.4 | ||
| Premiums due and other receivables | 4,629.2 | 4,525.8 | ||
| Deferred acquisition costs | 10.1 | 11.6 | ||
| Property and equipment | 216.1 | 233.8 | ||
| Goodwill | 1,562.1 | 1,639.5 | ||
| Other intangibles | 1,699.3 | 1,769.0 | ||
| Separate account assets | 31,305.7 | 39,666.3 | ||
| Other assets | 5,373.2 | 5,358.4 | ||
| Total assets | 67,350.6 | 77,716.2 | ||
| Liabilities | ||||
| Contractholder funds | 3,395.3 | 3,388.0 | ||
| Future policy benefits and claims | 6,223.6 | 6,740.7 | ||
| Other policyholder funds | 170.0 | 171.9 | ||
| Short-term debt | 105.6 | 93.4 | ||
| Long-term debt | 697.2 | 763.1 | ||
| Income taxes currently payable | 58.2 | 81.7 | ||
| Deferred income taxes | 1,885.0 | 1,965.9 | ||
| Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities) | 31,305.7 | 39,666.3 | ||
| Other liabilities | 7,558.9 | 7,111.2 | ||
| Total liabilities | 51,399.5 | 59,982.2 | ||
| Redeemable noncontrolling interest | 239.7 | 264.9 | ||
| Stockholders' equity | ||||
| Additional paid-in capital | 10,030.0 | 10,038.7 | ||
| Retained earnings (accumulated deficit) | 6,307.6 | 6,414.3 | ||
| Accumulated other comprehensive income | (691.3) | 948.3 | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 15,646.3 | 17,401.3 | ||
| Noncontrolling interest | 65.1 | 67.8 | ||
| Total stockholders' equity | 15,711.4 | 17,469.1 | ||
| Total liabilities and stockholders' equity | 67,350.6 | 77,716.2 | ||
| Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities | Nonqualified benefit plans | ||||
| Stockholders' equity | ||||
| Assets held in Rabbi trusts | 720.1 | 731.9 | ||
| Liabilities held in Rabbi trusts | 579.8 | 593.7 | ||
| Eliminations, Notes Guarantor | Eliminations | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | (359.0) | (355.8) | ||
| Mortgage loans | (694.8) | (695.1) | ||
| Investment in unconsolidated entities | (25,091.8) | (28,175.1) | ||
| Other investments | (2,943.8) | (2,692.5) | ||
| Cash and cash equivalents | (861.6) | (824.8) | ||
| Accrued investment income | (2.0) | (4.9) | ||
| Premiums due and other receivables | (5,005.5) | (4,867.8) | ||
| Other assets | (5,490.6) | (5,504.1) | ||
| Total assets | (40,449.1) | (43,120.1) | ||
| Liabilities | ||||
| Contractholder funds | (358.8) | (355.1) | ||
| Future policy benefits and claims | (1,415.3) | (1,379.1) | ||
| Other policyholder funds | (4.0) | (2.8) | ||
| Long-term debt | (653.1) | (654.5) | ||
| Income taxes currently payable | (56.1) | (65.5) | ||
| Deferred income taxes | (520.9) | (495.1) | ||
| Other liabilities | (11,758.9) | (11,401.2) | ||
| Total liabilities | (14,767.1) | (14,353.3) | ||
| Stockholders' equity | ||||
| Common stock | (2.5) | (2.5) | ||
| Additional paid-in capital | (16,354.1) | (16,370.2) | ||
| Retained earnings (accumulated deficit) | (8,679.8) | (8,825.1) | ||
| Accumulated other comprehensive income | (645.6) | (3,569.0) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | (25,682.0) | (28,766.8) | ||
| Total stockholders' equity | (25,682.0) | (28,766.8) | ||
| Total liabilities and stockholders' equity | $ (40,449.1) | $ (43,120.1) |
Condensed Consolidating Financial Information - Guarantor, Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Revenues | ||
| Premiums and other considerations | $ 2,291.0 | $ 1,724.9 |
| Fees and other revenues | 1,145.3 | 973.5 |
| Net investment income (loss) | 983.6 | 961.0 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 131.4 | 91.3 |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (9.6) | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income | 2.8 | |
| Net impairment losses recoveries on available-for-sale securities | (6.8) | |
| Net realized capital gains (losses) | 131.4 | 84.5 |
| Total revenues | 4,551.3 | 3,743.9 |
| Expenses | ||
| Benefits, claims and settlement expenses | 2,858.7 | 2,195.1 |
| Dividends to policyholders | 28.9 | 30.1 |
| Operating expenses | 1,335.5 | 992.7 |
| Total expenses | 4,223.1 | 3,217.9 |
| Income (loss) before income taxes | 328.2 | 526.0 |
| Income taxes (benefits) | 43.2 | 73.9 |
| Net income (loss) | 285.0 | 452.1 |
| Net income attributable to noncontrolling interest | (3.9) | 22.2 |
| Net income attributable to PFG | 288.9 | 429.9 |
| Net income (loss) | 285.0 | 452.1 |
| Other comprehensive income | (1,646.3) | 1,146.7 |
| Comprehensive income (loss) | (1,361.3) | 1,598.8 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Revenues | ||
| Net investment income (loss) | 3.4 | 5.0 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 5.2 | 5.3 |
| Net realized capital gains (losses) | 5.3 | |
| Total revenues | 8.6 | 10.3 |
| Expenses | ||
| Operating expenses | 48.5 | 56.1 |
| Total expenses | 48.5 | 56.1 |
| Income (loss) before income taxes | (39.9) | (45.8) |
| Income taxes (benefits) | (10.1) | (11.3) |
| Equity in the net income (loss) of subsidiaries | 318.7 | 464.4 |
| Net income (loss) | 288.9 | 429.9 |
| Net income attributable to PFG | 288.9 | 429.9 |
| Net income (loss) | 288.9 | 429.9 |
| Other comprehensive income | (1,543.4) | 1,141.3 |
| Comprehensive income (loss) | (1,254.5) | 1,571.2 |
| Principal Life Insurance Company only | Legal Entities | ||
| Revenues | ||
| Premiums and other considerations | 2,145.3 | 1,542.4 |
| Fees and other revenues | 584.0 | 544.6 |
| Net investment income (loss) | 723.1 | 702.5 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 628.9 | 403.5 |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (9.5) | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income | 2.8 | |
| Net impairment losses recoveries on available-for-sale securities | (6.7) | |
| Net realized capital gains (losses) | 396.8 | |
| Total revenues | 4,081.3 | 3,186.3 |
| Expenses | ||
| Benefits, claims and settlement expenses | 2,633.2 | 1,944.4 |
| Dividends to policyholders | 28.9 | 30.1 |
| Operating expenses | 802.8 | 585.6 |
| Total expenses | 3,464.9 | 2,560.1 |
| Income (loss) before income taxes | 616.4 | 626.2 |
| Income taxes (benefits) | 104.8 | 95.2 |
| Equity in the net income (loss) of subsidiaries | (142.0) | (235.7) |
| Net income (loss) | 369.6 | 295.3 |
| Net income attributable to PFG | 369.6 | 295.3 |
| Net income (loss) | 369.6 | 295.3 |
| Other comprehensive income | (1,284.6) | 1,053.9 |
| Comprehensive income (loss) | (915.0) | 1,349.2 |
| Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities | ||
| Revenues | ||
| Premiums and other considerations | 145.7 | 182.5 |
| Fees and other revenues | 661.3 | 520.6 |
| Net investment income (loss) | 622.8 | 546.0 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | (501.4) | (317.5) |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (0.1) | |
| Net impairment losses recoveries on available-for-sale securities | (0.1) | |
| Net realized capital gains (losses) | (317.6) | |
| Total revenues | 928.4 | 931.5 |
| Expenses | ||
| Benefits, claims and settlement expenses | 228.3 | 253.6 |
| Operating expenses | 578.2 | 438.1 |
| Total expenses | 806.5 | 691.7 |
| Income (loss) before income taxes | 121.9 | 239.8 |
| Income taxes (benefits) | (51.3) | (9.8) |
| Equity in the net income (loss) of subsidiaries | 139.5 | 233.1 |
| Net income (loss) | 312.7 | 482.7 |
| Net income attributable to noncontrolling interest | (3.9) | 19.8 |
| Net income attributable to PFG | 316.6 | 462.9 |
| Net income (loss) | 312.7 | 482.7 |
| Other comprehensive income | (1,611.7) | 1,174.2 |
| Comprehensive income (loss) | (1,299.0) | 1,656.9 |
| Eliminations, Notes Guarantor | Eliminations | ||
| Revenues | ||
| Fees and other revenues | (100.0) | (91.7) |
| Net investment income (loss) | (365.7) | (292.5) |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | (1.3) | |
| Total revenues | (467.0) | (384.2) |
| Expenses | ||
| Benefits, claims and settlement expenses | (2.8) | (2.9) |
| Operating expenses | (94.0) | (87.1) |
| Total expenses | (96.8) | (90.0) |
| Income (loss) before income taxes | (370.2) | (294.2) |
| Income taxes (benefits) | (0.2) | (0.2) |
| Equity in the net income (loss) of subsidiaries | (316.2) | (461.8) |
| Net income (loss) | (686.2) | (755.8) |
| Net income attributable to noncontrolling interest | 2.4 | |
| Net income attributable to PFG | (686.2) | (758.2) |
| Net income (loss) | (686.2) | (755.8) |
| Other comprehensive income | 2,793.4 | (2,222.7) |
| Comprehensive income (loss) | $ 2,107.2 | $ (2,978.5) |
Condensed Consolidating Financial Information - Guarantor, Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Operating activities | ||
| Net cash provided by operating activities | $ 1,589.1 | $ 1,176.4 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (3,190.1) | (2,886.7) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 582.4 | 342.6 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 1,984.1 | 1,548.9 |
| Mortgage loans acquired or originated | (827.3) | (625.1) |
| Mortgage loans sold or repaid | 581.6 | 382.4 |
| Real estate acquired | (39.6) | (10.5) |
| Net purchases of property and equipment | (18.0) | (29.4) |
| Net change in other investments | 14.2 | (213.3) |
| Net cash provided by (used in) investing activities | (912.7) | (1,491.1) |
| Financing activities | ||
| Issuance of common stock | 9.0 | 5.8 |
| Acquisition of treasury stock | (231.8) | (153.6) |
| Payments for financing element derivatives | (7.1) | (6.5) |
| Purchase of subsidiary shares from noncontrolling interest | (0.9) | |
| Dividends to common stockholders | (153.6) | (150.2) |
| Issuance of long-term debt | 6.7 | |
| Principal repayments of long-term debt | (64.5) | (0.3) |
| Net proceeds from short-term borrowings | 24.6 | 0.1 |
| Investment contract deposits | 2,725.7 | 1,872.2 |
| Investment contract withdrawals | (2,255.6) | (1,947.4) |
| Net increase (decrease) in banking operation deposits | 244.5 | (35.4) |
| Other | 0.1 | 5.5 |
| Net cash provided by (used in) financing activities | 290.4 | (403.1) |
| Net increase (decrease) in cash and cash equivalents | 966.8 | (717.8) |
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 |
| Cash and cash equivalents at end of period | 3,482.7 | 2,259.7 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Operating activities | ||
| Net cash provided by operating activities | 20.9 | 27.5 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (63.2) | (150.2) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 43.2 | 153.1 |
| Dividends and returns of capital received from unconsolidated entities | 433.9 | 208.9 |
| Net change in other investments | (6.0) | |
| Net cash provided by (used in) investing activities | 413.9 | 205.8 |
| Financing activities | ||
| Issuance of common stock | 9.0 | 5.8 |
| Acquisition of treasury stock | (231.8) | (153.6) |
| Dividends to common stockholders | (153.6) | (150.2) |
| Net cash provided by (used in) financing activities | (376.4) | (298.0) |
| Net increase (decrease) in cash and cash equivalents | 58.4 | (64.7) |
| Cash and cash equivalents at beginning of period | 394.9 | 334.9 |
| Cash and cash equivalents at end of period | 453.3 | 270.2 |
| Principal Life Insurance Company only | Legal Entities | ||
| Operating activities | ||
| Net cash provided by operating activities | 1,711.5 | 1,376.1 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (2,449.3) | (2,329.5) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 218.1 | 104.9 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 1,753.5 | 1,277.7 |
| Mortgage loans acquired or originated | (590.2) | (581.2) |
| Mortgage loans sold or repaid | 440.7 | 323.3 |
| Net purchases of property and equipment | (14.0) | (12.1) |
| Dividends and returns of capital received from unconsolidated entities | 0.6 | 0.6 |
| Net change in other investments | (273.5) | (374.6) |
| Net cash provided by (used in) investing activities | (914.1) | (1,590.9) |
| Financing activities | ||
| Payments for financing element derivatives | (7.1) | (6.5) |
| Dividends and capital received from (dividends and capital paid to) parent | (413.9) | (193.9) |
| Investment contract deposits | 2,596.2 | 1,755.2 |
| Investment contract withdrawals | (2,242.5) | (1,938.9) |
| Other | 0.1 | 5.7 |
| Net cash provided by (used in) financing activities | (67.2) | (378.4) |
| Net increase (decrease) in cash and cash equivalents | 730.2 | (593.2) |
| Cash and cash equivalents at beginning of period | 1,178.1 | 1,323.9 |
| Cash and cash equivalents at end of period | 1,908.3 | 730.7 |
| Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities | ||
| Operating activities | ||
| Net cash provided by operating activities | 913.9 | 634.4 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (681.3) | (408.1) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 364.3 | 237.7 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 187.4 | 118.1 |
| Mortgage loans acquired or originated | (239.6) | (46.1) |
| Mortgage loans sold or repaid | 142.2 | 64.9 |
| Real estate acquired | (39.6) | (10.5) |
| Net purchases of property and equipment | (4.0) | (17.3) |
| Dividends and returns of capital received from unconsolidated entities | 413.9 | 193.9 |
| Net change in other investments | (726.5) | (800.7) |
| Net cash provided by (used in) investing activities | (583.2) | (668.1) |
| Financing activities | ||
| Purchase of subsidiary shares from noncontrolling interest | (0.9) | |
| Issuance of long-term debt | 6.7 | |
| Principal repayments of long-term debt | (65.8) | (6.1) |
| Net proceeds from short-term borrowings | 24.6 | 0.1 |
| Dividends and capital received from (dividends and capital paid to) parent | (434.5) | (209.5) |
| Investment contract deposits | 129.5 | 117.0 |
| Investment contract withdrawals | (13.1) | (8.5) |
| Net increase (decrease) in banking operation deposits | 244.5 | (35.4) |
| Other | (0.2) | |
| Net cash provided by (used in) financing activities | (115.7) | (135.9) |
| Net increase (decrease) in cash and cash equivalents | 215.0 | (169.6) |
| Cash and cash equivalents at beginning of period | 1,767.7 | 2,014.8 |
| Cash and cash equivalents at end of period | 1,982.7 | 1,845.2 |
| Eliminations, Notes Guarantor | Eliminations | ||
| Operating activities | ||
| Net cash provided by operating activities | (1,057.2) | (861.6) |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | 3.7 | 1.1 |
| Mortgage loans acquired or originated | 2.5 | 2.2 |
| Mortgage loans sold or repaid | (1.3) | (5.8) |
| Dividends and returns of capital received from unconsolidated entities | (848.4) | (403.4) |
| Net change in other investments | 1,014.2 | 968.0 |
| Net cash provided by (used in) investing activities | 170.7 | 562.1 |
| Financing activities | ||
| Principal repayments of long-term debt | 1.3 | 5.8 |
| Dividends and capital received from (dividends and capital paid to) parent | 848.4 | 403.4 |
| Net cash provided by (used in) financing activities | 849.7 | 409.2 |
| Net increase (decrease) in cash and cash equivalents | (36.8) | 109.7 |
| Cash and cash equivalents at beginning of period | (824.8) | (696.1) |
| Cash and cash equivalents at end of period | $ (861.6) | $ (586.4) |
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Financial Position (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Assets | ||||
| Fixed maturities, available-for-sale | $ 68,707.8 | $ 70,106.2 | ||
| Fixed maturities, trading | 596.0 | 675.9 | ||
| Equity securities | 1,664.1 | 1,879.4 | ||
| Mortgage loans | 16,645.9 | 16,486.9 | ||
| Real estate | 1,657.5 | 1,714.8 | ||
| Policy loans | 797.0 | 798.0 | ||
| Investment in unconsolidated entities | 728.6 | 830.2 | ||
| Other investments | 3,978.4 | 3,860.0 | ||
| Cash and cash equivalents | 3,482.7 | 2,515.9 | ||
| Accrued investment income | 721.7 | 686.6 | ||
| Premiums due and other receivables | 1,691.0 | 1,740.3 | ||
| Deferred acquisition costs | 3,679.8 | 3,521.3 | ||
| Property and equipment | 973.8 | 967.7 | ||
| Goodwill | 1,616.4 | 1,693.8 | ||
| Other intangibles | 1,716.6 | 1,786.7 | ||
| Separate account assets | 136,836.0 | 165,468.0 | ||
| Other assets | 1,410.6 | 1,356.1 | ||
| Total assets | 246,903.9 | 276,087.8 | ||
| Liabilities | ||||
| Contractholder funds | 42,126.6 | 41,367.5 | ||
| Future policy benefits and claims | 41,244.0 | 40,838.2 | ||
| Other policyholder funds | 860.9 | 959.4 | ||
| Short-term debt | 105.6 | 93.4 | ||
| Long-term debt | 3,670.1 | 3,734.1 | ||
| Income taxes currently payable | 14.7 | 16.2 | ||
| Deferred income taxes | 1,450.3 | 1,796.6 | ||
| Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities) | 136,836.0 | 165,468.0 | ||
| Other liabilities | 7,383.4 | 6,863.7 | ||
| Total liabilities | 233,691.6 | 261,137.1 | ||
| Redeemable noncontrolling interest | 239.7 | 264.9 | $ 537.7 | $ 391.2 |
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,216.5 | 10,182.6 | ||
| Retained earnings (accumulated deficit) | 11,198.8 | 11,074.3 | ||
| Accumulated other comprehensive income | (599.2) | 1,037.9 | ||
| Treasury stock, at cost | (7,913.4) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 12,907.5 | 14,618.0 | ||
| Noncontrolling interest | 65.1 | 67.8 | ||
| Total stockholders' equity | 12,972.6 | 14,685.8 | $ 12,762.2 | $ 11,456.0 |
| Total liabilities and stockholders' equity | 246,903.9 | 276,087.8 | ||
| Principal Financial Group, Inc. parent only | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 290.5 | 265.8 | ||
| Fixed maturities, trading | 258.5 | 268.2 | ||
| Investment in unconsolidated entities | 15,786.7 | 17,539.6 | ||
| Other investments | 10.4 | 10.4 | ||
| Cash and cash equivalents | 453.3 | 394.9 | ||
| Accrued investment income | 1.5 | 1.6 | ||
| Other assets | 391.1 | 383.2 | ||
| Total assets | 17,192.0 | 18,863.7 | ||
| Liabilities | ||||
| Long-term debt | 3,626.0 | 3,625.5 | ||
| Income taxes currently payable | 12.6 | |||
| Other liabilities | 645.9 | 620.2 | ||
| Total liabilities | 4,284.5 | 4,245.7 | ||
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,216.5 | 10,182.6 | ||
| Retained earnings (accumulated deficit) | 11,198.8 | 11,074.3 | ||
| Accumulated other comprehensive income | (599.2) | 1,037.9 | ||
| Treasury stock, at cost | (7,913.4) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 12,907.5 | 14,618.0 | ||
| Total stockholders' equity | 12,907.5 | 14,618.0 | ||
| Total liabilities and stockholders' equity | 17,192.0 | 18,863.7 | ||
| Principal Financial Services, Inc. only | Legal Entities | ||||
| Assets | ||||
| Equity securities | 32.7 | 41.4 | ||
| Investment in unconsolidated entities | 14,883.5 | 16,664.1 | ||
| Other investments | 198.2 | 251.9 | ||
| Cash and cash equivalents | 663.6 | 598.4 | ||
| Accrued investment income | 0.1 | 0.4 | ||
| Premiums due and other receivables | 110.4 | 100.0 | ||
| Goodwill | 618.5 | 618.5 | ||
| Other intangibles | 524.6 | 531.7 | ||
| Other assets | 47.1 | 35.2 | ||
| Total assets | 17,078.7 | 18,841.6 | ||
| Liabilities | ||||
| Long-term debt | 313.9 | 320.7 | ||
| Deferred income taxes | 19.5 | 5.9 | ||
| Other liabilities | 1,098.9 | 1,113.6 | ||
| Total liabilities | 1,432.3 | 1,440.2 | ||
| Stockholders' equity | ||||
| Additional paid-in capital | 9,668.8 | 9,658.3 | ||
| Retained earnings (accumulated deficit) | 6,149.5 | 6,263.5 | ||
| Accumulated other comprehensive income | (171.9) | 1,479.6 | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 15,646.4 | 17,401.4 | ||
| Total stockholders' equity | 15,646.4 | 17,401.4 | ||
| Total liabilities and stockholders' equity | 17,078.7 | 18,841.6 | ||
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 68,417.3 | 69,840.4 | ||
| Fixed maturities, trading | 337.5 | 407.7 | ||
| Equity securities | 1,631.4 | 1,838.0 | ||
| Mortgage loans | 16,645.9 | 16,486.9 | ||
| Real estate | 1,657.5 | 1,714.8 | ||
| Policy loans | 797.0 | 798.0 | ||
| Investment in unconsolidated entities | 541.8 | 649.4 | ||
| Other investments | 3,769.8 | 3,597.7 | ||
| Cash and cash equivalents | 3,408.8 | 2,656.2 | ||
| Accrued investment income | 720.1 | 684.6 | ||
| Premiums due and other receivables | 1,894.6 | 1,961.1 | ||
| Deferred acquisition costs | 3,679.8 | 3,521.3 | ||
| Property and equipment | 973.8 | 967.7 | ||
| Goodwill | 997.9 | 1,075.3 | ||
| Other intangibles | 1,192.0 | 1,255.0 | ||
| Separate account assets | 136,836.0 | 165,468.0 | ||
| Other assets | 1,547.2 | 1,509.5 | ||
| Total assets | 245,048.4 | 274,431.6 | ||
| Liabilities | ||||
| Contractholder funds | 42,126.6 | 41,367.5 | ||
| Future policy benefits and claims | 41,244.0 | 40,838.2 | ||
| Other policyholder funds | 860.9 | 959.4 | ||
| Short-term debt | 105.6 | 93.4 | ||
| Long-term debt | 44.1 | 108.7 | ||
| Income taxes currently payable | 38.0 | 66.4 | ||
| Deferred income taxes | 1,951.8 | 2,285.8 | ||
| Separate account liabilities (2020 and 2019 include $30,858.6 million and $39,130.3 million related to consolidated variable interest entities) | 136,836.0 | 165,468.0 | ||
| Other liabilities | 6,510.4 | 6,104.7 | ||
| Total liabilities | 229,717.4 | 257,292.1 | ||
| Redeemable noncontrolling interest | 239.7 | 264.9 | ||
| Stockholders' equity | ||||
| Common stock | 11.0 | 11.0 | ||
| Additional paid-in capital | 12,243.7 | 12,157.9 | ||
| Retained earnings (accumulated deficit) | 2,788.2 | 2,985.1 | ||
| Accumulated other comprehensive income | (14.7) | 1,654.8 | ||
| Treasury stock, at cost | (2.0) | (2.0) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 15,026.2 | 16,806.8 | ||
| Noncontrolling interest | 65.1 | 67.8 | ||
| Total stockholders' equity | 15,091.3 | 16,874.6 | ||
| Total liabilities and stockholders' equity | 245,048.4 | 274,431.6 | ||
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | Nonqualified benefit plans | ||||
| Stockholders' equity | ||||
| Assets held in Rabbi trusts | 720.1 | 731.9 | ||
| Liabilities held in Rabbi trusts | 579.8 | 593.7 | ||
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | ||||
| Assets | ||||
| Investment in unconsolidated entities | (30,483.4) | (34,022.9) | ||
| Cash and cash equivalents | (1,043.0) | (1,133.6) | ||
| Premiums due and other receivables | (314.0) | (320.8) | ||
| Other assets | (574.8) | (571.8) | ||
| Total assets | (32,415.2) | (36,049.1) | ||
| Liabilities | ||||
| Long-term debt | (313.9) | (320.8) | ||
| Income taxes currently payable | (35.9) | (50.2) | ||
| Deferred income taxes | (521.0) | (495.1) | ||
| Other liabilities | (871.8) | (974.8) | ||
| Total liabilities | (1,742.6) | (1,840.9) | ||
| Stockholders' equity | ||||
| Common stock | (11.0) | (11.0) | ||
| Additional paid-in capital | (21,912.5) | (21,816.2) | ||
| Retained earnings (accumulated deficit) | (8,937.7) | (9,248.6) | ||
| Accumulated other comprehensive income | 186.6 | (3,134.4) | ||
| Treasury stock, at cost | 2.0 | 2.0 | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | (30,672.6) | (34,208.2) | ||
| Total stockholders' equity | (30,672.6) | (34,208.2) | ||
| Total liabilities and stockholders' equity | $ (32,415.2) | $ (36,049.1) |
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Revenues | ||
| Premiums and other considerations | $ 2,291.0 | $ 1,724.9 |
| Fees and other revenues | 1,145.3 | 973.5 |
| Net investment income (loss) | 983.6 | 961.0 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 131.4 | 91.3 |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (9.6) | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income | 2.8 | |
| Net impairment losses recoveries on available-for-sale securities | (6.8) | |
| Net realized capital gains (losses) | 131.4 | 84.5 |
| Total revenues | 4,551.3 | 3,743.9 |
| Expenses | ||
| Benefits, claims and settlement expenses | 2,858.7 | 2,195.1 |
| Dividends to policyholders | 28.9 | 30.1 |
| Operating expenses | 1,335.5 | 992.7 |
| Total expenses | 4,223.1 | 3,217.9 |
| Income (loss) before income taxes | 328.2 | 526.0 |
| Income taxes (benefits) | 43.2 | 73.9 |
| Net income (loss) | 285.0 | 452.1 |
| Net income attributable to noncontrolling interest | (3.9) | 22.2 |
| Net income attributable to PFG | 288.9 | 429.9 |
| Net income (loss) | 285.0 | 452.1 |
| Other comprehensive income | (1,646.3) | 1,146.7 |
| Comprehensive income (loss) | (1,361.3) | 1,598.8 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Revenues | ||
| Net investment income (loss) | 3.4 | 5.0 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 5.2 | 5.3 |
| Net realized capital gains (losses) | 5.3 | |
| Total revenues | 8.6 | 10.3 |
| Expenses | ||
| Operating expenses | 48.5 | 56.1 |
| Total expenses | 48.5 | 56.1 |
| Income (loss) before income taxes | (39.9) | (45.8) |
| Income taxes (benefits) | (10.1) | (11.3) |
| Equity in the net income of subsidiaries | 318.7 | 464.4 |
| Net income (loss) | 288.9 | 429.9 |
| Net income attributable to PFG | 288.9 | 429.9 |
| Net income (loss) | 288.9 | 429.9 |
| Other comprehensive income | (1,543.4) | 1,141.3 |
| Comprehensive income (loss) | (1,254.5) | 1,571.2 |
| Principal Financial Services, Inc. only | Legal Entities | ||
| Revenues | ||
| Fees and other revenues | 95.9 | 0.1 |
| Net investment income (loss) | (1.1) | (2.3) |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 5.3 | 6.6 |
| Net realized capital gains (losses) | 6.6 | |
| Total revenues | 100.1 | 4.4 |
| Expenses | ||
| Operating expenses | 133.6 | 22.8 |
| Total expenses | 133.6 | 22.8 |
| Income (loss) before income taxes | (33.5) | (18.4) |
| Income taxes (benefits) | (15.2) | 1.2 |
| Equity in the net income of subsidiaries | 334.9 | 482.5 |
| Net income (loss) | 316.6 | 462.9 |
| Net income attributable to PFG | 316.6 | 462.9 |
| Net income (loss) | 316.6 | 462.9 |
| Other comprehensive income | (1,557.8) | 1,126.9 |
| Comprehensive income (loss) | (1,241.2) | 1,589.8 |
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | ||
| Revenues | ||
| Premiums and other considerations | 2,291.0 | 1,724.9 |
| Fees and other revenues | 1,052.0 | 976.4 |
| Net investment income (loss) | 978.8 | 956.5 |
| Net realized capital gains, excluding impairment losses on available-for-sale securities | 120.9 | 79.4 |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (9.6) | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income | 2.8 | |
| Net impairment losses recoveries on available-for-sale securities | (6.8) | |
| Net realized capital gains (losses) | 72.6 | |
| Total revenues | 4,442.7 | 3,730.4 |
| Expenses | ||
| Benefits, claims and settlement expenses | 2,858.7 | 2,195.1 |
| Dividends to policyholders | 28.9 | 30.1 |
| Operating expenses | 1,155.6 | 916.5 |
| Total expenses | 4,043.2 | 3,141.7 |
| Income (loss) before income taxes | 399.5 | 588.7 |
| Income taxes (benefits) | 68.5 | 84.0 |
| Net income (loss) | 331.0 | 504.7 |
| Net income attributable to noncontrolling interest | (3.9) | 22.2 |
| Net income attributable to PFG | 334.9 | 482.5 |
| Net income (loss) | 331.0 | 504.7 |
| Other comprehensive income | (1,678.7) | 1,128.7 |
| Comprehensive income (loss) | (1,347.7) | 1,633.4 |
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | ||
| Revenues | ||
| Fees and other revenues | (2.6) | (3.0) |
| Net investment income (loss) | 2.5 | 1.8 |
| Total revenues | (0.1) | (1.2) |
| Expenses | ||
| Operating expenses | (2.2) | (2.7) |
| Total expenses | (2.2) | (2.7) |
| Income (loss) before income taxes | 2.1 | 1.5 |
| Equity in the net income of subsidiaries | (653.6) | (946.9) |
| Net income (loss) | (651.5) | (945.4) |
| Net income attributable to PFG | (651.5) | (945.4) |
| Net income (loss) | (651.5) | (945.4) |
| Other comprehensive income | 3,133.6 | (2,250.2) |
| Comprehensive income (loss) | $ 2,482.1 | $ (3,195.6) |
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Operating activities | ||
| Net cash provided by (used in) operating activities | $ 1,589.1 | $ 1,176.4 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (3,190.1) | (2,886.7) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 582.4 | 342.6 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 1,984.1 | 1,548.9 |
| Mortgage loans acquired or originated | (827.3) | (625.1) |
| Mortgage loans sold or repaid | 581.6 | 382.4 |
| Real estate acquired | (39.6) | (10.5) |
| Net purchases of property and equipment | (18.0) | (29.4) |
| Net change in other investments | 14.2 | (213.3) |
| Net cash provided by (used in) investing activities | (912.7) | (1,491.1) |
| Financing activities | ||
| Issuance of common stock | 9.0 | 5.8 |
| Acquisition of treasury stock | (231.8) | (153.6) |
| Payments for financing element derivatives | (7.1) | (6.5) |
| Purchase of subsidiary shares from noncontrolling interest | (0.9) | |
| Dividends to common stockholders | (153.6) | (150.2) |
| Issuance of long-term debt | 6.7 | |
| Principal repayments of long-term debt | (64.5) | (0.3) |
| Net proceeds from short-term borrowings | 24.6 | 0.1 |
| Investment contract deposits | 2,725.7 | 1,872.2 |
| Investment contract withdrawals | (2,255.6) | (1,947.4) |
| Net increase (decrease) in banking operation deposits | 244.5 | (35.4) |
| Other | 0.1 | 5.5 |
| Net cash provided by (used in) financing activities | 290.4 | (403.1) |
| Net increase (decrease) in cash and cash equivalents | 966.8 | (717.8) |
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 |
| Cash and cash equivalents at end of period | 3,482.7 | 2,259.7 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Operating activities | ||
| Net cash provided by (used in) operating activities | 20.9 | 27.5 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (63.2) | (150.2) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 43.2 | 153.1 |
| Dividends and returns of capital received from unconsolidated entities | 433.9 | 208.9 |
| Net change in other investments | (6.0) | |
| Net cash provided by (used in) investing activities | 413.9 | 205.8 |
| Financing activities | ||
| Issuance of common stock | 9.0 | 5.8 |
| Acquisition of treasury stock | (231.8) | (153.6) |
| Dividends to common stockholders | (153.6) | (150.2) |
| Net cash provided by (used in) financing activities | (376.4) | (298.0) |
| Net increase (decrease) in cash and cash equivalents | 58.4 | (64.7) |
| Cash and cash equivalents at beginning of period | 394.9 | 334.9 |
| Cash and cash equivalents at end of period | 453.3 | 270.2 |
| Principal Financial Services, Inc. only | Legal Entities | ||
| Operating activities | ||
| Net cash provided by (used in) operating activities | 40.1 | (22.1) |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (0.2) | |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 0.2 | |
| Net purchases of property and equipment | (0.6) | (0.5) |
| Dividends and returns of capital received from unconsolidated entities | 453.7 | 89.0 |
| Net change in other investments | 12.7 | (73.6) |
| Net cash provided by (used in) investing activities | 465.8 | 14.9 |
| Financing activities | ||
| Issuance of long-term debt | 2.3 | 2.6 |
| Principal repayments of long-term debt | (9.1) | (9.4) |
| Dividends and capital received from (dividends and capital paid to) parent | (433.9) | (208.9) |
| Net cash provided by (used in) financing activities | (440.7) | (215.7) |
| Net increase (decrease) in cash and cash equivalents | 65.2 | (222.9) |
| Cash and cash equivalents at beginning of period | 598.4 | 649.0 |
| Cash and cash equivalents at end of period | 663.6 | 426.1 |
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | ||
| Operating activities | ||
| Net cash provided by (used in) operating activities | 1,461.2 | 1,033.5 |
| Investing activities | ||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (3,126.9) | (2,736.3) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 582.4 | 342.4 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 1,940.9 | 1,395.8 |
| Mortgage loans acquired or originated | (827.3) | (625.1) |
| Mortgage loans sold or repaid | 581.6 | 382.4 |
| Real estate acquired | (39.6) | (10.5) |
| Net purchases of property and equipment | (17.4) | (28.9) |
| Net change in other investments | (15.4) | (171.4) |
| Net cash provided by (used in) investing activities | (921.7) | (1,451.6) |
| Financing activities | ||
| Payments for financing element derivatives | (7.1) | (6.5) |
| Purchase of subsidiary shares from noncontrolling interest | (0.9) | |
| Issuance of long-term debt | 6.7 | |
| Principal repayments of long-term debt | (64.5) | (0.3) |
| Net proceeds from short-term borrowings | 24.6 | 0.1 |
| Dividends and capital received from (dividends and capital paid to) parent | (453.7) | (89.0) |
| Investment contract deposits | 2,725.7 | 1,872.2 |
| Investment contract withdrawals | (2,255.6) | (1,947.4) |
| Net increase (decrease) in banking operation deposits | 244.5 | (35.4) |
| Other | 0.1 | 5.5 |
| Net cash provided by (used in) financing activities | 213.1 | (194.1) |
| Net increase (decrease) in cash and cash equivalents | 752.6 | (612.2) |
| Cash and cash equivalents at beginning of period | 2,656.2 | 3,096.8 |
| Cash and cash equivalents at end of period | 3,408.8 | 2,484.6 |
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | ||
| Operating activities | ||
| Net cash provided by (used in) operating activities | 66.9 | 137.5 |
| Investing activities | ||
| Dividends and returns of capital received from unconsolidated entities | (887.6) | (297.9) |
| Net change in other investments | 16.9 | 37.7 |
| Net cash provided by (used in) investing activities | (870.7) | (260.2) |
| Financing activities | ||
| Issuance of long-term debt | (2.3) | (2.6) |
| Principal repayments of long-term debt | 9.1 | 9.4 |
| Dividends and capital received from (dividends and capital paid to) parent | 887.6 | 297.9 |
| Net cash provided by (used in) financing activities | 894.4 | 304.7 |
| Net increase (decrease) in cash and cash equivalents | 90.6 | 182.0 |
| Cash and cash equivalents at beginning of period | (1,133.6) | (1,103.2) |
| Cash and cash equivalents at end of period | $ (1,043.0) | $ (921.2) |