Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues | |||||||||||
| Premiums and other considerations | $ 6,037.4 | $ 7,866.6 | $ 6,409.6 | ||||||||
| Fees and other revenues | 4,511.1 | 4,409.9 | 4,273.8 | ||||||||
| Net investment income (loss) | 3,890.6 | 3,998.4 | 3,629.2 | ||||||||
| Net realized capital gains (losses) | 302.6 | (52.8) | (75.4) | ||||||||
| Total revenues | $ 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | $ 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | 14,741.7 | 16,222.1 | 14,237.2 |
| Expenses | |||||||||||
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | 8,192.5 | ||||||||
| Dividends to policyholders | 120.2 | 119.1 | 123.6 | ||||||||
| Operating expenses | 4,646.5 | 4,503.9 | 4,136.7 | ||||||||
| Total expenses | 3,173.5 | 3,035.6 | 2,616.0 | 4,223.1 | 3,675.9 | 4,112.7 | 3,522.3 | 3,217.9 | 13,048.2 | 14,528.8 | 12,452.8 |
| Income (loss) before income taxes | 1,693.5 | 1,693.3 | 1,784.4 | ||||||||
| Income taxes (benefits) | 265.0 | 249.2 | 230.7 | ||||||||
| Net income (loss) | 491.5 | 235.9 | 416.1 | 285.0 | 315.3 | 284.6 | 392.1 | 452.1 | 1,428.5 | 1,444.1 | 1,553.7 |
| Net income (loss) attributable to noncontrolling interest | 32.7 | 49.9 | 7.2 | ||||||||
| Net income (loss) attributable to Principal Financial Group, Inc. | $ 472.6 | $ 236.0 | $ 398.3 | $ 288.9 | $ 300.9 | $ 277.1 | $ 386.3 | $ 429.9 | $ 1,395.8 | $ 1,394.2 | $ 1,546.5 |
| Earnings per common share | |||||||||||
| Basic earnings per common share (in dollars per share) | $ 1.72 | $ 0.86 | $ 1.45 | $ 1.05 | $ 1.08 | $ 0.99 | $ 1.38 | $ 1.54 | $ 5.08 | $ 5.00 | $ 5.41 |
| Diluted earnings per common share (in dollars per share) | $ 1.70 | $ 0.85 | $ 1.45 | $ 1.04 | $ 1.07 | $ 0.98 | $ 1.37 | $ 1.53 | $ 5.05 | $ 4.96 | $ 5.36 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Consolidated Statements of Comprehensive Income | |||
| Net income (loss) | $ 1,428.5 | $ 1,444.1 | $ 1,553.7 |
| Other comprehensive income (loss), net: | |||
| Net unrealized gains (losses) on available-for-sale securities | 1,376.5 | 2,616.1 | (1,529.6) |
| Noncredit component of impairment losses on fixed maturities, available-for-sale | 3.0 | 26.4 | |
| Net unrealized gains (losses) on derivative instruments | (35.2) | (11.0) | 16.0 |
| Foreign currency translation adjustment | 30.6 | (78.7) | (287.6) |
| Net unrecognized postretirement benefit obligation | (24.9) | 77.3 | (60.9) |
| Other comprehensive income (loss) | 1,347.0 | 2,606.7 | (1,835.7) |
| Comprehensive income (loss) | 2,775.5 | 4,050.8 | (282.0) |
| Comprehensive income (loss) attributable to noncontrolling interest | 34.5 | 53.6 | 2.7 |
| Comprehensive income (loss) attributable to Principal Financial Group, Inc. | $ 2,741.0 | $ 3,997.2 | $ (284.7) |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Operating activities | |||
| Net income (loss) | $ 1,428.5 | $ 1,444.1 | $ 1,553.7 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net realized capital (gains) losses | (302.6) | 52.8 | 75.4 |
| Depreciation and amortization expense | 251.9 | 226.8 | 205.1 |
| Amortization of deferred acquisition costs and contract costs | 412.9 | 371.4 | 277.3 |
| Additions to deferred acquisition costs and contract costs | (499.9) | (515.5) | (443.4) |
| Stock-based compensation | 87.6 | 82.6 | 77.4 |
| (Income) loss from equity method investments, net of dividends received | (10.6) | (111.9) | (76.0) |
| Changes in: | |||
| Accrued investment income | (24.0) | (50.4) | (28.7) |
| Net cash flows for trading securities and equity securities with operating intent | 144.2 | (53.8) | (133.7) |
| Premiums due and other receivables | 16.4 | (247.6) | 37.8 |
| Contractholder and policyholder liabilities and dividends | 1,591.2 | 3,599.9 | 3,610.2 |
| Current and deferred income taxes (benefits) | 442.5 | 211.2 | 274.7 |
| Real estate acquired through operating activities | (16.4) | (64.7) | (89.2) |
| Real estate sold through operating activities | 195.5 | 136.1 | 133.6 |
| Other assets and liabilities | (89.0) | 401.1 | (282.0) |
| Other | 110.4 | 11.1 | (35.7) |
| Net adjustments | 2,310.1 | 4,049.1 | 3,602.8 |
| Net cash provided by (used in) operating activities | 3,738.6 | 5,493.2 | 5,156.5 |
| Investing activities | |||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (15,713.4) | (14,137.1) | (13,909.8) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 3,043.9 | 2,397.4 | 3,813.1 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 8,819.5 | 7,064.2 | 6,217.6 |
| Mortgage loans acquired or originated | (3,249.5) | (3,487.7) | (3,447.5) |
| Mortgage loans sold or repaid | 2,477.2 | 2,335.9 | 2,228.4 |
| Real estate acquired | (230.6) | (127.5) | (88.1) |
| Real estate sold | 2.3 | 96.3 | 63.5 |
| Net (purchases) sales of property and equipment | (108.8) | (132.4) | (92.3) |
| Purchase of business or interests in subsidiaries, net of cash acquired | (1,208.5) | (184.7) | |
| Net change in other investments | (66.4) | (489.1) | (302.7) |
| Net cash provided by (used in) investing activities | (5,025.8) | (7,688.5) | (5,702.5) |
| Financing activities | |||
| Issuance of common stock | 42.8 | 37.7 | 64.0 |
| Acquisition of treasury stock | (307.0) | (281.0) | (671.6) |
| Payments for financing element derivatives | (30.9) | (26.9) | (65.9) |
| Purchase of subsidiary shares from noncontrolling interest | (1.4) | (1.7) | (31.1) |
| Dividends to common stockholders | (614.5) | (606.0) | (598.6) |
| Issuance of long-term debt | 608.9 | 504.9 | 80.8 |
| Principal repayments of long-term debt | (65.8) | (32.2) | (1.3) |
| Net proceeds from (repayments of) short-term borrowings | (12.6) | 57.5 | 8.5 |
| Investment contract deposits | 10,284.4 | 9,200.0 | 8,308.8 |
| Investment contract withdrawals | (8,852.7) | (7,747.7) | (6,589.6) |
| Net increase (decrease) in banking operation deposits | 569.7 | 623.4 | 553.0 |
| Other | 0.2 | 5.7 | (4.3) |
| Net cash provided by (used in) financing activities | 1,621.1 | 1,733.7 | 1,052.7 |
| Net increase (decrease) in cash and cash equivalents | 333.9 | (461.6) | 506.7 |
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 | 2,470.8 |
| Cash and cash equivalents at end of period | 2,849.8 | 2,515.9 | 2,977.5 |
| Supplemental information: | |||
| Cash paid for interest | 162.8 | 157.7 | 150.2 |
| Cash paid for (received from) income taxes | (172.0) | (8.5) | $ (96.2) |
| 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 | $ 1,325.2 | $ 1,225.8 | |
Nature of Operations and Significant Accounting Policies |
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| Nature of Operations and Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nature of Operations and Significant Accounting Policies | 1. Nature of Operations and Significant Accounting Policies Description of Business Principal Financial Group, Inc. (“PFG”) is a leader in global investment management offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through our diverse family of financial services companies. Basis of Presentation The accompanying consolidated financial statements include the accounts of PFG and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties, including those associated with the novel coronavirus ("COVID-19"), may impact our business, results of operations, financial condition and liquidity. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, 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 other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. 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 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 3, 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. Use of Estimates in the Preparation of Financial Statements The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining:
A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates. Closed Block Principal Life Insurance Company (“Principal Life”) operates a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 6, Closed Block, for further details. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased. Investments Fixed maturities include bonds, asset-backed securities (“ABS”), redeemable preferred stock and certain 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 14, 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, unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships prior to 2019 and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Beginning in 2019, 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 classified as 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. 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. See Note 4, Investments, for further details of our valuation allowance. 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 troubled debt restructuring (“TDR”) has occurred. In response to COVID-19, the Coronavirus Aid, Relief and Economic Security Act, which was subsequently amended by the Consolidated Appropriations Act, 2021, (collectively the “CARES Act”) provides a temporary suspension of TDR accounting for certain COVID-19 related loan modifications where the loan was not more than 30 days past due as of December 31, 2019. We elected the TDR relief in the CARES Act beginning in the second quarter of 2020. The CARES Act TDR relief does not apply to modifications completed subsequent to the earlier of 60 days after the national emergency related to COVID-19 ends, or January 1, 2022. In addition, the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (As Revised on April 7, 2020) (“Interagency Statement”) provides additional guidance to determine if a short-term COVID-19 related loan modification is a TDR. We consider the CARES Act and the Interagency Statement when assessing loan modifications to determine whether a TDR has occurred. See Note 4, Investments, under the caption “Mortgage Loan Modifications” for further details. Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $2.0 million and $169.8 million as of December 31, 2020 and 2019, respectively. Any impairment losses and any changes in valuation allowances are reported in net income. Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on 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 of 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). Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We have other investments reported at fair value or for which the fair value option has been elected in prior periods. See Note 14, Fair Value Measurements, for detail on these investments. Derivatives Overview Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 14, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity. Accounting and Financial Statement Presentation We designate derivatives as either:
Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating and financing activities in the consolidated statements of cash flows. Fair Value Hedges. When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset, liability or firm commitment attributable to the hedged risk, are reported in the same consolidated statements of operations line item that is used to report the earnings effect of the hedged item. For fair value hedges of fixed maturities, available-for-sale, these changes in fair value are reported in net investment income. Prior to 2019, these changes in fair value were recorded in net realized capital gains (losses). A fair value hedge determined to be highly effective may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. Cash Flow Hedges. When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded as a component of OCI. At the time the variability of cash flows being hedged impacts net income, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net income. Net Investment in a Foreign Operation Hedge. When a derivative is used as a hedge of a net investment in a foreign operation, its change in fair value, to the extent effective as a hedge, is recorded as a component of OCI. If the foreign operation is sold or upon complete or substantially complete liquidation, the deferred gains or losses on the derivative instrument are reclassified into net income. Non-Hedge Derivatives. If a derivative does not qualify or is not designated for hedge accounting, all changes in fair value are reported in net income without considering the changes in the fair value of the economically associated assets or liabilities. Hedge Documentation and Effectiveness Testing. At inception, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes associating all derivatives designated as fair value or cash flow hedges with specific assets or liabilities on the consolidated statements of financial position or with specific firm commitments or forecasted transactions. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Even if a hedge is determined to be highly effective, the hedge may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. Termination of Hedge Accounting. We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met, e.g., a derivative is determined to no longer be highly effective in offsetting the change in fair value or cash flows of a hedged item; (2) the derivative expires, is sold, terminated or exercised or (3) we remove the designation of the derivative being the hedging instrument for a fair value or cash flow hedge. If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. The component of AOCI related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. Embedded Derivatives. We purchase and issue certain financial instruments and products that contain a derivative that is embedded in the financial instrument or product. We assess whether this embedded derivative is clearly and closely related to the asset or liability that serves as its host contract. If we deem that the embedded derivative's terms are not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the derivative is bifurcated from that contract and held at fair value on the consolidated statements of financial position, with changes in fair value reported in net income. Contractholder and Policyholder Liabilities Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies. Investment contracts are contractholders' funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years; universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features; and annuities with guaranteed minimum death benefits. Reserves for individual and group annuities that provide periodic income payments, nonparticipating term life insurance and disability income contracts are computed on a basis of assumed investment yield, mortality, morbidity and expenses, including a provision for adverse deviation, which generally varies by plan, year of issue and policy duration. Investment yield is based on our experience. Mortality, morbidity and withdrawal rate assumptions are based on our experience and are periodically reviewed against both industry standards and experience. For long-duration insurance contracts, significant changes in experience or assumptions may require us to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract. Participating business represented approximately 5%, 6% and 7% of our life insurance in force and 20%, 23% and 26% of the number of life insurance policies in force as of December 31, 2020, 2019 and 2018, respectively. Participating business represented approximately 24%, 21% and 24% of life insurance premiums for the years ended December 31, 2020, 2019 and 2018, respectively. The amount of dividends to policyholders is declared annually by Principal Life's Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date. Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. These payments are established as unearned revenue liabilities upon receipt and included in other policyholder funds in the consolidated statements of financial position. These unearned revenue reserves are amortized to net income over the estimated lives of these policies and contracts in relation to the emergence of EGPs. Short-Duration Contracts We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident and group life. Future policy benefits and claims include reserves for group life and disability insurance that provide periodic income payments. These reserves are computed using assumptions of mortality, morbidity and investment performance. These assumptions are based on our experience, industry results, emerging trends and future expectations. Future policy benefits and claims also include reserves for incurred but unreported group disability, dental, vision, critical illness, accident and life insurance claims. We recognize claims costs in the period the service was provided to our policyholders. However, claims costs incurred in a particular period are not known with certainty until after we receive, process and pay the claims. We determine the amount of this liability using actuarial methods based on historical claim payment patterns as well as emerging cost trends, where applicable, to determine our estimate of claim liabilities. We have defined claim frequency as follows for each short-duration product:
We did not make any significant changes to our methodologies or assumptions used to calculate the liability for unpaid claims for short-duration contracts during 2020. Liability for Unpaid Claims The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considerable variability is inherent in such estimates, we believe the liability for unpaid claims is adequate. These estimates are continually reviewed and, as adjustments to this liability become necessary, such adjustments are reflected in net income. Our liability for unpaid claims does not include any allocated claim adjustment expenses. We incur claim adjustment expenses for both long-duration and short-duration contracts that cannot be allocated to a specific claim. Our claim adjustment expense liability is estimated using actuarial analyses based on historical trends of expenses and expected claim runout patterns. See Note 8, Insurance Liabilities, under the caption “Liability for Unpaid Claims” for further details. Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits Products with fixed and guaranteed premiums and benefits consist principally of whole life and term life insurance policies and individual disability income. Premiums from these products are recognized as premium revenue when due. Related policy benefits and expenses for individual life products are associated with earned premiums and result in the recognition of profits over the expected term of the policies and contracts. Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves using estimates for mortality and investment assumptions, which include provision for adverse deviation as required by U.S. GAAP. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves. Group life, dental, vision, critical illness, accident and disability premiums are generally recorded as premium revenue over the term of the coverage. Certain group contracts contain experience premium refund provisions based on a pre-defined formula that reflects their claim experience. Experience premium refunds reduce revenue over the term of the coverage and are adjusted to reflect current experience. Related policy benefits and expenses are associated with earned premiums and result in the recognition of profits over the term of the policies and contracts. Fees for contracts providing claim processing or other administrative services are recorded as revenue over the period the service is provided. Universal life-type policies are insurance contracts with terms that are not fixed. Amounts received as payments for such contracts are not reported as premium revenues. Revenues for universal life-type insurance contracts consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values and investment income. Policy benefits and claims that are charged to expense include interest credited to contracts and benefit claims incurred in the period in excess of related policy account balances. Investment contracts do not subject us to significant risks arising from policyholder mortality or morbidity and consist primarily of guaranteed investment contracts (“GICs”), funding agreements and certain deferred annuities. Amounts received as payments for investment contracts are established as investment contract liability balances and are not reported as premium revenues. Revenues for investment contracts consist of investment income and policy administration charges. Investment contract benefits that are charged to expense include benefit claims incurred in the period in excess of related investment contract liability balances and interest credited to investment contract liability balances. Fees and other revenues are earned for asset management, investment advisory and distribution services provided to retail and institutional clients based largely upon contractual rates applied to the specified amounts in the clients’ portfolios, which include various platforms such as mutual funds, collective investment trusts and business trusts. Additionally, fees and other revenues are earned for administrative services performed including recordkeeping, trust and custody and reporting services for retirement savings plans, insurance companies, endowments and other financial institutions and other products. Fees and other revenues received for performance of asset management and administrative services are recognized as revenue when earned, typically when the service is performed. Fees for managing customers’ mandatory retirement savings accounts in Chile are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these long-term service contracts as services are performed over the life of the contract. Deferred Acquisition Costs Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contract business are capitalized to the extent recoverable. Commissions and other incremental direct costs for the acquisition of long-term service contracts are also capitalized to the extent recoverable. Maintenance costs and acquisition costs that are not deferrable are charged to net income as incurred. DAC for universal life-type insurance contracts and certain investment contracts are amortized over the expected lifetime of the contracts in relation to EGPs or, in certain circumstances, estimated gross revenues (“EGR”). This amortization is adjusted in the current period when EGPs or EGRs are revised. EGRs include similar assumptions as the revenue component of EGPs and the changes of future estimates and reflection of actual experience and market conditions is done in the same manner as EGPs. For individual variable universal life insurance, individual variable annuities and group annuities that have separate account U.S. equity investment options, we utilize a mean reversion methodology (reversion to the mean assumption), a common industry practice, to determine the future domestic equity market growth rate assumption used for the calculation of EGPs. DAC for participating life insurance policies are amortized in proportion to estimated gross margins (“EGM”) rather than EGPs. EGMs include similar assumption items as EGPs. We stopped selling participating business in the early 2000s. Some products allow for underwritten death benefit increases and cost of living adjustments, resulting in a small amount of new DAC each year, and the amortization schedules are modified as appropriate. DAC for non-participating term life insurance and individual disability policies are amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policyholder liabilities. Once these assumptions are made for a given policy or group of policies, they will not be changed over the life of the policy unless a loss recognition event occurs. DAC on insurance policies and investment contracts are subject to recoverability testing at the time of policy issue and loss recognition testing on an annual basis, or when an event occurs that may warrant loss recognition. If loss recognition or impairment is necessary, DAC would be written off to the extent it is determined that future policy premiums and investment income or gross profits are not adequate to cover related losses and expenses. DAC on short-duration group benefits policies are amortized over the estimated term of the underlying contracts. Deferred Acquisition Costs on Internal Replacements All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing DAC, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing DAC, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. Long-Term Debt Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our consolidated statements of financial position. Long-term debt is primarily recorded at the unpaid principal balance, net of unamortized discount, premium and issuance costs. Reinsurance We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks. We may assume reinsurance from or cede reinsurance to other companies. Assets and liabilities related to reinsurance ceded are reported on a gross basis. Premiums and expenses are reported net of reinsurance ceded. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of December 31, 2020 and 2019, we had $1,095.3 million and $997.8 million of net ceded reinsurance recoverables, respectively, which does not reflect potentially offsetting impacts of collateral. The reinsurance recoverable is recognized in premiums due and other receivables on the consolidated statements of financial position. As of December 31, 2020 and 2019, $506.3 million, or 97%, and $457.2 million, or 98%, were with our five largest ceded reinsurers, respectively. The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:
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 December 31, 2020 and December 31, 2019, the separate accounts included a separate account valued at $80.4 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. Income Taxes We file a U.S. consolidated income tax return that includes all of our qualifying subsidiaries. In addition, we file income tax returns in all states and foreign jurisdictions in which we conduct business. Our policy of allocating income tax expenses and benefits to companies in the group is generally based upon pro rata contribution of taxable income or operating losses. We are taxed at corporate rates on taxable income based on existing tax laws. Current income taxes are charged or credited to net income based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are provided for the tax effect of temporary differences in the financial reporting and income tax bases of assets and liabilities, net operating loss carryforwards and tax credit carryforwards using enacted income tax rates and laws. The effect on deferred income tax assets and deferred income tax liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. Subsequent to a change in tax rates and laws, any stranded tax effects remaining in AOCI will be released only if an entire portfolio is liquidated, sold or extinguished. However, a specific exception to this rule was adopted effective January 1, 2018, to reclassify the stranded tax effects generated by U.S. tax reform from AOCI to retained earnings. Further details are included under the caption “Recent Accounting Pronouncements.” Foreign Exchange Assets and liabilities of our foreign subsidiaries and affiliates denominated in non-U.S. dollars, where the U.S. dollar is not the functional currency, are translated into U.S. dollar equivalents at the year-end spot foreign exchange rates. Resulting translation adjustments are reported as a component of stockholders' equity, along with any related hedge and tax effects. Revenues and expenses for these entities are translated at the average exchange rates. Revenue, expense and other foreign currency transaction and translation adjustments that affect cash flows are reported in net income, along with related hedge and tax effects. Goodwill and Other Intangibles Goodwill and other intangible assets include the cost of acquired subsidiaries in excess of the fair value of the net tangible assets recorded in connection with acquisitions. Goodwill and indefinite-lived intangible assets are not amortized. Rather, they are tested for impairment during the third quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested at the reporting unit level, which is the same level as or one level below the operating segment, if financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition; therefore, all of the activities within a reporting unit, whether acquired or organically grown, are available to support the goodwill value. Impairment testing for indefinite-lived intangible assets primarily consists of a qualitative assessment to determine if a quantitative assessment is needed for a comparison of the fair value of the intangible asset with its carrying value. Intangible assets with a finite useful life are amortized as related benefits emerge and are reviewed periodically for indicators of impairment in value. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the current carrying value of the asset. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized for the excess of the carrying amount of assets over their fair value. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period and excludes the dilutive effect of equity awards. Diluted earnings per common share reflects the potential dilution that could occur if dilutive securities, such as options and non-vested stock grants, were exercised or resulted in the issuance of common stock. |
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Goodwill and Other Intangible Assets |
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| Goodwill and Other Intangible Assets | 2. Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in our segments were as follows:
On July 1, 2019, we completed the purchase of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. (the “Acquired Business”), which includes defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody, and institutional asset advisory businesses. The purchase price consisted of $1.2 billion cash paid at closing, which was funded with available cash and debt financing. See “Note 9, Debt” for further information on the debt financing. The fair value of the net assets acquired primarily relates to intangible assets. Of the acquired intangible assets, $618.5 million was assigned to goodwill and is not subject to amortization. The goodwill is largely related to the opportunities to realize substantial revenue and cost synergies while achieving scale in operations. Of the remaining acquired intangible assets, $510.3 million was assigned to customer relationships, which are subject to amortization over a 23-year useful life, and $35.4 million was assigned to technology, which is subject to amortization over a 6-year useful life. Finite Lived Intangible Assets Amortized intangible assets primarily relate to customer relationship intangibles associated with the Acquired Business and previous acquisitions in Chile, Mexico and Hong Kong. The finite lived intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 17 years were as follows:
During 2020, we fully amortized other finite lived intangible assets of $18.7 million. The amortization expense for intangible assets with finite useful lives was $73.5 million, $62.8 million and $53.9 million for 2020, 2019 and 2018, respectively. As of December 31, 2020, the estimated amortization expense for the next five years is as follows (in millions):
Indefinite Lived Intangible Assets The net carrying amount of unamortized indefinite lived intangible assets was $790.4 million and $783.6 million as of December 31, 2020 and 2019, respectively. As of both December 31, 2020 and 2019, $608.0 million relates to investment management contracts associated with our acquisition of WM Advisors, Inc. in 2006. The remaining balance primarily relates to the trade name intangible associated with our acquisition of Administradora de Fondos de Pensiones Cuprum S.A. ("Cuprum") in 2013. |
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Variable Interest Entities |
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| Variable Interest Entities | 3. 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 December 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 entitled the holder to interest on the stated note for a specified term, while the residual certificate entitled 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 was a VIE due to insufficient equity to sustain it. We determined we were the primary beneficiary as a result of our contribution of securities into the trust and our significant continuing interest in the trust. The certificates matured in the second quarter of 2020. 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 invested in certain series of another investment fund. These series were VIEs as the equity holders of each series lacked the power to direct the most significant activities of the VIE. We determined we were the primary beneficiary of these series as our interest was more than insignificant and collectively we had the power to direct the most significant activities of the fund. These investments were redeemed in the third quarter of 2020. Residential Mortgage Loans We invested in an ABS trust. The trust issued various collateralized mortgage obligation certificates and purchased residential mortgage loans. The trust is considered a VIE due to insufficient equity to sustain itself. We concluded that we are the primary beneficiary as we have purchased substantially all of the certificates and have the obligation to absorb losses that could potentially be significant to the VIE. Assets and Liabilities of Consolidated Variable Interest Entities The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows:
Unconsolidated Variable Interest Entities We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading; equity securities and other investments in the consolidated statements of financial position and are described below. Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities ("RMBS") and other ABS. All of these entities were deemed VIEs because the equity within these entities is insufficient to sustain them. We determined we are not the primary beneficiary in the entities within these categories of investments. This determination was based primarily on the fact we do not own the class of security that controls the unilateral right to replace the special servicer or equivalent function. We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager. We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities. We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities. As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds. We hold an equity interest in Mexican mandatory privatized social security funds in which we provide asset management services. Our equity interest in the funds is considered a variable interest. We concluded the funds are VIEs because the equity holders as a group lack decision-making ability through their voting rights. We are not the primary beneficiary of the VIEs because although we, as the asset manager, have the power to direct the activities of the VIEs, we do not have a potentially significant variable interest in the funds. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows:
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 December 31, 2020 and December 31, 2019, money market mutual funds we manage held $4.4 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 | 4. Investments Fixed Maturities and Equity Securities Available -for-sale securities were as follows:
The amortized cost and fair value of fixed maturities, available-for-sale as of December 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 Investment Income Major components of net investment income were as follows:
Net Realized Capital Gains and Losses 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 $2,421.9 million, $1,654.8 million and $3,067.2 million in 2020, 2019 and 2018, respectively. Allowance for Credit Loss We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income. We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability. Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. A rollforward of the allowance for credit loss by major security type was as follows.
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 $7,029.6 million in available-for-sale fixed maturities with gross unrealized losses of $173.9 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 98 (carrying value/amortized cost) as of December 31, 2020. Gross unrealized losses in our fixed maturities portfolio increased during the year ended December 31, 2020, primarily due to widening of 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 619 securities with a carrying value of $5,638.3 million and unrealized losses of $122.4 million reflecting an average price of 98 as of December 31, 2020. Of this portfolio, 89% was investment grade (rated AAA through BBB-) as of December 31, 2020, with associated unrealized losses of $98.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life's consolidated portfolio held 198 securities with a carrying value of $1,391.3 million and unrealized losses of $51.5 million as of December 31, 2020. The average credit rating of this portfolio was AA- with an average price of 96 as of December 31, 2020. Of the $51.5 million in unrealized losses, the corporate sector accounts for $24.9 million in unrealized losses with an average price of 92 and an average credit rating of BB+. The remaining unrealized losses also include $12.9 million within the collateralized debt obligation sector accounts with an average price of 99 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 December 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
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 December 31, 2020, was as follows:
The amortized cost of commercial mortgage loans, direct financing leases and residential mortgage loans excluded accrued interest receivable of $60.0 million, $0.5 million and $2.0 million, respectively, as of December 31, 2020. 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 Mortgage Loan Credit Risk Profile Based on Internal Rating We actively monitor and manage our commercial mortgage loan and direct financing lease portfolios. All commercial mortgage loans and direct financing leases are analyzed regularly and substantially all are internally rated, based on a proprietary risk rating cash flow model, in order to monitor the financial quality of these assets. The models stress expected cash flows at various levels and at different points in time depending on the durability of the income stream, which includes our assessment of factors such as location (macro and micro markets), tenant quality and lease expirations. Our internal rating analysis presents expected losses in terms of an S&P Global (“S&P”) bond equivalent rating for domestic commercial mortgage loans and Feller rate equivalent for Chilean commercial mortgage loans and direct financing leases. As the credit risk for commercial mortgage loans and direct financing leases increases, we adjust our internal ratings downward with loans in the category “B+ and below” having the highest risk for credit loss. Internal ratings on commercial mortgage loans and direct financing leases are updated at least annually and potentially more often for certain investments with material changes in collateral value or occupancy and for investments on an internal “watch list”. Commercial mortgage loans and direct financing leases that require more frequent and detailed attention are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests. Residential Mortgage Loan Credit Risk Profile Based on Performance Status Our residential mortgage loan portfolio is monitored based on performance of the loans. Monitoring on a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of potential impairment. We define non-performing domestic residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status. We define non-performing residential first lien mortgages in the Chilean market as loans that have missed a specified number of coupon payments based on the nature of the loans and collection practices in that market. 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 December 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:
(1) No reinsurance recoverables were considered past due as of December 31, 2020.
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 year ended December 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 commercial mortgage loan and direct financing lease commitments are reported in other liabilities on the consolidated statements of financial position. The change in the credit loss liability for commitments is included in net realized capital gains (losses) on the consolidated statements of operations. Once funded, expected credit losses for commercial mortgage loans or direct financing leases are included within the commercial mortgage loan or direct financing lease valuation allowance described previously. We evaluate residential mortgage loans based on aggregated risk factors and historical loss experience by pool type. We adjust these quantitative factors for qualitative factors of present and forecasted conditions. Qualitative factors include items such as economic and business conditions, changes in the portfolio, value of underlying collateral and concentrations. A residential mortgage loan is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic residential mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal “watch list” or that currently is evaluated individually. We analyze the need for an individual evaluation for any Chilean residential mortgage loan that is considered past due based on collection practices in the Chilean market and the nature of the loan. As discussed previously, commercial and residential mortgage loans and direct financing leases are evaluated individually if the asset does not continue to share similar risk characteristics of a pool. When we determine a commercial or residential mortgage loan is probable of foreclosure, a valuation allowance is established equal to the difference between the carrying amount of the mortgage loan and the estimated value of the collateral reduced by the cost to sell. For certain commercial mortgage loans where repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we elect to establish a valuation allowance equal to the difference between the carrying amount of the mortgage loan and the estimated value of the real estate collateral, which may be reduced by the cost to sell. Estimated value may also be based on either the present value of the expected future cash flows discounted at the asset's effective interest rate or the asset's observable market price. Subsequent changes in the estimated value are reflected in the valuation allowance. Amounts on financing receivables deemed to be uncollectible are charged off and removed from the valuation allowance. The change in the valuation allowance for loans and direct financing leases is included in net realized capital gains (losses) on the consolidated statements of operations. Our reinsurance recoverables 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 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 We assess COVID-19 related loan modifications to determine if they are in scope of the CARES Act TDR relief and the Interagency Statement guidance. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption "Investments" for further details. COVID-19 related loan modifications typically include delayed principal and interest payments. Based on the terms of the delayed principal and interest payments, past due status generally will not advance, and loans generally will not be placed on non-accrual status during the delay. We did not have a significant amount of COVID-19 related loan modifications that were in scope of the CARES Act TDR relief or the Interagency Statement guidance for the year ended December 31, 2020. We assess loan modifications outside the scope of the CARES Act TDR relief or Interagency Statement guidance 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 years ended December 31, 2020, 2019 and 2018. Real Estate Depreciation expense on invested real estate was $65.3 million, $60.0 million and $54.1 million in 2020, 2019 and 2018, respectively. Accumulated depreciation was $591.2 million and $526.0 million as of December 31, 2020 and 2019, respectively. Other Investments Other investments include interests in unconsolidated entities, domestic and international joint ventures and partnerships and properties owned jointly with venture partners and operated by the partners. Such investments are generally accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees in net investment income. Summarized financial information for these unconsolidated entities was as follows:
In addition, other investments include $710.8 million and $782.9 million of direct financing leases as of December 31, 2020 and 2019, respectively. The direct financing lease receivables are carried at amortized cost. We actively monitor and manage our direct financing leases. All leases within the portfolio are analyzed regularly and internally rated, based on financial condition, payment history and loan-to-value. See the caption "Financing Receivables Valuation Allowance" for further details of our valuation allowance for direct financing leases. Furthermore, other investments include $973.6 million and $734.1 million of cash surrender value of company owned life insurance as of December 31, 2020 and 2019, respectively. Derivative assets are carried at fair value and reported as a component of other investments. See Note 5, Derivative Financial Instruments, for further details. Certain sponsored investment funds are also carried at fair value and reported as a component of other investments, with changes in fair value included in net realized capital gains (losses) on our consolidated statements of operations. The fair value of these funds was $638.8 million and $678.7 million as of December 31, 2020 and 2019, respectively. Securities Posted as Collateral As of December 31, 2020 and 2019, we posted $4,604.9 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 December 31, 2020 and 2019, we posted $2,563.9 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 December 31, 2020 and 2019, $133.4 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 5, Derivative Financial Instruments, for further details. Repurchase and reverse repurchase agreements include provisions to setoff other repurchase and reverse repurchase balances with the same counterparty. Repurchase and reverse repurchase agreements also include collateral provisions with the counterparties. For reverse repurchase agreements we require the counterparties to pledge collateral with a value greater than the amount of cash transferred. We have the right but do not sell or repledge collateral received in reverse repurchase agreements. Repurchase agreements are structured as secured borrowings for all counterparties. We pledge fixed maturities available-for-sale, which the counterparties have the right to sell or repledge. Interest incurred on repurchase agreements is reported as part of operating 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 December 31, 2020 and December 31, 2019. |
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| Derivative Financial Instruments | 5. Derivative Financial Instruments Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies. Types of Derivative Instruments Interest Rate Contracts Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates. Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/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. To be announced ("TBA") forward contracts are forward settling government guaranteed mortgage-backed securities. At inception of the forward contract it is our intent to net settle rather than take physical delivery, thus the forward contracts are accounted for as derivatives. We use TBA forwards to gain exposure to the investment risk and return of agency mortgage-backed security pools in order to reduce asset and liability duration mismatch. 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 have used 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 had a structured investment relationship with a trust we determined to be a VIE, which was consolidated in our financial statements. The certificates issued by the trust included obligations to deliver an underlying security to residual interest holders and the obligations contained an embedded derivative of the forecasted transaction to deliver the underlying security. The certificates matured in the second quarter of 2020. 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 $148.3 million and $271.6 million in cash and securities under collateral arrangements as of December 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 December 31, 2020 and December 31, 2019, was $180.2 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 $148.3 million and $271.6 million as of December 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 December 31, 2020, we would be required to post an additional $44.4 million of collateral to our counterparties. As of December 31, 2020 and December 31, 2019, we had received $225.2 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 December 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 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 $23.5 million from AOCI into net income in the next 12 months, which includes both net deferred gains on discontinued hedges and net gains on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions. Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations.
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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| Closed Block | 6. Closed Block In connection with the 1998 MIHC formation, Principal Life formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued. Assets of Principal Life were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies. This includes, but is not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes. Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date. These amounts are referred to as Funding Adjustment Charges and are treated as capital transfers from the Closed Block. Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block. Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities. Principal Life will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms. If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, Principal Life will be required to make such payments from its general funds. No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization. A policyholder dividend obligation (“PDO”) is required to be established for higher than expected earnings in the Closed Block that will need to be paid as dividends unless future performance of the Closed Block is less favorable than originally expected. A model of the Closed Block was established to produce the pattern of expected earnings, assets and liabilities in the Closed Block. These projections are utilized to determine ratios that will allow us to compare actual cumulative earnings to expected cumulative earnings and determine the amount of the PDO. As of December 31, 2020 and 2019, the PDO was $298.2 million and $202.7 million, respectively. Closed Block liabilities and assets designated to the Closed Block were as follows:
Closed Block revenues and expenses were as follows:
The change in maximum future earnings of the Closed Block was as follows:
Principal Life charges the Closed Block with U.S. federal income taxes, payroll taxes, state and local premium taxes and other state or local taxes, licenses and fees as provided in the plan of reorganization. |
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| Deferred Acquisition Costs | 7. Deferred Acquisition Costs Acquisition costs deferred and amortized were as follows:
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Insurance Liabilities |
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| Insurance Liabilities | 8. Insurance Liabilities Contractholder Funds Major components of contractholder funds in the consolidated statements of financial position were as follows:
Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts. Funding agreements include those issued directly to nonqualified institutional investors and those issued to the FHLB Des Moines under their membership funding programs. As of December 31, 2020 and 2019, $4,252.5 million and $4,010.9 million, respectively, of liabilities were outstanding with respect to issuances under the program with FHLB Des Moines. In addition, we have five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws. Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2020 and 2019, $75.0 million and $75.2 million, respectively, of liabilities were outstanding with respect to the issuance outstanding under this program. Principal Life was also authorized to issue up to Euro 4.0 billion (approximately USD$5.3 billion) of funding agreements under a program established in 2006 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2020 and 2019, $122.4 million and $112.2 million, respectively, of liabilities were outstanding with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under either of these programs due to the existence of the program established in 2011 described below. In addition, Principal Life was authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2020 and 2019, $201.8 million and $201.7 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below. Additionally, Principal Life was authorized to issue up to $9.0 billion of funding agreements under a program that was originally established in March 2004 to support the prospective issuance of medium term notes by unaffiliated entities in both domestic and international markets. Under this program, both the notes and the supporting funding agreements were registered with the United States Securities and Exchange Commission (“SEC”). As of April 2020, there were no outstanding funding agreements or medium term notes associated with this program. As of December 31, 2019, $26.2 million of liabilities were being held with respect to issuances outstanding under this program. In contrast with direct funding agreements, GIC issuances and the other three funding agreement-backed medium term note programs described above, Principal Life's payment obligations on each funding agreement issued under this SEC-registered program were guaranteed by PFG. Principal Life does not anticipate any new issuance activity under this program due to the existence of the program established in 2011 described below. Principal Life was authorized to issue up to $5.0 billion of funding agreements under a program that was originally established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. In June 2015, this program was amended to authorize issuance of up to an additional $4.0 billion in recognition of the use of nearly all $5.0 billion of existing issuance authorization. In November 2017, this program was amended to authorize issuance of up to an additional $4.0 billion. As of December 31, 2020 and 2019, $4,755.8 million and $4,214.3 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life’s payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the SEC. 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, 2019 and 2018, 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. Short-Duration Contracts Claims Development The following tables present undiscounted information about claims development by incurral year, including separate information about incurred claims and paid claims net of reinsurance for the periods indicated. The tables also include information on incurred but not reported claims and the cumulative number of reported claims. The tables present information for the number of years for which claims incurred typically remain outstanding, but do not exceed ten years. The data is disaggregated into groupings of claims with similar characteristics, such as duration of the claim payment period and average claim amount, and with consideration to the overall size of the groupings. Outstanding liabilities equal total net incurred claims less total net paid claims plus outstanding liabilities for net unpaid claims of prior years. LTD and Group Life Waiver Claims
Dental, Vision, STD, Critical Illness and Accident Claims
Group Life Claims
Reconciliation of Unpaid Claims to Liability for Unpaid Claims Our reconciliation of net outstanding liabilities for unpaid claims of short-duration contracts to the liability for unpaid claims follows:
Claim Duration and Payout Our historical average percentage of claims paid in each year from incurral was as follows:
Discounting The following table provides the carrying amount of liabilities reported at present value for short-duration contract unpaid claims. We use a range of discount rates to derive the present value of the unpaid claims. The ranges of discount rates as well as the aggregate amount of discount deducted to derive the liabilities for unpaid claims and interest accretion recognized are also disclosed. Interest accretion is included in benefits, claims and settlement expenses within our consolidated statements of operations.
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Debt |
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| Debt | 9. Debt Short-Term Debt The components of short-term debt were as follows:
Our revolving credit facilities are committed and available for general corporate purposes. These credit facilities also provide 100% back-stop support for our commercial paper program, of which we had no outstanding balances as of December 31, 2020 and 2019. The weighted-average interest rate on short-term borrowings as of both December 31, 2020 and 2019, was 3.4%. Long-Term Debt The components of long-term debt were as follows:
Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method. On June 12, 2020, we issued $500.0 million of senior notes at a discount. On August 3, 2020, we issued an additional $100.0 million of senior notes at a premium. These notes bear interest at 2.125% and will mature in 2030. Interest on the notes is payable semi-annually on June 15 and December 15 each year, beginning on December 15, 2020. The proceeds from these notes were used for general corporate purposes. On May 7, 2019, we issued $500.0 million of senior notes. The notes bear interest at 3.7% and will mature in 2029. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2019. The proceeds from these notes, along with available cash, were used to fund the acquisition of the Acquired Business. On November 10, 2016, we issued $650.0 million of senior notes. We issued a $350.0 million series of notes that bear interest at 3.1% and will mature in 2026 and a $300.0 million series of notes that bear interest at 4.3% and will mature in 2046. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2017. The proceeds from these notes were used to redeem our notes payable due in 2017 and 2019. We incurred a one-time cost to extinguish this debt before the scheduled maturity date. On May 7, 2015, we issued $400.0 million of senior notes. The notes bear interest at 3.4% and will mature in 2025. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2015. In addition, on May 7, 2015, we issued $400.0 million of junior subordinated notes, which are subordinated to all our senior debt. The notes became callable in 2020 and have a maturity date in 2055. The notes initially bore a fixed rate of interest at 4.7% and converted to a floating rate at the date the notes became callable. Interest on the notes is payable semi-annually on May 15 and November 15 each year. After the call date the notes bear interest at 3-month LIBOR plus 3.044%, reset quarterly and payable in arrears in February, May, August and November each year. We have the right to defer interest payments on the junior subordinated notes for up to 5 years without resulting in a default, during which time interest will be compounded. The proceeds from these notes were used to redeem preferred stock, with the remainder available for general corporate purposes. On November 16, 2012, we issued $900.0 million of senior notes. We issued a $300.0 million series of notes that bore interest at 1.85% and were to mature in 2017. These notes were repaid following our November 2016 debt issuance. We issued a $300.0 million series of notes that bear interest at 3.125% and will mature in 2023 and a $300.0 million series of notes that bear interest at 4.35% and will mature in 2043. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2013. The proceeds were used to fund our acquisition of Cuprum. On September 5, 2012, we issued $600.0 million of senior notes. We issued a $300.0 million series of notes that bear interest at 3.3% and will mature in 2022 and a $300.0 million series of notes that bear interest at 4.625% and will mature in 2042. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on March 15, 2013. The proceeds were used for the repayment of the $400.0 million aggregate principal amount of notes due in 2014 and to partially fund our acquisition of Cuprum. On May 18, 2009, we issued $750.0 million of senior notes. We issued a $400.0 million series of notes that bore interest at 7.875% and were to mature on May 15, 2014. These notes were repaid following our November 2012 debt issuance. We issued a $350.0 million series of notes that bore interest at 8.875% and were to mature on May 15, 2019. These notes were repaid following our November 2016 debt issuance. Interest on the notes was payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2009. The proceeds were primarily used to refinance $440.9 million of notes that matured on August 15, 2009, with the remaining proceeds being used for general corporate purposes. On October 16 and December 5, 2006, we issued $500.0 million and $100.0 million, respectively, of senior notes. The notes bear interest at a rate of 6.05% per year. Interest on the notes is payable semi-annually on and October 15 each year and began on April 15, 2007. The notes will mature on October 15, 2036. A portion of the proceeds were used to fund the 2006 acquisition of WM Advisors, Inc., with the remaining proceeds being used for general corporate purposes. A tender offer in the fourth quarter of 2016 resulted in redemption of $94.4 million of the senior notes. We incurred a one-time cost to extinguish this debt before the scheduled maturity date. The non-recourse mortgages and notes payable are primarily financings for real estate developments. Outstanding principal balances as of December 31, 2020, ranged from $3.1 million to $15.1 million per development with interest rates ranging from 3.5% to 4.8%. Outstanding principal balances as of December 31, 2019, ranged from $3.7 million to $64.2 million per development with interest rates ranging from 3.9% to 4.8%. Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $194.1 million and $238.2 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020, future annual maturities of long-term debt were as follows (in millions):
Contingent Funding Agreements for Senior Debt Issuance On March 8, 2018, we entered into two contingent funding agreements: (1) a 10-year contingent funding agreement with a Delaware trust (“2028 Trust”) formed by us in connection with the sale by the trust of $400.0 million pre-capitalized trust securities redeemable February 15, 2028 ("2028 P-Caps") in a Rule 144A private placement and (2) a 30-year contingent funding agreement with a Delaware trust (“2048 Trust”) formed by us in connection with the sale by the trust of $350.0 million pre-capitalized trust securities redeemable February 15, 2048 ("2048 P-Caps") in a Rule 144A private placement. The trusts invested the proceeds from the sale of the 2028 P-Caps and 2048 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The contingent funding agreements provide us a put option that gives us the right to sell at any time: (1) to the 2028 Trust up to $400.0 million of its 4.111% Senior Notes due 2028 ("4.111% Senior Notes") and (2) to the 2048 Trust up to $350.0 million of its 4.682% Senior Notes due 2048 (“4.682% Senior Notes”) and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trusts. The 4.111% Senior Notes and 4.682% Senior Notes will not be issued unless and until a put option is exercised. We agreed to pay a semi-annual put premium of 1.275% and 1.580% per annum on the unexercised portion of the put option to the 2028 Trust and 2048 Trust, respectively, and to reimburse the trusts for expenses. The put option premiums are recorded in operating expenses in the consolidated statements of operations. The 4.111% Senior Notes and 4.682% Senior Notes will be fully, irrevocably and unconditionally guaranteed by PFS. In addition, our obligations under the put option agreement and the expense reimbursement agreement with the trusts are also guaranteed by PFS. The contingent funding agreements with the trusts provide us with a source of liquid assets, which could be used to meet future financial obligations or to provide additional capital. The put options described above will be exercised automatically in full if we fail to make certain payments to the trusts, including any failure to pay the put option premium or expense reimbursements when due, if such failure is not cured within 30 days, and upon certain bankruptcy events involving us or PFS. We are also required to exercise the put option in full: (i) if we reasonably believe that our consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and noncontrolling interest, has fallen below $4.0 billion, subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 4.111% Senior Notes and 4.682% Senior Notes; and (iii) if certain events occur relating to each trust’s status as an "investment company" under the Investment Company Act of 1940. In addition, we are required to purchase from the trusts any principal and interest strips of U.S. Treasury securities that are due and not paid. We have an unlimited right to unwind a prior voluntary exercise of the put options by repurchasing all of the 4.111% Senior Notes and 4.682% Senior Notes held by the trusts in exchange for a corresponding amount of principal and interest strips of U.S. Treasury securities. If the put options have been fully exercised, the 4.111% Senior Notes and 4.682% Senior Notes issued may be redeemed by us prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The 2028 P-Caps are to be redeemed by the 2028 Trust on February 15, 2028, or upon any early redemption of the 4.111% Senior Notes. The 2048 P-Caps are to be redeemed by the 2048 Trust on February 15, 2048, or upon any early redemption of the 4.682% Senior Notes. |
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Income Taxes |
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| Income Taxes | 10. Income Taxes Income Taxes (Benefits) Our income taxes (benefit) were as follows:
Our income before income taxes was as follows:
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:
Unrecognized Tax Benefits Our changes in unrecognized tax benefits were as follows:
As of December 31, 2020, 2019 and 2018, we had recognized $1.1 million, $0.9 million and $1.6 million of accumulated pre-tax interest and penalties related to unrecognized tax benefits, respectively. We do not believe there is a reasonable possibility the total amount of the unrecognized tax benefits will significantly increase or decrease in the next twelve months considering recent settlements and the status of current and pending Internal Revenue Service (“IRS”) examinations. Settlement agreements applicable to tax years 1995 to 2003 were executed in 2018 with the Department of Justice, as previously approved by the Joint Committee of Taxation in August 2017. In 2019, an IRS 30-day letter on examination of tax years 2009 through 2012 was received, the proposed adjustments found acceptable, and associated tax settlements subsequently occurred in 2020, within the period of the extended statute of limitation. The IRS continued examination of tax years 2015 through 2017 and initiated examination of tax year 2018. Net Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our significant components of net deferred income taxes were as follows:
Our net deferred income taxes by jurisdiction were as follows:
In management’s judgment, total deferred income tax assets are more likely than not to be realized. Included in the deferred income tax asset are tax carryforwards available to offset future taxable income or income taxes. As of December 31, 2020 and 2019, we had tax credit carryforwards for U.S. federal income tax purposes of $4.6 million and $106.0 million, respectively. Alternative minimum, foreign and general business tax credit carryovers were generated during and since the period we utilized net operating losses, primarily attributable to our captive reinsurance companies that joined our consolidated U.S. federal income tax return beginning in 2012 and 2013. The AMT credit carryforwards became refundable in 2018 and were fully recovered in 2018, and the foreign tax credit carryforwards were fully utilized in 2020. The general business credit carryforward will expire by 2040 if unused. As of December 31, 2020, all accumulated U.S. federal tax credit carryforwards are anticipated to be utilized before expiration; therefore, no valuation allowance has been provided for the related deferred income tax assets. As of December 31, 2020 and 2019, domestic state net operating loss carryforwards were $269.5 million and $190.4 million, respectively, and will expire between 2032 and 2039. As of December 31, 2020 and 2019, foreign net operating loss carryforwards were $170.3 million and $186.1 million, respectively, with some expiring in 2020 while others never expire. We maintain valuation allowances by jurisdiction against the deferred income tax assets related to some of these carryforwards and other items, as utilization of these income tax benefits fail the more likely than not criteria in certain jurisdictions. As of December 31, 2020 and 2019, valuation allowances of $18.4 million and $16.7 million, respectively, had been recorded against the income tax benefits associated primarily with foreign net operating loss carryforwards. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of the deferred income tax assets that are more likely than not to be realized. Provisions of the U.S. tax reform did not affect the valuation allowance assessment. The effects of tax legislation on deferred taxes are recognized in the period of enactment. The State of Iowa coupled with the Internal Revenue Code effective January 1, 2019, and subsequently issued interpretative guidance in the fourth quarter of 2019 on application of the U.S. Global Intangible Low Taxed Income rules. The State of Iowa's interpretation resulted in an $11.1 million increase in total income tax expense for adjustments to deferred tax assets and liabilities in our 2019 financial statements. Iowa legislation was enacted on June 29, 2020 to de-couple from the federal application of the U.S. Global Intangible Low Taxed Income rules effective retroactively to January 1, 2019; therefore, the above-mentioned increase in total income tax expense reported in 2019 was reversed in 2020. Proposed regulations issued August 1, 2018, clarifying the calculation of the one-time deemed repatriation tax, allowed for final determination of the 2017 provisional amount. The impact of final §965 regulations issued on January 15, 2019, and subsequent clarification was immaterial. The provisional amount of $43.0 million reported in 2017 was adjusted by $5.9 million in 2018 to $48.9 million to reflect the SEC's Staff Accounting Bulletin No. 118 final determination within the required one-year measurement period. Deferred tax liabilities are recognized for taxes payable on the unremitted earnings from foreign operations of our subsidiaries, except where it is our intention to indefinitely reinvest a portion or all of these undistributed earnings. As of December 31, 2020 and 2019, any applicable taxes that would be due upon repatriation were not provided on approximately $997.4 million and $1,001.5 million, respectively, of such accumulated but undistributed earnings from operations of foreign subsidiaries. We currently do not intend to repatriate these unremitted earnings because we have several liquidity options to fund our domestic operations and obligations. These options include investing and financing activities, such as issuing debt, as well as cash flow and dividends from domestic operations. As of December 31, 2020 and 2019, it was not practicable to determine the amount of the unrecognized deferred tax liability that would arise if foreign earnings were remitted, due to the complexity of our international holding company structure, and other significant tax attributes and varying state tax laws. Under the participation exemption available on distributions post-U.S. tax reform, taxes on remittances would be limited to foreign currency gains or losses, foreign withholding taxes, and state income taxes, which we would anticipate to be immaterial. As of December 31, 2020, deferred taxes were also not provided on the approximately $106.2 million of excess book carrying value over tax basis with respect to the original investment in our foreign subsidiaries. A tax liability will be recognized when we no longer plan to indefinitely reinvest a portion or all of these earnings or when we plan to sell a portion or all of our ownership interest. Other Tax Information Income tax returns are filed in U.S. federal jurisdiction as well as various states and foreign jurisdictions where we and one or more of our subsidiaries conduct business. Although determined by jurisdiction, with few exceptions our tax uncertainties relate primarily to the U.S. federal jurisdiction. The IRS has completed examination of our consolidated U.S. federal income tax returns for years prior to 2015. A settlement was reached in 2018 with the Department of Justice involving a suit in the Court of Federal Claims, requesting refunds for the years 1995-2003. IRS claims for refund for tax years 2004 through 2008, following settlement of a partnership matter with the Department of Justice in March 2019, were finalized in 2020 following review by the Joint Committee of Taxation. As of December 31, 2020 and 2019, we had $54.6 million and $195.3 million, respectively, of current income tax receivables associated with outstanding audit issues reported as other assets in our consolidated statements of financial position. Refund claims filed for tax years 2006 through 2008 in 2015 were received in September 2020. The IRS commenced audit of our U.S. federal income tax return for 2009 in 2011, 2010 in 2012, 2011 in 2013, 2012 in 2015, 2015 through 2017 in 2019 and 2018 in the fourth quarter of 2020. The U.S. federal statute of limitations expired for years prior to 2009, except for pending audit issues. The statute was extended until June 30, 2021, for 2009 through 2012 although effectively settled, has expired for 2013 and 2014, and was extended for tax years 2015 and 2016 through October 15, 2021. The statute remains open for tax years 2017 and 2018 through October 15, 2021 and 2022, respectively. The ultimate settlement of earlier tax years can be adjusted into subsequent tax years regardless of statute status. We do not expect the results of these audits, subsequent related adjustments or developments in other tax areas for all open tax years to significantly change the possible increase in the amount of unrecognized tax benefits, but the outcome of tax reviews is uncertain and unforeseen results can occur. We believe we have adequate defenses against, or sufficient provisions for, contested issues, but final resolution could take several years depending on whether legal remedies are pursued. Consequently, we do not believe issues that might arise in tax years subsequent to 2014 will have a material impact on our net income. |
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| Employee and Agent Benefits | 11. Employee and Agent Benefits We provide a U.S. qualified defined benefit pension plan, covering U.S. employees that meet certain eligibility requirements and certain agents contracted on or before December 31, 2018. A final average pay benefit formula has been in place for plan participants employed prior to January 1, 2002. For agents, this formula ended on December 31, 2018, and for employees the formula will end on December 31, 2022. The final average pay benefit is based on the years of service and generally the employee's or agent's average annual compensation during the last five years prior to the earliest of termination, retirement or the formula end date. A cash balance benefit was added on January 1, 2002. A participant's cash balance account is credited with an amount based on the participant’s salary, age and service. These credits accrue with interest. For plan participants hired on and after January 1, 2002, only the cash balance benefit applies. For pre-2002 participants, the pension benefit earned prior to the final average pay formula end date is the greater of the final average pay benefit or the cash balance benefit earned before the end date. They will also earn a new cash balance benefit for service after the formula end date. In addition, we sponsor non-qualified defined benefit plans subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees and agents to replace the benefit that cannot be provided by the qualified defined benefit pension plan due to IRS limits. These nonqualified plans generally parallel the qualified plan but offer different payment options. No agent will become a new participant in the nonqualified plan after December 31, 2018. We provide certain health care, life insurance and long-term care benefits for retired employees, their beneficiaries and covered dependents ("other postretirement benefits"). While virtually all U.S. employees continue to have access to the post-retirement health care and life insurance benefits, only those U.S. employees that were hired prior to January 1, 2002, and retired prior to January 1, 2011, (post-65 medical) or January 1, 2020, (life insurance and pre-65 medical) were eligible to receive subsidized benefits. All others pay the full cost of coverage. The long-term care plan was subsidized only for those who retired prior to January 1, 2000, and is no longer accessible. The subsidy level for all benefits varies by plan, age, service and retirement date. The funding policy for all employee benefit plans is to fund the cost of providing pension benefits in the years that the employees and agents are providing service, taking into account the funding status of the trust. For the qualified defined benefit plan, this policy will be subject to an amount no lower than the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”), and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. While we designate assets to cover the computed liability of the nonqualified pension plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. Obligations and Funded Status The plans' combined funded status, reconciled to amounts recognized in the consolidated statements of financial position, was as follows:
The accumulated benefit obligation for all defined benefit pension plans was $4,136.5 million and $3,599.5 million as of December 31, 2020 and 2019, respectively. Employer contributions to the pension plans include contributions made directly to the qualified pension plan assets and contributions from corporate assets to pay nonqualified pension benefits. Benefits paid from the pension plans include both qualified and nonqualified plan benefits. Nonqualified pension plan assets are not included as part of the asset balances presented in this footnote. The nonqualified pension plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The assets held in a Rabbi trust are available to satisfy the claims of general creditors only in the event of bankruptcy. Therefore, these assets are fully consolidated in our consolidated statements of financial position and are not reflected in our funded status as they do not qualify as plan assets under U.S. GAAP. The market value of assets held in these trusts was $394.8 million and $377.8 million as of December 31, 2020 and 2019, respectively. Pension Plan Changes and Plan Gains/Losses During the second quarter of 2019, we amended The Principal Pension Plan and The Principal Financial Group Nonqualified Defined Benefit Plan for Employees to end traditional benefit accruals as of December 31, 2022, and begin cash balance accruals January 1, 2023. We remeasured the associated plan assets and pension benefit obligations as of May 31, 2019, resulting in a net actuarial loss of $59.0 million and a total plan amendment gain of $122.4 million. The net actuarial loss is composed of an increase in benefit obligation of $237.6 million resulting from the reduction in discount rate compared to December 31, 2018, partially offset by a $178.6 million asset gain. The net plan amendment gain was recorded in AOCI and will be amortized over the average future working lifetimes of the plans. For the year ended December 31, 2020, the pension plans had an actuarial loss primarily due to a decrease in the discount rate and change in actuarial assumptions. For the year ended December 31, 2019, the pension plans had an actuarial loss primarily due to a decrease in the discount rate. Other Postretirement Plan Changes and Plan Gains/Losses For the year ended December 31, 2020, the other postretirement benefit plans had an actuarial loss primarily due to a decrease in the discount rate and a higher than expected number of retirees electing medical coverage with the elimination of subsidized benefits. For the year ended December 31, 2019, the other postretirement benefit plans had an actuarial loss primarily due to a decrease in the discount rate and a gain from actual and projected medical claims cost being lower than expected. Effective January 1, 2021, $655.5 million of assets in excess of the expected liability to cover the postretirement medical benefits for retirees were re-designated for non-retiree benefits. The elections were made pursuant to plan provisions which provide for assets in excess of 125% of expected liabilities to fund other benefits covered under the plans. Information for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets For 2020 and 2019, both the qualified and nonqualified plans had accumulated benefit obligations in excess of plan assets. As noted previously, the nonqualified plans have assets that are deposited in trusts that fail to meet the U.S. GAAP requirements to be included in plan assets; however, these assets are included in our consolidated statements of financial position.
Information for Other Postretirement Benefit Plans With an Accumulated Postretirement Benefit Obligation in Excess of Plan Assets
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. The pension plans' actuarial gains and losses are amortized using a straight-line amortization method over the average remaining service period of plan participants. The other postretirement plans use a straight-line amortization over the average future lifetime of its remaining covered group of retirees. For the qualified pension plan, gains and losses are amortized without use of the 10% allowable corridor. For the nonqualified pension plans and other postretirement benefit plans, the corridors allowed are used.
Net actuarial (gain) loss and net prior service cost benefit have been recognized in AOCI. Assumptions Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Weighted average assumptions used to determine net periodic benefit cost
The assumed salary growth rates used to project benefits for the projected benefit obligation are age-based for home office employees. The rate labeled cash balance benefit (relative to employees accruing a cash balance) is the lifecount-weighted average rate of salary growth in the coming year only, as the impact of salary assumption for cash balance benefits are limited to the upcoming year service cost. The rate labeled traditional benefit (relative to employees still accruing a final average pay benefit) is the lifecount-weighted average (at each age) of the single annual growth rate at the age that is equivalent to applying the scale from that age to assumed termination or retirement ages. For the pension benefits, the discount rate is determined by projecting future benefit payments inherent in the projected benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The expected return on plan assets is the long-term rate we expect to be earned based on the long-term investment policy of the plans and the various classes of invested funds. A weighted average rate was developed based on those overall rates and the target asset allocation of the plans. For other postretirement benefits, the discount rate is determined by projecting future benefit payments inherent in the accumulated postretirement benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The 4.94% expected long-term return on plan assets for 2020 was based on the weighted average expected long-term asset returns for the plans. The expected long-term rates for the home office medical/life, agent medical/life and post-65 medical plans were 5.0%, 4.7% and 4.7%, respectively. Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Cost
Pension Plan and Other Postretirement Benefit Plan Assets Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.
Our pension plan assets consist of investments in pooled separate accounts and single client separate accounts. Net asset value (“NAV”) of the pooled separate accounts is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of their fair value. Several of the pooled separate accounts invest in publicly quoted mutual funds or actively managed stocks. The fair value of the underlying mutual funds or stocks is used to determine the NAV of the separate account, which is not publicly quoted. Some of the pooled separate accounts also invest in fixed income securities. The fair value of the underlying securities is based on quoted prices of similar assets and used to determine the NAV of the separate account. Some of the pooled separate accounts invest in real estate properties. The fair value is based on discounted cash flow valuation models that utilize public real estate market data inputs such as transaction prices, market rent growth, vacancy levels, leasing absorption, market capitalization rates and discount rates. The single client separate accounts invest in fixed income securities, hedge funds, a pooled separate account investment and other assets. The fixed income securities include U.S. Treasury bonds for which the fair value is based on quoted prices of identical assets in active markets. The fair value of the other fixed income securities is determined either from prices obtained from third party pricing vendors who use observable market information to determine prices or from internal models using substantially all observable inputs or a matrix pricing valuation approach. The hedge funds are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The NAV of the pooled separate account investment is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of its fair value. The carrying amounts of other assets, which are highly liquid in nature, are used to approximate fair value. Our other postretirement benefit plan assets consist of cash, investments in fixed income security portfolios and investments in equity security portfolios. Because of the nature of cash, its carrying amount approximates fair value. The fair value of fixed income investment funds, U.S. equity portfolios and international equity portfolios is based on quoted prices in active markets for identical assets. Pension Plan Assets The fair value of the qualified pension plan’s assets by asset category as of the most recent measurement date was as follows:
We have established an investment policy that provides the investment objectives and guidelines for the pension plan. Our investment strategy is to achieve the following:
In administering the qualified pension plan’s asset allocation strategy, we consider the projected liability stream of benefit payments, the relationship between current and projected assets of the plan and the projected actuarial liabilities streams, the historical performance of capital markets adjusted for the perception of future short- and long-term capital market performance and the perception of future economic conditions. According to our investment policy, the target asset allocation for the qualified plan is:
Other Postretirement Benefit Plan Assets The fair value of the other postretirement benefit plans’ assets by asset category as of the most recent measurement date was as follows:
As of December 31, 2020 and 2019, $117.6 million and $101.8 million of assets, respectively, in cash, fixed income security portfolios, U.S. equity portfolios and international equity portfolios were included in a trust owned life insurance contract. The investment strategies for the other postretirement benefit plans are similar to those employed by the qualified pension plan. According to our investment policy, the target asset allocation for the other postretirement benefit plans is:
Contributions Our funding policy for the qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under ERISA and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan. We are unable to estimate the amount that may be contributed, but it is possible that we may fund the plans in 2021 up to $100.0 million. This includes funding for both our qualified and nonqualified pension plans. While we designate assets to cover the computed liability of the nonqualified plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. We may contribute to our other postretirement benefit plans in 2021 pending future analysis. Estimated Future Benefit Payments The estimated future benefit payments, which reflect expected future service, are:
The above table reflects the total estimated future benefits to be paid from the plan, including both our share of the benefit cost and the participants' share of the cost, which is funded by their contributions to the plan. The assumptions used in calculating the estimated future benefit payments are the same as those used to measure the benefit obligation for the year ended December 31, 2020. Defined Benefit Pension Plans Supplemental Information Certain key summary data is shown below separately for qualified and nonqualified plans.
Defined Contribution and Deferred Compensation Plans In addition, we have defined contribution plans that are generally available to all U.S. employees and agents. Eligible participants could not contribute more than $19,500 of their compensation to the plans in 2020. Effective January 1, 2006, we made several changes to the retirement programs. In general, the pension and supplemental executive retirement plan benefit formulas were reduced and the 401(k) matching contribution was increased. Employees who were ages 47 or older with at least ten years of service on December 31, 2005, could elect to retain the prior benefit provisions and forgo receipt of the additional matching contributions. The employees who elected to retain the prior benefit provisions are referred to as “Grandfathered Choice Participants.” We match the Grandfathered Choice Participant's contribution at a 50% contribution rate up to a maximum matching contribution of 3% of the participant's compensation. For all other participants, we match the participant's contributions at a 75% contribution rate up to a maximum matching contribution of 6% of the participant's compensation. The defined contribution plans allow employees to choose among various investment options, including our common stock, which is available through our Employee Stock Ownership Plan (“ESOP”). We contributed $56.7 million, $55.3 million and $53.4 million in 2020, 2019 and 2018, respectively, to our qualified defined contribution plans. The number of shares of our common stock allocated to participants in the ESOP was 2.3 million and 2.2 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the fair value of the ESOP, which includes earned and unearned common stock, was $115.1 million and $119.8 million, respectively. The ESOP’s total assets include our common stock and cash. The ESOP purchases our common stock on the open market. The number of shares of our common stock held within the ESOP is treated as outstanding in both our basic and diluted earnings per share calculations. We also have nonqualified deferred compensation plans available to select employees and agents that allow them to defer compensation amounts in excess of limits imposed by U.S. federal tax law with respect to the qualified plans. For certain nonqualified deferred compensation plans that include an employer matching contribution, in 2020 we matched the Grandfathered Choice Participant's deferral at a 50% match deferral rate up to a maximum matching deferral of 3% of the participant's compensation. For all other participants in nonqualified deferred compensation plans that include an employer matching contribution, we matched the participant's deferral at a 75% match deferral rate up to a maximum matching deferral of 6% of the participant's compensation. We contributed $3.1 million, $3.2 million and $3.4 million in 2020, 2019 and 2018, respectively, to our nonqualified deferred compensation plans. |
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Contingencies, Guarantees, Indemnifications and Leases |
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| Contingencies, Guarantees, Indemnifications and Leases | 12. Contingencies, Guarantees, Indemnifications and Leases 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. A bench trial was held before the district court November 3-10, 2020. The court has not yet issued a decision. 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 December 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 December 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 December 31, 2020, was approximately $121.0 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 December 31, 2020, was $750.0 million. See Note 9, Debt, for further details. We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable. We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions and financing transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period. Guaranty Funds Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. A state’s fund assesses its members based on their pro rata market share of written premiums in the state for the classes of insurance for which the insolvent insurer was engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. We accrue liabilities for guaranty fund assessments when an assessment is probable, can be reasonably estimated and when the event obligating us to pay has occurred. While we cannot predict the amount and timing of any future assessments, we have established reserves we believe are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings. As of December 31, 2020 and 2019, the liability balance for guaranty fund assessments, which is not discounted, was $21.1 million and $21.7 million, respectively, and was reported within other liabilities in the consolidated statements of financial position. As of December 31, 2020 and 2019, $9.6 million and $10.0 million, respectively, related to premium tax offsets were included in premiums due and other receivables in the consolidated statements of financial position. Leases As a lessee, we lease office space, data processing equipment, office furniture and office equipment under various operating leases. We also lease buildings and hardware storage equipment under finance leases. Lease assets and liabilities are recognized at the commencement of a lease based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Lease term may include options to extend or terminate the lease when it is reasonably certain we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the consolidated statements of financial position. We recognize lease expense for leases on a straight-line basis over the lease term. Some of our lease agreements include payments for property taxes, insurance, utilities or common area maintenance, which are not based on an index or rate. These payments are recognized in net income in the period in which the obligation has occurred. We sublease certain office space to third parties, which are primarily operating leases. We record sublease income on a straight-line basis over the lease term. The lease assets and liabilities were as follows:
The lease cost was as follows:
Rental expense for operating leases for the year ended December 31, 2018, was $36.7 million. Depreciation expense for capital leases for the year ended December 31, 2018, was $12.9 million. Payments for operating leases for the years ended December 31, 2020 and 2019, were $71.6 million and $56.1 million, respectively. Payments for finance leases for the years ended December 31, 2020 and 2019, were $21.2 million and $15.1 million, respectively. The following represents future payments due by period for lease obligations:
The weighted-average remaining lease term and weighted-average discount rates were as follows:
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Stockholders' Equity |
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| Stockholders' Equity | 13. Stockholders' Equity Common Stock Dividends
Reconciliation of Outstanding Common Shares
In February 2016, our Board of Directors authorized a share repurchase program of up to $400.0 million of our outstanding common stock, which was completed in February 2018. In May 2017, our Board of Directors authorized a share repurchase program of up to $250.0 million of our outstanding common stock, which was completed in April 2018. In May 2018, our Board of Directors authorized a share repurchase program of up to $300.0 million of our outstanding common stock, which was completed in December 2018. 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. Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity. Other Comprehensive Income (Loss)
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):
Dividend Limitations The declaration and payment of our common stock dividends is subject to the discretion of our Board of Directors and will depend on our overall financial condition, results of operations, capital levels, cash requirements, future prospects, receipt of dividends from Principal Life (as described below), risk management considerations and other factors deemed relevant by the Board. No significant restrictions limit the payment of dividends by us, except those generally applicable to corporations incorporated in Delaware. Under Iowa law, Principal Life may pay dividends only from the earned surplus arising from its business and must receive the prior approval of the Commissioner of Insurance of the State of Iowa (“the Commissioner”) to pay stockholder dividends or make any other distribution if such distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of Principal Life’s statutory policyholder surplus as of the previous year-end or (ii) the statutory net gain from operations from the previous calendar year, not to exceed earned surplus. Based on this limitation and 2020 statutory results, Principal Life could pay approximately $932.5 million in ordinary stockholder dividends in 2021 without prior regulatory approval. However, because the dividend test is based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2021, some or all of such dividends may be extraordinary and require regulatory approval. |
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Fair Value Measurements |
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| Fair Value Measurements | 14. Fair Value Measurements We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment 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.
Determination of Fair Value The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 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 December 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 nonperformance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the nonperformance risk on these trades. Interest Rate Contracts. For non-cleared contracts 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 forward contracts, we obtain prices from third party pricing vendors. These are reflected in Level 2. For centrally cleared contracts we use published prices from clearinghouses. These are reflected in Level 2. In addition, we 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 are and currency options were valued using observable market inputs, including forward currency exchange rates. These are reflected in Level 2. In addition, we have a limited number of non-standard currency swaps that are and currency options that were 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 nonredeemable preferred stock. In addition, in 2019 we had commercial mortgage loans of consolidated VIEs for which the fair value option was elected and certain redeemable preferred stock. Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and derivative assets, for which fair values are determined as previously described, and are reflected in Level 1 and Level 2. The fair value of unconsolidated sponsored investment funds and other investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2. 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. The redeemable preferred stock was sold in the third quarter of 2020. 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 nonperformance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Other Liabilities Derivative liabilities of consolidated sponsored investment funds are reported at fair value within other liabilities. Fair values of these derivatives are determined as previously described and are reflected in Level 2. Certain obligations reported in other liabilities included embedded derivatives of the forecasted transactions to deliver underlying securities of structured investments to third parties. The fair value of the embedded derivatives was calculated based on the value of the underlying securities that were 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 was reflected in Level 2. The certificates matured in the second quarter of 2020. 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 2020, 2019 and 2018, 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. In addition, other investments transferred from Level 2 into Level 3 during 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 2020, 2019 and 2018, included those for which we are now able to obtain pricing from a recognized third party pricing vendor or from internal models using substantially all market observable information. Separate account assets transferred out of Level 3 during 2019 primarily included those we now value using the unit trust APIF as the unit of account, which were previously valued using the underlying investments of the unit trust APIF. 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 and universal life contracts. Long duration interest rates are used as the mean return when projecting the growth in the value of associated account value and impact the discount rate used in the discounted future cash flows valuation. The 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. 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 years ended December 31, 2020, 2019 and 2018. 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:
(1) Excludes deposit liabilities without defined or contractual maturities. |
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Statutory Insurance Financial Information |
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| Statutory Insurance Financial Information | 15. Statutory Insurance Financial Information Principal Life, the largest indirect subsidiary of PFG, prepares statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the “Iowa Insurance Division”). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners' (“NAIC”) Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets. For the year ended, December 31, 2019, Principal Life’s use of prescribed statutory accounting practices resulted in higher statutory surplus of $862.1 million relative to the accounting practices and procedures of the NAIC due to its accounting for reserve credits associated with a reinsurance transaction with an affiliated reinsurer. Effective June 2020, the affiliated reinsurer became accredited in the State of Iowa and the reserve credits were no longer considered a prescribed practice. In addition, as of December 31, 2019, Principal Life’s permitted statutory accounting practice relating to variable annuities with a guaranteed living benefit rider resulted in lower statutory surplus of $151.3 million relative to carrying certain interest rate swaps at book value rather than fair value, as if they received hedge accounting treatment for statutory. Effective January 1, 2020, the Iowa Insurance Division approved our request to discontinue the use of this permitted practice due to changes in the practices and procedures of the NAIC. Principal Life cedes certain term and universal life insurance statutory reserves to our affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2020 and 2019, our affiliated reinsurance subsidiaries assumed statutory reserves of $8,978.2 million and $7,902.3 million from Principal Life, respectively. In the states of Vermont and Delaware, the affiliated reinsurers had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2020 and 2019, assets admitted under these practices totaled $3,731.0 million and $3,358.0 million, respectively. Life and health insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. As of December 31, 2020, Principal Life met the minimum RBC requirements. Statutory net income and statutory capital and surplus of Principal Life were as follows:
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Segment Information |
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| Segment Information | 16. 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 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:
The following is a summary of income tax expense (benefit) allocated to our segments for purposes of determining non-GAAP operating earnings. Segment income taxes are reconciled to income taxes reported on our consolidated statements of operations.
The following is a summary of depreciation and amortization expense allocated to our segments for purposes of determining pre-tax operating earnings. Segment depreciation and amortization is reconciled to depreciation and amortization included in operating expenses in our consolidated statements of operations.
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| Revenues from Contracts with Customers | 17. Revenues from Contracts with Customers The following tables summarize disaggregation of revenues from contracts with customers, including select financial information by segment, and reconcile totals to those reported in the consolidated financial statements. Revenues from contracts with customers are included in fees and other revenues on the consolidated statements of operations.
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. Additionally, commission income is earned on advisory services provided to customers. The revenues are earned over time as the service is performed based upon contractual rates applied to the market value of the clients' portfolios. The types of revenues from contracts with customers were as follows:
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 $173.0 million and $157.0 million as of December 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 years ended December 31, 2020, 2019 and 2018, $24.8 million, $24.4 million and $23.8 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 |
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| Stock-Based Compensation Plans | 18. Stock-Based Compensation Plans As of December 31, 2020, we had the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the Employee Stock Purchase Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan and the Directors Stock Plan ("Stock-Based Compensation Plans"). 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 . As of May 19, 2020, no new grants will be made under the 2014 Directors Stock Plan. 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 2020 Directors Stock Plan provides for the grant of nonqualified stock options, restricted stock, restricted stock units or other stock-based awards to our nonemployee directors. To date, we have not granted any incentive stock options, restricted stock or performance units under any plans. As of December 31, 2020, the maximum number of new shares of common stock available for grant under the 2014 Stock Incentive Plan and the 2020 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, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan. Options outstanding were granted at an exercise price equal to the fair market value of our common stock on the date of grant and expire ten years after the grant date. These options have graded vesting over a period, except in the case of specific types of terminations. Total options granted were 1.4 million, 1.2 million and 0.8 million during 2020, 2019 and 2018, respectively. The following is a summary of the status of all of our stock option plans:
The total intrinsic value of stock options exercised was $3.4 million, $2.4 million and $18.7 million during 2020, 2019, and 2018, respectively. The following is a summary of weighted-average remaining contractual lives for stock options outstanding and the range of exercise prices on the stock options as of December 31, 2020:
The weighted-average remaining contractual lives for stock options exercisable is approximately 6.1 years as of December 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:
We determine expected volatility based on a combination of historical volatility using daily price observations and implied volatility from traded options on our common stock. We believe that incorporating both historical and implied volatility into our expected volatility assumption calculation better reflects market expectations. The expected term represents the period of time that options granted are expected to be outstanding. We determine expected term using historical exercise and employee termination data. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The dividend yield is based on historical dividend distributions compared to the closing price of our common shares on the grant date. As of December 31, 2020, we had $2.1 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 1.9 years. Cash received from stock options exercised under these share-based payment arrangements during 2020, 2019 and 2018 was $4.4 million, $3.4 million and $29.0 million, respectively. The actual tax benefits realized for the tax deductions for options exercised under these share-based payment arrangements during 2020, 2019 and 2018 was $1.4 million, $0.5 million and $3.9 million, respectively. Performance Share Awards We granted performance share awards to certain employees under the 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. The performance share awards are treated as an equity award and are paid in shares. Whether the performance shares are earned depends upon the participant's continued employment through the performance period (except in the case of specific types of terminations) and our performance against -year goals set at the beginning of the performance period. Performance goals based on various factors must be achieved for any of the performance shares to be earned. If the performance requirements are not met, the performance shares will be forfeited, no compensation cost will be recognized and any previously recognized compensation cost will be reversed. These awards have no maximum contractual term. Dividend equivalents are credited on performance shares outstanding as of the record date. These dividend equivalents are only paid on the shares released. Total performance share awards granted were 0.3 million, 0.2 million and 0.2 million in 2020, 2019 and 2018, respectively. The following is a summary of activity for the nonvested performance share awards:
The total intrinsic value of performance share awards vested was $8.7 million, $17.6 million and $21.5 million during 2020, 2019 and 2018, respectively. Performance share awards above 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 respective 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 performance share awards granted during 2020, 2019 and 2018 was $51.73, $53.09 and $63.98, respectively. As of December 31, 2020, we had $3.0 million of total unrecognized compensation cost related to nonvested performance share awards granted. The cost is expected to be recognized over a weighted-average service period of approximately 1.9 years. Actual tax benefits realized for the tax deductions for performance share awards paid out under these share-based payment arrangements for 2020, 2019 and 2018 was $3.0 million, $3.3 million and $3.3 million, respectively. Restricted Stock Units We issue restricted stock units under the 2020 Directors Stock Plan, 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan, and the Directors Stock Plan. Restricted stock units are treated as an equity award and are paid in shares. These awards have no maximum contractual term. Dividend equivalents are credited on restricted stock units outstanding as of the record date. These dividend equivalents are only paid on the shares released. Restricted stock units granted were 1.1 million, 1.1 million and 0.8 million in 2020, 2019 and 2018, respectively. Restricted stock units were issued to certain employees and agents pursuant to the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan. Under these plans, awards have graded or cliff vesting over a -year service period. When service for PFG ceases (except in the case of specific types of terminations), all vesting stops and unvested units are forfeited. Pursuant to the 2020 Directors Stock Plan, 2014 Directors Stock Plan and the 2005 Directors Stock Plan, restricted stock units are granted to each non-employee director in office immediately following each annual meeting of stockholders and, at the discretion of the Nominating and Governance Committee, to each person who becomes a member of the Board other than on the date of the annual meeting of stockholders. Under these plans, awards are granted on an annual basis and cliff vest after a -year service period. When service to PFG ceases, all vesting stops and unvested units are forfeited. The following is a summary of activity for the nonvested restricted stock units:
The total intrinsic value of restricted stock units vested was $41.2 million, $64.0 million and $51.1 during 2020, 2019 and 2018, respectively. The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant-date fair value of restricted stock units granted during 2020, 2019 and 2018 was $50.49, $53.17 and $63.68, respectively. As of December 31, 2020, we had $43.4 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted under these plans. The cost is expected to be recognized over a weighted-average period of approximately 1.7 years. The actual tax benefits realized for the tax deductions for restricted stock unit payouts under these share-based payment arrangements for 2020, 2019 and 2018 was $14.6 million, $13.2 million and $10.8 million, respectively. Employee Stock Purchase Plan Under our Employee Stock Purchase Plan, participating employees had the opportunity to purchase shares of our common stock on a semi-annual basis through 2017. Beginning in 2018, participating employees had the opportunity to purchase shares of our common stock on a quarterly basis. Employees may purchase up to $25,000 in stock value annually. Employees may purchase shares of our common stock at a price equal to 85% of the shares' fair market value as of the beginning or end of the purchase period, whichever is lower. Under the Employee Stock Purchase Plan, employees purchased 1.4 million, 0.9 million and 0.7 million shares during 2020, 2019 and 2018, respectively. We recognize compensation expense for the fair value of the discount granted to employees participating in the employee stock purchase plan in the period of grant. Shares of the Employee Stock Purchase Plan are treated as an equity award. The weighted-average fair value of the discount on the stock purchased was $11.33, $11.37 and $9.27 during 2020, 2019 and 2018, respectively. The total intrinsic value of the Employee Stock Purchase Plan shares settled was $15.5 million, $9.7 million and $6.1 million during 2020, 2019 and 2018, respectively. Cash received from shares issued under these share-based payment arrangements for 2020, 2019 and 2018 was $37.8 million, $36.2 million and $30.1 million, respectively. The actual tax benefit realized for the tax deductions for the settlement of the share-based payment arrangements for 2020, 2019 and 2018 was $0.9 million, $0.9 million and $0.7 million, respectively. As of December 31, 2020, a total of 5.0 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 | 19. 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 years ended December 31, 2020, 2019 and 2018, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Results of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Results of Operations (Unaudited) | 20. Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations.
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Condensed Consolidating Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | 21. Condensed Consolidating Financial Information Principal Life had established special purpose entities to issue secured medium-term notes. Under the program, the payment obligations of principal and interest on the notes were secured by funding agreements issued by Principal Life. Both the notes and supporting funding agreements were registered with the SEC. Principal Life’s payment obligations on the funding agreements were fully and unconditionally guaranteed by PFG. All of the outstanding stock of Principal Life is indirectly owned by PFG and PFG was the only guarantor of the payment obligations of the funding agreements. As of April 2020, there were no outstanding funding agreements or medium-term notes associated with this program. Under our current shelf registration that was filed with the SEC and became effective April 29, 2020, 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 December 31, 2020 and December 31, 2019, and for the years ended December 31, 2020, 2019 and 2018. 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 December 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the year ended December 31, 2020
Condensed Consolidating Statements of Operations For the year ended December 31, 2019
Condensed Consolidating Statements of Operations For the year ended December 31, 2018
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2020
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2019
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2018
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Schedule I - Summary of Investments - Other Than Investments in Related Parties |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule I - Summary of Investments - Other Than Investments in Related Parties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule I - Summary of Investments - Other Than Investments in Related Parties | Schedule I - Summary of Investments - Other Than Investments in Related Parties December 31, 2020
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Schedule II - Condensed Financial Information of Registrant (Parent Only) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Condensed Financial Information of Registrant (Parent Only) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Condensed Financial Information of Registrant (Parent Only) | Schedule II - Condensed Financial Information of Registrant (Parent Only) Statements of Financial Position
See accompanying notes. Statements of Operations
See accompanying notes. Statements of Cash Flows
See accompanying notes. (1) Basis of Presentation The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto of Principal Financial Group, Inc. In the parent company only financial statements, our investment in unconsolidated entities is stated at cost plus equity in undistributed earnings of subsidiaries. Principal Financial Group, Inc. 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 invested assets and benefit plan liabilities reported in the statements of financial position exclude amounts held in these trusts. The Rabbi trusts had $801.7 million and $731.9 million of plan assets and $653.3 million and $593.7 million of benefit plan liabilities as of December 31, 2020 and 2019, respectively. (2) Dividends and Returns of Capital Received from Unconsolidated Entities The parent company received cash dividends and returns of capital totaling $799.1 million, $494.2 million and $1,041.6 million from subsidiaries in 2020, 2019 and 2018, respectively. |
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Schedule III - Supplementary Insurance Information |
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| Schedule III - Supplementary Insurance Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Supplementary Insurance Information | Schedule III - Supplementary Insurance Information As of December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018
Schedule III - Supplementary Insurance Information - (continued) As of December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018
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Schedule IV - Reinsurance |
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| Schedule IV - Reinsurance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule IV - Reinsurance | Schedule IV - Reinsurance As of December 31, 2020, 2019 and 2018 and for each of the years then ended
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Nature of Operations and Significant Accounting Policies (Policies) |
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| Nature of Operations and Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation - Policy | Basis of Presentation The accompanying consolidated financial statements include the accounts of PFG and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties, including those associated with the novel coronavirus ("COVID-19"), may impact our business, results of operations, financial condition and liquidity. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, 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 other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. |
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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 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 3, 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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| Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining:
A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates. |
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| Closed Block | Closed Block Principal Life Insurance Company (“Principal Life”) operates a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 6, Closed Block, for further details. |
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| Cash and Cash Equivalents - Policy | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased. |
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| Investments - Policy | Investments Fixed maturities include bonds, asset-backed securities (“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 14, 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, unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships prior to 2019 and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Beginning in 2019, 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 classified as 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. 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. See Note 4, Investments, for further details of our valuation allowance. 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 troubled debt restructuring (“TDR”) has occurred. In response to COVID-19, the Coronavirus Aid, Relief and Economic Security Act, which was subsequently amended by the Consolidated Appropriations Act, 2021, (collectively the “CARES Act”) provides a temporary suspension of TDR accounting for certain COVID-19 related loan modifications where the loan was not more than 30 days past due as of December 31, 2019. We elected the TDR relief in the CARES Act beginning in the second quarter of 2020. The CARES Act TDR relief does not apply to modifications completed subsequent to the earlier of 60 days after the national emergency related to COVID-19 ends, or January 1, 2022. In addition, the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (As Revised on April 7, 2020) (“Interagency Statement”) provides additional guidance to determine if a short-term COVID-19 related loan modification is a TDR. We consider the CARES Act and the Interagency Statement when assessing loan modifications to determine whether a TDR has occurred. See Note 4, Investments, under the caption “Mortgage Loan Modifications” for further details. Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $2.0 million and $169.8 million as of December 31, 2020 and 2019, respectively. Any impairment losses and any changes in valuation allowances are reported in net income. Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on 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 of 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). Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We have other investments reported at fair value or for which the fair value option has been elected in prior periods. See Note 14, Fair Value Measurements, for detail on these investments. |
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| Derivatives - Policy | Derivatives Overview Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 14, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity. Accounting and Financial Statement Presentation We designate derivatives as either:
Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating and financing activities in the consolidated statements of cash flows. Fair Value Hedges. When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset, liability or firm commitment attributable to the hedged risk, are reported in the same consolidated statements of operations line item that is used to report the earnings effect of the hedged item. For fair value hedges of fixed maturities, available-for-sale, these changes in fair value are reported in net investment income. Prior to 2019, these changes in fair value were recorded in net realized capital gains (losses). A fair value hedge determined to be highly effective may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. Cash Flow Hedges. When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded as a component of OCI. At the time the variability of cash flows being hedged impacts net income, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net income. Net Investment in a Foreign Operation Hedge. When a derivative is used as a hedge of a net investment in a foreign operation, its change in fair value, to the extent effective as a hedge, is recorded as a component of OCI. If the foreign operation is sold or upon complete or substantially complete liquidation, the deferred gains or losses on the derivative instrument are reclassified into net income. Non-Hedge Derivatives. If a derivative does not qualify or is not designated for hedge accounting, all changes in fair value are reported in net income without considering the changes in the fair value of the economically associated assets or liabilities. Hedge Documentation and Effectiveness Testing. At inception, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes associating all derivatives designated as fair value or cash flow hedges with specific assets or liabilities on the consolidated statements of financial position or with specific firm commitments or forecasted transactions. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Even if a hedge is determined to be highly effective, the hedge may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. Termination of Hedge Accounting. We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met, e.g., a derivative is determined to no longer be highly effective in offsetting the change in fair value or cash flows of a hedged item; (2) the derivative expires, is sold, terminated or exercised or (3) we remove the designation of the derivative being the hedging instrument for a fair value or cash flow hedge. If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. The component of AOCI related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. Embedded Derivatives. We purchase and issue certain financial instruments and products that contain a derivative that is embedded in the financial instrument or product. We assess whether this embedded derivative is clearly and closely related to the asset or liability that serves as its host contract. If we deem that the embedded derivative's terms are not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the derivative is bifurcated from that contract and held at fair value on the consolidated statements of financial position, with changes in fair value reported in net income. |
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| Contractholder and Policyholder Liabilities - Policy | Contractholder and Policyholder Liabilities Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies. Investment contracts are contractholders' funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years; universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features; and annuities with guaranteed minimum death benefits. Reserves for individual and group annuities that provide periodic income payments, nonparticipating term life insurance and disability income contracts are computed on a basis of assumed investment yield, mortality, morbidity and expenses, including a provision for adverse deviation, which generally varies by plan, year of issue and policy duration. Investment yield is based on our experience. Mortality, morbidity and withdrawal rate assumptions are based on our experience and are periodically reviewed against both industry standards and experience. For long-duration insurance contracts, significant changes in experience or assumptions may require us to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract. Participating business represented approximately 5%, 6% and 7% of our life insurance in force and 20%, 23% and 26% of the number of life insurance policies in force as of December 31, 2020, 2019 and 2018, respectively. Participating business represented approximately 24%, 21% and 24% of life insurance premiums for the years ended December 31, 2020, 2019 and 2018, respectively. The amount of dividends to policyholders is declared annually by Principal Life's Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date. Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. These payments are established as unearned revenue liabilities upon receipt and included in other policyholder funds in the consolidated statements of financial position. These unearned revenue reserves are amortized to net income over the estimated lives of these policies and contracts in relation to the emergence of EGPs. Short-Duration Contracts We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident and group life. Future policy benefits and claims include reserves for group life and disability insurance that provide periodic income payments. These reserves are computed using assumptions of mortality, morbidity and investment performance. These assumptions are based on our experience, industry results, emerging trends and future expectations. Future policy benefits and claims also include reserves for incurred but unreported group disability, dental, vision, critical illness, accident and life insurance claims. We recognize claims costs in the period the service was provided to our policyholders. However, claims costs incurred in a particular period are not known with certainty until after we receive, process and pay the claims. We determine the amount of this liability using actuarial methods based on historical claim payment patterns as well as emerging cost trends, where applicable, to determine our estimate of claim liabilities. We have defined claim frequency as follows for each short-duration product:
We did not make any significant changes to our methodologies or assumptions used to calculate the liability for unpaid claims for short-duration contracts during 2020. Liability for Unpaid Claims The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considerable variability is inherent in such estimates, we believe the liability for unpaid claims is adequate. These estimates are continually reviewed and, as adjustments to this liability become necessary, such adjustments are reflected in net income. Our liability for unpaid claims does not include any allocated claim adjustment expenses. We incur claim adjustment expenses for both long-duration and short-duration contracts that cannot be allocated to a specific claim. Our claim adjustment expense liability is estimated using actuarial analyses based on historical trends of expenses and expected claim runout patterns. See Note 8, Insurance Liabilities, under the caption “Liability for Unpaid Claims” for further details. |
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| Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits - Policy | Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits Products with fixed and guaranteed premiums and benefits consist principally of whole life and term life insurance policies and individual disability income. Premiums from these products are recognized as premium revenue when due. Related policy benefits and expenses for individual life products are associated with earned premiums and result in the recognition of profits over the expected term of the policies and contracts. Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves using estimates for mortality and investment assumptions, which include provision for adverse deviation as required by U.S. GAAP. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves. Group life, dental, vision, critical illness, accident and disability premiums are generally recorded as premium revenue over the term of the coverage. Certain group contracts contain experience premium refund provisions based on a pre-defined formula that reflects their claim experience. Experience premium refunds reduce revenue over the term of the coverage and are adjusted to reflect current experience. Related policy benefits and expenses are associated with earned premiums and result in the recognition of profits over the term of the policies and contracts. Fees for contracts providing claim processing or other administrative services are recorded as revenue over the period the service is provided. Universal life-type policies are insurance contracts with terms that are not fixed. Amounts received as payments for such contracts are not reported as premium revenues. Revenues for universal life-type insurance contracts consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values and investment income. Policy benefits and claims that are charged to expense include interest credited to contracts and benefit claims incurred in the period in excess of related policy account balances. Investment contracts do not subject us to significant risks arising from policyholder mortality or morbidity and consist primarily of guaranteed investment contracts (“GICs”), funding agreements and certain deferred annuities. Amounts received as payments for investment contracts are established as investment contract liability balances and are not reported as premium revenues. Revenues for investment contracts consist of investment income and policy administration charges. Investment contract benefits that are charged to expense include benefit claims incurred in the period in excess of related investment contract liability balances and interest credited to investment contract liability balances. Fees and other revenues are earned for asset management, investment advisory and distribution services provided to retail and institutional clients based largely upon contractual rates applied to the specified amounts in the clients’ portfolios, which include various platforms such as mutual funds, collective investment trusts and business trusts. Additionally, fees and other revenues are earned for administrative services performed including recordkeeping, trust and custody and reporting services for retirement savings plans, insurance companies, endowments and other financial institutions and other products. Fees and other revenues received for performance of asset management and administrative services are recognized as revenue when earned, typically when the service is performed. Fees for managing customers’ mandatory retirement savings accounts in Chile are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these long-term service contracts as services are performed over the life of the contract. |
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| Deferred Acquisition Costs - Policy | Deferred Acquisition Costs Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contract business are capitalized to the extent recoverable. Commissions and other incremental direct costs for the acquisition of long-term service contracts are also capitalized to the extent recoverable. Maintenance costs and acquisition costs that are not deferrable are charged to net income as incurred. DAC for universal life-type insurance contracts and certain investment contracts are amortized over the expected lifetime of the contracts in relation to EGPs or, in certain circumstances, estimated gross revenues (“EGR”). This amortization is adjusted in the current period when EGPs or EGRs are revised. EGRs include similar assumptions as the revenue component of EGPs and the changes of future estimates and reflection of actual experience and market conditions is done in the same manner as EGPs. For individual variable universal life insurance, individual variable annuities and group annuities that have separate account U.S. equity investment options, we utilize a mean reversion methodology (reversion to the mean assumption), a common industry practice, to determine the future domestic equity market growth rate assumption used for the calculation of EGPs. DAC for participating life insurance policies are amortized in proportion to estimated gross margins (“EGM”) rather than EGPs. EGMs include similar assumption items as EGPs. We stopped selling participating business in the early 2000s. Some products allow for underwritten death benefit increases and cost of living adjustments, resulting in a small amount of new DAC each year, and the amortization schedules are modified as appropriate. DAC for non-participating term life insurance and individual disability policies are amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policyholder liabilities. Once these assumptions are made for a given policy or group of policies, they will not be changed over the life of the policy unless a loss recognition event occurs. DAC on insurance policies and investment contracts are subject to recoverability testing at the time of policy issue and loss recognition testing on an annual basis, or when an event occurs that may warrant loss recognition. If loss recognition or impairment is necessary, DAC would be written off to the extent it is determined that future policy premiums and investment income or gross profits are not adequate to cover related losses and expenses. DAC on short-duration group benefits policies are amortized over the estimated term of the underlying contracts. |
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| Deferred Acquisition Costs on Internal Replacements - Policy | Deferred Acquisition Costs on Internal Replacements All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing DAC, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing DAC, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. |
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| Long-Term Debt - Policy | Long-Term Debt Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our consolidated statements of financial position. Long-term debt is primarily recorded at the unpaid principal balance, net of unamortized discount, premium and issuance costs. |
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| Reinsurance - Policy | Reinsurance We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks. We may assume reinsurance from or cede reinsurance to other companies. Assets and liabilities related to reinsurance ceded are reported on a gross basis. Premiums and expenses are reported net of reinsurance ceded. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of December 31, 2020 and 2019, we had $1,095.3 million and $997.8 million of net ceded reinsurance recoverables, respectively, which does not reflect potentially offsetting impacts of collateral. The reinsurance recoverable is recognized in premiums due and other receivables on the consolidated statements of financial position. As of December 31, 2020 and 2019, $506.3 million, or 97%, and $457.2 million, or 98%, were with our five largest ceded reinsurers, respectively. The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:
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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 December 31, 2020 and December 31, 2019, the separate accounts included a separate account valued at $80.4 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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| Income Taxes - Policy | Income Taxes We file a U.S. consolidated income tax return that includes all of our qualifying subsidiaries. In addition, we file income tax returns in all states and foreign jurisdictions in which we conduct business. Our policy of allocating income tax expenses and benefits to companies in the group is generally based upon pro rata contribution of taxable income or operating losses. We are taxed at corporate rates on taxable income based on existing tax laws. Current income taxes are charged or credited to net income based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are provided for the tax effect of temporary differences in the financial reporting and income tax bases of assets and liabilities, net operating loss carryforwards and tax credit carryforwards using enacted income tax rates and laws. The effect on deferred income tax assets and deferred income tax liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. Subsequent to a change in tax rates and laws, any stranded tax effects remaining in AOCI will be released only if an entire portfolio is liquidated, sold or extinguished. However, a specific exception to this rule was adopted effective January 1, 2018, to reclassify the stranded tax effects generated by U.S. tax reform from AOCI to retained earnings. Further details are included under the caption “Recent Accounting Pronouncements.” |
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| Foreign Exchange - Policy | Foreign Exchange Assets and liabilities of our foreign subsidiaries and affiliates denominated in non-U.S. dollars, where the U.S. dollar is not the functional currency, are translated into U.S. dollar equivalents at the year-end spot foreign exchange rates. Resulting translation adjustments are reported as a component of stockholders' equity, along with any related hedge and tax effects. Revenues and expenses for these entities are translated at the average exchange rates. Revenue, expense and other foreign currency transaction and translation adjustments that affect cash flows are reported in net income, along with related hedge and tax effects. |
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| Goodwill and Other Intangibles - Policy | Goodwill and Other Intangibles Goodwill and other intangible assets include the cost of acquired subsidiaries in excess of the fair value of the net tangible assets recorded in connection with acquisitions. Goodwill and indefinite-lived intangible assets are not amortized. Rather, they are tested for impairment during the third quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested at the reporting unit level, which is the same level as or one level below the operating segment, if financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition; therefore, all of the activities within a reporting unit, whether acquired or organically grown, are available to support the goodwill value. Impairment testing for indefinite-lived intangible assets primarily consists of a qualitative assessment to determine if a quantitative assessment is needed for a comparison of the fair value of the intangible asset with its carrying value. Intangible assets with a finite useful life are amortized as related benefits emerge and are reviewed periodically for indicators of impairment in value. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the current carrying value of the asset. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized for the excess of the carrying amount of assets over their fair value. |
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| Earnings Per Common Share - Policy | Earnings Per Common Share Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period and excludes the dilutive effect of equity awards. Diluted earnings per common share reflects the potential dilution that could occur if dilutive securities, such as options and non-vested stock grants, were exercised or resulted in the issuance of common stock. |
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| Effects of Reinsurance on Premiums and Other Considerations and Policy and Contract Benefits (Table) |
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Goodwill and Other Intangible Assets (Tables) |
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| Other Finite Lived Intangible Assets Estimated Amortization Expense (Table) |
|
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Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-Sale Securities (Table) |
|
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| Fixed Maturities Available-for-Sale by Contractual Maturity (Table) |
|
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| Net Investment Income (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) |
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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) |
(1) No reinsurance recoverables were considered past due as of December 31, 2020.
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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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| Minority Interests in Unconsolidated Entities-Balance Sheet (Table) |
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| Minority Interests in Unconsolidated Entities-Income Statement (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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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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Closed Block (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Closed Block | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Closed Block Liabilities and Assets Designated to the Closed Block (Table) |
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| Closed Block Revenues and Expenses (Table) |
|
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| Change in Maximum Future Earnings of the Closed Block (Table) |
|
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Deferred Acquisition Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Acquisition Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Acquisition Costs Rollforward (Table) |
|
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Insurance Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contractholder Funds (Table) |
|
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| Liability for Unpaid Claims (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of unpaid claims to liability for unpaid claims (Table) |
|
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| Claim Duration and Payout (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discounting (Table) |
|
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| Long-Term Disability/Group Life Waiver | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claims Development (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claims Development (Table) |
|
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| Group Life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claims Development (Table) |
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Debt (Table) |
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| Long-Term Debt (Table) |
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| Future Annual Maturities of Long-Term Debt (Table) | As of December 31, 2020, future annual maturities of long-term debt were as follows (in millions):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) from Continuing Operations (Table) |
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| Income Before Income Taxes, Domestic and Foreign (Table) |
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| Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Table) |
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| Changes in Unrecognized Tax Benefits (Table) |
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| Components of Net Deferred Income Taxes (Table) |
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| Net Deferred Income Taxes by Jurisdiction (Table) |
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Employee and Agent Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Obligations and Funded Status (Table) |
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| Components of Net Periodic Benefit Cost (Income) (Table) |
|
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| Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table) |
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| Weighted-Average Assumptions Used to Determine Benefit Obligations (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumed Health Care Cost Trend Rates (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Future Benefit Payments (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Pension Plans Supplemental Information (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Benefit Obligation in Excess of Plan Assets (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Plan Assets (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Target Asset Allocation (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other postretirement benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Benefit Obligation in Excess of Plan Assets (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Plan Assets (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Target Asset Allocation (Table) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies, Guarantees, Indemnifications and Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingencies, Guarantees, Indemnifications and Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Assets and Liabilities (Table) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Cost (Table) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Future Payments Due by Period for Lease Obligations (Table) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-Average Remaining Lease Term and Weighted-Average Discount Rates (Table) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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) |
(1) Excludes deposit liabilities without defined or contractual maturities. |
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Statutory Insurance Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Insurance Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Net Income and Statutory Capital and Surplus of Principal Life (Table) |
|
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Segment Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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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| Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table) |
|
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| Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table) |
|
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Revenues from Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Disclosures (Table) |
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| Nonqualified Stock Options Status (Table) |
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| Nonqualified Stock Options Remaining Contractual Lives and Range of Exercise Prices (Table) |
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| Nonqualified Stock Options Fair Value (Table) |
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| Nonvested Performance Share Awards Activity (Table) |
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| Nonvested Restricted Stock Units Activity (Table) |
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share (Table) |
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Quarterly Results of Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Results of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Results of Operations (Table) |
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Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table) | Condensed Consolidating Statements of Financial Position December 31, 2020
Condensed Consolidating Statements of Financial Position December 31, 2019
Condensed Consolidating Statements of Operations For the year ended December 31, 2020
Condensed Consolidating Statements of Operations For the year ended December 31, 2019
Condensed Consolidating Statements of Operations For the year ended December 31, 2018
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2020
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2019
Condensed Consolidating Statements of Cash Flows For the year ended December 31, 2018
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Nature of Operations and Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | $ 12,921.9 | $ 16,617.3 | $ 14,685.8 | $ 11,456.0 |
| Accumulated other comprehensive income (loss) | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 165.5 | 2,383.1 | 1,037.9 | (1,565.1) |
| Retained earnings (accumulated deficit) | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 9,482.9 | $ 11,838.0 | 11,074.3 | 10,290.2 |
| ASU 2018-02 - Reclassification of certain tax effects | Accumulated other comprehensive income (loss) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 77.6 | |||
| ASU 2018-02 - Reclassification of certain tax effects | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | (77.6) | |||
| ASU 2014-09 - Revenue recognition | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | (39.7) | |||
| ASU 2014-09 - Revenue recognition | Accumulated other comprehensive income (loss) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 25.6 | |||
| ASU 2014-09 - Revenue recognition | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | (65.0) | |||
| ASU 2016-16 - Intra-entity asset transfer taxes | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 8.7 | |||
| Cumulative effect adjustment, decrease to other assets | 21.1 | |||
| Cumulative effect adjustment, decrease to deferred income taxes | 29.8 | |||
| ASU 2016-16 - Intra-entity asset transfer taxes | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 8.7 | |||
| ASU 2016-01 - Equity investments | Accumulated other comprehensive income (loss) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | (1.0) | |||
| ASU 2016-01 - Equity investments | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | $ 1.0 | |||
| ASU 2016-02 - Leases | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | 4.0 | |||
| ASU 2016-02 - Leases | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | $ 4.0 | |||
| ASU 2016-13 - CECL | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | (8.4) | |||
| ASU 2016-13 - CECL | Retained earnings (accumulated deficit) | Effects of implementation of accounting change | ||||
| Recent Accounting Pronouncements | ||||
| Stockholders' Equity | $ (8.4) |
Nature of Operations and Significant Accounting Policies - Cash and Cash Equivalents, Investments (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Cash and Cash Equivalents | ||
| Maximum maturity period when purchased for investments to be included in cash and cash equivalents | 3 months | |
| Investments | ||
| Real estate held for sale | $ 2.0 | $ 169.8 |
Nature of Operations and Significant Accounting Policies - Contractholder and Policyholder Liabilities (Details) - Individual Life insurance |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Contractholder and Policyholder Liabilities | |||
| Participating business as a percentage of life insurance in force (as a percent) | 5.00% | 6.00% | 7.00% |
| Participating business as a percentage of life insurance policies in force (as a percent) | 20.00% | 23.00% | 26.00% |
| Participating business as a percentage of life insurance premiums (as a percent) | 24.00% | 21.00% | 24.00% |
Nature of Operations and Significant Accounting Policies - Other Various Policies (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2020
USD ($)
Counterparty
|
Dec. 31, 2019
USD ($)
Counterparty
|
Dec. 31, 2018
USD ($)
|
|
| Long-Term Debt | |||
| Minimum maturity period at date of issuance for debt to be classified as long-term | 1 year | ||
| Reinsurance | |||
| Net ceded reinsurance recoverables related to claims received | $ 1,095.3 | $ 997.8 | |
| Amount of net ceded reinsurance recoverables related to claims received with five largest ceded reinsurers | $ 506.3 | $ 457.2 | |
| Percentage of net ceded reinsurance recoverables related to claims received with five largest ceded reinsurers (as a percent) | 97.00% | 98.00% | |
| Number of largest ceded reinsurers | Counterparty | 5 | 5 | |
| Premiums and other considerations: | |||
| Premiums and other considerations, Direct | $ 6,645.4 | $ 8,428.1 | $ 6,928.3 |
| Premiums and other considerations, Assumed | 1.7 | 1.6 | 1.7 |
| Premiums and other considerations, Ceded | (609.7) | (563.1) | (520.4) |
| Premiums and other considerations | 6,037.4 | 7,866.6 | 6,409.6 |
| Benefits, claims and settlement expenses: | |||
| Benefits, claims and settlement expenses, Direct | 8,788.3 | 10,463.6 | 8,667.7 |
| Benefits, claims and settlement expenses, Assumed | 21.8 | 23.1 | 24.9 |
| Benefits, claims and settlement expenses, Ceded | (528.6) | (580.9) | (500.1) |
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | $ 8,192.5 |
| 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 | $ 80.4 | $ 100.4 | |
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Changes in Goodwill | ||
| Beginning balance, Goodwill | $ 1,693.8 | $ 1,100.0 |
| Goodwill from acquisitions | 623.9 | |
| Foreign currency, Goodwill | 17.2 | (30.1) |
| Ending balance, Goodwill | 1,711.0 | 1,693.8 |
| Retirement and Income Solutions | ||
| Changes in Goodwill | ||
| Beginning balance, Goodwill | 675.9 | 57.4 |
| Goodwill from acquisitions | 618.5 | |
| Ending balance, Goodwill | 675.9 | 675.9 |
| Principal Global Investors | ||
| Changes in Goodwill | ||
| Beginning balance, Goodwill | 317.5 | 307.3 |
| Goodwill from acquisitions | 6.5 | |
| Foreign currency, Goodwill | 3.4 | 1.5 |
| Other, Goodwill | 2.2 | |
| Ending balance, Goodwill | 320.9 | 317.5 |
| Principal International | ||
| Changes in Goodwill | ||
| Beginning balance, Goodwill | 642.8 | 676.6 |
| Foreign currency, Goodwill | 13.8 | (31.6) |
| Other, Goodwill | (2.2) | |
| Ending balance, Goodwill | 656.6 | 642.8 |
| U.S. Insurance Solutions | ||
| Changes in Goodwill | ||
| Beginning balance, Goodwill | 56.6 | 56.6 |
| Ending balance, Goodwill | 56.6 | 56.6 |
| Corporate | ||
| Changes in Goodwill | ||
| Beginning balance, Goodwill | 1.0 | 2.1 |
| Goodwill from acquisitions | (1.1) | |
| Ending balance, Goodwill | $ 1.0 | $ 1.0 |
Goodwill and Other Intangible Assets - Goodwill Acquired (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Jul. 01, 2019 |
Dec. 31, 2019 |
|
| Goodwill and Other Intangible Assets | ||
| Goodwill from acquisitions | $ 623.9 | |
| Institutional Retirement & Trust business of Wells Fargo Bank | ||
| Goodwill and Other Intangible Assets | ||
| Purchase price of acquired business in the form of cash to be paid at the closing | $ 1,200.0 | |
| Goodwill from acquisitions | 618.5 | |
| Customer relationships | Institutional Retirement & Trust business of Wells Fargo Bank | ||
| Goodwill and Other Intangible Assets | ||
| Finite lived intangible assets acquired | $ 510.3 | |
| Finite lived intangible asset, useful life | 23 years | |
| Technology | Institutional Retirement & Trust business of Wells Fargo Bank | ||
| Goodwill and Other Intangible Assets | ||
| Finite lived intangible assets acquired | $ 35.4 | |
| Finite lived intangible asset, useful life | 6 years |
Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Finite Lived Intangible Asset Disclosures | |||
| Weighted average remaining expected life of finite lived intangible assets | 17 years | ||
| Gross carrying amount | $ 1,338.2 | $ 1,346.3 | |
| Accumulated amortization | 405.6 | 343.2 | |
| Net carrying amount | 932.6 | 1,003.1 | |
| Amortization expense for intangible assets with finite useful lives | 73.5 | $ 62.8 | $ 53.9 |
| Estimated amortization expense for the next five years | |||
| Year 1: Finite lived intangible assets amortization | 75.1 | ||
| Year 2: Finite lived intangible assets amortization | 73.9 | ||
| Year 3: Finite lived intangible assets amortization | 71.2 | ||
| Year 4: Finite lived intangible assets amortization | 70.0 | ||
| Year 5: Finite lived intangible assets amortization | 68.2 | ||
| Other finite lived intangible assets | |||
| Finite Lived Intangible Asset Disclosures | |||
| Amortization expense for intangible assets with finite useful lives | $ 18.7 | ||
Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Indefinite Lived Intangible Assets | ||
| Net carrying amount of unamortized indefinite lived intangible assets | $ 790.4 | $ 783.6 |
| WM Advisors, Inc. | ||
| Indefinite Lived Intangible Assets | ||
| Net carrying amount of unamortized indefinite lived intangible assets | $ 608.0 | $ 608.0 |
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | $ 296,627.7 | $ 276,087.8 | ||
| Total liabilities | 279,754.8 | 261,137.1 | ||
| Redeemable noncontrolling interest | 255.6 | 264.9 | $ 391.2 | $ 101.3 |
| Aggregate consolidated variable interest entities | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 43,233.5 | 40,802.1 | ||
| Total liabilities | 41,552.4 | 39,713.7 | ||
| Redeemable noncontrolling interest | 226.8 | 215.4 | ||
| Grantor trust | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 99.9 | |||
| Total liabilities | 98.6 | |||
| Mandatory retirement savings funds | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 41,995.2 | 39,891.1 | ||
| Total liabilities | 41,527.9 | 39,524.9 | ||
| Real estate VIE | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 499.0 | 479.7 | ||
| Total liabilities | 21.3 | 88.0 | ||
| Sponsored investment funds | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | 419.5 | 331.4 | ||
| Total liabilities | 3.2 | 2.2 | ||
| Redeemable noncontrolling interest | 226.8 | $ 215.4 | ||
| Residential mortgage loans | ||||
| Carrying amounts of consolidated VIE assets and liabilities | ||||
| Total assets | $ 319.8 |
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | $ 296,627.7 | $ 276,087.8 |
| Money Market Funds | ||
| Total assets of unconsolidated money market mutual funds | 4,400.0 | 4,000.0 |
| Corporate debt securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 285.7 | 225.7 |
| Corporate debt securities | Available-for-sale | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 296.9 | 238.2 |
| Residential mortgage-backed pass-through securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 2,857.6 | 2,913.9 |
| Residential mortgage-backed pass-through securities | Available-for-sale | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 2,986.8 | 2,982.4 |
| Residential mortgage-backed pass-through securities | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 190.5 | 282.3 |
| Residential mortgage-backed pass-through securities | Trading | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 190.5 | 282.3 |
| Commercial mortgage-backed securities | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 4,741.2 | 4,746.6 |
| Commercial mortgage-backed securities | Available-for-sale | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 4,942.3 | 4,850.2 |
| Commercial mortgage-backed securities | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 27.1 | 28.2 |
| Commercial mortgage-backed securities | Trading | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 27.1 | 28.2 |
| Collateralized debt obligations | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 4,045.9 | 3,226.7 |
| Collateralized debt obligations | Available-for-sale | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 4,027.5 | 3,215.3 |
| Collateralized debt obligations | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 20.6 | 20.9 |
| Collateralized debt obligations | Trading | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 20.6 | 20.9 |
| Other debt obligations | Available-for-sale | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 6,832.6 | 8,076.4 |
| Other debt obligations | Available-for-sale | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 7,045.9 | 8,191.1 |
| Other debt obligations | Trading | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 9.4 | 13.2 |
| Other debt obligations | Trading | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 9.4 | 13.2 |
| Equity securities | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 121.7 | 123.2 |
| Equity securities | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | 121.7 | 123.2 |
| Other investments: Other limited partnership and fund interests | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Maximum exposure to loss | 1,739.0 | 1,467.0 |
| Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure | 141.2 | 129.1 |
| Other investments: Other limited partnership and fund interests | Variable Interest Entity | ||
| Unconsolidated Variable Interest Entity disclosures | ||
| Asset carrying value | $ 999.1 | $ 911.9 |
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | $ 70,546.8 | $ 65,302.5 |
| Gross unrealized gains, fixed maturities | 8,380.0 | 4,927.7 |
| Gross unrealized losses, fixed maturities | 209.1 | 124.0 |
| Allowance, fixed maturities | 7.4 | |
| Fair value, fixed maturities | 78,710.3 | 70,106.2 |
| Other-than-temporary impairments in AOCI | 48.4 | |
| Accrued interest receivable | 552.5 | |
| 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 | 1,893.1 | 1,627.0 |
| Gross unrealized gains, fixed maturities | 228.9 | 100.2 |
| Gross unrealized losses, fixed maturities | 10.5 | 3.0 |
| Fair value, fixed maturities | 2,111.5 | 1,724.2 |
| Non-U.S. governments | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 881.6 | 852.3 |
| Gross unrealized gains, fixed maturities | 192.1 | 144.1 |
| Gross unrealized losses, fixed maturities | 0.2 | |
| Fair value, fixed maturities | 1,073.7 | 996.2 |
| States and political subdivisions | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 8,004.9 | 6,857.1 |
| Gross unrealized gains, fixed maturities | 1,175.5 | 644.5 |
| Gross unrealized losses, fixed maturities | 12.6 | 11.6 |
| Fair value, fixed maturities | 9,167.8 | 7,490.0 |
| Corporate debt securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 41,289.9 | 36,993.1 |
| Gross unrealized gains, fixed maturities | 6,160.9 | 3,706.5 |
| Gross unrealized losses, fixed maturities | 95.1 | 52.2 |
| Allowance, fixed maturities | 0.9 | |
| Fair value, fixed maturities | 47,354.8 | 40,647.4 |
| Residential mortgage-backed pass-through securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 2,857.6 | 2,913.9 |
| Gross unrealized gains, fixed maturities | 129.4 | 72.3 |
| Gross unrealized losses, fixed maturities | 0.2 | 3.8 |
| Fair value, fixed maturities | 2,986.8 | 2,982.4 |
| Commercial mortgage-backed securities | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 4,741.2 | 4,746.6 |
| Gross unrealized gains, fixed maturities | 241.3 | 127.6 |
| Gross unrealized losses, fixed maturities | 35.9 | 24.0 |
| Allowance, fixed maturities | 4.3 | |
| Fair value, fixed maturities | 4,942.3 | 4,850.2 |
| Other-than-temporary impairments in AOCI | 15.8 | |
| Collateralized debt obligations | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 4,045.9 | 3,226.7 |
| Gross unrealized gains, fixed maturities | 8.7 | 2.9 |
| Gross unrealized losses, fixed maturities | 24.9 | 14.3 |
| Allowance, fixed maturities | 2.2 | |
| Fair value, fixed maturities | 4,027.5 | 3,215.3 |
| Other-than-temporary impairments in AOCI | 0.9 | |
| Other debt obligations | ||
| Available-for-sale securities | ||
| Amortized cost, fixed maturities | 6,832.6 | 8,085.8 |
| Gross unrealized gains, fixed maturities | 243.2 | 129.6 |
| Gross unrealized losses, fixed maturities | 29.9 | 14.9 |
| Fair value, fixed maturities | $ 7,045.9 | 8,200.5 |
| Other-than-temporary impairments in AOCI | $ 31.7 |
Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Amortized cost of fixed maturities available-for-sale | ||
| Due in one year or less | $ 2,336.5 | |
| Due after one year through five years | 10,831.5 | |
| Due after five years through ten years | 14,032.7 | |
| Due after ten years | 24,868.8 | |
| Subtotal | 52,069.5 | |
| Mortgage-backed and other asset-backed securities | 18,477.3 | |
| Amortized cost, fixed maturities | 70,546.8 | $ 65,302.5 |
| Fair value of fixed maturities available-for-sale | ||
| Due in one year or less | 2,372.9 | |
| Due after one year through five years | 11,570.0 | |
| Due after five years through ten years | 15,601.5 | |
| Due after ten years | 30,163.4 | |
| Subtotal | 59,707.8 | |
| Mortgage-backed and other asset-backed securities | 19,002.5 | |
| Fair value, fixed maturities | $ 78,710.3 | $ 70,106.2 |
Investments - Net Investment Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Major categories of net investment income | |||
| Gross investment income (loss) | $ 4,001.2 | $ 4,116.5 | $ 3,731.6 |
| Investment expenses | (110.6) | (118.1) | (102.4) |
| Net investment income (loss) | 3,890.6 | 3,998.4 | 3,629.2 |
| Fixed maturities | Available-for-sale | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 2,660.5 | 2,606.0 | 2,479.9 |
| Fixed maturities | Trading | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 18.7 | 23.8 | 26.4 |
| Equity securities | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 62.8 | 110.5 | 38.8 |
| Mortgage loans | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 724.7 | 707.0 | 641.4 |
| Real estate | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 180.8 | 191.1 | 158.8 |
| Policy loans | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 41.6 | 44.0 | 45.0 |
| Cash and cash equivalents | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | 17.4 | 65.3 | 56.2 |
| Derivatives | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | (1.8) | (2.0) | 0.1 |
| Other investment types | |||
| Major categories of net investment income | |||
| Gross investment income (loss) | $ 296.5 | $ 370.8 | $ 285.0 |
Investments - Net Realized Capital Gains and Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Major components of net realized capital gains (losses) on investments | |||
| Fixed maturities, available-for-sale: Gross gains | $ 134.2 | $ 15.5 | $ 40.2 |
| Fixed maturities, available-for-sale: Gross losses | (48.5) | (15.3) | (74.8) |
| Fixed maturities, available-for-sale: Net credit loss | (22.9) | ||
| Fixed maturities, available-for-sale: Net credit loss | (43.5) | (29.1) | |
| Fixed maturities, available-for-sale: Hedging, net | (9.7) | (9.3) | (39.6) |
| Fixed maturities, trading | 3.2 | 43.0 | (9.0) |
| Equity securities | 70.5 | 84.5 | (17.7) |
| Mortgage loans gains (losses) | (15.5) | 3.0 | 6.2 |
| Derivative net realized capital gains (losses) | 77.3 | (120.3) | 11.7 |
| Other gains (losses) | 114.0 | (10.4) | 36.7 |
| Net realized capital gains (losses) | 302.6 | (52.8) | (75.4) |
| Unrealized gains (losses) on fixed maturities, trading | 5.3 | 32.8 | (12.2) |
| Unrealized gains (losses) on equity securities | 64.6 | 61.6 | (39.9) |
| Unrealized gains (losses) on equity securities reported in net investment income | 35.2 | 66.9 | 4.9 |
| Proceeds from sales of investments | |||
| Proceeds from sales of investments in fixed maturities, available-for-sale | $ 2,421.9 | $ 1,654.8 | $ 3,067.2 |
Investments - Allowance for Credit Loss (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
| |
| Rollforward of the allowance for credit loss by major security type | |
| Additions for credit losses not previously recorded | $ 16.2 |
| Reductions for securities sold during the period | (7.0) |
| Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | 0.2 |
| Write-offs charged against allowance | (2.6) |
| Foreign currency translation adjustment | 0.6 |
| Ending balance | 7.4 |
| Corporate debt securities | |
| Rollforward of the allowance for credit loss by major security type | |
| Additions for credit losses not previously recorded | 13.2 |
| Reductions for securities sold during the period | (7.0) |
| Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | (5.9) |
| Foreign currency translation adjustment | 0.6 |
| Ending balance | 0.9 |
| Commercial mortgage-backed securities | |
| Rollforward of the allowance for credit loss by major security type | |
| Additions for credit losses not previously recorded | 2.9 |
| Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | 4.0 |
| Write-offs charged against allowance | (2.6) |
| Ending balance | 4.3 |
| Collateralized debt obligations | |
| Rollforward of the allowance for credit loss by major security type | |
| Additions for credit losses not previously recorded | 0.1 |
| Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | 2.1 |
| Ending balance | $ 2.2 |
Investments - Other-Than-Temporary Impairments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Other-than-temporary impairment losses, net of recoveries | |||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | $ (9.3) | $ (46.3) | |
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (38.3) | 10.6 | |
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income | (5.2) | (39.7) | |
| Net impairment (losses) recoveries on available-for-sale securities | (43.5) | (29.1) | |
| Net realized capital gains (losses) | $ 302.6 | $ (52.8) | $ (75.4) |
Investments - Accumulated Credit Losses for Fixed Maturities with Bifurcated Credit Losses (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Other-Than-Temporary Impairment Credit Losses Recognized in Net Income - Rollforward | ||
| Beginning balance | $ (117.5) | $ (124.3) |
| Credit losses for which an other-than-temporary impairment was not previously recognized | (6.8) | (11.3) |
| Credit losses for which an other-than-temporary impairment was previously recognized | (11.8) | (20.0) |
| Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold | 54.3 | 29.5 |
| Net reduction (increase) for positive changes in cash flows expected to be collected and amortization | 0.8 | 8.6 |
| Ending balance | $ (81.0) | $ (117.5) |
Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions |
Dec. 31, 2020
USD ($)
item
$ / shares
|
Dec. 31, 2019
USD ($)
item
|
|---|---|---|
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | $ 5,909.4 | $ 5,390.1 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 138.8 | 63.0 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 1,399.1 | 3,134.9 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 67.4 | 61.0 |
| Fixed maturities, Total, Fair value | 7,308.5 | 8,525.0 |
| Fixed maturities, Total, Gross unrealized losses | 206.2 | 124.0 |
| U.S. government and agencies | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 351.1 | 100.0 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 10.4 | 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 | 351.1 | 174.2 |
| Fixed maturities, Total, Gross unrealized losses | 10.4 | 3.0 |
| Non-U.S. governments | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 17.6 | |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 0.2 | |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 12.4 | |
| Fixed maturities, Total, Fair value | 30.0 | |
| Fixed maturities, Total, Gross unrealized losses | 0.2 | |
| States and political subdivisions | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 363.5 | 559.9 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 12.5 | 11.2 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 86.3 | |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 0.4 | |
| Fixed maturities, Total, Fair value | 363.5 | 646.2 |
| Fixed maturities, Total, Gross unrealized losses | 12.5 | 11.6 |
| Corporate debt securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 1,578.7 | 1,041.5 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 54.4 | 27.8 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 267.9 | 394.7 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 40.6 | 24.4 |
| Fixed maturities, Total, Fair value | 1,846.6 | 1,436.2 |
| Fixed maturities, Total, Gross unrealized losses | 95.0 | 52.2 |
| Residential mortgage-backed pass-through securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 92.3 | 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 | 1.6 | 237.3 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 2.4 | |
| Fixed maturities, Total, Fair value | 93.9 | 666.9 |
| Fixed maturities, Total, Gross unrealized losses | 0.2 | 3.8 |
| Commercial mortgage-backed securities | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 970.9 | 829.3 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 22.1 | 9.2 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 137.4 | 268.5 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 12.2 | 14.8 |
| Fixed maturities, Total, Fair value | 1,108.3 | 1,097.8 |
| Fixed maturities, Total, Gross unrealized losses | 34.3 | 24.0 |
| Collateralized debt obligations | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 1,750.6 | 639.4 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 11.1 | 1.8 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 931.1 | 1,447.8 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 12.9 | 12.5 |
| Fixed maturities, Total, Fair value | 2,681.7 | 2,087.2 |
| Fixed maturities, Total, Gross unrealized losses | 24.0 | 14.3 |
| Other debt obligations | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 802.3 | 1,772.8 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 28.1 | 9.5 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 61.1 | 613.7 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 1.7 | 5.4 |
| Fixed maturities, Total, Fair value | 863.4 | 2,386.5 |
| Fixed maturities, Total, Gross unrealized losses | 29.8 | 14.9 |
| Principal Life Insurance Company | ||
| Gross Unrealized Losses for Fixed Maturities | ||
| Fixed maturities, Less than twelve months, Fair value | 5,638.3 | 5,302.7 |
| Fixed maturities, Less than twelve months, Gross unrealized losses | 122.4 | 44.0 |
| Fixed maturities, Greater than or equal to twelve months, Fair value | 1,391.3 | 3,078.0 |
| Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses | 51.5 | 59.9 |
| Fixed maturities, Total, Fair value | 7,029.6 | 8,380.7 |
| Fixed maturities, Total, Gross unrealized losses | $ 173.9 | $ 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) | 98 | 99 |
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months | item | 619 | 882 |
| Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost) | 98 | 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 | $ 98.4 | $ 43.1 |
| Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer | item | 198 | 502 |
| Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost) | item | 96 | 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 | $ 24.9 | $ 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 | 92 | 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 | $ 12.9 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure | ||
| Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost) | item | 99 |
Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments | ||
| Net unrealized gains (losses) on fixed maturities, available-for-sale | $ 8,193.0 | $ 4,834.2 |
| Noncredit component of impairment losses on fixed maturities, available-for-sale | (48.4) | |
| Net unrealized gains (losses) on derivative instruments | 38.9 | 94.1 |
| Adjustments for assumed changes in amortization patterns | (437.3) | (261.0) |
| Adjustments for assumed changes in policyholder liabilities | (2,603.9) | (1,133.5) |
| Net unrealized gains (losses) on other investments and noncontrolling interest adjustments | 78.0 | 96.8 |
| Provision for deferred income tax benefits (taxes) | (1,112.2) | (766.9) |
| Net unrealized gains (losses) on available-for-sale securities and derivative instruments | $ 4,156.5 | $ 2,815.3 |
Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Financing Receivable, Credit Quality Indicator | |||
| Mortgage loans, Total amortized cost | $ 18,103.9 | $ 16,513.9 | $ 15,364.3 |
| Reinsurance recoverables | 1,098.0 | ||
| Accrued interest receivable | 552.5 | ||
| Commercial mortgage loans | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 2,019.8 | ||
| 2019 | 2,769.9 | ||
| 2018 | 2,817.2 | ||
| 2017 | 2,049.3 | ||
| 2016 | 1,509.3 | ||
| Prior | 4,276.1 | ||
| Mortgage loans, Total amortized cost | 15,441.6 | 15,017.2 | 13,996.3 |
| Accrued interest receivable | 60.0 | ||
| Commercial mortgage loans | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 1,807.6 | ||
| 2019 | 2,486.8 | ||
| 2018 | 2,464.7 | ||
| 2017 | 1,780.8 | ||
| 2016 | 1,417.8 | ||
| Prior | 3,697.0 | ||
| Mortgage loans, Total amortized cost | 13,654.7 | 13,961.9 | |
| Commercial mortgage loans | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 149.1 | ||
| 2019 | 194.1 | ||
| 2018 | 352.5 | ||
| 2017 | 262.7 | ||
| 2016 | 75.8 | ||
| Prior | 499.7 | ||
| Mortgage loans, Total amortized cost | 1,533.9 | 1,026.9 | |
| Commercial mortgage loans | BB+ thru BB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 23.7 | ||
| 2019 | 69.0 | ||
| 2016 | 9.1 | ||
| Prior | 43.9 | ||
| Mortgage loans, Total amortized cost | 145.7 | 23.3 | |
| Commercial mortgage loans | B+ and below | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 39.4 | ||
| 2019 | 20.0 | ||
| 2017 | 5.8 | ||
| 2016 | 6.6 | ||
| Prior | 35.5 | ||
| Mortgage loans, Total amortized cost | 107.3 | 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 | 209.7 | ||
| 2019 | 29.6 | ||
| 2018 | 65.8 | ||
| 2017 | 37.6 | ||
| 2016 | 19.3 | ||
| Prior | 348.8 | ||
| Mortgage loans, Total amortized cost | 710.8 | ||
| Accrued interest receivable | 0.5 | ||
| Direct financing leases | A- and above | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 43.9 | ||
| 2019 | 1.6 | ||
| 2018 | 42.6 | ||
| 2017 | 19.2 | ||
| 2016 | 15.3 | ||
| Prior | 202.9 | ||
| Mortgage loans, Total amortized cost | 325.5 | ||
| Direct financing leases | BBB+ thru BBB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 94.9 | ||
| 2019 | 5.5 | ||
| 2018 | 11.3 | ||
| 2017 | 18.4 | ||
| 2016 | 3.0 | ||
| Prior | 35.5 | ||
| Mortgage loans, Total amortized cost | 168.6 | ||
| Direct financing leases | BB+ thru BB- | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 13.3 | ||
| Prior | 1.9 | ||
| Mortgage loans, Total amortized cost | 15.2 | ||
| Direct financing leases | B+ and below | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 57.6 | ||
| 2019 | 22.5 | ||
| 2018 | 11.9 | ||
| 2016 | 1.0 | ||
| Prior | 108.5 | ||
| Mortgage loans, Total amortized cost | 201.5 | ||
| Residential mortgage loans | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 699.1 | ||
| 2019 | 338.7 | ||
| 2018 | 167.8 | ||
| 2017 | 166.5 | ||
| 2016 | 168.0 | ||
| Prior | 411.4 | ||
| Mortgage loans, Total amortized cost | 1,951.5 | 1,496.7 | $ 1,368.0 |
| Accrued interest receivable | 2.0 | ||
| Residential mortgage loans | Performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2020 | 699.1 | ||
| 2019 | 336.7 | ||
| 2018 | 167.0 | ||
| 2017 | 165.1 | ||
| 2016 | 167.6 | ||
| Prior | 398.7 | ||
| Mortgage loans, Total amortized cost | 1,934.2 | 1,482.2 | |
| Residential mortgage loans | Non-performing | |||
| Financing Receivable, Credit Quality Indicator | |||
| 2019 | 2.0 | ||
| 2018 | 0.8 | ||
| 2017 | 1.4 | ||
| 2016 | 0.4 | ||
| Prior | 12.7 | ||
| Mortgage loans, Total amortized cost | $ 17.3 | 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 - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | $ 21.5 | $ 11.8 | |
| Financing receivables, Non-accrual assets without a valuation allowance | 0.7 | ||
| Financing receivables, Nonaccrual, Interest Income | 0.0 | ||
| Past due | 152.8 | 68.2 | |
| Current | 17,951.1 | 16,445.7 | |
| Financing receivables, Total amortized cost | 18,103.9 | 16,513.9 | $ 15,364.3 |
| Recorded investment 90 days or more past due and accruing | 7.8 | 2.7 | |
| Reinsurance recoverables | 0.0 | ||
| 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 108.7 | 47.4 | |
| 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 21.2 | 9.3 | |
| 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 22.9 | 11.5 | |
| Commercial mortgage loans | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 10.7 | 5.0 | |
| Past due | 63.3 | ||
| Current | 15,378.3 | ||
| Financing receivables, Total amortized cost | 15,441.6 | 15,017.2 | 13,996.3 |
| Recorded investment 90 days or more past due and accruing | 1.3 | ||
| Commercial mortgage loans | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 42.1 | ||
| Commercial mortgage loans | 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 9.2 | ||
| Commercial mortgage loans | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 12.0 | ||
| 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 | 3.2 | ||
| Current | 707.6 | ||
| Financing receivables, Total amortized cost | 710.8 | ||
| Direct financing leases | 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 3.2 | ||
| Residential mortgage loans | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Financing receivables, Non-accrual status | 10.8 | 6.8 | |
| Financing receivables, Non-accrual assets without a valuation allowance | 0.7 | ||
| Past due | 86.3 | ||
| Current | 1,865.2 | ||
| Financing receivables, Total amortized cost | 1,951.5 | 1,496.7 | $ 1,368.0 |
| Recorded investment 90 days or more past due and accruing | 6.5 | ||
| Residential mortgage loans | 30 to 59 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 66.6 | ||
| Residential mortgage loans | 60 to 89 Days Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | 8.8 | ||
| Residential mortgage loans | 90 Days or More Past Due | |||
| Financing receivables, non-accrual and aging disclosures | |||
| Past due | $ 10.9 | ||
| 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 |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Changes in financing receivable valuation allowance | ||||
| Beginning balance, Financing receivable valuation allowance | $ 33.1 | $ 27.0 | $ 27.4 | $ 32.7 |
| Provision: Financing receivable valuation allowance | 17.3 | (3.0) | (6.0) | |
| Charge-offs: Financing receivable valuation allowance | (0.9) | (0.6) | (2.4) | |
| Recoveries: Financing receivable valuation allowance | 2.8 | 3.2 | 3.1 | |
| Effect of exchange rates: Financing receivable valuation allowance | 0.6 | |||
| Ending balance, Financing receivable valuation allowance | 52.9 | 52.9 | 27.0 | 27.4 |
| Individually evaluated for impairment, Financing receivable valuation allowance | 1.4 | 1.4 | ||
| Collectively evaluated for impairment, Financing receivable valuation allowance | 25.6 | 26.0 | ||
| Individually evaluated for impairment, Financing receivable | 11.4 | 9.2 | ||
| Collectively evaluated for impairment, Financing receivable | 16,502.5 | 15,355.1 | ||
| Financing receivables, Total amortized cost | 18,103.9 | $ 18,103.9 | 16,513.9 | 15,364.3 |
| Commercial mortgage loans | ||||
| Financing receivable valuation allowance disclosures | ||||
| Mortgage loans, Days delinquent to be analyzed for valuation allowance | 60 days | |||
| Accrued interest receivable written off | $ 0.0 | |||
| Changes in financing receivable valuation allowance | ||||
| Beginning balance, Financing receivable valuation allowance | 27.3 | 24.5 | 24.3 | 25.8 |
| Provision: Financing receivable valuation allowance | 15.5 | 0.2 | (1.5) | |
| Effect of exchange rates: Financing receivable valuation allowance | 0.4 | |||
| Ending balance, Financing receivable valuation allowance | 43.2 | 43.2 | 24.5 | 24.3 |
| Collectively evaluated for impairment, Financing receivable valuation allowance | 24.5 | 24.3 | ||
| Collectively evaluated for impairment, Financing receivable | 15,017.2 | 13,996.3 | ||
| Financing receivables, Total amortized cost | 15,441.6 | 15,441.6 | 15,017.2 | 13,996.3 |
| Direct financing leases | ||||
| Changes in financing receivable valuation allowance | ||||
| Provision: Financing receivable valuation allowance | 0.1 | |||
| Ending balance, Financing receivable valuation allowance | 0.1 | 0.1 | ||
| Financing receivables, Total amortized cost | 710.8 | $ 710.8 | ||
| Residential mortgage loans | ||||
| Financing receivable valuation allowance disclosures | ||||
| Mortgage loans, Days delinquent to be analyzed for valuation allowance | 60 days | |||
| Accrued interest receivable written off | $ 0.0 | |||
| Changes in financing receivable valuation allowance | ||||
| Beginning balance, Financing receivable valuation allowance | 3.3 | 2.5 | 3.1 | 6.9 |
| Provision: Financing receivable valuation allowance | 1.5 | (3.2) | (4.5) | |
| Charge-offs: Financing receivable valuation allowance | (0.9) | (0.6) | (2.4) | |
| Recoveries: Financing receivable valuation allowance | 2.8 | 3.2 | 3.1 | |
| Effect of exchange rates: Financing receivable valuation allowance | 0.2 | |||
| Ending balance, Financing receivable valuation allowance | 6.9 | 6.9 | 2.5 | 3.1 |
| Individually evaluated for impairment, Financing receivable valuation allowance | 1.4 | 1.4 | ||
| Collectively evaluated for impairment, Financing receivable valuation allowance | 1.1 | 1.7 | ||
| Individually evaluated for impairment, Financing receivable | 11.4 | 9.2 | ||
| Collectively evaluated for impairment, Financing receivable | 1,485.3 | 1,358.8 | ||
| Financing receivables, Total amortized cost | 1,951.5 | 1,951.5 | $ 1,496.7 | $ 1,368.0 |
| Reinsurance recoverables | ||||
| Changes in financing receivable valuation allowance | ||||
| Beginning balance, Financing receivable valuation allowance | 2.5 | |||
| Provision: Financing receivable valuation allowance | 0.2 | |||
| Ending balance, Financing receivable valuation allowance | $ 2.7 | $ 2.7 | ||
Investments - Mortgage Loans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 18,103.9 | $ 16,513.9 | $ 15,364.3 |
| Commercial mortgage loans | |||
| Mortgage loan disclosures | |||
| Mortgage loans, purchased | 166.8 | 200.5 | 127.5 |
| Mortgage loans, sold | 7.6 | 1.6 | 2.2 |
| Mortgage loans, Total amortized cost | $ 15,441.6 | $ 15,017.2 | 13,996.3 |
| Percent of mortgage loans (as a percent) | 100.00% | 100.00% | |
| Commercial mortgage loans | Office | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,491.7 | $ 4,887.1 | |
| Percent of mortgage loans (as a percent) | 29.00% | 32.60% | |
| Commercial mortgage loans | Retail | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 1,815.3 | $ 2,052.6 | |
| Percent of mortgage loans (as a percent) | 11.80% | 13.70% | |
| Commercial mortgage loans | Industrial | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 2,488.7 | $ 2,268.5 | |
| Percent of mortgage loans (as a percent) | 16.10% | 15.10% | |
| Commercial mortgage loans | Apartments | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 5,958.0 | $ 5,246.9 | |
| Percent of mortgage loans (as a percent) | 38.60% | 34.90% | |
| Commercial mortgage loans | Hotel | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 89.4 | $ 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 | $ 598.5 | $ 471.3 | |
| Percent of mortgage loans (as a percent) | 3.90% | 3.10% | |
| Commercial mortgage loans | New England | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 593.9 | $ 613.9 | |
| Percent of mortgage loans (as a percent) | 3.80% | 4.10% | |
| Commercial mortgage loans | Middle Atlantic | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,438.2 | $ 4,139.7 | |
| Percent of mortgage loans (as a percent) | 28.80% | 27.50% | |
| Commercial mortgage loans | East North Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 572.6 | $ 624.5 | |
| Percent of mortgage loans (as a percent) | 3.70% | 4.20% | |
| Commercial mortgage loans | West North Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 267.5 | $ 237.2 | |
| Percent of mortgage loans (as a percent) | 1.70% | 1.60% | |
| Commercial mortgage loans | South Atlantic | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 2,368.9 | $ 2,318.4 | |
| Percent of mortgage loans (as a percent) | 15.30% | 15.40% | |
| Commercial mortgage loans | East South Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 316.6 | $ 438.5 | |
| Percent of mortgage loans (as a percent) | 2.10% | 2.90% | |
| Commercial mortgage loans | West South Central | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 1,315.9 | $ 1,450.0 | |
| Percent of mortgage loans (as a percent) | 8.50% | 9.70% | |
| Commercial mortgage loans | Mountain | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 936.2 | $ 931.8 | |
| Percent of mortgage loans (as a percent) | 6.10% | 6.20% | |
| Commercial mortgage loans | Pacific | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 4,183.0 | $ 3,963.7 | |
| Percent of mortgage loans (as a percent) | 27.10% | 26.40% | |
| Commercial mortgage loans | International | |||
| Mortgage loan disclosures | |||
| Mortgage loans, Total amortized cost | $ 448.8 | $ 299.5 | |
| Percent of mortgage loans (as a percent) | 2.90% | 2.00% | |
| Residential mortgage loans | |||
| Mortgage loan disclosures | |||
| Mortgage loans, purchased | $ 1,151.1 | $ 489.2 | 394.2 |
| Mortgage loans, sold | 117.4 | 70.7 | 80.3 |
| Mortgage loans, Total amortized cost | $ 1,951.5 | $ 1,496.7 | $ 1,368.0 |
Investments - Real Estate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Real estate | |||
| Depreciation expense on invested real estate | $ 65.3 | $ 60.0 | $ 54.1 |
| Accumulated depreciation on invested real estate | $ 591.2 | $ 526.0 | |
Investments - Other Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Summarized financial information of unconsolidated entities | ||||||||||||
| Total assets | $ 296,627.7 | $ 276,087.8 | $ 296,627.7 | $ 276,087.8 | ||||||||
| Total liabilities | 279,754.8 | 261,137.1 | 279,754.8 | 261,137.1 | ||||||||
| Total stockholders' equity | 16,617.3 | 14,685.8 | 16,617.3 | 14,685.8 | $ 11,456.0 | $ 12,921.9 | ||||||
| Total revenues | 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | 14,741.7 | 16,222.1 | 14,237.2 | |
| Net income (loss) | 491.5 | $ 235.9 | $ 416.1 | $ 285.0 | 315.3 | $ 284.6 | $ 392.1 | $ 452.1 | 1,428.5 | 1,444.1 | 1,553.7 | |
| Other Types of Investments | ||||||||||||
| Direct financing leases | 710.8 | 782.9 | 710.8 | 782.9 | ||||||||
| Cash surrender value of company owned life insurance | 973.6 | 734.1 | 973.6 | 734.1 | ||||||||
| Certain sponsored investment funds carried at fair value | 638.8 | 678.7 | 638.8 | 678.7 | ||||||||
| Unconsolidated entities | ||||||||||||
| Summarized financial information of unconsolidated entities | ||||||||||||
| Total assets | 155,724.1 | 158,439.7 | 155,724.1 | 158,439.7 | ||||||||
| Total liabilities | 73,438.2 | 88,455.8 | 73,438.2 | 88,455.8 | ||||||||
| Total stockholders' equity | 82,285.9 | 69,983.9 | 82,285.9 | 69,983.9 | ||||||||
| Net investment in unconsolidated entities | $ 1,912.9 | $ 1,825.5 | 1,912.9 | 1,825.5 | ||||||||
| Total revenues | 14,989.0 | 17,802.2 | 15,389.4 | |||||||||
| Net income (loss) | 7,757.0 | 7,938.3 | 6,542.1 | |||||||||
| Our share of net income of unconsolidated entities | $ 143.9 | $ 222.5 | $ 161.6 | |||||||||
Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions |
Dec. 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 | $ 4,604.9 | $ 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 | 2,563.9 | 2,749.4 |
| Securities posted as collateral eligible to be sold or repledged | $ 133.4 | $ 163.9 |
Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | $ 527.2 | $ 312.3 |
| Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position | (132.5) | (88.4) |
| Collateral received, financial assets | (357.2) | (221.2) |
| Net amount of assets subject to netting agreements | 37.5 | 2.7 |
| Derivative assets | ||
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | 463.5 | 288.7 |
| Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position | (132.5) | (88.4) |
| Collateral received, financial assets | (293.5) | (197.6) |
| Net amount of assets subject to netting agreements | 37.5 | 2.7 |
| Gross amount of assets not subject to netting agreements | 0.0 | 6.0 |
| Reverse repurchase agreements | ||
| Financial Asset Offsetting | ||
| Gross amount of recognized assets subject to netting agreements | 63.7 | 23.6 |
| Collateral received, financial assets | $ (63.7) | $ (23.6) |
Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Financial Liability Offsetting | ||
| Gross amount of recognized liabilities subject to netting agreements | $ 186.2 | $ 216.0 |
| Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position | (132.5) | (88.4) |
| Collateral pledged, financial liabilities | (45.7) | (118.3) |
| Net amount of liabilities subject to netting agreements | 8.0 | 9.3 |
| Gross amount of liabilities not subject to netting agreements | $ 467.8 | $ 314.5 |
Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 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 | $ 148.3 | $ 271.6 |
| Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position | 180.2 | 164.7 |
| Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position | 148.3 | 271.6 |
| Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered | 44.4 | |
| Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements | 225.2 | 156.8 |
| Notional amount | 62,292.5 | 50,787.9 |
| Gross credit exposure | 473.5 | 301.6 |
| Less: collateral received | 294.7 | 208.3 |
| Net credit exposure | 178.8 | 93.3 |
| Interest rate swaps | ||
| Derivative Financial Instruments, exposure | ||
| Cash exchanged under contract | 0.0 | |
| Principal payments made under contract | 0.0 | |
| Notional amount | 44,472.1 | 35,173.6 |
| Gross credit exposure | 291.0 | 181.9 |
| Interest rate options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 2,083.9 | 1,416.9 |
| Gross credit exposure | 51.0 | 28.3 |
| Interest rate forwards | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,000.0 | |
| Gross credit exposure | 6.2 | |
| Interest rate futures | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 188.5 | 142.5 |
| Swaptions | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 62.0 | 62.0 |
| Currency forwards | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,115.8 | 1,182.3 |
| Gross credit exposure | 45.4 | 4.9 |
| Currency swaps | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,045.5 | 1,027.2 |
| Gross credit exposure | 43.3 | 55.4 |
| Currency options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 53.8 | |
| Gross credit exposure | 0.1 | |
| Equity options | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 1,857.8 | 1,672.8 |
| Gross credit exposure | 33.2 | 30.5 |
| Equity futures | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 218.1 | 149.5 |
| Credit default swaps | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | 295.0 | 165.0 |
| Gross credit exposure | 3.4 | 0.5 |
| Embedded derivative financial instruments | ||
| Derivative Financial Instruments, exposure | ||
| Notional amount | $ 9,953.8 | $ 9,742.3 |
Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | $ 463.5 | $ 294.7 |
| Derivative instruments, liabilities | 654.0 | 530.5 |
| Fair value of embedded derivative liabilities reported with contractholder funds | 467.8 | 214.2 |
| Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 21.1 | 30.0 |
| Derivative instruments, liabilities | 72.5 | 36.5 |
| Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 442.4 | 264.7 |
| Derivative instruments, liabilities | 581.5 | 494.0 |
| Interest rate contracts | Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, liabilities | 27.8 | 21.3 |
| Interest rate contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 339.3 | 204.2 |
| Derivative instruments, liabilities | 33.0 | 16.7 |
| Foreign exchange contracts | Derivatives designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 21.1 | 30.0 |
| Derivative instruments, liabilities | 44.7 | 15.2 |
| Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 66.5 | 29.5 |
| Derivative instruments, liabilities | 29.2 | 100.2 |
| Equity contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 33.2 | 30.5 |
| Derivative instruments, liabilities | 49.0 | 63.1 |
| Credit contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, assets | 3.4 | 0.5 |
| Derivative instruments, liabilities | 2.5 | 1.2 |
| Other contracts | Derivatives not designated as hedging instruments | ||
| Derivatives, fair value disclosures | ||
| Derivative instruments, liabilities | $ 467.8 | $ 312.8 |
Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Credit default swaps | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 170.0 | $ 90.0 |
| Fair value | 3.3 | 0.5 |
| Maximum future payments | $ 170.0 | $ 90.0 |
| Weighted average expected life | 3 years 9 months 18 days | 2 years 4 months 24 days |
| Single name credit default swaps | Corporate debt securities | A | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 20.0 | $ 5.0 |
| Fair value | 0.5 | |
| Maximum future payments | $ 20.0 | $ 5.0 |
| Weighted average expected life | 4 years 6 months | 6 months |
| Single name credit default swaps | Corporate debt securities | BBB | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 115.0 | $ 70.0 |
| Fair value | 2.1 | 0.2 |
| Maximum future payments | $ 115.0 | $ 70.0 |
| Weighted average expected life | 3 years 10 months 24 days | 2 years 7 months 6 days |
| Single name credit default swaps | Sovereign | A | ||
| Credit derivatives sold disclosures | ||
| Notional amount | $ 20.0 | |
| Fair value | 0.6 | |
| Maximum future payments | $ 20.0 | |
| Weighted average expected life | 4 years 6 months | |
| 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 | 2 years |
Derivative Financial Instruments - Fair Value Hedges (Details) - Fixed maturities, available-for-sale - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Fair Value Hedges | ||
| Amortized cost of hedged item - Active hedging relationships | $ 476.1 | $ 142.0 |
| Amortized cost of hedged item - Discontinued hedging relationships | 135.1 | 159.3 |
| Amortized cost of hedged item - Active or discontinued hedging relationships | 611.2 | 301.3 |
| Cumulative amount of fair value hedging basis adjustment - Active hedging relationships | 21.4 | 18.1 |
| Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships | 5.2 | 7.7 |
| Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships | $ 26.6 | $ 25.8 |
Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Cash Flow Hedges | |||
| Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships | $ (40.1) | $ (19.3) | $ 57.4 |
| Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months | 23.5 | ||
| 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 | (3.0) | (9.9) | 36.7 |
| 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 | $ (37.1) | $ (9.4) | 20.8 |
| Foreign exchange contracts | Investment contracts | |||
| Cash Flow Hedges | |||
| Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships | $ (0.1) | ||
Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Gains (losses) recognized for hedging relationships | |||
| Net investment income (loss) | $ 3,890.6 | $ 3,998.4 | $ 3,629.2 |
| Net realized capital gains (losses) | 302.6 | (52.8) | (75.4) |
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | 8,192.5 |
| Operating expenses | 4,646.5 | 4,503.9 | 4,136.7 |
| Fair Value Hedges | Interest rate contracts | Net investment income | |||
| Gains (losses) recognized for hedging relationships | |||
| Gain (loss) recognized on hedged item | 3.3 | 5.7 | |
| Gain (loss) recognized on derivatives | (3.8) | (6.0) | |
| Amortization of hedged item basis adjustments | (2.5) | (4.2) | (6.7) |
| Amounts related to periodic settlements on derivatives | (6.2) | (3.4) | (5.9) |
| Total gain (loss) recognized for hedging relationships | (9.2) | (7.9) | (12.6) |
| Fair Value Hedges | Interest rate contracts | Net realized capital gains (losses) | |||
| Gains (losses) recognized for hedging relationships | |||
| Gain (loss) recognized on hedged item | (6.6) | ||
| Gain (loss) recognized on derivatives | 6.2 | ||
| Total gain (loss) recognized for hedging relationships | (0.4) | ||
| Cash Flow Hedges | Net investment income | |||
| Gains (losses) recognized for hedging relationships | |||
| Total gain (loss) recognized for hedging relationships | 26.3 | 27.2 | 26.9 |
| Cash Flow Hedges | Net realized capital gains (losses) | |||
| Gains (losses) recognized for hedging relationships | |||
| Total gain (loss) recognized for hedging relationships | 9.1 | 9.0 | 30.0 |
| Cash Flow Hedges | Benefits, claims and settlement expenses | |||
| Gains (losses) recognized for hedging relationships | |||
| Total gain (loss) recognized for hedging relationships | (0.1) | (0.1) | (0.2) |
| Cash Flow Hedges | Operating expense | |||
| Gains (losses) recognized for hedging relationships | |||
| Total gain (loss) recognized for hedging relationships | (4.8) | (10.7) | |
| Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives | |||
| Gains (losses) recognized for hedging relationships | |||
| Net investment income (loss) | 18.1 | 19.8 | 20.9 |
| Net realized capital gains (losses) | 2.7 | (0.6) | 17.0 |
| Benefits, claims and settlement expenses | 0.1 | 0.1 | 0.1 |
| Operating expenses | 4.8 | 10.7 | |
| Cash Flow Hedges | Interest rate contracts | Net realized capital gains (losses) | |||
| Gains (losses) recognized for hedging relationships | |||
| Gain (loss) reclassified from AOCI into net income as a result that a forecasted transaction is no longer probable of occurring | 0.1 | 0.1 | 0.3 |
| Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives | |||
| Gains (losses) recognized for hedging relationships | |||
| Net realized capital gains (losses) | 6.3 | 9.5 | 12.7 |
| Cash Flow Hedges | Foreign exchange contracts | Net investment income | |||
| Gains (losses) recognized for hedging relationships | |||
| Amounts related to periodic settlements on derivatives | 8.2 | $ 7.4 | 6.0 |
| Cash Flow Hedges | Foreign exchange contracts | Benefits, claims and settlement expenses | |||
| Gains (losses) recognized for hedging relationships | |||
| Amounts related to periodic settlements on derivatives | $ (0.1) | ||
| Net investment hedging relationships | |||
| Gains (losses) recognized for hedging relationships | |||
| Amount of gain (loss) recognized in accumulated OCI on derivatives | 7.9 | ||
| Net investment hedging relationships | Gain (loss) reclassified from AOCI on derivatives | |||
| Gains (losses) recognized for hedging relationships | |||
| Net realized capital gains (losses) | (7.1) | ||
| Net investment hedging relationships | Foreign exchange contracts | |||
| Gains (losses) recognized for hedging relationships | |||
| Amount of gain (loss) recognized in accumulated OCI on derivatives | 7.9 | ||
| Net investment hedging relationships | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives | |||
| Gains (losses) recognized for hedging relationships | |||
| Net realized capital gains (losses) | $ (7.1) | ||
Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Effect of derivatives not designated as hedging instruments on the consolidated statements of operations | |||
| Amount of gain (loss) recognized in net income on derivatives | $ 50.9 | $ (145.2) | $ (15.9) |
| 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 | 346.5 | 218.0 | (27.6) |
| 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 | 54.7 | (58.6) | (64.2) |
| Equity contracts | |||
| Effect of derivatives not designated as hedging instruments on the consolidated statements of operations | |||
| Amount of gain (loss) recognized in net income on derivatives | (96.6) | (132.9) | (31.0) |
| 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 | 1.8 | (3.6) | (1.6) |
| Other contracts | |||
| Effect of derivatives not designated as hedging instruments on the consolidated statements of operations | |||
| Amount of gain (loss) recognized in net income on derivatives | $ (255.5) | $ (168.1) | $ 108.5 |
Closed Block - Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Closed Block liabilities and assets designated to the Closed Block | ||||
| Closed Block liabilities: Policyholder dividends obligation | $ 298.2 | $ 202.7 | ||
| Closed Block liabilities | ||||
| Closed Block liabilities: Future policy benefits and claims | 3,423.2 | 3,563.1 | ||
| Closed Block liabilities: Other policyholder funds | 6.0 | 6.6 | ||
| Closed Block liabilities: Policyholder dividends payable | 189.0 | 199.1 | ||
| Closed Block liabilities: Policyholder dividends obligation | 298.2 | 202.7 | ||
| Closed Block liabilities: Other liabilities | 8.7 | 7.8 | ||
| Total Closed Block liabilities | 3,925.1 | 3,979.3 | ||
| Assets designated to the Closed Block | ||||
| Closed Block assets: Fixed maturities, available-for-sale | 2,353.3 | 2,269.6 | ||
| Closed Block assets: Fixed maturities, trading | 2.6 | 2.6 | ||
| Closed Block assets: Equity securities | 1.1 | 1.1 | ||
| Closed Block assets: Mortgage loans | 565.9 | 622.8 | ||
| Closed Block assets: Policy loans | 456.8 | 486.0 | ||
| Closed Block assets: Other investments | 61.7 | 46.4 | ||
| Closed Block assets: Total investments | 3,441.4 | 3,428.5 | ||
| Closed Block assets: Cash and cash equivalents | 23.2 | 47.5 | ||
| Closed Block assets: Accrued investment income | 35.4 | 38.1 | ||
| Closed Block assets: Premiums due and other receivables | 8.3 | 9.7 | ||
| Closed Block assets: Deferred tax asset | 24.2 | 29.5 | ||
| Total assets designated to the Closed Block | 3,532.5 | 3,553.3 | ||
| Excess of Closed Block liabilities over assets designated to the Closed Block | 392.6 | 426.0 | ||
| Amounts included in accumulated other comprehensive income (loss) | 0.9 | 0.9 | ||
| Maximum future earnings to be recognized from Closed Block assets and liabilities | $ 393.5 | $ 426.9 | $ 476.8 | $ 532.1 |
Closed Block - Revenues and Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues | |||
| Closed Block: Premiums and other considerations | $ 217.6 | $ 227.6 | $ 244.2 |
| Closed Block: Net investment income (loss) | 143.6 | 154.4 | 160.5 |
| Closed Block: Net realized capital gains (losses) | 16.0 | 7.4 | (3.4) |
| Closed Block: Total revenues | 377.2 | 389.4 | 401.3 |
| Expenses | |||
| Closed Block: Benefits, claims and settlement expenses | 212.8 | 204.4 | 211.5 |
| Closed Block: Dividends to policyholders | 117.8 | 116.3 | 120.9 |
| Closed Block: Operating expenses | 2.7 | 2.9 | 3.3 |
| Closed Block: Total expenses | 333.3 | 323.6 | 335.7 |
| Closed Block revenues, net of Closed Block expenses, before income taxes | 43.9 | 65.8 | 65.6 |
| Closed Block: Income taxes (benefits) | 8.4 | 12.9 | 11.1 |
| Closed Block revenues, net of Closed Block expenses and income taxes | 35.5 | 52.9 | 54.5 |
| Funding adjustment charges | (2.2) | (3.0) | (0.5) |
| Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments | $ 33.3 | $ 49.9 | $ 54.0 |
Closed Block - Change in Maximum Future Earnings (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Change in maximum future earnings of the Closed Block | |||
| Maximum future earnings to be recognized from Closed Block assets and liabilities, Beginning of year | $ 426.9 | $ 476.8 | $ 532.1 |
| Effects of implementation of accounting changes | 0.1 | 1.3 | |
| Maximum future earnings to be recognized from Closed Block assets and liabilities, End of year | 393.5 | 426.9 | 476.8 |
| Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustment charges | $ (33.3) | $ (49.9) | $ (54.0) |
Deferred Acquisition Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Change in deferred acquisition costs | |||
| Balance at beginning of year, deferred acquisition costs | $ 3,521.3 | $ 3,693.5 | $ 3,540.7 |
| Costs deferred during the year | 457.0 | 473.5 | 414.9 |
| Amortization of deferred acquisition costs | (388.1) | (347.0) | (253.5) |
| Adjustment related to unrealized (gains) losses on available-for-sale securities and derivative instruments | (180.5) | (298.7) | 184.9 |
| Other | (193.5) | ||
| Balance at end of year, deferred acquisition costs | $ 3,409.7 | $ 3,521.3 | $ 3,693.5 |
Insurance Liabilities - Components of Contractholder Funds (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Liabilities for investment contracts: | ||
| Liabilities for individual annuities | $ 12,864.1 | $ 13,457.5 |
| GICs | 11,858.0 | 10,423.5 |
| Funding agreements | 9,407.3 | 8,640.6 |
| Other investment contracts | 1,762.4 | 1,596.7 |
| Total liabilities for investment contracts | 35,891.8 | 34,118.3 |
| Universal life and other reserves | 7,345.9 | 7,249.2 |
| Contractholder funds | $ 43,237.7 | $ 41,367.5 |
Insurance Liabilities - Contractholder Funding Agreements (Details) $ in Millions, € in Billions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2020
USD ($)
item
|
Apr. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Nov. 30, 2017
USD ($)
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2011
USD ($)
|
Dec. 31, 2006
USD ($)
|
Dec. 31, 2006
EUR (€)
|
Mar. 31, 2004
USD ($)
|
Dec. 31, 2001
USD ($)
|
Dec. 31, 1998
USD ($)
|
|
| Funding agreement disclosures | |||||||||||
| Funding agreements | $ 9,407.3 | $ 8,640.6 | |||||||||
| Principal Life Insurance Company | |||||||||||
| Funding agreement disclosures | |||||||||||
| Number of separate funding agreement programs | item | 5 | ||||||||||
| Number of funding agreement programs not guaranteed by PFG | item | 3 | ||||||||||
| Principal Life Insurance Company | FHLB Des Moines funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Funding agreements | $ 4,252.5 | 4,010.9 | |||||||||
| Principal Life Insurance Company | 1998 Funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Maximum authorized amount of funding agreements to be issued | $ 4,000.0 | ||||||||||
| Funding agreements | 75.0 | 75.2 | |||||||||
| Principal Life Insurance Company | 2006 Funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Maximum authorized amount of funding agreements to be issued | $ 5,300.0 | € 4.0 | |||||||||
| Funding agreements | 122.4 | 112.2 | |||||||||
| Principal Life Insurance Company | 2001 Funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Maximum authorized amount of funding agreements to be issued | $ 7,000.0 | ||||||||||
| Funding agreements | 201.8 | 201.7 | |||||||||
| Principal Life Insurance Company | 2004 Funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Maximum authorized amount of funding agreements to be issued | $ 9,000.0 | ||||||||||
| Funding agreements | $ 0.0 | 26.2 | |||||||||
| Principal Life Insurance Company | 2011 Funding agreement program | |||||||||||
| Funding agreement disclosures | |||||||||||
| Maximum authorized amount of funding agreements to be issued | $ 5,000.0 | ||||||||||
| Funding agreements | $ 4,755.8 | $ 4,214.3 | |||||||||
| Additional maximum authorized amount of funding agreements to be issued | $ 4,000.0 | $ 4,000.0 | |||||||||
| Amount of funding agreement authorization used at time additional amount authorized | $ 5,000.0 | ||||||||||
Insurance Liabilities - Liability for Unpaid Claims (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Change in unpaid claims | |||
| Balance at beginning of period, unpaid claims | $ 2,365.5 | $ 2,252.7 | $ 2,130.5 |
| Balance at beginning of period, reinsurance recoverables for unpaid claims | 403.8 | 404.3 | 375.8 |
| Net balance at beginning of period, unpaid claims | 1,961.7 | 1,848.4 | 1,754.7 |
| Incurred: | |||
| Incurred: Current year | 1,376.8 | 1,361.3 | 1,268.8 |
| Incurred: Prior years | 26.6 | 0.8 | 0.3 |
| Total incurred | 1,403.4 | 1,362.1 | 1,269.1 |
| Payments: | |||
| Payments: Current year | 863.8 | 869.4 | 815.7 |
| Payments: Prior years | 403.3 | 379.4 | 359.7 |
| Total payments | 1,267.1 | 1,248.8 | 1,175.4 |
| Net balance at end of period, unpaid claims | 2,098.0 | 1,961.7 | 1,848.4 |
| Balance at end of period, reinsurance recoverables for unpaid claims | 436.9 | 403.8 | 404.3 |
| Balance at end of period, unpaid claims | 2,534.9 | 2,365.5 | 2,252.7 |
| Amount not included in the rollforward above: | |||
| Claim adjustment expense liabilities | $ 57.8 | $ 57.9 | $ 54.6 |
Insurance Liabilities - Claims Development Tables (Details) $ in Millions |
Dec. 31, 2020
USD ($)
claim
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2011
USD ($)
|
|---|---|---|---|---|---|---|---|---|---|---|
| Claims Development | ||||||||||
| Total outstanding liabilities for unpaid claims net of reinsurance | $ 1,333.2 | |||||||||
| Long-Term Disability/Group Life Waiver | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 2,125.4 | |||||||||
| Net cumulative paid claims | 1,156.8 | |||||||||
| Liability for unpaid claims net, not separately presented | 240.2 | |||||||||
| Total outstanding liabilities for unpaid claims net of reinsurance | 1,208.8 | |||||||||
| Long-Term Disability/Group Life Waiver | Incurral year 2011 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 167.0 | $ 166.5 | $ 167.6 | $ 169.6 | $ 172.3 | $ 178.4 | $ 184.8 | $ 185.4 | $ 192.6 | $ 203.7 |
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 6,294 | |||||||||
| Net cumulative paid claims | $ 129.7 | 125.4 | 119.3 | 112.6 | 105.2 | 95.4 | 85.7 | 72.5 | 50.0 | $ 11.2 |
| Long-Term Disability/Group Life Waiver | Incurral year 2012 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 173.1 | 171.9 | 173.3 | 174.8 | 181.8 | 189.5 | 191.1 | 200.0 | 217.9 | |
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 6,445 | |||||||||
| Net cumulative paid claims | $ 131.5 | 126.1 | 120.0 | 112.9 | 104.6 | 93.7 | 80.8 | 55.1 | $ 13.8 | |
| Long-Term Disability/Group Life Waiver | Incurral year 2013 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 173.4 | 177.1 | 179.5 | 182.3 | 190.7 | 188.4 | 203.3 | 219.3 | ||
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 7,050 | |||||||||
| Net cumulative paid claims | $ 129.0 | 123.2 | 116.4 | 106.4 | 97.0 | 81.4 | 55.0 | $ 12.5 | ||
| Long-Term Disability/Group Life Waiver | Incurral year 2014 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 202.0 | 201.9 | 206.2 | 218.1 | 214.4 | 231.4 | 242.2 | |||
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 7,603 | |||||||||
| Net cumulative paid claims | $ 140.8 | 132.4 | 122.3 | 111.8 | 96.3 | 66.0 | $ 16.1 | |||
| Long-Term Disability/Group Life Waiver | Incurral year 2015 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 210.0 | 208.2 | 215.3 | 217.2 | 227.2 | 231.0 | ||||
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 7,179 | |||||||||
| Net cumulative paid claims | $ 137.1 | 126.8 | 114.6 | 98.0 | 67.0 | $ 16.9 | ||||
| Long-Term Disability/Group Life Waiver | Incurral year 2016 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 214.4 | 219.5 | 219.4 | 228.4 | 229.8 | |||||
| Incurred but not reported claims | $ 0.1 | |||||||||
| Cumulative number of reported claims | claim | 6,163 | |||||||||
| Net cumulative paid claims | $ 136.8 | 124.9 | 105.6 | 70.6 | $ 16.2 | |||||
| Long-Term Disability/Group Life Waiver | Incurral year 2017 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 245.8 | 243.1 | 239.7 | 238.4 | ||||||
| Incurred but not reported claims | $ 4.4 | |||||||||
| Cumulative number of reported claims | claim | 6,074 | |||||||||
| Net cumulative paid claims | $ 135.9 | 115.0 | 76.5 | $ 17.8 | ||||||
| Long-Term Disability/Group Life Waiver | Incurral year 2018 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 239.2 | 245.1 | 239.4 | |||||||
| Incurred but not reported claims | $ 6.6 | |||||||||
| Cumulative number of reported claims | claim | 5,738 | |||||||||
| Net cumulative paid claims | $ 115.7 | 79.9 | $ 20.1 | |||||||
| Long-Term Disability/Group Life Waiver | Incurral year 2019 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 248.4 | 255.2 | ||||||||
| Incurred but not reported claims | $ 3.2 | |||||||||
| Cumulative number of reported claims | claim | 5,858 | |||||||||
| Net cumulative paid claims | $ 79.7 | 19.2 | ||||||||
| Long-Term Disability/Group Life Waiver | Incurral year 2020 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 252.1 | |||||||||
| Incurred but not reported claims | $ 87.0 | |||||||||
| Cumulative number of reported claims | claim | 3,588 | |||||||||
| Net cumulative paid claims | $ 20.6 | |||||||||
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 1,391.4 | |||||||||
| Net cumulative paid claims | 1,321.0 | |||||||||
| Total outstanding liabilities for unpaid claims net of reinsurance | 70.4 | |||||||||
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | Incurral year 2019 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | $ 711.6 | 724.7 | ||||||||
| Cumulative number of reported claims | claim | 3,363,947 | |||||||||
| Net cumulative paid claims | $ 711.5 | 653.5 | ||||||||
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | Incurral year 2020 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 679.8 | |||||||||
| Incurred but not reported claims | $ 45.0 | |||||||||
| Cumulative number of reported claims | claim | 2,899,957 | |||||||||
| Net cumulative paid claims | $ 609.5 | |||||||||
| Group Life | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 495.2 | |||||||||
| Net cumulative paid claims | 442.3 | |||||||||
| Liability for unpaid claims net, not separately presented | 1.1 | |||||||||
| Total outstanding liabilities for unpaid claims net of reinsurance | 54.0 | |||||||||
| Group Life | Incurral year 2019 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 224.6 | 228.3 | ||||||||
| Incurred but not reported claims | $ 0.7 | |||||||||
| Cumulative number of reported claims | claim | 5,117 | |||||||||
| Net cumulative paid claims | $ 223.0 | $ 181.7 | ||||||||
| Group Life | Incurral year 2020 | ||||||||||
| Claims Development | ||||||||||
| Net incurred claims | 270.6 | |||||||||
| Incurred but not reported claims | $ 21.9 | |||||||||
| Cumulative number of reported claims | claim | 5,505 | |||||||||
| Net cumulative paid claims | $ 219.3 |
Insurance Liabilities - Reconciliation of Unpaid Claims to Liability for Unpaid Claims Table (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
| Net outstanding liabilities for unpaid claims | $ 1,333.2 | |||
| Reconciling items | ||||
| Reinsurance recoverable on unpaid claims | 53.4 | |||
| Impact of discounting | (214.5) | |||
| Liability for unpaid claims - short duration contracts | 1,172.1 | |||
| Insurance contracts other than short duration | 1,362.8 | |||
| Liability for unpaid claims | 2,534.9 | $ 2,365.5 | $ 2,252.7 | $ 2,130.5 |
| Long-Term Disability/Group Life Waiver | ||||
| Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
| Net outstanding liabilities for unpaid claims | 1,208.8 | |||
| Reconciling items | ||||
| Reinsurance recoverable on unpaid claims | 53.3 | |||
| Impact of discounting | (214.5) | (215.0) | ||
| Liability for unpaid claims - short duration contracts | 1,047.6 | 1,029.9 | ||
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | ||||
| Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
| Net outstanding liabilities for unpaid claims | 70.4 | |||
| Reconciling items | ||||
| Liability for unpaid claims - short duration contracts | 70.4 | 71.2 | ||
| Group Life | ||||
| Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
| Net outstanding liabilities for unpaid claims | 54.0 | |||
| Reconciling items | ||||
| Reinsurance recoverable on unpaid claims | 0.1 | |||
| Liability for unpaid claims - short duration contracts | $ 54.1 | $ 50.4 |
Insurance Liabilities - Claim Duration and Payout Table (Details) |
Dec. 31, 2020 |
|---|---|
| Long-Term Disability/Group Life Waiver | |
| Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 7.70% |
| Year 2 | 24.30% |
| Year 3 | 15.10% |
| Year 4 | 8.20% |
| Year 5 | 5.70% |
| Year 6 | 5.20% |
| Year 7 | 4.20% |
| Year 8 | 3.60% |
| Year 9 | 3.40% |
| Year 10 | 2.60% |
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | |
| Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 91.70% |
| Year 2 | 8.00% |
| Group Life | |
| Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 81.50% |
| Year 2 | 17.30% |
Insurance Liabilities - Discounting Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Carrying amount of liabilities for unpaid claims | $ 1,172.1 | ||
| Aggregate amount of discount | 214.5 | ||
| Long-Term Disability/Group Life Waiver | |||
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Carrying amount of liabilities for unpaid claims | 1,047.6 | $ 1,029.9 | |
| Aggregate amount of discount | 214.5 | 215.0 | |
| Interest accretion | $ 33.9 | $ 34.2 | $ 34.5 |
| Long-Term Disability/Group Life Waiver | Minimum | |||
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Discount rate | 2.80% | 3.30% | |
| Long-Term Disability/Group Life Waiver | Maximum | |||
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Discount rate | 7.00% | 7.00% | |
| Dental/Vision/Short-Term Disability/Critical Illness/Accident | |||
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Carrying amount of liabilities for unpaid claims | $ 70.4 | $ 71.2 | |
| Group Life | |||
| Short-duration Insurance Contracts, Discounted Liabilities [Line Items] | |||
| Carrying amount of liabilities for unpaid claims | $ 54.1 | $ 50.4 | |
Debt - Short-Term Debt (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Short-Term Debt | ||
| Credit facilities | $ 986.6 | $ 994.5 |
| Short-term debt | $ 84.7 | $ 93.4 |
| Weighted-average interest rates on short-term borrowings (as a percent) | 3.40% | 3.40% |
| Credit facility maturing November 2023 | PFG, PFS, Principal Life as co-borrowers | ||
| Short-Term Debt | ||
| Credit facilities | $ 600.0 | $ 600.0 |
| Credit facility maturing November 2023 | PFG, PFS, Principal Life and Principal Financial Services V (UK) LTD as co-borrowers | ||
| Short-Term Debt | ||
| Credit facilities | 200.0 | 200.0 |
| Unsecured lines of credit | Principal International Chile | ||
| Short-Term Debt | ||
| Credit facilities | 186.6 | 134.5 |
| Short-term debt | $ 84.7 | $ 93.4 |
| Unsecured lines of credit | Maximum | Principal International Chile | ||
| Short-Term Debt | ||
| Term of credit facility | 1 year | 1 year |
| Unsecured line of credit maturing September 2020 | Principal Life Insurance Company | ||
| Short-Term Debt | ||
| Credit facilities | $ 60.0 | |
| Commercial paper | ||
| Short-Term Debt | ||
| Support provided by back-stop facility for commercial paper program (as a percent) | 100.00% | 100.00% |
| Back-stop facility outstanding balances | $ 0.0 | $ 0.0 |
Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Long-Term Debt | ||
| Long-term debt principal | $ 4,311.1 | $ 3,763.2 |
| Net unamortized discount, premium and debt issuance costs | (31.9) | (29.1) |
| Long-term debt carrying amount | $ 4,279.2 | $ 3,734.1 |
| 3.3% notes payable, due 2022 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.30% | 3.30% |
| Long-term debt principal | $ 300.0 | $ 300.0 |
| Net unamortized discount, premium and debt issuance costs | (0.7) | (1.0) |
| Long-term debt carrying amount | $ 299.3 | $ 299.0 |
| 3.125% notes payable, due 2023 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.125% | 3.125% |
| Long-term debt principal | $ 300.0 | $ 300.0 |
| Net unamortized discount, premium and debt issuance costs | (0.7) | (1.0) |
| Long-term debt carrying amount | $ 299.3 | $ 299.0 |
| 3.4% notes payable, due 2025 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.40% | 3.40% |
| Long-term debt principal | $ 400.0 | $ 400.0 |
| Net unamortized discount, premium and debt issuance costs | (2.2) | (2.6) |
| Long-term debt carrying amount | $ 397.8 | $ 397.4 |
| 3.1% notes payable, due 2026 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.10% | 3.10% |
| Long-term debt principal | $ 350.0 | $ 350.0 |
| Net unamortized discount, premium and debt issuance costs | (2.1) | (2.5) |
| Long-term debt carrying amount | $ 347.9 | $ 347.5 |
| 3.7% notes payable, due 2029 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.70% | 3.70% |
| Long-term debt principal | $ 500.0 | $ 500.0 |
| Net unamortized discount, premium and debt issuance costs | (5.5) | (6.1) |
| Long-term debt carrying amount | $ 494.5 | $ 493.9 |
| 2.125% notes payable, due 2030 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 2.125% | |
| Long-term debt principal | $ 600.0 | |
| Net unamortized discount, premium and debt issuance costs | (4.6) | |
| Long-term debt carrying amount | $ 595.4 | |
| 6.05% notes payable, due 2036 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 6.05% | 6.05% |
| Long-term debt principal | $ 505.6 | $ 505.6 |
| Net unamortized discount, premium and debt issuance costs | (2.5) | (2.4) |
| Long-term debt carrying amount | $ 503.1 | $ 503.2 |
| 4.625% notes payable, due 2042 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 4.625% | 4.625% |
| Long-term debt principal | $ 300.0 | $ 300.0 |
| Net unamortized discount, premium and debt issuance costs | (3.1) | (3.2) |
| Long-term debt carrying amount | $ 296.9 | $ 296.8 |
| 4.35% notes payable, due 2043 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 4.35% | 4.35% |
| Long-term debt principal | $ 300.0 | $ 300.0 |
| Net unamortized discount, premium and debt issuance costs | (3.1) | (3.3) |
| Long-term debt carrying amount | $ 296.9 | $ 296.7 |
| 4.3% notes payable, due 2046 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 4.30% | 4.30% |
| Long-term debt principal | $ 300.0 | $ 300.0 |
| Net unamortized discount, premium and debt issuance costs | (3.2) | (3.3) |
| Long-term debt carrying amount | 296.8 | $ 296.7 |
| 4.7% notes payable, due 2055 | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 4.70% | |
| Long-term debt principal | $ 400.0 | |
| Net unamortized discount, premium and debt issuance costs | (4.9) | |
| Long-term debt carrying amount | 395.1 | |
| Floating rate notes payable, due 2055 | ||
| Long-Term Debt | ||
| Long-term debt principal | 400.0 | |
| Net unamortized discount, premium and debt issuance costs | (4.7) | |
| Long-term debt carrying amount | 395.3 | |
| Non-recourse mortgages and notes payable | ||
| Long-Term Debt | ||
| Long-term debt principal | 55.5 | 107.6 |
| Net unamortized discount, premium and debt issuance costs | 0.5 | 1.2 |
| Long-term debt carrying amount | $ 56.0 | $ 108.8 |
Debt - Senior Notes and Junior Subordinated Notes (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 07, 2015 |
Sep. 05, 2012 |
Aug. 15, 2009 |
Dec. 31, 2016 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Aug. 03, 2020 |
Jun. 12, 2020 |
May 07, 2019 |
Nov. 10, 2016 |
Nov. 16, 2012 |
May 18, 2009 |
Dec. 05, 2006 |
Oct. 16, 2006 |
|
| Long-Term Debt | |||||||||||||||
| Principal repayments of long-term debt | $ 65.8 | $ 32.2 | $ 1.3 | ||||||||||||
| Maximum | Junior subordinated notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Years interest payments on debt can be deferred | 5 years | ||||||||||||||
| 3.1% notes payable, due 2026 and 4.3% notes payable, due 2046 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 650.0 | ||||||||||||||
| 3.1% notes payable, due 2026 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 3.10% | 3.10% | |||||||||||||
| 3.1% notes payable, due 2026 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 350.0 | ||||||||||||||
| Interest rate (as a percent) | 3.10% | ||||||||||||||
| 4.3% notes payable, due 2046 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 4.30% | 4.30% | |||||||||||||
| 4.3% notes payable, due 2046 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 4.30% | ||||||||||||||
| 3.4% notes payable, due 2025 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 3.40% | 3.40% | |||||||||||||
| 3.4% notes payable, due 2025 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 400.0 | ||||||||||||||
| Interest rate (as a percent) | 3.40% | ||||||||||||||
| 4.7% notes payable, due 2055 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 4.70% | ||||||||||||||
| 4.7% notes payable, due 2055 | Junior subordinated notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 400.0 | ||||||||||||||
| Interest rate (as a percent) | 4.70% | ||||||||||||||
| Reference rate for floating rate of debt instrument | 3-month LIBOR | ||||||||||||||
| Spread added to floating reference interest rate (as a percent) | 3.044% | ||||||||||||||
| 1.85% notes payable, due 2017; 3.125% notes payable, due 2023; and 4.35% notes payable, due 2043 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 900.0 | ||||||||||||||
| 1.85% notes payable, due 2017 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 1.85% | ||||||||||||||
| 3.125% notes payable, due 2023 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 3.125% | 3.125% | |||||||||||||
| 3.125% notes payable, due 2023 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 3.125% | ||||||||||||||
| 4.35% notes payable, due 2043 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 4.35% | 4.35% | |||||||||||||
| 4.35% notes payable, due 2043 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 4.35% | ||||||||||||||
| 3.3% notes payable, due 2022 and 4.625% notes payable, due 2042 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 600.0 | ||||||||||||||
| 3.3% notes payable, due 2022 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 3.30% | 3.30% | |||||||||||||
| 3.3% notes payable, due 2022 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 3.30% | ||||||||||||||
| 4.625% notes payable, due 2042 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 4.625% | 4.625% | |||||||||||||
| 4.625% notes payable, due 2042 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 300.0 | ||||||||||||||
| Interest rate (as a percent) | 4.625% | ||||||||||||||
| 7.875% notes payable, due 2014 and 8.875% notes payable, due 2019 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 750.0 | ||||||||||||||
| 7.875% notes payable, due 2014 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 400.0 | ||||||||||||||
| Interest rate (as a percent) | 7.875% | ||||||||||||||
| Principal repayments of long-term debt | $ 400.0 | ||||||||||||||
| 8.875% notes payable, due 2019 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 350.0 | ||||||||||||||
| Interest rate (as a percent) | 8.875% | ||||||||||||||
| 8.2% notes payable, due 2009 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Principal repayments of long-term debt | $ 440.9 | ||||||||||||||
| 6.05% notes payable, due 2036 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 6.05% | 6.05% | |||||||||||||
| 6.05% notes payable, due 2036 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Principal repayments of long-term debt | $ 94.4 | ||||||||||||||
| 6.05% notes payable, due 2036, issued in October 2006 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 500.0 | ||||||||||||||
| Interest rate (as a percent) | 6.05% | ||||||||||||||
| 6.05% notes payable, due 2036, issued in December 2006 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 100.0 | ||||||||||||||
| Interest rate (as a percent) | 6.05% | ||||||||||||||
| 3.7% notes payable, due 2029 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 3.70% | 3.70% | |||||||||||||
| 3.7% notes payable, due 2029 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 500.0 | ||||||||||||||
| Interest rate (as a percent) | 3.70% | ||||||||||||||
| 2.125% notes payable, due 2030 | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Interest rate (as a percent) | 2.125% | ||||||||||||||
| 2.125% notes payable, due 2030 | Senior notes | |||||||||||||||
| Long-Term Debt | |||||||||||||||
| Long-term debt issued | $ 100.0 | $ 500.0 | |||||||||||||
| Interest rate (as a percent) | 2.125% | 2.125% | |||||||||||||
Debt - Non-Recourse Mortgages and Notes Payable (Details) - Non-recourse mortgages and notes payable - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Long-Term Debt | ||
| Outstanding principal balances per real estate development, low end of range | $ 3.1 | $ 3.7 |
| Outstanding principal balances per real estate development, high end of range | 15.1 | 64.2 |
| Real estate | $ 194.1 | $ 238.2 |
| Minimum | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 3.50% | 3.90% |
| Maximum | ||
| Long-Term Debt | ||
| Interest rate (as a percent) | 4.80% | 4.80% |
Debt - Future Maturities of Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Future maturities of long-term debt | ||
| Year 1: Long-term debt maturities | $ 2.0 | |
| Year 2: Long-term debt maturities | 301.4 | |
| Year 3: Long-term debt maturities | 323.8 | |
| Year 4: Long-term debt maturities | 17.5 | |
| Year 5: Long-term debt maturities | 398.2 | |
| Year 6 and thereafter: Long-term debt maturities | 3,236.3 | |
| Long-term debt carrying amount | $ 4,279.2 | $ 3,734.1 |
Debt - Contingent Funding Agreements (Details) $ in Millions |
Mar. 08, 2018
USD ($)
item
|
|---|---|
| Contingent funding agreements | |
| Long-Term Debt | |
| Number of contingent funding agreements | item | 2 |
| Period failure to make payments to trust can be cured before automatic exercise of put options | 30 days |
| Minimum shareholders' equity excluding AOCI and NCI, to avoid automatic exercise of options | $ 4,000.0 |
| 10-year contingent funding agreement | 2028 Trust | |
| Long-Term Debt | |
| Term of contingent funding agreement | 10 years |
| Semi-annual put premium (as a percent) | 1.275% |
| 10-year contingent funding agreement | 2028 Trust | Senior Notes due 2028 | |
| Long-Term Debt | |
| Amount of notes issuable under option | $ 400.0 |
| Interest rate (as a percent) | 4.111% |
| 30-year contingent funding agreement | 2048 Trust | |
| Long-Term Debt | |
| Term of contingent funding agreement | 30 years |
| Annual put premium (as a percent) | 1.58% |
| 30-year contingent funding agreement | 2048 Trust | Senior Notes due 2048 | |
| Long-Term Debt | |
| Amount of notes issuable under option | $ 350.0 |
| Interest rate (as a percent) | 4.682% |
| 2028 Trust | |
| Long-Term Debt | |
| Pre-capitalized trust securities sold | $ 400.0 |
| 2048 Trust | |
| Long-Term Debt | |
| Pre-capitalized trust securities sold | $ 350.0 |
Income Taxes - Income Tax Expense and Income Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Taxes | |||
| Current income taxes (benefits): U.S. federal | $ 15.8 | $ 31.9 | $ (48.9) |
| Current income taxes (benefits): State | 5.0 | 18.1 | 10.3 |
| Current income taxes (benefits): Foreign | 55.4 | 45.6 | 51.7 |
| Current income taxes (benefits): Tax benefit of operating loss carryforwards | (3.3) | (3.0) | (13.5) |
| Total current income taxes (benefits) | 72.9 | 92.6 | (0.4) |
| Deferred income taxes (benefits): U.S. federal | 143.6 | 108.6 | 224.3 |
| Deferred income taxes (benefits): State | 11.5 | 6.9 | 19.2 |
| Deferred income taxes (benefits): Foreign | 37.0 | 41.1 | (12.4) |
| Total deferred income taxes (benefits) | 192.1 | 156.6 | 231.1 |
| Income taxes (benefits) | 265.0 | 249.2 | 230.7 |
| Income (loss) before income taxes | |||
| Income (loss) before income taxes - domestic | 1,323.2 | 1,351.9 | 1,661.1 |
| Income (loss) before income taxes - foreign | 370.3 | 341.4 | 123.3 |
| Income (loss) before income taxes | $ 1,693.5 | $ 1,693.3 | $ 1,784.4 |
Income Taxes - Effective Income Tax Rate (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| 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% | 21.00% |
| Dividends received deduction (as a percent) | (4.00%) | (5.00%) | (4.00%) |
| Tax credits (as a percent) | (3.00%) | (3.00%) | (3.00%) |
| Impact of equity method presentation (as a percent) | (1.00%) | (2.00%) | (1.00%) |
| Interest exclusion from taxable income (as a percent) | (1.00%) | (1.00%) | |
| Impact of the Tax Cuts and Jobs Act (as a percent) | (3.00%) | ||
| State income taxes (as a percent) | 1.00% | 1.00% | 1.00% |
| Local country permanent tax adjustments (as a percent) | 1.00% | 1.00% | |
| Other income tax rate impacts (as a percent) | 3.00% | 2.00% | 2.00% |
| Effective income tax rate (as a percent) | 16.00% | 15.00% | 13.00% |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Changes in Unrecognized Tax Benefits | |||
| Beginning balance, Unrecognized tax benefits | $ 61.6 | $ 42.1 | $ 194.1 |
| Additions based on tax positions related to the current year | 1.3 | 0.1 | 0.8 |
| Additions for tax positions of prior years | 17.4 | 23.1 | 43.7 |
| Reductions for tax positions related to the current year | (3.2) | (3.2) | (10.6) |
| Reductions for tax positions of prior years | (0.5) | (23.2) | |
| Settlements | (14.5) | (162.7) | |
| Expired statute of limitations | (15.7) | ||
| Ending balance, Unrecognized tax benefits | 46.9 | 61.6 | 42.1 |
| Amount of unrecognized tax benefits that would reduce the effective income tax rate, if recognized | 1.1 | ||
| Accumulated pre-tax interest and penalties related to unrecognized tax benefits | $ 1.1 | $ 0.9 | $ 1.6 |
Income Taxes - Deferred Income Taxes and Other (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2020 |
|
| Deferred income tax assets: | ||||
| Investments, including derivative liabilities | $ 237.0 | $ 588.4 | ||
| Insurance liabilities | 143.2 | 552.4 | ||
| Net operating and capital loss carryforwards | 71.1 | 69.2 | ||
| Tax credit carryforwards | 106.0 | 4.6 | ||
| Employee benefits | 338.9 | 389.1 | ||
| Foreign currency translation | 14.0 | 9.7 | ||
| Other deferred income tax assets | 45.2 | 52.5 | ||
| Gross deferred income tax assets | 955.4 | 1,665.9 | ||
| Valuation allowance | (16.7) | (18.4) | ||
| Total deferred income tax assets | 938.7 | 1,647.5 | ||
| Deferred income tax liabilities: | ||||
| Deferred income tax liabilities: Deferred acquisition costs | (562.9) | (522.6) | ||
| Investments, including derivative assets | (443.7) | (990.4) | ||
| Net unrealized gains on available-for-sale securities | (1,039.9) | (1,762.1) | ||
| Deferred income tax liabilities: Real estate | (147.9) | (158.5) | ||
| Intangible assets | (342.3) | (387.5) | ||
| Other deferred income tax liabilities | (75.0) | (43.4) | ||
| Total deferred income tax liabilities | (2,611.7) | (3,864.5) | ||
| Total net deferred income tax liabilities | (1,673.0) | (2,217.0) | ||
| Net deferred income taxes by jurisdiction | ||||
| Net deferred income tax assets | 123.6 | 113.8 | ||
| Net deferred income tax liabilities | (1,796.6) | (2,330.8) | ||
| Total net deferred income tax liabilities | (1,673.0) | (2,217.0) | ||
| Deferred income tax disclosures | ||||
| Provisional amount of deemed repatriation tax | $ 43.0 | |||
| Adjustments to deferred tax assets and liabilities | 11.1 | |||
| Adjustment to one-time deemed repatriation tax | $ 5.9 | |||
| One-time deemed repatriation tax, final determination amount | $ 48.9 | |||
| Accumulated but undistributed earnings from operations of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided | 1,001.5 | 997.4 | ||
| Excess book carrying value over tax basis with respect to the original investment of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided | 106.2 | |||
| Current income tax receivables associated with outstanding audit issues | ||||
| Current income tax (receivables) payables associated with outstanding audit issues | (195.3) | (54.6) | ||
| U.S. Federal | ||||
| Deferred income tax assets: | ||||
| Tax credit carryforwards | 106.0 | 4.6 | ||
| Net deferred income taxes by jurisdiction | ||||
| Net deferred income tax liabilities | (1,507.6) | (2,011.8) | ||
| State | ||||
| Net deferred income taxes by jurisdiction | ||||
| Net deferred income tax assets | 94.9 | 81.1 | ||
| Deferred income tax disclosures-operating loss carryforwards | ||||
| Net operating loss carryforwards | 190.4 | 269.5 | ||
| Foreign | ||||
| Net deferred income taxes by jurisdiction | ||||
| Net deferred income tax assets | 28.7 | 32.7 | ||
| Net deferred income tax liabilities | (289.0) | (319.0) | ||
| Deferred income tax disclosures-operating loss carryforwards | ||||
| Net operating loss carryforwards | 186.1 | 170.3 | ||
| Valuation allowances on income tax benefits primarily associated with foreign net operating loss carryforwards | $ 16.7 | $ 18.4 | ||
Employee and Agent Benefits - Plan Information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Pension benefits | |
| Defined Benefit Plan Disclosures | |
| Period of employment used to calculate average annual compensation for the final average pay benefit | 5 years |
Employee and Agent Benefits - Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Pension benefits | ||||
| Change in benefit obligation | ||||
| Benefit obligation at beginning of year | $ (3,692.1) | $ (3,239.2) | ||
| Service cost | (72.7) | (66.0) | $ (73.0) | |
| Interest cost | (117.3) | (126.5) | (119.5) | |
| Actuarial gain (loss) | $ (59.0) | (462.4) | (506.4) | |
| Benefits paid | 134.3 | 123.6 | ||
| Plan amendments | 122.4 | |||
| Benefit obligation at end of year | (4,210.2) | (3,692.1) | (3,239.2) | |
| Change in plan assets | ||||
| Fair value of plan assets at beginning of year | 2,926.0 | 2,498.2 | ||
| Actual return on plan assets | $ 178.6 | 521.3 | 520.9 | |
| Employer contribution | 60.5 | 30.5 | ||
| Benefits paid | (134.3) | (123.6) | ||
| Fair value of plan assets at end of year | 3,373.5 | 2,926.0 | 2,498.2 | |
| Amount recognized in statement of financial position | ||||
| Amount recognized in other liabilities | (836.7) | (766.1) | ||
| Total assets (liabilities) recognized in statement of financial position | (836.7) | (766.1) | ||
| Amount recognized in accumulated other comprehensive (income) loss | ||||
| Total net actuarial (gain) loss | 760.0 | 737.5 | ||
| Prior service (benefit) cost | (121.0) | (137.8) | ||
| Pre-tax accumulated other comprehensive (income) loss | 639.0 | 599.7 | ||
| Additional defined benefit plan disclosures | ||||
| Accumulated benefit obligation | 4,136.5 | 3,599.5 | ||
| Market value of assets held in Rabbi trusts for benefit of nonqualified pension plan participants | 394.8 | 377.8 | ||
| Other postretirement benefits | ||||
| Change in benefit obligation | ||||
| Benefit obligation at beginning of year | (101.4) | (98.9) | ||
| Service cost | (0.1) | |||
| Interest cost | (2.8) | (3.7) | (3.5) | |
| Actuarial gain (loss) | (11.7) | (4.8) | ||
| Participant contributions | (6.0) | (4.4) | ||
| Benefits paid | 12.8 | 12.2 | ||
| Plan amendments | 1.0 | (1.8) | ||
| Other | 0.1 | |||
| Benefit obligation at end of year | (108.0) | (101.4) | (98.9) | |
| Change in plan assets | ||||
| Fair value of plan assets at beginning of year | 732.8 | 643.9 | ||
| Actual return on plan assets | 53.1 | 95.5 | ||
| Employer contribution | 1.5 | 1.2 | ||
| Participant contributions | 6.0 | 4.4 | ||
| Benefits paid | (12.8) | (12.2) | ||
| Fair value of plan assets at end of year | 780.6 | 732.8 | $ 643.9 | |
| Amount recognized in statement of financial position | ||||
| Amount recognized in other assets | 675.5 | 635.1 | ||
| Amount recognized in other liabilities | (2.9) | (3.7) | ||
| Total assets (liabilities) recognized in statement of financial position | 672.6 | 631.4 | ||
| Amount recognized in accumulated other comprehensive (income) loss | ||||
| Total net actuarial (gain) loss | (22.8) | (17.4) | ||
| Prior service (benefit) cost | (7.3) | (7.3) | ||
| Pre-tax accumulated other comprehensive (income) loss | $ (30.1) | $ (24.7) | ||
Employee and Agent Benefits - Pension Plan Changes and Plan Gains/Losses (Details) - Pension benefits - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Components of Net Periodic Benefit Cost (Income) | |||
| Actuarial gain (loss) | $ (59.0) | $ (462.4) | $ (506.4) |
| Total plan amendment gain | 122.4 | ||
| Increase in benefit obligation | 237.6 | ||
| Asset gain on plan assets | $ 178.6 | $ 521.3 | $ 520.9 |
Employee and Agent Benefits - Other Postretirement Plan Changes and Plan Gains/Losses (Details) - Other postretirement benefits $ in Millions |
Jan. 01, 2021
USD ($)
|
|---|---|
| Defined Benefit Plan Disclosures | |
| Amount of assets in excess of expected liability for retirees, re-designated for non-retiree benefits | $ 655.5 |
| Percentage of assets in excess of expected liabilities to fund other benefits covered under the plans | 125.00% |
Employee and Agent Benefits - ABO in Excess of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Pension benefits | ||
| Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets | ||
| Projected benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets | $ 4,210.2 | $ 3,692.1 |
| Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets | 4,136.5 | 3,599.5 |
| Fair value of plan assets for defined benefit plans with an accumulated benefit obligation in excess of plan assets | 3,373.5 | 2,926.0 |
| Other postretirement benefits | ||
| Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets | ||
| Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets | $ 2.9 | $ 3.8 |
Employee and Agent Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Plan actuarial gain and loss amortization disclosures | |||
| Allowable corridor not used for amortization of actuarial gains and losses of qualified pension plan (as a percent) | 10.00% | ||
| Pension benefits | |||
| Components of Net Periodic Benefit Cost (Income) | |||
| Service cost | $ 72.7 | $ 66.0 | $ 73.0 |
| Interest cost | $ 117.3 | $ 126.5 | $ 119.5 |
| Interest cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Expected return on plan assets | $ (156.8) | $ (148.8) | $ (157.0) |
| Expected return on plan assets, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Amortization of prior service (benefit) cost | $ (16.8) | $ (11.3) | $ (3.4) |
| Amortization of prior service (benefit) cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Recognized net actuarial (gain) loss | $ 75.4 | $ 70.1 | $ 67.8 |
| Recognized net actuarial (gain) loss, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Net periodic benefit cost (income) | $ 91.8 | $ 102.5 | $ 99.9 |
| Other changes recognized in accumulated other comprehensive (income) loss | |||
| Net actuarial (gain) loss | 97.9 | 134.3 | |
| Prior service (benefit) cost | (122.4) | ||
| Amortization of net gain (loss) | (75.4) | (70.1) | |
| Amortization of prior service benefit (cost) | 16.8 | 11.3 | |
| Total recognized in pre-tax accumulated other comprehensive (income) loss | 39.3 | (46.9) | |
| Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss | 131.1 | 55.6 | |
| Other postretirement benefits | |||
| Components of Net Periodic Benefit Cost (Income) | |||
| Service cost | 0.1 | ||
| Interest cost | $ 2.8 | $ 3.7 | $ 3.5 |
| Interest cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Expected return on plan assets | $ (36.0) | $ (33.2) | $ (33.6) |
| Expected return on plan assets, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Amortization of prior service (benefit) cost | $ (1.0) | $ (1.2) | $ (13.9) |
| Amortization of prior service (benefit) cost, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Recognized net actuarial (gain) loss | $ 0.1 | $ (1.5) | |
| Recognized net actuarial (gain) loss, location on consolidated statements of operations | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization | pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization |
| Net periodic benefit cost (income) | $ (34.2) | $ (30.6) | $ (45.4) |
| Other changes recognized in accumulated other comprehensive (income) loss | |||
| Net actuarial (gain) loss | (5.4) | (57.5) | |
| Prior service (benefit) cost | (1.0) | 1.7 | |
| Amortization of net gain (loss) | (0.1) | ||
| Amortization of prior service benefit (cost) | 1.0 | 1.2 | |
| Total recognized in pre-tax accumulated other comprehensive (income) loss | (5.4) | (54.7) | |
| Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss | $ (39.6) | $ (85.3) | |
Employee and Agent Benefits - Weighted Average Assumptions (Details) |
3 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
May 31, 2019 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Pension benefits | |||||||
| Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section | |||||||
| Discount rate: Benefit obligation (as a percent) | 3.25% | 2.50% | 2.50% | 3.25% | |||
| Interest crediting rate - cash balance benefit | 5.00% | 5.00% | |||||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Discount rate: Net periodic benefit cost (as a percent) | 4.15% | 3.70% | 3.25% | 3.70% | 3.60% | ||
| Expected long-term return on plan assets: Net periodic benefit cost (as a percent) | 5.60% | 5.95% | 6.30% | ||||
| Interest crediting rate - cash balance benefit | 5.00% | ||||||
| Pension benefits, Cash balance benefit | |||||||
| Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section | |||||||
| Rate of compensation increase: Benefit obligation (as a percent) | 4.95% | 4.92% | 4.92% | 4.95% | |||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Rate of compensation increase: Net periodic benefit cost (as a percent) | 4.95% | 4.94% | 4.96% | ||||
| Pension benefits, Traditional benefit | |||||||
| Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section | |||||||
| Rate of compensation increase: Benefit obligation (as a percent) | 2.98% | 2.96% | 2.96% | 2.98% | |||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Rate of compensation increase: Net periodic benefit cost (as a percent) | 2.98% | 2.73% | 2.77% | ||||
| Other postretirement benefits | |||||||
| Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section | |||||||
| Discount rate: Benefit obligation (as a percent) | 2.95% | 2.10% | 2.10% | 2.95% | |||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Discount rate: Net periodic benefit cost (as a percent) | 2.95% | 2.90% | 2.95% | 3.95% | 3.35% | ||
| Expected long-term return on plan assets: Net periodic benefit cost (as a percent) | 4.94% | 5.19% | 4.85% | ||||
| Rate of compensation increase: Net periodic benefit cost (as a percent) | 2.39% | ||||||
| Subsidy increase cap allowed per calendar year (as a percent) | 5.00% | ||||||
| Assumed Health Care Cost Trend Rates | |||||||
| Health care cost trend rate assumed for next year under age 65 (as a percent) | 6.75% | 6.75% | 6.75% | 6.75% | |||
| Health care cost trend rate assumed for next year age 65 and over (as a percent) | 6.00% | 6.00% | 6.00% | 6.00% | |||
| Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate) (as a percent) | 4.50% | 4.50% | 4.50% | 4.50% | |||
| Year that the health care cost trend rate reaches the ultimate trend rate under age 65 (calendar year) | 2029 | 2028 | |||||
| Year that the health care cost trend rate reaches the ultimate trend rate age 65 and over (calendar year) | 2026 | 2025 | |||||
| Home office medical and life plans | |||||||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Expected long-term return on plan assets: Net periodic benefit cost (as a percent) | 5.00% | ||||||
| Agent medical and life plans | |||||||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Expected long-term return on plan assets: Net periodic benefit cost (as a percent) | 4.70% | ||||||
| Post-65 medical plans | |||||||
| Weighted-average assumptions used to determine net periodic benefit cost | |||||||
| Expected long-term return on plan assets: Net periodic benefit cost (as a percent) | 4.70% | ||||||
Employee and Agent Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Pension benefits | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | $ 3,373.5 | $ 2,926.0 | $ 2,498.2 |
| Pension benefits | Qualified benefit plans | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 3,373.5 | 2,926.0 | |
| Pension benefits | Qualified benefit plans | Pooled separate account investments | U.S. large cap equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 712.2 | 509.7 | |
| Pension benefits | Qualified benefit plans | Pooled separate account investments | U.S. small/mid cap equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 121.6 | 90.9 | |
| Pension benefits | Qualified benefit plans | Pooled separate account investments | Balanced asset allocation portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 103.7 | 78.5 | |
| Pension benefits | Qualified benefit plans | Pooled separate account investments | International equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 459.6 | 328.6 | |
| Pension benefits | Qualified benefit plans | Pooled separate account investments | Real estate investment portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 195.1 | 193.5 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | U.S. government and agencies | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 297.5 | 485.9 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | States and political subdivisions | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 28.0 | 26.1 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Corporate debt securities | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 1,223.1 | 1,009.1 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Commercial mortgage-backed securities | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 13.6 | 32.7 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Other debt obligations | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 6.4 | 7.1 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Hedge funds | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 155.8 | 129.0 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Pooled separate account investment | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 55.1 | 31.5 | |
| Pension benefits | Qualified benefit plans | Single client separate account investments | Other | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 1.8 | 3.4 | |
| Pension benefits | Qualified benefit plans | Amount measured at net asset value | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 155.8 | 129.0 | |
| Pension benefits | Qualified benefit plans | Amount measured at net asset value | Single client separate account investments | Hedge funds | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 155.8 | 129.0 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 1 | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 297.5 | 485.9 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 1 | Single client separate account investments | U.S. government and agencies | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 297.5 | 485.9 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 2,920.2 | 2,311.1 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Pooled separate account investments | U.S. large cap equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 712.2 | 509.7 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Pooled separate account investments | U.S. small/mid cap equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 121.6 | 90.9 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Pooled separate account investments | Balanced asset allocation portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 103.7 | 78.5 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Pooled separate account investments | International equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 459.6 | 328.6 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Pooled separate account investments | Real estate investment portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 195.1 | 193.5 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | States and political subdivisions | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 28.0 | 26.1 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | Corporate debt securities | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 1,223.1 | 1,009.1 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | Commercial mortgage-backed securities | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 13.6 | 32.7 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | Other debt obligations | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 6.4 | 7.1 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | Pooled separate account investment | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 55.1 | 31.5 | |
| Pension benefits | Qualified benefit plans | Fair value hierarchy Level 2 | Single client separate account investments | Other | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 1.8 | 3.4 | |
| Other postretirement benefits | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 780.6 | 732.8 | $ 643.9 |
| Fair value of plan assets included in trust owned life insurance contract | 117.6 | 101.8 | |
| Other postretirement benefits | Cash and cash equivalents | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 0.5 | 0.6 | |
| Other postretirement benefits | Fixed income investment funds | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 625.2 | 370.5 | |
| Other postretirement benefits | U.S. equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 103.5 | 254.5 | |
| Other postretirement benefits | International equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 51.4 | 107.2 | |
| Other postretirement benefits | Fair value hierarchy Level 1 | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 663.0 | 630.8 | |
| Other postretirement benefits | Fair value hierarchy Level 1 | Cash and cash equivalents | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 0.5 | 0.6 | |
| Other postretirement benefits | Fair value hierarchy Level 1 | Fixed income investment funds | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 605.9 | 331.0 | |
| Other postretirement benefits | Fair value hierarchy Level 1 | U.S. equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 38.2 | 210.3 | |
| Other postretirement benefits | Fair value hierarchy Level 1 | International equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 18.4 | 88.9 | |
| Other postretirement benefits | Fair value hierarchy Level 2 | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 117.6 | 102.0 | |
| Other postretirement benefits | Fair value hierarchy Level 2 | Fixed income investment funds | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 19.3 | 39.5 | |
| Other postretirement benefits | Fair value hierarchy Level 2 | U.S. equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | 65.3 | 44.2 | |
| Other postretirement benefits | Fair value hierarchy Level 2 | International equity portfolios | |||
| Defined benefit plan, fair value of plan assets | |||
| Fair value of plan assets | $ 33.0 | $ 18.3 |
Employee and Agent Benefits - Target Plan Asset Allocation (Details) |
Dec. 31, 2020 |
|---|---|
| Pension benefits | Qualified benefit plans | Fixed income security portfolios | Minimum | |
| Asset category target allocation | |
| Asset category target allocation | 25.00% |
| Pension benefits | Qualified benefit plans | Fixed income security portfolios | Maximum | |
| Asset category target allocation | |
| Asset category target allocation | 80.00% |
| Pension benefits | Qualified benefit plans | Equity portfolios | Minimum | |
| Asset category target allocation | |
| Asset category target allocation | 5.00% |
| Pension benefits | Qualified benefit plans | Equity portfolios | Maximum | |
| Asset category target allocation | |
| Asset category target allocation | 60.00% |
| Pension benefits | Qualified benefit plans | Real estate investment portfolios | |
| Asset category target allocation | |
| Asset category target allocation | 10.00% |
| Pension benefits | Qualified benefit plans | Alternatives | |
| Asset category target allocation | |
| Asset category target allocation | 5.00% |
| Other postretirement benefits | U.S. equity portfolios | |
| Asset category target allocation | |
| Asset category target allocation | 35.00% |
| Other postretirement benefits | International equity portfolios | |
| Asset category target allocation | |
| Asset category target allocation | 15.00% |
| Other postretirement benefits | Fixed income security portfolios | |
| Asset category target allocation | |
| Asset category target allocation | 50.00% |
Employee and Agent Benefits - Contributions and Estimated Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Pension benefits | |
| Estimated Future Benefit Payments | |
| Estimated future benefit payments, Year 1 | $ 160.2 |
| Estimated future benefit payments, Year 2 | 159.9 |
| Estimated future benefit payments, Year 3 | 166.6 |
| Estimated future benefit payments, Year 4 | 175.8 |
| Estimated future benefit payments, Year 5 | 179.3 |
| Estimated future benefit payments, Years 6-10 | 1,026.0 |
| Pension benefits | Maximum | |
| Contributions | |
| Possible contributions to be made during the next fiscal year to the qualified and nonqualified pension plans combined | 100.0 |
| Other postretirement benefits | |
| Estimated Future Benefit Payments | |
| Estimated future benefit payments, Year 1 | 15.5 |
| Estimated future benefit payments, Year 2 | 14.8 |
| Estimated future benefit payments, Year 3 | 13.5 |
| Estimated future benefit payments, Year 4 | 12.2 |
| Estimated future benefit payments, Year 5 | 10.9 |
| Estimated future benefit payments, Years 6-10 | $ 38.3 |
Employee and Agent Benefits - Supplemental Information, Qualified and Nonqualified Plans (Details) - Pension benefits - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Amount recognized in statement of financial position | |||
| Amount recognized in other liabilities | $ (836.7) | $ (766.1) | |
| Total assets (liabilities) recognized in statement of financial position | (836.7) | (766.1) | |
| Amount recognized in accumulated other comprehensive (income) loss | |||
| Total net actuarial (gain) loss | 760.0 | 737.5 | |
| Prior service (benefit) cost | (121.0) | (137.8) | |
| Pre-tax accumulated other comprehensive (income) loss | 639.0 | 599.7 | |
| Components of Net Periodic Benefit Cost (Income) | |||
| Service cost | 72.7 | 66.0 | $ 73.0 |
| Interest cost | 117.3 | 126.5 | 119.5 |
| Expected return on plan assets | (156.8) | (148.8) | (157.0) |
| Amortization of prior service (benefit) cost | (16.8) | (11.3) | (3.4) |
| Recognized net actuarial (gain) loss | 75.4 | 70.1 | 67.8 |
| Net periodic benefit cost (income) | 91.8 | 102.5 | $ 99.9 |
| Other changes recognized in accumulated other comprehensive (income) loss | |||
| Net actuarial (gain) loss | 97.9 | 134.3 | |
| Prior service (benefit) cost | (122.4) | ||
| Amortization of net gain (loss) | (75.4) | (70.1) | |
| Amortization of prior service benefit (cost) | 16.8 | 11.3 | |
| Total recognized in pre-tax accumulated other comprehensive (income) loss | 39.3 | (46.9) | |
| Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss | 131.1 | 55.6 | |
| Qualified benefit plans | |||
| Amount recognized in statement of financial position | |||
| Amount recognized in other liabilities | (294.9) | (258.7) | |
| Total assets (liabilities) recognized in statement of financial position | (294.9) | (258.7) | |
| Amount recognized in accumulated other comprehensive (income) loss | |||
| Total net actuarial (gain) loss | 563.5 | 567.6 | |
| Prior service (benefit) cost | (97.8) | (110.3) | |
| Pre-tax accumulated other comprehensive (income) loss | 465.7 | 457.3 | |
| Components of Net Periodic Benefit Cost (Income) | |||
| Service cost | 66.1 | 59.7 | |
| Interest cost | 101.2 | 108.0 | |
| Expected return on plan assets | (156.8) | (148.8) | |
| Amortization of prior service (benefit) cost | (12.6) | (7.8) | |
| Recognized net actuarial (gain) loss | 59.9 | 57.6 | |
| Net periodic benefit cost (income) | 57.8 | 68.7 | |
| Other changes recognized in accumulated other comprehensive (income) loss | |||
| Net actuarial (gain) loss | 55.7 | 80.8 | |
| Prior service (benefit) cost | (107.2) | ||
| Amortization of net gain (loss) | (59.8) | (57.6) | |
| Amortization of prior service benefit (cost) | 12.6 | 7.8 | |
| Total recognized in pre-tax accumulated other comprehensive (income) loss | 8.5 | (76.2) | |
| Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss | 66.3 | (7.5) | |
| Nonqualified benefit plans | |||
| Amount recognized in statement of financial position | |||
| Amount recognized in other liabilities | (541.8) | (507.4) | |
| Total assets (liabilities) recognized in statement of financial position | (541.8) | (507.4) | |
| Amount recognized in accumulated other comprehensive (income) loss | |||
| Total net actuarial (gain) loss | 196.5 | 169.9 | |
| Prior service (benefit) cost | (23.2) | (27.5) | |
| Pre-tax accumulated other comprehensive (income) loss | 173.3 | 142.4 | |
| Components of Net Periodic Benefit Cost (Income) | |||
| Service cost | 6.6 | 6.3 | |
| Interest cost | 16.1 | 18.5 | |
| Amortization of prior service (benefit) cost | (4.2) | (3.5) | |
| Recognized net actuarial (gain) loss | 15.5 | 12.5 | |
| Net periodic benefit cost (income) | 34.0 | 33.8 | |
| Other changes recognized in accumulated other comprehensive (income) loss | |||
| Net actuarial (gain) loss | 42.2 | 53.5 | |
| Prior service (benefit) cost | (15.2) | ||
| Amortization of net gain (loss) | (15.6) | (12.5) | |
| Amortization of prior service benefit (cost) | 4.2 | 3.5 | |
| Total recognized in pre-tax accumulated other comprehensive (income) loss | 30.8 | 29.3 | |
| Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss | $ 64.8 | $ 63.1 | |
Employee and Agent Benefits - Defined Contribution and Deferred Compensation Plans (Details) - USD ($) shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Defined Contribution Plan Disclosures | |||
| Number of common stock shares allocated participants in the employee stock ownership plan | 2.3 | 2.2 | |
| Fair value of employee stock ownership plan | $ 115,100,000 | $ 119,800,000 | |
| Pension benefits | Qualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Maximum amount of compensation eligible participants could contribute to defined contribution plans | 19,500 | ||
| Amount contributed by the employer to defined contribution plans | 56,700,000 | 55,300,000 | $ 53,400,000 |
| Pension benefits | Nonqualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Amount contributed by the employer to defined contribution plans | $ 3,100,000 | $ 3,200,000 | $ 3,400,000 |
| Defined contribution pension benefits - Grandfathered Choice Participant | Qualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Eligibility age to be able to elect to retain benefits in defined contribution plan | 47 years | ||
| Minimum years of service to be able to elect to retain benefits in defined contribution plan | 10 years | ||
| Contribution rate of employer to match participant's contributions (as a percent) | 50.00% | ||
| Maximum percent of participant's compensation matched by employer (as a percent) | 3.00% | ||
| Defined contribution pension benefits - Grandfathered Choice Participant | Nonqualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Contribution rate of employer to match participant's contributions (as a percent) | 50.00% | ||
| Maximum percent of participant's compensation matched by employer (as a percent) | 3.00% | ||
| Defined contribution pension benefits - All other participants | Qualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Contribution rate of employer to match participant's contributions (as a percent) | 75.00% | ||
| Maximum percent of participant's compensation matched by employer (as a percent) | 6.00% | ||
| Defined contribution pension benefits - All other participants | Nonqualified benefit plans | |||
| Defined Contribution Plan Disclosures | |||
| Contribution rate of employer to match participant's contributions (as a percent) | 75.00% | ||
| Maximum percent of participant's compensation matched by employer (as a percent) | 6.00% | ||
Contingencies, Guarantees, Indemnifications and Leases - Guarantees and Indemnifications (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Guaranty Funds | ||
| Undiscounted liability balance for guaranty fund assessments | $ 21.1 | $ 21.7 |
| Premium tax offsets | 9.6 | $ 10.0 |
| Guarantees to third parties primarily related to former subsidiaries and joint ventures | ||
| Guarantees and Indemnifications | ||
| Maximum exposure under guarantees | 121.0 | |
| Guarantees related to P-Caps contingent funding agreements | ||
| Guarantees and Indemnifications | ||
| Maximum exposure under guarantees | 750.0 | |
| Lawsuit alleging breach of fiduciary duty related to PFIO | ||
| Loss contingencies - disclosures | ||
| Estimated losses accrued related to legal matters | $ 0.0 | |
Contingencies, Guarantees, Indemnifications and Leases - Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Assets | |||
| Operating lease assets | $ 234.9 | $ 190.0 | |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | |
| Finance lease assets | $ 49.5 | $ 31.4 | |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | |
| Total lease assets | $ 284.4 | $ 221.4 | |
| Liabilities | |||
| Operating lease liabilities | $ 231.4 | $ 197.5 | |
| Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | |
| Finance lease liabilities | $ 50.1 | $ 31.8 | |
| Finance Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | |
| Total lease liabilities | $ 281.5 | $ 229.3 | |
| Finance lease cost: | |||
| Amortization of right-of-use assets | 20.5 | 14.6 | |
| Interest on lease liabilities | 1.0 | 1.0 | |
| Operating lease cost | 58.7 | 55.8 | |
| Other lease cost | 8.6 | 8.0 | |
| Sublease income | (1.6) | (1.7) | |
| Total lease cost | 87.2 | 77.7 | |
| Operating lease rental expense | $ 36.7 | ||
| Capital lease depreciation expense | $ 12.9 | ||
| Payments for operating leases | 71.6 | 56.1 | |
| Payments for finance leases | 21.2 | 15.1 | |
| Operating leases, payments due for the twelve months ending December 31: | |||
| 2021 | 56.9 | ||
| 2022 | 49.8 | ||
| 2023 | 39.1 | ||
| 2024 | 30.5 | ||
| 2025 | 22.8 | ||
| 2026 and thereafter | 60.8 | ||
| Total lease payments | 259.9 | ||
| Less: interest | 28.5 | ||
| Present value of lease liabilities | 231.4 | 197.5 | |
| Finance leases, payments due for the twelve months ending December 31: | |||
| 2021 | 21.5 | ||
| 2022 | 13.6 | ||
| 2023 | 11.4 | ||
| 2024 | 3.6 | ||
| 2025 | 1.2 | ||
| Total lease payments | 51.3 | ||
| Less: interest | 1.2 | ||
| Present value of lease liabilities | 50.1 | 31.8 | |
| Total leases, payments due for the twelve months ending December 31: | |||
| 2021 | 78.4 | ||
| 2022 | 63.4 | ||
| 2023 | 50.5 | ||
| 2024 | 34.1 | ||
| 2025 | 24.0 | ||
| 2026 and thereafter | 60.8 | ||
| Total lease payments | 311.2 | ||
| Less: interest | 29.7 | ||
| Present value of lease liabilities | $ 281.5 | $ 229.3 | |
| Weighted-average remaining lease term and weighted-average discount rates | |||
| Weighted average remaining lease term, Operating leases | 6 years 8 months 12 days | 6 years 8 months 12 days | |
| Weighted average remaining lease term, Finance leases | 3 years | 2 years 7 months 6 days | |
| Weighted-average discount rate, Operating leases | 3.20% | 3.90% | |
| Weighted-average discount rate, Finance leases | 1.80% | 2.70% | |
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 | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Feb. 29, 2020 |
Nov. 30, 2018 |
May 31, 2018 |
May 31, 2017 |
Feb. 29, 2016 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Common Stock Dividends | ||||||||
| Dividends declared per common share (in dollars per share) | $ 2.24 | $ 2.18 | $ 2.10 | |||||
| Reconciliation of Outstanding Common Shares | ||||||||
| Outstanding shares at beginning of period | 276.6 | 279.5 | 289.0 | |||||
| Shares issued | 2.6 | 2.6 | 2.6 | |||||
| Treasury stock acquired | (5.9) | (5.5) | (12.1) | |||||
| Outstanding shares at end of period | 273.3 | 276.6 | 279.5 | |||||
| Common stock share repurchase disclosures | ||||||||
| Share repurchase program, maximum authorized amount (in dollars) | $ 900.0 | $ 500.0 | $ 300.0 | $ 250.0 | $ 400.0 | |||
Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Other Comprehensive Income (Loss) | |||
| Other comprehensive income (loss), pre-tax | $ 1,683.6 | $ 3,326.3 | $ (2,258.6) |
| Other comprehensive income (loss), tax | (336.6) | (719.6) | 422.9 |
| Other comprehensive income (loss) | 1,347.0 | 2,606.7 | (1,835.7) |
| Net unrealized gains (losses) on available-for-sale securities including NCI | |||
| Other Comprehensive Income (Loss) | |||
| Other comprehensive income (loss) before reclassifications, pre-tax | 3,441.4 | 4,414.1 | (2,517.5) |
| Adjustments for assumed changes in amortization patterns, pre-tax | (179.0) | (293.0) | 185.9 |
| Adjustments for assumed changes in policyholder liabilities, pre-tax | (1,478.2) | (847.7) | 346.9 |
| Other comprehensive income (loss), pre-tax | 1,731.3 | 3,320.8 | (1,928.3) |
| Other comprehensive income (loss) before reclassifications, tax | (728.7) | (947.0) | 515.4 |
| Reclassification from accumulated other comprehensive income, tax | 12.6 | (9.7) | (5.3) |
| Adjustments for assumed changes in amortization patterns, tax | 37.6 | 61.5 | (39.1) |
| Adjustments for assumed changes in policyholder liabilities, tax | 323.7 | 190.5 | (72.3) |
| Other comprehensive income (loss), tax | (354.8) | (704.7) | 398.7 |
| Other comprehensive income (loss) before reclassifications, after-tax | 2,712.7 | 3,467.1 | (2,002.1) |
| Reclassification from accumulated other comprehensive income, after-tax | (40.3) | 37.7 | 51.1 |
| Adjustments for assumed changes in amortization patterns, after-tax | (141.4) | (231.5) | 146.8 |
| Adjustments for assumed changes in policyholder liabilities, after-tax | (1,154.5) | (657.2) | 274.6 |
| Other comprehensive income (loss) | 1,376.5 | 2,616.1 | (1,529.6) |
| 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 | (52.9) | 47.4 | 56.4 |
| 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 | 5.2 | 39.7 | |
| Adjustments for assumed changes in amortization patterns, pre-tax | (1.4) | (5.3) | |
| Adjustments for assumed changes in policyholder liabilities, pre-tax | (0.8) | ||
| Other comprehensive income (loss), pre-tax | 3.8 | 33.6 | |
| Other comprehensive income (loss) before reclassifications, tax | (1.1) | (8.4) | |
| Adjustments for assumed changes in amortization patterns, tax | 0.3 | 1.1 | |
| Adjustments for assumed changes in policyholder liabilities, tax | 0.1 | ||
| Other comprehensive income (loss), tax | (0.8) | (7.2) | |
| Other comprehensive income (loss) before reclassifications, after-tax | 4.1 | 31.3 | |
| Adjustments for assumed changes in amortization patterns, after-tax | (1.1) | (4.2) | |
| Adjustments for assumed changes in policyholder liabilities, after-tax | (0.7) | ||
| Other comprehensive income (loss) | 3.0 | 26.4 | |
| Net unrealized gains (losses) on derivative instruments including NCI | |||
| Other Comprehensive Income (Loss) | |||
| Other comprehensive income (loss) before reclassifications, pre-tax | (28.1) | (0.5) | 50.4 |
| Reclassification from accumulated other comprehensive income, pre-tax | (27.1) | (23.9) | (40.1) |
| Adjustments for assumed changes in amortization patterns, pre-tax | 2.7 | 3.1 | 0.3 |
| Adjustments for assumed changes in policyholder liabilities, pre-tax | 7.8 | 7.9 | 5.7 |
| Other comprehensive income (loss), pre-tax | (44.7) | (13.4) | 16.3 |
| Other comprehensive income (loss) before reclassifications, tax | 6.5 | (3.4) | |
| Reclassification from accumulated other comprehensive income, tax | 5.1 | 4.9 | 4.2 |
| Adjustments for assumed changes in amortization patterns, tax | (0.5) | (0.6) | (0.1) |
| Adjustments for assumed changes in policyholder liabilities, tax | (1.6) | (1.9) | (1.0) |
| Other comprehensive income (loss), tax | 9.5 | 2.4 | (0.3) |
| Other comprehensive income (loss) before reclassifications, after-tax | (21.6) | (0.5) | 47.0 |
| Reclassification from accumulated other comprehensive income, after-tax | (22.0) | (19.0) | (35.9) |
| Adjustments for assumed changes in amortization patterns, after-tax | 2.2 | 2.5 | 0.2 |
| Adjustments for assumed changes in policyholder liabilities, after-tax | 6.2 | 6.0 | 4.7 |
| Other comprehensive income (loss) | (35.2) | (11.0) | 16.0 |
| Foreign currency translation adjustment including NCI | |||
| Other Comprehensive Income (Loss) | |||
| Other comprehensive income (loss) before reclassifications, pre-tax | (11.7) | (112.3) | |
| Other comprehensive income (loss), pre-tax | 31.3 | (86.2) | (303.9) |
| Other comprehensive income (loss) before reclassifications, tax | (2.6) | 7.5 | |
| Reclassification from accumulated other comprehensive income, tax | 1.9 | ||
| Other comprehensive income (loss), tax | (0.7) | 7.5 | 16.3 |
| Other comprehensive income (loss) before reclassifications, after-tax | (14.3) | (104.8) | |
| Reclassification from accumulated other comprehensive income, after-tax | 44.9 | 26.1 | |
| Other comprehensive income (loss) | 30.6 | (78.7) | (287.6) |
| Foreign currency translation adjustment including NCI | Net realized capital gains (losses) | |||
| Other Comprehensive Income (Loss) | |||
| Reclassification from accumulated other comprehensive income, pre-tax | 43.0 | 26.1 | |
| Foreign currency translation adjustment relating to noncontrolling interest | Net income attributable to noncontrolling interest | |||
| Other Comprehensive Income (Loss) | |||
| Reclassification from accumulated other comprehensive income, pre-tax | 8.7 | 5.7 | |
| Unrecognized postretirement benefit obligation including NCI | |||
| Other Comprehensive Income (Loss) | |||
| Other comprehensive income (loss) before reclassifications, pre-tax | (91.9) | 43.6 | (125.3) |
| Other comprehensive income (loss), pre-tax | (34.3) | 101.3 | (76.3) |
| Other comprehensive income (loss) before reclassifications, tax | 24.9 | (8.6) | 29.4 |
| Reclassification from accumulated other comprehensive income, tax | (15.5) | (15.4) | (14.0) |
| Other comprehensive income (loss), tax | 9.4 | (24.0) | 15.4 |
| Other comprehensive income (loss) before reclassifications, after-tax | (67.0) | 35.0 | (95.9) |
| Reclassification from accumulated other comprehensive income, after-tax | 42.1 | 42.3 | 35.0 |
| Other comprehensive income (loss) | (24.9) | 77.3 | (60.9) |
| Unrecognized postretirement benefit obligation including NCI | Operating expense | |||
| Other Comprehensive Income (Loss) | |||
| Reclassification from accumulated other comprehensive income, pre-tax | $ 57.6 | $ 57.7 | $ 49.0 |
Stockholders' Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | $ 14,618.0 | ||||
| Purchase of subsidiary shares from noncontrolling interest | [1] | (1.4) | $ (0.6) | $ (24.0) | |
| Balances | 16,558.9 | 14,618.0 | |||
| Change in redeemable noncontrolling interest rollforward | |||||
| Redeemable noncontrolling interest, balance at beginning of period | 264.9 | 391.2 | 101.3 | ||
| Net income (loss) attributable to redeemable noncontrolling interest | 7.5 | 33.6 | (2.1) | ||
| Redeemable noncontrolling interest of deconsolidated entities | (91.9) | (505.4) | (10.6) | ||
| Contributions from redeemable noncontrolling interest | 136.2 | 402.1 | 355.0 | ||
| Distributions to redeemable noncontrolling interest | (62.0) | (66.3) | (36.8) | ||
| Purchase of subsidiary shares from redeemable noncontrolling interest | (1.1) | (7.1) | |||
| Change in redemption value of redeemable noncontrolling interest | 0.2 | 5.4 | (7.0) | ||
| Stock-based compensation attributable to redeemable noncontrolling interest | 0.1 | 0.1 | 0.1 | ||
| Other comprehensive income (loss) attributable to redeemable noncontrolling interest | 0.6 | 5.3 | (1.6) | ||
| Redeemable noncontrolling interest, balance at end of period | 255.6 | 264.9 | 391.2 | ||
| Accumulated other comprehensive income (loss) | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 1,037.9 | (1,565.1) | 165.5 | ||
| Other comprehensive income (loss) during the period, net of adjustments | 1,329.2 | 2,518.6 | (1,907.8) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | 16.0 | 84.4 | 76.6 | ||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 1,345.2 | 2,603.0 | (1,831.2) | ||
| Purchase of subsidiary shares from noncontrolling interest | [1] | (1.6) | |||
| Balances | 2,383.1 | 1,037.9 | (1,565.1) | ||
| Accumulated other comprehensive income (loss) | ASU 2016-01 - Equity investments | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (1.0) | ||||
| Accumulated other comprehensive income (loss) | ASU 2014-09 - Revenue recognition | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 25.6 | ||||
| Accumulated other comprehensive income (loss) | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 77.6 | ||||
| Net unrealized gains (losses) on available-for-sale securities | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 2,806.0 | 190.0 | 1,470.7 | ||
| Other comprehensive income (loss) during the period, net of adjustments | 1,416.7 | 2,578.3 | (1,580.6) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | (40.3) | 37.7 | 51.1 | ||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 1,376.4 | 2,616.0 | (1,529.5) | ||
| Balances | 4,138.3 | 2,806.0 | 190.0 | ||
| Available-for-sale debt securities, allowance for credit losses | 2.9 | ||||
| Net unrealized gains (losses) on available-for-sale securities | ASU 2016-01 - Equity investments | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (1.0) | ||||
| Net unrealized gains (losses) on available-for-sale securities | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 249.8 | ||||
| Net unrealized gains (losses) on available-for-sale securities | ASU 2016-13 - CECL | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (44.1) | ||||
| Balances | (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) | (58.3) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | 3.0 | 26.4 | |||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 3.0 | 26.4 | |||
| Balances | (44.1) | (47.1) | |||
| Noncredit component of impairment losses on fixed maturities available-for-sale | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (15.2) | ||||
| Noncredit component of impairment losses on fixed maturities available-for-sale | ASU 2016-13 - CECL | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 44.1 | ||||
| Balances | 44.1 | ||||
| Net unrealized gains (losses) on derivative instruments | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 53.4 | 64.4 | 42.7 | ||
| Other comprehensive income (loss) during the period, net of adjustments | (13.2) | 8.0 | 51.9 | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | (22.0) | (19.0) | (35.9) | ||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (35.2) | (11.0) | 16.0 | ||
| Balances | 18.2 | 53.4 | 64.4 | ||
| Net unrealized gains (losses) on derivative instruments | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 5.7 | ||||
| Foreign currency translation adjustment | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (1,341.8) | (1,259.5) | (918.5) | ||
| Other comprehensive income (loss) during the period, net of adjustments | (7.3) | (102.7) | (283.2) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | 36.2 | 20.4 | |||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | 28.9 | (82.3) | (283.2) | ||
| Purchase of subsidiary shares from noncontrolling interest | (1.6) | ||||
| Balances | (1,312.9) | (1,341.8) | (1,259.5) | ||
| Foreign currency translation adjustment | ASU 2014-09 - Revenue recognition | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | 25.6 | ||||
| Foreign currency translation adjustment | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (81.8) | ||||
| Unrecognized postretirement benefit obligation | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | (435.6) | (512.9) | (371.1) | ||
| Other comprehensive income (loss) during the period, net of adjustments | (67.0) | 35.0 | (95.9) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | 42.1 | 42.3 | 35.0 | ||
| Other comprehensive income (loss) attributable to Principal Financial Group, Inc. | (24.9) | 77.3 | (60.9) | ||
| Balances | $ (460.5) | $ (435.6) | (512.9) | ||
| Unrecognized postretirement benefit obligation | ASU 2018-02 - Reclassification of certain tax effects | Effects of implementation of accounting change | |||||
| Change in accumulated other comprehensive income (loss) rollforward | |||||
| Balances | $ (80.9) | ||||
| |||||
Stockholders' Equity - Dividend Limitations (Details) - Principal Life Insurance Company only $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
| |
| Dividend Limitations | |
| Dividend limitation as percentage of statutory policyholder surplus (as a percent) | 10.00% |
| Dividends that can be paid in upcoming calendar year without exceeding statutory limitation | $ 932.5 |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | $ 78,710.3 | $ 70,106.2 |
| Fixed maturities, trading | 532.1 | 675.9 |
| Equity securities | 2,013.4 | 1,879.4 |
| Derivative instruments, assets | 463.5 | 294.7 |
| Separate account assets | 175,951.4 | 165,468.0 |
| Investment and universal life contracts | $ (467.8) | (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 | $ 15.1 | 19.9 |
| U.S. government and agencies | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 2,111.5 | 1,724.2 |
| Non-U.S. governments | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 1,073.7 | 996.2 |
| States and political subdivisions | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 9,167.8 | 7,490.0 |
| Corporate debt securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 47,354.8 | 40,647.4 |
| Residential mortgage-backed pass-through securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 2,986.8 | 2,982.4 |
| Commercial mortgage-backed securities | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,942.3 | 4,850.2 |
| Collateralized debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,027.5 | 3,215.3 |
| Other debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,045.9 | 8,200.5 |
| Recurring Fair Value Measurements | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 78,710.3 | 70,106.2 |
| Fixed maturities, trading | 532.1 | 675.9 |
| Equity securities | 2,013.4 | 1,879.4 |
| Derivative instruments, assets | 463.5 | 294.7 |
| Other investments | 746.3 | 796.0 |
| Cash equivalents | 1,466.4 | 1,299.0 |
| Sub-total excluding separate account assets | 83,932.0 | 75,051.2 |
| Separate account assets | 175,951.4 | 165,468.0 |
| Total assets | 259,883.4 | 240,519.2 |
| Investment and universal life contracts | (467.8) | (214.2) |
| Derivative liabilities | (186.1) | (217.7) |
| Other liabilities | (0.4) | (98.9) |
| Total liabilities | (654.3) | (530.8) |
| Net assets (liabilities) | 259,229.1 | 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 | 75.7 | 78.3 |
| Sub-total excluding separate account assets | 75.7 | 78.3 |
| Separate account assets | 155.8 | 129.0 |
| Total assets | 231.5 | 207.3 |
| Net assets (liabilities) | 231.5 | 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 | 1,769.4 | 1,339.9 |
| Fixed maturities, trading | 0.5 | 0.5 |
| Equity securities | 659.7 | 645.8 |
| Other investments | 252.8 | 335.2 |
| Cash equivalents | 38.3 | 40.9 |
| Sub-total excluding separate account assets | 2,720.7 | 2,362.3 |
| Separate account assets | 102,550.5 | 95,652.5 |
| Total assets | 105,271.2 | 98,014.8 |
| Net assets (liabilities) | 105,271.2 | 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 | 76,580.5 | 68,381.4 |
| Fixed maturities, trading | 531.6 | 675.1 |
| Equity securities | 1,353.7 | 1,233.6 |
| Derivative instruments, assets | 462.9 | 265.4 |
| Other investments | 385.9 | 343.5 |
| Cash equivalents | 1,428.1 | 1,258.1 |
| Sub-total excluding separate account assets | 80,742.7 | 72,157.1 |
| Separate account assets | 64,351.9 | 60,718.5 |
| Total assets | 145,094.6 | 132,875.6 |
| Derivative liabilities | (180.4) | (201.4) |
| Other liabilities | (0.4) | (98.9) |
| Total liabilities | (180.8) | (300.3) |
| Net assets (liabilities) | 144,913.8 | 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 | 360.4 | 384.9 |
| Fixed maturities, trading | 0.3 | |
| Derivative instruments, assets | 0.6 | 29.3 |
| Other investments | 31.9 | 39.0 |
| Sub-total excluding separate account assets | 392.9 | 453.5 |
| Separate account assets | 8,893.2 | 8,968.0 |
| Total assets | 9,286.1 | 9,421.5 |
| Investment and universal life contracts | (467.8) | (214.2) |
| Derivative liabilities | (5.7) | (16.3) |
| Total liabilities | (473.5) | (230.5) |
| Net assets (liabilities) | 8,812.6 | 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 | 2,111.5 | 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 | 1,768.3 | 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 | 343.2 | 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 | 1,073.7 | 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 | 1.1 | 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 | 1,072.6 | 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 | 9,167.8 | 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 | 9,167.8 | 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 | 47,354.8 | 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 | 18.5 | |
| 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 | 47,064.0 | 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 | 290.8 | 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 | 2,986.8 | 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 | 2,986.8 | 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 | 4,942.3 | 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 | 4,929.1 | 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 | 13.2 | 12.9 |
| Recurring Fair Value Measurements | Collateralized debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 4,027.5 | 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 | 4,000.3 | 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 | 27.2 | 199.0 |
| Recurring Fair Value Measurements | Other debt obligations | ||
| Assets (liabilities) measured at fair value on a recurring basis | ||
| Fixed maturities, available-for-sale | 7,045.9 | 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 | 7,016.7 | 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 | $ 29.2 | $ 91.3 |
Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, net derivative assets | $ 13.0 | $ 3.1 | $ 18.1 |
| Total realized/unrealized gains (losses) included in net income, net derivative assets | 11.8 | (0.8) | (20.2) |
| Net purchases, sales, issuances and settlements, net derivative assets | (3.4) | 10.7 | 5.2 |
| Transfers out of Level 3, net derivative assets | (26.5) | ||
| Ending balance, net derivative assets | (5.1) | 13.0 | 3.1 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities) | 9.9 | 5.3 | (18.4) |
| Gross purchases, sales, issuances and settlements | |||
| Purchases, net derivative assets (liabilities) | 1.9 | 1.8 | |
| Sales, net derivative assets (liabilities) | (3.4) | 8.8 | 3.4 |
| Net purchases, sales, issuances and settlements, net derivative assets (liabilities) | (3.4) | 10.7 | 5.2 |
| Investment and universal life contracts | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, liabilities | (214.2) | (45.2) | (160.3) |
| Total realized/unrealized gains (losses) included in net income, liabilities | (254.9) | (145.5) | 107.5 |
| Total realized/unrealized gains (losses) included in other comprehensive income, liabilities | (0.3) | (0.2) | 0.1 |
| Net purchases, sales, issuances and settlements, liabilities | 1.6 | (23.3) | 7.5 |
| Ending balance, liabilities | (467.8) | (214.2) | (45.2) |
| Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities | (262.1) | (146.0) | 109.9 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, liabilities | (0.3) | ||
| Gross purchases, sales, issuances and settlements | |||
| Issuances, liabilities | (23.0) | (33.4) | 2.8 |
| Settlements, liabilities | 24.6 | 10.1 | 4.7 |
| Net purchases, sales, issuances and settlements, liabilities | 1.6 | (23.3) | 7.5 |
| Fixed maturities | Available-for-sale | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 384.9 | 138.8 | 273.3 |
| Total realized/unrealized gains (losses) included in net income, assets | (4.5) | (6.4) | (5.4) |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (16.7) | 7.6 | |
| Net purchases, sales, issuances and settlements, assets | 263.0 | 237.5 | 197.2 |
| Transfers into Level 3, assets | 388.4 | 86.0 | 59.3 |
| Transfers out of Level 3, assets | (654.7) | (78.6) | (385.6) |
| Ending balance, assets | 360.4 | 384.9 | 138.8 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (3.4) | (5.5) | (2.8) |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | 13.1 | ||
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 366.0 | 276.7 | 258.5 |
| Sales, assets | (5.5) | (1.4) | (10.1) |
| Settlements, assets | (97.5) | (37.8) | (51.2) |
| Net purchases, sales, issuances and settlements, assets | 263.0 | 237.5 | 197.2 |
| Fixed maturities | Trading | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 0.3 | ||
| Net purchases, sales, issuances and settlements, assets | 0.3 | 3.7 | |
| Transfers out of Level 3, assets | (0.3) | (3.7) | |
| Ending balance, assets | 0.3 | ||
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 0.5 | 3.7 | |
| Settlements, assets | (0.2) | ||
| Net purchases, sales, issuances and settlements, assets | 0.3 | 3.7 | |
| Non-U.S. governments | Available-for-sale | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 4.6 | 7.4 | |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (0.1) | ||
| Net purchases, sales, issuances and settlements, assets | (4.6) | (1.4) | |
| Transfers out of Level 3, assets | (1.3) | ||
| Ending balance, assets | 4.6 | ||
| Gross purchases, sales, issuances and settlements | |||
| Settlements, assets | (4.6) | (1.4) | |
| Net purchases, sales, issuances and settlements, assets | (4.6) | (1.4) | |
| Corporate debt securities | Available-for-sale | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 81.7 | 57.9 | 128.0 |
| Total realized/unrealized gains (losses) included in net income, assets | (0.9) | (1.0) | |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | 5.2 | 2.5 | (0.1) |
| Net purchases, sales, issuances and settlements, assets | 118.0 | 17.2 | (15.2) |
| Transfers into Level 3, assets | 342.0 | 4.1 | 1.0 |
| Transfers out of Level 3, assets | (255.2) | (54.8) | |
| Ending balance, assets | 290.8 | 81.7 | 57.9 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | 11.9 | ||
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 169.2 | 41.9 | 12.9 |
| Sales, assets | (5.5) | (1.4) | (10.1) |
| Settlements, assets | (45.7) | (23.3) | (18.0) |
| Net purchases, sales, issuances and settlements, assets | 118.0 | 17.2 | (15.2) |
| 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 | 10.6 |
| Total realized/unrealized gains (losses) included in net income, assets | (1.3) | (3.8) | (3.5) |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | 1.4 | 3.4 | 0.2 |
| Net purchases, sales, issuances and settlements, assets | (0.1) | 2.4 | 0.1 |
| Transfers into Level 3, assets | 0.3 | 3.7 | 3.6 |
| Transfers out of Level 3, assets | (2.3) | (1.5) | |
| Ending balance, assets | 13.2 | 12.9 | 9.5 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (1.2) | (2.9) | (1.9) |
| 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 | (0.1) | 0.1 | |
| Net purchases, sales, issuances and settlements, assets | (0.1) | 2.4 | 0.1 |
| Collateralized debt obligations | Available-for-sale | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 199.0 | 8.3 | 125.0 |
| Total realized/unrealized gains (losses) included in net income, assets | (2.3) | (2.6) | (0.9) |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (21.9) | 0.9 | 0.2 |
| Net purchases, sales, issuances and settlements, assets | 183.0 | 122.5 | 66.3 |
| Transfers into Level 3, assets | 69.9 | 54.7 | |
| Transfers out of Level 3, assets | (330.6) | (237.0) | |
| Ending balance, assets | 27.2 | 199.0 | 8.3 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | (2.2) | (2.6) | (0.9) |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (0.3) | ||
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 182.5 | 124.7 | 93.6 |
| Settlements, assets | 0.5 | (2.2) | (27.3) |
| Net purchases, sales, issuances and settlements, assets | 183.0 | 122.5 | 66.3 |
| Other debt obligations | Available-for-sale | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 91.3 | 58.5 | 2.3 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (1.4) | 0.8 | (0.2) |
| Net purchases, sales, issuances and settlements, assets | (37.9) | 100.0 | 147.4 |
| Transfers into Level 3, assets | 46.1 | 8.3 | |
| Transfers out of Level 3, assets | (68.9) | (76.3) | (91.0) |
| Ending balance, assets | 29.2 | 91.3 | 58.5 |
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 14.3 | 107.7 | 152.0 |
| Settlements, assets | (52.2) | (7.7) | (4.6) |
| Net purchases, sales, issuances and settlements, assets | (37.9) | 100.0 | 147.4 |
| Equity securities | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 2.7 | ||
| Total realized/unrealized gains (losses) included in net income, assets | 12.9 | ||
| Net purchases, sales, issuances and settlements, assets | (15.6) | ||
| Gross purchases, sales, issuances and settlements | |||
| Sales, assets | (15.6) | ||
| Net purchases, sales, issuances and settlements, assets | (15.6) | ||
| Other investments | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 39.0 | 17.2 | 6.5 |
| Total realized/unrealized gains (losses) included in net income, assets | 6.3 | 6.0 | 1.7 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (2.9) | ||
| Net purchases, sales, issuances and settlements, assets | (10.5) | 5.8 | 9.0 |
| Transfers into Level 3, assets | 10.0 | ||
| Ending balance, assets | 31.9 | 39.0 | 17.2 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | 5.3 | 6.0 | 1.7 |
| Changes in unrealized gains (losses) included in OCI relating to positions still held, assets | (2.9) | ||
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 0.5 | 10.7 | 9.0 |
| Sales, assets | (11.0) | (4.9) | |
| Net purchases, sales, issuances and settlements, assets | (10.5) | 5.8 | 9.0 |
| Separate account assets | |||
| Changes in Level 3 fair value measurements rollforward, assets and liabilities | |||
| Beginning balance, assets | 8,968.0 | 8,615.5 | 7,651.4 |
| Total realized/unrealized gains (losses) included in net income, assets | 463.7 | 739.9 | 869.5 |
| Total realized/unrealized gains (losses) included in other comprehensive income, assets | (0.3) | ||
| Net purchases, sales, issuances and settlements, assets | (538.5) | (214.2) | 133.7 |
| Transfers into Level 3, assets | 2.3 | ||
| Transfers out of Level 3, assets | (173.2) | (41.1) | |
| Ending balance, assets | 8,893.2 | 8,968.0 | 8,615.5 |
| Changes in unrealized gains (losses) included in net income relating to positions still held, assets | 385.5 | 697.1 | 829.8 |
| Gross purchases, sales, issuances and settlements | |||
| Purchases, assets | 309.2 | 279.1 | 743.0 |
| Sales, assets | (658.2) | (526.4) | (608.4) |
| Issuances, assets | (396.1) | (280.4) | (206.5) |
| Settlements, assets | 206.6 | 313.5 | 205.6 |
| Net purchases, sales, issuances and settlements, assets | $ (538.5) | $ (214.2) | $ 133.7 |
Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 3 into Level 2, net derivative assets (liabilities) | $ 26.5 | ||
| 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 2 into Level 3 | $ 2.3 | ||
| Transfers out of Level 3 into Level 1 | 0.2 | ||
| Transfers out of Level 3 into Level 2 | 173.2 | 40.9 | |
| Available-for-sale | Fixed maturities | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 2 into Level 3 | 388.4 | 86.0 | 59.3 |
| Transfers out of Level 3 into Level 2 | 654.7 | 78.6 | 385.6 |
| Available-for-sale | Non-U.S. governments | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 3 into Level 2 | 1.3 | ||
| Available-for-sale | Corporate debt securities | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 2 into Level 3 | 342.0 | 4.1 | 1.0 |
| Transfers out of Level 3 into Level 2 | 255.2 | 54.8 | |
| Available-for-sale | Commercial mortgage-backed securities | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 2 into Level 3 | 0.3 | 3.7 | 3.6 |
| Transfers out of Level 3 into Level 2 | 2.3 | 1.5 | |
| Available-for-sale | Collateralized debt obligations | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 2 into Level 3 | 69.9 | 54.7 | |
| Transfers out of Level 3 into Level 2 | 330.6 | 237.0 | |
| Available-for-sale | Other debt obligations | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 2 into Level 3 | 46.1 | 8.3 | |
| Transfers out of Level 3 into Level 2 | 68.9 | $ 76.3 | 91.0 |
| Trading | Fixed maturities | |||
| Fair Value Hierarchy Levels Transfers | |||
| Transfers out of Level 3 into Level 2 | $ 0.3 | $ 3.7 | |
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions |
Dec. 31, 2020
USD ($)
item
|
Dec. 31, 2019
USD ($)
item
|
|---|---|---|
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 259,883.4 | $ 240,519.2 |
| Liabilities measured at fair value | $ | (654.3) | (530.8) |
| Fair value hierarchy Level 3 | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | 9,286.1 | 9,421.5 |
| Liabilities measured at fair value | $ | (473.5) | (230.5) |
| Fair value hierarchy Level 3 | Investment and universal life contracts | ||
| Unobservable inputs | ||
| Liabilities measured at fair value | $ | $ (467.8) | $ (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 | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.012 | 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 | 0.014 | 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 | 0.013 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.176 | 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 | 0.269 | 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 | 0.196 | |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.001 | 0.002 |
| Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum | ||
| Unobservable inputs | ||
| Embedded derivative, Input | 0.014 | 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 | 0.009 | |
| 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 | 0.160 | 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 | 0.058 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 286.1 | $ 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 | 0.009 | 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 | 0.117 | 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 | 0.073 | 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 | 0.0060 | 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 | 0.0019 | 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 | 0.0769 | |
| 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 | 0.0359 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.000 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 1.000 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.003 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Minimum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.000 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Maximum | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.546 | |
| Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input | ||
| Unobservable inputs | ||
| Fixed maturities, available-for-sale, Input | 0.002 | |
| Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 1.1 | $ 2.4 |
| Fixed maturities, available-for-sale, Valuation technique | gaap:ValuationTechniqueDiscountedCashFlowMember | gaap:ValuationTechniqueDiscountedCashFlowMember |
| 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 | 0.784 | 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 | 0.784 | 0.531 |
| Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 0.7 | $ 108.7 |
| Fixed maturities, available-for-sale, Valuation technique | gaap:ValuationTechniqueDiscountedCashFlowMember | 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 | 0.029 | |
| 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 | 0.100 | |
| 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 | 0.034 | |
| 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 | 0.405 | 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 | 0.405 | 0.230 |
| Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 0.8 | $ 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 | 0.100 | 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 | 0.100 | 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 | $ | $ 30.4 | $ 14.8 |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.250 | 0.250 |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 0.300 | 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 | 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 | 3.5 |
| 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 | 4.5 |
| 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 | 4.0 |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Minimum | ||
| Unobservable inputs | ||
| Other investments, Input | 6.0 | 0.8 |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Maximum | ||
| Unobservable inputs | ||
| Other investments, Input | 8.0 | 7.0 |
| Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 7.0 | 4.1 |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | ||
| Unobservable inputs | ||
| Other investments, Input | 0.065 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.065 | |
| 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 | 0.033 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.033 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | ||
| Unobservable inputs | ||
| Other investments, Input | 0.526 | |
| Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | Weighted average input | ||
| Unobservable inputs | ||
| Other investments, Input | 0.526 | |
| Fair value hierarchy Level 3 | Separate account assets | ||
| Unobservable inputs | ||
| Assets measured at fair value | $ | $ 8,893.2 | $ 8,966.2 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.012 | 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 | 0.012 | 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 | 0.0110 | 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 | 0.0110 | 0.0120 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.056 | 0.055 |
| Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum | ||
| Unobservable inputs | ||
| Separate account assets, Input | 0.119 | 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 | 0.069 | 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 | 0.057 | 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 | 0.015 | 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 | 0.048 | 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 | 0.030 | 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 | 0.063 | 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 | 0.742 | 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 | 0.475 | 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 | 0.020 | 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 | 0.050 | 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 | 0.034 | 0.036 |
Fair Value Measurements - Fair Value Option on Consolidated VIEs and Equity Method Investments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Commercial Mortgage Loans of Consolidated VIEs | |||
| Fair Value Option, Quantitative Disclosures | |||
| Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected | $ 0.1 | $ (0.2) | |
| Interest income | 0.3 | 0.7 | |
| Real Estate Ventures | |||
| Fair Value Option, Quantitative Disclosures | |||
| Fair value of assets for which fair value option was elected | $ 28.5 | 22.8 | |
| Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected | $ 5.3 | $ 6.0 | $ 1.7 |
Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets (liabilities) | ||
| Mortgage loans | $ 17,343.0 | $ 16,486.9 |
| Policy loans | 784.0 | 798.0 |
| Short-term debt | (84.7) | (93.4) |
| Long-term debt | (4,279.2) | (3,734.1) |
| Carrying amount | ||
| Assets (liabilities) | ||
| Mortgage loans | 17,343.0 | 16,486.9 |
| Policy loans | 784.0 | 798.0 |
| Other investments | 347.2 | 278.8 |
| Cash and cash equivalents not required to be reported at fair value | 1,383.4 | 1,216.9 |
| Investment contracts | (35,449.9) | (33,922.2) |
| Short-term debt | (84.7) | (93.4) |
| Long-term debt | (4,279.2) | (3,734.1) |
| Separate account liabilities | (160,316.4) | (151,132.4) |
| Bank deposits | (423.5) | (469.6) |
| Cash collateral payable | (224.6) | (156.8) |
| Assets (liabilities) measured at fair value | ||
| Assets (liabilities) | ||
| Mortgage loans | 18,762.6 | 17,214.7 |
| Policy loans | 1,037.7 | 1,030.8 |
| Other investments | 338.5 | 273.1 |
| Cash and cash equivalents not required to be reported at fair value | 1,383.4 | 1,216.9 |
| Investment contracts | (36,738.7) | (34,001.3) |
| Short-term debt | (84.7) | (93.4) |
| Long-term debt | (4,949.9) | (4,122.9) |
| Separate account liabilities | (159,129.2) | (149,955.6) |
| Bank deposits | (429.7) | (468.3) |
| Cash collateral payable | (224.6) | (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 | 1,369.7 | 1,193.3 |
| Cash collateral payable | (224.6) | (156.8) |
| Assets (liabilities) measured at fair value | Fair value hierarchy Level 2 | ||
| Assets (liabilities) | ||
| Other investments | 247.1 | 180.3 |
| Cash and cash equivalents not required to be reported at fair value | 13.7 | 23.6 |
| Investment contracts | (5,276.9) | (4,304.5) |
| Short-term debt | (84.7) | (93.4) |
| Long-term debt | (4,908.7) | (4,015.3) |
| Bank deposits | (429.7) | (468.3) |
| Assets (liabilities) measured at fair value | Fair value hierarchy Level 3 | ||
| Assets (liabilities) | ||
| Mortgage loans | 18,762.6 | 17,214.7 |
| Policy loans | 1,037.7 | 1,030.8 |
| Other investments | 91.4 | 92.8 |
| Investment contracts | (31,461.8) | (29,696.8) |
| Long-term debt | (41.2) | (107.6) |
| Separate account liabilities | $ (159,129.2) | $ (149,955.6) |
Statutory Insurance Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Statutory disclosures | |||
| Impact of prescribed practices on statutory surplus | $ 862.1 | ||
| Impact of permitted practices on statutory surplus | (151.3) | ||
| Statutory reserves assumed by affiliated reinsurance subsidiaries | $ 8,978.2 | 7,902.3 | |
| Admitted assets under prescribed and permitted statutory accounting practices | 3,731.0 | 3,358.0 | |
| Statutory net income | 915.9 | 989.3 | $ 1,017.6 |
| Statutory capital and surplus | $ 5,682.4 | $ 5,193.4 | $ 5,319.6 |
Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Segment Information: Assets | ||
| Total assets | $ 296,627.7 | $ 276,087.8 |
| Retirement and Income Solutions | ||
| Segment Information: Assets | ||
| Total assets | 207,288.4 | 192,698.1 |
| Principal Global Investors | ||
| Segment Information: Assets | ||
| Total assets | 2,294.3 | 2,363.3 |
| Principal International | ||
| Segment Information: Assets | ||
| Total assets | 51,707.6 | 48,857.6 |
| U.S. Insurance Solutions | ||
| Segment Information: Assets | ||
| Total assets | 31,438.9 | 28,669.6 |
| Corporate | ||
| Segment Information: Assets | ||
| Total assets | $ 3,898.5 | $ 3,499.2 |
Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Net realized capital gains (losses), net of related revenue adjustments | $ 195.3 | $ (98.5) | $ (132.3) | ||||||||
| Total revenues | $ 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | $ 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | 14,741.7 | 16,222.1 | 14,237.2 |
| Pre-tax net realized capital gains (losses), as adjusted | 63.6 | (140.9) | (126.4) | ||||||||
| Income (loss) before income taxes | 1,693.5 | 1,693.3 | 1,784.4 | ||||||||
| Retirement and Income Solutions | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Inter-segment revenues | 342.6 | 357.8 | 393.6 | ||||||||
| Principal Global Investors | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Inter-segment revenues | 273.8 | 264.9 | 262.8 | ||||||||
| Operating Segments | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 14,579.9 | 16,393.1 | 14,424.8 | ||||||||
| Pre-tax operating earnings (losses) | 1,636.9 | 1,889.3 | 1,954.5 | ||||||||
| Operating Segments | Retirement and Income Solutions | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 7,503.5 | 8,954.4 | 7,277.0 | ||||||||
| Pre-tax operating earnings (losses) | 966.9 | 874.0 | 922.2 | ||||||||
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 2,149.8 | 2,003.0 | 1,783.7 | ||||||||
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 5,353.7 | 6,951.4 | 5,493.3 | ||||||||
| Operating Segments | Principal Global Investors | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 1,539.1 | 1,505.8 | 1,736.3 | ||||||||
| Pre-tax operating earnings (losses) | 512.9 | 483.3 | 562.1 | ||||||||
| Operating Segments | Principal International | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 1,096.8 | 1,523.2 | 1,372.9 | ||||||||
| Pre-tax operating earnings (losses) | 243.6 | 390.7 | 272.6 | ||||||||
| Operating Segments | U.S. Insurance Solutions | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 4,480.2 | 4,449.0 | 4,089.8 | ||||||||
| Pre-tax operating earnings (losses) | 239.9 | 521.6 | 467.0 | ||||||||
| Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 2,525.4 | 2,493.6 | 2,326.4 | ||||||||
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | 1,955.0 | 1,955.6 | 1,763.6 | ||||||||
| Operating Segments | U.S. Insurance Solutions | Eliminations | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | (0.2) | (0.2) | (0.2) | ||||||||
| Operating Segments | Corporate | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Operating revenues | (39.7) | (39.3) | (51.2) | ||||||||
| Pre-tax operating earnings (losses) | (326.4) | (380.3) | (269.4) | ||||||||
| Reconciling Items | |||||||||||
| Operating Revenue And Profit (Loss) From Segments To Consolidated | |||||||||||
| Net realized capital gains (losses), net of related revenue adjustments | 195.3 | (98.5) | (132.3) | ||||||||
| Adjustments related to equity method investments | (33.5) | (72.5) | (55.3) | ||||||||
| Pre-tax net realized capital gains (losses), as adjusted | 63.6 | (140.9) | (126.4) | ||||||||
| Earnings adjustments related to equity method investments and noncontrolling interest | $ (7.0) | $ (55.1) | $ (43.7) | ||||||||
Segment Information - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Segment Information: Net realized capital gains (losses), as adjusted | |||
| Net realized capital gains (losses) | $ 302.6 | $ (52.8) | $ (75.4) |
| Derivative and hedging-related revenue adjustments | (132.9) | (80.4) | (64.9) |
| Market value adjustments to fee revenues | (1.6) | 0.1 | |
| Adjustments related to equity method investments | (1.5) | 2.6 | (5.4) |
| Adjustments related to sponsored investment funds | 17.3 | 23.6 | 12.9 |
| Recognition of front-end fee revenue | 11.4 | 8.5 | 0.4 |
| Net realized capital gains (losses), net of related revenue adjustments | 195.3 | (98.5) | (132.3) |
| Amortization of deferred acquisition costs and other actuarial balances | (26.8) | (40.8) | (27.0) |
| Capital (gains) losses distributed | (49.9) | (68.2) | 14.4 |
| Market value adjustments of embedded derivatives | (55.0) | 66.6 | 18.5 |
| Pre-tax net realized capital gains (losses), as adjusted | $ 63.6 | $ (140.9) | $ (126.4) |
Segment Information - Income Tax Expense by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Segment Information: Income tax expense (benefit) | |||
| Income taxes (benefits) | $ 265.0 | $ 249.2 | $ 230.7 |
| Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | 270.5 | 320.2 | 357.0 |
| Reconciling Items | |||
| Segment Information: Income tax expense (benefit) | |||
| Tax expense (benefit) related to net realized capital gains (losses), as adjusted | 28.2 | 1.3 | (71.4) |
| Tax expense (benefit) associated with certain adjustments related to equity method investments and noncontrolling interest | (33.7) | (72.3) | (54.9) |
| Retirement and Income Solutions | Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | 106.6 | 71.8 | 85.6 |
| Principal Global Investors | Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | 141.9 | 121.8 | 149.1 |
| Principal International | Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | 62.0 | 106.8 | 73.3 |
| U.S. Insurance Solutions | Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | 47.9 | 101.8 | 85.7 |
| Corporate | Operating Segments | |||
| Segment Information: Income tax expense (benefit) | |||
| Total segment income tax expense (benefit) from operating earnings (losses) | $ (87.9) | $ (82.0) | $ (36.7) |
Segment Information - Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | $ 186.6 | $ 166.8 | $ 151.0 |
| Retirement and Income Solutions | |||
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | 69.1 | 48.2 | 32.5 |
| Principal Global Investors | |||
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | 21.6 | 18.9 | 21.9 |
| Principal International | |||
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | 56.0 | 58.6 | 59.6 |
| U.S. Insurance Solutions | |||
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | 25.1 | 25.0 | 26.2 |
| Corporate | |||
| Segment Information: Depreciation and amortization expense | |||
| Depreciation and amortization expense | $ 14.8 | $ 16.1 | $ 10.8 |
Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total fees and other revenues per consolidated statements of operations | $ 4,511.1 | $ 4,409.9 | $ 4,273.8 |
| Operating Segments | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 2,768.3 | 2,610.0 | 2,658.9 |
| Operating Segments | Retirement and Income Solutions | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 599.8 | 464.8 | 262.9 |
| Operating Segments | Principal Global Investors | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 1,511.2 | 1,456.7 | 1,700.5 |
| Fees and other revenues not within the scope of revenue recognition guidance | 22.3 | 38.5 | 30.4 |
| Total fees and other revenues per consolidated statements of operations | 1,533.5 | 1,495.2 | 1,730.9 |
| Operating Segments | Principal International | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 439.2 | 462.2 | 477.1 |
| Fees and other revenues not within the scope of revenue recognition guidance | 5.6 | 6.3 | 7.3 |
| Total fees and other revenues per consolidated statements of operations | 444.8 | 468.5 | 484.4 |
| Operating Segments | U.S. Insurance Solutions | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 63.2 | 65.9 | 57.0 |
| Operating Segments | Corporate | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 154.9 | 160.4 | 161.4 |
| Fees and other revenues not within the scope of revenue recognition guidance | (303.9) | (301.8) | (316.3) |
| Total fees and other revenues per consolidated statements of operations | (149.0) | (141.4) | (154.9) |
| 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 | 591.2 | 455.5 | 252.4 |
| Fees and other revenues not within the scope of revenue recognition guidance | 1,130.4 | 1,139.0 | 1,132.9 |
| Total fees and other revenues per consolidated statements of operations | 1,721.6 | 1,594.5 | 1,385.3 |
| 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 | 8.6 | 9.3 | 10.5 |
| Fees and other revenues not within the scope of revenue recognition guidance | 9.5 | 13.9 | 12.5 |
| Total fees and other revenues per consolidated statements of operations | 18.1 | 23.2 | 23.0 |
| Operating Segments | Specialty Benefits insurance | U.S. Insurance Solutions | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 14.8 | 14.9 | 14.8 |
| Fees and other revenues not within the scope of revenue recognition guidance | 19.3 | 19.6 | 20.6 |
| Total fees and other revenues per consolidated statements of operations | 34.1 | 34.5 | 35.4 |
| Operating Segments | Individual Life insurance | U.S. Insurance Solutions | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | 48.6 | 51.2 | 42.4 |
| Fees and other revenues not within the scope of revenue recognition guidance | 849.8 | 875.9 | 727.0 |
| Total fees and other revenues per consolidated statements of operations | 898.4 | 927.1 | 769.4 |
| Operating Segments | U.S. Insurance Solutions Eliminations | U.S. Insurance Solutions | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Total segment revenue from contracts with customers | (0.2) | (0.2) | (0.2) |
| Reconciling Items | |||
| Revenues from Contracts with Customers - Disaggregation of Revenues | |||
| Fees and other revenues not within the scope of revenue recognition guidance | 1,733.0 | 1,791.4 | 1,614.4 |
| Pre-tax other adjustments | $ 9.8 | $ 8.5 | $ 0.5 |
Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total fees and other revenues | $ 4,511.1 | $ 4,409.9 | $ 4,273.8 | |
| Premiums and other considerations | 6,037.4 | 7,866.6 | 6,409.6 | |
| Net investment income (loss) | 3,890.6 | 3,998.4 | 3,629.2 | |
| Retirement and Income Solutions | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Premiums and other considerations | 3,221.0 | 4,862.7 | 3,635.9 | |
| Net investment income (loss) | 2,457.9 | 2,420.4 | 2,195.2 | |
| Principal Global Investors | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Net investment income (loss) | 5.6 | 10.1 | 4.2 | |
| Principal International | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Premiums and other considerations | 156.6 | 393.3 | 317.2 | |
| Net investment income (loss) | 446.8 | 575.9 | 494.9 | |
| U.S. Insurance Solutions | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Premiums and other considerations | 2,659.8 | 2,610.6 | 2,456.5 | |
| Net investment income (loss) | 850.6 | 854.5 | 815.1 | |
| Corporate | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Net investment income (loss) | 129.7 | 137.5 | 119.8 | |
| Operating Segments | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 2,768.3 | 2,610.0 | 2,658.9 | |
| Total operating revenues | 14,579.9 | 16,393.1 | 14,424.8 | |
| Operating Segments | Retirement and Income Solutions | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 599.8 | 464.8 | 262.9 | |
| Total operating revenues | 7,503.5 | 8,954.4 | 7,277.0 | |
| 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 | 591.2 | 455.5 | 252.4 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 1,130.4 | 1,139.0 | 1,132.9 | |
| Total fees and other revenues | 1,721.6 | 1,594.5 | 1,385.3 | |
| Premiums and other considerations | 5.0 | 3.5 | 4.0 | |
| Net investment income (loss) | 423.2 | 405.0 | 394.4 | |
| Total operating revenues | 2,149.8 | 2,003.0 | 1,783.7 | |
| 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 | 589.2 | 453.7 | 250.7 | |
| 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 | 2.0 | 1.8 | 1.7 | |
| 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 | 8.6 | 9.3 | 10.5 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 9.5 | 13.9 | 12.5 | |
| Total fees and other revenues | 18.1 | 23.2 | 23.0 | |
| Premiums and other considerations | 3,216.0 | 4,859.2 | 3,631.9 | |
| Net investment income (loss) | 2,119.6 | 2,069.0 | 1,838.4 | |
| Total operating revenues | 5,353.7 | 6,951.4 | 5,493.3 | |
| 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 | 8.4 | 9.3 | 10.5 | |
| Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | Commission income | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 0.2 | |||
| Operating Segments | Principal Global Investors | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 1,511.2 | 1,456.7 | 1,700.5 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 22.3 | 38.5 | 30.4 | |
| Total fees and other revenues | 1,533.5 | 1,495.2 | 1,730.9 | |
| Net investment income (loss) | 5.6 | 10.6 | 5.4 | |
| Total operating revenues | 1,539.1 | 1,505.8 | 1,736.3 | |
| Operating Segments | Principal Global Investors | Management fee revenue | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 1,298.4 | 1,239.1 | 1,244.5 | |
| Operating Segments | Principal Global Investors | Other fee revenue | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 212.8 | 217.6 | 456.0 | |
| Performance fee recognized resulting from realignment of a real estate investment team | $ 253.1 | |||
| Operating Segments | Principal International | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 439.2 | 462.2 | 477.1 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 5.6 | 6.3 | 7.3 | |
| Total fees and other revenues | 444.8 | 468.5 | 484.4 | |
| Premiums and other considerations | 156.6 | 393.3 | 317.2 | |
| Net investment income (loss) | 495.4 | 661.4 | 571.3 | |
| Total operating revenues | 1,096.8 | 1,523.2 | 1,372.9 | |
| Operating Segments | Principal International | Latin America | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 323.5 | 351.5 | 370.8 | |
| Operating Segments | Principal International | Asia | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 115.9 | 111.0 | 106.3 | |
| Operating Segments | Principal International | Principal International Corporate / Regional Office | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 0.9 | 0.9 | 0.9 | |
| Operating Segments | Principal International | Geographical Eliminations | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | (1.1) | (1.2) | (0.9) | |
| Operating Segments | Principal International | Management fee revenue | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 435.3 | 459.3 | 472.1 | |
| Operating Segments | Principal International | Other fee revenue | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 3.9 | 2.9 | 5.0 | |
| Operating Segments | U.S. Insurance Solutions | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 63.2 | 65.9 | 57.0 | |
| Total operating revenues | 4,480.2 | 4,449.0 | 4,089.8 | |
| Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 14.8 | 14.9 | 14.8 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 19.3 | 19.6 | 20.6 | |
| Total fees and other revenues | 34.1 | 34.5 | 35.4 | |
| Premiums and other considerations | 2,330.7 | 2,292.7 | 2,134.1 | |
| Net investment income (loss) | 160.6 | 166.4 | 156.9 | |
| Total operating revenues | 2,525.4 | 2,493.6 | 2,326.4 | |
| 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 | 14.8 | 14.9 | 14.8 | |
| Operating Segments | U.S. Insurance Solutions | Individual Life insurance | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 48.6 | 51.2 | 42.4 | |
| Fees and other revenues not within the scope of revenue recognition guidance | 849.8 | 875.9 | 727.0 | |
| Total fees and other revenues | 898.4 | 927.1 | 769.4 | |
| Premiums and other considerations | 329.1 | 317.9 | 322.4 | |
| Net investment income (loss) | 727.5 | 710.6 | 671.8 | |
| Total operating revenues | 1,955.0 | 1,955.6 | 1,763.6 | |
| 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 | 21.8 | 24.3 | 22.8 | |
| 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 | 26.8 | 26.9 | 19.6 | |
| Operating Segments | Corporate | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 154.9 | 160.4 | 161.4 | |
| Fees and other revenues not within the scope of revenue recognition guidance | (303.9) | (301.8) | (316.3) | |
| Total fees and other revenues | (149.0) | (141.4) | (154.9) | |
| Net investment income (loss) | 109.3 | 102.1 | 103.7 | |
| Total operating revenues | (39.7) | (39.3) | (51.2) | |
| Operating Segments | Corporate | Other fee revenue | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 59.1 | 46.1 | 35.4 | |
| Operating Segments | Corporate | Commission income | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | 316.6 | 320.2 | 316.1 | |
| Operating Segments | Corporate | Revenue by type - Eliminations | ||||
| Revenues from Contracts with Customers - Disaggregation of Revenues | ||||
| Total revenues from contracts with customers | $ (220.8) | $ (205.9) | $ (190.1) | |
Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Contract costs | |||
| Contract cost asset | $ 173.0 | $ 157.0 | |
| Practical expedient, incremental costs of obtaining a contract | true | ||
| Impairment loss for contract cost asset | $ 0.0 | 0.0 | $ 0.0 |
| Amortization expense of contract cost asset | $ 24.8 | $ 24.4 | $ 23.8 |
Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | 180 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2020 |
May 19, 2020 |
May 20, 2014 |
|
| Stock-Based Compensation Plans | ||||||
| Stock-Based Compensation Plans - Disclosures | ||||||
| Compensation cost | $ 86.7 | $ 78.7 | $ 77.5 | |||
| Related income tax benefit | 17.1 | 16.8 | 16.7 | |||
| Capitalized as part of an asset | $ 1.5 | $ 1.7 | $ 1.9 | |||
| 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 | |||||
| 2014 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 2020 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, Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| 2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan | |||
| Stock-Based Compensation Plans - Disclosures | |||
| Option expiration period | 10 years | ||
| Vesting period | 3 years | ||
| Change in options outstanding | |||
| Options granted (in shares) | 1.4 | 1.2 | 0.8 |
| Nonqualified Stock Options | |||
| Change in options outstanding | |||
| Options outstanding at beginning of period (in shares) | 5.3 | ||
| Options granted (in shares) | 1.4 | ||
| Options exercised (in shares) | 0.1 | ||
| Options canceled (in shares) | 0.1 | ||
| Options outstanding at end of period (in shares) | 6.5 | 5.3 | |
| Options vested or expected to vest at end of period (in shares) | 6.5 | ||
| Options exercisable at end of period (in shares) | 4.2 | ||
| Options outstanding at beginning of period, Weighted-average exercise price (in dollars per share) | $ 48.42 | ||
| Options granted, Weighted-average exercise price (in dollars per share) | 51.73 | ||
| Options exercised, Weighted-average exercise price (in dollars per share) | 29.56 | ||
| Options canceled weighted-average exercise price (in dollars per share) | 51.81 | ||
| Options outstanding at end of period, Weighted-average exercise price (in dollars per share) | 49.52 | $ 48.42 | |
| Options vested or expected to vest at end of period, Weighted-average exercise price (in dollars per share) | 49.52 | ||
| Options exercisable at end of period, Weighted-average exercise price (in dollars per share) | $ 47.38 | ||
| Options outstanding at end of period, Intrinsic value | $ 27.5 | ||
| Options vested or expected to vest at end of period, Intrinsic value | 27.5 | ||
| Options exercisable at end of period, Intrinsic value | 27.5 | ||
| Total intrinsic value of options exercised | $ 3.4 | $ 2.4 | $ 18.7 |
Stock-Based Compensation Plans - Nonqualified Stock Options, Range of Exercise Prices (Details) - Nonqualified Stock Options - $ / shares shares in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Number of options outstanding (in shares) | 6.5 | 5.3 |
| Weighted-average remaining contractual life for stock options exercisable | 6 years 1 month 6 days | |
| Range of exercise prices, Range 1 | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 27.46 | |
| Upper limit of exercise price range (in dollars per share) | $ 41.13 | |
| Number of options outstanding (in shares) | 1.6 | |
| Weighted-average remaining contractual life | 3 years 3 months 18 days | |
| Range of exercise prices, Range 2 | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 41.14 | |
| Upper limit of exercise price range (in dollars per share) | $ 51.53 | |
| Number of options outstanding (in shares) | 1.0 | |
| Weighted-average remaining contractual life | 3 years 8 months 12 days | |
| Range of exercise prices, Range 3 | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 51.54 | |
| Upper limit of exercise price range (in dollars per share) | $ 52.41 | |
| Number of options outstanding (in shares) | 1.3 | |
| Weighted-average remaining contractual life | 9 years 1 month 6 days | |
| Range of exercise prices, Range 4 | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 52.42 | |
| Upper limit of exercise price range (in dollars per share) | $ 62.75 | |
| Number of options outstanding (in shares) | 1.2 | |
| Weighted-average remaining contractual life | 8 years 1 month 6 days | |
| Range of exercise prices, Range 5 | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 62.76 | |
| Upper limit of exercise price range (in dollars per share) | $ 63.98 | |
| Number of options outstanding (in shares) | 1.4 | |
| Weighted-average remaining contractual life | 6 years 8 months 12 days | |
| Range of exercise prices, Total Range | ||
| Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices | ||
| Lower limit of exercise price range (in dollars per share) | $ 27.46 | |
| Upper limit of exercise price range (in dollars per share) | $ 63.98 | |
| Number of options outstanding (in shares) | 6.5 |
Stock-Based Compensation Plans - Nonqualified Stock Options, Assumptions and Other Disclosures (Details) - Nonqualified Stock Options - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Assumptions used to estimate fair value of stock options granted during period | |||
| Weighted-average expected volatility (as a percent) | 25.70% | 23.30% | 26.00% |
| Weighted-average expected term | 7 years | 7 years | 7 years |
| Weighted-average risk-free interest rate (as a percent) | 1.30% | 2.60% | 2.80% |
| Weighted-average expected dividend yield (as a percent) | 4.33% | 4.07% | 3.19% |
| Weighted-average estimated fair value of stock options granted (in dollars per share) | $ 9.64 | $ 10.00 | $ 14.85 |
| Other nonqualified stock option disclosures | |||
| Unrecognized compensation costs | $ 2.1 | ||
| Weighted-average service period over which unrecognized compensation costs will be recognized | 1 year 10 months 24 days | ||
| Cash received from stock options exercised | $ 4.4 | $ 3.4 | $ 29.0 |
| Tax benefits realized for the tax deductions from options exercised | $ 1.4 | $ 0.5 | $ 3.9 |
Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Performance Share Awards | |||
| Stock-Based Compensation Plans - Disclosures | |||
| Performance period for goals | 3 years | ||
| Change in nonvested units outstanding | |||
| Awards or units outstanding at beginning of period (in shares) | 0.5 | ||
| Awards or units granted (in shares) | 0.3 | 0.2 | 0.2 |
| Awards or units vested (in shares) | 0.1 | ||
| Awards or units outstanding at end of period (in shares) | 0.7 | 0.5 | |
| Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share) | $ 59.26 | ||
| Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | 51.73 | $ 53.09 | $ 63.98 |
| Awards or units vested, Weighted-average grant-date fair value (in dollars per share) | 62.78 | ||
| Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share) | $ 55.28 | $ 59.26 | |
| Other award and unit disclosures | |||
| Intrinsic value from awards or units vested | $ 8.7 | $ 17.6 | $ 21.5 |
| 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 | $ 3.0 | ||
| Weighted-average service period over which unrecognized compensation costs will be recognized | 1 year 10 months 24 days | ||
| Tax benefits realized for the tax deductions from awards or units paid out | $ 3.0 | $ 3.3 | $ 3.3 |
| Restricted Stock Units | |||
| Change in nonvested units outstanding | |||
| Awards or units outstanding at beginning of period (in shares) | 2.6 | ||
| Awards or units granted (in shares) | 1.1 | 1.1 | 0.8 |
| Awards or units vested (in shares) | 0.8 | ||
| Awards or units canceled (in shares) | 0.1 | ||
| Awards or units outstanding at end of period (in shares) | 2.8 | 2.6 | |
| Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share) | $ 59.15 | ||
| Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | 50.49 | $ 53.17 | $ 63.68 |
| Awards or units vested, Weighted-average grant-date fair value (in dollars per share) | 62.32 | ||
| Awards or units canceled, Weighted-average grant-date fair value (in dollars per share) | 55.68 | ||
| Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share) | $ 54.86 | $ 59.15 | |
| Other award and unit disclosures | |||
| Intrinsic value from awards or units vested | $ 41.2 | $ 64.0 | $ 51.1 |
| Unrecognized compensation costs | $ 43.4 | ||
| Weighted-average service period over which unrecognized compensation costs will be recognized | 1 year 8 months 12 days | ||
| Tax benefits realized for the tax deductions from awards or units paid out | $ 14.6 | $ 13.2 | $ 10.8 |
| 2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan | |||
| Other award and unit disclosures | |||
| Vesting period | 3 years | ||
| 2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan | Restricted Stock Units | |||
| Other award and unit disclosures | |||
| Vesting period | 3 years | ||
| 2020 Directors Stock Plan, 2014 Directors Stock Plan and 2005 Directors Stock Plan | Restricted Stock Units | |||
| Other award and unit disclosures | |||
| Vesting period | 1 year | ||
Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Stock-Based Compensation Plans - Disclosures | |||
| Maximum value of company common stock that can be purchased by an employee per year | $ 25,000 | ||
| Employee purchase price as a percent of fair market value (as a percent) | 85.00% | ||
| Share purchases under employee stock purchase plan (in shares) | 1.4 | 0.9 | 0.7 |
| Weighted-average fair value of discount on employee stock purchase plan (in dollars per share) | $ 11.33 | $ 11.37 | $ 9.27 |
| Intrinsic value from shares settled | $ 15,500,000 | $ 9,700,000 | $ 6,100,000 |
| Cash received from shares issued | 37,800,000 | 36,200,000 | 30,100,000 |
| Tax benefits realized from the settlement of share-based payment arrangements | $ 900,000 | $ 900,000 | $ 700,000 |
| Shares available to be issued under employee stock purchase plan (in shares) | 5.0 | ||
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Net income (loss) | $ 491.5 | $ 235.9 | $ 416.1 | $ 285.0 | $ 315.3 | $ 284.6 | $ 392.1 | $ 452.1 | $ 1,428.5 | $ 1,444.1 | $ 1,553.7 |
| Subtract: | |||||||||||
| Net income (loss) attributable to noncontrolling interest | 32.7 | 49.9 | 7.2 | ||||||||
| Total | $ 1,395.8 | $ 1,394.2 | $ 1,546.5 | ||||||||
| Weighted-average shares outstanding: | |||||||||||
| Basic | 274.7 | 278.6 | 285.8 | ||||||||
| Dilutive effects: | |||||||||||
| Diluted | 276.6 | 281.0 | 288.8 | ||||||||
| Net income (loss) per common share: | |||||||||||
| Basic | $ 1.72 | $ 0.86 | $ 1.45 | $ 1.05 | $ 1.08 | $ 0.99 | $ 1.38 | $ 1.54 | $ 5.08 | $ 5.00 | $ 5.41 |
| Diluted | $ 1.70 | $ 0.85 | $ 1.45 | $ 1.04 | $ 1.07 | $ 0.98 | $ 1.37 | $ 1.53 | $ 5.05 | $ 4.96 | $ 5.36 |
| Nonqualified Stock Options | |||||||||||
| Dilutive effects: | |||||||||||
| Stock-based compensation awards | 0.3 | 0.9 | 1.0 | ||||||||
| Restricted Stock Units | |||||||||||
| Dilutive effects: | |||||||||||
| Stock-based compensation awards | 1.5 | 1.4 | 1.7 | ||||||||
| Performance Share Awards | |||||||||||
| Dilutive effects: | |||||||||||
| Stock-based compensation awards | 0.1 | 0.1 | 0.3 | ||||||||
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Quarterly Results of Operations (Unaudited) | |||||||||||
| Total revenues | $ 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | $ 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | $ 14,741.7 | $ 16,222.1 | $ 14,237.2 |
| Total expenses | 3,173.5 | 3,035.6 | 2,616.0 | 4,223.1 | 3,675.9 | 4,112.7 | 3,522.3 | 3,217.9 | 13,048.2 | 14,528.8 | 12,452.8 |
| Net income (loss) | 491.5 | 235.9 | 416.1 | 285.0 | 315.3 | 284.6 | 392.1 | 452.1 | 1,428.5 | 1,444.1 | 1,553.7 |
| Net income attributable to PFG | $ 472.6 | $ 236.0 | $ 398.3 | $ 288.9 | $ 300.9 | $ 277.1 | $ 386.3 | $ 429.9 | $ 1,395.8 | $ 1,394.2 | $ 1,546.5 |
| Basic earnings per common share (in dollars per share) | $ 1.72 | $ 0.86 | $ 1.45 | $ 1.05 | $ 1.08 | $ 0.99 | $ 1.38 | $ 1.54 | $ 5.08 | $ 5.00 | $ 5.41 |
| Diluted earnings per common share (in dollars per share) | $ 1.70 | $ 0.85 | $ 1.45 | $ 1.04 | $ 1.07 | $ 0.98 | $ 1.37 | $ 1.53 | $ 5.05 | $ 4.96 | $ 5.36 |
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Financial Position (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Assets | ||||
| Fixed maturities, available-for-sale | $ 78,710.3 | $ 70,106.2 | ||
| Fixed maturities, trading | 532.1 | 675.9 | ||
| Equity securities | 2,013.4 | 1,879.4 | ||
| Mortgage loans | 17,343.0 | 16,486.9 | ||
| Real estate | 1,797.3 | 1,714.8 | ||
| Policy loans | 784.0 | 798.0 | ||
| Investment in unconsolidated entities | 842.7 | 830.2 | ||
| Other investments | 4,284.1 | 3,860.0 | ||
| Cash and cash equivalents | 2,849.8 | 2,515.9 | ||
| Accrued investment income | 710.6 | 686.6 | ||
| Premiums due and other receivables | 1,723.8 | 1,740.3 | ||
| Deferred acquisition costs | 3,409.7 | 3,521.3 | $ 3,693.5 | $ 3,540.7 |
| Property and equipment | 1,019.0 | 967.7 | ||
| Goodwill | 1,711.0 | 1,693.8 | 1,100.0 | |
| Other intangibles | 1,723.0 | 1,786.7 | ||
| Separate account assets | 175,951.4 | 165,468.0 | ||
| Other assets | 1,222.5 | 1,356.1 | ||
| Total assets | 296,627.7 | 276,087.8 | ||
| Liabilities | ||||
| Contractholder funds | 43,237.7 | 41,367.5 | ||
| Future policy benefits and claims | 45,207.2 | 40,838.2 | ||
| Other policyholder funds | 1,059.4 | 959.4 | ||
| Short-term debt | 84.7 | 93.4 | ||
| Long-term debt | 4,279.2 | 3,734.1 | ||
| Income taxes currently payable | 22.3 | 16.2 | ||
| Deferred income taxes | 2,330.8 | 1,796.6 | ||
| Separate account liabilities | 175,951.4 | 165,468.0 | ||
| Other liabilities | 7,582.1 | 6,863.7 | ||
| Total liabilities | 279,754.8 | 261,137.1 | ||
| Redeemable noncontrolling interest | 255.6 | 264.9 | 391.2 | 101.3 |
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,321.6 | 10,182.6 | ||
| Retained earnings | 11,838.0 | 11,074.3 | ||
| Accumulated other comprehensive income | 2,383.1 | 1,037.9 | ||
| Treasury stock, at cost | (7,988.6) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 16,558.9 | 14,618.0 | ||
| Noncontrolling interest | 58.4 | 67.8 | ||
| Total stockholders' equity | 16,617.3 | 14,685.8 | $ 11,456.0 | $ 12,921.9 |
| Total liabilities and stockholders' equity | 296,627.7 | 276,087.8 | ||
| Principal Financial Group, Inc. parent only | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 813.2 | 265.8 | ||
| Fixed maturities, trading | 178.8 | 268.2 | ||
| Investment in unconsolidated entities | 19,714.3 | 17,539.6 | ||
| Other investments | 63.7 | 10.4 | ||
| Cash and cash equivalents | 302.4 | 394.9 | ||
| Accrued investment income | 2.3 | 1.6 | ||
| Other assets | 408.1 | 383.2 | ||
| Total assets | 21,482.8 | 18,863.7 | ||
| Liabilities | ||||
| Long-term debt | 4,223.3 | 3,625.5 | ||
| Other liabilities | 700.6 | 620.2 | ||
| Total liabilities | 4,923.9 | 4,245.7 | ||
| Stockholders' equity | ||||
| Common stock | 4.8 | 4.8 | ||
| Additional paid-in capital | 10,321.6 | 10,182.6 | ||
| Retained earnings | 11,838.0 | 11,074.3 | ||
| Accumulated other comprehensive income | 2,383.1 | 1,037.9 | ||
| Treasury stock, at cost | (7,988.6) | (7,681.6) | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 16,558.9 | 14,618.0 | ||
| Total stockholders' equity | 16,558.9 | 14,618.0 | ||
| Total liabilities and stockholders' equity | 21,482.8 | 18,863.7 | ||
| Principal Financial Services, Inc. only | Legal Entities | ||||
| Assets | ||||
| Equity securities | 42.9 | 41.4 | ||
| Investment in unconsolidated entities | 18,557.9 | 16,664.1 | ||
| Other investments | 156.3 | 251.9 | ||
| Cash and cash equivalents | 819.1 | 598.4 | ||
| Accrued investment income | 0.2 | 0.4 | ||
| Premiums due and other receivables | 88.8 | 100.0 | ||
| Goodwill | 618.5 | 618.5 | ||
| Other intangibles | 503.6 | 531.7 | ||
| Other assets | 58.0 | 35.2 | ||
| Total assets | 20,845.3 | 18,841.6 | ||
| Liabilities | ||||
| Long-term debt | 274.9 | 320.7 | ||
| Deferred income taxes | 31.3 | 5.9 | ||
| Other liabilities | 973.2 | 1,113.6 | ||
| Total liabilities | 1,279.4 | 1,440.2 | ||
| Stockholders' equity | ||||
| Additional paid-in capital | 9,738.4 | 9,658.3 | ||
| Retained earnings | 6,980.7 | 6,263.5 | ||
| Accumulated other comprehensive income | 2,846.8 | 1,479.6 | ||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 19,565.9 | 17,401.4 | ||
| Total stockholders' equity | 19,565.9 | 17,401.4 | ||
| Total liabilities and stockholders' equity | 20,845.3 | 18,841.6 | ||
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | ||||
| Assets | ||||
| Fixed maturities, available-for-sale | 77,897.1 | 69,840.4 | ||
| Fixed maturities, trading | 353.3 | 407.7 | ||
| Equity securities | 1,970.5 | 1,838.0 | ||
| Mortgage loans | 17,343.0 | 16,486.9 | ||
| Real estate | 1,797.3 | 1,714.8 | ||
| Policy loans | 784.0 | 798.0 | ||
| Investment in unconsolidated entities | 615.9 | 649.4 | ||
| Other investments | 4,064.1 | 3,597.7 | ||
| Cash and cash equivalents | 2,740.7 | 2,656.2 | ||
| Accrued investment income | 708.1 | 684.6 | ||
| Premiums due and other receivables | 1,910.2 | 1,961.1 | ||
| Deferred acquisition costs | 3,409.7 | 3,521.3 | ||
| Property and equipment | 1,019.0 | 967.7 | ||
| Goodwill | 1,092.5 | 1,075.3 | ||
| Other intangibles | 1,219.4 | 1,255.0 | ||
| Separate account assets | 175,951.4 | 165,468.0 | ||
| Other assets | 1,362.7 | 1,509.5 | ||
| Total assets | 294,238.9 | 274,431.6 | ||
| Liabilities | ||||
| Contractholder funds | 43,237.7 | 41,367.5 | ||
| Future policy benefits and claims | 45,207.2 | 40,838.2 | ||
| Other policyholder funds | 1,059.4 | 959.4 | ||
| Short-term debt | 84.7 | 93.4 | ||
| Long-term debt | 55.9 | 108.7 | ||
| Income taxes currently payable | 79.7 | 66.4 | ||
| Deferred income taxes | 2,824.4 | 2,285.8 | ||
| Separate account liabilities | 175,951.4 | 165,468.0 | ||
| Other liabilities | 6,769.6 | 6,104.7 | ||
| Total liabilities | 275,270.0 | 257,292.1 | ||
| Redeemable noncontrolling interest | 255.6 | 264.9 | ||
| Stockholders' equity | ||||
| Common stock | 5.5 | 11.0 | ||
| Additional paid-in capital | 12,357.7 | 12,157.9 | ||
| Retained earnings | 3,285.9 | 2,985.1 | ||
| Accumulated other comprehensive income | 3,005.8 | 1,654.8 | ||
| Treasury stock, at cost | (2.0) | |||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 18,654.9 | 16,806.8 | ||
| Noncontrolling interest | 58.4 | 67.8 | ||
| Total stockholders' equity | 18,713.3 | 16,874.6 | ||
| Total liabilities and stockholders' equity | 294,238.9 | 274,431.6 | ||
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | Nonqualified benefit plans | ||||
| Stockholders' equity | ||||
| Assets held in Rabbi trusts | 801.7 | 731.9 | ||
| Liabilities held in Rabbi trusts | 653.3 | 593.7 | ||
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | ||||
| Assets | ||||
| Investment in unconsolidated entities | (38,045.4) | (34,022.9) | ||
| Cash and cash equivalents | (1,012.4) | (1,133.6) | ||
| Premiums due and other receivables | (275.2) | (320.8) | ||
| Other assets | (606.3) | (571.8) | ||
| Total assets | (39,939.3) | (36,049.1) | ||
| Liabilities | ||||
| Long-term debt | (274.9) | (320.8) | ||
| Income taxes currently payable | (57.4) | (50.2) | ||
| Deferred income taxes | (524.9) | (495.1) | ||
| Other liabilities | (861.3) | (974.8) | ||
| Total liabilities | (1,718.5) | (1,840.9) | ||
| Stockholders' equity | ||||
| Common stock | (5.5) | (11.0) | ||
| Additional paid-in capital | (22,096.1) | (21,816.2) | ||
| Retained earnings | (10,266.6) | (9,248.6) | ||
| Accumulated other comprehensive income | (5,852.6) | (3,134.4) | ||
| Treasury stock, at cost | 2.0 | |||
| Total stockholders' equity attributable to Principal Financial Group, Inc. | (38,220.8) | (34,208.2) | ||
| Total stockholders' equity | (38,220.8) | (34,208.2) | ||
| Total liabilities and stockholders' equity | $ (39,939.3) | $ (36,049.1) |
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues | |||||||||||
| Premiums and other considerations | $ 6,037.4 | $ 7,866.6 | $ 6,409.6 | ||||||||
| Fees and other revenues | 4,511.1 | 4,409.9 | 4,273.8 | ||||||||
| Net investment income (loss) | 3,890.6 | 3,998.4 | 3,629.2 | ||||||||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | (9.3) | (46.3) | |||||||||
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (38.3) | 10.6 | |||||||||
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income | (5.2) | (39.7) | |||||||||
| Net impairment (losses) recoveries on available-for-sale securities | (43.5) | (29.1) | |||||||||
| Net realized capital gains (losses) | 302.6 | (52.8) | (75.4) | ||||||||
| Total revenues | $ 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | $ 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | 14,741.7 | 16,222.1 | 14,237.2 |
| Expenses | |||||||||||
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | 8,192.5 | ||||||||
| Dividends to policyholders | 120.2 | 119.1 | 123.6 | ||||||||
| Operating expenses | 4,646.5 | 4,503.9 | 4,136.7 | ||||||||
| Total expenses | 3,173.5 | 3,035.6 | 2,616.0 | 4,223.1 | 3,675.9 | 4,112.7 | 3,522.3 | 3,217.9 | 13,048.2 | 14,528.8 | 12,452.8 |
| Income (loss) before income taxes | 1,693.5 | 1,693.3 | 1,784.4 | ||||||||
| Income taxes (benefits) | 265.0 | 249.2 | 230.7 | ||||||||
| Net income (loss) | 491.5 | 235.9 | 416.1 | 285.0 | 315.3 | 284.6 | 392.1 | 452.1 | 1,428.5 | 1,444.1 | 1,553.7 |
| Net income attributable to noncontrolling interest | 32.7 | 49.9 | 7.2 | ||||||||
| Net income attributable to PFG | 472.6 | 236.0 | 398.3 | 288.9 | 300.9 | 277.1 | 386.3 | 429.9 | 1,395.8 | 1,394.2 | 1,546.5 |
| Net income (loss) | $ 491.5 | $ 235.9 | $ 416.1 | $ 285.0 | $ 315.3 | $ 284.6 | $ 392.1 | $ 452.1 | 1,428.5 | 1,444.1 | 1,553.7 |
| Other comprehensive income | 1,347.0 | 2,606.7 | (1,835.7) | ||||||||
| Comprehensive income (loss) | 2,775.5 | 4,050.8 | (282.0) | ||||||||
| Principal Financial Group, Inc. parent only | Legal Entities | |||||||||||
| Revenues | |||||||||||
| Net investment income (loss) | 13.3 | 19.4 | 25.8 | ||||||||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | 12.3 | (8.2) | |||||||||
| Net realized capital gains (losses) | 7.0 | 12.3 | (8.2) | ||||||||
| Total revenues | 20.3 | 31.7 | 17.6 | ||||||||
| Expenses | |||||||||||
| Operating expenses | 200.0 | 210.9 | 191.9 | ||||||||
| Total expenses | 200.0 | 210.9 | 191.9 | ||||||||
| Income (loss) before income taxes | (179.7) | (179.2) | (174.3) | ||||||||
| Income taxes (benefits) | (46.1) | (44.2) | (62.5) | ||||||||
| Equity in the net income (loss) of subsidiaries | 1,529.4 | 1,529.2 | 1,658.3 | ||||||||
| Net income (loss) | 1,395.8 | 1,394.2 | 1,546.5 | ||||||||
| Net income attributable to PFG | 1,395.8 | 1,394.2 | 1,546.5 | ||||||||
| Net income (loss) | 1,395.8 | 1,394.2 | 1,546.5 | ||||||||
| Other comprehensive income | 1,206.5 | 2,570.9 | (1,824.5) | ||||||||
| Comprehensive income (loss) | 2,602.3 | 3,965.1 | (278.0) | ||||||||
| Principal Financial Services, Inc. only | Legal Entities | |||||||||||
| Revenues | |||||||||||
| Fees and other revenues | 341.3 | 205.9 | 2.7 | ||||||||
| Net investment income (loss) | (1.4) | (6.5) | (6.7) | ||||||||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | 17.5 | (3.5) | |||||||||
| Net realized capital gains (losses) | 32.8 | 17.5 | (3.5) | ||||||||
| Total revenues | 372.7 | 216.9 | (7.5) | ||||||||
| Expenses | |||||||||||
| Operating expenses | 548.7 | 368.2 | 29.1 | ||||||||
| Total expenses | 548.7 | 368.2 | 29.1 | ||||||||
| Income (loss) before income taxes | (176.0) | (151.3) | (36.6) | ||||||||
| Income taxes (benefits) | (45.8) | (11.8) | 0.2 | ||||||||
| Equity in the net income (loss) of subsidiaries | 1,649.4 | 1,659.7 | 1,684.5 | ||||||||
| Net income (loss) | 1,519.2 | 1,520.2 | 1,647.7 | ||||||||
| Net income attributable to PFG | 1,519.2 | 1,520.2 | 1,647.7 | ||||||||
| Net income (loss) | 1,519.2 | 1,520.2 | 1,647.7 | ||||||||
| Other comprehensive income | 1,228.6 | 2,530.9 | (1,839.1) | ||||||||
| Comprehensive income (loss) | 2,747.8 | 4,051.1 | (191.4) | ||||||||
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | |||||||||||
| Revenues | |||||||||||
| Premiums and other considerations | 6,037.4 | 7,866.6 | 6,409.6 | ||||||||
| Fees and other revenues | 4,182.9 | 4,215.5 | 4,286.4 | ||||||||
| Net investment income (loss) | 3,867.1 | 3,975.1 | 3,598.0 | ||||||||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | (38.9) | (34.6) | |||||||||
| Net other-than-temporary impairment (losses) recoveries on available-for-sale securities | (38.3) | 10.6 | |||||||||
| Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income | (5.2) | (39.7) | |||||||||
| Net impairment (losses) recoveries on available-for-sale securities | (43.5) | (29.1) | |||||||||
| Net realized capital gains (losses) | 262.9 | (82.4) | (63.7) | ||||||||
| Total revenues | 14,350.3 | 15,974.8 | 14,230.3 | ||||||||
| Expenses | |||||||||||
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | 8,192.5 | ||||||||
| Dividends to policyholders | 120.2 | 119.1 | 123.6 | ||||||||
| Operating expenses | 3,909.6 | 3,935.1 | 3,929.5 | ||||||||
| Total expenses | 12,311.3 | 13,960.0 | 12,245.6 | ||||||||
| Income (loss) before income taxes | 2,039.0 | 2,014.8 | 1,984.7 | ||||||||
| Income taxes (benefits) | 356.9 | 305.2 | 293.0 | ||||||||
| Net income (loss) | 1,682.1 | 1,709.6 | 1,691.7 | ||||||||
| Net income attributable to noncontrolling interest | 32.7 | 49.9 | 7.2 | ||||||||
| Net income attributable to PFG | 1,649.4 | 1,659.7 | 1,684.5 | ||||||||
| Net income (loss) | 1,682.1 | 1,709.6 | 1,691.7 | ||||||||
| Other comprehensive income | 1,352.7 | 2,562.2 | (1,856.4) | ||||||||
| Comprehensive income (loss) | 3,034.8 | 4,271.8 | (164.7) | ||||||||
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | |||||||||||
| Revenues | |||||||||||
| Fees and other revenues | (13.1) | (11.5) | (15.3) | ||||||||
| Net investment income (loss) | 11.6 | 10.4 | 12.1 | ||||||||
| Net realized capital gains (losses), excluding impairment losses on available-for-sale securities | (0.2) | ||||||||||
| Net realized capital gains (losses) | (0.1) | (0.2) | |||||||||
| Total revenues | (1.6) | (1.3) | (3.2) | ||||||||
| Expenses | |||||||||||
| Operating expenses | (11.8) | (10.3) | (13.8) | ||||||||
| Total expenses | (11.8) | (10.3) | (13.8) | ||||||||
| Income (loss) before income taxes | 10.2 | 9.0 | 10.6 | ||||||||
| Equity in the net income (loss) of subsidiaries | (3,178.8) | (3,188.9) | (3,342.8) | ||||||||
| Net income (loss) | (3,168.6) | (3,179.9) | (3,332.2) | ||||||||
| Net income attributable to PFG | (3,168.6) | (3,179.9) | (3,332.2) | ||||||||
| Net income (loss) | (3,168.6) | (3,179.9) | (3,332.2) | ||||||||
| Other comprehensive income | (2,440.8) | (5,057.3) | 3,684.3 | ||||||||
| Comprehensive income (loss) | $ (5,609.4) | $ (8,237.2) | $ 352.1 | ||||||||
Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Operating activities | |||
| Net cash provided by (used in) operating activities | $ 3,738.6 | $ 5,493.2 | $ 5,156.5 |
| Investing activities | |||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (15,713.4) | (14,137.1) | (13,909.8) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 3,043.9 | 2,397.4 | 3,813.1 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 8,819.5 | 7,064.2 | 6,217.6 |
| Mortgage loans acquired or originated | (3,249.5) | (3,487.7) | (3,447.5) |
| Mortgage loans sold or repaid | 2,477.2 | 2,335.9 | 2,228.4 |
| Real estate acquired | (230.6) | (127.5) | (88.1) |
| Real estate sold | 2.3 | 96.3 | 63.5 |
| Net (purchases) sales of property and equipment | (108.8) | (132.4) | (92.3) |
| Purchase of business or interests in subsidiaries, net of cash acquired | (1,208.5) | (184.7) | |
| Net change in other investments | (66.4) | (489.1) | (302.7) |
| Net cash provided by (used in) investing activities | (5,025.8) | (7,688.5) | (5,702.5) |
| Financing activities | |||
| Issuance of common stock | 42.8 | 37.7 | 64.0 |
| Acquisition of treasury stock | (307.0) | (281.0) | (671.6) |
| Payments for financing element derivatives | (30.9) | (26.9) | (65.9) |
| Purchase of subsidiary shares from noncontrolling interest | (1.4) | (1.7) | (31.1) |
| Dividends to common stockholders | (614.5) | (606.0) | (598.6) |
| Issuance of long-term debt | 608.9 | 504.9 | 80.8 |
| Principal repayments of long-term debt | (65.8) | (32.2) | (1.3) |
| Net proceeds from short-term borrowings | (12.6) | 57.5 | 8.5 |
| Investment contract deposits | 10,284.4 | 9,200.0 | 8,308.8 |
| Investment contract withdrawals | (8,852.7) | (7,747.7) | (6,589.6) |
| Net increase (decrease) in banking operation deposits | 569.7 | 623.4 | 553.0 |
| Other | 0.2 | 5.7 | (4.3) |
| Net cash provided by (used in) financing activities | 1,621.1 | 1,733.7 | 1,052.7 |
| Net increase (decrease) in cash and cash equivalents | 333.9 | (461.6) | 506.7 |
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 | 2,470.8 |
| Cash and cash equivalents at end of period | 2,849.8 | 2,515.9 | 2,977.5 |
| Principal Financial Group, Inc. parent only | Legal Entities | |||
| Operating activities | |||
| Net cash provided by (used in) operating activities | (15.2) | 7.1 | (132.4) |
| Investing activities | |||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (736.5) | (251.5) | (210.9) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 193.7 | 200.0 | 2.3 |
| Net (purchases) sales of property and equipment | (0.1) | (0.1) | (0.1) |
| Dividends and returns of capital received from unconsolidated entities | 799.1 | 494.2 | 1,041.6 |
| Net change in other investments | (50.0) | (34.0) | (2.2) |
| Net cash provided by (used in) investing activities | 206.2 | 408.6 | 830.7 |
| Financing activities | |||
| Issuance of common stock | 42.8 | 37.7 | 64.0 |
| Acquisition of treasury stock | (307.0) | (281.0) | (671.6) |
| Dividends to common stockholders | (614.5) | (606.0) | (598.6) |
| Issuance of long-term debt | 595.2 | 493.6 | |
| Net cash provided by (used in) financing activities | (283.5) | (355.7) | (1,206.2) |
| Net increase (decrease) in cash and cash equivalents | (92.5) | 60.0 | (507.9) |
| Cash and cash equivalents at beginning of period | 394.9 | 334.9 | 842.8 |
| Cash and cash equivalents at end of period | 302.4 | 394.9 | 334.9 |
| Principal Financial Services, Inc. only | Legal Entities | |||
| Operating activities | |||
| Net cash provided by (used in) operating activities | 1,490.5 | (54.7) | 696.3 |
| 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) sales of property and equipment | (3.5) | (2.0) | |
| Purchase of business or interests in subsidiaries, net of cash acquired | (1,209.6) | ||
| Dividends and returns of capital received from unconsolidated entities | 1,189.2 | 2,118.7 | 589.1 |
| Net change in other investments | (1,610.4) | (362.9) | (166.2) |
| Net cash provided by (used in) investing activities | (424.7) | 544.2 | 422.9 |
| Financing activities | |||
| Issuance of long-term debt | 8.5 | 10.0 | 11.1 |
| Principal repayments of long-term debt | (54.5) | (55.9) | (57.1) |
| Dividends and capital received from (dividends and capital paid to) parent | (799.1) | (494.2) | (1,041.6) |
| Net cash provided by (used in) financing activities | (845.1) | (540.1) | (1,087.6) |
| Net increase (decrease) in cash and cash equivalents | 220.7 | (50.6) | 31.6 |
| Cash and cash equivalents at beginning of period | 598.4 | 649.0 | 617.4 |
| Cash and cash equivalents at end of period | 819.1 | 598.4 | 649.0 |
| Principal Life Insurance Company and other subsidiaries combined | Legal Entities | |||
| Operating activities | |||
| Net cash provided by (used in) operating activities | 4,014.8 | 5,760.7 | 5,030.9 |
| Investing activities | |||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (14,976.9) | (13,885.4) | (13,698.9) |
| Fixed maturities available-for-sale and equity securities with intent to hold: Sales | 3,043.9 | 2,397.2 | 3,813.1 |
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 8,625.8 | 6,864.2 | 6,215.3 |
| Mortgage loans acquired or originated | (3,249.5) | (3,487.7) | (3,447.5) |
| Mortgage loans sold or repaid | 2,477.2 | 2,335.9 | 2,228.4 |
| Real estate acquired | (230.6) | (127.5) | (88.1) |
| Real estate sold | 2.3 | 96.3 | 63.5 |
| Net (purchases) sales of property and equipment | (105.2) | (130.3) | (92.2) |
| Purchase of business or interests in subsidiaries, net of cash acquired | 1.1 | (184.7) | |
| Net change in other investments | (232.7) | (235.8) | (413.9) |
| Net cash provided by (used in) investing activities | (4,645.7) | (6,172.0) | (5,605.0) |
| Financing activities | |||
| Payments for financing element derivatives | (30.9) | (26.9) | (65.9) |
| Purchase of subsidiary shares from noncontrolling interest | (1.4) | (1.7) | (31.1) |
| Issuance of long-term debt | 13.7 | 11.3 | 80.8 |
| Principal repayments of long-term debt | (65.8) | (32.2) | (1.3) |
| Net proceeds from short-term borrowings | (12.6) | 57.5 | 8.5 |
| Dividends and capital received from (dividends and capital paid to) parent | (1,189.2) | (2,118.7) | (589.1) |
| Investment contract deposits | 10,284.4 | 9,200.0 | 8,308.8 |
| Investment contract withdrawals | (8,852.7) | (7,747.7) | (6,589.6) |
| Net increase (decrease) in banking operation deposits | 569.7 | 623.4 | 553.0 |
| Other | 0.2 | 5.7 | (4.3) |
| Net cash provided by (used in) financing activities | 715.4 | (29.3) | 1,669.8 |
| Net increase (decrease) in cash and cash equivalents | 84.5 | (440.6) | 1,095.7 |
| Cash and cash equivalents at beginning of period | 2,656.2 | 3,096.8 | 2,001.1 |
| Cash and cash equivalents at end of period | 2,740.7 | 2,656.2 | 3,096.8 |
| Eliminations, Shelf Registration Debt Guarantor | Eliminations | |||
| Operating activities | |||
| Net cash provided by (used in) operating activities | (1,751.5) | (219.9) | (438.3) |
| Investing activities | |||
| Dividends and returns of capital received from unconsolidated entities | (1,988.3) | (2,612.9) | (1,630.7) |
| Net change in other investments | 1,826.7 | 143.6 | 279.6 |
| Net cash provided by (used in) investing activities | (161.6) | (2,469.3) | (1,351.1) |
| Financing activities | |||
| Issuance of long-term debt | (8.5) | (10.0) | (11.1) |
| Principal repayments of long-term debt | 54.5 | 55.9 | 57.1 |
| Dividends and capital received from (dividends and capital paid to) parent | 1,988.3 | 2,612.9 | 1,630.7 |
| Net cash provided by (used in) financing activities | 2,034.3 | 2,658.8 | 1,676.7 |
| Net increase (decrease) in cash and cash equivalents | 121.2 | (30.4) | (112.7) |
| Cash and cash equivalents at beginning of period | (1,133.6) | (1,103.2) | (990.5) |
| Cash and cash equivalents at end of period | $ (1,012.4) | $ (1,133.6) | $ (1,103.2) |
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | $ 98,143.4 |
| Amount as shown in the Consolidated Statement of Financial Position | 106,306.9 |
| Fixed maturities | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 70,546.8 |
| Value | 78,710.3 |
| Amount as shown in the Consolidated Statement of Financial Position | 78,710.3 |
| Fixed maturities | Trading | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 532.1 |
| Value | 532.1 |
| Amount as shown in the Consolidated Statement of Financial Position | 532.1 |
| U.S. government and agencies | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 1,893.1 |
| Value | 2,111.5 |
| Amount as shown in the Consolidated Statement of Financial Position | 2,111.5 |
| States and political subdivisions | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 8,004.9 |
| Value | 9,167.8 |
| Amount as shown in the Consolidated Statement of Financial Position | 9,167.8 |
| Non-U.S. governments | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 881.6 |
| Value | 1,073.7 |
| Amount as shown in the Consolidated Statement of Financial Position | 1,073.7 |
| Public utilities | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 5,375.6 |
| Value | 6,114.3 |
| Amount as shown in the Consolidated Statement of Financial Position | 6,114.3 |
| Redeemable preferred stock | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 19.3 |
| Value | 20.8 |
| Amount as shown in the Consolidated Statement of Financial Position | 20.8 |
| All other corporate bonds | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 35,895.0 |
| Value | 41,219.7 |
| Amount as shown in the Consolidated Statement of Financial Position | 41,219.7 |
| Residential mortgage-backed pass-through securities | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 2,857.6 |
| Value | 2,986.8 |
| Amount as shown in the Consolidated Statement of Financial Position | 2,986.8 |
| Commercial mortgage-backed securities | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 4,741.2 |
| Value | 4,942.3 |
| Amount as shown in the Consolidated Statement of Financial Position | 4,942.3 |
| Collateralized debt obligations | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 4,045.9 |
| Value | 4,027.5 |
| Amount as shown in the Consolidated Statement of Financial Position | 4,027.5 |
| Other debt obligations | Available-for-sale | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 6,832.6 |
| Value | 7,045.9 |
| Amount as shown in the Consolidated Statement of Financial Position | 7,045.9 |
| Equity securities | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 2,013.4 |
| Value | 2,013.4 |
| Amount as shown in the Consolidated Statement of Financial Position | 2,013.4 |
| Common stocks: Banks, trust and insurance companies | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 483.4 |
| Value | 483.4 |
| Amount as shown in the Consolidated Statement of Financial Position | 483.4 |
| Common stocks: Public Utilities | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 6.8 |
| Value | 6.8 |
| Amount as shown in the Consolidated Statement of Financial Position | 6.8 |
| Common stocks: Industrial, miscellaneous and all other | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 874.6 |
| Value | 874.6 |
| Amount as shown in the Consolidated Statement of Financial Position | 874.6 |
| Other corporate | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 499.7 |
| Value | 499.7 |
| Amount as shown in the Consolidated Statement of Financial Position | 499.7 |
| Non-redeemable preferred stock | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 148.9 |
| Value | 148.9 |
| Amount as shown in the Consolidated Statement of Financial Position | 148.9 |
| Mortgage loans | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 17,343.0 |
| Amount as shown in the Consolidated Statement of Financial Position | 17,343.0 |
| Real estate acquired in satisfaction of debt | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 1.2 |
| Amount as shown in the Consolidated Statement of Financial Position | 1.2 |
| Other real estate | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 1,796.1 |
| Amount as shown in the Consolidated Statement of Financial Position | 1,796.1 |
| Policy loans | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 784.0 |
| Amount as shown in the Consolidated Statement of Financial Position | 784.0 |
| Investments: Other investments | |
| Summary of Investments - Other Than Investments in Related Parties | |
| Cost | 5,126.8 |
| Amount as shown in the Consolidated Statement of Financial Position | $ 5,126.8 |
Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets | ||
| Fixed maturities, available-for-sale | $ 78,710.3 | $ 70,106.2 |
| Fixed maturities, trading | 532.1 | 675.9 |
| Other investments | 5,126.8 | 4,690.2 |
| Cash and cash equivalents | 2,849.8 | 2,515.9 |
| Deferred income taxes | 113.8 | 123.6 |
| Investment in unconsolidated entities | 842.7 | 830.2 |
| Total assets | 296,627.7 | 276,087.8 |
| Liabilities | ||
| Long-term debt | 4,279.2 | 3,734.1 |
| Total liabilities | 279,754.8 | 261,137.1 |
| Stockholders' equity | ||
| Common stock, par value $0.01 per share; 2,500 million shares authorized; 481.9 million and 479.3 million shares issued as of 2020 and 2019; 273.3 million and 276.6 million shares outstanding as of 2020 and 2019 | 4.8 | 4.8 |
| Additional paid-in capital | 10,321.6 | 10,182.6 |
| Retained earnings (accumulated deficit) | 11,838.0 | 11,074.3 |
| Accumulated other comprehensive income (loss) | 2,383.1 | 1,037.9 |
| Treasury stock, at cost (208.6 million and 202.7 million shares as of 2020 and 2019) | (7,988.6) | (7,681.6) |
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 16,558.9 | 14,618.0 |
| Total liabilities and stockholders' equity | 296,627.7 | 276,087.8 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Assets | ||
| Fixed maturities, available-for-sale | 813.2 | 265.8 |
| Fixed maturities, trading | 178.8 | 268.2 |
| Other investments | 63.7 | 10.4 |
| Cash and cash equivalents | 302.4 | 394.9 |
| Income taxes receivable | 7.4 | 11.1 |
| Deferred income taxes | 371.2 | 344.4 |
| Amounts receivable from subsidiaries | 4.7 | 3.8 |
| Other assets | 27.1 | 25.5 |
| Investment in unconsolidated entities | 19,714.3 | 17,539.6 |
| Total assets | 21,482.8 | 18,863.7 |
| Liabilities | ||
| Long-term debt | 4,223.3 | 3,625.5 |
| Accrued investment payable | 25.3 | 25.4 |
| Pension liability | 668.9 | 590.6 |
| Other liabilities | 6.4 | 4.2 |
| Total liabilities | 4,923.9 | 4,245.7 |
| Stockholders' equity | ||
| Common stock, par value $0.01 per share; 2,500 million shares authorized; 481.9 million and 479.3 million shares issued as of 2020 and 2019; 273.3 million and 276.6 million shares outstanding as of 2020 and 2019 | 4.8 | 4.8 |
| Additional paid-in capital | 10,321.6 | 10,182.6 |
| Retained earnings (accumulated deficit) | 11,838.0 | 11,074.3 |
| Accumulated other comprehensive income (loss) | 2,383.1 | 1,037.9 |
| Treasury stock, at cost (208.6 million and 202.7 million shares as of 2020 and 2019) | (7,988.6) | (7,681.6) |
| Total stockholders' equity attributable to Principal Financial Group, Inc. | 16,558.9 | 14,618.0 |
| Total liabilities and stockholders' equity | $ 21,482.8 | $ 18,863.7 |
Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position - Parenthetical (Details) - $ / shares shares in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Condensed Financial Statements, Captions [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, authorized (in shares) | 2,500.0 | 2,500.0 |
| Common stock, issued (in shares) | 481.9 | 479.3 |
| Common stock, outstanding (in shares) | 273.3 | 276.6 |
| Treasury stock (in shares) | 208.6 | 202.7 |
| Principal Financial Group, Inc. parent only | Legal Entities | ||
| Condensed Financial Statements, Captions [Line Items] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, authorized (in shares) | 2,500.0 | 2,500.0 |
| Common stock, issued (in shares) | 481.9 | 479.3 |
| Common stock, outstanding (in shares) | 273.3 | 276.6 |
| Treasury stock (in shares) | 208.6 | 202.7 |
Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues | |||||||||||
| Net investment income (loss) | $ 3,890.6 | $ 3,998.4 | $ 3,629.2 | ||||||||
| Net realized capital gains (losses) | 302.6 | (52.8) | (75.4) | ||||||||
| Total revenues | $ 3,765.1 | $ 3,310.7 | $ 3,114.6 | $ 4,551.3 | $ 4,047.2 | $ 4,458.4 | $ 3,972.6 | $ 3,743.9 | 14,741.7 | 16,222.1 | 14,237.2 |
| Expenses | |||||||||||
| Other operating costs and expenses | 4,646.5 | 4,503.9 | 4,136.7 | ||||||||
| Total expenses | 3,173.5 | 3,035.6 | 2,616.0 | 4,223.1 | 3,675.9 | 4,112.7 | 3,522.3 | 3,217.9 | 13,048.2 | 14,528.8 | 12,452.8 |
| Loss before income taxes | 1,693.5 | 1,693.3 | 1,784.4 | ||||||||
| Income taxes (benefits) | 265.0 | 249.2 | 230.7 | ||||||||
| Net income (loss) attributable to Principal Financial Group, Inc. | $ 472.6 | $ 236.0 | $ 398.3 | $ 288.9 | $ 300.9 | $ 277.1 | $ 386.3 | $ 429.9 | 1,395.8 | 1,394.2 | 1,546.5 |
| Principal Financial Group, Inc. parent only | Legal Entities | |||||||||||
| Revenues | |||||||||||
| Net investment income (loss) | 13.3 | 19.4 | 25.8 | ||||||||
| Net realized capital gains (losses) | 7.0 | 12.3 | (8.2) | ||||||||
| Total revenues | 20.3 | 31.7 | 17.6 | ||||||||
| Expenses | |||||||||||
| Other operating costs and expenses | 200.0 | 210.9 | 191.9 | ||||||||
| Total expenses | 200.0 | 210.9 | 191.9 | ||||||||
| Loss before income taxes | (179.7) | (179.2) | (174.3) | ||||||||
| Income taxes (benefits) | (46.1) | (44.2) | (62.5) | ||||||||
| Equity in the net income (loss) of subsidiaries | 1,529.4 | 1,529.2 | 1,658.3 | ||||||||
| Net income (loss) attributable to Principal Financial Group, Inc. | $ 1,395.8 | $ 1,394.2 | $ 1,546.5 | ||||||||
Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Operating activities | |||||||||||
| Net income (loss) | $ 491.5 | $ 235.9 | $ 416.1 | $ 285.0 | $ 315.3 | $ 284.6 | $ 392.1 | $ 452.1 | $ 1,428.5 | $ 1,444.1 | $ 1,553.7 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Net realized capital (gains) losses | (302.6) | 52.8 | 75.4 | ||||||||
| Stock-based compensation | 87.6 | 82.6 | 77.4 | ||||||||
| Changes in: | |||||||||||
| Net cash flows for trading securities and equity securities with operating intent | 144.2 | (53.8) | (133.7) | ||||||||
| Current and deferred income taxes (benefits) | 442.5 | 211.2 | 274.7 | ||||||||
| Other | 110.4 | 11.1 | (35.7) | ||||||||
| Net cash provided by (used in) operating activities | 3,738.6 | 5,493.2 | 5,156.5 | ||||||||
| Investing activities | |||||||||||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (15,713.4) | (14,137.1) | (13,909.8) | ||||||||
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 8,819.5 | 7,064.2 | 6,217.6 | ||||||||
| Net (purchases) sales of property and equipment | (108.8) | (132.4) | (92.3) | ||||||||
| Net change in other investments | (66.4) | (489.1) | (302.7) | ||||||||
| Net cash provided by (used in) investing activities | (5,025.8) | (7,688.5) | (5,702.5) | ||||||||
| Financing activities | |||||||||||
| Issuance of common stock | 42.8 | 37.7 | 64.0 | ||||||||
| Acquisition of treasury stock | (307.0) | (281.0) | (671.6) | ||||||||
| Dividends to common stockholders | (614.5) | (606.0) | (598.6) | ||||||||
| Principal repayments of long-term debt | (65.8) | (32.2) | (1.3) | ||||||||
| Issuance of long-term debt | 608.9 | 504.9 | 80.8 | ||||||||
| Net cash provided by (used in) financing activities | 1,621.1 | 1,733.7 | 1,052.7 | ||||||||
| Net increase (decrease) in cash and cash equivalents | 333.9 | (461.6) | 506.7 | ||||||||
| Cash and cash equivalents at beginning of period | 2,515.9 | 2,977.5 | 2,515.9 | 2,977.5 | 2,470.8 | ||||||
| Cash and cash equivalents at end of period | 2,849.8 | 2,515.9 | 2,849.8 | 2,515.9 | 2,977.5 | ||||||
| Principal Financial Group, Inc. parent only | Legal Entities | |||||||||||
| Operating activities | |||||||||||
| Net income (loss) | 1,395.8 | 1,394.2 | 1,546.5 | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Net realized capital (gains) losses | (7.0) | (12.3) | 8.2 | ||||||||
| Stock-based compensation | 1.4 | 1.3 | 2.9 | ||||||||
| Equity in the net (income) loss of subsidiaries | (1,529.4) | (1,529.2) | (1,658.3) | ||||||||
| Changes in: | |||||||||||
| Net cash flows for trading securities and equity securities with operating intent | 88.4 | 48.7 | 32.4 | ||||||||
| Current and deferred income taxes (benefits) | (13.5) | (31.0) | 15.7 | ||||||||
| Other | 49.1 | 135.4 | (79.8) | ||||||||
| Net cash provided by (used in) operating activities | (15.2) | 7.1 | (132.4) | ||||||||
| Investing activities | |||||||||||
| Fixed maturities available-for-sale and equity securities with intent to hold: Purchases | (736.5) | (251.5) | (210.9) | ||||||||
| Fixed maturities available-for-sale and equity securities with intent to hold: Maturities | 193.7 | 200.0 | 2.3 | ||||||||
| Net (purchases) sales of property and equipment | (0.1) | (0.1) | (0.1) | ||||||||
| Net change in other investments | (50.0) | (34.0) | (2.2) | ||||||||
| Dividends and returns of capital received from unconsolidated entities | 799.1 | 494.2 | 1,041.6 | ||||||||
| Net cash provided by (used in) investing activities | 206.2 | 408.6 | 830.7 | ||||||||
| Financing activities | |||||||||||
| Issuance of common stock | 42.8 | 37.7 | 64.0 | ||||||||
| Acquisition of treasury stock | (307.0) | (281.0) | (671.6) | ||||||||
| Dividends to common stockholders | (614.5) | (606.0) | (598.6) | ||||||||
| Issuance of long-term debt | 595.2 | 493.6 | |||||||||
| Net cash provided by (used in) financing activities | (283.5) | (355.7) | (1,206.2) | ||||||||
| Net increase (decrease) in cash and cash equivalents | (92.5) | 60.0 | (507.9) | ||||||||
| Cash and cash equivalents at beginning of period | $ 394.9 | $ 334.9 | 394.9 | 334.9 | 842.8 | ||||||
| Cash and cash equivalents at end of period | $ 302.4 | $ 394.9 | $ 302.4 | $ 394.9 | $ 334.9 | ||||||
Schedule II - Condensed Financial Information of Registrant (Parent Only) - Financial Statement Footnotes (Details) - Principal Financial Group, Inc. parent only - Legal Entities - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Dividends and Returns of Capital Received from (Contributed to) Unconsolidated Entities | |||
| Dividends and returns of capital received from unconsolidated entities | $ 799.1 | $ 494.2 | $ 1,041.6 |
| Nonqualified benefit plans | |||
| Condensed Financial Statements, Captions [Line Items] | |||
| Assets held in Rabbi trusts | 801.7 | 731.9 | |
| Liabilities held in Rabbi trusts | $ 653.3 | $ 593.7 | |
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Supplementary Insurance Information | ||||
| Deferred acquisition costs | $ 3,409.7 | $ 3,521.3 | $ 3,693.5 | $ 3,540.7 |
| Future policy benefits and claims | 45,207.2 | 40,838.2 | ||
| Contractholder and other policyholder funds | 44,297.1 | 42,326.9 | ||
| Premiums and other considerations | 6,037.4 | 7,866.6 | 6,409.6 | |
| Net investment income (loss) | 3,890.6 | 3,998.4 | 3,629.2 | |
| Benefits, claims and settlement expenses | 8,281.5 | 9,905.8 | 8,192.5 | |
| Amortization of deferred acquisition costs | 388.1 | 347.0 | 253.5 | |
| Other operating expenses | 4,258.4 | 4,156.9 | 3,883.2 | |
| Retirement and Income Solutions | ||||
| Supplementary Insurance Information | ||||
| Deferred acquisition costs | 730.4 | 833.9 | ||
| Future policy benefits and claims | 28,134.1 | 25,305.1 | ||
| Contractholder and other policyholder funds | 35,576.0 | 33,814.4 | ||
| Premiums and other considerations | 3,221.0 | 4,862.7 | 3,635.9 | |
| Net investment income (loss) | 2,457.9 | 2,420.4 | 2,195.2 | |
| Benefits, claims and settlement expenses | 4,899.4 | 6,527.8 | 5,099.0 | |
| Amortization of deferred acquisition costs | 82.2 | 87.8 | 124.5 | |
| Other operating expenses | 1,578.2 | 1,403.5 | 1,140.7 | |
| Principal Global Investors | ||||
| Supplementary Insurance Information | ||||
| Net investment income (loss) | 5.6 | 10.1 | 4.2 | |
| Other operating expenses | 1,029.6 | 1,028.5 | 1,168.0 | |
| Principal International | ||||
| Supplementary Insurance Information | ||||
| Deferred acquisition costs | 11.2 | 11.3 | ||
| Future policy benefits and claims | 5,109.5 | 4,537.1 | ||
| Contractholder and other policyholder funds | 1,167.3 | 1,145.0 | ||
| Premiums and other considerations | 156.6 | 393.3 | 317.2 | |
| Net investment income (loss) | 446.8 | 575.9 | 494.9 | |
| Benefits, claims and settlement expenses | 440.7 | 728.3 | 646.6 | |
| Amortization of deferred acquisition costs | 1.2 | 1.3 | 1.3 | |
| Other operating expenses | 416.8 | 436.0 | 451.0 | |
| U.S. Insurance Solutions | ||||
| Supplementary Insurance Information | ||||
| Deferred acquisition costs | 2,668.1 | 2,676.1 | ||
| Future policy benefits and claims | 11,800.3 | 10,823.5 | ||
| Contractholder and other policyholder funds | 7,909.5 | 7,720.0 | ||
| Premiums and other considerations | 2,659.8 | 2,610.6 | 2,456.5 | |
| Net investment income (loss) | 850.6 | 854.5 | 815.1 | |
| Benefits, claims and settlement expenses | 2,937.2 | 2,639.2 | 2,444.6 | |
| Amortization of deferred acquisition costs | 304.7 | 257.9 | 127.7 | |
| Other operating expenses | 936.9 | 946.5 | 925.4 | |
| Corporate | ||||
| Supplementary Insurance Information | ||||
| Future policy benefits and claims | 163.3 | 172.5 | ||
| Contractholder and other policyholder funds | (355.7) | (352.5) | ||
| Net investment income (loss) | 129.7 | 137.5 | 119.8 | |
| Benefits, claims and settlement expenses | 4.2 | 10.5 | 2.3 | |
| Other operating expenses | $ 296.9 | $ 342.4 | $ 198.1 | |
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Life insurance in force | |||
| Life insurance in force gross amount | $ 626,155.6 | $ 577,735.3 | $ 530,828.6 |
| Life insurance in force ceded to other companies | 377,308.2 | 368,583.0 | 324,691.3 |
| Life insurance in force assumed from other companies | 904.1 | 999.5 | 1,028.6 |
| Life insurance in force net amount | $ 249,751.5 | $ 210,151.8 | $ 207,165.9 |
| Life insurance in force, percentage of amount assumed to net (as a percent) | 0.40% | 0.50% | 0.50% |
| Premiums: | |||
| Premiums gross amount | $ 6,645.4 | $ 8,428.1 | $ 6,928.3 |
| Premiums ceded to other companies | 609.7 | 563.1 | 520.4 |
| Premiums assumed from other companies | 1.7 | 1.6 | 1.7 |
| Premiums net amount | 6,037.4 | 7,866.6 | 6,409.6 |
| Life insurance and annuities | |||
| Premiums: | |||
| Premiums gross amount | 4,608.7 | 6,424.8 | 5,055.8 |
| Premiums ceded to other companies | 453.1 | 407.5 | 359.9 |
| Premiums assumed from other companies | 1.7 | 1.6 | 1.7 |
| Premiums net amount | 4,157.3 | 6,018.9 | 4,697.6 |
| Accident and health insurance | |||
| Premiums: | |||
| Premiums gross amount | 2,036.7 | 2,003.3 | 1,872.5 |
| Premiums ceded to other companies | 156.6 | 155.6 | 160.5 |
| Premiums net amount | $ 1,880.1 | $ 1,847.7 | $ 1,712.0 |