Principal Financial (PFG) 10-Q 29 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 22, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-16725
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP, INC
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	711 High Street
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50392
Entity Tax Identification Number	42-1520346
City Area Code	515
Local Phone Number	247-5111
Title of 12(b) Security	Common Stock
Trading Symbol	PFG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		274,518,698
Entity Central Index Key	0001126328
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Fixed maturities, available-for-sale (2019 includes $99.4 million related to consolidated variable interest entities)	$ 74,269.2	$ 70,106.2
Fixed maturities, trading	583.8	675.9
Equity securities (2020 and 2019 include $837.6 million and $810.9 million related to consolidated variable interest entities)	1,778.5	1,879.4
Mortgage loans	16,696.6	16,486.9
Real estate (2020 and 2019 include $428.0 million and $457.6 million related to consolidated variable interest entities)	1,699.7	1,714.8
Policy loans	796.4	798
Other investments (2020 and 2019 include $294.2 million and $263.7 million related to consolidated variable interest entities and $25.4 million and $22.8 million measured at fair value under the fair value option)	4,734.4	4,690.2
Total investments	100,558.6	96,351.4
Cash and cash equivalents	3,150.4	2,515.9
Accrued investment income	702.1	686.6
Premiums due and other receivables	1,760	1,740.3
Deferred acquisition costs	3,487.7	3,521.3
Property and equipment	993.1	967.7
Goodwill	1,630.9	1,693.8
Other intangibles	1,709.3	1,786.7
Separate account assets (2020 and 2019 include $36,058.8 million and $39,130.3 million related to consolidated variable interest entities)	155,936.3	165,468
Other assets	1,381	1,356.1
Total assets	271,309.4	276,087.8
Liabilities
Contractholder funds (2020 and 2019 include $395.5 million and $394.6 million related to consolidated variable interest entities)	42,308.4	41,367.5
Future policy benefits and claims	42,896.1	40,838.2
Other policyholder funds	987.4	959.4
Short-term debt	76.3	93.4
Long-term debt (2019 includes $64.2 million related to consolidated variable interest entities)	4,163.4	3,734.1
Income taxes currently payable	16.3	16.2
Deferred income taxes	2,061.5	1,796.6
Separate account liabilities (2020 and 2019 include $36,058.8 million and $39,130.3 million related to consolidated variable interest entities)	155,936.3	165,468
Other liabilities (2020 and 2019 include $38.2 million and $124.4 million related to consolidated variable interest entities)	7,280	6,863.7
Total liabilities	255,725.7	261,137.1
Redeemable noncontrolling interest (2020 and 2019 include $197.5 million and $215.4 million related to consolidated variable interest entities)	272.7	264.9
Stockholders' equity
Common stock, par value $0.01 per share - 2,500.0 million shares authorized, 481.1 million and 479.3 million shares issued, and 274.0 million and 276.6 million shares outstanding in 2020 and 2019	4.8	4.8
Additional paid-in capital	10,259.6	10,182.6
Retained earnings (accumulated deficit)	11,441.4	11,074.3
Accumulated other comprehensive income (loss)	1,450.7	1,037.9
Treasury stock, at cost (207.1 million and 202.7 million shares in 2020 and 2019)	(7,913.4)	(7,681.6)
Total stockholders' equity attributable to Principal Financial Group, Inc.	15,243.1	14,618
Noncontrolling interest	67.9	67.8
Total stockholders' equity	15,311	14,685.8
Total liabilities and stockholders' equity	$ 271,309.4	$ 276,087.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fixed maturities, available-for-sale	$ 74,269.2	$ 70,106.2
Equity securities	1,778.5	1,879.4
Real estate	1,699.7	1,714.8
Other investments	4,734.4	4,690.2
Other investments measured at fair value under fair value option	25.4	22.8
Separate account assets	155,936.3	165,468
Contractholder funds	42,308.4	41,367.5
Long-term debt	4,163.4	3,734.1
Separate account liabilities	155,936.3	165,468
Other liabilities	7,280	6,863.7
Redeemable noncontrolling interest	$ 272.7	$ 264.9
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500	2,500
Common stock, issued (in shares)	481.1	479.3
Common stock, outstanding (in shares)	274	276.6
Treasury stock (in shares)	207.1	202.7
Aggregate consolidated variable interest entities
Fixed maturities, available-for-sale		$ 99.4
Equity securities	$ 837.6	810.9
Real estate	428	457.6
Other investments	294.2	263.7
Separate account assets	36,058.8	39,130.3
Contractholder funds	395.5	394.6
Long-term debt		64.2
Separate account liabilities	36,058.8	39,130.3
Other liabilities	38.2	124.4
Redeemable noncontrolling interest	$ 197.5	$ 215.4

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Premiums and other considerations	$ 1,153.1	$ 1,932.9	$ 3,444.1	$ 3,657.8
Fees and other revenues	1,044.3	1,006.6	2,189.6	1,980.1
Net investment income (loss)	944.6	1,037.1	1,928.2	1,998.1
Net realized capital gains (losses)	(27.4)	(4)	104	80.5
Total revenues	3,114.6	3,972.6	7,665.9	7,716.5
Expenses
Benefits, claims and settlement expenses	1,601.3	2,446.1	4,460	4,641.2
Dividends to policyholders	31.4	29.9	60.3	60
Operating expenses	983.3	1,046.3	2,318.8	2,039
Total expenses	2,616	3,522.3	6,839.1	6,740.2
Income (loss) before income taxes	498.6	450.3	826.8	976.3
Income taxes (benefits)	82.5	58.2	125.7	132.1
Net income (loss)	416.1	392.1	701.1	844.2
Net income (loss) attributable to noncontrolling interest	17.8	5.8	13.9	28
Net income (loss) attributable to Principal Financial Group, Inc.	$ 398.3	$ 386.3	$ 687.2	$ 816.2
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 1.45	$ 1.38	$ 2.50	$ 2.93
Diluted earnings per common share (in dollars per share)	$ 1.45	$ 1.37	$ 2.49	$ 2.90

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income
Net income (loss)	$ 416.1	$ 392.1	$ 701.1	$ 844.2
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	2,037.7	984.9	626.1	2,089.2
Noncredit component of impairment losses on fixed maturities, available-for-sale		(0.3)		(2.8)
Net unrealized gains (losses) on derivative instruments	(16.4)	1.6	32.2	(2.9)
Foreign currency translation adjustment	16.4	28.9	(277.9)	66.8
Net unrecognized postretirement benefit obligation	10.4	57.2	21.4	68.7
Other comprehensive income (loss)	2,048.1	1,072.3	401.8	2,219
Comprehensive income (loss)	2,464.2	1,464.4	1,102.9	3,063.2
Comprehensive income (loss) attributable to noncontrolling interest	16	11.5	2.9	34.2
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 2,448.2	$ 1,452.9	$ 1,100	$ 3,029

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions		Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interest	Total
Balances at Dec. 31, 2018		$ 4.8	$ 10,060.7	$ 10,290.2	$ (1,565.1)	$ (7,400.6)	$ 66	$ 11,456
Increase (decrease) in stockholders' equity
Common stock issued			22.1					22.1
Stock-based compensation			49.4	(4)			0.1	45.5
Treasury stock acquired, common						(153.7)		(153.7)
Dividends to common stockholders				(300.6)				(300.6)
Distributions to noncontrolling interest							(4.7)	(4.7)
Contributions from noncontrolling interest							1.8	1.8
Adjustments to redemption amount of redeemable noncontrolling interest			(1.5)				(0.2)	(1.7)
Effects of implementation of accounting change | ASU 2016-02 - Leases				4				4
Net income (loss)	[1]			816.2			3.7	819.9
Other comprehensive income (loss)	[1]				2,212.8		0.6	2,213.4
Balances at Jun. 30, 2019		4.8	10,130.7	10,805.8	647.7	(7,554.3)	67.3	14,102
Balances at Mar. 31, 2019		4.8	10,090.8	10,571.9	(418.9)	(7,554.2)	67.8	12,762.2
Increase (decrease) in stockholders' equity
Common stock issued			16.3					16.3
Stock-based compensation			22.6	(2)			0.1	20.7
Treasury stock acquired, common						(0.1)		(0.1)
Dividends to common stockholders				(150.4)				(150.4)
Distributions to noncontrolling interest							(3.4)	(3.4)
Contributions from noncontrolling interest							1	1
Adjustments to redemption amount of redeemable noncontrolling interest			1				(0.2)	0.8
Net income (loss)				386.3			1.8	388.1
Other comprehensive income (loss)					1,066.6		0.2	1,066.8
Balances at Jun. 30, 2019		4.8	10,130.7	10,805.8	647.7	(7,554.3)	67.3	14,102
Balances at Dec. 31, 2019		4.8	10,182.6	11,074.3	1,037.9	(7,681.6)	67.8	14,685.8
Increase (decrease) in stockholders' equity
Common stock issued			23.1					23.1
Stock-based compensation			52.5	(4.6)				47.9
Treasury stock acquired, common						(231.8)		(231.8)
Dividends to common stockholders				(307.1)				(307.1)
Distributions to noncontrolling interest							(23.2)	(23.2)
Contributions from noncontrolling interest							3.7	3.7
Purchase of subsidiary shares from noncontrolling interest			(0.6)				(0.3)	(0.9)
Adjustments to redemption amount of redeemable noncontrolling interest			2				(0.1)	1.9
Effects of implementation of accounting change | ASU 2016-13 - CECL				(8.4)				(8.4)
Net income (loss)				687.2			21.9	709.1
Other comprehensive income (loss)					412.8		(1.9)	410.9
Balances at Jun. 30, 2020		4.8	10,259.6	11,441.4	1,450.7	(7,913.4)	67.9	15,311
Balances at Mar. 31, 2020		4.8	10,216.5	11,198.8	(599.2)	(7,913.4)	65.1	12,972.6
Increase (decrease) in stockholders' equity
Common stock issued			14.1					14.1
Stock-based compensation			26.7	(2.2)				24.5
Dividends to common stockholders				(153.5)				(153.5)
Distributions to noncontrolling interest							(1.1)	(1.1)
Contributions from noncontrolling interest							1.1	1.1
Adjustments to redemption amount of redeemable noncontrolling interest			2.3					2.3
Net income (loss)				398.3			2.1	400.4
Other comprehensive income (loss)					2,049.9		0.7	2,050.6
Balances at Jun. 30, 2020		$ 4.8	$ 10,259.6	$ 11,441.4	$ 1,450.7	$ (7,913.4)	$ 67.9	$ 15,311
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 10, Stockholders’ Equity, for further details.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net cash provided by (used in) operating activities	$ 2,046.1	$ 2,678.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(7,717.3)	(5,771.8)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	1,855	1,477.2
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	4,059.2	3,025.9
Mortgage loans acquired or originated	(1,460.9)	(2,008.5)
Mortgage loans sold or repaid	1,198.6	1,243.9
Real estate acquired	(98.2)	(48.5)
Real estate sold		57
Net (purchases) sales of property and equipment	(46.4)	(65.4)
Net change in other investments	(11.1)	(253.8)
Net cash provided by (used in) investing activities	(2,221.1)	(2,344)
Financing activities
Issuance of common stock	23.1	22.1
Acquisition of treasury stock	(231.8)	(153.7)
Payments for financing element derivatives	(14.7)	(13.1)
Purchase of subsidiary shares from noncontrolling interest	(0.9)
Dividends to common stockholders	(307.1)	(300.6)
Issuance of long-term debt	493.1	502.7
Principal repayments of long-term debt	(64.9)	(0.7)
Net proceeds from (repayments of) short-term borrowings	(9.3)	33.1
Investment contract deposits	5,398.7	3,627.4
Investment contract withdrawals	(4,801.5)	(3,800.8)
Net increase (decrease) in banking operation deposits	324.7	82
Other	0.1	5.6
Net cash provided by (used in) financing activities	809.5	4
Net increase (decrease) in cash and cash equivalents	634.5	338.4
Cash and cash equivalents at beginning of period	2,515.9	2,977.5
Cash and cash equivalents at end of period	3,150.4	3,315.9
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
Assets received in kind from pension risk transfer transactions	$ 1,062.4	$ 139

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Nature of Operations and Significant Accounting Policies
Nature of Operations and Significant Accounting Policies	1. Nature of Operations and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020, especially when considering the risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, deferred acquisition costs ("DAC") and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future as more information becomes known about the impact of COVID-19. Our results of operations and financial condition may also be impacted by evolving regulatory, legislative and standard-setter accounting interpretations and guidance. These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2019, included in our Form 10-K for the year ended December 31, 2019, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2019, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 2, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. ​ Recent Accounting Pronouncements ​ ​ ​ ​ Description Date of Effect on our consolidated Standards not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updates certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts will be reviewed and updated periodically. Cash flow assumptions will be reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and will be updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. Market risk benefits, which are certain market-based options or guarantees associated with deposit or account balance contracts, will be measured at fair value. The periodic change in fair value related to instrument-specific credit risk will be recognized in OCI while the remaining change in fair value will be recognized in net income. 3. DAC for all insurance and annuity contracts will be amortized on a constant basis over the expected term of the related contracts. 4. Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances and disclosures about significant inputs, judgments, assumptions and methods used in measurement. The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC will be applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. An entity may elect to apply the changes retrospectively. The guidance for market risk benefits will be applied retrospectively. Early adoption is permitted. ​ ​ January 1, ​ ​ Our implementation and evaluation process to date includes, but is not limited to the following: ​ ● identifying and documenting contracts and contract features in scope of the guidance; ● identifying the actuarial models, systems and processes to be updated; ● evaluating and selecting our systems solutions for implementing the new guidance; ● building models and evaluating preliminary output as models are developed; ● evaluating our key accounting policies; ● assessing the impact to our chart of accounts; ● developing format and content of new disclosures; ● evaluating transition requirements and impacts and ● evaluating and establishing appropriate internal controls. ​ As we progress through our implementation, we will be able to better assess the impact to our consolidated financial statements; however, we expect this guidance to significantly change how we account for many of our insurance and annuity products. ​ ​ ​ ​ Description Date of Effect on our consolidated ​ ​ ​ ​ ​ ​ ​ Simplifying the accounting for income taxes This authoritative guidance simplifies the accounting for income taxes by removing certain exceptions, including exceptions related to the incremental approach for intraperiod tax allocation, calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Also, the guidance clarifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill and enacted changes in tax laws or rates. It specifies that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, although an entity may elect to do so. The guidance will be applied based on varying transition methods defined by amendment. Early adoption is permitted. ​ ​ January 1, ​ ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ Standards adopted: ​ ​ ​ ​ ​ ​ Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provides optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity may elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity may apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms change due to reference rate reform.This guidance eases the financial reporting impacts of reference rate reform on contracts and hedging relationships and is effective until December 31, 2022. ​ ​ March 12, ​ ​ We adopted the guidance upon issuance prospectively and will continue to evaluate any effects on contracts and hedging relationships impacted by reference rate reform through December 31, 2022. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Goodwill impairment testing This authoritative guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 (which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill to the carrying amount of that goodwill) from the goodwill impairment test. A goodwill impairment loss will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Early adoption is permitted. ​ ​ January 1, ​ ​ This guidance reduces complexity and costs associated with performing a Step 2 test, should one be needed in the future. However, the impact of eliminating the Step 2 test from any such future impairment assessment will be dependent on modeling factors that are not currently determinable. This guidance did not have a material impact on our consolidated financial statements at adoption. ​ ​ ​ ​ ​ ​ ​ Credit losses This authoritative guidance requires entities to use a current expected credit loss (“CECL”) model to measure impairment for most financial assets that are not recorded at fair value through net income. Under the CECL model, an entity will estimate lifetime expected credit losses considering available relevant information about historical events, current conditions and reasonable and supportable forecasts. The CECL model does not apply to available-for-sale debt securities. This guidance also expands the required credit loss disclosures. ​ ​ January 1, ​ ​ We adopted the guidance using the modified retrospective approach. A cumulative effect adjustment of $8.4 million was recorded as a decrease to retained earnings. We recorded an offsetting increase in the allowance for credit loss for mortgage loans, reinsurance recoverables and commitments and a decrease for deferred tax impacts. See Note 3, Investments, for further details. ​ ​ ​ ​ ​ ​ ​ Implementation costs in a cloud computing arrangement that is a service contract This authoritative guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance can be applied either retrospectively or prospectively and early adoption is permitted. ​ ​ January 1, ​ ​ The effective date of the guidance is January 1, 2020; however, we elected to early-adopt this guidance on a prospective basis, effective January 1, 2019. This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Nonemployee share-based payment accounting This authoritative guidance simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, where previously the measurement was fixed at performance completion date. The guidance will be applied to equity-classified nonemployee awards for which a measurement date has not been established as of the date of adoption. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ Leases This authoritative guidance requires lessee recognition of lease assets and lease liabilities on the balance sheet. The concept of an operating lease, where the lease assets and liabilities are off balance sheet, is eliminated under the new guidance. For lessors, the guidance modifies lease classification criteria and accounting for certain types of leases. Other key aspects of the guidance relate to the removal of the current real estate-specific guidance and new presentation and disclosure requirements. Lessees and lessors are required to recognize and measure leases using a modified retrospective approach, which includes certain optional practical expedients that may be elected. We elected the alternative transition method, which allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. ​ ​ January 1, ​ ​ We adopted the guidance using the modified retrospective approach. A cumulative effect adjustment of $4.0 million was recorded as an increase to retained earnings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Targeted improvements to accounting for hedging activities This authoritative guidance updated certain recognition and measurement requirements for hedge accounting. The objective of the guidance is to more closely align the economics of a company’s risk management activities in its financial results and reduce the complexity of applying hedge accounting. The updates included the expansion of hedging strategies that are eligible for hedge accounting, elimination of the separate measurement and reporting of hedge ineffectiveness, presentation of the changes in the fair value of the hedging instrument in the same consolidated statement of operations line as the earnings effect of the hedged item and simplification of hedge effectiveness assessments. This guidance also included new disclosures. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. See Note 4, Derivative Financial Instruments, for further details. ​ ​ ​ ​ ​ ​ ​ Premium amortization on purchased callable debt securities This authoritative guidance applies to entities that hold certain non-contingently callable debt securities, where the amortized cost basis is at a premium to the price repayable by the issuer at the earliest call date. Under the guidance the premium will be amortized to the first call date. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ 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. Investments Loan modifications related to COVID-19 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 ("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 December 31, 2020. 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 3, Investments, under the caption "Mortgage Loan Modifications" for further details. 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 June 30, 2020 and December 31, 2019, the separate accounts included a separate account valued at $72.5 million and $100.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations . ​

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Variable Interest Entities
Variable Interest Entities	2. Variable Interest Entities We have relationships with various types of entities which may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended June 30, 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 invest in certain series of another investment fund. These series are VIEs as the equity holders of each series lack the power to direct the most significant activities of the VIE. We determined we are the primary beneficiary of these series as our interest is more than insignificant and collectively we have the power to direct the most significant activities of the fund. Assets and Liabilities of Consolidated Variable Interest Entities The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Total ​ Total ​ Total ​ Total ​ assets liabilities assets liabilities ​ ​ (in millions) Grantor trust (1) ​ $ — ​ $ — ​ $ 99.9 ​ $ 98.6 Mandatory retirement savings funds (2) ​ 36,849.1 ​ 36,454.6 ​ 39,891.1 ​ 39,524.9 Real estate (3) ​ 452.8 ​ 29.8 ​ 479.7 ​ 88.0 Sponsored investment funds (4) ​ 363.3 ​ 8.3 ​ 331.4 ​ 2.2 Total ​ $ 37,665.2 ​ $ 36,492.7 ​ $ 40,802.1 ​ $ 39,713.7 (1) The assets of the grantor trust were primarily fixed maturities, available-for-sale. The liabilities were primarily other liabilities that reflected an embedded derivative of the forecasted transaction to deliver the underlying securities. (2) The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities and contractholder funds. (3) The assets of the real estate VIEs primarily include real estate and cash. Liabilities primarily include other liabilities and included long-term debt as of December 31, 2019. (4) The assets of sponsored investment funds are primarily fixed maturities and equity securities, certain of which are reported with other investments, and cash. The consolidated statements of financial position included a $197.5 million and $215.4 million redeemable noncontrolling interest for sponsored investment funds as of June 30, 2020 and December 31, 2019, respectively. Unconsolidated Variable Interest Entities We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading; equity securities and other investments in the consolidated statements of financial position and are described below. Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities ("RMBS") and other asset-backed securities (“ABS”). All of these entities were deemed VIEs because the equity within these entities is insufficient to sustain them. We determined we are not the primary beneficiary in the entities within these categories of investments. This determination was based primarily on the fact we do not own the class of security that controls the unilateral right to replace the special servicer or equivalent function. We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager. We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities. We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities. As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds. We hold an equity interest in Mexican mandatory privatized social security funds in which we provide asset management services. Our equity interest in the funds is considered a variable interest. We concluded the funds are VIEs because the equity holders as a group lack decision-making ability through their voting rights. We are not the primary beneficiary of the VIEs because although we, as the asset manager, have the power to direct the activities of the VIEs, we do not have a potentially significant variable interest in the funds. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ Asset carrying value loss (1) ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 188.2 ​ $ 174.4 Residential mortgage-backed pass-through securities ​ ​ 3,323.6 ​ ​ 3,164.1 Commercial mortgage-backed securities ​ ​ 4,706.5 ​ ​ 4,785.7 Collateralized debt obligations (2) ​ ​ 3,506.0 ​ ​ 3,592.9 Other debt obligations ​ ​ 7,549.6 ​ ​ 7,377.9 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ ​ 245.7 ​ ​ 245.7 Commercial mortgage-backed securities ​ ​ 26.1 ​ ​ 26.1 Collateralized debt obligations (2) ​ ​ 20.3 ​ ​ 20.3 Other debt obligations ​ ​ 11.1 ​ ​ 11.1 Equity securities ​ ​ 97.6 ​ 97.6 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ ​ 931.9 ​ ​ 1,481.4 ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 238.2 ​ $ 225.7 Residential mortgage-backed pass-through securities ​ ​ 2,982.4 ​ ​ 2,913.9 Commercial mortgage-backed securities ​ ​ 4,850.2 ​ ​ 4,746.6 Collateralized debt obligations (2) ​ ​ 3,215.3 ​ ​ 3,226.7 Other debt obligations ​ ​ 8,191.1 ​ ​ 8,076.4 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ ​ 282.3 ​ ​ 282.3 Commercial mortgage-backed securities ​ ​ 28.2 ​ ​ 28.2 Collateralized debt obligations (2) ​ ​ 20.9 ​ ​ 20.9 Other debt obligations ​ ​ 13.2 ​ ​ 13.2 Equity securities ​ ​ 123.2 ​ 123.2 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ ​ 911.9 ​ ​ 1,467.0 (1) Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading and equity securities. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) As of June 30, 2020 and December 31, 2019, the maximum exposure to loss for other limited partnership and fund interests includes $128.8 million and $129.1 million, respectively, of debt within certain of our managed international real estate funds that is fully secured by assets whose value exceeds the amount of the debt, but also includes recourse to the investment manager. 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 June 30, 2020 and December 31, 2019, money market mutual funds we manage held $4.5 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.

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments
Investments	3. Investments Fixed Maturities and Equity Securities Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 11, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to fixed maturities, available-for-sale, excluding those in fair value hedging relationships, are reflected in stockholders' equity, net of adjustments associated with DAC and related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships are reflected in net investment income. Mark-to-market adjustments related to certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reflected in net investment income. The amortized cost of fixed maturities includes cost adjusted for amortization of premiums and discounts, computed using the interest method. The amortized cost of fixed maturities, available-for-sale is adjusted for changes in fair value of the hedged portions of securities in fair value hedging relationships and excludes accrued interest receivable. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Beginning in 2020, fixed maturities, available-for-sale are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized capital gains (losses). Prior to 2020, the amortized cost of fixed maturities, available-for-sale was adjusted for declines in value that were other than temporary. Prior to 2020, impairments in value deemed to be other than temporary were primarily reported in net income as a component of net realized capital gains (losses), with noncredit impairment losses for certain fixed maturities, available-for-sale reported in OCI. Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows. ​ Available-for-sale securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,609.1 ​ $ 266.1 ​ $ 0.2 ​ $ — ​ $ 1,875.0 Non-U.S. governments ​ ​ 837.0 ​ ​ 169.9 ​ ​ — ​ ​ — ​ ​ 1,006.9 States and political subdivisions ​ ​ 7,716.7 ​ ​ 1,015.0 ​ ​ 18.1 ​ ​ — ​ ​ 8,713.6 Corporate ​ ​ 38,968.1 ​ ​ 4,900.6 ​ ​ 279.1 ​ ​ 2.8 ​ ​ 43,586.8 Residential mortgage-backed pass-through securities ​ ​ 3,164.1 ​ ​ 159.9 ​ ​ 0.4 ​ ​ — ​ ​ 3,323.6 Commercial mortgage-backed securities ​ ​ 4,785.7 ​ ​ 74.4 ​ ​ 150.2 ​ ​ 3.4 ​ ​ 4,706.5 Collateralized debt obligations (2) ​ ​ 3,592.9 ​ ​ 5.0 ​ ​ 90.9 ​ ​ 1.0 ​ ​ 3,506.0 Other debt obligations ​ ​ 7,379.1 ​ ​ 246.6 ​ ​ 74.9 ​ ​ — ​ ​ 7,550.8 Total fixed maturities, available-for-sale ​ $ 68,052.7 ​ $ 6,837.5 ​ $ 613.8 ​ $ 7.2 ​ $ 74,269.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other-than- ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ temporary ​ ​ Amortized ​ unrealized ​ unrealized ​ ​ ​ ​ impairments ​ ​ cost ​ gains ​ losses ​ Fair value ​ in OCI (3) ​ ​ ​ (in millions) December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,627.0 ​ $ 100.2 ​ $ 3.0 ​ $ 1,724.2 ​ $ — Non-U.S. governments ​ ​ 852.3 ​ ​ 144.1 ​ ​ 0.2 ​ ​ 996.2 ​ ​ — States and political subdivisions ​ ​ 6,857.1 ​ ​ 644.5 ​ ​ 11.6 ​ ​ 7,490.0 ​ ​ — Corporate ​ ​ 36,993.1 ​ ​ 3,706.5 ​ ​ 52.2 ​ ​ 40,647.4 ​ ​ — Residential mortgage-backed pass-through securities ​ ​ 2,913.9 ​ ​ 72.3 ​ ​ 3.8 ​ ​ 2,982.4 ​ ​ — Commercial mortgage-backed securities ​ ​ 4,746.6 ​ ​ 127.6 ​ ​ 24.0 ​ ​ 4,850.2 ​ ​ 15.8 Collateralized debt obligations (2) ​ ​ 3,226.7 ​ ​ 2.9 ​ ​ 14.3 ​ ​ 3,215.3 ​ ​ 0.9 Other debt obligations ​ ​ 8,085.8 ​ ​ 129.6 ​ ​ 14.9 ​ ​ 8,200.5 ​ ​ 31.7 Total fixed maturities, available-for-sale ​ $ 65,302.5 ​ $ 4,927.7 ​ $ 124.0 ​ $ 70,106.2 ​ $ 48.4 (1) Amortized cost excludes accrued interest receivable of $548.8 million as of June 30, 2020. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) Excludes $62.3 million as of December 31, 2019, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses. The amortized cost and fair value of fixed maturities, available-for-sale as of June 30, 2020, by expected maturity, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost Fair value ​ ​ (in millions) Due in one year or less ​ $ 2,180.1 ​ $ 2,204.1 Due after one year through five years ​ 10,883.5 ​ 11,404.4 Due after five years through ten years ​ 12,643.7 ​ 13,692.8 Due after ten years ​ 23,423.6 ​ 27,881.0 Subtotal ​ 49,130.9 ​ 55,182.3 Mortgage-backed and other asset-backed securities ​ 18,921.8 ​ 19,086.9 Total ​ $ 68,052.7 ​ $ 74,269.2 ​ Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits. ​ Net Realized Capital Gains and Losses Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses): mark-to-market adjustments on equity securities, mark-to-market adjustments on certain fixed maturities, trading, mark-to-market adjustments on sponsored investment funds, mark-to-market adjustments on derivatives not designated as hedges, cash flow hedge gains (losses) when the hedged item impacts realized capital gains (losses), changes in the valuation allowance for fixed maturities available-for-sale and certain financing receivables, impairments of real estate held for investment, impairments on equity method investments and, prior to 2020, other-than-temporary impairments of securities and subsequent realized recoveries. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses). The major components of net realized capital gains (losses) on investments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 83.2 ​ $ 6.2 ​ $ 106.3 ​ $ 8.7 Gross losses ​ (21.6) ​ (7.9) ​ (25.8) ​ (9.4) Net credit losses (1) ​ (8.3) ​ (17.3) ​ (16.2) ​ (24.1) Hedging, net (2) ​ (8.1) ​ (9.3) ​ (9.6) ​ (9.3) Fixed maturities, trading (3) ​ 25.1 ​ 17.5 ​ 8.7 ​ 31.7 Equity securities (4) ​ 39.3 ​ 14.7 ​ (24.4) ​ 35.7 Mortgage loans ​ 0.7 ​ 0.3 ​ (15.0) ​ 0.6 Derivatives ​ (195.7) ​ 4.6 ​ 94.8 ​ 9.6 Other ​ 58.0 ​ (12.8) ​ (14.8) ​ 37.0 Net realized capital gains (losses) ​ $ (27.4) ​ $ (4.0) ​ $ 104.0 ​ $ 80.5 (1) Upon adoption of authoritative guidance effective January 1, 2020, net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. Prior to 2020, net credit losses included net other-than-temporary impairment losses and recoveries on available-for-sale securities. (2) The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses). (3) Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $24.4 million and $17.6 million for the three months ended June 30, 2020 and 2019, respectively, and $10.2 million and $31.8 million for the six months ended June 30, 2020 and 2019, respectively. (4) Unrealized gains (losses) on equity securities still held at the reporting date were $42.3 million and $9.7 million for the three months ended June 30, 2020 and 2019, respectively, and $(20.7) million and $29.7 million for the six months ended June 30, 2020 and 2019, respectively. This excludes $49.0 million and $18.7 million for the three months ended June 30, 2020 and 2019, respectively, and $10.5 million and $41.3 million for the six months ended June 30, 2020 and 2019, respectively, of unrealized gains on equity securities still held at the reporting date that were reported in net investment income. Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $1,006.0 million and $1,028.0 million for the three months ended June 30, 2020 and 2019, and $1,547.6 million and $1,191.0 million for the six months ended June 30, 2020 and 2019, respectively. Allowance for Credit Loss We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income. We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability. Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. A rollforward of the allowance for credit loss by major security type was as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (2) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 7.0 ​ $ — ​ $ 0.4 ​ $ 0.1 ​ $ 0.1 ​ $ 7.6 Additions for credit losses not previously recorded ​ — ​ — ​ — ​ 2.8 ​ ​ — ​ 1.3 ​ — ​ — ​ 4.1 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.0) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.0) Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ ​ 0.9 ​ ​ (0.1) ​ ​ 2.5 Ending balance $ — $ — $ — $ 2.8 ​ $ — $ 3.4 $ 1.0 $ — $ 7.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (2) obligations Total ​ ​ ​ (in millions) Beginning balance (1) $ — $ — $ — $ — ​ $ — $ — $ — $ — $ — Additions for credit losses not previously recorded ​ — ​ — ​ — ​ 9.8 ​ ​ — ​ 1.7 ​ 0.1 ​ 0.1 ​ 11.7 Reductions for securities sold during the period ​ — ​ — ​ — ​ (7.0) ​ ​ — ​ — ​ — ​ — ​ (7.0) Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period ​ — ​ — ​ — ​ — ​ ​ — ​ 1.7 ​ 0.9 ​ (0.1) ​ 2.5 Ending balance $ — $ — $ — $ 2.8 ​ $ — $ 3.4 $ 1.0 $ — $ 7.2 (1) The allowance for credit loss associated with fixed maturities, available-for-sale was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30, 2019 June 30, 2019 ​ ​ (in millions) Net realized capital gains, excluding impairment losses on available-for-sale securities ​ $ 13.3 ​ $ 104.6 Net other-than-temporary impairment losses on available-for-sale securities ​ ​ (17.0) ​ ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income (1) ​ (0.3) ​ 2.5 Net impairment losses on available-for-sale securities ​ ​ (17.3) ​ ​ (24.1) Net realized capital gains (losses) ​ $ (4.0) ​ $ 80.5 (1) Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold. We 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30, 2019 June 30, 2019 ​ ​ ​ ​ ​ (in millions) Beginning balance ​ $ (102.3) ​ $ (117.5) Credit losses for which an other-than-temporary impairment was not previously recognized ​ (0.8) ​ (2.8) Credit losses for which an other-than-temporary impairment was previously recognized ​ (4.6) ​ (8.9) Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold ​ 8.0 ​ 28.4 Net reduction (increase) for positive changes in cash flows expected to be collected and amortization (1) ​ (0.6) ​ 0.5 Ending balance ​ $ (100.3) ​ $ (100.3) (1) Amounts are recognized in net investment income. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ Gross ​ Gross ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value ​ losses ​ value ​ losses ​ value ​ losses ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 30.1 ​ $ 0.2 ​ $ — ​ $ — ​ $ 30.1 ​ $ 0.2 Non-U.S. governments ​ ​ 2.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.6 ​ ​ — States and political subdivisions ​ ​ 460.5 ​ ​ 18.1 ​ ​ 21.0 ​ ​ — ​ ​ 481.5 ​ ​ 18.1 Corporate ​ ​ 3,521.5 ​ ​ 248.4 ​ ​ 149.7 ​ ​ 26.8 ​ ​ 3,671.2 ​ ​ 275.2 Residential mortgage-backed pass-through securities ​ ​ 195.0 ​ ​ 0.4 ​ ​ 3.2 ​ ​ — ​ ​ 198.2 ​ ​ 0.4 Commercial mortgage-backed securities ​ ​ 2,507.8 ​ ​ 134.3 ​ ​ 151.3 ​ ​ 15.5 ​ ​ 2,659.1 ​ ​ 149.8 Collateralized debt obligations (2) ​ ​ 2,483.8 ​ ​ 62.2 ​ ​ 776.7 ​ ​ 27.3 ​ ​ 3,260.5 ​ ​ 89.5 Other debt obligations ​ ​ 985.5 ​ ​ 71.5 ​ ​ 81.0 ​ ​ 3.4 ​ ​ 1,066.5 ​ ​ 74.9 Total fixed maturities, available-for-sale ​ $ 10,186.8 ​ $ 535.1 ​ $ 1,182.9 ​ $ 73.0 ​ $ 11,369.7 ​ $ 608.1 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. Of the total amounts, Principal Life’s consolidated portfolio represented For those securities that had been in a continuous unrealized loss position for less than twelve months, Principal Life's consolidated portfolio held 1,286 securities with a carrying value of $9,843.7 million and unrealized losses of $502.1 million reflecting an average price of 95 as of June 30, 2020. Of this portfolio, 80% was investment grade (rated AAA through BBB-) as of June 30, 2020, with associated unrealized losses of $347.5 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 196 securities with a carrying value of $1,175.2 million and unrealized losses of $72.5 million. The average credit rating of this portfolio was AA with an average price of 94 as of June 30, 2020. Of the $72.5 million in unrealized losses, the corporate sector accounts for $26.8 million in unrealized losses with an average price of 85 and an average credit rating of BB. The remaining unrealized losses also include $27.1 million within the collateralized debt obligation sector accounts with an average price of 97 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 June 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ Gross ​ ​ Gross ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value ​ losses (2) ​ value ​ losses (2) ​ value ​ losses (2) ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 100.0 ​ $ 1.9 ​ $ 74.2 ​ $ 1.1 ​ $ 174.2 ​ $ 3.0 Non-U.S. governments ​ 17.6 ​ 0.2 ​ 12.4 ​ — ​ 30.0 ​ 0.2 States and political subdivisions ​ 559.9 ​ 11.2 ​ 86.3 ​ 0.4 ​ 646.2 ​ 11.6 Corporate ​ 1,041.5 ​ 27.8 ​ 394.7 ​ 24.4 ​ 1,436.2 ​ 52.2 Residential mortgage-backed pass-through securities ​ 429.6 ​ 1.4 ​ 237.3 ​ 2.4 ​ 666.9 ​ 3.8 Commercial mortgage-backed securities ​ 829.3 ​ 9.2 ​ 268.5 ​ 14.8 ​ 1,097.8 ​ 24.0 Collateralized debt obligations (1) ​ 639.4 ​ 1.8 ​ 1,447.8 ​ 12.5 ​ 2,087.2 ​ 14.3 Other debt obligations ​ 1,772.8 ​ 9.5 ​ 613.7 ​ 5.4 ​ 2,386.5 ​ 14.9 Total fixed maturities, available-for-sale ​ $ 5,390.1 ​ $ 63.0 ​ $ 3,134.9 ​ $ 61.0 ​ $ 8,525.0 ​ $ 124.0 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Prior to the implementation of authoritative guidance in 2020, other than temporary impairment losses reported in OCI were included with gross unrealized losses resulting in total gross unrealized losses for fixed maturities, available-for-sale being reported in the table. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Net unrealized gains on fixed maturities, available-for-sale (1) ​ $ 6,193.1 ​ $ 4,834.2 Noncredit component of impairment losses on fixed maturities, available-for-sale (2) ​ — ​ (48.4) Net unrealized gains on derivative instruments ​ 131.3 ​ 94.1 Adjustments for assumed changes in amortization patterns ​ (264.2) ​ (261.0) Adjustments for assumed changes in policyholder liabilities ​ (1,700.9) ​ (1,133.5) Net unrealized gains on other investments and noncontrolling interest adjustments ​ 50.3 ​ 96.8 Provision for deferred income taxes ​ (935.8) ​ (766.9) Net unrealized gains on available-for-sale securities and derivative instruments ​ $ 3,473.8 ​ $ 2,815.3 (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships. (2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity. 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 v

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Financial Instruments
Derivative Financial Instruments	4. Derivative Financial Instruments Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies. Types of Derivative Instruments Interest Rate Contracts Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates. Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/or floating rate interest amounts based upon designated market rates or rate indices and an agreed upon notional principal amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by any party. Cash is paid or received based on the terms of the swap. We use interest rate swaps primarily to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities (including duration mismatches). We also use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments. Interest rate swaps are used to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) liability. The GMWB rider on our variable annuity products provides for guaranteed minimum withdrawal benefits regardless of the actual performance of various equity and/or fixed income funds available with the product. Interest rate options, including interest rate caps and interest rate floors, which can be combined to form interest rate collars, are contracts that entitle the purchaser to pay or receive the amounts, if any, by which a specified market rate exceeds a cap strike interest rate, or falls below a floor strike interest rate, respectively, at specified dates. We use interest rate options to manage prepayment risks in our assets and minimum guaranteed interest rates and lapse risks in our liabilities. A swaption is an option to enter into an interest rate swap at a future date. We purchase swaptions to hedge interest rate exposure for certain assets and liabilities. Swaptions not only hedge against the downside risk, but also allow us to take advantage of any upside benefits. In exchange-traded futures transactions, we agree to purchase or sell a specified number of contracts, the values of which are determined by the values of designated classes of securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. We enter into exchange-traded futures with regulated futures commissions merchants who are members of a trading exchange. We have used exchange-traded futures to reduce market risks from changes in interest rates and to alter mismatches between the assets in a portfolio and the liabilities supported by those assets. Foreign Exchange Contracts Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency -denominated funding agreements issued to nonqualified institutional investors in the international market, foreign currency-denominated fixed maturity and equity securities, and our international operations, including expected cash flows and potential acquisition and divestiture activity. We use various derivatives to manage our exposure to fluctuations in foreign currency exchange rates. Currency swaps are contracts in which we agree with other parties to exchange, at specified intervals, a series of principal and interest payments in one currency for that of another currency. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party. The interest payments are primarily fixed-to-fixed rate; however, they may also be fixed-to-floating rate or floating-to-fixed rate. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by one counterparty for payments made in the same currency at each due date. We use currency swaps to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. Currency forwards are contracts in which we agree with other parties to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We use currency forwards to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. We use currency forwards to hedge certain net equity investments in foreign operations, including certain sponsored investment funds. Currency options are contracts that give the holder the right, but not the obligation to buy or sell a specified amount of the identified currency within a limited period of time at a contracted price. The contracts are net settled in cash, based on the differential in the current foreign exchange rate and the strike price. Purchased and sold options can be combined to form a foreign currency collar where we receive a payment if the foreign exchange rate is below the purchased option strike price and make a payment if the foreign exchange rate is above the sold option strike price. We 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 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 $282.9 million and $271.6 million in cash and securities under collateral arrangements as of June 30, 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 June 30, 2020 and December 31, 2019, was $117.0 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 $282.9 million and $271.6 million as of June 30, 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 June 30, 2020, we would be required to post an additional $83.1 million of collateral to our counterparties. As of June 30, 2020 and December 31, 2019, we had received $383.7 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 38,991.6 ​ $ 35,173.6 Interest rate options ​ 1,886.9 ​ 1,416.9 Interest rate futures ​ 591.5 ​ 142.5 Swaptions ​ 62.0 ​ ​ 62.0 Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Currency forwards ​ ​ 1,185.9 ​ ​ 1,182.3 Currency swaps ​ ​ 986.0 ​ ​ 1,027.2 Currency options ​ — ​ 53.8 Equity contracts: ​ ​ ​ ​ ​ ​ Equity options ​ 1,735.9 ​ 1,672.8 Equity futures ​ 379.9 ​ 149.5 Credit contracts: ​ ​ ​ ​ ​ ​ Credit default swaps ​ 310.0 ​ 165.0 Other contracts: ​ ​ ​ ​ ​ ​ Embedded derivatives ​ 9,764.8 ​ 9,742.3 Total notional amounts at end of period ​ $ 55,894.5 ​ $ 50,787.9 ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 351.7 ​ $ 181.9 Interest rate options ​ 65.1 ​ 28.3 Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Currency swaps ​ 71.7 ​ 55.4 Currency forwards ​ 10.9 ​ 4.9 Currency options ​ ​ — ​ ​ 0.1 Equity contracts: ​ ​ ​ ​ ​ ​ Equity options ​ 39.3 ​ 30.5 Credit contracts: ​ ​ ​ ​ ​ ​ Credit default swaps ​ 2.6 ​ 0.5 Total gross credit exposure ​ 541.3 ​ 301.6 Less: collateral received ​ 446.5 ​ 208.3 Net credit exposure ​ $ 94.8 ​ $ 93.3 ​ The fair value of our derivative instruments classified as assets and liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 ​ ​ (in millions) Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ — ​ $ 31.2 ​ $ 21.3 Foreign exchange contracts ​ 61.3 ​ 30.0 ​ 0.8 ​ 15.2 Total derivatives designated as hedging instruments ​ $ 61.3 ​ $ 30.0 ​ $ 32.0 ​ $ 36.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 408.3 ​ $ 204.2 ​ $ 40.9 ​ $ 16.7 Foreign exchange contracts ​ 20.0 ​ 29.5 ​ 102.9 ​ 100.2 Equity contracts ​ 39.3 ​ 30.5 ​ 14.7 ​ 63.1 Credit contracts ​ 2.5 ​ 0.5 ​ 2.3 ​ 1.2 Other contracts ​ — ​ — ​ 576.0 ​ 312.8 Total derivatives not designated as hedging instruments ​ 470.1 ​ 264.7 ​ 736.8 ​ 494.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 531.4 ​ $ 294.7 ​ $ 768.8 ​ $ 530.5 (1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position. (2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $576.0 million and $214.2 million as of June 30, 2020 and December 31, 2019, respectively, are reported with contractholder funds on the consolidated statements of financial position. Credit Derivatives Sold When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. 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 June 30, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ Notional ​ Fair ​ future ​ expected life ​ amount value payments (in years) ​ ​ (in millions) ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 20.0 ​ $ 0.4 ​ $ 20.0 5.0 BBB ​ ​ 115.0 ​ ​ 1.4 ​ ​ 115.0 4.4 Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.3 ​ ​ 20.0 ​ 5.0 BBB ​ ​ 15.0 ​ ​ 0.1 ​ ​ 15.0 ​ 1.5 Total credit default swap protection sold ​ $ 170.0 ​ $ 2.2 ​ $ 170.0 4.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ Notional ​ Fair ​ future ​ expected life ​ amount value payments (in years) ​ ​ (in millions) ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 5.0 ​ $ — ​ $ 5.0 0.5 BBB ​ 70.0 ​ ​ 0.2 ​ ​ 70.0 2.6 Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BBB ​ 15.0 ​ ​ 0.3 ​ ​ 15.0 ​ 2.0 Total credit default swap protection sold ​ $ 90.0 ​ $ 0.5 ​ $ 90.0 2.4 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative amount of fair ​ ​ ​ ​ value hedging basis adjustment Line item in the consolidated statements ​ ​ ​ included in the amortized cost of financial position in which the ​ Amortized cost of hedged item ​ of the hedged item hedged item is included June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 152.8 ​ $ 142.0 ​ $ 29.3 ​ $ 18.1 Discontinued hedging relationships ​ ​ 137.1 ​ ​ 159.3 ​ ​ 6.5 ​ ​ 7.7 Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 289.9 ​ $ 301.3 ​ $ 35.8 ​ $ 25.8 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in AOCI on derivatives ​ ​ ​ ​ For the three months ended ​ For the six months ended Derivatives in cash ​ ​ ​ June 30, ​ June 30, flow hedging relationships Related hedged item 2020 2019 2020 2019 ​ ​ ​ ​ (in millions) Interest rate contracts Fixed maturities, available-for-sale ​ $ (7.4) ​ $ 0.9 ​ $ (3.0) ​ $ (3.3) Foreign exchange contracts Fixed maturities, available-for-sale ​ (18.8) ​ ​ 3.4 ​ 46.5 ​ ​ (5.2) Total ​ ​ ​ $ (26.2) ​ $ 4.3 ​ $ 43.5 ​ $ (8.5) ​ We expect to reclassify net gains of $24.8 million from AOCI into net income in the next 12 months, which includes both net deferred gains on discontinued hedges and net losses on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 944.6 ​ $ (27.4) ​ $ 1,601.3 ​ $ 983.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 0.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (0.6) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (1.2) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (1.8) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ $ 4.7 ​ $ 3.9 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 4.0 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 2.1 ​ ​ — ​ ​ — ​ ​ — Total gain recognized for cash flow hedging relationships ​ $ 6.8 ​ $ 7.9 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,037.1 ​ $ (4.0) ​ $ 2,446.1 ​ $ 1,046.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 4.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (4.3) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (1.2) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (2.0) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.9 ​ $ — ​ $ — ​ $ (2.0) Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 9.5 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 1.7 ​ ​ — ​ ​ — ​ ​ — Total gain (loss) recognized for cash flow hedging relationships ​ $ 6.6 ​ $ 9.6 ​ $ — ​ $ (2.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,928.2 ​ $ 104.0 ​ $ 4,460.0 ​ $ 2,318.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 11.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (11.5) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (1.3) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (2.3) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (3.9) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ $ 9.4 ​ $ 2.6 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 6.2 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 4.2 ​ ​ — ​ ​ — ​ ​ — Total gain recognized for cash flow hedging relationships ​ $ 13.6 ​ $ 8.8 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,998.1 ​ $ 80.5 ​ $ 4,641.2 ​ $ 2,039.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain recognized on hedged item ​ $ 6.6 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ (6.8) ​ — ​ — ​ — Amortization of hedged item basis adjustments ​ (2.5) ​ — ​ — ​ — Amounts related to periodic settlements on derivatives ​ (1.5) ​ — ​ — ​ — Total loss recognized for fair value hedging relationships ​ $ (4.2) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 10.0 ​ $ — ​ $ — ​ $ (4.8) Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 9.5 ​ — ​ — Amounts related to periodic settlements on derivatives ​ 3.3 ​ — ​ — ​ — Total gain (loss) recognized for cash flow hedging relationships ​ $ 13.3 ​ $ 9.6 ​ $ — ​ $ (4.8) ​ 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 tables show 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ ​ Amount of gain recognized ​ reclassified from AOCI into ​ ​ in AOCI on derivatives ​ net realized capital gains (losses) ​ ​ for the three months ended ​ for the three months ended ​ ​ June 30, ​ June 30, Derivatives in net investment hedging relationships 2020 2019 2020 2019 ​ ​ (in millions) Foreign exchange contracts ​ $ 1.8 ​ $ — ​ $ — ​ $ — Total ​ $ 1.8 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ ​ Amount of gain recognized ​ reclassified from AOCI into ​ ​ in AOCI on derivatives ​ net realized capital gains (losses) ​ ​ for the six months ended ​ for the six months ended ​ ​ June 30, ​ June 30, Derivatives in net investment hedging relationships ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ (in millions) Foreign exchange contracts ​ $ 9.3 ​ $ — ​ $ — ​ $ — Total ​ $ 9.3 ​ $ — ​ $ — ​ $ — ​ 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, primar

Insurance Liabilities

Insurance Liabilities	6 Months Ended
	Jun. 30, 2020
Insurance Liabilities
Insurance Liabilities	5. Insurance Liabilities Liability for Unpaid Claims The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2020 2019 ​ ​ (in millions) Balance at beginning of period ​ $ 2,365.5 ​ $ 2,252.7 Less: reinsurance recoverable ​ 403.8 ​ 404.3 Net balance at beginning of period ​ 1,961.7 ​ 1,848.4 Incurred: ​ ​ ​ ​ Current year ​ 609.5 ​ 653.6 Prior years ​ 34.7 ​ 29.0 Total incurred ​ 644.2 ​ 682.6 Payments: ​ ​ ​ ​ Current year ​ 333.7 ​ 387.8 Prior years ​ 257.6 ​ 238.1 Total payments ​ 591.3 ​ 625.9 Net balance at end of period ​ 2,014.6 ​ 1,905.1 Plus: reinsurance recoverable ​ 418.0 ​ 403.7 Balance at end of period ​ $ 2,432.6 ​ $ 2,308.8 ​ ​ ​ ​ ​ ​ ​ Amounts not included in the rollforward above: ​ ​ ​ ​ Claim adjustment expense liabilities ​ $ 56.9 ​ $ 55.1 ​ Incurred liability adjustments relating to prior years, which affected current operations during 2020 and 2019, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Long-Term Debt	6. Long-Term Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ Net unamortized ​ ​ ​ ​ ​ ​ ​ discount, ​ ​ ​ ​ ​ ​ ​ premium and ​ ​ ​ ​ ​ ​ ​ debt issuance ​ Carrying ​ Principal costs ​ amount ​ ​ (in millions) 3.3% notes payable, due 2022 ​ $ 300.0 ​ $ (0.9) ​ $ 299.1 3.125% notes payable, due 2023 ​ 300.0 ​ (0.8) ​ 299.2 3.4% notes payable, due 2025 ​ 400.0 ​ (2.4) ​ 397.6 3.1% notes payable, due 2026 ​ 350.0 ​ (2.2) ​ 347.8 3.7% notes payable, due 2029 ​ 500.0 ​ (5.8) ​ 494.2 2.125% notes payable, due 2030 ​ 500.0 ​ (6.9) ​ 493.1 6.05% notes payable, due 2036 ​ 505.6 ​ (2.5) ​ 503.1 4.625% notes payable, due 2042 ​ 300.0 ​ (3.2) ​ 296.8 4.35% notes payable, due 2043 ​ 300.0 ​ (3.1) ​ 296.9 4.3% notes payable, due 2046 ​ 300.0 ​ (3.3) ​ 296.7 4.7% notes payable, due 2055 ​ 400.0 ​ (4.9) ​ 395.1 Non-recourse mortgages and notes payable ​ 42.7 ​ 1.1 ​ 43.8 Total long-term debt ​ $ 4,198.3 ​ $ (34.9) ​ $ 4,163.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ Net unamortized ​ ​ ​ ​ ​ ​ ​ discount, ​ ​ ​ ​ ​ ​ ​ premium and ​ ​ ​ ​ ​ ​ ​ debt issuance ​ Carrying ​ Principal costs amount ​ ​ (in millions) 3.3% notes payable, due 2022 ​ $ 300.0 ​ $ (1.0) ​ $ 299.0 3.125% notes payable, due 2023 ​ 300.0 ​ (1.0) ​ 299.0 3.4% notes payable, due 2025 ​ 400.0 ​ (2.6) ​ 397.4 3.1% notes payable, due 2026 ​ 350.0 ​ (2.5) ​ 347.5 3.7% notes payable, due 2029 ​ 500.0 ​ (6.1) ​ 493.9 6.05% notes payable, due 2036 ​ 505.6 ​ (2.4) ​ 503.2 4.625% notes payable, due 2042 ​ 300.0 ​ (3.2) ​ 296.8 4.35% notes payable, due 2043 ​ 300.0 ​ (3.3) ​ 296.7 4.3% notes payable, due 2046 ​ 300.0 ​ (3.3) ​ 296.7 4.7% notes payable, due 2055 ​ 400.0 ​ (4.9) ​ 395.1 Non-recourse mortgages and notes payable ​ 107.6 ​ 1.2 ​ 108.8 Total long-term debt ​ $ 3,763.2 ​ $ (29.1) ​ $ 3,734.1 ​ 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. The 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	7. Income Taxes Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 U.S. corporate income tax rate ​ 21 % ​ 21 % ​ 21 % ​ 21 % Dividends received deduction ​ (3) ​ (4) ​ ​ (4) ​ (5) ​ Tax credits ​ (2) ​ ​ (3) ​ ​ (2) ​ ​ (2) ​ Impact of equity method presentation ​ (1) ​ ​ (1) ​ ​ (1) ​ ​ (1) ​ Interest exclusion from taxable income ​ (1) ​ ​ (1) ​ ​ (1) ​ ​ (1) ​ State income taxes ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Other ​ 3 ​ 1 ​ ​ 2 ​ 1 ​ Effective income tax rate ​ 17 % ​ 13 % ​ 15 % ​ 14 % ​

Employee and Agent Benefits

Employee and Agent Benefits	6 Months Ended
	Jun. 30, 2020
Employee and Agent Benefits
Employee and Agent Benefits	8. Employee and Agent Benefits Components of Net Periodic Benefit Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ For the three months ended ​ For the three months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Service cost ​ $ 18.2 ​ $ 16.7 ​ $ — ​ $ — Interest cost ​ ​ 29.4 ​ 32.1 ​ ​ 0.7 ​ 1.0 Expected return on plan assets ​ ​ (39.2) ​ (36.4) ​ ​ (9.0) ​ (8.3) Amortization of prior service benefit ​ ​ (4.2) ​ (2.0) ​ ​ (0.3) ​ (0.3) Recognized net actuarial loss ​ ​ 18.9 ​ 17.2 ​ ​ — ​ — Net periodic benefit cost (income) ​ $ 23.1 ​ $ 27.6 ​ $ (8.6) ​ $ (7.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ For the six months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Service cost ​ $ 36.3 ​ $ 33.5 ​ $ — ​ $ — Interest cost ​ ​ 58.7 ​ 64.9 ​ 1.4 ​ 1.9 Expected return on plan assets ​ ​ (78.4) ​ (71.9) ​ (18.0) ​ (16.6) Amortization of prior service benefit ​ ​ (8.4) ​ (2.9) ​ (0.5) ​ (0.6) Recognized net actuarial loss ​ ​ 37.7 ​ 34.1 ​ — ​ — Net periodic benefit cost (income) ​ $ 45.9 ​ $ 57.7 ​ $ (17.1) ​ $ (15.3) ​ The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations. 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. Contributions Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”) and, generally, not greater than the maximum amount that can be deducted for federal income tax purposes. It is too early to determine, but we do not anticipate that we will be required to fund a minimum required contribution under ERISA. Regardless, it is possible that we may fund the qualified and nonqualified pension plans in 2020 for a combined total of up to $75.0 million. During the three and six months ended June 30, 2020, we contributed $15.7 million and $21.4 million to these plans, respectively.

Contingencies, Guarantees and I

Contingencies, Guarantees and Indemnifications	6 Months Ended
	Jun. 30, 2020
Contingencies, Guarantees and Indemnifications
Contingencies, Guarantees and Indemnifications	9. Contingencies, Guarantees and Indemnifications Litigation and Regulatory Contingencies We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages. We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses. In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and other regulatory agencies in the U.S. and in international locations in which we do business, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future. On November 12, 2014, Frederick Rozo filed a class action lawsuit in the United States District Court for the Southern District of Iowa against Principal Life and us. We were later dismissed as a defendant. The Plaintiff alleged that defendants breached fiduciary duties and engaged in prohibited transactions under ERISA in connection with a general account guaranteed product known as the Principal Fixed Income Option ("PFIO"). On May 12, 2017, the district court certified a nationwide class of participants and beneficiaries who had funds invested in one of the PFIO contracts. On September 25, 2018, the district court granted Principal Life's motion for summary judgment. On February 3, 2020, the Eighth Circuit Court of Appeals reversed that ruling and remanded the case back to the district court. Principal Life will continue to aggressively defend the case. While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe any such matter will have a material adverse effect on our business or financial position. As of June 30, 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 June 30, 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 June 30, 2020, was approximately $111.0 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 June 30, 2020, was $750.0 million. We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable. We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions and financing transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period. ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity
Stockholders' Equity	10 . Stockholders’ Equity Common Stock Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared per common share ​ $ 0.56 $ 0.54 ​ $ 1.12 $ 1.08 ​ Reconciliation of Outstanding Common Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Beginning balance 273.4 278.2 276.6 279.5 Shares issued 0.6 0.4 1.8 2.2 Treasury stock acquired — — (4.4) (3.1) Ending balance 274.0 278.6 274.0 278.6 ​ 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. We paused our share repurchase program in March 2020. Other Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, 2020 ​ June 30, 2020 ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) Net unrealized gains on available-for-sale securities during the period ​ $ 4,195.7 ​ $ (900.4) ​ $ 3,295.3 ​ $ 1,418.0 ​ $ (300.1) ​ $ 1,117.9 Reclassification adjustment for gains included in net income (1) ​ (47.9) ​ 11.0 ​ (36.9) ​ (57.4) ​ 13.6 ​ (43.8) Adjustments for assumed changes in amortization patterns ​ (336.4) ​ 70.6 ​ (265.8) ​ (3.9) ​ 0.8 ​ (3.1) Adjustments for assumed changes in policyholder liabilities ​ (1,232.5) ​ 277.6 ​ (954.9) ​ (570.3) ​ 125.4 ​ (444.9) Net unrealized gains on available-for-sale securities ​ 2,578.9 ​ (541.2) ​ 2,037.7 ​ 786.4 ​ (160.3) ​ 626.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains ( losses) on derivative instruments during the period ​ (10.8) ​ 3.1 ​ (7.7) ​ 55.4 ​ (11.1) ​ 44.3 Reclassification adjustment for gains included in net income (3) ​ (12.6) ​ 1.8 ​ (10.8) ​ (18.2) ​ 3.3 ​ (14.9) Adjustments for assumed changes in amortization patterns ​ 1.0 ​ (0.2) ​ 0.8 ​ 0.7 ​ (0.2) ​ 0.5 Adjustments for assumed changes in policyholder liabilities ​ 1.7 ​ (0.4) ​ 1.3 ​ 2.9 ​ (0.6) ​ 2.3 Net unrealized gains (losses) on derivative instruments ​ (20.7) ​ 4.3 ​ (16.4) ​ 40.8 ​ (8.6) ​ 32.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 30.0 ​ ​ (13.6) ​ ​ 16.4 ​ ​ (306.6) ​ ​ (2.8) ​ ​ (309.4) Reclassification adjustment for losses included in net income (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 31.5 ​ ​ — ​ ​ 31.5 Foreign currency translation adjustment ​ 30.0 ​ (13.6) ​ 16.4 ​ (275.1) ​ (2.8) ​ (277.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ ​ 0.6 ​ ​ (0.2) ​ ​ 0.4 Amortization of amounts included in net periodic benefit cost (5) ​ 14.4 ​ (3.9) ​ 10.5 ​ 28.8 ​ (7.8) ​ 21.0 Net unrecognized postretirement benefit obligation ​ 14.4 ​ (4.0) ​ 10.4 ​ 29.4 ​ (8.0) ​ 21.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 2,602.6 ​ $ (554.5) ​ $ 2,048.1 ​ $ 581.5 ​ $ (179.7) ​ $ 401.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, 2019 ​ June 30, 2019 ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) Net unrealized gains on available-for-sale securities during the period ​ $ 1,804.0 ​ $ (394.9) ​ $ 1,409.1 ​ $ 3,621.0 ​ $ (787.4) ​ $ 2,833.6 Reclassification adjustment for losses included in net income (1) ​ 27.9 ​ ​ (5.5) ​ ​ 22.4 ​ ​ 36.6 ​ ​ (7.2) ​ ​ 29.4 Adjustments for assumed changes in amortization patterns ​ (117.6) ​ ​ 24.7 ​ ​ (92.9) ​ ​ (239.7) ​ ​ 50.4 ​ ​ (189.3) Adjustments for assumed changes in policyholder liabilities ​ (462.3) ​ ​ 108.6 ​ ​ (353.7) ​ ​ (762.6) ​ ​ 178.1 ​ ​ (584.5) Net unrealized gains on available-for-sale securities ​ 1,252.0 ​ ​ (267.1) ​ ​ 984.9 ​ ​ 2,655.3 ​ ​ (566.1) ​ ​ 2,089.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit component of impairment losses on fixed maturities, available-for-sale during the period ​ 0.3 ​ ​ — ​ ​ 0.3 ​ ​ (2.5) ​ ​ 0.6 ​ ​ (1.9) Adjustments for assumed changes in amortization patterns ​ (0.8) ​ ​ 0.1 ​ ​ (0.7) ​ ​ (1.2) ​ ​ 0.2 ​ ​ (1.0) Adjustments for assumed changes in policyholder liabilities ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Noncredit component of impairment losses on fixed maturities, available-for-sale (2) ​ (0.4) ​ ​ 0.1 ​ ​ (0.3) ​ ​ (3.6) ​ ​ 0.8 ​ ​ (2.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 12.8 ​ ​ (2.7) ​ ​ 10.1 ​ ​ 4.3 ​ ​ (0.9) ​ ​ 3.4 Reclassification adjustment for gains included in net income (3) ​ (12.5) ​ ​ 2.5 ​ ​ (10.0) ​ ​ (14.8) ​ ​ 2.8 ​ ​ (12.0) Adjustments for assumed changes in amortization patterns ​ 0.6 ​ ​ (0.1) ​ ​ 0.5 ​ ​ 2.5 ​ ​ (0.5) ​ ​ 2.0 Adjustments for assumed changes in policyholder liabilities ​ 1.2 ​ ​ (0.2) ​ ​ 1.0 ​ ​ 4.8 ​ ​ (1.1) ​ ​ 3.7 Net unrealized gains (losses) on derivative instruments ​ 2.1 ​ ​ (0.5) ​ ​ 1.6 ​ ​ (3.2) ​ ​ 0.3 ​ ​ (2.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 4.6 ​ ​ (2.2) ​ ​ 2.4 ​ ​ 45.5 ​ ​ (4.8) ​ ​ 40.7 Reclassification adjustment for losses included in net income (4) ​ ​ 26.5 ​ ​ — ​ ​ 26.5 ​ ​ 26.1 ​ ​ — ​ ​ 26.1 Foreign currency translation adjustment ​ 31.1 ​ ​ (2.2) ​ ​ 28.9 ​ 71.6 ​ (4.8) ​ 66.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ ​ 63.4 ​ ​ (17.1) ​ ​ 46.3 ​ ​ 63.4 ​ ​ (17.1) ​ ​ 46.3 Amortization of amounts included in net periodic benefit cost (5) ​ 14.9 ​ ​ (4.0) ​ ​ 10.9 ​ ​ 30.6 ​ ​ (8.2) ​ ​ 22.4 Net unrecognized postretirement benefit obligation ​ 78.3 ​ ​ (21.1) ​ ​ 57.2 ​ ​ 94.0 ​ ​ (25.3) ​ ​ 68.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,363.1 ​ $ (290.8) ​ $ 1,072.3 ​ $ 2,814.1 ​ $ (595.1) ​ $ 2,219.0 (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations. (2) Prior to 2020, represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI. (3) See Note 4, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (4) The 2020 pre-tax reclassification adjustment primarily related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary. The 2019 pre-tax reclassification adjustment primarily related to deconsolidated sponsored investment funds and was reported in net realized capital gains (losses) on the consolidated statements of operations. For both the three and six months ended June 30, 2019, $5.7 million of this reclassification relates to noncontrolling interest and is reported in net income attributable to noncontrolling interest on the consolidated statements of operations. (5) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 8, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details. Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ component of ​ Net unrealized ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains on ​ impairment losses ​ gains ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on fixed maturities ​ on derivative ​ translation ​ benefit ​ comprehensive ​ securities(1) available-for-sale(2) instruments adjustment obligation income (loss) ​ ​ (in millions) Balances as of April 1, 2019 ​ $ 1,294.3 ​ $ (49.6) ​ $ 59.9 ​ $ (1,222.1) ​ $ (501.4) ​ $ (418.9) Other comprehensive income during the period, net of adjustments ​ 962.4 ​ ​ (0.3) ​ ​ 11.6 ​ ​ 2.5 ​ ​ 46.3 ​ ​ 1,022.5 Amounts reclassified from AOCI ​ 22.4 ​ ​ — ​ ​ (10.0) ​ ​ 20.8 ​ ​ 10.9 ​ ​ 44.1 Other comprehensive income ​ 984.8 ​ ​ (0.3) ​ ​ 1.6 ​ ​ 23.3 ​ ​ 57.2 ​ ​ 1,066.6 Balances as of June 30, 2019 ​ $ 2,279.1 ​ $ (49.9) ​ $ 61.5 ​ $ (1,198.8) ​ $ (444.2) ​ $ 647.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 1, 2020 ​ $ 1,350.6 ​ $ — ​ $ 102.0 ​ $ (1,627.2) ​ $ (424.6) ​ $ (599.2) Other comprehensive income during the period, net of adjustments ​ 2,074.5 ​ ​ — ​ ​ (5.6) ​ ​ 18.3 ​ ​ (0.1) ​ ​ 2,087.1 Amounts reclassified to AOCI ​ (36.9) ​ ​ — ​ ​ (10.8) ​ ​ — ​ ​ 10.5 ​ ​ (37.2) Other comprehensive income ​ 2,037.6 ​ ​ — ​ ​ (16.4) ​ ​ 18.3 ​ ​ 10.4 ​ ​ 2,049.9 Balances as of June 30, 2020 ​ $ 3,388.2 ​ $ — ​ $ 85.6 ​ $ (1,608.9) ​ $ (414.2) ​ $ 1,450.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ component of ​ Net unrealized ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains on ​ impairment losses ​ gains ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on fixed maturities ​ on derivative ​ translation ​ benefit ​ comprehensive ​ securities (1) available-for-sale (2) instruments adjustment obligation income (loss) ​ ​ (in millions) Balances as of January 1, 2019 ​ $ 190.0 ​ $ (47.1) ​ $ 64.4 ​ $ (1,259.5) ​ $ (512.9) ​ $ (1,565.1) Other comprehensive income during the period, net of adjustments ​ 2,059.7 ​ ​ (2.8) ​ ​ 9.1 ​ ​ 40.3 ​ ​ 46.3 ​ ​ 2,152.6 Amounts reclassified from AOCI ​ 29.4 ​ ​ — ​ ​ (12.0) ​ ​ 20.4 ​ ​ 22.4 ​ ​ 60.2 Other comprehensive income ​ 2,089.1 ​ ​ (2.8) ​ ​ (2.9) ​ ​ 60.7 ​ ​ 68.7 ​ ​ 2,212.8 Balances as of June 30, 2019 ​ $ 2,279.1 ​ $ (49.9) ​ $ 61.5 ​ $ (1,198.8) ​ $ (444.2) ​ $ 647.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of January 1, 2020 ​ $ 2,806.0 ​ $ (44.1) ​ $ 53.4 ​ $ (1,341.8) ​ $ (435.6) ​ $ 1,037.9 Other comprehensive income during the period, net of adjustments ​ 670.1 ​ ​ — ​ ​ 47.1 ​ ​ (298.6) ​ ​ 0.4 ​ ​ 419.0 Amounts reclassified to AOCI ​ (43.8) ​ ​ — ​ ​ (14.9) ​ ​ 31.5 ​ ​ 21.0 ​ ​ (6.2) Other comprehensive income ​ 626.3 ​ ​ — ​ ​ 32.2 ​ ​ (267.1) ​ ​ 21.4 ​ ​ 412.8 Effects of implementation of accounting change related to credit losses, net ​ ​ (44.1) ​ ​ 44.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balances as of June 30, 2020 ​ $ 3,388.2 ​ $ — ​ $ 85.6 ​ $ (1,608.9) ​ $ (414.2) ​ $ 1,450.7 (1) Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $5.7 million as of June 30, 2020. (2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 2020 2019 ​ ​ (in millions) Balance at beginning of period ​ $ 239.7 ​ $ 537.7 ​ $ 264.9 ​ $ 391.2 Net income (loss) attributable to redeemable noncontrolling interest ​ ​ 15.7 ​ ​ 4.0 ​ (8.0) ​ 24.3 Redeemable noncontrolling interest of deconsolidated entities (1) ​ ​ — ​ ​ (370.0) ​ ​ — ​ ​ (370.0) Contributions from redeemable noncontrolling interest ​ ​ 40.4 ​ ​ 154.0 ​ ​ 74.6 ​ ​ 297.7 Distributions to redeemable noncontrolling interest ​ ​ (18.1) ​ ​ (25.8) ​ (47.8) ​ (46.1) Change in redemption value of redeemable noncontrolling interest ​ ​ (2.5) ​ ​ (1.0) ​ ​ (1.9) ​ ​ 1.7 Stock-based compensation attributable to redeemable noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Other comprehensive income (loss) attributable to redeemable noncontrolling interest ​ ​ (2.5) ​ ​ 5.5 ​ (9.1) ​ 5.6 Balance at end of period ​ $ 272.7 ​ $ 304.5 ​ $ 272.7 ​ $ 304.5 (1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements. Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability. ● Level 1 ● Level 2 ● Level 3 Determination of Fair Value The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis or disclosed at fair value. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2020. Fixed Maturities Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. When available, the fair value of fixed maturities is based on quoted prices of identical assets in active markets. These are reflected in Level 1 and primarily include U.S. Treasury bonds and actively traded redeemable corporate preferred securities. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data from the investment professionals assigned to specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors. If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of June 30, 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 States and Political Subdivisions Corporate RMBS, CMBS, Collateralized Debt Obligations and Other Debt Obligations Equity Securities Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. When quoted prices are not available, we may utilize internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices or the net asset value (" NAV”), which are reflected in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities, which are reflected in Level 3. Derivatives The fair values of exchange-traded derivatives are determined through quoted market prices, which are reflected in Level 1. Exchange-traded derivatives include futures that are settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of OTC cleared derivatives are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses may utilize the overnight indexed swap (“OIS”) curve in their valuation. Variation margin associated with OTC cleared derivatives is settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of bilateral OTC derivative instruments are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The majority of our bilateral OTC derivatives are valued with models that use market observable inputs, which are reflected in Level 2. Significant inputs include contractual terms, interest rates, currency exchange rates, credit spread curves, equity prices and volatilities. These valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Certain bilateral OTC derivatives utilize unobservable market data, primarily independent broker quotes that are nonbinding quotes based on models that do not reflect the result of market transactions, which are reflected in Level 3. Our non-cleared derivative contracts are generally documented under ISDA Master Agreements, which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Collateral arrangements are bilateral and based on current ratings of each entity. We utilize the LIBOR interest rate curve to value our positions, which includes a credit spread. This credit spread incorporates an appropriate level of nonperformance risk into our valuations given the current ratings of our counterparties, as well as the collateral agreements in place. Counterparty credit risk is routinely monitored to ensure our adjustment for non-performance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the non-performance risk on these trades. Interest Rate Contracts. Foreign Exchange Contracts. Equity Contracts. Credit Contracts. Other Investments Other investments reported at fair value include invested assets of consolidated sponsored investment funds, unconsolidated sponsored investment funds, other investment funds reported at fair value, equity method real estate investments for which the fair value option was elected and certain redeemable and nonredeemable preferred stock. In addition, in 2019 we had commercial mortgage loans of consolidated VIEs for which the fair value option was elected. Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and 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. Cash Equivalents Certain cash equivalents are reported at fair value on a recurring basis and include money market instruments and other short-term investments with maturities of three months or less. Fair values of these cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2. Separate Account Assets Separate account assets include equity securities, debt securities, cash equivalents and derivative instruments, for which fair values are determined as previously described, and are reflected in Level 1, Level 2 and Level 3. Separate account assets also include commercial mortgage loans, for which the fair value is estimated by discounting the expected total cash flows using market rates that are applicable to the yield, credit quality and maturity of the loans. The market clearing spreads vary based on mortgage type, weighted average life, rating and liquidity. These are reflected in Level 3. Finally, separate account assets include real estate, for which the fair value is estimated using discounted cash flow valuation models that utilize various public real estate market data inputs. In addition, each property is appraised annually by an independent appraiser. The real estate included in separate account assets is recorded net of related mortgage encumbrances for which the fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The real estate within the separate accounts is reflected in Level 3. Investment and Universal Life Contracts Certain universal life, annuity and other investment contracts include embedded derivatives that have been bifurcated from the host contract and are measured at fair value on a recurring basis, which are reflected in Level 3. The key assumptions for calculating the fair value of the embedded derivative liabilities are market assumptions (such as equity market returns, interest rate levels, market volatility and correlations) and policyholder behavior assumptions (such as lapse, mortality, utilization and withdrawal patterns). Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The embedded derivative liabilities are valued using models that incorporate a spread reflecting our own creditworthiness. The assumption for our own non-performance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Other Liabilities 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ net asset ​ Fair value hierarchy level ​ fair value value (4) Level 1 Level 2 Level 3 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,875.0 ​ $ — ​ $ 1,460.2 ​ $ 414.8 ​ $ — Non-U.S. governments ​ ​ 1,006.9 ​ ​ — ​ ​ 1.0 ​ ​ 1,005.9 ​ ​ — States and political subdivisions ​ ​ 8,713.6 ​ ​ — ​ ​ — ​ ​ 8,713.6 ​ ​ — Corporate ​ ​ 43,586.8 ​ ​ — ​ ​ — ​ ​ 43,311.8 ​ ​ 275.0 Residential mortgage-backed pass-through securities ​ ​ 3,323.6 ​ ​ — ​ ​ — ​ ​ 3,323.6 ​ ​ — Commercial mortgage-backed securities ​ ​ 4,706.5 ​ ​ — ​ ​ — ​ ​ 4,693.4 ​ ​ 13.1 Collateralized debt obligations (1) ​ ​ 3,506.0 ​ ​ — ​ ​ — ​ ​ 3,503.2 ​ ​ 2.8 Other debt obligations ​ ​ 7,550.8 ​ ​ — ​ ​ — ​ ​ 7,479.6 ​ ​ 71.2 Total fixed maturities, available-for-sale ​ ​ 74,269.2 ​ ​ — ​ ​ 1,461.2 ​ ​ 72,445.9 ​ ​ 362.1 Fixed maturities, trading ​ ​ 583.8 ​ ​ — ​ ​ 0.5 ​ ​ 583.3 ​ ​ — Equity securities ​ ​ 1,778.5 ​ ​ — ​ ​ 617.9 ​ ​ 1,160.6 ​ ​ — Derivative assets (2) ​ ​ 531.4 ​ ​ — ​ ​ — ​ ​ 530.3 ​ ​ 1.1 Other investments ​ ​ 769.0 ​ ​ 75.6 ​ ​ 255.6 ​ ​ 399.1 ​ ​ 38.7 Cash equivalents ​ ​ 2,041.7 ​ ​ — ​ ​ 69.8 ​ ​ 1,971.9 ​ ​ — Sub-total excluding separate account assets ​ ​ 79,973.6 ​ ​ 75.6 ​ ​ 2,405.0 ​ ​ 77,091.1 ​ ​ 401.9 Separate account assets ​ ​ 155,936.3 ​ ​ 135.4 ​ ​ 89,113.4 ​ ​ 57,866.2 ​ ​ 8,821.3 Total assets ​ $ 235,909.9 ​ $ 211.0 ​ $ 91,518.4 ​ $ 134,957.3 ​ $ 9,223.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (3) ​ $ (576.0) ​ $ — ​ $ — ​ $ — ​ $ (576.0) Derivative liabilities (2) ​ ​ (192.8) ​ ​ — ​ ​ — ​ ​ (177.5) ​ ​ (15.3) Other liabilities ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ — Total liabilities ​ $ (768.9) ​ $ — ​ $ — ​ $ (177.6) ​ $ (591.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 235,141.0 ​ $ 211.0 ​ $ 91,518.4 ​ $ 134,779.7 ​ $ 8,631.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ net asset ​ Fair value hierarchy level ​ fair value value (4) Level 1 Level 2 Level 3 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,724.2 ​ $ — ​ $ 1,320.0 ​ $ 404.2 ​ $ — Non-U.S. governments ​ 996.2 ​ — ​ ​ 1.4 ​ ​ 994.8 ​ ​ — States and political subdivisions ​ 7,490.0 ​ — ​ ​ — ​ ​ 7,490.0 ​ ​ — Corporate ​ 40,647.4 ​ — ​ ​ 18.5 ​ ​ 40,547.2 ​ ​ 81.7 Residential mortgage-backed pass-through securities ​ 2,982.4 ​ — ​ ​ — ​ ​ 2,982.4 ​ ​ — Commercial mortgage-backed securities ​ 4,850.2 ​ — ​ ​ — ​ ​ 4,837.3 ​ ​ 12.9 Collateralized debt obligations (1) ​ 3,215.3 ​ — ​ ​ — ​ ​ 3,016.3 ​ ​ 199.0 Other debt obligations ​ 8,200.5 ​ — ​ ​ — ​ ​ 8,109.2 ​ ​ 91.3 Total fixed maturities, available-for-sale ​ 70,106.2 ​ — ​ ​ 1,339.9 ​ ​ 68,381.4 ​ ​ 384.9 Fixed maturities, trading ​ 675.9 ​ — ​ ​ 0.5 ​ ​ 675.1 ​ ​ 0.3 Equity securities ​ 1,879.4 ​ — ​ ​ 645.8 ​ ​ 1,233.6 ​ ​ — Derivative assets (2) ​ 294.7 ​ — ​ ​ — ​ ​ 265.4 ​ ​ 29.3 Other investments ​ 796.0 ​ 78.3 ​ ​ 335.2 ​ ​ 343.5 ​ ​ 39.0 Cash equivalents ​ 1,299.0 ​ — ​ ​ 40.9 ​ ​ 1,258.1 ​ ​ — Sub-total excluding separate account assets ​ 75,051.2 ​ 78.3 ​ ​ 2,362.3 ​ ​ 72,157.1 ​ ​ 453.5 Separate account assets ​ 165,468.0 ​ 129.0 ​ ​ 95,652.5 ​ ​ 60,718.5 ​ ​ 8,968.0 Total assets ​ $ 240,519.2 ​ $ 207.3 ​ $ 98,014.8 ​ $ 132,875.6 ​ $ 9,421.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (3) ​ $ (214.2) ​ $ — ​ $ — ​ $ — ​ $ (214.2) Derivative liabilities (2) ​ (217.7) ​ — ​ ​ — ​ ​ (201.4) ​ ​ (16.3) Other liabilities (3) ​ (98.9) ​ — ​ ​ — ​ ​ (98.9) ​ ​ — Total liabilities ​ $ (530.8) ​ $ — ​ $ — ​ $ (300.3) ​ $ (230.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 239,988.4 ​ $ 207.3 ​ $ 98,014.8 ​ $ 132,575.3 ​ $ 9,191.0 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 4, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. (4) Certain investments 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. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $12.4 million and $19.9 million as of June 30, 2020 and December 31, 2019, respectively. Separate account assets using the NAV practical expedient consist of hedge funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included in ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ April 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2020 (2) income (3) (4) Level 3 Level 3 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 170.3 ​ $ — ​ $ 5.7 ​ $ (15.7) ​ $ 217.3 ​ $ (102.6) ​ $ 275.0 Commercial mortgage-backed securities ​ 14.4 ​ ​ (0.9) ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 13.1 Collateralized debt obligations ​ 171.3 ​ ​ (0.9) ​ ​ (0.5) ​ ​ 0.2 ​ ​ — ​ ​ (167.3) ​ ​ 2.8 Other debt obligations ​ 104.9 ​ ​ — ​ ​ 1.7 ​ ​ (15.8) ​ ​ — ​ ​ (19.6) ​ ​ 71.2 Total fixed maturities, available-for-sale ​ 460.9 ​ ​ (1.8) ​ ​ 6.5 ​ ​ (31.3) ​ ​ 217.3 ​ ​ (289.5) ​ ​ 362.1 Fixed maturities, trading ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — Other investments ​ 36.0 ​ ​ 2.4 ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 38.7 Separate account assets (1) ​ 8,866.7 ​ ​ 8.5 ​ ​ — ​ ​ (53.9) ​ ​ — ​ ​ — ​ ​ 8,821.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (555.4) ​ ​ (18.3) ​ ​ — ​ ​ (2.3) ​ ​ — ​ ​ — ​ ​ (576.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (15.6) ​ ​ 2.5 ​ ​ — ​ ​ (1.1) ​ ​ — ​ ​ — ​ ​ (14.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included in ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ April 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2019 (2) income (3) (4) Level 3 Level 3 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ 4.2 ​ $ — ​ $ — ​ $ (0.3) ​ $ — ​ $ — ​ $ 3.9 Corporate ​ 58.5 ​ ​ — ​ ​ — ​ ​ (13.8) ​ ​ — ​ ​ — ​ ​ 44.7 Commercial mortgage-backed securities ​ 12.0 ​ ​ (3.2) ​ ​ 2.9 ​ ​ — ​ ​ 3.7 ​ ​ (2.3) ​ ​ 13.1 Collateralized debt obligations ​ 5.9 ​ ​ — ​ ​ 0.5 ​ ​ (1.6) ​ ​ 30.0 ​ ​ — ​ ​ 34.8 Other debt obligations ​ 43.4 ​ ​ — ​ ​ 0.5 ​ ​ 16.0 ​ ​ — ​ ​ — ​ ​ 59.9 Total fixed maturities, available-for-sale ​ 124.0 ​ ​ (3.2) ​ ​ 3.9 ​ ​ 0.3 ​ ​ 33.7 ​ ​ (2.3) ​ ​ 156.4 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ 0.5 Equity securities ​ 0.4 ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Other investments ​ 29.4 ​ ​ 0.1 ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ 29.1 Separate account assets (1) ​ 8,718.7 ​ ​ 138.9 ​ ​ 0.5 ​ ​ 4.2 ​ ​ — ​ ​ (172.5) ​ ​ 8,689.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (40.5) ​ ​ (76.2) ​ ​ (0.2) ​ ​ (1.8) ​ ​ — ​ ​ — ​ ​ (118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 3.4 ​ ​ 6.6 ​ ​ — ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 15.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2020 (2) income (3) (4) Level 3 Level 3 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 81.7 ​ $ — ​ $ (10.6) ​ $ 10.8 ​ $ 342.0 ​ $ (148.9) ​ $ 275.0 Commercial mortgage-backed securities ​ 12.9 ​ ​ (0.9) ​ ​ 1.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 13.1 Collateralized debt obligations ​ 199.0 ​ ​ (1.0) ​ ​ (22.6) ​ ​ 142.0 ​ ​ — ​ ​ (314.6) ​ ​ 2.8 Other debt obligations ​ 91.3 ​ ​ — ​ ​ (1.4) ​ ​ (2.7) ​ ​ 46.1 ​ ​ (62.1) ​ ​ 71.2 Total fixed maturities, available-for-sale ​ 384.9 ​ ​ (1.9) ​ ​ (33.5) ​ ​ 150.1 ​ ​ 388.1 ​ ​ (525.6) ​ ​ 362.1 Fixed maturities, trading ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — Other investments ​ 39.0 ​ ​ 2.3 ​ ​ (2.9) ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 38.7 Separate account assets (1) ​ 8,968.0 ​ ​ 153.1 ​ ​ — ​ ​ (299.8) ​ ​ — ​ ​ — ​ ​ 8,821.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (214.2) ​ ​ (358.7) ​ ​ (0.3) ​ ​ (2.8) ​ ​ — ​ ​ — ​ ​ (576.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 13.0 ​ ​ 1.8 ​ ​ — ​ ​ (2.5) ​ ​ — ​ ​ (26.5) ​ ​ (14.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2019 (2) income (3) (4) Level 3 Level 3 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ 4.6 ​ $ — ​ $ — ​ $ (0.7) ​ $ — ​ $ — ​ $ 3.9 Corporate ​ 57.9 ​ ​ — ​ ​ 0.4 ​ ​ (13.6) ​ ​ — ​ ​ — ​ ​ 44.7 Commercial mortgage-backed securities ​ 9.5 ​ ​ (3.2) ​ ​ 3.2 ​ ​ 2.2 ​ ​ 3.7 ​ ​ (2.3) ​ ​ 13.1 Collateralized debt obligations ​ 8.3 ​ ​ (2.5) ​ ​ 0.3 ​ ​ (1.3) ​ ​ 30.0 ​ ​ — ​ ​ 34.8 Other debt obligations ​ 58.5 ​ ​ — ​ ​ 1.6 ​ ​ 25.8 ​ ​ — ​ ​ (26.0) ​ ​ 59.9 Total fixed maturities, available-for-sale ​ 138.8 ​ ​ (5.7) ​ ​ 5.5 ​ ​ 12.4 ​ ​ 33.7 ​ ​ (28.3) ​ ​ 156.4 Fixed maturities,trading ​ — ​ ​ — ​ ​ — ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ 0.5 Other investments ​ 17.2 ​ ​ 2.3 ​ ​ — ​ ​ (0.4) ​ ​ 10.0 ​ ​ — ​ ​ 29.1 Separate account assets (1) ​ 8,615.5 ​ ​ 313.5 ​ ​ 0.1 ​ ​ (66.1) ​ ​ — ​ ​ (173.2) ​ ​ 8,689.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (45.2) ​ ​ (71.9) ​ ​ (0.1) ​ ​ (1.5) ​ ​ — ​ ​ — ​ ​ (118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 3.1 ​ ​ 5.0 ​ ​ — ​ ​ 7.7 ​ ​ — ​ ​ — ​ ​ 15.8 (1) Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal International segment separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities. (2) Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses) within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 2020 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ (0.9) ​ $ (2.1) ​ $ (0.9) ​ $ (2.1) Collateralized debt obligations ​ ​ (0.9) ​ ​ — ​ ​ (1.0) ​ ​ (2.5) Total fixed maturities, available-for-sale ​ ​ (1.8) ​ ​ (2.1) ​ (1.9) ​ (4.6) Other investments ​ ​ 2.4 ​ ​ 0.1 ​ 2.3 ​ 2.3 Separate account assets ​ ​ 12.5 ​ ​ 126.4 ​ 138.9 ​ 327.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ (1.4) ​ ​ (75.5) ​ (368.3) ​ (70.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 2.6 ​ ​ 11.2 ​ ​ 0.5 ​ ​ 8.9 ​ (3) Includes foreign currency translation adjustments related to our Principal International segment. Changes in unrealized gains (losses) included in OCI relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three ​ For the six ​ ​ months ended ​ months ended ​ ​ June 30, 2020 ​ June 30, 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 5.7 ​ $ (0.3) Commercial mortgage-backed securities ​ ​ (0.4) ​ ​ 1.1 Collateralized debt obligations ​ ​ (0.5) ​ ​ (0.9) Total fixed maturities, available-for-sale ​ ​ 4.8 ​ ​ (0.1) Other investments ​ ​ — ​ ​ (2.9) ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ (0.3) ​ ​ ​ ​ ​ ​ ​ ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 7.4 ​ $ (0.5) ​ $ — ​ $ (22.6) ​ $ (15.7) Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.2 ​ ​ 0.2 Other debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ (15.8) ​ ​ (15.8) Total fixed maturities, available-for-sale ​ ​ 7.4 ​ ​ (0.5) ​ ​ — ​ ​ (38.2) ​ ​ (31.3) Other investments ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 Separate account assets (5) ​ ​ 0.4 ​ ​ (1.5) ​ ​ (52.6) ​ ​ (0.2) ​ ​ (53.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ — ​ ​ (5.5) ​ ​ 3.2 ​ ​ (2.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ (1.1) ​ ​ — ​ ​ — ​ ​ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ — ​ $ — ​ $ — ​ $ (0.3) ​ $ (0.3) Corporate ​ ​ 5.2 ​ ​ (0.2) ​ ​ — ​ ​ (18.8) ​ ​ (13.8) Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) Other debt obligations ​ ​ 16.8 ​ ​ — ​ ​ — ​ ​ (0.8) ​ ​ 16.0 Total fixed maturities, available-for-sale ​ ​ 22.0 ​ ​ (0.2) ​ ​ — ​ ​ (21.5) ​ ​ 0.3 Fixed maturities, trading ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.5 Other investments ​ ​ 4.5 ​ ​ (4.9) ​ ​ — ​ ​ — ​ ​ (0.4) Separate account assets (5) ​ ​ 41.0 ​ ​ (112.8) ​ ​ (156.5) ​ ​ 232.5 ​ ​ 4.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contrac

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Information
Segment Information	12. Segment Information We provide financial products and services through the following segments: Retirement and Income Solutions, Principal Global Investors, Principal International and U.S. Insurance Solutions. In addition, we have a Corporate segment. The segments are managed and reported separately because they provide different products and services, have different strategies or have different markets and distribution channels. The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment is organized into Retirement and Income Solutions – Fee, which includes full service accumulation, trust services, individual variable annuities and revenues and expenses associated with the purchase of the Institutional Retirement & Trust (“IRT”) business of Wells Fargo Bank N.A. (the “Acquired Business”); and Retirement and Income Solutions – Spread, which includes individual fixed annuities, investment only, pension risk transfer and banking services. The Principal Global Investors segment provides asset management services to our asset accumulation business, our insurance operations, the Corporate segment and third party clients. This segment also includes our mutual fund business. The Principal International segment has operations in Latin America (Brazil, Chile and Mexico) and Asia (China, Hong Kong Special Administrative Region, India and Southeast Asia). We focus on locations with large middle classes, favorable demographics and growing long-term savings, ideally with voluntary or mandatory pension markets. We entered these locations through acquisitions, start-up operations and joint ventures. The U.S. Insurance Solutions segment focuses on solutions for individuals and small-to-medium sized businesses and their employees. The segment is organized into Specialty Benefits insurance, which provides group dental and vision insurance, individual and group disability insurance, critical illness, accident, group life insurance and non-medical fee-for-service claims administration; and Individual Life insurance, which provides universal life, variable universal life, indexed universal life and traditional life insurance. Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect our financing activities (including financing costs), income on capital not allocated to other segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to the segments based on the nature of such items. Results of Principal Securities, Inc. (“PSI”), our retail broker-dealer and registered investment advisor ("RIA”); RobustWealth, Inc. (“RobustWealth”), our financial technology company; and our exited group medical and long-term care insurance businesses are reported in this segment. Management uses segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business. The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings: ● Periodic settlements and accruals on derivative instruments not designated as hedging instruments, ● Certain market value adjustments of derivatives and embedded derivatives and ● Certain market value adjustments of derivative instruments used to economically hedge embedded derivatives. Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for: ● Amortization of hedge accounting book value adjustments for certain discontinued hedges, ● Certain hedge accounting market value revenue adjustments, ● Certain market value adjustments to fee revenues, ● Pre-tax net realized capital gains (losses) adjustments related to equity method investments, ● Pre-tax net realized capital gains (losses) adjustments related to sponsored investment funds, ● Recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and services, ● Related changes in the amortization pattern of DAC and related actuarial balances, ● Certain hedge accounting market value expense adjustments and ● Net realized capital gains (losses) distributed. Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding: ● Net realized capital gains (losses), except periodic settlements and accruals on derivatives not designated as hedging instruments and certain market value adjustments of derivative instruments used to economically hedge embedded derivatives, and their impact on: ● Amortization of hedge accounting book value adjustments for certain discontinued hedges, ● Certain hedge accounting market value revenue adjustments, ● Certain market value adjustments to fee revenues, ● Pre-tax net realized capital gains (losses) adjustments related to equity method investments, ● Pre-tax net realized capital gains (losses) adjustments related to sponsored investment funds and ● Recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and services. ● Pre-tax other adjustments and income taxes of equity method investments and ● Pre-tax other adjustments management believes are not indicative of overall operating trends. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Assets: ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 191,053.8 ​ $ 192,698.1 Principal Global Investors ​ 2,197.2 ​ 2,363.3 Principal International ​ 45,381.9 ​ 48,857.6 U.S. Insurance Solutions ​ 29,745.6 ​ 28,669.6 Corporate ​ 2,930.9 ​ 3,499.2 Total consolidated assets ​ $ 271,309.4 ​ $ 276,087.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Operating revenues by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions – Fee ​ $ 509.4 ​ $ 450.5 ​ $ 1,052.5 ​ $ 881.3 Retirement and Income Solutions – Spread ​ 970.6 ​ 1,709.1 ​ ​ 3,033.2 ​ 3,170.2 Total Retirement and Income Solutions (1) ​ 1,480.0 ​ 2,159.6 ​ ​ 4,085.7 ​ 4,051.5 Principal Global Investors (2) ​ 352.9 ​ 359.5 ​ ​ 743.7 ​ 698.5 Principal International ​ 276.4 ​ 411.6 ​ ​ 576.9 ​ 792.1 U.S. Insurance Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits insurance ​ ​ 627.0 ​ ​ 625.8 ​ ​ 1,266.0 ​ ​ 1,227.6 Individual Life insurance ​ 461.2 ​ 461.6 ​ ​ 945.5 ​ 927.9 Eliminations ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) Total U.S. Insurance Solutions ​ ​ 1,088.1 ​ ​ 1,087.3 ​ ​ 2,211.4 ​ ​ 2,155.4 Corporate ​ ​ (16.3) ​ ​ (15.8) ​ ​ (7.0) ​ ​ (14.6) Total segment operating revenues ​ ​ 3,181.1 ​ ​ 4,002.2 ​ ​ 7,610.7 ​ ​ 7,682.9 Net realized capital gains (losses), net of related revenue adjustments ​ ​ (56.2) ​ ​ (13.2) ​ ​ 73.8 ​ ​ 70.5 Adjustments related to equity method investments ​ ​ (10.3) ​ ​ (16.4) ​ ​ (18.6) ​ ​ (36.9) Total revenues per consolidated statements of operations ​ $ 3,114.6 ​ $ 3,972.6 ​ $ 7,665.9 ​ $ 7,716.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax operating earnings (losses) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 213.9 ​ $ 256.2 ​ $ 419.0 ​ $ 496.8 Principal Global Investors ​ 108.4 ​ 115.6 ​ ​ 220.1 ​ 216.3 Principal International ​ 94.5 ​ 93.2 ​ ​ 125.3 ​ 204.3 U.S. Insurance Solutions ​ 155.0 ​ 146.3 ​ ​ 284.5 ​ 257.0 Corporate ​ (84.0) ​ (98.1) ​ ​ (175.1) ​ (182.5) Total segment pre-tax operating earnings ​ 487.8 ​ 513.2 ​ ​ 873.8 ​ 991.9 Pre-tax net realized capital gains (losses), as adjusted (3) ​ 18.4 ​ (48.6) ​ ​ (51.0) ​ 17.0 Adjustments related to equity method investments and noncontrolling interest ​ ​ (7.6) ​ ​ (14.3) ​ ​ 4.0 ​ ​ (32.6) Income before income taxes per consolidated statements of operations ​ $ 498.6 ​ $ 450.3 ​ $ 826.8 ​ $ 976.3 (1) Reflects inter-segment revenues of $77.6 million and $88.5 million for the three months ended June 30, 2020 and 2019, respectively, $161.6 million and $174.2 million for the six months ended June 30, 2020 and 2019, respectively. (2) Reflects inter-segment revenues of $62.4 million and $66.2 million for the three months ended June 30, 2020 and 2019, respectively, $135.1 million and $127.7 million for the six months ended June 30, 2020 and 2019, respectively. (3) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Net realized capital gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized capital gains (losses) ​ $ (27.4) ​ $ (4.0) ​ $ 104.0 ​ $ 80.5 Derivative and hedging-related revenue adjustments ​ (35.1) ​ (21.4) ​ ​ (48.7) ​ (32.9) Adjustments related to equity method investments ​ ​ 2.3 ​ ​ 1.2 ​ ​ (5.1) ​ ​ 0.8 Adjustments related to sponsored investment funds ​ ​ 3.5 ​ ​ 6.8 ​ ​ 7.4 ​ ​ 14.8 Recognition of front-end fee revenue ​ ​ 0.5 ​ ​ 4.2 ​ ​ 16.2 ​ ​ 7.3 Net realized capital gains (losses), net of related revenue adjustments ​ (56.2) ​ (13.2) ​ ​ 73.8 ​ 70.5 Amortization of deferred acquisition costs and other actuarial balances ​ 89.6 ​ (29.1) ​ ​ (129.8) ​ (45.5) Capital (gains) losses distributed ​ (15.4) ​ (15.2) ​ ​ 28.0 ​ (23.9) Market value adjustments of embedded derivatives ​ 0.4 ​ 8.9 ​ ​ (23.0) ​ 15.9 Pre-tax net realized capital gains (losses), as adjusted (a) ​ $ 18.4 ​ $ (48.6) ​ $ (51.0) ​ $ 17.0 (a) As adjusted before noncontrolling interest capital gains (losses).

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2020
Revenues from Contracts with Customers
Revenues from Contracts with Customers	13. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions – Fee ​ $ 151.2 ​ $ 63.9 ​ $ 307.6 ​ $ 122.3 Retirement and Income Solutions – Spread ​ 2.0 ​ 2.3 ​ 4.1 ​ 5.2 Total Retirement and Income Solutions ​ ​ 153.2 ​ ​ 66.2 ​ ​ 311.7 ​ ​ 127.5 Principal Global Investors ​ 348.2 ​ 346.2 ​ 731.1 ​ 678.5 Principal International ​ 101.6 ​ 116.2 ​ 211.1 ​ 231.1 U.S. Insurance Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits insurance ​ 3.5 ​ 3.6 ​ 7.3 ​ 7.3 Individual Life insurance ​ 11.0 ​ 12.6 ​ 23.8 ​ 24.6 Eliminations ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) Total U.S. Insurance Solutions ​ ​ 14.4 ​ ​ 16.1 ​ ​ 31.0 ​ ​ 31.8 Corporate ​ 35.9 ​ 42.5 ​ 68.8 ​ 79.5 Total segment revenue from contracts with customers ​ 653.3 ​ 587.2 ​ 1,353.7 ​ 1,148.4 Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ 390.5 ​ 415.2 ​ 819.7 ​ 824.4 Pre-tax other adjustments (2) ​ 0.5 ​ 4.2 ​ 16.2 ​ 7.3 Total fees and other revenues per consolidated statements of operations ​ $ 1,044.3 ​ $ 1,006.6 ​ $ 2,189.6 ​ $ 1,980.1 (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to the recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and certain market value adjustments to fee revenues. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 ​ 2019 ​ ​ (in millions) Administrative service fee revenue (1) ​ $ 150.7 ​ $ 63.3 ​ $ 306.9 ​ $ 121.5 Other fee revenue ​ ​ 0.5 ​ ​ 0.6 ​ ​ 0.7 ​ ​ 0.8 Total revenues from contracts with customers ​ ​ 151.2 ​ ​ 63.9 ​ ​ 307.6 ​ ​ 122.3 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 255.1 ​ ​ 281.6 ​ ​ 535.6 ​ ​ 553.4 Total fees and other revenues ​ 406.3 ​ 345.5 ​ 843.2 ​ 675.7 Premiums and other considerations ​ 0.9 ​ 0.6 ​ 2.7 ​ 1.7 Net investment income ​ 102.2 ​ 104.4 ​ 206.6 ​ 203.9 Total operating revenues ​ $ 509.4 ​ $ 450.5 ​ $ 1,052.5 ​ $ 881.3 (1) Includes fee revenue for the Acquired Business in 2020. Retirement and Income Solutions - Spread Retirement and Income Solutions – Spread offers individual retirement accounts (“IRAs”) through Principal Bank, which are primarily funded by retirement savings rolled over from qualified retirement plans. The IRAs are held in savings accounts, money market accounts and certificates of deposit. Revenues are earned through fees as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. ​ The types of revenues from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Deposit account fee revenue ​ $ 2.0 ​ $ 2.3 ​ $ 4.1 ​ $ 5.2 Total revenues from contracts with customers ​ ​ 2.0 ​ ​ 2.3 ​ ​ 4.1 ​ ​ 5.2 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 2.8 ​ ​ 4.2 ​ ​ 5.9 ​ ​ 9.1 Total fees and other revenues ​ 4.8 ​ 6.5 ​ 10.0 ​ 14.3 Premiums and other considerations ​ 459.5 ​ 1,171.5 ​ 1,980.6 ​ 2,129.0 Net investment income ​ 506.3 ​ 531.1 ​ 1,042.6 ​ 1,026.9 Total operating revenues ​ $ 970.6 ​ $ 1,709.1 ​ $ 3,033.2 ​ $ 3,170.2 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Management fee revenue ​ $ 303.5 ​ $ 304.2 ​ $ 624.5 ​ $ 597.0 Other fee revenue ​ 44.7 ​ 42.0 ​ 106.6 ​ 81.5 Total revenues from contracts with customers ​ 348.2 ​ 346.2 ​ 731.1 ​ 678.5 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 3.9 ​ ​ 10.4 ​ ​ 9.4 ​ ​ 14.7 Total fees and other revenues ​ 352.1 ​ 356.6 ​ 740.5 ​ 693.2 Net investment income ​ 0.8 ​ 2.9 ​ 3.2 ​ 5.3 Total operating revenues ​ $ 352.9 ​ $ 359.5 ​ $ 743.7 ​ $ 698.5 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Management fee revenue ​ $ 100.7 ​ $ 115.5 ​ $ 209.2 ​ $ 229.8 Other fee revenue ​ 0.9 ​ 0.7 ​ 1.9 ​ 1.3 Total revenues from contracts with customers ​ 101.6 ​ 116.2 ​ 211.1 ​ 231.1 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 1.5 ​ ​ 1.7 ​ ​ 2.8 ​ ​ 3.4 Total fees and other revenues ​ 103.1 ​ 117.9 ​ 213.9 ​ 234.5 Premiums and other considerations ​ 28.6 ​ 109.5 ​ 113.6 ​ 227.0 Net investment income ​ 144.7 ​ 184.2 ​ 249.4 ​ 330.6 Total operating revenues ​ $ 276.4 ​ $ 411.6 ​ $ 576.9 ​ $ 792.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from contracts with customers by region: ​ ​ ​ ​ ​ ​ ​ ​ Latin America ​ $ 74.3 ​ $ 88.6 ​ $ 155.8 ​ $ 176.7 Asia ​ 27.3 ​ 27.6 ​ 55.3 ​ 54.6 Principal International corporate / regional offices ​ 0.3 ​ 0.2 ​ 0.5 ​ 0.4 Eliminations ​ (0.3) ​ (0.2) ​ (0.5) ​ (0.6) Total revenues from contracts with customers ​ $ 101.6 ​ $ 116.2 ​ $ 211.1 ​ $ 231.1 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Specialty Benefits insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service fees ​ $ 3.5 ​ $ 3.6 ​ $ 7.3 ​ $ 7.3 Total revenues from contracts with customers ​ ​ 3.5 ​ 3.6 ​ ​ 7.3 ​ 7.3 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 4.6 ​ ​ 4.9 ​ ​ 9.5 ​ ​ 9.8 Total fees and other revenues ​ ​ 8.1 ​ 8.5 ​ ​ 16.8 ​ 17.1 Premiums and other considerations ​ ​ 582.5 ​ 571.6 ​ ​ 1,170.9 ​ 1,127.5 Net investment income ​ ​ 36.4 ​ 45.7 ​ ​ 78.3 ​ 83.0 Total operating revenues ​ $ 627.0 ​ $ 625.8 ​ $ 1,266.0 ​ $ 1,227.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Individual Life insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service fees ​ $ 5.0 ​ $ 6.2 ​ $ 10.7 ​ $ 12.1 Commission income ​ ​ 6.0 ​ 6.4 ​ ​ 13.1 ​ 12.5 Total revenues from contracts with customers ​ ​ 11.0 ​ 12.6 ​ ​ 23.8 ​ 24.6 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 191.8 ​ ​ 190.3 ​ ​ 401.8 ​ ​ 382.5 Total fees and other revenues ​ ​ 202.8 ​ 202.9 ​ ​ 425.6 ​ 407.1 Premiums and other considerations ​ ​ 81.6 ​ 79.7 ​ ​ 176.3 ​ 172.6 Net investment income ​ ​ 176.8 ​ 179.0 ​ ​ 343.6 ​ 348.2 Total operating revenues ​ $ 461.2 ​ $ 461.6 ​ $ 945.5 ​ $ 927.9 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 ​ 2019 ​ ​ (in millions) Commission income ​ $ 72.6 ​ $ 78.7 ​ $ 153.0 ​ $ 154.5 Other fee revenue ​ 13.6 ​ 11.2 ​ ​ 24.7 ​ ​ 20.0 Eliminations ​ (50.3) ​ (47.4) ​ ​ (108.9) ​ ​ (95.0) Total revenues from contracts with customers ​ 35.9 ​ 42.5 ​ ​ 68.8 ​ ​ 79.5 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ (69.2) ​ ​ (77.9) ​ ​ (145.3) ​ ​ (148.5) Total fees and other revenues ​ (33.3) ​ (35.4) ​ ​ (76.5) ​ ​ (69.0) Net investment income ​ 17.0 ​ 19.6 ​ ​ 69.5 ​ ​ 54.4 Total operating revenues ​ $ (16.3) ​ $ (15.8) ​ $ (7.0) ​ $ (14.6) ​ 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 $148.6 million and $157.0 million as of June 30, 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. Amortization expense of $5.4 million and $6.2 million for the three months ended June 30, 2020 and 2019 and $12.0 million and $11.8 million for the six months ended June 30, 2020 and 2019, respectively, was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation Plans
Stock-Based Compensation Plans	14. Stock-Based Compensation Plans As of June 30, 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 2005 . 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 June 30, 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 3.9 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2020 2019 ​ ​ (in millions) Compensation cost ​ $ 47.3 ​ $ 44.4 Related income tax benefit ​ 9.3 ​ 9.3 Capitalized as part of an asset ​ 0.8 ​ 1.0 ​ Nonqualified Stock Options Nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan. Total options granted were 1.4 million for the six months ended June 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ Expected volatility ​ 25.7 % Expected term (in years) ​ 7.0 ​ Risk-free interest rate ​ 1.3 % Expected dividend yield ​ 4.33 % Weighted average estimated fair value per common share $ 9.64 ​ ​ As of June 30, 2020, we had $8.3 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 1.3 years. Performance Share Awards Performance share awards were granted to certain employees under the 2014 Stock Incentive Plan. Total performance share awards granted were 0.3 million for the six months ended June 30, 2020. The performance share awards granted represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results to be determined at the end of the performance period. The actual number of common shares to be awarded at the end of each performance period will range between 0% and 150% of the initial target awards. The fair value of performance share awards is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant date fair value of these performance share awards granted was $51.73 per common share. As of June 30, 2020, we had $8.0 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 1.4 years. Restricted Stock Units Restricted stock units were issued to certain employees pursuant to the 2014 Stock Incentive Plan and non-employee directors pursuant to the 2020 Directors Stock Plan. Total restricted stock units granted were 1.1 million for the six months ended June 30, 2020. The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant date fair value of these restricted stock units granted was $50.53 per common share. As of June 30, 2020, we had $68.4 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted. The cost is expected to be recognized over a weighted-average period of approximately 2.0 years. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan, employees purchased 1.0 million shares for the six months ended June 30, 2020. The weighted average fair value of the discount on the stock purchased was $11.63 per share. As of June 30, 2020, a total of 0.4 million of new shares were available to be made issuable by us for this plan.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Common Share
Earnings Per Common Share	15. Earnings Per Common Share The computations of the basic and diluted per share amounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions, except per share data) Net income ​ $ 416.1 ​ $ 392.1 ​ $ 701.1 ​ $ 844.2 Subtract: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interest ​ ​ 17.8 ​ ​ 5.8 ​ ​ 13.9 ​ ​ 28.0 Total ​ $ 398.3 ​ $ 386.3 ​ $ 687.2 ​ $ 816.2 Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 274.3 ​ ​ 279.0 ​ ​ 274.6 ​ ​ 278.8 Dilutive effects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 0.1 ​ ​ 0.9 ​ ​ 0.3 ​ ​ 0.9 Restricted stock units ​ ​ 1.1 ​ ​ 1.2 ​ ​ 1.4 ​ ​ 1.3 Performance share awards ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.2 Diluted ​ ​ 275.6 ​ ​ 281.2 ​ ​ 276.4 ​ ​ 281.2 Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.45 ​ $ 1.38 ​ $ 2.50 ​ $ 2.93 Diluted ​ $ 1.45 ​ $ 1.37 ​ $ 2.49 ​ $ 2.90 ​ The calculation of diluted earnings per share for the three and six months ended June 30, 2020 and 2019, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2020
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information	16. Condensed Consolidating Financial Information Principal Life has established special purpose entities to issue secured medium-term notes. Under the program, the payment obligations of principal and interest on the notes are secured by funding agreements issued by Principal Life. Principal Life’s payment obligations on the funding agreements are fully and unconditionally guaranteed by PFG. All of the outstanding stock of Principal Life is indirectly owned by PFG and PFG is the only guarantor of the payment obligations of the funding agreements. The following tables set forth condensed consolidating financial information of (i) PFG, (ii) Principal Life, (iii) Principal Financial Services (“PFS”) and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of June 30, 2020 and December 31, 2019, and for the six months ended June 30, 2020 and 2019. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG’s interest in all direct subsidiaries of PFG, (ii) Principal Life’s interest in all direct subsidiaries of Principal Life and (iii) PFS’s interest in Principal Life even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent’s investment and earnings. All intercompany balances and transactions, including elimination of the parent’s investment in subsidiaries, between PFG, Principal Life and PFS and all other subsidiaries have been eliminated, as shown in the column “Eliminations.” These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities. 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 June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined (1) ​ Eliminations ​ consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 712.1 ​ $ 65,862.2 ​ $ 8,056.6 ​ $ (361.7) ​ $ 74,269.2 Fixed maturities, trading ​ 232.7 ​ 233.2 ​ 117.9 ​ — ​ 583.8 Equity securities ​ — ​ 65.2 ​ 1,713.3 ​ — ​ 1,778.5 Mortgage loans ​ — ​ 15,434.1 ​ 1,956.2 ​ (693.7) ​ 16,696.6 Real estate ​ — ​ 3.1 ​ 1,696.6 ​ — ​ 1,699.7 Policy loans ​ — ​ 742.5 ​ 53.9 ​ — ​ 796.4 Investment in unconsolidated entities ​ 18,185.5 ​ 2,657.1 ​ 9,520.6 ​ (29,638.9) ​ 724.3 Other investments ​ 10.4 ​ 6,794.9 ​ 1,983.3 ​ (4,778.5) ​ 4,010.1 Cash and cash equivalents ​ 454.6 ​ 1,669.6 ​ 1,930.0 ​ (903.8) ​ 3,150.4 Accrued investment income ​ 2.3 ​ 618.2 ​ 83.2 ​ (1.6) ​ 702.1 Premiums due and other receivables ​ — ​ 2,213.4 ​ 4,767.2 ​ (5,220.6) ​ 1,760.0 Deferred acquisition costs ​ — ​ 3,477.4 ​ 10.3 ​ — ​ 3,487.7 Property and equipment ​ — ​ 773.6 ​ 219.5 ​ — ​ 993.1 Goodwill ​ — ​ 54.3 ​ 1,576.6 ​ — ​ 1,630.9 Other intangibles ​ — ​ 16.9 ​ 1,692.4 ​ — ​ 1,709.3 Separate account assets ​ — ​ 119,347.2 ​ 36,589.1 ​ — ​ 155,936.3 Other assets ​ 382.8 ​ 1,135.3 ​ 5,852.0 ​ (5,989.1) ​ 1,381.0 Total assets ​ $ 19,980.4 ​ $ 221,098.2 ​ $ 77,818.7 ​ $ (47,587.9) ​ $ 271,309.4 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ 39,235.0 ​ $ 3,435.1 ​ $ (361.7) ​ $ 42,308.4 Future policy benefits and claims ​ ​ — ​ ​ 37,625.7 ​ ​ 6,806.7 ​ ​ (1,536.3) ​ ​ 42,896.1 Other policyholder funds ​ ​ — ​ ​ 805.1 ​ ​ 185.5 ​ ​ (3.2) ​ ​ 987.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 76.3 ​ ​ — ​ ​ 76.3 Long-term debt ​ ​ 4,119.7 ​ ​ — ​ ​ 695.5 ​ ​ (651.8) ​ ​ 4,163.4 Income taxes currently payable ​ ​ 0.7 ​ ​ — ​ ​ 84.2 ​ ​ (68.6) ​ ​ 16.3 Deferred income taxes ​ ​ — ​ ​ 1,203.4 ​ ​ 1,365.3 ​ ​ (507.2) ​ ​ 2,061.5 Separate account liabilities ​ ​ — ​ ​ 119,347.2 ​ ​ 36,589.1 ​ ​ — ​ ​ 155,936.3 Other liabilities ​ ​ 616.9 ​ ​ 10,684.7 ​ ​ 10,198.7 ​ ​ (14,220.3) ​ ​ 7,280.0 Total liabilities ​ ​ 4,737.3 ​ ​ 208,901.1 ​ ​ 59,436.4 ​ ​ (17,349.1) ​ ​ 255,725.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 272.7 ​ ​ — ​ ​ 272.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ 2.5 ​ ​ — ​ ​ (2.5) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,259.6 ​ ​ 6,332.0 ​ ​ 10,058.5 ​ ​ (16,390.5) ​ ​ 10,259.6 Retained earnings ​ ​ 11,441.4 ​ ​ 2,590.9 ​ ​ 6,633.0 ​ ​ (9,223.9) ​ ​ 11,441.4 Accumulated other comprehensive income ​ ​ 1,450.7 ​ ​ 3,271.7 ​ ​ 1,350.2 ​ ​ (4,621.9) ​ ​ 1,450.7 Treasury stock, at cost ​ ​ (7,913.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,913.4) Total stockholders' equity attributable to PFG ​ ​ 15,243.1 ​ ​ 12,197.1 ​ ​ 18,041.7 ​ ​ (30,238.8) ​ ​ 15,243.1 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.9 ​ ​ — ​ ​ 67.9 Total stockholders’ equity ​ ​ 15,243.1 ​ ​ 12,197.1 ​ ​ 18,109.6 ​ ​ (30,238.8) ​ ​ 15,311.0 Total liabilities and stockholders' equity ​ $ 19,980.4 ​ $ 221,098.2 ​ $ 77,818.7 ​ $ (47,587.9) ​ $ 271,309.4 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $741.1 million and $597.5 million, respectively. ​ Condensed Consolidating Statements of Financial Position December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined (1) ​ Eliminations ​ consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 265.8 ​ $ 62,363.1 ​ $ 7,833.1 ​ $ (355.8) ​ $ 70,106.2 Fixed maturities, trading ​ 268.2 ​ 237.5 ​ 170.2 ​ — ​ 675.9 Equity securities ​ — ​ 69.9 ​ 1,809.5 ​ — ​ 1,879.4 Mortgage loans ​ — ​ 15,388.5 ​ 1,793.5 ​ (695.1) ​ 16,486.9 Real estate ​ — ​ 3.3 ​ 1,711.5 ​ — ​ 1,714.8 Policy loans ​ — ​ 742.2 ​ 55.8 ​ — ​ 798.0 Investment in unconsolidated entities ​ 17,539.6 ​ 5,036.2 ​ 6,429.5 ​ (28,175.1) ​ 830.2 Other investments ​ 10.4 ​ 3,682.5 ​ 2,859.6 ​ (2,692.5) ​ 3,860.0 Cash and cash equivalents ​ 394.9 ​ 1,178.1 ​ 1,767.7 ​ (824.8) ​ 2,515.9 Accrued investment income ​ 1.6 ​ 608.5 ​ 81.4 ​ (4.9) ​ 686.6 Premiums due and other receivables ​ — ​ 2,082.3 ​ 4,525.8 ​ (4,867.8) ​ 1,740.3 Deferred acquisition costs ​ — ​ 3,509.7 ​ 11.6 ​ — ​ 3,521.3 Property and equipment ​ — ​ 733.9 ​ 233.8 ​ — ​ 967.7 Goodwill ​ — ​ 54.3 ​ 1,639.5 ​ — ​ 1,693.8 Other intangibles ​ — ​ 17.7 ​ 1,769.0 ​ — ​ 1,786.7 Separate account assets ​ — ​ 125,801.7 ​ 39,666.3 ​ — ​ 165,468.0 Other assets ​ 383.2 ​ 1,118.6 ​ 5,358.4 ​ (5,504.1) ​ 1,356.1 Total assets ​ $ 18,863.7 ​ $ 222,628.0 ​ $ 77,716.2 ​ $ (43,120.1) ​ $ 276,087.8 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ 38,334.6 ​ $ 3,388.0 ​ $ (355.1) ​ $ 41,367.5 Future policy benefits and claims ​ ​ — ​ ​ 35,476.6 ​ ​ 6,740.7 ​ ​ (1,379.1) ​ ​ 40,838.2 Other policyholder funds ​ ​ — ​ ​ 790.3 ​ ​ 171.9 ​ ​ (2.8) ​ ​ 959.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 93.4 ​ ​ — ​ ​ 93.4 Long-term debt ​ ​ 3,625.5 ​ ​ — ​ ​ 763.1 ​ ​ (654.5) ​ ​ 3,734.1 Income taxes currently payable ​ ​ — ​ ​ — ​ ​ 81.7 ​ ​ (65.5) ​ ​ 16.2 Deferred income taxes ​ ​ — ​ ​ 325.8 ​ ​ 1,965.9 ​ ​ (495.1) ​ ​ 1,796.6 Separate account liabilities ​ ​ — ​ ​ 125,801.7 ​ ​ 39,666.3 ​ ​ — ​ ​ 165,468.0 Other liabilities ​ ​ 620.2 ​ ​ 10,533.5 ​ ​ 7,111.2 ​ ​ (11,401.2) ​ ​ 6,863.7 Total liabilities ​ ​ 4,245.7 ​ ​ 211,262.5 ​ ​ 59,982.2 ​ ​ (14,353.3) ​ ​ 261,137.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 264.9 ​ ​ — ​ ​ 264.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ 2.5 ​ ​ — ​ ​ (2.5) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,182.6 ​ ​ 6,331.5 ​ ​ 10,038.7 ​ ​ (16,370.2) ​ ​ 10,182.6 Retained earnings ​ ​ 11,074.3 ​ ​ 2,410.8 ​ ​ 6,414.3 ​ ​ (8,825.1) ​ ​ 11,074.3 Accumulated other comprehensive income ​ ​ 1,037.9 ​ ​ 2,620.7 ​ ​ 948.3 ​ ​ (3,569.0) ​ ​ 1,037.9 Treasury stock, at cost ​ ​ (7,681.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,681.6) Total stockholders' equity attributable to PFG ​ ​ 14,618.0 ​ ​ 11,365.5 ​ ​ 17,401.3 ​ ​ (28,766.8) ​ ​ 14,618.0 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.8 ​ ​ — ​ ​ 67.8 Total stockholders’ equity ​ ​ 14,618.0 ​ ​ 11,365.5 ​ ​ 17,469.1 ​ ​ (28,766.8) ​ ​ 14,685.8 Total liabilities and stockholders' equity ​ $ 18,863.7 ​ $ 222,628.0 ​ $ 77,716.2 ​ $ (43,120.1) ​ $ 276,087.8 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively. ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ 3,200.9 ​ $ 243.2 ​ $ — ​ $ 3,444.1 Fees and other revenues ​ ​ — ​ ​ 1,113.9 ​ ​ 1,269.6 ​ ​ (193.9) ​ ​ 2,189.6 Net investment income ​ ​ 6.7 ​ ​ 1,408.8 ​ ​ 1,094.0 ​ ​ (581.3) ​ ​ 1,928.2 Net realized capital gains (losses) ​ ​ 4.9 ​ ​ 3,444.7 ​ ​ (3,348.3) ​ ​ 2.7 ​ ​ 104.0 Total revenues ​ ​ 11.6 ​ ​ 9,168.3 ​ ​ (741.5) ​ ​ (772.5) ​ ​ 7,665.9 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ — ​ ​ 4,081.5 ​ ​ 384.0 ​ ​ (5.5) ​ ​ 4,460.0 Dividends to policyholders ​ ​ — ​ ​ 60.3 ​ ​ — ​ ​ — ​ ​ 60.3 Operating expenses ​ ​ 98.4 ​ ​ 1,268.7 ​ ​ 1,135.5 ​ ​ (183.8) ​ ​ 2,318.8 Total expenses ​ ​ 98.4 ​ ​ 5,410.5 ​ ​ 1,519.5 ​ ​ (189.3) ​ ​ 6,839.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ ​ (86.8) ​ ​ 3,757.8 ​ ​ (2,261.0) ​ ​ (583.2) ​ ​ 826.8 Income taxes (benefits) ​ ​ (21.6) ​ ​ 742.7 ​ ​ (595.1) ​ ​ (0.3) ​ ​ 125.7 Equity in the net income (loss) of subsidiaries ​ ​ 752.4 ​ ​ (2,420.4) ​ ​ 2,426.8 ​ ​ (758.8) ​ ​ — Net income ​ ​ 687.2 ​ ​ 594.7 ​ ​ 760.9 ​ ​ (1,341.7) ​ ​ 701.1 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 13.9 ​ ​ — ​ ​ 13.9 Net income attributable to PFG ​ $ 687.2 ​ $ 594.7 ​ $ 747.0 ​ $ (1,341.7) ​ $ 687.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 687.2 ​ $ 594.7 ​ $ 760.9 ​ $ (1,341.7) ​ $ 701.1 Other comprehensive income ​ ​ 351.8 ​ ​ 650.0 ​ ​ 374.0 ​ ​ (974.0) ​ ​ 401.8 Comprehensive income ​ $ 1,039.0 ​ $ 1,244.7 ​ $ 1,134.9 ​ $ (2,315.7) ​ $ 1,102.9 ​ ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ 3,293.1 ​ $ 364.7 ​ $ — ​ $ 3,657.8 Fees and other revenues ​ — ​ ​ 1,102.5 ​ ​ 1,067.7 ​ ​ (190.1) ​ ​ 1,980.1 Net investment income ​ 10.9 ​ ​ 1,419.2 ​ ​ 1,151.0 ​ ​ (583.0) ​ ​ 1,998.1 Net realized capital gains (losses), excluding impairment losses on available-for-sale securities ​ 9.2 ​ ​ 411.8 ​ ​ (316.4) ​ ​ — ​ ​ 104.6 Net other-than-temporary impairment losses recoveries on available-for-sale securities ​ — ​ ​ (24.1) ​ ​ (2.5) ​ ​ — ​ ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income ​ — ​ ​ 2.6 ​ ​ (0.1) ​ ​ — ​ ​ 2.5 Net impairment losses on available-for-sale securities ​ — ​ ​ (21.5) ​ ​ (2.6) ​ ​ — ​ ​ (24.1) Net realized capital gains (losses) ​ 9.2 ​ ​ 390.3 ​ ​ (319.0) ​ ​ — ​ ​ 80.5 Total revenues ​ 20.1 ​ ​ 6,205.1 ​ ​ 2,264.4 ​ ​ (773.1) ​ ​ 7,716.5 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ — ​ ​ 4,116.2 ​ ​ 530.7 ​ ​ (5.7) ​ ​ 4,641.2 Dividends to policyholders ​ — ​ ​ 60.0 ​ ​ — ​ ​ — ​ ​ 60.0 Operating expenses ​ 110.1 ​ ​ 1,189.3 ​ ​ 917.0 ​ ​ (177.4) ​ ​ 2,039.0 Total expenses ​ 110.1 ​ ​ 5,365.5 ​ ​ 1,447.7 ​ ​ (183.1) ​ ​ 6,740.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ (90.0) ​ ​ 839.6 ​ ​ 816.7 ​ ​ (590.0) ​ ​ 976.3 Income taxes (benefits) ​ (22.3) ​ ​ 110.7 ​ ​ 44.8 ​ ​ (1.1) ​ ​ 132.1 Equity in the net income (loss) of subsidiaries ​ 883.9 ​ ​ (131.6) ​ ​ 134.5 ​ ​ (886.8) ​ ​ — Net income ​ 816.2 ​ ​ 597.3 ​ ​ 906.4 ​ ​ (1,475.7) ​ ​ 844.2 Net income attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 25.6 ​ ​ 2.4 ​ ​ 28.0 Net income attributable to PFG ​ $ 816.2 ​ $ 597.3 ​ $ 880.8 ​ $ (1,478.1) ​ $ 816.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 816.2 ​ $ 597.3 ​ $ 906.4 ​ $ (1,475.7) ​ $ 844.2 Other comprehensive income ​ ​ 2,201.1 ​ ​ 2,011.1 ​ ​ 2,227.8 ​ ​ (4,221.0) ​ ​ 2,219.0 Comprehensive income ​ $ 3,017.3 ​ $ 2,608.4 ​ $ 3,134.2 ​ $ (5,696.7) ​ $ 3,063.2 ​ ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) operating activities ​ $ (10.0) ​ $ 4,293.0 ​ $ (769.5) ​ $ (1,467.4) ​ $ 2,046.1 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ (535.7) ​ (5,666.7) ​ (1,521.5) ​ 6.6 ​ (7,717.3) Sales ​ — ​ 998.0 ​ 857.0 ​ — ​ 1,855.0 Maturities ​ 94.3 ​ 3,495.1 ​ 469.8 ​ — ​ 4,059.2 Mortgage loans acquired or originated ​ — ​ (929.8) ​ (535.1) ​ 4.0 ​ (1,460.9) Mortgage loans sold or repaid ​ — ​ 866.9 ​ 334.3 ​ (2.6) ​ 1,198.6 Real estate acquired ​ — ​ — ​ (98.2) ​ — ​ (98.2) Net purchases of property and equipment ​ (0.1) ​ (30.3) ​ (16.0) ​ — ​ (46.4) Dividends and returns of capital received from unconsolidated entities ​ 533.9 ​ 1.2 ​ 413.9 ​ (949.0) ​ — Net change in other investments ​ — ​ (2,506.0) ​ 1,117.1 ​ 1,377.8 ​ (11.1) Net cash provided by (used in) investing activities ​ 92.4 ​ (3,771.6) ​ 1,021.3 ​ 436.8 ​ (2,221.1) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ 23.1 ​ — ​ — ​ — ​ 23.1 Acquisition of treasury stock ​ (231.8) ​ — ​ — ​ — ​ (231.8) Payments for financing element derivatives ​ — ​ (14.7) ​ — ​ — ​ (14.7) Purchase of subsidiary shares from noncontrolling interest ​ — ​ — ​ (0.9) ​ — ​ (0.9) Dividends to common stockholders ​ (307.1) ​ — ​ — ​ — ​ (307.1) Issuance of long-term debt ​ 493.1 ​ — ​ — ​ — ​ 493.1 Principal repayments of long-term debt ​ — ​ — ​ (67.5) ​ 2.6 ​ (64.9) Net repayments of short-term borrowings ​ ​ — ​ ​ — ​ ​ (9.3) ​ ​ — ​ ​ (9.3) Dividends and capital paid to parent ​ — ​ (413.9) ​ (535.1) ​ 949.0 ​ — Investment contract deposits ​ — ​ 5,160.0 ​ 238.7 ​ — ​ 5,398.7 Investment contract withdrawals ​ — ​ (4,761.4) ​ (40.1) ​ — ​ (4,801.5) Net increase in banking operation deposits ​ — ​ — ​ 324.7 ​ — ​ 324.7 Other ​ — ​ 0.1 ​ — ​ — ​ 0.1 Net cash provided by (used in) financing activities ​ (22.7) ​ (29.9) ​ (89.5) ​ 951.6 ​ 809.5 Net increase in cash and cash equivalents ​ 59.7 ​ 491.5 ​ 162.3 ​ (79.0) ​ 634.5 Cash and cash equivalents at beginning of period ​ 394.9 ​ 1,178.1 ​ 1,767.7 ​ (824.8) ​ 2,515.9 Cash and cash equivalents at end of period ​ $ 454.6 ​ $ 1,669.6 ​ $ 1,930.0 ​ $ (903.8) ​ $ 3,150.4 ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ $ 16.3 ​ $ 2,742.1 ​ $ 803.9 ​ $ (883.9) ​ $ 2,678.4 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ (150.2) ​ ​ (4,703.3) ​ ​ (922.7) ​ ​ 4.4 ​ ​ (5,771.8) Sales ​ — ​ ​ 1,065.7 ​ ​ 411.5 ​ ​ — ​ ​ 1,477.2 Maturities ​ 158.1 ​ ​ 2,581.4 ​ ​ 286.4 ​ ​ — ​ ​ 3,025.9 Mortgage loans acquired or originated ​ — ​ ​ (1,894.5) ​ ​ (121.4) ​ ​ 7.4 ​ ​ (2,008.5) Mortgage loans sold or repaid ​ — ​ ​ 1,088.5 ​ ​ 162.9 ​ ​ (7.5) ​ ​ 1,243.9 Real estate acquired ​ — ​ ​ (0.1) ​ ​ (48.4) ​ ​ — ​ ​ (48.5) Real estate sold ​ ​ — ​ ​ — ​ ​ 57.0 ​ ​ — ​ ​ 57.0 Net purchases of property and equipment ​ — ​ ​ (25.1) ​ ​ (40.3) ​ ​ — ​ ​ (65.4) Dividends and returns of capital received from unconsolidated entities ​ 208.9 ​ ​ 1.2 ​ ​ 668.9 ​ ​ (879.0) ​ ​ — Net change in other investments ​ (13.6) ​ ​ (317.3) ​ ​ (627.7) ​ ​ 704.8 ​ ​ (253.8) Net cash provided by (used in) investing activities ​ 203.2 ​ ​ (2,203.5) ​ ​ (173.8) ​ ​ (169.9) ​ ​ (2,344.0) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ 22.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22.1 Acquisition of treasury stock ​ (153.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ (153.7) Payments for financing element derivatives ​ — ​ ​ (13.1) ​ ​ — ​ ​ — ​ ​ (13.1) Dividends to common stockholders ​ (300.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ (300.6) Issuance of long-term debt ​ 493.6 ​ ​ — ​ ​ 9.1 ​ ​ — ​ ​ 502.7 Principal repayments of long-term debt ​ — ​ ​ — ​ ​ (8.2) ​ ​ 7.5 ​ ​ (0.7) Net proceeds from short-term borrowings ​ ​ — ​ ​ — ​ ​ 33.1 ​ ​ — ​ ​ 33.1 Dividends and capital paid to parent ​ — ​ ​ (668.9) ​ ​ (210.1) ​ ​ 879.0 ​ ​ — Investment contract deposits ​ — ​ ​ 3,401.8 ​ ​ 225.6 ​ ​ — ​ ​ 3,627.4 Investment contract withdrawals ​ — ​ ​ (3,783.1) ​ ​ (17.7) ​ ​ — ​ ​ (3,800.8) Net increase in banking operation deposits ​ — ​ ​ — ​ ​ 82.0 ​ ​ — ​ ​ 82.0 Other ​ — ​ ​ 5.8 ​ ​ (0.2) ​ ​ — ​ ​ 5.6 Net cash provided by (used in) financing activities ​ 61.4 ​ ​ (1,057.5) ​ ​ 113.6 ​ ​ 886.5 ​ ​ 4.0 Net increase (decrease) in cash and cash equivalents ​ 280.9 ​ ​ (518.9) ​ ​ 743.7 ​ ​ (167.3) ​ ​ 338.4 Cash and cash equivalents at beginning of period ​ 334.9 ​ ​ 1,323.9 ​ ​ 2,014.8 ​ ​ (696.1) ​ ​ 2,977.5 Cash and cash equivalents at end of period ​ $ 615.8 ​ $ 805.0 ​ $ 2,758.5 ​ $ (863.4) ​ $ 3,315.9 ​ ​ 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 June 30, 2020 and December 31, 2019, and for the six months ended June 30, 2020 and 2019. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG’s interest in all direct subsidiaries of PFG and (ii) PFS’s interest in Principal Life and all other subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent’s investment and earnings. All intercompany balances and transactions, including elimination of the parent’s investment in subsidiaries, between PFG, PFS and Principal Life and all other subsidiaries have been eliminated, as shown in the column “Eliminations.” These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities. PFG sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The Rabbi trusts are separate legal entities and are not a part of PFG on a stand-alone basis. The plan assets are available to satisfy the claims of general creditors only in the event of bankruptcy and are, therefore, consolidated in our statements of financial position. ​ Condensed Consolidating Statements of Financial Position June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ parent only only combined (1) Eliminations consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 712.1 ​ $ — ​ $ 73,557.1 ​ $ — ​ $ 74,269.2 Fixed maturities, trading ​ ​ 232.7 ​ ​ — ​ ​ 351.1 ​ ​ — ​ ​ 583.8 Equity securities ​ ​ — ​ ​ 37.3 ​ ​ 1,741.2 ​ ​ — ​ ​ 1,778.5 Mortgage loans ​ ​ — ​ ​ — ​ ​ 16,696.6 ​ ​ — ​ ​ 16,696.6 Real estate ​ ​ — ​ ​ — ​ ​ 1,699.7 ​ ​ — ​ ​ 1,699.7 Policy loans ​ ​ — ​ ​ — ​ ​ 796.4 ​ ​ — ​ ​ 796.4 Investment in unconsolidated entities ​ ​ 18,185.5 ​ ​ 17,277.9 ​ ​ 532.3 ​ ​ (35,271.4) ​ ​ 724.3 Other investments ​ ​ 10.4 ​ ​ 166.7 ​ ​ 3,833.0 ​ ​ — ​ ​ 4,010.1 Cash and cash equivalents ​ ​ 454.6 ​ ​ 723.6 ​ ​ 3,054.2 ​ ​ (1,082.0) ​ ​ 3,150.4 Accrued investment income ​ ​ 2.3 ​ ​ 0.1 ​ ​ 699.7 ​ ​ — ​ ​ 702.1 Premiums due and other receivables ​ ​ — ​ ​ 103.2 ​ ​ 1,954.9 ​ ​ (298.1) ​ ​ 1,760.0 Deferred acquisition costs ​ ​ — ​ ​ — ​ ​ 3,487.7 ​ ​ — ​ ​ 3,487.7 Property and equipment ​ ​ — ​ ​ — ​ ​ 993.1 ​ ​ — ​ ​ 993.1 Goodwill ​ ​ — ​ ​ 618.5 ​ ​ 1,012.4 ​ ​ — ​ ​ 1,630.9 Other intangibles ​ ​ — ​ ​ 517.6 ​ ​ 1,191.7 ​ ​ — ​ ​ 1,709.3 Separate account assets ​ ​ — ​ ​ — ​ ​ 155,936.3 ​ ​ — ​ ​ 155,936.3 Other assets ​ ​ 382.8 ​ ​ 28.0 ​ ​ 1,545.0 ​ ​ (574.8) ​ ​ 1,381.0 Total assets ​ $ 19,980.4 ​ $ 19,472.9 ​ $ 269,082.4 ​ $ (37,226.3) ​ $ 271,309.4 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ — ​ $ 42,308.4 ​ $ — ​ $ 42,308.4 Future policy benefits and claims ​ ​ — ​ ​ — ​ ​ 42,896.1 ​ ​ — ​ ​ 42,896.1 Other policyholder funds ​ ​ — ​ ​ — ​ ​ 987.4 ​ ​ — ​ ​ 987.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 76.3 ​ ​ — ​ ​ 76.3 Long-term debt ​ ​ 4,119.7 ​ ​ 297.8 ​ ​ 43.7 ​ ​ (297.8) ​ ​ 4,163.4 Income taxes currently payable ​ ​ 0.7 ​ ​ 3.3 ​ ​ 60.4 ​ ​ (48.1) ​ ​ 16.3 Deferred income taxes ​ ​ — ​ ​ 15.8 ​ ​ 2,552.9 ​ ​ (507.2) ​ ​ 2,061.5 Separate account liabilities ​ ​ — ​ ​ — ​ ​ 155,936.3 ​ ​ — ​ ​ 155,936.3 Other liabilities ​ ​ 616.9 ​ ​ 1,113.9 ​ ​ 6,431.9 ​ ​ (882.7) ​ ​ 7,280.0 Total liabilities ​ ​ 4,737.3 ​ ​ 1,430.8 ​ ​ 251,293.4 ​ ​ (1,735.8) ​ ​ 255,725.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 272.7 ​ ​ — ​ ​ 272.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ — ​ ​ 11.0 ​ ​ (11.0) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,259.6 ​ ​ 9,697.2 ​ ​ 12,341.1 ​ ​ (22,038.3) ​ ​ 10,259.6 Retained earnings ​ ​ 11,441.4 ​ ​ 6,477.8 ​ ​ 3,057.8 ​ ​ (9,535.6) ​ ​ 11,441.4 Accumulated other comprehensive income ​ ​ 1,450.7 ​ ​ 1,867.1 ​ ​ 2,040.5 ​ ​ (3,907.6) ​ ​ 1,450.7 Treasury stock, at cost ​ ​ (7,913.4) ​ ​ — ​ ​ (2.0) ​ ​ 2.0 ​ ​ (7,913.4) Total stockholders' equity attributable to PFG ​ ​ 15,243.1 ​ ​ 18,042.1 ​ ​ 17,448.4 ​ ​ (35,490.5) ​ ​ 15,243.1 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.9 ​ ​ — ​ ​ 67.9 Total stockholders’ equity ​ ​ 15,243.1 ​ ​ 18,042.1 ​ ​ 17,516.3 ​ ​ (35,490.5) ​ ​ 15,311.0 Total liabilities and stockholders' equity ​ $ 19,980.4 ​ $ 19,472.9 ​ $ 269,082.4 ​ $ (37,226.3) ​ $ 271,309.4 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $741.1 million and $597.5 million, respectively. ​ Condensed Consolidating Statements of Financial Position December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ parent only only combined (1) Eliminations consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 265.8 ​ $ — ​ $ 69,840.4 ​ $ — ​ $ 70,106.2 Fixed maturities, trading ​ 268.2 ​ — ​ 407.7 ​ — ​ 675.9 Equity securities ​ — ​ 41.4 ​ 1,838.0 ​ — ​ 1,879.4 Mortgage loans ​ — ​ — ​ 16,486.9 ​ — ​ 16,486.9 Real estate ​ — ​ — ​ 1,714.8 ​ — ​ 1,714.8 Policy loans ​ — ​ — ​ 798.0 ​ — ​ 798.0 Investment in unconsolidated entities ​ 17,539.6 ​ 16,664.1 ​ 649.4 ​ (34,022.9) ​ 830.2 Other investments ​ 10.4 ​ 251.9 ​ 3,597.7 ​ — ​ 3,860.0 Cash and cash equivalents ​ 394.9 ​ 598.4 ​ 2,656.2 ​ (1,133.6) ​ 2,515.9 Accrued investment income ​ 1.6 ​ 0.4 ​ 684.6 ​ — ​ 686.6 Premiums due and other receivables ​ — ​ 100.0 ​ 1,961.1 ​ (320.8) ​ 1,740.3 Deferred acquisition costs ​ — ​ — ​ 3,521.3 ​ — ​ 3,521.3 Property and equipment ​ — ​ — ​ 967.7 ​ — ​ 967.7 Goodwill ​ — ​ 618.5 ​ 1,075.3 ​ — ​ 1,693.8 Other intangibles ​ — ​ 531.7 ​ 1,255.0 ​ — ​ 1,786.7 Separate account assets ​ — ​ — ​ 165,468.0 ​ — ​ 165,468.0 Other assets ​ 383.2 ​ 35.2 ​ 1,509.5 ​ (571.8) ​ 1,356.1 Total assets ​ $ 18,863.7 ​ $ 18,841.6 ​ $ 274,431.6 ​ $ (36,049.1) ​ $ 276,087.8 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ — ​ $ 41,367.5 ​ $ — ​ $ 41,367.5 Future policy benefits and claims ​ — ​ — ​ 40,838.2 ​ — ​ 40,838.2 Other policyholder funds ​ — ​ — ​ 959.4 ​ — ​ 959.4 Short-term debt ​ — ​ — ​ 93.4 ​ — ​ 93.4 Long-term debt ​ 3,625.5 ​ 320.7 ​ 108.7 ​ (320.8) ​ 3,734.1 Income taxes currently payable ​ — ​ — ​ 66.4 ​ (50.2) ​ 16.2 Deferred income taxes ​ — ​ 5.9 ​ 2,285.8 ​ (495.1) ​ 1,796.6 Separate account liabilities ​ — ​ — ​ 165,468.0 ​ — ​ 165,468.0 Other liabilities ​ 620.2 ​ 1,113.6 ​ 6,104.7 ​ (974.8) ​ 6,863.7 Total liabilities ​ 4,245.7 ​ 1,440.2 ​ 257,292.1 ​ (1,840.9) ​ 261,137.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ — ​ — ​ 264.9 ​ — ​ 264.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 4.8 ​ — ​ 11.0 ​ (11.0) ​ 4.8 Additional paid-in capital ​ 10,182.6 ​ 9,658.3 ​ 12,157.9 ​ (21,816.2) ​ 10,182.6 Retained earnings ​ 11,074.3 ​ 6,263.5 ​ 2,985.1 ​ (9,248.6) ​ 11,074.3 Accumulated other comprehensive income ​ 1,037.9 ​ 1,479.6 ​ 1,654.8 ​ (3,134.4) ​ 1,037.9 Treasury stock, at cost ​ (7,681.6) ​ — ​ (2.0) ​ 2.0 ​ (7,681.6) Total stockholders' equity attributable to PFG ​ 14,618.0 ​ 17,401.4 ​ 16,806.8 ​ (34,208.2) ​ 14,618.0 Noncontrolling interest ​ — ​ — ​ 67.8 ​ — ​ 67.8 Total stockholders’ equity ​ 14,618.0 ​ 17,401.4 ​ 16,874.6 ​ (34,208.2) ​ 14,685.8 Total liabilities and stockholders' equity ​ $ 18,863.7 ​ $ 18,841.6 ​ $ 274,431.6 ​ $ (36,049.1) ​ $ 276,087.8 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively. ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ — ​ $ 3,444.1 ​ $ — ​ $ 3,444.1 Fees and other revenues ​ ​ — ​ ​ 180.1 ​ ​ 2,014.6 ​ ​ (5.1) ​ ​ 2,189.6 Net investment income (loss) ​ ​ 6.7 ​ ​ (1.3) ​ ​ 1,916.9 ​ ​ 5.9 ​ ​ 1,928.2 Net realized capital gains ​ ​ 4.9 ​ ​ 27.7 ​ ​ 71.3 ​ ​ 0.1 ​ ​ 104.0 Total revenues ​ ​ 11.6 ​ ​ 206.5 ​ ​ 7,446.9 ​ ​ 0.9 ​ ​ 7,665.9 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ — ​ ​ — ​ ​ 4,460.0 ​ ​ — ​ ​ 4,460.0 Dividends to policyholders ​ ​ — ​ ​ — ​ ​ 60.3 ​ ​ — ​ ​ 60.3 Operating expenses ​ ​ 98.4 ​ ​ 260.8 ​ ​ 1,964.1 ​ ​ (4.5) ​ ​ 2,318.8 Total expenses ​ ​ 98.4 ​ ​ 260.8 ​ ​ 6,484.4 ​ ​ (4.5) ​ ​ 6,839.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ ​ (86.8) ​ ​ (54.3) ​ ​ 962.5 ​ ​ 5.4 ​ ​ 826.8 Income taxes (benefits) ​ ​ (21.6) ​ ​ (18.3) ​ ​ 165.6 ​ ​ — ​ ​ 125.7 Equity in the net income of subsidiaries ​ ​ 752.4 ​ ​ 783.0 ​ ​ — ​ ​ (1,535.4) ​ ​ — Net income ​ ​ 687.2 ​ ​ 747.0 ​ ​ 796.9 ​ ​ (1,530.0) ​ ​ 701.1 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 13.9 ​ ​ — ​ ​ 13.9 Net income attributable to PFG ​ $ 687.2 ​ $ 747.0 ​ $ 783.0 ​ $ (1,530.0) ​ $ 687.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 687.2 ​ $ 747.0 ​ $ 796.9 ​ $ (1,530.0) ​ $ 701.1 Other comprehensive income ​ ​ 351.8 ​ ​ 326.5 ​ ​ 374.8 ​ ​ (651.3) ​ ​ 401.8 Comprehensive income ​ $ 1,039.0 ​ $ 1,073.5 ​ $ 1,171.7 ​ $ (2,181.3) ​ $ 1,102.9 ​ ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ — ​ $ 3,657.8 ​ $ — ​ $ 3,657.8 Fees and other revenues ​ — ​ 0.3 ​ 1,985.8 ​ (6.0) ​ 1,980.1 Net investment income (loss) ​ 10.9 ​ (4.1) ​ 1,987.3 ​ 4.0 ​ 1,998.1 Net realized capital gains, excluding impairment losses on available-for-sale securities ​ 9.2 ​ 5.9 ​ 89.5 ​ — ​ 104.6 Net other-than-temporary impairment losses on available-for-sale securities ​ — ​ — ​ (26.6) ​ — ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income ​ — ​ — ​ 2.5 ​ — ​ 2.5 Net impairment losses on available-for-sale securities ​ — ​ — ​ (24.1) ​ — ​ (24.1) Net realized capital gains ​ 9.2 ​ 5.9 ​ 65.4 ​ — ​ 80.5 Total revenues ​ 20.1 ​ 2.1 ​ 7,696.3 ​ (2.0) ​ 7,716.5 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ — ​ — ​ 4,641.2 ​ — ​ 4,641.2 Dividends to policyholders ​ — ​ — ​ 60.0 ​ — ​ 60.0 Operating expenses ​ 110.1 ​ 60.1 ​ 1,873.9 ​ (5.1) ​ 2,039.0 Total expenses ​ 110.1 ​ 60.1 ​ 6,575.1 ​ (5.1) ​ 6,740.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ (90.0) ​ (58.0) ​ 1,121.2 ​ 3.1 ​ 976.3 Income taxes (benefits) ​ (22.3) ​ (11.8) ​ 166.2 ​ — ​ 132.1 Equity in the net income of subsidiaries ​ 883.9 ​ 927.0 ​ — ​ (1,810.9) ​ — Net income ​ 816.2 ​ 880.8 ​ 955.0 ​ (1,807.8) ​ 844.2 Net income attributable to noncontrolling interest ​ — ​ — ​ 28.0 ​ — ​ 28.0 Net income attributable to PFG ​ $ 816.2 ​ $ 880.8 ​ $ 927.0 ​ $ (1,807.8) ​ $ 816.2 ​

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Nature of Operations and Significant Accounting Policies
Basis of Presentation - Policy	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Principal Financial Group, Inc. (“PFG”) have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020, especially when considering the risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. Our use of estimates and assumptions affect amounts reported and disclosed and includes, but is not limited to, the fair value of investments in the absence of quoted market values, investment impairments and valuation allowances, the fair value of derivatives, deferred acquisition costs ("DAC") and other actuarial balances, measurement of goodwill and intangible assets, the liability for future policy benefits and claims, the value of pension and other postretirement benefits and accounting for income taxes and the valuation of deferred tax assets. Our estimates and assumptions could change in the future as more information becomes known about the impact of COVID-19. Our results of operations and financial condition may also be impacted by evolving regulatory, legislative and standard-setter accounting interpretations and guidance. These interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited financial statements as of December 31, 2019, included in our Form 10-K for the year ended December 31, 2019, filed with the United States Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated statement of financial position as of December 31, 2019, has been derived from the audited consolidated statement of financial position but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
Consolidation - Policy	Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 2, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. ​
Recent Accounting Pronouncements - Policy	Recent Accounting Pronouncements ​ ​ ​ ​ Description Date of Effect on our consolidated Standards not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updates certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts will be reviewed and updated periodically. Cash flow assumptions will be reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and will be updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. Market risk benefits, which are certain market-based options or guarantees associated with deposit or account balance contracts, will be measured at fair value. The periodic change in fair value related to instrument-specific credit risk will be recognized in OCI while the remaining change in fair value will be recognized in net income. 3. DAC for all insurance and annuity contracts will be amortized on a constant basis over the expected term of the related contracts. 4. Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances and disclosures about significant inputs, judgments, assumptions and methods used in measurement. The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC will be applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. An entity may elect to apply the changes retrospectively. The guidance for market risk benefits will be applied retrospectively. Early adoption is permitted. ​ ​ January 1, ​ ​ Our implementation and evaluation process to date includes, but is not limited to the following: ​ ● identifying and documenting contracts and contract features in scope of the guidance; ● identifying the actuarial models, systems and processes to be updated; ● evaluating and selecting our systems solutions for implementing the new guidance; ● building models and evaluating preliminary output as models are developed; ● evaluating our key accounting policies; ● assessing the impact to our chart of accounts; ● developing format and content of new disclosures; ● evaluating transition requirements and impacts and ● evaluating and establishing appropriate internal controls. ​ As we progress through our implementation, we will be able to better assess the impact to our consolidated financial statements; however, we expect this guidance to significantly change how we account for many of our insurance and annuity products. ​ ​ ​ ​ Description Date of Effect on our consolidated ​ ​ ​ ​ ​ ​ ​ Simplifying the accounting for income taxes This authoritative guidance simplifies the accounting for income taxes by removing certain exceptions, including exceptions related to the incremental approach for intraperiod tax allocation, calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Also, the guidance clarifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill and enacted changes in tax laws or rates. It specifies that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, although an entity may elect to do so. The guidance will be applied based on varying transition methods defined by amendment. Early adoption is permitted. ​ ​ January 1, ​ ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ Standards adopted: ​ ​ ​ ​ ​ ​ Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provides optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity may elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity may apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms change due to reference rate reform.This guidance eases the financial reporting impacts of reference rate reform on contracts and hedging relationships and is effective until December 31, 2022. ​ ​ March 12, ​ ​ We adopted the guidance upon issuance prospectively and will continue to evaluate any effects on contracts and hedging relationships impacted by reference rate reform through December 31, 2022. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Goodwill impairment testing This authoritative guidance simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 (which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill to the carrying amount of that goodwill) from the goodwill impairment test. A goodwill impairment loss will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. Early adoption is permitted. ​ ​ January 1, ​ ​ This guidance reduces complexity and costs associated with performing a Step 2 test, should one be needed in the future. However, the impact of eliminating the Step 2 test from any such future impairment assessment will be dependent on modeling factors that are not currently determinable. This guidance did not have a material impact on our consolidated financial statements at adoption. ​ ​ ​ ​ ​ ​ ​ Credit losses This authoritative guidance requires entities to use a current expected credit loss (“CECL”) model to measure impairment for most financial assets that are not recorded at fair value through net income. Under the CECL model, an entity will estimate lifetime expected credit losses considering available relevant information about historical events, current conditions and reasonable and supportable forecasts. The CECL model does not apply to available-for-sale debt securities. This guidance also expands the required credit loss disclosures. ​ ​ January 1, ​ ​ We adopted the guidance using the modified retrospective approach. A cumulative effect adjustment of $8.4 million was recorded as a decrease to retained earnings. We recorded an offsetting increase in the allowance for credit loss for mortgage loans, reinsurance recoverables and commitments and a decrease for deferred tax impacts. See Note 3, Investments, for further details. ​ ​ ​ ​ ​ ​ ​ Implementation costs in a cloud computing arrangement that is a service contract This authoritative guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance can be applied either retrospectively or prospectively and early adoption is permitted. ​ ​ January 1, ​ ​ The effective date of the guidance is January 1, 2020; however, we elected to early-adopt this guidance on a prospective basis, effective January 1, 2019. This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Nonemployee share-based payment accounting This authoritative guidance simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date, where previously the measurement was fixed at performance completion date. The guidance will be applied to equity-classified nonemployee awards for which a measurement date has not been established as of the date of adoption. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ Leases This authoritative guidance requires lessee recognition of lease assets and lease liabilities on the balance sheet. The concept of an operating lease, where the lease assets and liabilities are off balance sheet, is eliminated under the new guidance. For lessors, the guidance modifies lease classification criteria and accounting for certain types of leases. Other key aspects of the guidance relate to the removal of the current real estate-specific guidance and new presentation and disclosure requirements. Lessees and lessors are required to recognize and measure leases using a modified retrospective approach, which includes certain optional practical expedients that may be elected. We elected the alternative transition method, which allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. ​ ​ January 1, ​ ​ We adopted the guidance using the modified retrospective approach. A cumulative effect adjustment of $4.0 million was recorded as an increase to retained earnings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of Effect on our consolidated Targeted improvements to accounting for hedging activities This authoritative guidance updated certain recognition and measurement requirements for hedge accounting. The objective of the guidance is to more closely align the economics of a company’s risk management activities in its financial results and reduce the complexity of applying hedge accounting. The updates included the expansion of hedging strategies that are eligible for hedge accounting, elimination of the separate measurement and reporting of hedge ineffectiveness, presentation of the changes in the fair value of the hedging instrument in the same consolidated statement of operations line as the earnings effect of the hedged item and simplification of hedge effectiveness assessments. This guidance also included new disclosures. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. See Note 4, Derivative Financial Instruments, for further details. ​ ​ ​ ​ ​ ​ ​ Premium amortization on purchased callable debt securities This authoritative guidance applies to entities that hold certain non-contingently callable debt securities, where the amortized cost basis is at a premium to the price repayable by the issuer at the earliest call date. Under the guidance the premium will be amortized to the first call date. ​ ​ January 1, ​ ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ 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.
Loan modifications related to COVID-19 - Policy	Investments Loan modifications related to COVID-19 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 ("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 December 31, 2020. 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 3, Investments, under the caption "Mortgage Loan Modifications" for further details.
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 June 30, 2020 and December 31, 2019, the separate accounts included a separate account valued at $72.5 million and $100.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations .

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Variable Interest Entities
Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ Total ​ Total ​ Total ​ Total ​ assets liabilities assets liabilities ​ ​ (in millions) Grantor trust (1) ​ $ — ​ $ — ​ $ 99.9 ​ $ 98.6 Mandatory retirement savings funds (2) ​ 36,849.1 ​ 36,454.6 ​ 39,891.1 ​ 39,524.9 Real estate (3) ​ 452.8 ​ 29.8 ​ 479.7 ​ 88.0 Sponsored investment funds (4) ​ 363.3 ​ 8.3 ​ 331.4 ​ 2.2 Total ​ $ 37,665.2 ​ $ 36,492.7 ​ $ 40,802.1 ​ $ 39,713.7 (1) The assets of the grantor trust were primarily fixed maturities, available-for-sale. The liabilities were primarily other liabilities that reflected an embedded derivative of the forecasted transaction to deliver the underlying securities. (2) The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities and contractholder funds. (3) The assets of the real estate VIEs primarily include real estate and cash. Liabilities primarily include other liabilities and included long-term debt as of December 31, 2019. (4) The assets of sponsored investment funds are primarily fixed maturities and equity securities, certain of which are reported with other investments, and cash. The consolidated statements of financial position included a $197.5 million and $215.4 million redeemable noncontrolling interest for sponsored investment funds as of June 30, 2020 and December 31, 2019, respectively.
Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ Asset carrying value loss (1) ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 188.2 ​ $ 174.4 Residential mortgage-backed pass-through securities ​ ​ 3,323.6 ​ ​ 3,164.1 Commercial mortgage-backed securities ​ ​ 4,706.5 ​ ​ 4,785.7 Collateralized debt obligations (2) ​ ​ 3,506.0 ​ ​ 3,592.9 Other debt obligations ​ ​ 7,549.6 ​ ​ 7,377.9 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ ​ 245.7 ​ ​ 245.7 Commercial mortgage-backed securities ​ ​ 26.1 ​ ​ 26.1 Collateralized debt obligations (2) ​ ​ 20.3 ​ ​ 20.3 Other debt obligations ​ ​ 11.1 ​ ​ 11.1 Equity securities ​ ​ 97.6 ​ 97.6 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ ​ 931.9 ​ ​ 1,481.4 ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 238.2 ​ $ 225.7 Residential mortgage-backed pass-through securities ​ ​ 2,982.4 ​ ​ 2,913.9 Commercial mortgage-backed securities ​ ​ 4,850.2 ​ ​ 4,746.6 Collateralized debt obligations (2) ​ ​ 3,215.3 ​ ​ 3,226.7 Other debt obligations ​ ​ 8,191.1 ​ ​ 8,076.4 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ ​ 282.3 ​ ​ 282.3 Commercial mortgage-backed securities ​ ​ 28.2 ​ ​ 28.2 Collateralized debt obligations (2) ​ ​ 20.9 ​ ​ 20.9 Other debt obligations ​ ​ 13.2 ​ ​ 13.2 Equity securities ​ ​ 123.2 ​ 123.2 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ ​ 911.9 ​ ​ 1,467.0 (1) Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading and equity securities. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) As of June 30, 2020 and December 31, 2019, the maximum exposure to loss for other limited partnership and fund interests includes $128.8 million and $129.1 million, respectively, of debt within certain of our managed international real estate funds that is fully secured by assets whose value exceeds the amount of the debt, but also includes recourse to the investment manager.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments
Available-for-Sale Securities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,609.1 ​ $ 266.1 ​ $ 0.2 ​ $ — ​ $ 1,875.0 Non-U.S. governments ​ ​ 837.0 ​ ​ 169.9 ​ ​ — ​ ​ — ​ ​ 1,006.9 States and political subdivisions ​ ​ 7,716.7 ​ ​ 1,015.0 ​ ​ 18.1 ​ ​ — ​ ​ 8,713.6 Corporate ​ ​ 38,968.1 ​ ​ 4,900.6 ​ ​ 279.1 ​ ​ 2.8 ​ ​ 43,586.8 Residential mortgage-backed pass-through securities ​ ​ 3,164.1 ​ ​ 159.9 ​ ​ 0.4 ​ ​ — ​ ​ 3,323.6 Commercial mortgage-backed securities ​ ​ 4,785.7 ​ ​ 74.4 ​ ​ 150.2 ​ ​ 3.4 ​ ​ 4,706.5 Collateralized debt obligations (2) ​ ​ 3,592.9 ​ ​ 5.0 ​ ​ 90.9 ​ ​ 1.0 ​ ​ 3,506.0 Other debt obligations ​ ​ 7,379.1 ​ ​ 246.6 ​ ​ 74.9 ​ ​ — ​ ​ 7,550.8 Total fixed maturities, available-for-sale ​ $ 68,052.7 ​ $ 6,837.5 ​ $ 613.8 ​ $ 7.2 ​ $ 74,269.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other-than- ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ temporary ​ ​ Amortized ​ unrealized ​ unrealized ​ ​ ​ ​ impairments ​ ​ cost ​ gains ​ losses ​ Fair value ​ in OCI (3) ​ ​ ​ (in millions) December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,627.0 ​ $ 100.2 ​ $ 3.0 ​ $ 1,724.2 ​ $ — Non-U.S. governments ​ ​ 852.3 ​ ​ 144.1 ​ ​ 0.2 ​ ​ 996.2 ​ ​ — States and political subdivisions ​ ​ 6,857.1 ​ ​ 644.5 ​ ​ 11.6 ​ ​ 7,490.0 ​ ​ — Corporate ​ ​ 36,993.1 ​ ​ 3,706.5 ​ ​ 52.2 ​ ​ 40,647.4 ​ ​ — Residential mortgage-backed pass-through securities ​ ​ 2,913.9 ​ ​ 72.3 ​ ​ 3.8 ​ ​ 2,982.4 ​ ​ — Commercial mortgage-backed securities ​ ​ 4,746.6 ​ ​ 127.6 ​ ​ 24.0 ​ ​ 4,850.2 ​ ​ 15.8 Collateralized debt obligations (2) ​ ​ 3,226.7 ​ ​ 2.9 ​ ​ 14.3 ​ ​ 3,215.3 ​ ​ 0.9 Other debt obligations ​ ​ 8,085.8 ​ ​ 129.6 ​ ​ 14.9 ​ ​ 8,200.5 ​ ​ 31.7 Total fixed maturities, available-for-sale ​ $ 65,302.5 ​ $ 4,927.7 ​ $ 124.0 ​ $ 70,106.2 ​ $ 48.4 (1) Amortized cost excludes accrued interest receivable of $548.8 million as of June 30, 2020. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) Excludes $62.3 million as of December 31, 2019, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.
Fixed Maturities Available-for-Sale by Contractual Maturity (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost Fair value ​ ​ (in millions) Due in one year or less ​ $ 2,180.1 ​ $ 2,204.1 Due after one year through five years ​ 10,883.5 ​ 11,404.4 Due after five years through ten years ​ 12,643.7 ​ 13,692.8 Due after ten years ​ 23,423.6 ​ 27,881.0 Subtotal ​ 49,130.9 ​ 55,182.3 Mortgage-backed and other asset-backed securities ​ 18,921.8 ​ 19,086.9 Total ​ $ 68,052.7 ​ $ 74,269.2 ​
Net Realized Capital Gains and Losses (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 83.2 ​ $ 6.2 ​ $ 106.3 ​ $ 8.7 Gross losses ​ (21.6) ​ (7.9) ​ (25.8) ​ (9.4) Net credit losses (1) ​ (8.3) ​ (17.3) ​ (16.2) ​ (24.1) Hedging, net (2) ​ (8.1) ​ (9.3) ​ (9.6) ​ (9.3) Fixed maturities, trading (3) ​ 25.1 ​ 17.5 ​ 8.7 ​ 31.7 Equity securities (4) ​ 39.3 ​ 14.7 ​ (24.4) ​ 35.7 Mortgage loans ​ 0.7 ​ 0.3 ​ (15.0) ​ 0.6 Derivatives ​ (195.7) ​ 4.6 ​ 94.8 ​ 9.6 Other ​ 58.0 ​ (12.8) ​ (14.8) ​ 37.0 Net realized capital gains (losses) ​ $ (27.4) ​ $ (4.0) ​ $ 104.0 ​ $ 80.5 (1) Upon adoption of authoritative guidance effective January 1, 2020, net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. Prior to 2020, net credit losses included net other-than-temporary impairment losses and recoveries on available-for-sale securities. (2) The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses). (3) Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $24.4 million and $17.6 million for the three months ended June 30, 2020 and 2019, respectively, and $10.2 million and $31.8 million for the six months ended June 30, 2020 and 2019, respectively. (4) Unrealized gains (losses) on equity securities still held at the reporting date were $42.3 million and $9.7 million for the three months ended June 30, 2020 and 2019, respectively, and $(20.7) million and $29.7 million for the six months ended June 30, 2020 and 2019, respectively. This excludes $49.0 million and $18.7 million for the three months ended June 30, 2020 and 2019, respectively, and $10.5 million and $41.3 million for the six months ended June 30, 2020 and 2019, respectively, of unrealized gains on equity securities still held at the reporting date that were reported in net investment income.
Allowance for credit loss (Tables)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (2) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 7.0 ​ $ — ​ $ 0.4 ​ $ 0.1 ​ $ 0.1 ​ $ 7.6 Additions for credit losses not previously recorded ​ — ​ — ​ — ​ 2.8 ​ ​ — ​ 1.3 ​ — ​ — ​ 4.1 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.0) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.0) Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ ​ 0.9 ​ ​ (0.1) ​ ​ 2.5 Ending balance $ — $ — $ — $ 2.8 ​ $ — $ 3.4 $ 1.0 $ — $ 7.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (2) obligations Total ​ ​ ​ (in millions) Beginning balance (1) $ — $ — $ — $ — ​ $ — $ — $ — $ — $ — Additions for credit losses not previously recorded ​ — ​ — ​ — ​ 9.8 ​ ​ — ​ 1.7 ​ 0.1 ​ 0.1 ​ 11.7 Reductions for securities sold during the period ​ — ​ — ​ — ​ (7.0) ​ ​ — ​ — ​ — ​ — ​ (7.0) Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period ​ — ​ — ​ — ​ — ​ ​ — ​ 1.7 ​ 0.9 ​ (0.1) ​ 2.5 Ending balance $ — $ — $ — $ 2.8 ​ $ — $ 3.4 $ 1.0 $ — $ 7.2 (1) The allowance for credit loss associated with fixed maturities, available-for-sale was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30, 2019 June 30, 2019 ​ ​ (in millions) Net realized capital gains, excluding impairment losses on available-for-sale securities ​ $ 13.3 ​ $ 104.6 Net other-than-temporary impairment losses on available-for-sale securities ​ ​ (17.0) ​ ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income (1) ​ (0.3) ​ 2.5 Net impairment losses on available-for-sale securities ​ ​ (17.3) ​ ​ (24.1) Net realized capital gains (losses) ​ $ (4.0) ​ $ 80.5 (1) Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.
Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30, 2019 June 30, 2019 ​ ​ ​ ​ ​ (in millions) Beginning balance ​ $ (102.3) ​ $ (117.5) Credit losses for which an other-than-temporary impairment was not previously recognized ​ (0.8) ​ (2.8) Credit losses for which an other-than-temporary impairment was previously recognized ​ (4.6) ​ (8.9) Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold ​ 8.0 ​ 28.4 Net reduction (increase) for positive changes in cash flows expected to be collected and amortization (1) ​ (0.6) ​ 0.5 Ending balance ​ $ (100.3) ​ $ (100.3) (1) Amounts are recognized in net investment income.
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ Gross ​ Gross ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value ​ losses ​ value ​ losses ​ value ​ losses ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 30.1 ​ $ 0.2 ​ $ — ​ $ — ​ $ 30.1 ​ $ 0.2 Non-U.S. governments ​ ​ 2.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.6 ​ ​ — States and political subdivisions ​ ​ 460.5 ​ ​ 18.1 ​ ​ 21.0 ​ ​ — ​ ​ 481.5 ​ ​ 18.1 Corporate ​ ​ 3,521.5 ​ ​ 248.4 ​ ​ 149.7 ​ ​ 26.8 ​ ​ 3,671.2 ​ ​ 275.2 Residential mortgage-backed pass-through securities ​ ​ 195.0 ​ ​ 0.4 ​ ​ 3.2 ​ ​ — ​ ​ 198.2 ​ ​ 0.4 Commercial mortgage-backed securities ​ ​ 2,507.8 ​ ​ 134.3 ​ ​ 151.3 ​ ​ 15.5 ​ ​ 2,659.1 ​ ​ 149.8 Collateralized debt obligations (2) ​ ​ 2,483.8 ​ ​ 62.2 ​ ​ 776.7 ​ ​ 27.3 ​ ​ 3,260.5 ​ ​ 89.5 Other debt obligations ​ ​ 985.5 ​ ​ 71.5 ​ ​ 81.0 ​ ​ 3.4 ​ ​ 1,066.5 ​ ​ 74.9 Total fixed maturities, available-for-sale ​ $ 10,186.8 ​ $ 535.1 ​ $ 1,182.9 ​ $ 73.0 ​ $ 11,369.7 ​ $ 608.1 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Gross Unrealized Losses for Fixed Maturities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ Gross ​ ​ Gross ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value ​ losses (2) ​ value ​ losses (2) ​ value ​ losses (2) ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 100.0 ​ $ 1.9 ​ $ 74.2 ​ $ 1.1 ​ $ 174.2 ​ $ 3.0 Non-U.S. governments ​ 17.6 ​ 0.2 ​ 12.4 ​ — ​ 30.0 ​ 0.2 States and political subdivisions ​ 559.9 ​ 11.2 ​ 86.3 ​ 0.4 ​ 646.2 ​ 11.6 Corporate ​ 1,041.5 ​ 27.8 ​ 394.7 ​ 24.4 ​ 1,436.2 ​ 52.2 Residential mortgage-backed pass-through securities ​ 429.6 ​ 1.4 ​ 237.3 ​ 2.4 ​ 666.9 ​ 3.8 Commercial mortgage-backed securities ​ 829.3 ​ 9.2 ​ 268.5 ​ 14.8 ​ 1,097.8 ​ 24.0 Collateralized debt obligations (1) ​ 639.4 ​ 1.8 ​ 1,447.8 ​ 12.5 ​ 2,087.2 ​ 14.3 Other debt obligations ​ 1,772.8 ​ 9.5 ​ 613.7 ​ 5.4 ​ 2,386.5 ​ 14.9 Total fixed maturities, available-for-sale ​ $ 5,390.1 ​ $ 63.0 ​ $ 3,134.9 ​ $ 61.0 ​ $ 8,525.0 ​ $ 124.0 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Prior to the implementation of authoritative guidance in 2020, other than temporary impairment losses reported in OCI were included with gross unrealized losses resulting in total gross unrealized losses for fixed maturities, available-for-sale being reported in the table.
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Net unrealized gains on fixed maturities, available-for-sale (1) ​ $ 6,193.1 ​ $ 4,834.2 Noncredit component of impairment losses on fixed maturities, available-for-sale (2) ​ — ​ (48.4) Net unrealized gains on derivative instruments ​ 131.3 ​ 94.1 Adjustments for assumed changes in amortization patterns ​ (264.2) ​ (261.0) Adjustments for assumed changes in policyholder liabilities ​ (1,700.9) ​ (1,133.5) Net unrealized gains on other investments and noncontrolling interest adjustments ​ 50.3 ​ 96.8 Provision for deferred income taxes ​ (935.8) ​ (766.9) Net unrealized gains on available-for-sale securities and derivative instruments ​ $ 3,473.8 ​ $ 2,815.3 (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships. (2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity.
Financing Receivable Credit Quality Indicators (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 2017 2016 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above $ 807.2 $ 2,543.9 $ 2,478.7 $ 1,803.8 $ 1,538.5 $ 4,213.4 $ 13,385.5 BBB+ thru BBB- ​ 95.0 ​ 205.7 ​ 342.4 ​ 286.8 ​ 89.4 ​ 538.8 ​ 1,558.1 BB+ thru BB- ​ 14.8 ​ 41.1 ​ — ​ — ​ 16.9 ​ 74.5 ​ 147.3 B+ and below ​ — ​ — ​ — ​ — ​ — ​ 4.6 ​ 4.6 Total $ 917.0 $ 2,790.7 $ 2,821.1 $ 2,090.6 $ 1,644.8 $ 4,831.3 $ 15,095.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct financing leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above $ 41.0 $ 1.5 $ 36.9 $ 16.6 $ 13.3 $ 205.3 $ 314.6 BBB+ thru BBB- ​ 95.2 ​ 22.4 ​ 20.0 ​ 19.5 ​ 3.5 ​ 149.9 ​ 310.5 BB+ thru BB- ​ 11.0 ​ 1.8 ​ 3.6 ​ — ​ — ​ 4.2 ​ 20.6 B+ and below ​ 1.4 ​ — ​ — ​ — ​ — ​ — ​ 1.4 Total $ 148.6 $ 25.7 $ 60.5 $ 36.1 $ 16.8 $ 359.4 $ 647.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing $ 243.5 $ 460.7 $ 192.6 $ 180.8 $ 171.1 $ 389.1 $ 1,637.8 Non-performing ​ — ​ 0.9 ​ 0.9 ​ 0.1 ​ — ​ 7.4 ​ 9.3 Total $ 243.5 $ 461.6 $ 193.5 $ 180.9 $ 171.1 $ 396.5 $ 1,647.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,076.0 (1) The amortized cost of mortgage loans excluded accrued interest receivable of $58.8 million as of June 30, 2020.
Commercial Mortgage Loan Portfolio by Credit Risk (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ Brick and mortar Credit tenant loans Total ​ ​ (in millions) A- and above ​ $ 13,885.2 ​ $ 76.7 ​ $ 13,961.9 BBB+ thru BBB- ​ 943.1 ​ 83.8 ​ 1,026.9 BB+ thru BB- ​ 23.3 ​ — ​ 23.3 B+ and below ​ 5.1 ​ — ​ 5.1 Total ​ $ 14,856.7 ​ $ 160.5 ​ $ 15,017.2 (1) Prior to the implementation of authoritative guidance in 2020, commercial mortgage loan credit quality disclosures included information about classes of those mortgages and information by vintage was excluded. Beginning in 2020, we determined that total commercial mortgage loans by credit risk and vintage is the most meaningful presentation.
Performing and Non-Performing Residential Mortgage Loans (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ First liens Home equity Total ​ ​ (in millions) Performing ​ $ 1,474.2 ​ $ 8.0 ​ $ 1,482.2 Non-performing ​ 11.5 ​ 3.0 ​ 14.5 Total ​ $ 1,485.7 ​ $ 11.0 ​ $ 1,496.7 (1) Prior to the implementation of authoritative guidance in 2020, residential mortgage loan credit quality disclosures included information about classes of those mortgages and information by vintage was excluded. Beginning in 2020, we determined that total residential mortgage loans by credit risk and vintage is the most meaningful presentation.
Non-Accrual Financing Receivables (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Amortized cost ​ ​ Beginning ​ Ending ​ of nonaccrual ​ ​ amortized cost ​ amortized cost ​ assets without ​ ​ on nonaccrual ​ on nonaccrual ​ a valuation ​ status status allowance ​ ​ ​ (in millions) Commercial mortgage loans ​ $ 5.0 ​ $ 4.6 ​ $ — Residential mortgage loans ​ 6.8 ​ 8.1 ​ 0.7 Total $ 11.8 $ 12.7 $ 0.7 ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ ​ (in millions) Residential: ​ ​ ​ First liens ​ $ 8.8 Home equity ​ 3.0 Total ​ $ 11.8 (1) Prior to the implementation of authoritative guidance in 2020, commercial and residential mortgage loan non-accrual disclosures included information about classes of those mortgages. Beginning in 2020, we determined that total commercial and residential mortgage loans on non-accrual status is the most meaningful presentation.
Financing Receivables Aging (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ cost ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ 30-59 days ​ 60-89 days ​ more past ​ Total past ​ ​ ​ ​ ​ ​ ​ more and ​ ​ past due ​ past due ​ due ​ due ​ Current ​ Total (1) ​ accruing ​ ​ (in millions) Commercial mortgage loans ​ $ 14.9 ​ $ 30.1 ​ $ 12.3 ​ $ 57.3 ​ $ 15,038.2 ​ $ 15,095.5 ​ $ 7.7 Direct financing leases ​ ​ 3.5 ​ ​ — ​ ​ — ​ ​ 3.5 ​ ​ 643.6 ​ ​ 647.1 ​ ​ — Residential mortgage loans ​ ​ 40.6 ​ ​ 18.4 ​ ​ 3.1 ​ ​ 62.1 ​ ​ 1,585.0 ​ ​ 1,647.1 ​ ​ 1.2 Total ​ $ 59.0 ​ $ 48.5 ​ $ 15.4 ​ $ 122.9 ​ $ 17,266.8 ​ $ 17,389.7 ​ $ 8.9 (1) No reinsurance recoverables were considered past due as of June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ investment ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ 30-59 days ​ 60-89 days ​ more past ​ Total past ​ ​ ​ ​ ​ ​ ​ more and ​ ​ past due ​ past due ​ due ​ due ​ Current ​ Total loans ​ accruing ​ ​ (in millions) Commercial-brick and mortar ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 14,856.7 ​ $ 14,856.7 ​ $ — Commercial-credit tenant loans ​ — ​ — ​ — ​ — ​ 160.5 ​ 160.5 ​ — Residential-first liens ​ 46.6 ​ 9.3 ​ 11.2 ​ 67.1 ​ 1,418.6 ​ 1,485.7 ​ 2.7 Residential-home equity ​ 0.8 ​ — ​ 0.3 ​ 1.1 ​ 9.9 ​ 11.0 ​ — Total ​ $ 47.4 ​ $ 9.3 ​ $ 11.5 ​ $ 68.2 ​ $ 16,445.7 ​ $ 16,513.9 ​ $ 2.7 (1) Prior to the implementation of authoritative guidance in 2020, commercial and residential mortgage loan past due disclosures included information about classes of those mortgages. Beginning in 2020, we determined that aging for total commercial and residential mortgage loans is the most meaningful presentation.
Financing Receivables Valuation Allowance (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ Direct ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ financing ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans leases mortgage loans recoverables Total ​ ​ ​ (in millions) Beginning balance ​ $ 37.7 ​ $ 0.2 ​ $ 6.1 ​ $ 2.5 ​ $ 46.5 Provision ​ 2.7 ​ — ​ (1.0) ​ — ​ 1.7 Charge-offs ​ — ​ — ​ (0.1) ​ — ​ (0.1) Recoveries ​ — ​ — ​ 0.6 ​ — ​ 0.6 Ending balance $ 40.4 $ 0.2 $ 5.6 $ 2.5 $ 48.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ Direct ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ financing ​ Residential ​ Reinsurance ​ ​ ​ ​ ​ mortgage loans leases mortgage loans recoverables Total ​ ​ (in millions) Beginning balance (1) ​ $ 27.3 ​ $ — ​ $ 3.3 ​ $ 2.5 ​ $ 33.1 Provision (2) ​ 13.1 ​ 0.2 ​ 1.3 ​ — ​ 14.6 Charge-offs ​ — ​ — ​ (0.2) ​ — ​ (0.2) Recoveries ​ — ​ — ​ 1.2 ​ — ​ 1.2 Ending balance $ 40.4 $ 0.2 $ 5.6 $ 2.5 $ 48.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 (3) ​ Commercial Residential Total ​ ​ (in millions) Beginning balance ​ $ 24.7 ​ $ 2.9 ​ $ 27.6 Provision ​ 0.7 ​ ​ (0.8) ​ ​ (0.1) Charge-offs ​ — ​ (0.3) ​ (0.3) Recoveries ​ ​ — ​ ​ 0.9 ​ ​ 0.9 Ending balance ​ $ 25.4 ​ $ 2.7 ​ $ 28.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 (3) ​ Commercial Residential Total ​ ​ (in millions) Beginning balance ​ $ 24.3 ​ $ 3.1 ​ $ 27.4 Provision ​ 1.1 ​ (1.6) ​ (0.5) Charge-offs ​ — ​ (0.4) ​ (0.4) Recoveries ​ ​ — ​ ​ 1.6 ​ ​ 1.6 Ending balance ​ $ 25.4 ​ $ 2.7 ​ $ 28.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance ending balance by basis of impairment method: ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ 1.5 ​ $ 1.5 Collectively evaluated for impairment ​ ​ 25.4 ​ ​ 1.2 ​ ​ 26.6 Allowance ending balance ​ $ 25.4 ​ $ 2.7 ​ $ 28.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan balance by basis of impairment method: ​ ​ ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ 13.3 ​ $ 13.3 Collectively evaluated for impairment ​ ​ 14,830.6 ​ ​ 1,321.0 ​ ​ 16,151.6 Loan ending balance ​ $ 14,830.6 ​ $ 1,334.3 ​ $ 16,164.9 (1) Upon adoption of authoritative guidance effective January 1, 2020, we updated accounting policies and methodology, adjusted the commercial and residential mortgage loan valuation allowance and established a valuation allowance for reinsurance recoverables. See Note 1, Nature of Operations and Significant Accounting Policies under the caption, "Recent Accounting Pronouncements" for further details. (2) During the six months ended June 30, 2020, the outbreak of COVID-19 adversely impacted global economic activity and contributed to significant volatility in financial markets. As a result, certain current and forecasted environmental factors management believes to be relevant were adjusted, resulting in an increase in the valuation allowance for commercial and residential mortgage loans and direct financing leases. (3) Prior to the implementation of authoritative guidance in 2020, only commercial and residential mortgage loans were included in the allowance rollforward and the allowance was based on either individual or collective evaluation.
Mortgage Loans Purchased and Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ Purchased ​ $ 73.5 ​ $ 103.0 ​ $ 86.3 ​ $ 115.9 Sold ​ ​ — ​ ​ — ​ ​ 1.1 ​ ​ 0.5 Residential mortgage loans: ​ ​ ​ ​ ​ ​ Purchased ​ 267.7 ​ 66.2 ​ 494.5 ​ 99.4 Sold ​ 48.5 ​ 21.2 ​ 73.4 ​ 32.1
Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Amortized Percent Amortized Percent ​ ​ cost ​ of total ​ cost ​ of total ​ ​ ($ in millions) Geographic distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 668.4 ​ 4.4 % $ 613.9 ​ 4.1 % Middle Atlantic ​ 4,137.7 ​ 27.4 ​ 4,139.7 ​ 27.5 ​ East North Central ​ 611.8 ​ 4.1 ​ 624.5 ​ 4.2 ​ West North Central ​ 236.7 ​ 1.6 ​ 237.2 ​ 1.6 ​ South Atlantic ​ 2,286.0 ​ 15.1 ​ 2,318.4 ​ 15.4 ​ East South Central ​ 340.7 ​ 2.3 ​ 438.5 ​ 2.9 ​ West South Central ​ 1,404.1 ​ 9.3 ​ 1,450.0 ​ 9.7 ​ Mountain ​ 972.3 ​ 6.4 ​ 931.8 ​ 6.2 ​ Pacific ​ 4,121.2 ​ 27.3 ​ 3,963.7 ​ 26.4 ​ International ​ 316.6 ​ 2.1 ​ 299.5 ​ 2.0 ​ Total ​ $ 15,095.5 ​ 100.0 % $ 15,017.2 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property type distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ $ 4,689.9 ​ 31.1 % $ 4,887.1 ​ 32.6 % Retail ​ 1,921.3 ​ 12.7 ​ 2,052.6 ​ 13.7 ​ Industrial ​ 2,310.0 ​ 15.3 ​ 2,268.5 ​ 15.1 ​ Apartments ​ 5,616.7 ​ 37.2 ​ 5,246.9 ​ 34.9 ​ Hotel ​ 89.9 ​ 0.6 ​ 90.8 ​ 0.6 ​ Mixed use/other ​ 467.7 ​ 3.1 ​ 471.3 ​ 3.1 ​ Total ​ $ 15,095.5 ​ 100.0 % $ 15,017.2 ​ 100.0 %
Financial Assets Subject to Netting Agreements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the ​ ​ ​ ​ ​ ​ ​ ​ consolidated statements ​ ​ ​ ​ ​ ​ ​ ​ of financial position ​ ​ ​ ​ ​ Gross amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of recognized ​ Financial ​ Collateral ​ ​ ​ ​ assets (1) instruments (2) received Net amount ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 530.6 ​ $ (100.3) ​ $ (426.3) ​ $ 4.0 Reverse repurchase agreements ​ ​ 21.7 ​ ​ — ​ ​ (21.7) ​ ​ — Total ​ $ 552.3 ​ $ (100.3) ​ $ (448.0) ​ $ 4.0 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 288.7 ​ $ (88.4) ​ $ (197.6) ​ $ 2.7 Reverse repurchase agreements ​ 23.6 ​ ​ — ​ ​ (23.6) ​ ​ — Total ​ $ 312.3 ​ $ (88.4) ​ $ (221.2) ​ $ 2.7 (1) The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The above excludes $0.8 million and $6.0 million of derivative assets as of June 30, 2020 and December 31, 2019, respectively, that are not subject to master netting agreements or similar agreements. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position. (2) Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.
Financial Liabilities Subject to Netting Agreements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the ​ ​ ​ ​ ​ ​ ​ ​ consolidated statements ​ ​ ​ ​ ​ ​ ​ ​ of financial position ​ ​ ​ ​ ​ Gross amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of recognized ​ Financial ​ Collateral ​ ​ ​ ​ liabilities (1) instruments (2) pledged Net amount ​ ​ (in millions) June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 192.8 ​ $ (100.3) ​ $ (77.5) ​ $ 15.0 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 216.0 ​ $ (88.4) ​ $ (118.3) ​ $ 9.3 (1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $576.0 million and $314.5 million of derivative liabilities as of June 30, 2020 and December 31, 2019, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position. (2) Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Financial Instruments
Derivative Financial Instruments, Exposure (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 38,991.6 ​ $ 35,173.6 Interest rate options ​ 1,886.9 ​ 1,416.9 Interest rate futures ​ 591.5 ​ 142.5 Swaptions ​ 62.0 ​ ​ 62.0 Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Currency forwards ​ ​ 1,185.9 ​ ​ 1,182.3 Currency swaps ​ ​ 986.0 ​ ​ 1,027.2 Currency options ​ — ​ 53.8 Equity contracts: ​ ​ ​ ​ ​ ​ Equity options ​ 1,735.9 ​ 1,672.8 Equity futures ​ 379.9 ​ 149.5 Credit contracts: ​ ​ ​ ​ ​ ​ Credit default swaps ​ 310.0 ​ 165.0 Other contracts: ​ ​ ​ ​ ​ ​ Embedded derivatives ​ 9,764.8 ​ 9,742.3 Total notional amounts at end of period ​ $ 55,894.5 ​ $ 50,787.9 ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 351.7 ​ $ 181.9 Interest rate options ​ 65.1 ​ 28.3 Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Currency swaps ​ 71.7 ​ 55.4 Currency forwards ​ 10.9 ​ 4.9 Currency options ​ ​ — ​ ​ 0.1 Equity contracts: ​ ​ ​ ​ ​ ​ Equity options ​ 39.3 ​ 30.5 Credit contracts: ​ ​ ​ ​ ​ ​ Credit default swaps ​ 2.6 ​ 0.5 Total gross credit exposure ​ 541.3 ​ 301.6 Less: collateral received ​ 446.5 ​ 208.3 Net credit exposure ​ $ 94.8 ​ $ 93.3
Derivative Financial Instruments, Fair Value Disclosures (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 ​ ​ (in millions) Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ — ​ $ 31.2 ​ $ 21.3 Foreign exchange contracts ​ 61.3 ​ 30.0 ​ 0.8 ​ 15.2 Total derivatives designated as hedging instruments ​ $ 61.3 ​ $ 30.0 ​ $ 32.0 ​ $ 36.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 408.3 ​ $ 204.2 ​ $ 40.9 ​ $ 16.7 Foreign exchange contracts ​ 20.0 ​ 29.5 ​ 102.9 ​ 100.2 Equity contracts ​ 39.3 ​ 30.5 ​ 14.7 ​ 63.1 Credit contracts ​ 2.5 ​ 0.5 ​ 2.3 ​ 1.2 Other contracts ​ — ​ — ​ 576.0 ​ 312.8 Total derivatives not designated as hedging instruments ​ 470.1 ​ 264.7 ​ 736.8 ​ 494.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 531.4 ​ $ 294.7 ​ $ 768.8 ​ $ 530.5 (1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position. (2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $576.0 million and $214.2 million as of June 30, 2020 and December 31, 2019, respectively, are reported with contractholder funds on the consolidated statements of financial position.
Credit Derivatives Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ Notional ​ Fair ​ future ​ expected life ​ amount value payments (in years) ​ ​ (in millions) ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 20.0 ​ $ 0.4 ​ $ 20.0 5.0 BBB ​ ​ 115.0 ​ ​ 1.4 ​ ​ 115.0 4.4 Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.3 ​ ​ 20.0 ​ 5.0 BBB ​ ​ 15.0 ​ ​ 0.1 ​ ​ 15.0 ​ 1.5 Total credit default swap protection sold ​ $ 170.0 ​ $ 2.2 ​ $ 170.0 4.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ Notional ​ Fair ​ future ​ expected life ​ amount value payments (in years) ​ ​ (in millions) ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 5.0 ​ $ — ​ $ 5.0 0.5 BBB ​ 70.0 ​ ​ 0.2 ​ ​ 70.0 2.6 Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BBB ​ 15.0 ​ ​ 0.3 ​ ​ 15.0 ​ 2.0 Total credit default swap protection sold ​ $ 90.0 ​ $ 0.5 ​ $ 90.0 2.4
Fair Value Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative amount of fair ​ ​ ​ ​ value hedging basis adjustment Line item in the consolidated statements ​ ​ ​ included in the amortized cost of financial position in which the ​ Amortized cost of hedged item ​ of the hedged item hedged item is included June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 152.8 ​ $ 142.0 ​ $ 29.3 ​ $ 18.1 Discontinued hedging relationships ​ ​ 137.1 ​ ​ 159.3 ​ ​ 6.5 ​ ​ 7.7 Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 289.9 ​ $ 301.3 ​ $ 35.8 ​ $ 25.8
Cash Flow Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in AOCI on derivatives ​ ​ ​ ​ For the three months ended ​ For the six months ended Derivatives in cash ​ ​ ​ June 30, ​ June 30, flow hedging relationships Related hedged item 2020 2019 2020 2019 ​ ​ ​ ​ (in millions) Interest rate contracts Fixed maturities, available-for-sale ​ $ (7.4) ​ $ 0.9 ​ $ (3.0) ​ $ (3.3) Foreign exchange contracts Fixed maturities, available-for-sale ​ (18.8) ​ ​ 3.4 ​ 46.5 ​ ​ (5.2) Total ​ ​ ​ $ (26.2) ​ $ 4.3 ​ $ 43.5 ​ $ (8.5)
Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 944.6 ​ $ (27.4) ​ $ 1,601.3 ​ $ 983.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 0.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (0.6) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (1.2) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (1.8) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ $ 4.7 ​ $ 3.9 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 4.0 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 2.1 ​ ​ — ​ ​ — ​ ​ — Total gain recognized for cash flow hedging relationships ​ $ 6.8 ​ $ 7.9 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,037.1 ​ $ (4.0) ​ $ 2,446.1 ​ $ 1,046.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 4.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (4.3) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (1.2) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (2.0) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.9 ​ $ — ​ $ — ​ $ (2.0) Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 9.5 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 1.7 ​ ​ — ​ ​ — ​ ​ — Total gain (loss) recognized for cash flow hedging relationships ​ $ 6.6 ​ $ 9.6 ​ $ — ​ $ (2.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,928.2 ​ $ 104.0 ​ $ 4,460.0 ​ $ 2,318.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 11.2 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ ​ (11.5) ​ ​ — ​ ​ — ​ ​ — Amortization of hedged item basis adjustments ​ ​ (1.3) ​ ​ — ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ (2.3) ​ ​ — ​ ​ — ​ ​ — Total loss recognized for fair value hedging relationships ​ $ (3.9) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ $ 9.4 ​ $ 2.6 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ ​ — ​ ​ 6.2 ​ ​ — ​ ​ — Amounts related to periodic settlements on derivatives ​ ​ 4.2 ​ ​ — ​ ​ — ​ ​ — Total gain recognized for cash flow hedging relationships ​ $ 13.6 ​ $ 8.8 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ ​ Net investment ​ Net realized ​ claims and ​ ​ ​ ​ ​ income related ​ capital gains ​ settlement ​ ​ ​ ​ ​ to hedges ​ related to ​ expenses ​ ​ ​ ​ ​ of fixed ​ hedges of fixed ​ related to ​ Operating ​ ​ maturities, ​ maturities, ​ hedges of ​ expenses ​ ​ available- ​ available- ​ investment ​ related to ​ for-sale for-sale contracts hedges of debt ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 1,998.1 ​ $ 80.5 ​ $ 4,641.2 ​ $ 2,039.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain recognized on hedged item ​ $ 6.6 ​ $ — ​ $ — ​ $ — Loss recognized on derivatives ​ (6.8) ​ — ​ — ​ — Amortization of hedged item basis adjustments ​ (2.5) ​ — ​ — ​ — Amounts related to periodic settlements on derivatives ​ (1.5) ​ — ​ — ​ — Total loss recognized for fair value hedging relationships ​ $ (4.2) ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 10.0 ​ $ — ​ $ — ​ $ (4.8) Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 9.5 ​ — ​ — Amounts related to periodic settlements on derivatives ​ 3.3 ​ — ​ — ​ — Total gain (loss) recognized for cash flow hedging relationships ​ $ 13.3 ​ $ 9.6 ​ $ — ​ $ (4.8) ​
Net Investment Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ ​ Amount of gain recognized ​ reclassified from AOCI into ​ ​ in AOCI on derivatives ​ net realized capital gains (losses) ​ ​ for the three months ended ​ for the three months ended ​ ​ June 30, ​ June 30, Derivatives in net investment hedging relationships 2020 2019 2020 2019 ​ ​ (in millions) Foreign exchange contracts ​ $ 1.8 ​ $ — ​ $ — ​ $ — Total ​ $ 1.8 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain ​ ​ Amount of gain recognized ​ reclassified from AOCI into ​ ​ in AOCI on derivatives ​ net realized capital gains (losses) ​ ​ for the six months ended ​ for the six months ended ​ ​ June 30, ​ June 30, Derivatives in net investment hedging relationships ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ (in millions) Foreign exchange contracts ​ $ 9.3 ​ $ — ​ $ — ​ $ — Total ​ $ 9.3 ​ $ — ​ $ — ​ $ —
Derivatives Not Designated as Hedging Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in ​ Amount of gain (loss) recognized in ​ ​ net income on derivatives for the ​ net income on derivatives for the ​ ​ three months ended June 30, ​ six months ended June 30, Derivatives not designated as hedging instruments 2020 ​ 2019 ​ 2020 2019 ​ ​ (in millions) Interest rate contracts ​ $ (19.9) ​ $ 94.1 ​ $ 480.5 ​ $ 161.4 Foreign exchange contracts ​ ​ 24.3 ​ ​ 5.4 ​ (32.6) ​ 10.0 Equity contracts ​ ​ (188.2) ​ ​ (15.8) ​ (11.1) ​ (90.8) Credit contracts ​ ​ (1.4) ​ ​ (4.8) ​ 1.0 ​ (3.5) Other contracts ​ ​ (2.5) ​ ​ (76.1) ​ (362.3) ​ (71.4) Total ​ $ (187.7) ​ $ 2.8 ​ $ 75.5 ​ $ 5.7

Insurance Liabilities (Tables)

Insurance Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance Liabilities
Liability for Unpaid Claims (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2020 2019 ​ ​ (in millions) Balance at beginning of period ​ $ 2,365.5 ​ $ 2,252.7 Less: reinsurance recoverable ​ 403.8 ​ 404.3 Net balance at beginning of period ​ 1,961.7 ​ 1,848.4 Incurred: ​ ​ ​ ​ Current year ​ 609.5 ​ 653.6 Prior years ​ 34.7 ​ 29.0 Total incurred ​ 644.2 ​ 682.6 Payments: ​ ​ ​ ​ Current year ​ 333.7 ​ 387.8 Prior years ​ 257.6 ​ 238.1 Total payments ​ 591.3 ​ 625.9 Net balance at end of period ​ 2,014.6 ​ 1,905.1 Plus: reinsurance recoverable ​ 418.0 ​ 403.7 Balance at end of period ​ $ 2,432.6 ​ $ 2,308.8 ​ ​ ​ ​ ​ ​ ​ Amounts not included in the rollforward above: ​ ​ ​ ​ Claim adjustment expense liabilities ​ $ 56.9 ​ $ 55.1

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Long-Term Debt (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ Net unamortized ​ ​ ​ ​ ​ ​ ​ discount, ​ ​ ​ ​ ​ ​ ​ premium and ​ ​ ​ ​ ​ ​ ​ debt issuance ​ Carrying ​ Principal costs ​ amount ​ ​ (in millions) 3.3% notes payable, due 2022 ​ $ 300.0 ​ $ (0.9) ​ $ 299.1 3.125% notes payable, due 2023 ​ 300.0 ​ (0.8) ​ 299.2 3.4% notes payable, due 2025 ​ 400.0 ​ (2.4) ​ 397.6 3.1% notes payable, due 2026 ​ 350.0 ​ (2.2) ​ 347.8 3.7% notes payable, due 2029 ​ 500.0 ​ (5.8) ​ 494.2 2.125% notes payable, due 2030 ​ 500.0 ​ (6.9) ​ 493.1 6.05% notes payable, due 2036 ​ 505.6 ​ (2.5) ​ 503.1 4.625% notes payable, due 2042 ​ 300.0 ​ (3.2) ​ 296.8 4.35% notes payable, due 2043 ​ 300.0 ​ (3.1) ​ 296.9 4.3% notes payable, due 2046 ​ 300.0 ​ (3.3) ​ 296.7 4.7% notes payable, due 2055 ​ 400.0 ​ (4.9) ​ 395.1 Non-recourse mortgages and notes payable ​ 42.7 ​ 1.1 ​ 43.8 Total long-term debt ​ $ 4,198.3 ​ $ (34.9) ​ $ 4,163.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ Net unamortized ​ ​ ​ ​ ​ ​ ​ discount, ​ ​ ​ ​ ​ ​ ​ premium and ​ ​ ​ ​ ​ ​ ​ debt issuance ​ Carrying ​ Principal costs amount ​ ​ (in millions) 3.3% notes payable, due 2022 ​ $ 300.0 ​ $ (1.0) ​ $ 299.0 3.125% notes payable, due 2023 ​ 300.0 ​ (1.0) ​ 299.0 3.4% notes payable, due 2025 ​ 400.0 ​ (2.6) ​ 397.4 3.1% notes payable, due 2026 ​ 350.0 ​ (2.5) ​ 347.5 3.7% notes payable, due 2029 ​ 500.0 ​ (6.1) ​ 493.9 6.05% notes payable, due 2036 ​ 505.6 ​ (2.4) ​ 503.2 4.625% notes payable, due 2042 ​ 300.0 ​ (3.2) ​ 296.8 4.35% notes payable, due 2043 ​ 300.0 ​ (3.3) ​ 296.7 4.3% notes payable, due 2046 ​ 300.0 ​ (3.3) ​ 296.7 4.7% notes payable, due 2055 ​ 400.0 ​ (4.9) ​ 395.1 Non-recourse mortgages and notes payable ​ 107.6 ​ 1.2 ​ 108.8 Total long-term debt ​ $ 3,763.2 ​ $ (29.1) ​ $ 3,734.1 ​

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Taxes
Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 U.S. corporate income tax rate ​ 21 % ​ 21 % ​ 21 % ​ 21 % Dividends received deduction ​ (3) ​ (4) ​ ​ (4) ​ (5) ​ Tax credits ​ (2) ​ ​ (3) ​ ​ (2) ​ ​ (2) ​ Impact of equity method presentation ​ (1) ​ ​ (1) ​ ​ (1) ​ ​ (1) ​ Interest exclusion from taxable income ​ (1) ​ ​ (1) ​ ​ (1) ​ ​ (1) ​ State income taxes ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Other ​ 3 ​ 1 ​ ​ 2 ​ 1 ​ Effective income tax rate ​ 17 % ​ 13 % ​ 15 % ​ 14 %

Employee and Agent Benefits (Ta

Employee and Agent Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Employee and Agent Benefits
Components of Net Periodic Benefit Cost (Income) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ For the three months ended ​ For the three months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Service cost ​ $ 18.2 ​ $ 16.7 ​ $ — ​ $ — Interest cost ​ ​ 29.4 ​ 32.1 ​ ​ 0.7 ​ 1.0 Expected return on plan assets ​ ​ (39.2) ​ (36.4) ​ ​ (9.0) ​ (8.3) Amortization of prior service benefit ​ ​ (4.2) ​ (2.0) ​ ​ (0.3) ​ (0.3) Recognized net actuarial loss ​ ​ 18.9 ​ 17.2 ​ ​ — ​ — Net periodic benefit cost (income) ​ $ 23.1 ​ $ 27.6 ​ $ (8.6) ​ $ (7.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ For the six months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Service cost ​ $ 36.3 ​ $ 33.5 ​ $ — ​ $ — Interest cost ​ ​ 58.7 ​ 64.9 ​ 1.4 ​ 1.9 Expected return on plan assets ​ ​ (78.4) ​ (71.9) ​ (18.0) ​ (16.6) Amortization of prior service benefit ​ ​ (8.4) ​ (2.9) ​ (0.5) ​ (0.6) Recognized net actuarial loss ​ ​ 37.7 ​ 34.1 ​ — ​ — Net periodic benefit cost (income) ​ $ 45.9 ​ $ 57.7 ​ $ (17.1) ​ $ (15.3) ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity
Common Stock Dividends (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared per common share ​ $ 0.56 $ 0.54 ​ $ 1.12 $ 1.08 ​
Reconciliation of Outstanding Common Shares (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Beginning balance 273.4 278.2 276.6 279.5 Shares issued 0.6 0.4 1.8 2.2 Treasury stock acquired — — (4.4) (3.1) Ending balance 274.0 278.6 274.0 278.6 ​
Other Comprehensive Income (Loss) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, 2020 ​ June 30, 2020 ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) Net unrealized gains on available-for-sale securities during the period ​ $ 4,195.7 ​ $ (900.4) ​ $ 3,295.3 ​ $ 1,418.0 ​ $ (300.1) ​ $ 1,117.9 Reclassification adjustment for gains included in net income (1) ​ (47.9) ​ 11.0 ​ (36.9) ​ (57.4) ​ 13.6 ​ (43.8) Adjustments for assumed changes in amortization patterns ​ (336.4) ​ 70.6 ​ (265.8) ​ (3.9) ​ 0.8 ​ (3.1) Adjustments for assumed changes in policyholder liabilities ​ (1,232.5) ​ 277.6 ​ (954.9) ​ (570.3) ​ 125.4 ​ (444.9) Net unrealized gains on available-for-sale securities ​ 2,578.9 ​ (541.2) ​ 2,037.7 ​ 786.4 ​ (160.3) ​ 626.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains ( losses) on derivative instruments during the period ​ (10.8) ​ 3.1 ​ (7.7) ​ 55.4 ​ (11.1) ​ 44.3 Reclassification adjustment for gains included in net income (3) ​ (12.6) ​ 1.8 ​ (10.8) ​ (18.2) ​ 3.3 ​ (14.9) Adjustments for assumed changes in amortization patterns ​ 1.0 ​ (0.2) ​ 0.8 ​ 0.7 ​ (0.2) ​ 0.5 Adjustments for assumed changes in policyholder liabilities ​ 1.7 ​ (0.4) ​ 1.3 ​ 2.9 ​ (0.6) ​ 2.3 Net unrealized gains (losses) on derivative instruments ​ (20.7) ​ 4.3 ​ (16.4) ​ 40.8 ​ (8.6) ​ 32.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 30.0 ​ ​ (13.6) ​ ​ 16.4 ​ ​ (306.6) ​ ​ (2.8) ​ ​ (309.4) Reclassification adjustment for losses included in net income (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 31.5 ​ ​ — ​ ​ 31.5 Foreign currency translation adjustment ​ 30.0 ​ (13.6) ​ 16.4 ​ (275.1) ​ (2.8) ​ (277.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ ​ 0.6 ​ ​ (0.2) ​ ​ 0.4 Amortization of amounts included in net periodic benefit cost (5) ​ 14.4 ​ (3.9) ​ 10.5 ​ 28.8 ​ (7.8) ​ 21.0 Net unrecognized postretirement benefit obligation ​ 14.4 ​ (4.0) ​ 10.4 ​ 29.4 ​ (8.0) ​ 21.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 2,602.6 ​ $ (554.5) ​ $ 2,048.1 ​ $ 581.5 ​ $ (179.7) ​ $ 401.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended For the six months ended ​ ​ June 30, 2019 ​ June 30, 2019 ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) Net unrealized gains on available-for-sale securities during the period ​ $ 1,804.0 ​ $ (394.9) ​ $ 1,409.1 ​ $ 3,621.0 ​ $ (787.4) ​ $ 2,833.6 Reclassification adjustment for losses included in net income (1) ​ 27.9 ​ ​ (5.5) ​ ​ 22.4 ​ ​ 36.6 ​ ​ (7.2) ​ ​ 29.4 Adjustments for assumed changes in amortization patterns ​ (117.6) ​ ​ 24.7 ​ ​ (92.9) ​ ​ (239.7) ​ ​ 50.4 ​ ​ (189.3) Adjustments for assumed changes in policyholder liabilities ​ (462.3) ​ ​ 108.6 ​ ​ (353.7) ​ ​ (762.6) ​ ​ 178.1 ​ ​ (584.5) Net unrealized gains on available-for-sale securities ​ 1,252.0 ​ ​ (267.1) ​ ​ 984.9 ​ ​ 2,655.3 ​ ​ (566.1) ​ ​ 2,089.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit component of impairment losses on fixed maturities, available-for-sale during the period ​ 0.3 ​ ​ — ​ ​ 0.3 ​ ​ (2.5) ​ ​ 0.6 ​ ​ (1.9) Adjustments for assumed changes in amortization patterns ​ (0.8) ​ ​ 0.1 ​ ​ (0.7) ​ ​ (1.2) ​ ​ 0.2 ​ ​ (1.0) Adjustments for assumed changes in policyholder liabilities ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Noncredit component of impairment losses on fixed maturities, available-for-sale (2) ​ (0.4) ​ ​ 0.1 ​ ​ (0.3) ​ ​ (3.6) ​ ​ 0.8 ​ ​ (2.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 12.8 ​ ​ (2.7) ​ ​ 10.1 ​ ​ 4.3 ​ ​ (0.9) ​ ​ 3.4 Reclassification adjustment for gains included in net income (3) ​ (12.5) ​ ​ 2.5 ​ ​ (10.0) ​ ​ (14.8) ​ ​ 2.8 ​ ​ (12.0) Adjustments for assumed changes in amortization patterns ​ 0.6 ​ ​ (0.1) ​ ​ 0.5 ​ ​ 2.5 ​ ​ (0.5) ​ ​ 2.0 Adjustments for assumed changes in policyholder liabilities ​ 1.2 ​ ​ (0.2) ​ ​ 1.0 ​ ​ 4.8 ​ ​ (1.1) ​ ​ 3.7 Net unrealized gains (losses) on derivative instruments ​ 2.1 ​ ​ (0.5) ​ ​ 1.6 ​ ​ (3.2) ​ ​ 0.3 ​ ​ (2.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 4.6 ​ ​ (2.2) ​ ​ 2.4 ​ ​ 45.5 ​ ​ (4.8) ​ ​ 40.7 Reclassification adjustment for losses included in net income (4) ​ ​ 26.5 ​ ​ — ​ ​ 26.5 ​ ​ 26.1 ​ ​ — ​ ​ 26.1 Foreign currency translation adjustment ​ 31.1 ​ ​ (2.2) ​ ​ 28.9 ​ 71.6 ​ (4.8) ​ 66.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ ​ 63.4 ​ ​ (17.1) ​ ​ 46.3 ​ ​ 63.4 ​ ​ (17.1) ​ ​ 46.3 Amortization of amounts included in net periodic benefit cost (5) ​ 14.9 ​ ​ (4.0) ​ ​ 10.9 ​ ​ 30.6 ​ ​ (8.2) ​ ​ 22.4 Net unrecognized postretirement benefit obligation ​ 78.3 ​ ​ (21.1) ​ ​ 57.2 ​ ​ 94.0 ​ ​ (25.3) ​ ​ 68.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,363.1 ​ $ (290.8) ​ $ 1,072.3 ​ $ 2,814.1 ​ $ (595.1) ​ $ 2,219.0 (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations. (2) Prior to 2020, represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI. (3) See Note 4, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (4) The 2020 pre-tax reclassification adjustment primarily related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary. The 2019 pre-tax reclassification adjustment primarily related to deconsolidated sponsored investment funds and was reported in net realized capital gains (losses) on the consolidated statements of operations. For both the three and six months ended June 30, 2019, $5.7 million of this reclassification relates to noncontrolling interest and is reported in net income attributable to noncontrolling interest on the consolidated statements of operations. (5) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 8, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
Accumulated Other Comprehensive Income (Loss) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ component of ​ Net unrealized ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains on ​ impairment losses ​ gains ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on fixed maturities ​ on derivative ​ translation ​ benefit ​ comprehensive ​ securities(1) available-for-sale(2) instruments adjustment obligation income (loss) ​ ​ (in millions) Balances as of April 1, 2019 ​ $ 1,294.3 ​ $ (49.6) ​ $ 59.9 ​ $ (1,222.1) ​ $ (501.4) ​ $ (418.9) Other comprehensive income during the period, net of adjustments ​ 962.4 ​ ​ (0.3) ​ ​ 11.6 ​ ​ 2.5 ​ ​ 46.3 ​ ​ 1,022.5 Amounts reclassified from AOCI ​ 22.4 ​ ​ — ​ ​ (10.0) ​ ​ 20.8 ​ ​ 10.9 ​ ​ 44.1 Other comprehensive income ​ 984.8 ​ ​ (0.3) ​ ​ 1.6 ​ ​ 23.3 ​ ​ 57.2 ​ ​ 1,066.6 Balances as of June 30, 2019 ​ $ 2,279.1 ​ $ (49.9) ​ $ 61.5 ​ $ (1,198.8) ​ $ (444.2) ​ $ 647.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 1, 2020 ​ $ 1,350.6 ​ $ — ​ $ 102.0 ​ $ (1,627.2) ​ $ (424.6) ​ $ (599.2) Other comprehensive income during the period, net of adjustments ​ 2,074.5 ​ ​ — ​ ​ (5.6) ​ ​ 18.3 ​ ​ (0.1) ​ ​ 2,087.1 Amounts reclassified to AOCI ​ (36.9) ​ ​ — ​ ​ (10.8) ​ ​ — ​ ​ 10.5 ​ ​ (37.2) Other comprehensive income ​ 2,037.6 ​ ​ — ​ ​ (16.4) ​ ​ 18.3 ​ ​ 10.4 ​ ​ 2,049.9 Balances as of June 30, 2020 ​ $ 3,388.2 ​ $ — ​ $ 85.6 ​ $ (1,608.9) ​ $ (414.2) ​ $ 1,450.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncredit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ component of ​ Net unrealized ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains on ​ impairment losses ​ gains ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on fixed maturities ​ on derivative ​ translation ​ benefit ​ comprehensive ​ securities (1) available-for-sale (2) instruments adjustment obligation income (loss) ​ ​ (in millions) Balances as of January 1, 2019 ​ $ 190.0 ​ $ (47.1) ​ $ 64.4 ​ $ (1,259.5) ​ $ (512.9) ​ $ (1,565.1) Other comprehensive income during the period, net of adjustments ​ 2,059.7 ​ ​ (2.8) ​ ​ 9.1 ​ ​ 40.3 ​ ​ 46.3 ​ ​ 2,152.6 Amounts reclassified from AOCI ​ 29.4 ​ ​ — ​ ​ (12.0) ​ ​ 20.4 ​ ​ 22.4 ​ ​ 60.2 Other comprehensive income ​ 2,089.1 ​ ​ (2.8) ​ ​ (2.9) ​ ​ 60.7 ​ ​ 68.7 ​ ​ 2,212.8 Balances as of June 30, 2019 ​ $ 2,279.1 ​ $ (49.9) ​ $ 61.5 ​ $ (1,198.8) ​ $ (444.2) ​ $ 647.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of January 1, 2020 ​ $ 2,806.0 ​ $ (44.1) ​ $ 53.4 ​ $ (1,341.8) ​ $ (435.6) ​ $ 1,037.9 Other comprehensive income during the period, net of adjustments ​ 670.1 ​ ​ — ​ ​ 47.1 ​ ​ (298.6) ​ ​ 0.4 ​ ​ 419.0 Amounts reclassified to AOCI ​ (43.8) ​ ​ — ​ ​ (14.9) ​ ​ 31.5 ​ ​ 21.0 ​ ​ (6.2) Other comprehensive income ​ 626.3 ​ ​ — ​ ​ 32.2 ​ ​ (267.1) ​ ​ 21.4 ​ ​ 412.8 Effects of implementation of accounting change related to credit losses, net ​ ​ (44.1) ​ ​ 44.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balances as of June 30, 2020 ​ $ 3,388.2 ​ $ — ​ $ 85.6 ​ $ (1,608.9) ​ $ (414.2) ​ $ 1,450.7 (1) Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $5.7 million as of June 30, 2020. (2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity. ​
Redeemable Noncontrolling Interest (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 2020 2019 ​ ​ (in millions) Balance at beginning of period ​ $ 239.7 ​ $ 537.7 ​ $ 264.9 ​ $ 391.2 Net income (loss) attributable to redeemable noncontrolling interest ​ ​ 15.7 ​ ​ 4.0 ​ (8.0) ​ 24.3 Redeemable noncontrolling interest of deconsolidated entities (1) ​ ​ — ​ ​ (370.0) ​ ​ — ​ ​ (370.0) Contributions from redeemable noncontrolling interest ​ ​ 40.4 ​ ​ 154.0 ​ ​ 74.6 ​ ​ 297.7 Distributions to redeemable noncontrolling interest ​ ​ (18.1) ​ ​ (25.8) ​ (47.8) ​ (46.1) Change in redemption value of redeemable noncontrolling interest ​ ​ (2.5) ​ ​ (1.0) ​ ​ (1.9) ​ ​ 1.7 Stock-based compensation attributable to redeemable noncontrolling interest ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Other comprehensive income (loss) attributable to redeemable noncontrolling interest ​ ​ (2.5) ​ ​ 5.5 ​ (9.1) ​ 5.6 Balance at end of period ​ $ 272.7 ​ $ 304.5 ​ $ 272.7 ​ $ 304.5 (1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ net asset ​ Fair value hierarchy level ​ fair value value (4) Level 1 Level 2 Level 3 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,875.0 ​ $ — ​ $ 1,460.2 ​ $ 414.8 ​ $ — Non-U.S. governments ​ ​ 1,006.9 ​ ​ — ​ ​ 1.0 ​ ​ 1,005.9 ​ ​ — States and political subdivisions ​ ​ 8,713.6 ​ ​ — ​ ​ — ​ ​ 8,713.6 ​ ​ — Corporate ​ ​ 43,586.8 ​ ​ — ​ ​ — ​ ​ 43,311.8 ​ ​ 275.0 Residential mortgage-backed pass-through securities ​ ​ 3,323.6 ​ ​ — ​ ​ — ​ ​ 3,323.6 ​ ​ — Commercial mortgage-backed securities ​ ​ 4,706.5 ​ ​ — ​ ​ — ​ ​ 4,693.4 ​ ​ 13.1 Collateralized debt obligations (1) ​ ​ 3,506.0 ​ ​ — ​ ​ — ​ ​ 3,503.2 ​ ​ 2.8 Other debt obligations ​ ​ 7,550.8 ​ ​ — ​ ​ — ​ ​ 7,479.6 ​ ​ 71.2 Total fixed maturities, available-for-sale ​ ​ 74,269.2 ​ ​ — ​ ​ 1,461.2 ​ ​ 72,445.9 ​ ​ 362.1 Fixed maturities, trading ​ ​ 583.8 ​ ​ — ​ ​ 0.5 ​ ​ 583.3 ​ ​ — Equity securities ​ ​ 1,778.5 ​ ​ — ​ ​ 617.9 ​ ​ 1,160.6 ​ ​ — Derivative assets (2) ​ ​ 531.4 ​ ​ — ​ ​ — ​ ​ 530.3 ​ ​ 1.1 Other investments ​ ​ 769.0 ​ ​ 75.6 ​ ​ 255.6 ​ ​ 399.1 ​ ​ 38.7 Cash equivalents ​ ​ 2,041.7 ​ ​ — ​ ​ 69.8 ​ ​ 1,971.9 ​ ​ — Sub-total excluding separate account assets ​ ​ 79,973.6 ​ ​ 75.6 ​ ​ 2,405.0 ​ ​ 77,091.1 ​ ​ 401.9 Separate account assets ​ ​ 155,936.3 ​ ​ 135.4 ​ ​ 89,113.4 ​ ​ 57,866.2 ​ ​ 8,821.3 Total assets ​ $ 235,909.9 ​ $ 211.0 ​ $ 91,518.4 ​ $ 134,957.3 ​ $ 9,223.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (3) ​ $ (576.0) ​ $ — ​ $ — ​ $ — ​ $ (576.0) Derivative liabilities (2) ​ ​ (192.8) ​ ​ — ​ ​ — ​ ​ (177.5) ​ ​ (15.3) Other liabilities ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ — Total liabilities ​ $ (768.9) ​ $ — ​ $ — ​ $ (177.6) ​ $ (591.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 235,141.0 ​ $ 211.0 ​ $ 91,518.4 ​ $ 134,779.7 ​ $ 8,631.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ net asset ​ Fair value hierarchy level ​ fair value value (4) Level 1 Level 2 Level 3 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,724.2 ​ $ — ​ $ 1,320.0 ​ $ 404.2 ​ $ — Non-U.S. governments ​ 996.2 ​ — ​ ​ 1.4 ​ ​ 994.8 ​ ​ — States and political subdivisions ​ 7,490.0 ​ — ​ ​ — ​ ​ 7,490.0 ​ ​ — Corporate ​ 40,647.4 ​ — ​ ​ 18.5 ​ ​ 40,547.2 ​ ​ 81.7 Residential mortgage-backed pass-through securities ​ 2,982.4 ​ — ​ ​ — ​ ​ 2,982.4 ​ ​ — Commercial mortgage-backed securities ​ 4,850.2 ​ — ​ ​ — ​ ​ 4,837.3 ​ ​ 12.9 Collateralized debt obligations (1) ​ 3,215.3 ​ — ​ ​ — ​ ​ 3,016.3 ​ ​ 199.0 Other debt obligations ​ 8,200.5 ​ — ​ ​ — ​ ​ 8,109.2 ​ ​ 91.3 Total fixed maturities, available-for-sale ​ 70,106.2 ​ — ​ ​ 1,339.9 ​ ​ 68,381.4 ​ ​ 384.9 Fixed maturities, trading ​ 675.9 ​ — ​ ​ 0.5 ​ ​ 675.1 ​ ​ 0.3 Equity securities ​ 1,879.4 ​ — ​ ​ 645.8 ​ ​ 1,233.6 ​ ​ — Derivative assets (2) ​ 294.7 ​ — ​ ​ — ​ ​ 265.4 ​ ​ 29.3 Other investments ​ 796.0 ​ 78.3 ​ ​ 335.2 ​ ​ 343.5 ​ ​ 39.0 Cash equivalents ​ 1,299.0 ​ — ​ ​ 40.9 ​ ​ 1,258.1 ​ ​ — Sub-total excluding separate account assets ​ 75,051.2 ​ 78.3 ​ ​ 2,362.3 ​ ​ 72,157.1 ​ ​ 453.5 Separate account assets ​ 165,468.0 ​ 129.0 ​ ​ 95,652.5 ​ ​ 60,718.5 ​ ​ 8,968.0 Total assets ​ $ 240,519.2 ​ $ 207.3 ​ $ 98,014.8 ​ $ 132,875.6 ​ $ 9,421.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (3) ​ $ (214.2) ​ $ — ​ $ — ​ $ — ​ $ (214.2) Derivative liabilities (2) ​ (217.7) ​ — ​ ​ — ​ ​ (201.4) ​ ​ (16.3) Other liabilities (3) ​ (98.9) ​ — ​ ​ — ​ ​ (98.9) ​ ​ — Total liabilities ​ $ (530.8) ​ $ — ​ $ — ​ $ (300.3) ​ $ (230.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 239,988.4 ​ $ 207.3 ​ $ 98,014.8 ​ $ 132,575.3 ​ $ 9,191.0 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 4, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. (4) Certain investments 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. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $12.4 million and $19.9 million as of June 30, 2020 and December 31, 2019, respectively. Separate account assets using the NAV practical expedient consist of hedge funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds. ​
Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included in ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ April 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2020 (2) income (3) (4) Level 3 Level 3 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 170.3 ​ $ — ​ $ 5.7 ​ $ (15.7) ​ $ 217.3 ​ $ (102.6) ​ $ 275.0 Commercial mortgage-backed securities ​ 14.4 ​ ​ (0.9) ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 13.1 Collateralized debt obligations ​ 171.3 ​ ​ (0.9) ​ ​ (0.5) ​ ​ 0.2 ​ ​ — ​ ​ (167.3) ​ ​ 2.8 Other debt obligations ​ 104.9 ​ ​ — ​ ​ 1.7 ​ ​ (15.8) ​ ​ — ​ ​ (19.6) ​ ​ 71.2 Total fixed maturities, available-for-sale ​ 460.9 ​ ​ (1.8) ​ ​ 6.5 ​ ​ (31.3) ​ ​ 217.3 ​ ​ (289.5) ​ ​ 362.1 Fixed maturities, trading ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — Other investments ​ 36.0 ​ ​ 2.4 ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 38.7 Separate account assets (1) ​ 8,866.7 ​ ​ 8.5 ​ ​ — ​ ​ (53.9) ​ ​ — ​ ​ — ​ ​ 8,821.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (555.4) ​ ​ (18.3) ​ ​ — ​ ​ (2.3) ​ ​ — ​ ​ — ​ ​ (576.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (15.6) ​ ​ 2.5 ​ ​ — ​ ​ (1.1) ​ ​ — ​ ​ — ​ ​ (14.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included in ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ April 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2019 (2) income (3) (4) Level 3 Level 3 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ 4.2 ​ $ — ​ $ — ​ $ (0.3) ​ $ — ​ $ — ​ $ 3.9 Corporate ​ 58.5 ​ ​ — ​ ​ — ​ ​ (13.8) ​ ​ — ​ ​ — ​ ​ 44.7 Commercial mortgage-backed securities ​ 12.0 ​ ​ (3.2) ​ ​ 2.9 ​ ​ — ​ ​ 3.7 ​ ​ (2.3) ​ ​ 13.1 Collateralized debt obligations ​ 5.9 ​ ​ — ​ ​ 0.5 ​ ​ (1.6) ​ ​ 30.0 ​ ​ — ​ ​ 34.8 Other debt obligations ​ 43.4 ​ ​ — ​ ​ 0.5 ​ ​ 16.0 ​ ​ — ​ ​ — ​ ​ 59.9 Total fixed maturities, available-for-sale ​ 124.0 ​ ​ (3.2) ​ ​ 3.9 ​ ​ 0.3 ​ ​ 33.7 ​ ​ (2.3) ​ ​ 156.4 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ 0.5 Equity securities ​ 0.4 ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Other investments ​ 29.4 ​ ​ 0.1 ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ 29.1 Separate account assets (1) ​ 8,718.7 ​ ​ 138.9 ​ ​ 0.5 ​ ​ 4.2 ​ ​ — ​ ​ (172.5) ​ ​ 8,689.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (40.5) ​ ​ (76.2) ​ ​ (0.2) ​ ​ (1.8) ​ ​ — ​ ​ — ​ ​ (118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 3.4 ​ ​ 6.6 ​ ​ — ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 15.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2020 (2) income (3) (4) Level 3 Level 3 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 81.7 ​ $ — ​ $ (10.6) ​ $ 10.8 ​ $ 342.0 ​ $ (148.9) ​ $ 275.0 Commercial mortgage-backed securities ​ 12.9 ​ ​ (0.9) ​ ​ 1.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 13.1 Collateralized debt obligations ​ 199.0 ​ ​ (1.0) ​ ​ (22.6) ​ ​ 142.0 ​ ​ — ​ ​ (314.6) ​ ​ 2.8 Other debt obligations ​ 91.3 ​ ​ — ​ ​ (1.4) ​ ​ (2.7) ​ ​ 46.1 ​ ​ (62.1) ​ ​ 71.2 Total fixed maturities, available-for-sale ​ 384.9 ​ ​ (1.9) ​ ​ (33.5) ​ ​ 150.1 ​ ​ 388.1 ​ ​ (525.6) ​ ​ 362.1 Fixed maturities, trading ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — Other investments ​ 39.0 ​ ​ 2.3 ​ ​ (2.9) ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 38.7 Separate account assets (1) ​ 8,968.0 ​ ​ 153.1 ​ ​ — ​ ​ (299.8) ​ ​ — ​ ​ — ​ ​ 8,821.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (214.2) ​ ​ (358.7) ​ ​ (0.3) ​ ​ (2.8) ​ ​ — ​ ​ — ​ ​ (576.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 13.0 ​ ​ 1.8 ​ ​ — ​ ​ (2.5) ​ ​ — ​ ​ (26.5) ​ ​ (14.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ ​ ​ ​ ​ Total realized/unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ gains (losses) ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ ​ ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ ​ ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ June 30, ​ 2019 (2) income (3) (4) Level 3 Level 3 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ 4.6 ​ $ — ​ $ — ​ $ (0.7) ​ $ — ​ $ — ​ $ 3.9 Corporate ​ 57.9 ​ ​ — ​ ​ 0.4 ​ ​ (13.6) ​ ​ — ​ ​ — ​ ​ 44.7 Commercial mortgage-backed securities ​ 9.5 ​ ​ (3.2) ​ ​ 3.2 ​ ​ 2.2 ​ ​ 3.7 ​ ​ (2.3) ​ ​ 13.1 Collateralized debt obligations ​ 8.3 ​ ​ (2.5) ​ ​ 0.3 ​ ​ (1.3) ​ ​ 30.0 ​ ​ — ​ ​ 34.8 Other debt obligations ​ 58.5 ​ ​ — ​ ​ 1.6 ​ ​ 25.8 ​ ​ — ​ ​ (26.0) ​ ​ 59.9 Total fixed maturities, available-for-sale ​ 138.8 ​ ​ (5.7) ​ ​ 5.5 ​ ​ 12.4 ​ ​ 33.7 ​ ​ (28.3) ​ ​ 156.4 Fixed maturities,trading ​ — ​ ​ — ​ ​ — ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ 0.5 Other investments ​ 17.2 ​ ​ 2.3 ​ ​ — ​ ​ (0.4) ​ ​ 10.0 ​ ​ — ​ ​ 29.1 Separate account assets (1) ​ 8,615.5 ​ ​ 313.5 ​ ​ 0.1 ​ ​ (66.1) ​ ​ — ​ ​ (173.2) ​ ​ 8,689.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (45.2) ​ ​ (71.9) ​ ​ (0.1) ​ ​ (1.5) ​ ​ — ​ ​ — ​ ​ (118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 3.1 ​ ​ 5.0 ​ ​ — ​ ​ 7.7 ​ ​ — ​ ​ — ​ ​ 15.8 (1) Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal International segment separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities. (2) Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses) within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 2020 2019 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ (0.9) ​ $ (2.1) ​ $ (0.9) ​ $ (2.1) Collateralized debt obligations ​ ​ (0.9) ​ ​ — ​ ​ (1.0) ​ ​ (2.5) Total fixed maturities, available-for-sale ​ ​ (1.8) ​ ​ (2.1) ​ (1.9) ​ (4.6) Other investments ​ ​ 2.4 ​ ​ 0.1 ​ 2.3 ​ 2.3 Separate account assets ​ ​ 12.5 ​ ​ 126.4 ​ 138.9 ​ 327.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ (1.4) ​ ​ (75.5) ​ (368.3) ​ (70.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 2.6 ​ ​ 11.2 ​ ​ 0.5 ​ ​ 8.9 ​ (3) Includes foreign currency translation adjustments related to our Principal International segment. Changes in unrealized gains (losses) included in OCI relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three ​ For the six ​ ​ months ended ​ months ended ​ ​ June 30, 2020 ​ June 30, 2020 ​ ​ (in millions) Assets ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 5.7 ​ $ (0.3) Commercial mortgage-backed securities ​ ​ (0.4) ​ ​ 1.1 Collateralized debt obligations ​ ​ (0.5) ​ ​ (0.9) Total fixed maturities, available-for-sale ​ ​ 4.8 ​ ​ (0.1) Other investments ​ ​ — ​ ​ (2.9) ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ (0.3) ​ ​ ​ ​ ​ ​ ​ ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 7.4 ​ $ (0.5) ​ $ — ​ $ (22.6) ​ $ (15.7) Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.2 ​ ​ 0.2 Other debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ (15.8) ​ ​ (15.8) Total fixed maturities, available-for-sale ​ ​ 7.4 ​ ​ (0.5) ​ ​ — ​ ​ (38.2) ​ ​ (31.3) Other investments ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 Separate account assets (5) ​ ​ 0.4 ​ ​ (1.5) ​ ​ (52.6) ​ ​ (0.2) ​ ​ (53.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ — ​ ​ (5.5) ​ ​ 3.2 ​ ​ (2.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ (1.1) ​ ​ — ​ ​ — ​ ​ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ — ​ $ — ​ $ — ​ $ (0.3) ​ $ (0.3) Corporate ​ ​ 5.2 ​ ​ (0.2) ​ ​ — ​ ​ (18.8) ​ ​ (13.8) Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ (1.6) Other debt obligations ​ ​ 16.8 ​ ​ — ​ ​ — ​ ​ (0.8) ​ ​ 16.0 Total fixed maturities, available-for-sale ​ ​ 22.0 ​ ​ (0.2) ​ ​ — ​ ​ (21.5) ​ ​ 0.3 Fixed maturities, trading ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.5 Other investments ​ ​ 4.5 ​ ​ (4.9) ​ ​ — ​ ​ — ​ ​ (0.4) Separate account assets (5) ​ ​ 41.0 ​ ​ (112.8) ​ ​ (156.5) ​ ​ 232.5 ​ ​ 4.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ — ​ ​ (3.5) ​ ​ 1.7 ​ ​ (1.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 5.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 34.9 ​ $ (1.0) ​ $ — ​ $ (23.1) ​ $ 10.8 Collateralized debt obligations ​ ​ 141.8 ​ ​ — ​ ​ — ​ ​ 0.2 ​ ​ 142.0 Other debt obligations ​ ​ 14.3 ​ ​ — ​ ​ — ​ ​ (17.0) ​ ​ (2.7) Total fixed maturities, available-for-sale ​ ​ 191.0 ​ ​ (1.0) ​ ​ — ​ ​ (39.9) ​ ​ 150.1 Other investments ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 Separate account assets (5) ​ ​ 68.0 ​ ​ (185.6) ​ ​ (226.8) ​ ​ 44.6 ​ ​ (299.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ — ​ ​ (12.2) ​ ​ 9.4 ​ ​ (2.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ (2.5) ​ ​ — ​ ​ — ​ ​ (2.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ Purchases Sales Issuances ​ Settlements and settlements ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-U.S. governments ​ $ — ​ $ — ​ $ — ​ $ (0.7) ​ $ (0.7) Corporate ​ ​ 5.7 ​ ​ (0.4) ​ ​ — ​ ​ (18.9) ​ ​ (13.6) Commercial mortgage-backed securities ​ ​ 2.4 ​ ​ — ​ ​ — ​ ​ (0.2) ​ ​ 2.2 Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.3) ​ ​ (1.3) Other debt obligations ​ ​ 26.8 ​ ​ — ​ ​ — ​ ​ (1.0) ​ ​ 25.8 Total fixed maturities, available-for-sale ​ ​ 34.9 ​ ​ (0.4) ​ ​ — ​ ​ (22.1) ​ ​ 12.4 Fixed maturities, trading ​ ​ 0.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.5 Other investments ​ ​ 4.5 ​ ​ (4.9) ​ ​ — ​ ​ — ​ ​ (0.4) Separate account assets (5) ​ ​ 120.0 ​ ​ (214.5) ​ ​ (203.8) ​ ​ 232.2 ​ ​ (66.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ ​ — ​ ​ — ​ ​ (4.8) ​ ​ 3.3 ​ ​ (1.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ 7.7 ​ ​ — ​ ​ — ​ ​ 7.7 ​ (5) Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.
Transfers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2020 ​ Transfers out Transfers out Transfers out Transfers out ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 ​ Level 3 ​ Level 1 ​ Level 2 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ — ​ $ 217.3 ​ $ — ​ $ 102.6 Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 167.3 Other debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 19.6 Total fixed maturities, available-for-sale ​ ​ — ​ ​ 217.3 ​ ​ — ​ ​ 289.5 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2019 ​ Transfers out Transfers out Transfers out Transfers out ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 ​ Level 3 ​ Level 1 ​ Level 2 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ — ​ $ 3.7 ​ $ — ​ $ 2.3 Collateralized debt obligations ​ ​ — ​ ​ 30.0 ​ ​ — ​ ​ — Total fixed maturities, available-for-sale ​ ​ — ​ ​ 33.7 ​ ​ — ​ ​ 2.3 Separate account assets ​ ​ — ​ ​ — ​ ​ — ​ ​ 172.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2020 ​ Transfers out Transfers out Transfers out Transfers out ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 ​ Level 3 ​ Level 1 ​ Level 2 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ — ​ $ 342.0 ​ $ — ​ $ 148.9 Collateralized debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 314.6 Other debt obligations ​ ​ — ​ ​ 46.1 ​ ​ — ​ ​ 62.1 Total fixed maturities, available-for-sale ​ ​ — ​ ​ 388.1 ​ ​ — ​ ​ 525.6 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ — ​ ​ — ​ ​ 26.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, 2019 ​ Transfers out Transfers out Transfers out Transfers out ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 ​ Level 3 ​ Level 1 ​ Level 2 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage-backed securities ​ $ — ​ $ 3.7 ​ $ — ​ $ 2.3 Collateralized debt obligations ​ ​ — ​ ​ 30.0 ​ ​ — ​ ​ — Other debt obligations ​ ​ — ​ ​ — ​ ​ — ​ ​ 26.0 Total fixed maturities, available-for-sale ​ — ​ 33.7 ​ — ​ 28.3 Other investments ​ ​ — ​ ​ 10.0 ​ ​ — ​ ​ — Separate account assets ​ — ​ — ​ — ​ 173.2 ​
Quantitative Information about Level 3 Fair Value Measurements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Assets / ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ Valuation ​ Unobservable ​ Input/range of ​ Weighted ​ ​ fair value ​ technique(s) ​ input description ​ inputs ​ average ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 241.5 Discounted cash flow Discount rate (1) ​ 0.6 %- 8.0 % ​ 5.7 % ​ ​ ​ ​ ​ ​ Illiquidity premium 0 basis points ("bps")- 138 bps ​ 36 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ 0 bps- 364 bps ​ 141 bps Commercial mortgage-backed securities ​ 1.4 Discounted cash flow Probability of default ​ ​ ​ 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ Potential loss severity ​ ​ 72.0 % ​ 72.0 % Collateralized debt obligations ​ 0.7 Discounted cash flow Potential loss severity ​ ​ 41.3 % ​ 41.3 % ​ ​ ​ ​ ​ ​ ​ Probability of default ​ ​ ​ 100.0 % ​ 100.0 % Other debt obligations ​ 0.7 Discounted cash flow Discount rate (1) ​ ​ 5.0 % ​ 5.0 % ​ ​ ​ ​ ​ ​ Illiquidity premium ​ ​ 500 bps ​ 500 bps Other investments ​ 37.3 Discounted cash flow - other investments Discount rate (1) 25.0 % - 30.0 % ​ 27.5 % ​ ​ ​ ​ ​ ​ ​ Terminal earnings before interest, taxes, depreciation and amortization multiple ​ 3.8 x- 4.7 x ​ 4.2 x ​ ​ ​ ​ ​ Market comparables - other investments ​ Revenue multiples (2) ​ 0.8 x- 7.0 x ​ 3.8 x ​ ​ ​ ​ ​ Discounted cash flow - real estate ​ Discount rate (1) ​ ​ ​ 7.3 % ​ 7.3 % ​ ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ ​ ​ 5.3 % ​ 5.3 % ​ ​ ​ ​ ​ ​ Average market rent growth ​ ​ 2.3 % ​ 2.3 % ​ ​ ​ ​ ​ Discounted cash flow - real estate debt ​ Loan to value ​ ​ ​ 55.5 % ​ 55.5 % ​ ​ ​ ​ ​ ​ ​ Credit spread ​ ​ ​ 2.9 % ​ 2.9 % Separate account assets ​ 8,820.7 Discounted cash flow - mortgage loans Discount rate (1) ​ ​ 1.7 % ​ 1.7 % ​ ​ ​ ​ ​ ​ Illiquidity premium ​ ​ 60 bps ​ 60 bps ​ ​ ​ ​ ​ ​ Credit spread rate ​ ​ 158 bps ​ 158 bps ​ ​ ​ ​ Discounted cash flow - real estate Discount rate (1) 5.5 %- 11.8 % ​ 6.6 % ​ ​ ​ ​ ​ ​ Terminal capitalization rate 4.5 %- 9.3 % ​ 5.6 % ​ ​ ​ ​ ​ ​ Average market rent growth rate 1.5 %- 4.6 % ​ 2.8 % ​ ​ ​ ​ Discounted cash flow - real estate debt Loan to value 9.0 %- 80.6 % ​ 47.0 % ​ ​ ​ ​ ​ ​ Market interest rate 2.8 %- 5.3 % ​ 3.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Investment and universal life contracts (6) ​ ​ (576.0) Discounted cash flow Long duration interest rate ​ 0.9 % (3) ​ ​ 0.9 % ​ ​ ​ ​ ​ ​ Long-term equity market volatility 16.9 %- 28.1 % ​ 19.3 % ​ ​ ​ ​ ​ ​ Non-performance risk 0.5 %- 2.1 % ​ 1.4 % ​ ​ ​ ​ ​ ​ Utilization rate See note (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Lapse rate 0.0 % - 18.0 % ​ 6.1 % ​ ​ ​ ​ ​ ​ Mortality rate See note (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Assets / ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ Valuation ​ Unobservable ​ Input/range of ​ Weighted ​ ​ fair value ​ technique(s) ​ input description ​ inputs ​ average ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 72.5 Discounted cash flow Discount rate (1) ​ 1.9 %- 5.1 % ​ 3.8 % ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 0 bps- 410 bps ​ 152 bps Commercial mortgage-backed securities ​ 2.4 Discounted cash flow Probability of default ​ ​ ​ ​ 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ Potential loss severity ​ ​ ​ 53.1 % ​ 53.1 % Collateralized debt obligations ​ 108.7 Discounted cash flow Discount rate (1) ​ ​ 2.9 %- 10.0 % ​ 3.4 % ​ ​ ​ ​ ​ ​ Potential loss severity ​ ​ ​ 23.0 % ​ 23.0 % ​ ​ ​ ​ ​ ​ ​ Probability of default ​ ​ ​ ​ 100.0 % ​ 100.0 % Other debt obligations ​ 1.2 Discounted cash flow Discount rate (1) ​ ​ ​ 5.0 % ​ 5.0 % ​ ​ ​ ​ ​ ​ Illiquidity premium ​ ​ ​ 500 bps ​ 500 bps Other investments ​ 14.8 Discounted cash flow Discount rate (1) ​ 25.0 %- 30.0 % ​ 27.5 % ​ ​ ​ ​ ​ ​ ​ Terminal earnings before interest, taxes, depreciation and amortization multiple ​ ​ 3.5 x- 4.5 x ​ 4.0 x ​ ​ ​ ​ ​ Market comparables Revenue multiples (2) ​ 0.8 x- 7.0 x ​ 4.1 x Separate account assets ​ 8,966.2 Discounted cash flow - Discount rate (1) ​ ​ ​ 2.8 % ​ 2.8 % ​ ​ ​ ​ ​ ​ Illiquidity premium ​ ​ ​ 60 bps ​ 60 bps ​ ​ ​ ​ ​ ​ Credit spread rate ​ ​ ​ 120 bps ​ 120 bps ​ ​ ​ ​ Discounted cash flow - Discount rate (1) ​ 5.5 %- 11.8 % ​ 6.7 % ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ 4.5 %- 9.3 % ​ 5.7 % ​ ​ ​ ​ ​ ​ Average market rent growth rate ​ 2.0 %- 4.7 % ​ 3.0 % ​ ​ ​ ​ Discounted cash flow - Loan to value ​ 8.0 %- 80.4 % ​ 45.9 % ​ ​ ​ ​ ​ ​ Market interest rate ​ 3.2 %- 5.8 % ​ 3.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (6) ​ (214.2) Discounted cash flow Long duration interest rate ​ 2.0 %- 2.1 % (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term equity market volatility ​ 15.0 %- 26.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-performance risk ​ 0.2 %- 1.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilization rate ​ See note (4) ​ ​ ​ ​ ​ ​ ​ ​ Lapse rate ​ 0.0 %- 18.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortality rate ​ See note (5) ​ ​ (1) Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable. (2) Revenue multiples are amounts used when we have determined market participants would use such multiples to value the investments. (3) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates. (4) This input factor is the number of contractholders taking withdrawals as well as the amount and timing of the withdrawals and a range does not provide a meaningful presentation. (5) This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation. (6) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.
Fair Value Option (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Real estate ventures (1) ​ ​ Fair value ​ $ 25.4 ​ $ 22.8 (1) Reported with other investments in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Commercial mortgage loans of consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ Interest income (1) ​ $ — ​ $ 0.1 ​ $ — ​ $ 0.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ventures ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value pre-tax gain (2) ​ 2.4 ​ ​ 0.1 ​ 2.3 ​ ​ 2.3 (1) Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rates as determined at the closing of the loan. (2) Reported in net investment income on the consolidated statements of operations. ​
Financial Instruments Not Reported at Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 16,696.6 ​ $ 17,686.6 ​ $ — ​ $ — ​ $ 17,686.6 Policy loans ​ 796.4 ​ 1,091.7 ​ — ​ — ​ 1,091.7 Other investments ​ 318.5 ​ 311.6 ​ — ​ 212.7 ​ 98.9 Cash and cash equivalents ​ 1,108.7 ​ 1,108.7 ​ 1,087.0 ​ 21.7 ​ — Investment contracts ​ (34,476.0) ​ ​ (35,424.5) ​ ​ — ​ ​ (3,885.8) ​ ​ (31,538.7) Short-term debt ​ (76.3) ​ ​ (76.3) ​ ​ — ​ ​ (76.3) ​ ​ — Long-term debt ​ (4,163.4) ​ ​ (4,714.0) ​ ​ — ​ ​ (4,672.8) ​ ​ (41.2) Separate account liabilities ​ (142,189.8) ​ ​ (141,064.7) ​ ​ — ​ ​ — ​ ​ (141,064.7) Bank deposits (1) ​ (449.8) ​ ​ (457.3) ​ ​ — ​ ​ (457.3) ​ ​ — Cash collateral payable ​ (384.0) ​ ​ (384.0) ​ ​ (384.0) ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 16,486.9 ​ $ 17,214.7 ​ $ — ​ $ — ​ $ 17,214.7 Policy loans ​ 798.0 ​ 1,030.8 ​ — ​ — ​ 1,030.8 Other investments ​ 278.8 ​ 273.1 ​ — ​ 180.3 ​ 92.8 Cash and cash equivalents ​ 1,216.9 ​ 1,216.9 ​ 1,193.3 ​ 23.6 ​ — Investment contracts ​ (33,922.2) ​ ​ (34,001.3) ​ ​ — ​ ​ (4,304.5) ​ ​ (29,696.8) Short-term debt ​ (93.4) ​ ​ (93.4) ​ ​ — ​ ​ (93.4) ​ ​ — Long-term debt ​ (3,734.1) ​ ​ (4,122.9) ​ ​ — ​ ​ (4,015.3) ​ ​ (107.6) Separate account liabilities ​ (151,132.4) ​ ​ (149,955.6) ​ ​ — ​ ​ — ​ ​ (149,955.6) Bank deposits (1) ​ (469.6) ​ ​ (468.3) ​ ​ — ​ ​ (468.3) ​ ​ — Cash collateral payable ​ (156.8) ​ ​ (156.8) ​ ​ (156.8) ​ ​ — ​ ​ — (1) Excludes deposit liabilities without defined or contractual maturities.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information
Reconciliation of Assets from Segment to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ ​ (in millions) Assets: ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 191,053.8 ​ $ 192,698.1 Principal Global Investors ​ 2,197.2 ​ 2,363.3 Principal International ​ 45,381.9 ​ 48,857.6 U.S. Insurance Solutions ​ 29,745.6 ​ 28,669.6 Corporate ​ 2,930.9 ​ 3,499.2 Total consolidated assets ​ $ 271,309.4 ​ $ 276,087.8
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Operating revenues by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions – Fee ​ $ 509.4 ​ $ 450.5 ​ $ 1,052.5 ​ $ 881.3 Retirement and Income Solutions – Spread ​ 970.6 ​ 1,709.1 ​ ​ 3,033.2 ​ 3,170.2 Total Retirement and Income Solutions (1) ​ 1,480.0 ​ 2,159.6 ​ ​ 4,085.7 ​ 4,051.5 Principal Global Investors (2) ​ 352.9 ​ 359.5 ​ ​ 743.7 ​ 698.5 Principal International ​ 276.4 ​ 411.6 ​ ​ 576.9 ​ 792.1 U.S. Insurance Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits insurance ​ ​ 627.0 ​ ​ 625.8 ​ ​ 1,266.0 ​ ​ 1,227.6 Individual Life insurance ​ 461.2 ​ 461.6 ​ ​ 945.5 ​ 927.9 Eliminations ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) Total U.S. Insurance Solutions ​ ​ 1,088.1 ​ ​ 1,087.3 ​ ​ 2,211.4 ​ ​ 2,155.4 Corporate ​ ​ (16.3) ​ ​ (15.8) ​ ​ (7.0) ​ ​ (14.6) Total segment operating revenues ​ ​ 3,181.1 ​ ​ 4,002.2 ​ ​ 7,610.7 ​ ​ 7,682.9 Net realized capital gains (losses), net of related revenue adjustments ​ ​ (56.2) ​ ​ (13.2) ​ ​ 73.8 ​ ​ 70.5 Adjustments related to equity method investments ​ ​ (10.3) ​ ​ (16.4) ​ ​ (18.6) ​ ​ (36.9) Total revenues per consolidated statements of operations ​ $ 3,114.6 ​ $ 3,972.6 ​ $ 7,665.9 ​ $ 7,716.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax operating earnings (losses) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 213.9 ​ $ 256.2 ​ $ 419.0 ​ $ 496.8 Principal Global Investors ​ 108.4 ​ 115.6 ​ ​ 220.1 ​ 216.3 Principal International ​ 94.5 ​ 93.2 ​ ​ 125.3 ​ 204.3 U.S. Insurance Solutions ​ 155.0 ​ 146.3 ​ ​ 284.5 ​ 257.0 Corporate ​ (84.0) ​ (98.1) ​ ​ (175.1) ​ (182.5) Total segment pre-tax operating earnings ​ 487.8 ​ 513.2 ​ ​ 873.8 ​ 991.9 Pre-tax net realized capital gains (losses), as adjusted (3) ​ 18.4 ​ (48.6) ​ ​ (51.0) ​ 17.0 Adjustments related to equity method investments and noncontrolling interest ​ ​ (7.6) ​ ​ (14.3) ​ ​ 4.0 ​ ​ (32.6) Income before income taxes per consolidated statements of operations ​ $ 498.6 ​ $ 450.3 ​ $ 826.8 ​ $ 976.3 (1) Reflects inter-segment revenues of $77.6 million and $88.5 million for the three months ended June 30, 2020 and 2019, respectively, $161.6 million and $174.2 million for the six months ended June 30, 2020 and 2019, respectively. (2) Reflects inter-segment revenues of $62.4 million and $66.2 million for the three months ended June 30, 2020 and 2019, respectively, $135.1 million and $127.7 million for the six months ended June 30, 2020 and 2019, respectively. (3) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Net realized capital gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized capital gains (losses) ​ $ (27.4) ​ $ (4.0) ​ $ 104.0 ​ $ 80.5 Derivative and hedging-related revenue adjustments ​ (35.1) ​ (21.4) ​ ​ (48.7) ​ (32.9) Adjustments related to equity method investments ​ ​ 2.3 ​ ​ 1.2 ​ ​ (5.1) ​ ​ 0.8 Adjustments related to sponsored investment funds ​ ​ 3.5 ​ ​ 6.8 ​ ​ 7.4 ​ ​ 14.8 Recognition of front-end fee revenue ​ ​ 0.5 ​ ​ 4.2 ​ ​ 16.2 ​ ​ 7.3 Net realized capital gains (losses), net of related revenue adjustments ​ (56.2) ​ (13.2) ​ ​ 73.8 ​ 70.5 Amortization of deferred acquisition costs and other actuarial balances ​ 89.6 ​ (29.1) ​ ​ (129.8) ​ (45.5) Capital (gains) losses distributed ​ (15.4) ​ (15.2) ​ ​ 28.0 ​ (23.9) Market value adjustments of embedded derivatives ​ 0.4 ​ 8.9 ​ ​ (23.0) ​ 15.9 Pre-tax net realized capital gains (losses), as adjusted (a) ​ $ 18.4 ​ $ (48.6) ​ $ (51.0) ​ $ 17.0 (a) As adjusted before noncontrolling interest capital gains (losses).

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2020
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions – Fee ​ $ 151.2 ​ $ 63.9 ​ $ 307.6 ​ $ 122.3 Retirement and Income Solutions – Spread ​ 2.0 ​ 2.3 ​ 4.1 ​ 5.2 Total Retirement and Income Solutions ​ ​ 153.2 ​ ​ 66.2 ​ ​ 311.7 ​ ​ 127.5 Principal Global Investors ​ 348.2 ​ 346.2 ​ 731.1 ​ 678.5 Principal International ​ 101.6 ​ 116.2 ​ 211.1 ​ 231.1 U.S. Insurance Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits insurance ​ 3.5 ​ 3.6 ​ 7.3 ​ 7.3 Individual Life insurance ​ 11.0 ​ 12.6 ​ 23.8 ​ 24.6 Eliminations ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.1) Total U.S. Insurance Solutions ​ ​ 14.4 ​ ​ 16.1 ​ ​ 31.0 ​ ​ 31.8 Corporate ​ 35.9 ​ 42.5 ​ 68.8 ​ 79.5 Total segment revenue from contracts with customers ​ 653.3 ​ 587.2 ​ 1,353.7 ​ 1,148.4 Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ 390.5 ​ 415.2 ​ 819.7 ​ 824.4 Pre-tax other adjustments (2) ​ 0.5 ​ 4.2 ​ 16.2 ​ 7.3 Total fees and other revenues per consolidated statements of operations ​ $ 1,044.3 ​ $ 1,006.6 ​ $ 2,189.6 ​ $ 1,980.1 (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to the recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and certain market value adjustments to fee revenues.
Retirement and Income Solutions | Retirement and Income Solutions - Fee
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 ​ 2019 ​ ​ (in millions) Administrative service fee revenue (1) ​ $ 150.7 ​ $ 63.3 ​ $ 306.9 ​ $ 121.5 Other fee revenue ​ ​ 0.5 ​ ​ 0.6 ​ ​ 0.7 ​ ​ 0.8 Total revenues from contracts with customers ​ ​ 151.2 ​ ​ 63.9 ​ ​ 307.6 ​ ​ 122.3 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 255.1 ​ ​ 281.6 ​ ​ 535.6 ​ ​ 553.4 Total fees and other revenues ​ 406.3 ​ 345.5 ​ 843.2 ​ 675.7 Premiums and other considerations ​ 0.9 ​ 0.6 ​ 2.7 ​ 1.7 Net investment income ​ 102.2 ​ 104.4 ​ 206.6 ​ 203.9 Total operating revenues ​ $ 509.4 ​ $ 450.5 ​ $ 1,052.5 ​ $ 881.3 (1) Includes fee revenue for the Acquired Business in 2020.
Retirement and Income Solutions | Retirement and Income Solutions - Spread
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Deposit account fee revenue ​ $ 2.0 ​ $ 2.3 ​ $ 4.1 ​ $ 5.2 Total revenues from contracts with customers ​ ​ 2.0 ​ ​ 2.3 ​ ​ 4.1 ​ ​ 5.2 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 2.8 ​ ​ 4.2 ​ ​ 5.9 ​ ​ 9.1 Total fees and other revenues ​ 4.8 ​ 6.5 ​ 10.0 ​ 14.3 Premiums and other considerations ​ 459.5 ​ 1,171.5 ​ 1,980.6 ​ 2,129.0 Net investment income ​ 506.3 ​ 531.1 ​ 1,042.6 ​ 1,026.9 Total operating revenues ​ $ 970.6 ​ $ 1,709.1 ​ $ 3,033.2 ​ $ 3,170.2 ​
Principal Global Investors
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Management fee revenue ​ $ 303.5 ​ $ 304.2 ​ $ 624.5 ​ $ 597.0 Other fee revenue ​ 44.7 ​ 42.0 ​ 106.6 ​ 81.5 Total revenues from contracts with customers ​ 348.2 ​ 346.2 ​ 731.1 ​ 678.5 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 3.9 ​ ​ 10.4 ​ ​ 9.4 ​ ​ 14.7 Total fees and other revenues ​ 352.1 ​ 356.6 ​ 740.5 ​ 693.2 Net investment income ​ 0.8 ​ 2.9 ​ 3.2 ​ 5.3 Total operating revenues ​ $ 352.9 ​ $ 359.5 ​ $ 743.7 ​ $ 698.5 ​
Principal International
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Management fee revenue ​ $ 100.7 ​ $ 115.5 ​ $ 209.2 ​ $ 229.8 Other fee revenue ​ 0.9 ​ 0.7 ​ 1.9 ​ 1.3 Total revenues from contracts with customers ​ 101.6 ​ 116.2 ​ 211.1 ​ 231.1 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 1.5 ​ ​ 1.7 ​ ​ 2.8 ​ ​ 3.4 Total fees and other revenues ​ 103.1 ​ 117.9 ​ 213.9 ​ 234.5 Premiums and other considerations ​ 28.6 ​ 109.5 ​ 113.6 ​ 227.0 Net investment income ​ 144.7 ​ 184.2 ​ 249.4 ​ 330.6 Total operating revenues ​ $ 276.4 ​ $ 411.6 ​ $ 576.9 ​ $ 792.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from contracts with customers by region: ​ ​ ​ ​ ​ ​ ​ ​ Latin America ​ $ 74.3 ​ $ 88.6 ​ $ 155.8 ​ $ 176.7 Asia ​ 27.3 ​ 27.6 ​ 55.3 ​ 54.6 Principal International corporate / regional offices ​ 0.3 ​ 0.2 ​ 0.5 ​ 0.4 Eliminations ​ (0.3) ​ (0.2) ​ (0.5) ​ (0.6) Total revenues from contracts with customers ​ $ 101.6 ​ $ 116.2 ​ $ 211.1 ​ $ 231.1 ​
U.S. Insurance Solutions
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Specialty Benefits insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service fees ​ $ 3.5 ​ $ 3.6 ​ $ 7.3 ​ $ 7.3 Total revenues from contracts with customers ​ ​ 3.5 ​ 3.6 ​ ​ 7.3 ​ 7.3 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 4.6 ​ ​ 4.9 ​ ​ 9.5 ​ ​ 9.8 Total fees and other revenues ​ ​ 8.1 ​ 8.5 ​ ​ 16.8 ​ 17.1 Premiums and other considerations ​ ​ 582.5 ​ 571.6 ​ ​ 1,170.9 ​ 1,127.5 Net investment income ​ ​ 36.4 ​ 45.7 ​ ​ 78.3 ​ 83.0 Total operating revenues ​ $ 627.0 ​ $ 625.8 ​ $ 1,266.0 ​ $ 1,227.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions) Individual Life insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service fees ​ $ 5.0 ​ $ 6.2 ​ $ 10.7 ​ $ 12.1 Commission income ​ ​ 6.0 ​ 6.4 ​ ​ 13.1 ​ 12.5 Total revenues from contracts with customers ​ ​ 11.0 ​ 12.6 ​ ​ 23.8 ​ 24.6 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 191.8 ​ ​ 190.3 ​ ​ 401.8 ​ ​ 382.5 Total fees and other revenues ​ ​ 202.8 ​ 202.9 ​ ​ 425.6 ​ 407.1 Premiums and other considerations ​ ​ 81.6 ​ 79.7 ​ ​ 176.3 ​ 172.6 Net investment income ​ ​ 176.8 ​ 179.0 ​ ​ 343.6 ​ 348.2 Total operating revenues ​ $ 461.2 ​ $ 461.6 ​ $ 945.5 ​ $ 927.9 ​
Corporate
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 ​ 2019 ​ ​ (in millions) Commission income ​ $ 72.6 ​ $ 78.7 ​ $ 153.0 ​ $ 154.5 Other fee revenue ​ 13.6 ​ 11.2 ​ ​ 24.7 ​ ​ 20.0 Eliminations ​ (50.3) ​ (47.4) ​ ​ (108.9) ​ ​ (95.0) Total revenues from contracts with customers ​ 35.9 ​ 42.5 ​ ​ 68.8 ​ ​ 79.5 Fees and other revenues not within the scope of revenue recognition guidance ​ ​ (69.2) ​ ​ (77.9) ​ ​ (145.3) ​ ​ (148.5) Total fees and other revenues ​ (33.3) ​ (35.4) ​ ​ (76.5) ​ ​ (69.0) Net investment income ​ 17.0 ​ 19.6 ​ ​ 69.5 ​ ​ 54.4 Total operating revenues ​ $ (16.3) ​ $ (15.8) ​ $ (7.0) ​ $ (14.6) ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation Plans
Stock-Based Compensation Disclosures (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ 2020 2019 ​ ​ (in millions) Compensation cost ​ $ 47.3 ​ $ 44.4 Related income tax benefit ​ 9.3 ​ 9.3 Capitalized as part of an asset ​ 0.8 ​ 1.0 ​
Nonqualified Stock Options Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ For the six months ended ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ Expected volatility ​ 25.7 % Expected term (in years) ​ 7.0 ​ Risk-free interest rate ​ 1.3 % Expected dividend yield ​ 4.33 % Weighted average estimated fair value per common share $ 9.64 ​ ​

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Common Share
Earnings Per Common Share (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in millions, except per share data) Net income ​ $ 416.1 ​ $ 392.1 ​ $ 701.1 ​ $ 844.2 Subtract: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interest ​ ​ 17.8 ​ ​ 5.8 ​ ​ 13.9 ​ ​ 28.0 Total ​ $ 398.3 ​ $ 386.3 ​ $ 687.2 ​ $ 816.2 Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 274.3 ​ ​ 279.0 ​ ​ 274.6 ​ ​ 278.8 Dilutive effects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 0.1 ​ ​ 0.9 ​ ​ 0.3 ​ ​ 0.9 Restricted stock units ​ ​ 1.1 ​ ​ 1.2 ​ ​ 1.4 ​ ​ 1.3 Performance share awards ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.2 Diluted ​ ​ 275.6 ​ ​ 281.2 ​ ​ 276.4 ​ ​ 281.2 Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.45 ​ $ 1.38 ​ $ 2.50 ​ $ 2.93 Diluted ​ $ 1.45 ​ $ 1.37 ​ $ 2.49 ​ $ 2.90 ​

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information, Notes Guarantor (Table)	Condensed Consolidating Statements of Financial Position June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined (1) ​ Eliminations ​ consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 712.1 ​ $ 65,862.2 ​ $ 8,056.6 ​ $ (361.7) ​ $ 74,269.2 Fixed maturities, trading ​ 232.7 ​ 233.2 ​ 117.9 ​ — ​ 583.8 Equity securities ​ — ​ 65.2 ​ 1,713.3 ​ — ​ 1,778.5 Mortgage loans ​ — ​ 15,434.1 ​ 1,956.2 ​ (693.7) ​ 16,696.6 Real estate ​ — ​ 3.1 ​ 1,696.6 ​ — ​ 1,699.7 Policy loans ​ — ​ 742.5 ​ 53.9 ​ — ​ 796.4 Investment in unconsolidated entities ​ 18,185.5 ​ 2,657.1 ​ 9,520.6 ​ (29,638.9) ​ 724.3 Other investments ​ 10.4 ​ 6,794.9 ​ 1,983.3 ​ (4,778.5) ​ 4,010.1 Cash and cash equivalents ​ 454.6 ​ 1,669.6 ​ 1,930.0 ​ (903.8) ​ 3,150.4 Accrued investment income ​ 2.3 ​ 618.2 ​ 83.2 ​ (1.6) ​ 702.1 Premiums due and other receivables ​ — ​ 2,213.4 ​ 4,767.2 ​ (5,220.6) ​ 1,760.0 Deferred acquisition costs ​ — ​ 3,477.4 ​ 10.3 ​ — ​ 3,487.7 Property and equipment ​ — ​ 773.6 ​ 219.5 ​ — ​ 993.1 Goodwill ​ — ​ 54.3 ​ 1,576.6 ​ — ​ 1,630.9 Other intangibles ​ — ​ 16.9 ​ 1,692.4 ​ — ​ 1,709.3 Separate account assets ​ — ​ 119,347.2 ​ 36,589.1 ​ — ​ 155,936.3 Other assets ​ 382.8 ​ 1,135.3 ​ 5,852.0 ​ (5,989.1) ​ 1,381.0 Total assets ​ $ 19,980.4 ​ $ 221,098.2 ​ $ 77,818.7 ​ $ (47,587.9) ​ $ 271,309.4 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ 39,235.0 ​ $ 3,435.1 ​ $ (361.7) ​ $ 42,308.4 Future policy benefits and claims ​ ​ — ​ ​ 37,625.7 ​ ​ 6,806.7 ​ ​ (1,536.3) ​ ​ 42,896.1 Other policyholder funds ​ ​ — ​ ​ 805.1 ​ ​ 185.5 ​ ​ (3.2) ​ ​ 987.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 76.3 ​ ​ — ​ ​ 76.3 Long-term debt ​ ​ 4,119.7 ​ ​ — ​ ​ 695.5 ​ ​ (651.8) ​ ​ 4,163.4 Income taxes currently payable ​ ​ 0.7 ​ ​ — ​ ​ 84.2 ​ ​ (68.6) ​ ​ 16.3 Deferred income taxes ​ ​ — ​ ​ 1,203.4 ​ ​ 1,365.3 ​ ​ (507.2) ​ ​ 2,061.5 Separate account liabilities ​ ​ — ​ ​ 119,347.2 ​ ​ 36,589.1 ​ ​ — ​ ​ 155,936.3 Other liabilities ​ ​ 616.9 ​ ​ 10,684.7 ​ ​ 10,198.7 ​ ​ (14,220.3) ​ ​ 7,280.0 Total liabilities ​ ​ 4,737.3 ​ ​ 208,901.1 ​ ​ 59,436.4 ​ ​ (17,349.1) ​ ​ 255,725.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 272.7 ​ ​ — ​ ​ 272.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ 2.5 ​ ​ — ​ ​ (2.5) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,259.6 ​ ​ 6,332.0 ​ ​ 10,058.5 ​ ​ (16,390.5) ​ ​ 10,259.6 Retained earnings ​ ​ 11,441.4 ​ ​ 2,590.9 ​ ​ 6,633.0 ​ ​ (9,223.9) ​ ​ 11,441.4 Accumulated other comprehensive income ​ ​ 1,450.7 ​ ​ 3,271.7 ​ ​ 1,350.2 ​ ​ (4,621.9) ​ ​ 1,450.7 Treasury stock, at cost ​ ​ (7,913.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,913.4) Total stockholders' equity attributable to PFG ​ ​ 15,243.1 ​ ​ 12,197.1 ​ ​ 18,041.7 ​ ​ (30,238.8) ​ ​ 15,243.1 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.9 ​ ​ — ​ ​ 67.9 Total stockholders’ equity ​ ​ 15,243.1 ​ ​ 12,197.1 ​ ​ 18,109.6 ​ ​ (30,238.8) ​ ​ 15,311.0 Total liabilities and stockholders' equity ​ $ 19,980.4 ​ $ 221,098.2 ​ $ 77,818.7 ​ $ (47,587.9) ​ $ 271,309.4 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $741.1 million and $597.5 million, respectively. ​ Condensed Consolidating Statements of Financial Position December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined (1) ​ Eliminations ​ consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 265.8 ​ $ 62,363.1 ​ $ 7,833.1 ​ $ (355.8) ​ $ 70,106.2 Fixed maturities, trading ​ 268.2 ​ 237.5 ​ 170.2 ​ — ​ 675.9 Equity securities ​ — ​ 69.9 ​ 1,809.5 ​ — ​ 1,879.4 Mortgage loans ​ — ​ 15,388.5 ​ 1,793.5 ​ (695.1) ​ 16,486.9 Real estate ​ — ​ 3.3 ​ 1,711.5 ​ — ​ 1,714.8 Policy loans ​ — ​ 742.2 ​ 55.8 ​ — ​ 798.0 Investment in unconsolidated entities ​ 17,539.6 ​ 5,036.2 ​ 6,429.5 ​ (28,175.1) ​ 830.2 Other investments ​ 10.4 ​ 3,682.5 ​ 2,859.6 ​ (2,692.5) ​ 3,860.0 Cash and cash equivalents ​ 394.9 ​ 1,178.1 ​ 1,767.7 ​ (824.8) ​ 2,515.9 Accrued investment income ​ 1.6 ​ 608.5 ​ 81.4 ​ (4.9) ​ 686.6 Premiums due and other receivables ​ — ​ 2,082.3 ​ 4,525.8 ​ (4,867.8) ​ 1,740.3 Deferred acquisition costs ​ — ​ 3,509.7 ​ 11.6 ​ — ​ 3,521.3 Property and equipment ​ — ​ 733.9 ​ 233.8 ​ — ​ 967.7 Goodwill ​ — ​ 54.3 ​ 1,639.5 ​ — ​ 1,693.8 Other intangibles ​ — ​ 17.7 ​ 1,769.0 ​ — ​ 1,786.7 Separate account assets ​ — ​ 125,801.7 ​ 39,666.3 ​ — ​ 165,468.0 Other assets ​ 383.2 ​ 1,118.6 ​ 5,358.4 ​ (5,504.1) ​ 1,356.1 Total assets ​ $ 18,863.7 ​ $ 222,628.0 ​ $ 77,716.2 ​ $ (43,120.1) ​ $ 276,087.8 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ 38,334.6 ​ $ 3,388.0 ​ $ (355.1) ​ $ 41,367.5 Future policy benefits and claims ​ ​ — ​ ​ 35,476.6 ​ ​ 6,740.7 ​ ​ (1,379.1) ​ ​ 40,838.2 Other policyholder funds ​ ​ — ​ ​ 790.3 ​ ​ 171.9 ​ ​ (2.8) ​ ​ 959.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 93.4 ​ ​ — ​ ​ 93.4 Long-term debt ​ ​ 3,625.5 ​ ​ — ​ ​ 763.1 ​ ​ (654.5) ​ ​ 3,734.1 Income taxes currently payable ​ ​ — ​ ​ — ​ ​ 81.7 ​ ​ (65.5) ​ ​ 16.2 Deferred income taxes ​ ​ — ​ ​ 325.8 ​ ​ 1,965.9 ​ ​ (495.1) ​ ​ 1,796.6 Separate account liabilities ​ ​ — ​ ​ 125,801.7 ​ ​ 39,666.3 ​ ​ — ​ ​ 165,468.0 Other liabilities ​ ​ 620.2 ​ ​ 10,533.5 ​ ​ 7,111.2 ​ ​ (11,401.2) ​ ​ 6,863.7 Total liabilities ​ ​ 4,245.7 ​ ​ 211,262.5 ​ ​ 59,982.2 ​ ​ (14,353.3) ​ ​ 261,137.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 264.9 ​ ​ — ​ ​ 264.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ 2.5 ​ ​ — ​ ​ (2.5) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,182.6 ​ ​ 6,331.5 ​ ​ 10,038.7 ​ ​ (16,370.2) ​ ​ 10,182.6 Retained earnings ​ ​ 11,074.3 ​ ​ 2,410.8 ​ ​ 6,414.3 ​ ​ (8,825.1) ​ ​ 11,074.3 Accumulated other comprehensive income ​ ​ 1,037.9 ​ ​ 2,620.7 ​ ​ 948.3 ​ ​ (3,569.0) ​ ​ 1,037.9 Treasury stock, at cost ​ ​ (7,681.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,681.6) Total stockholders' equity attributable to PFG ​ ​ 14,618.0 ​ ​ 11,365.5 ​ ​ 17,401.3 ​ ​ (28,766.8) ​ ​ 14,618.0 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.8 ​ ​ — ​ ​ 67.8 Total stockholders’ equity ​ ​ 14,618.0 ​ ​ 11,365.5 ​ ​ 17,469.1 ​ ​ (28,766.8) ​ ​ 14,685.8 Total liabilities and stockholders' equity ​ $ 18,863.7 ​ $ 222,628.0 ​ $ 77,716.2 ​ $ (43,120.1) ​ $ 276,087.8 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively. ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ 3,200.9 ​ $ 243.2 ​ $ — ​ $ 3,444.1 Fees and other revenues ​ ​ — ​ ​ 1,113.9 ​ ​ 1,269.6 ​ ​ (193.9) ​ ​ 2,189.6 Net investment income ​ ​ 6.7 ​ ​ 1,408.8 ​ ​ 1,094.0 ​ ​ (581.3) ​ ​ 1,928.2 Net realized capital gains (losses) ​ ​ 4.9 ​ ​ 3,444.7 ​ ​ (3,348.3) ​ ​ 2.7 ​ ​ 104.0 Total revenues ​ ​ 11.6 ​ ​ 9,168.3 ​ ​ (741.5) ​ ​ (772.5) ​ ​ 7,665.9 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ — ​ ​ 4,081.5 ​ ​ 384.0 ​ ​ (5.5) ​ ​ 4,460.0 Dividends to policyholders ​ ​ — ​ ​ 60.3 ​ ​ — ​ ​ — ​ ​ 60.3 Operating expenses ​ ​ 98.4 ​ ​ 1,268.7 ​ ​ 1,135.5 ​ ​ (183.8) ​ ​ 2,318.8 Total expenses ​ ​ 98.4 ​ ​ 5,410.5 ​ ​ 1,519.5 ​ ​ (189.3) ​ ​ 6,839.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ ​ (86.8) ​ ​ 3,757.8 ​ ​ (2,261.0) ​ ​ (583.2) ​ ​ 826.8 Income taxes (benefits) ​ ​ (21.6) ​ ​ 742.7 ​ ​ (595.1) ​ ​ (0.3) ​ ​ 125.7 Equity in the net income (loss) of subsidiaries ​ ​ 752.4 ​ ​ (2,420.4) ​ ​ 2,426.8 ​ ​ (758.8) ​ ​ — Net income ​ ​ 687.2 ​ ​ 594.7 ​ ​ 760.9 ​ ​ (1,341.7) ​ ​ 701.1 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 13.9 ​ ​ — ​ ​ 13.9 Net income attributable to PFG ​ $ 687.2 ​ $ 594.7 ​ $ 747.0 ​ $ (1,341.7) ​ $ 687.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 687.2 ​ $ 594.7 ​ $ 760.9 ​ $ (1,341.7) ​ $ 701.1 Other comprehensive income ​ ​ 351.8 ​ ​ 650.0 ​ ​ 374.0 ​ ​ (974.0) ​ ​ 401.8 Comprehensive income ​ $ 1,039.0 ​ $ 1,244.7 ​ $ 1,134.9 ​ $ (2,315.7) ​ $ 1,102.9 ​ ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ 3,293.1 ​ $ 364.7 ​ $ — ​ $ 3,657.8 Fees and other revenues ​ — ​ ​ 1,102.5 ​ ​ 1,067.7 ​ ​ (190.1) ​ ​ 1,980.1 Net investment income ​ 10.9 ​ ​ 1,419.2 ​ ​ 1,151.0 ​ ​ (583.0) ​ ​ 1,998.1 Net realized capital gains (losses), excluding impairment losses on available-for-sale securities ​ 9.2 ​ ​ 411.8 ​ ​ (316.4) ​ ​ — ​ ​ 104.6 Net other-than-temporary impairment losses recoveries on available-for-sale securities ​ — ​ ​ (24.1) ​ ​ (2.5) ​ ​ — ​ ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income ​ — ​ ​ 2.6 ​ ​ (0.1) ​ ​ — ​ ​ 2.5 Net impairment losses on available-for-sale securities ​ — ​ ​ (21.5) ​ ​ (2.6) ​ ​ — ​ ​ (24.1) Net realized capital gains (losses) ​ 9.2 ​ ​ 390.3 ​ ​ (319.0) ​ ​ — ​ ​ 80.5 Total revenues ​ 20.1 ​ ​ 6,205.1 ​ ​ 2,264.4 ​ ​ (773.1) ​ ​ 7,716.5 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ — ​ ​ 4,116.2 ​ ​ 530.7 ​ ​ (5.7) ​ ​ 4,641.2 Dividends to policyholders ​ — ​ ​ 60.0 ​ ​ — ​ ​ — ​ ​ 60.0 Operating expenses ​ 110.1 ​ ​ 1,189.3 ​ ​ 917.0 ​ ​ (177.4) ​ ​ 2,039.0 Total expenses ​ 110.1 ​ ​ 5,365.5 ​ ​ 1,447.7 ​ ​ (183.1) ​ ​ 6,740.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ (90.0) ​ ​ 839.6 ​ ​ 816.7 ​ ​ (590.0) ​ ​ 976.3 Income taxes (benefits) ​ (22.3) ​ ​ 110.7 ​ ​ 44.8 ​ ​ (1.1) ​ ​ 132.1 Equity in the net income (loss) of subsidiaries ​ 883.9 ​ ​ (131.6) ​ ​ 134.5 ​ ​ (886.8) ​ ​ — Net income ​ 816.2 ​ ​ 597.3 ​ ​ 906.4 ​ ​ (1,475.7) ​ ​ 844.2 Net income attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 25.6 ​ ​ 2.4 ​ ​ 28.0 Net income attributable to PFG ​ $ 816.2 ​ $ 597.3 ​ $ 880.8 ​ $ (1,478.1) ​ $ 816.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 816.2 ​ $ 597.3 ​ $ 906.4 ​ $ (1,475.7) ​ $ 844.2 Other comprehensive income ​ ​ 2,201.1 ​ ​ 2,011.1 ​ ​ 2,227.8 ​ ​ (4,221.0) ​ ​ 2,219.0 Comprehensive income ​ $ 3,017.3 ​ $ 2,608.4 ​ $ 3,134.2 ​ $ (5,696.7) ​ $ 3,063.2 ​ ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) operating activities ​ $ (10.0) ​ $ 4,293.0 ​ $ (769.5) ​ $ (1,467.4) ​ $ 2,046.1 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ (535.7) ​ (5,666.7) ​ (1,521.5) ​ 6.6 ​ (7,717.3) Sales ​ — ​ 998.0 ​ 857.0 ​ — ​ 1,855.0 Maturities ​ 94.3 ​ 3,495.1 ​ 469.8 ​ — ​ 4,059.2 Mortgage loans acquired or originated ​ — ​ (929.8) ​ (535.1) ​ 4.0 ​ (1,460.9) Mortgage loans sold or repaid ​ — ​ 866.9 ​ 334.3 ​ (2.6) ​ 1,198.6 Real estate acquired ​ — ​ — ​ (98.2) ​ — ​ (98.2) Net purchases of property and equipment ​ (0.1) ​ (30.3) ​ (16.0) ​ — ​ (46.4) Dividends and returns of capital received from unconsolidated entities ​ 533.9 ​ 1.2 ​ 413.9 ​ (949.0) ​ — Net change in other investments ​ — ​ (2,506.0) ​ 1,117.1 ​ 1,377.8 ​ (11.1) Net cash provided by (used in) investing activities ​ 92.4 ​ (3,771.6) ​ 1,021.3 ​ 436.8 ​ (2,221.1) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ 23.1 ​ — ​ — ​ — ​ 23.1 Acquisition of treasury stock ​ (231.8) ​ — ​ — ​ — ​ (231.8) Payments for financing element derivatives ​ — ​ (14.7) ​ — ​ — ​ (14.7) Purchase of subsidiary shares from noncontrolling interest ​ — ​ — ​ (0.9) ​ — ​ (0.9) Dividends to common stockholders ​ (307.1) ​ — ​ — ​ — ​ (307.1) Issuance of long-term debt ​ 493.1 ​ — ​ — ​ — ​ 493.1 Principal repayments of long-term debt ​ — ​ — ​ (67.5) ​ 2.6 ​ (64.9) Net repayments of short-term borrowings ​ ​ — ​ ​ — ​ ​ (9.3) ​ ​ — ​ ​ (9.3) Dividends and capital paid to parent ​ — ​ (413.9) ​ (535.1) ​ 949.0 ​ — Investment contract deposits ​ — ​ 5,160.0 ​ 238.7 ​ — ​ 5,398.7 Investment contract withdrawals ​ — ​ (4,761.4) ​ (40.1) ​ — ​ (4,801.5) Net increase in banking operation deposits ​ — ​ — ​ 324.7 ​ — ​ 324.7 Other ​ — ​ 0.1 ​ — ​ — ​ 0.1 Net cash provided by (used in) financing activities ​ (22.7) ​ (29.9) ​ (89.5) ​ 951.6 ​ 809.5 Net increase in cash and cash equivalents ​ 59.7 ​ 491.5 ​ 162.3 ​ (79.0) ​ 634.5 Cash and cash equivalents at beginning of period ​ 394.9 ​ 1,178.1 ​ 1,767.7 ​ (824.8) ​ 2,515.9 Cash and cash equivalents at end of period ​ $ 454.6 ​ $ 1,669.6 ​ $ 1,930.0 ​ $ (903.8) ​ $ 3,150.4 ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Principal Life Principal Financial ​ ​ Principal ​ ​ Financial ​ Insurance ​ Services, Inc. and ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Company ​ other subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only ​ only ​ combined ​ Eliminations ​ consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ $ 16.3 ​ $ 2,742.1 ​ $ 803.9 ​ $ (883.9) ​ $ 2,678.4 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ (150.2) ​ ​ (4,703.3) ​ ​ (922.7) ​ ​ 4.4 ​ ​ (5,771.8) Sales ​ — ​ ​ 1,065.7 ​ ​ 411.5 ​ ​ — ​ ​ 1,477.2 Maturities ​ 158.1 ​ ​ 2,581.4 ​ ​ 286.4 ​ ​ — ​ ​ 3,025.9 Mortgage loans acquired or originated ​ — ​ ​ (1,894.5) ​ ​ (121.4) ​ ​ 7.4 ​ ​ (2,008.5) Mortgage loans sold or repaid ​ — ​ ​ 1,088.5 ​ ​ 162.9 ​ ​ (7.5) ​ ​ 1,243.9 Real estate acquired ​ — ​ ​ (0.1) ​ ​ (48.4) ​ ​ — ​ ​ (48.5) Real estate sold ​ ​ — ​ ​ — ​ ​ 57.0 ​ ​ — ​ ​ 57.0 Net purchases of property and equipment ​ — ​ ​ (25.1) ​ ​ (40.3) ​ ​ — ​ ​ (65.4) Dividends and returns of capital received from unconsolidated entities ​ 208.9 ​ ​ 1.2 ​ ​ 668.9 ​ ​ (879.0) ​ ​ — Net change in other investments ​ (13.6) ​ ​ (317.3) ​ ​ (627.7) ​ ​ 704.8 ​ ​ (253.8) Net cash provided by (used in) investing activities ​ 203.2 ​ ​ (2,203.5) ​ ​ (173.8) ​ ​ (169.9) ​ ​ (2,344.0) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ 22.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22.1 Acquisition of treasury stock ​ (153.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ (153.7) Payments for financing element derivatives ​ — ​ ​ (13.1) ​ ​ — ​ ​ — ​ ​ (13.1) Dividends to common stockholders ​ (300.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ (300.6) Issuance of long-term debt ​ 493.6 ​ ​ — ​ ​ 9.1 ​ ​ — ​ ​ 502.7 Principal repayments of long-term debt ​ — ​ ​ — ​ ​ (8.2) ​ ​ 7.5 ​ ​ (0.7) Net proceeds from short-term borrowings ​ ​ — ​ ​ — ​ ​ 33.1 ​ ​ — ​ ​ 33.1 Dividends and capital paid to parent ​ — ​ ​ (668.9) ​ ​ (210.1) ​ ​ 879.0 ​ ​ — Investment contract deposits ​ — ​ ​ 3,401.8 ​ ​ 225.6 ​ ​ — ​ ​ 3,627.4 Investment contract withdrawals ​ — ​ ​ (3,783.1) ​ ​ (17.7) ​ ​ — ​ ​ (3,800.8) Net increase in banking operation deposits ​ — ​ ​ — ​ ​ 82.0 ​ ​ — ​ ​ 82.0 Other ​ — ​ ​ 5.8 ​ ​ (0.2) ​ ​ — ​ ​ 5.6 Net cash provided by (used in) financing activities ​ 61.4 ​ ​ (1,057.5) ​ ​ 113.6 ​ ​ 886.5 ​ ​ 4.0 Net increase (decrease) in cash and cash equivalents ​ 280.9 ​ ​ (518.9) ​ ​ 743.7 ​ ​ (167.3) ​ ​ 338.4 Cash and cash equivalents at beginning of period ​ 334.9 ​ ​ 1,323.9 ​ ​ 2,014.8 ​ ​ (696.1) ​ ​ 2,977.5 Cash and cash equivalents at end of period ​ $ 615.8 ​ $ 805.0 ​ $ 2,758.5 ​ $ (863.4) ​ $ 3,315.9 ​ ​
Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table)	Condensed Consolidating Statements of Financial Position June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ parent only only combined (1) Eliminations consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 712.1 ​ $ — ​ $ 73,557.1 ​ $ — ​ $ 74,269.2 Fixed maturities, trading ​ ​ 232.7 ​ ​ — ​ ​ 351.1 ​ ​ — ​ ​ 583.8 Equity securities ​ ​ — ​ ​ 37.3 ​ ​ 1,741.2 ​ ​ — ​ ​ 1,778.5 Mortgage loans ​ ​ — ​ ​ — ​ ​ 16,696.6 ​ ​ — ​ ​ 16,696.6 Real estate ​ ​ — ​ ​ — ​ ​ 1,699.7 ​ ​ — ​ ​ 1,699.7 Policy loans ​ ​ — ​ ​ — ​ ​ 796.4 ​ ​ — ​ ​ 796.4 Investment in unconsolidated entities ​ ​ 18,185.5 ​ ​ 17,277.9 ​ ​ 532.3 ​ ​ (35,271.4) ​ ​ 724.3 Other investments ​ ​ 10.4 ​ ​ 166.7 ​ ​ 3,833.0 ​ ​ — ​ ​ 4,010.1 Cash and cash equivalents ​ ​ 454.6 ​ ​ 723.6 ​ ​ 3,054.2 ​ ​ (1,082.0) ​ ​ 3,150.4 Accrued investment income ​ ​ 2.3 ​ ​ 0.1 ​ ​ 699.7 ​ ​ — ​ ​ 702.1 Premiums due and other receivables ​ ​ — ​ ​ 103.2 ​ ​ 1,954.9 ​ ​ (298.1) ​ ​ 1,760.0 Deferred acquisition costs ​ ​ — ​ ​ — ​ ​ 3,487.7 ​ ​ — ​ ​ 3,487.7 Property and equipment ​ ​ — ​ ​ — ​ ​ 993.1 ​ ​ — ​ ​ 993.1 Goodwill ​ ​ — ​ ​ 618.5 ​ ​ 1,012.4 ​ ​ — ​ ​ 1,630.9 Other intangibles ​ ​ — ​ ​ 517.6 ​ ​ 1,191.7 ​ ​ — ​ ​ 1,709.3 Separate account assets ​ ​ — ​ ​ — ​ ​ 155,936.3 ​ ​ — ​ ​ 155,936.3 Other assets ​ ​ 382.8 ​ ​ 28.0 ​ ​ 1,545.0 ​ ​ (574.8) ​ ​ 1,381.0 Total assets ​ $ 19,980.4 ​ $ 19,472.9 ​ $ 269,082.4 ​ $ (37,226.3) ​ $ 271,309.4 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ — ​ $ 42,308.4 ​ $ — ​ $ 42,308.4 Future policy benefits and claims ​ ​ — ​ ​ — ​ ​ 42,896.1 ​ ​ — ​ ​ 42,896.1 Other policyholder funds ​ ​ — ​ ​ — ​ ​ 987.4 ​ ​ — ​ ​ 987.4 Short-term debt ​ ​ — ​ ​ — ​ ​ 76.3 ​ ​ — ​ ​ 76.3 Long-term debt ​ ​ 4,119.7 ​ ​ 297.8 ​ ​ 43.7 ​ ​ (297.8) ​ ​ 4,163.4 Income taxes currently payable ​ ​ 0.7 ​ ​ 3.3 ​ ​ 60.4 ​ ​ (48.1) ​ ​ 16.3 Deferred income taxes ​ ​ — ​ ​ 15.8 ​ ​ 2,552.9 ​ ​ (507.2) ​ ​ 2,061.5 Separate account liabilities ​ ​ — ​ ​ — ​ ​ 155,936.3 ​ ​ — ​ ​ 155,936.3 Other liabilities ​ ​ 616.9 ​ ​ 1,113.9 ​ ​ 6,431.9 ​ ​ (882.7) ​ ​ 7,280.0 Total liabilities ​ ​ 4,737.3 ​ ​ 1,430.8 ​ ​ 251,293.4 ​ ​ (1,735.8) ​ ​ 255,725.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ ​ — ​ ​ — ​ ​ 272.7 ​ ​ — ​ ​ 272.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 4.8 ​ ​ — ​ ​ 11.0 ​ ​ (11.0) ​ ​ 4.8 Additional paid-in capital ​ ​ 10,259.6 ​ ​ 9,697.2 ​ ​ 12,341.1 ​ ​ (22,038.3) ​ ​ 10,259.6 Retained earnings ​ ​ 11,441.4 ​ ​ 6,477.8 ​ ​ 3,057.8 ​ ​ (9,535.6) ​ ​ 11,441.4 Accumulated other comprehensive income ​ ​ 1,450.7 ​ ​ 1,867.1 ​ ​ 2,040.5 ​ ​ (3,907.6) ​ ​ 1,450.7 Treasury stock, at cost ​ ​ (7,913.4) ​ ​ — ​ ​ (2.0) ​ ​ 2.0 ​ ​ (7,913.4) Total stockholders' equity attributable to PFG ​ ​ 15,243.1 ​ ​ 18,042.1 ​ ​ 17,448.4 ​ ​ (35,490.5) ​ ​ 15,243.1 Noncontrolling interest ​ ​ — ​ ​ — ​ ​ 67.9 ​ ​ — ​ ​ 67.9 Total stockholders’ equity ​ ​ 15,243.1 ​ ​ 18,042.1 ​ ​ 17,516.3 ​ ​ (35,490.5) ​ ​ 15,311.0 Total liabilities and stockholders' equity ​ $ 19,980.4 ​ $ 19,472.9 ​ $ 269,082.4 ​ $ (37,226.3) ​ $ 271,309.4 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $741.1 million and $597.5 million, respectively. ​ Condensed Consolidating Statements of Financial Position December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ parent only only combined (1) Eliminations consolidated ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 265.8 ​ $ — ​ $ 69,840.4 ​ $ — ​ $ 70,106.2 Fixed maturities, trading ​ 268.2 ​ — ​ 407.7 ​ — ​ 675.9 Equity securities ​ — ​ 41.4 ​ 1,838.0 ​ — ​ 1,879.4 Mortgage loans ​ — ​ — ​ 16,486.9 ​ — ​ 16,486.9 Real estate ​ — ​ — ​ 1,714.8 ​ — ​ 1,714.8 Policy loans ​ — ​ — ​ 798.0 ​ — ​ 798.0 Investment in unconsolidated entities ​ 17,539.6 ​ 16,664.1 ​ 649.4 ​ (34,022.9) ​ 830.2 Other investments ​ 10.4 ​ 251.9 ​ 3,597.7 ​ — ​ 3,860.0 Cash and cash equivalents ​ 394.9 ​ 598.4 ​ 2,656.2 ​ (1,133.6) ​ 2,515.9 Accrued investment income ​ 1.6 ​ 0.4 ​ 684.6 ​ — ​ 686.6 Premiums due and other receivables ​ — ​ 100.0 ​ 1,961.1 ​ (320.8) ​ 1,740.3 Deferred acquisition costs ​ — ​ — ​ 3,521.3 ​ — ​ 3,521.3 Property and equipment ​ — ​ — ​ 967.7 ​ — ​ 967.7 Goodwill ​ — ​ 618.5 ​ 1,075.3 ​ — ​ 1,693.8 Other intangibles ​ — ​ 531.7 ​ 1,255.0 ​ — ​ 1,786.7 Separate account assets ​ — ​ — ​ 165,468.0 ​ — ​ 165,468.0 Other assets ​ 383.2 ​ 35.2 ​ 1,509.5 ​ (571.8) ​ 1,356.1 Total assets ​ $ 18,863.7 ​ $ 18,841.6 ​ $ 274,431.6 ​ $ (36,049.1) ​ $ 276,087.8 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder funds ​ $ — ​ $ — ​ $ 41,367.5 ​ $ — ​ $ 41,367.5 Future policy benefits and claims ​ — ​ — ​ 40,838.2 ​ — ​ 40,838.2 Other policyholder funds ​ — ​ — ​ 959.4 ​ — ​ 959.4 Short-term debt ​ — ​ — ​ 93.4 ​ — ​ 93.4 Long-term debt ​ 3,625.5 ​ 320.7 ​ 108.7 ​ (320.8) ​ 3,734.1 Income taxes currently payable ​ — ​ — ​ 66.4 ​ (50.2) ​ 16.2 Deferred income taxes ​ — ​ 5.9 ​ 2,285.8 ​ (495.1) ​ 1,796.6 Separate account liabilities ​ — ​ — ​ 165,468.0 ​ — ​ 165,468.0 Other liabilities ​ 620.2 ​ 1,113.6 ​ 6,104.7 ​ (974.8) ​ 6,863.7 Total liabilities ​ 4,245.7 ​ 1,440.2 ​ 257,292.1 ​ (1,840.9) ​ 261,137.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interest ​ — ​ — ​ 264.9 ​ — ​ 264.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ 4.8 ​ — ​ 11.0 ​ (11.0) ​ 4.8 Additional paid-in capital ​ 10,182.6 ​ 9,658.3 ​ 12,157.9 ​ (21,816.2) ​ 10,182.6 Retained earnings ​ 11,074.3 ​ 6,263.5 ​ 2,985.1 ​ (9,248.6) ​ 11,074.3 Accumulated other comprehensive income ​ 1,037.9 ​ 1,479.6 ​ 1,654.8 ​ (3,134.4) ​ 1,037.9 Treasury stock, at cost ​ (7,681.6) ​ — ​ (2.0) ​ 2.0 ​ (7,681.6) Total stockholders' equity attributable to PFG ​ 14,618.0 ​ 17,401.4 ​ 16,806.8 ​ (34,208.2) ​ 14,618.0 Noncontrolling interest ​ — ​ — ​ 67.8 ​ — ​ 67.8 Total stockholders’ equity ​ 14,618.0 ​ 17,401.4 ​ 16,874.6 ​ (34,208.2) ​ 14,685.8 Total liabilities and stockholders' equity ​ $ 18,863.7 ​ $ 18,841.6 ​ $ 274,431.6 ​ $ (36,049.1) ​ $ 276,087.8 (1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively. ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ — ​ $ 3,444.1 ​ $ — ​ $ 3,444.1 Fees and other revenues ​ ​ — ​ ​ 180.1 ​ ​ 2,014.6 ​ ​ (5.1) ​ ​ 2,189.6 Net investment income (loss) ​ ​ 6.7 ​ ​ (1.3) ​ ​ 1,916.9 ​ ​ 5.9 ​ ​ 1,928.2 Net realized capital gains ​ ​ 4.9 ​ ​ 27.7 ​ ​ 71.3 ​ ​ 0.1 ​ ​ 104.0 Total revenues ​ ​ 11.6 ​ ​ 206.5 ​ ​ 7,446.9 ​ ​ 0.9 ​ ​ 7,665.9 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ — ​ ​ — ​ ​ 4,460.0 ​ ​ — ​ ​ 4,460.0 Dividends to policyholders ​ ​ — ​ ​ — ​ ​ 60.3 ​ ​ — ​ ​ 60.3 Operating expenses ​ ​ 98.4 ​ ​ 260.8 ​ ​ 1,964.1 ​ ​ (4.5) ​ ​ 2,318.8 Total expenses ​ ​ 98.4 ​ ​ 260.8 ​ ​ 6,484.4 ​ ​ (4.5) ​ ​ 6,839.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ ​ (86.8) ​ ​ (54.3) ​ ​ 962.5 ​ ​ 5.4 ​ ​ 826.8 Income taxes (benefits) ​ ​ (21.6) ​ ​ (18.3) ​ ​ 165.6 ​ ​ — ​ ​ 125.7 Equity in the net income of subsidiaries ​ ​ 752.4 ​ ​ 783.0 ​ ​ — ​ ​ (1,535.4) ​ ​ — Net income ​ ​ 687.2 ​ ​ 747.0 ​ ​ 796.9 ​ ​ (1,530.0) ​ ​ 701.1 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 13.9 ​ ​ — ​ ​ 13.9 Net income attributable to PFG ​ $ 687.2 ​ $ 747.0 ​ $ 783.0 ​ $ (1,530.0) ​ $ 687.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 687.2 ​ $ 747.0 ​ $ 796.9 ​ $ (1,530.0) ​ $ 701.1 Other comprehensive income ​ ​ 351.8 ​ ​ 326.5 ​ ​ 374.8 ​ ​ (651.3) ​ ​ 401.8 Comprehensive income ​ $ 1,039.0 ​ $ 1,073.5 ​ $ 1,171.7 ​ $ (2,181.3) ​ $ 1,102.9 ​ ​ Condensed Consolidating Statements of Operations For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ — ​ $ — ​ $ 3,657.8 ​ $ — ​ $ 3,657.8 Fees and other revenues ​ — ​ 0.3 ​ 1,985.8 ​ (6.0) ​ 1,980.1 Net investment income (loss) ​ 10.9 ​ (4.1) ​ 1,987.3 ​ 4.0 ​ 1,998.1 Net realized capital gains, excluding impairment losses on available-for-sale securities ​ 9.2 ​ 5.9 ​ 89.5 ​ — ​ 104.6 Net other-than-temporary impairment losses on available-for-sale securities ​ — ​ — ​ (26.6) ​ — ​ (26.6) Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to other comprehensive income ​ — ​ — ​ 2.5 ​ — ​ 2.5 Net impairment losses on available-for-sale securities ​ — ​ — ​ (24.1) ​ — ​ (24.1) Net realized capital gains ​ 9.2 ​ 5.9 ​ 65.4 ​ — ​ 80.5 Total revenues ​ 20.1 ​ 2.1 ​ 7,696.3 ​ (2.0) ​ 7,716.5 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ — ​ — ​ 4,641.2 ​ — ​ 4,641.2 Dividends to policyholders ​ — ​ — ​ 60.0 ​ — ​ 60.0 Operating expenses ​ 110.1 ​ 60.1 ​ 1,873.9 ​ (5.1) ​ 2,039.0 Total expenses ​ 110.1 ​ 60.1 ​ 6,575.1 ​ (5.1) ​ 6,740.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ (90.0) ​ (58.0) ​ 1,121.2 ​ 3.1 ​ 976.3 Income taxes (benefits) ​ (22.3) ​ (11.8) ​ 166.2 ​ — ​ 132.1 Equity in the net income of subsidiaries ​ 883.9 ​ 927.0 ​ — ​ (1,810.9) ​ — Net income ​ 816.2 ​ 880.8 ​ 955.0 ​ (1,807.8) ​ 844.2 Net income attributable to noncontrolling interest ​ — ​ — ​ 28.0 ​ — ​ 28.0 Net income attributable to PFG ​ $ 816.2 ​ $ 880.8 ​ $ 927.0 ​ $ (1,807.8) ​ $ 816.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 816.2 ​ $ 880.8 ​ $ 955.0 ​ $ (1,807.8) ​ $ 844.2 Other comprehensive income ​ ​ 2,201.1 ​ ​ 2,127.0 ​ ​ 2,149.5 ​ ​ (4,258.6) ​ ​ 2,219.0 Comprehensive income ​ $ 3,017.3 ​ $ 3,007.8 ​ $ 3,104.5 ​ $ (6,066.4) ​ $ 3,063.2 ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) operating activities ​ $ (10.0) ​ $ 597.7 ​ $ 2,018.1 ​ $ (559.7) ​ $ 2,046.1 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ ​ (535.7) ​ ​ — ​ ​ (7,181.6) ​ ​ — ​ ​ (7,717.3) Sales ​ ​ — ​ ​ — ​ ​ 1,855.0 ​ ​ — ​ ​ 1,855.0 Maturities ​ ​ 94.3 ​ ​ — ​ ​ 3,964.9 ​ ​ — ​ ​ 4,059.2 Mortgage loans acquired or originated ​ ​ — ​ ​ — ​ ​ (1,460.9) ​ ​ — ​ ​ (1,460.9) Mortgage loans sold or repaid ​ ​ — ​ ​ — ​ ​ 1,198.6 ​ ​ — ​ ​ 1,198.6 Real estate acquired ​ ​ — ​ ​ — ​ ​ (98.2) ​ ​ — ​ ​ (98.2) Net purchases of property and equipment ​ ​ (0.1) ​ ​ (1.5) ​ ​ (44.8) ​ ​ — ​ ​ (46.4) Dividends and returns of capital received from unconsolidated entities ​ ​ 533.9 ​ ​ 550.5 ​ ​ — ​ ​ (1,084.4) ​ ​ — Net change in other investments ​ ​ — ​ ​ (464.6) ​ ​ (134.8) ​ ​ 588.3 ​ ​ (11.1) Net cash provided by (used in) investing activities ​ ​ 92.4 ​ ​ 84.4 ​ ​ (1,901.8) ​ ​ (496.1) ​ ​ (2,221.1) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ ​ 23.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 23.1 Acquisition of treasury stock ​ ​ (231.8) ​ ​ — ​ ​ — ​ ​ — ​ ​ (231.8) Payments for financing element derivatives ​ ​ — ​ ​ — ​ ​ (14.7) ​ ​ — ​ ​ (14.7) Purchase of subsidiary shares from noncontrolling interest ​ ​ — ​ ​ — ​ ​ (0.9) ​ ​ — ​ ​ (0.9) Dividends to common stockholders ​ ​ (307.1) ​ ​ — ​ ​ — ​ ​ — ​ ​ (307.1) Issuance of long-term debt ​ ​ 493.1 ​ ​ 4.4 ​ ​ — ​ ​ (4.4) ​ ​ 493.1 Principal repayments of long-term debt ​ ​ — ​ ​ (27.4) ​ ​ (64.9) ​ ​ 27.4 ​ ​ (64.9) Net repayments of short-term borrowings ​ ​ — ​ ​ — ​ ​ (9.3) ​ ​ — ​ ​ (9.3) Dividends and capital paid to parent ​ ​ — ​ ​ (533.9) ​ ​ (550.5) ​ ​ 1,084.4 ​ ​ — Investment contract deposits ​ ​ — ​ ​ — ​ ​ 5,398.7 ​ ​ — ​ ​ 5,398.7 Investment contract withdrawals ​ ​ — ​ ​ — ​ ​ (4,801.5) ​ ​ — ​ ​ (4,801.5) Net increase in banking operation deposits ​ ​ — ​ ​ — ​ ​ 324.7 ​ ​ — ​ ​ 324.7 Other ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.1 Net cash provided by (used in) financing activities ​ ​ (22.7) ​ ​ (556.9) ​ ​ 281.7 ​ ​ 1,107.4 ​ ​ 809.5 Net increase in cash and cash equivalents ​ ​ 59.7 ​ ​ 125.2 ​ ​ 398.0 ​ ​ 51.6 ​ ​ 634.5 Cash and cash equivalents at beginning of period ​ ​ 394.9 ​ ​ 598.4 ​ ​ 2,656.2 ​ ​ (1,133.6) ​ ​ 2,515.9 Cash and cash equivalents at end of period ​ $ 454.6 ​ $ 723.6 ​ $ 3,054.2 ​ $ (1,082.0) ​ $ 3,150.4 ​ ​ Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Life ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ Insurance Company ​ ​ ​ ​ Principal ​ ​ Financial ​ Financial ​ and other ​ ​ ​ ​ Financial ​ ​ Group, Inc. ​ Services, Inc. ​ subsidiaries ​ ​ ​ ​ Group, Inc. ​ ​ parent only only combined Eliminations consolidated ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) operating activities ​ $ 16.3 ​ $ (8.0) ​ $ 2,800.6 ​ $ (130.5) ​ $ 2,678.4 Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ (150.2) ​ ​ (0.2) ​ ​ (5,621.4) ​ ​ — ​ ​ (5,771.8) Sales ​ — ​ ​ 0.2 ​ ​ 1,477.0 ​ ​ — ​ ​ 1,477.2 Maturities ​ 158.1 ​ ​ — ​ ​ 2,867.8 ​ ​ — ​ ​ 3,025.9 Mortgage loans acquired or originated ​ — ​ ​ — ​ ​ (2,008.5) ​ ​ — ​ ​ (2,008.5) Mortgage loans sold or repaid ​ — ​ ​ — ​ ​ 1,243.9 ​ ​ — ​ ​ 1,243.9 Real estate acquired ​ — ​ ​ — ​ ​ (48.5) ​ ​ — ​ ​ (48.5) Real estate sold ​ ​ — ​ ​ — ​ ​ 57.0 ​ ​ — ​ ​ 57.0 Net purchases of property and equipment ​ — ​ ​ (1.0) ​ ​ (64.4) ​ ​ — ​ ​ (65.4) Dividends and returns of capital received from unconsolidated entities ​ 208.9 ​ ​ 1,246.3 ​ ​ — ​ ​ (1,455.2) ​ ​ — Net change in other investments ​ (13.6) ​ ​ (51.5) ​ ​ (131.4) ​ ​ (57.3) ​ ​ (253.8) Net cash provided by (used in) investing activities ​ 203.2 ​ ​ 1,193.8 ​ ​ (2,228.5) ​ ​ (1,512.5) ​ ​ (2,344.0) Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ 22.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22.1 Acquisition of treasury stock ​ (153.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ (153.7) Payments for financing element derivatives ​ — ​ ​ — ​ ​ (13.1) ​ ​ — ​ ​ (13.1) Dividends to common stockholders ​ (300.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ (300.6) Issuance of long-term debt ​ 493.6 ​ ​ 5.1 ​ ​ 9.1 ​ ​ (5.1) ​ ​ 502.7 Principal repayments of long-term debt ​ — ​ ​ (28.0) ​ ​ (0.7) ​ ​ 28.0 ​ ​ (0.7) Net proceeds from short-term borrowings ​ — ​ ​ — ​ ​ 33.1 ​ ​ — ​ ​ 33.1 Dividends and capital paid to parent ​ — ​ ​ (208.9) ​ ​ (1,246.3) ​ ​ 1,455.2 ​ ​ — Investment contract deposits ​ — ​ ​ — ​ ​ 3,627.4 ​ ​ — ​ ​ 3,627.4 Investment contract withdrawals ​ — ​ ​ — ​ ​ (3,800.8) ​ ​ — ​ ​ (3,800.8) Net increase in banking operation deposits ​ — ​ ​ — ​ ​ 82.0 ​ ​ — ​ ​ 82.0 Other ​ — ​ ​ — ​ ​ 5.6 ​ ​ — ​ ​ 5.6 Net cash provided by (used in) financing activities ​ 61.4 ​ ​ (231.8) ​ ​ (1,303.7) ​ ​ 1,478.1 ​ ​ 4.0 Net increase (decrease) in cash and cash equivalents ​ 280.9 ​ ​ 954.0 ​ ​ (731.6) ​ ​ (164.9) ​ ​ 338.4 Cash and cash equivalents at beginning of period ​ ​ 334.9 ​ ​ 649.0 ​ ​ 3,096.8 ​ ​ (1,103.2) ​ ​ 2,977.5 Cash and cash equivalents at end of period ​ $ 615.8 ​ $ 1,603.0 ​ $ 2,365.2 ​ $ (1,268.1) ​ $ 3,315.9

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies - Recent Accounting Pronouncements (Details) - Adjustment for adoption of guidance - USD ($) $ in Millions	Jan. 01, 2020	Jan. 01, 2019
ASU 2016-13 - CECL
Recent Accounting Pronouncements
Cumulative effect adjustment, increase (decrease) to retained earnings	$ (8.4)
ASU 2016-02 - Leases
Recent Accounting Pronouncements
Cumulative effect adjustment, increase (decrease) to retained earnings		$ 4

Nature of Operations and Sign_4

Nature of Operations and Significant Accounting Policies - Separate Accounts (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Separate Accounts
Separate account that primarily includes shares of Principal Financial Group, Inc. stock that were allocated and issued to eligible participants of qualified employee benefit plans as part of the 2001 demutualization	$ 72.5	$ 100.4

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 271,309.4		$ 276,087.8
Total liabilities	255,725.7		261,137.1
Redeemable noncontrolling interest	272.7	$ 239.7	264.9	$ 304.5	$ 537.7	$ 391.2
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	37,665.2		40,802.1
Total liabilities	36,492.7		39,713.7
Redeemable noncontrolling interest	197.5		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	36,849.1		39,891.1
Total liabilities	36,454.6		39,524.9
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	452.8		479.7
Total liabilities	29.8		88
Sponsored investment funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	363.3		331.4
Total liabilities	8.3		2.2
Redeemable noncontrolling interest	$ 197.5		$ 215.4

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Money Market Funds
Total assets of unconsolidated money market mutual funds	$ 4,500	$ 4,000
Corporate debt securities | Available-for-sale
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	188.2	238.2
Maximum exposure to loss	174.4	225.7
Residential mortgage-backed pass-through securities | Available-for-sale
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,323.6	2,982.4
Maximum exposure to loss	3,164.1	2,913.9
Residential mortgage-backed pass-through securities | Trading
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	245.7	282.3
Maximum exposure to loss	245.7	282.3
Commercial mortgage-backed securities | Available-for-sale
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	4,706.5	4,850.2
Maximum exposure to loss	4,785.7	4,746.6
Commercial mortgage-backed securities | Trading
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	26.1	28.2
Maximum exposure to loss	26.1	28.2
Collateralized debt obligations | Available-for-sale
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,506	3,215.3
Maximum exposure to loss	3,592.9	3,226.7
Collateralized debt obligations | Trading
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	20.3	20.9
Maximum exposure to loss	20.3	20.9
Other debt obligations | Available-for-sale
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	7,549.6	8,191.1
Maximum exposure to loss	7,377.9	8,076.4
Other debt obligations | Trading
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	11.1	13.2
Maximum exposure to loss	11.1	13.2
Equity securities
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	97.6	123.2
Maximum exposure to loss	97.6	123.2
Other investments: Other limited partnership and fund interests
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	931.9	911.9
Maximum exposure to loss	1,481.4	1,467
Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure	$ 128.8	$ 129.1

Investments - Fixed Maturities

Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale securities
Amortized cost, fixed maturities	$ 68,052.7		$ 65,302.5
Gross unrealized gains, fixed maturities	6,837.5		4,927.7
Gross unrealized losses, fixed maturities	613.8		124
Allowance, fixed maturities	7.2	$ 7.6
Fair value, fixed maturities	74,269.2		70,106.2
Other-than-temporary impairments in AOCI			48.4
Accrued interest receivable	548.8
Net unrealized gains (losses) on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date			62.3
U.S. government and agencies
Available-for-sale securities
Amortized cost, fixed maturities	1,609.1		1,627
Gross unrealized gains, fixed maturities	266.1		100.2
Gross unrealized losses, fixed maturities	0.2		3
Fair value, fixed maturities	1,875		1,724.2
Non-U.S. governments
Available-for-sale securities
Amortized cost, fixed maturities	837		852.3
Gross unrealized gains, fixed maturities	169.9		144.1
Gross unrealized losses, fixed maturities			0.2
Fair value, fixed maturities	1,006.9		996.2
States and political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	7,716.7		6,857.1
Gross unrealized gains, fixed maturities	1,015		644.5
Gross unrealized losses, fixed maturities	18.1		11.6
Fair value, fixed maturities	8,713.6		7,490
Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	38,968.1		36,993.1
Gross unrealized gains, fixed maturities	4,900.6		3,706.5
Gross unrealized losses, fixed maturities	279.1		52.2
Allowance, fixed maturities	2.8	7
Fair value, fixed maturities	43,586.8		40,647.4
Residential mortgage-backed pass-through securities
Available-for-sale securities
Amortized cost, fixed maturities	3,164.1		2,913.9
Gross unrealized gains, fixed maturities	159.9		72.3
Gross unrealized losses, fixed maturities	0.4		3.8
Fair value, fixed maturities	3,323.6		2,982.4
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	4,785.7		4,746.6
Gross unrealized gains, fixed maturities	74.4		127.6
Gross unrealized losses, fixed maturities	150.2		24
Allowance, fixed maturities	3.4	0.4
Fair value, fixed maturities	4,706.5		4,850.2
Other-than-temporary impairments in AOCI			15.8
Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	3,592.9		3,226.7
Gross unrealized gains, fixed maturities	5		2.9
Gross unrealized losses, fixed maturities	90.9		14.3
Allowance, fixed maturities	1	0.1
Fair value, fixed maturities	3,506		3,215.3
Other-than-temporary impairments in AOCI			0.9
Other debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	7,379.1		8,085.8
Gross unrealized gains, fixed maturities	246.6		129.6
Gross unrealized losses, fixed maturities	74.9		14.9
Allowance, fixed maturities		$ 0.1
Fair value, fixed maturities	$ 7,550.8		8,200.5
Other-than-temporary impairments in AOCI			$ 31.7

Investments - Amortization by E

Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Amortized cost of fixed maturities available-for-sale
Due in one year or less	$ 2,180.1
Due after one year through five years	10,883.5
Due after five years through ten years	12,643.7
Due after ten years	23,423.6
Subtotal	49,130.9
Mortgage-backed and other asset-backed securities	18,921.8
Amortized cost, fixed maturities	68,052.7	$ 65,302.5
Fair value of fixed maturities available-for-sale
Due in one year or less	2,204.1
Due after one year through five years	11,404.4
Due after five years through ten years	13,692.8
Due after ten years	27,881
Subtotal	55,182.3
Mortgage-backed and other asset-backed securities	19,086.9
Fair value, fixed maturities	$ 74,269.2	$ 70,106.2

Investments - Net Realized Capi

Investments - Net Realized Capital Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Major components of net realized capital gains (losses) on investments
Fixed maturities, available-for-sale: Gross gains	$ 83.2	$ 6.2	$ 106.3	$ 8.7
Fixed maturities, available-for-sale: Gross losses	(21.6)	(7.9)	(25.8)	(9.4)
Fixed maturities, available-for-sale: Net credit loss	(8.3)		(16.2)
Fixed maturities, available-for-sale: Net credit loss		(17.3)		(24.1)
Fixed maturities, available-for-sale: Hedging, net	(8.1)	(9.3)	(9.6)	(9.3)
Fixed maturities, trading	25.1	17.5	8.7	31.7
Equity securities	39.3	14.7	(24.4)	35.7
Net realized capital gains (losses)	(27.4)	(4)	104	80.5
Unrealized gains (losses) on fixed maturities, trading	24.4	17.6	10.2	31.8
Unrealized gains (losses) on equity securities	42.3	9.7	(20.7)	29.7
Unrealized gains (losses) on equity securities reported in net investment income	49	18.7	10.5	41.3
Proceeds from sales of investments
Proceeds from sales of investments in fixed maturities, available-for-sale	1,006	1,028	1,547.6	1,191
Mortgage loans
Major components of net realized capital gains (losses) on investments
Realized capital gains (losses)	0.7	0.3	(15)	0.6
Derivatives
Major components of net realized capital gains (losses) on investments
Realized capital gains (losses)	(195.7)	4.6	94.8	9.6
Other investment types
Major components of net realized capital gains (losses) on investments
Realized capital gains (losses)	$ 58	$ (12.8)	$ (14.8)	$ 37

Investments - Allowance for Cre

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Allowance for Credit Loss
Beginning balance	$ 7.6
Additions for credit losses on securities for which an allowance was not previously recorded	4.1	$ 11.7
Reductions for securities sold during the period	(7)	(7)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	2.5	2.5
Ending balance	7.2	7.2
Corporate debt securities
Allowance for Credit Loss
Beginning balance	7
Additions for credit losses on securities for which an allowance was not previously recorded	2.8	9.8
Reductions for securities sold during the period	(7)	(7)
Ending balance	2.8	2.8
Commercial mortgage-backed securities
Allowance for Credit Loss
Beginning balance	0.4
Additions for credit losses on securities for which an allowance was not previously recorded	1.3	1.7
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	1.7	1.7
Ending balance	3.4	3.4
Collateralized debt obligations
Allowance for Credit Loss
Beginning balance	0.1
Additions for credit losses on securities for which an allowance was not previously recorded		0.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	0.9	0.9
Ending balance	1	1
Other debt obligations
Allowance for Credit Loss
Beginning balance	0.1
Additions for credit losses on securities for which an allowance was not previously recorded		0.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period	$ (0.1)	$ (0.1)

Investments - Other-Than-Tempor

Investments - Other-Than-Temporary Impairments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other-than-temporary impairment losses, net of recoveries
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		$ 13.3	$ 104	$ 104.6
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		(17)		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		(0.3)		2.5
Net impairment (losses) recoveries on available-for-sale securities		(17.3)		(24.1)
Net realized capital gains (losses)	$ (27.4)	$ (4)	$ 104	$ 80.5

Investments - Accumulated Credi

Investments - Accumulated Credit Losses for Fixed Maturities with Bifurcated Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Other-Than-Temporary Impairment Credit Losses Recognized in Net Income - Rollforward
Beginning balance	$ (102.3)	$ (117.5)
Credit losses for which an other-than-temporary impairment was not previously recognized	(0.8)	(2.8)
Credit losses for which an other-than-temporary impairment was previously recognized	(4.6)	(8.9)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold	8	28.4
Net reduction (increase) for positive changes in cash flows expected to be collected and amortization	(0.6)	0.5
Ending balance	$ (100.3)	$ (100.3)

Investments - Gross Unrealized

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 10,186.8	$ 5,390.1
Fixed maturities, Less than twelve months, Gross unrealized losses	535.1	63
Fixed maturities, Greater than or equal to twelve months, Fair value	1,182.9	3,134.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	73	61
Fixed maturities, Total, Fair value	11,369.7	8,525
Fixed maturities, Total, Gross unrealized losses	608.1	124
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	30.1	100
Fixed maturities, Less than twelve months, Gross unrealized losses	0.2	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	30.1	174.2
Fixed maturities, Total, Gross unrealized losses	0.2	3
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2.6	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	2.6	30
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	460.5	559.9
Fixed maturities, Less than twelve months, Gross unrealized losses	18.1	11.2
Fixed maturities, Greater than or equal to twelve months, Fair value	21	86.3
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses		0.4
Fixed maturities, Total, Fair value	481.5	646.2
Fixed maturities, Total, Gross unrealized losses	18.1	11.6
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	3,521.5	1,041.5
Fixed maturities, Less than twelve months, Gross unrealized losses	248.4	27.8
Fixed maturities, Greater than or equal to twelve months, Fair value	149.7	394.7
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	26.8	24.4
Fixed maturities, Total, Fair value	3,671.2	1,436.2
Fixed maturities, Total, Gross unrealized losses	275.2	52.2
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	195	429.6
Fixed maturities, Less than twelve months, Gross unrealized losses	0.4	1.4
Fixed maturities, Greater than or equal to twelve months, Fair value	3.2	237.3
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses		2.4
Fixed maturities, Total, Fair value	198.2	666.9
Fixed maturities, Total, Gross unrealized losses	0.4	3.8
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,507.8	829.3
Fixed maturities, Less than twelve months, Gross unrealized losses	134.3	9.2
Fixed maturities, Greater than or equal to twelve months, Fair value	151.3	268.5
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	15.5	14.8
Fixed maturities, Total, Fair value	2,659.1	1,097.8
Fixed maturities, Total, Gross unrealized losses	149.8	24
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	2,483.8	639.4
Fixed maturities, Less than twelve months, Gross unrealized losses	62.2	1.8
Fixed maturities, Greater than or equal to twelve months, Fair value	776.7	1,447.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	27.3	12.5
Fixed maturities, Total, Fair value	3,260.5	2,087.2
Fixed maturities, Total, Gross unrealized losses	89.5	14.3
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	985.5	1,772.8
Fixed maturities, Less than twelve months, Gross unrealized losses	71.5	9.5
Fixed maturities, Greater than or equal to twelve months, Fair value	81	613.7
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	3.4	5.4
Fixed maturities, Total, Fair value	1,066.5	2,386.5
Fixed maturities, Total, Gross unrealized losses	74.9	14.9
Principal Life Insurance Company
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	9,843.7	5,302.7
Fixed maturities, Less than twelve months, Gross unrealized losses	502.1	44
Fixed maturities, Greater than or equal to twelve months, Fair value	1,175.2	3,078
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	72.5	59.9
Fixed maturities, Total, Fair value	11,018.9	8,380.7
Fixed maturities, Total, Gross unrealized losses	$ 574.6	$ 103.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent)	81.00%	97.00%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost) | item	95	99
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months | item	1,286	882
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost) | item	95	99
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	80.00%	98.00%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 347.5	$ 43.1
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer | item	196	502
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost) | item	94	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	$ 26.8	$ 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	85	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	$ 27.1
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	97

Investments - Net Unrealized Ga

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 6,193.1	$ 4,834.2
Noncredit component of impairment losses on fixed maturities, available-for-sale		(48.4)
Net unrealized gains (losses) on derivative instruments	131.3	94.1
Adjustments for assumed changes in amortization patterns	(264.2)	(261)
Adjustments for assumed changes in policyholder liabilities	(1,700.9)	(1,133.5)
Net unrealized gains (losses) on other investments and noncontrolling interest adjustments	50.3	96.8
Provision for deferred income tax benefits (taxes)	(935.8)	(766.9)
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ 3,473.8	$ 2,815.3

Investments - Mortgage Loan Cre

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Financing Receivable, Credit Quality Indicator
Mortgage loans, Total amortized cost	$ 17,389.7	$ 16,513.9	$ 16,164.9
Reinsurance recoverables	1,076
Accrued interest receivable	548.8
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator
2020	917
2019	2,790.7
2018	2,821.1
2017	2,090.6
2016	1,644.8
Prior	4,831.3
Mortgage loans, Total amortized cost	15,095.5	15,017.2	14,830.6
Accrued interest receivable	58.8
Commercial mortgage loans | A- and above
Financing Receivable, Credit Quality Indicator
2020	807.2
2019	2,543.9
2018	2,478.7
2017	1,803.8
2016	1,538.5
Prior	4,213.4
Mortgage loans, Total amortized cost	13,385.5	13,961.9
Commercial mortgage loans | BBB+ thru BBB-
Financing Receivable, Credit Quality Indicator
2020	95
2019	205.7
2018	342.4
2017	286.8
2016	89.4
Prior	538.8
Mortgage loans, Total amortized cost	1,558.1	1,026.9
Commercial mortgage loans | BB+ thru BB-
Financing Receivable, Credit Quality Indicator
2020	14.8
2019	41.1
2016	16.9
Prior	74.5
Mortgage loans, Total amortized cost	147.3	23.3
Commercial mortgage loans | B+ and below
Financing Receivable, Credit Quality Indicator
Prior	4.6
Mortgage loans, Total amortized cost	4.6	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	148.6
2019	25.7
2018	60.5
2017	36.1
2016	16.8
Prior	359.4
Mortgage loans, Total amortized cost	647.1
Direct financing leases | A- and above
Financing Receivable, Credit Quality Indicator
2020	41
2019	1.5
2018	36.9
2017	16.6
2016	13.3
Prior	205.3
Mortgage loans, Total amortized cost	314.6
Direct financing leases | BBB+ thru BBB-
Financing Receivable, Credit Quality Indicator
2020	95.2
2019	22.4
2018	20
2017	19.5
2016	3.5
Prior	149.9
Mortgage loans, Total amortized cost	310.5
Direct financing leases | BB+ thru BB-
Financing Receivable, Credit Quality Indicator
2020	11
2019	1.8
2018	3.6
Prior	4.2
Mortgage loans, Total amortized cost	20.6
Direct financing leases | B+ and below
Financing Receivable, Credit Quality Indicator
2020	1.4
Mortgage loans, Total amortized cost	1.4
Residential mortgage loans
Financing Receivable, Credit Quality Indicator
2020	243.5
2019	461.6
2018	193.5
2017	180.9
2016	171.1
Prior	396.5
Mortgage loans, Total amortized cost	1,647.1	1,496.7	$ 1,334.3
Residential mortgage loans | Performing
Financing Receivable, Credit Quality Indicator
2020	243.5
2019	460.7
2018	192.6
2017	180.8
2016	171.1
Prior	389.1
Mortgage loans, Total amortized cost	1,637.8	1,482.2
Residential mortgage loans | Non-performing
Financing Receivable, Credit Quality Indicator
2019	0.9
2018	0.9
2017	0.1
Prior	7.4
Mortgage loans, Total amortized cost	$ 9.3	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
Home equity | Performing
Financing Receivable, Credit Quality Indicator
Mortgage loans, Total amortized cost		8
Home equity | Non-performing
Financing Receivable, Credit Quality Indicator
Mortgage loans, Total amortized cost		$ 3

Investments - Financing Receiva

Investments - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 12.7	$ 11.8
Financing receivables, Non-accrual assets without a valuation allowance	0.7
Financing receivables, Nonaccrual, Interest Income	0
Past due	122.9	68.2
Current	17,266.8	16,445.7
Financing receivables, Total amortized cost	17,389.7	16,513.9	$ 16,164.9
Recorded investment 90 days or more past due and accruing	8.9	2.7
Reinsurance recoverables	0
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	59	47.4
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	48.5	9.3
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Past due	15.4	11.5
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	4.6	5
Past due	57.3
Current	15,038.2
Financing receivables, Total amortized cost	15,095.5	15,017.2	14,830.6
Recorded investment 90 days or more past due and accruing	7.7
Commercial mortgage loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	14.9
Commercial mortgage loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	30.1
Commercial mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Past due	12.3
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	3.5
Current	643.6
Financing receivables, Total amortized cost	647.1
Direct financing leases | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	3.5
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	8.1	6.8
Financing receivables, Non-accrual assets without a valuation allowance	0.7
Past due	62.1
Current	1,585
Financing receivables, Total amortized cost	1,647.1	1,496.7	$ 1,334.3
Recorded investment 90 days or more past due and accruing	1.2
Residential mortgage loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	40.6
Residential mortgage loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due	18.4
Residential mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Past due	$ 3.1
First liens
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status		8.8
Past due		67.1
Current		1,418.6
Financing receivables, Total amortized cost		1,485.7
Recorded investment 90 days or more past due and accruing		2.7
First liens | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due		46.6
First liens | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Past due		9.3
First liens | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Past due		11.2
Home equity
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status		3
Past due		1.1
Current		9.9
Financing receivables, Total amortized cost		11
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 Val

Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 46.5	$ 27.6	$ 33.1	$ 27.4
Provision: Financing receivable valuation allowance	1.7	(0.1)	14.6	(0.5)
Charge-offs: Financing receivable valuation allowance	(0.1)	(0.3)	(0.2)	(0.4)
Recoveries: Financing receivable valuation allowance	0.6	0.9	1.2	1.6
Ending balance, Financing receivable valuation allowance	48.7	28.1	48.7	28.1
Individually evaluated for impairment, Financing receivable valuation allowance		1.5		1.5
Collectively evaluated for impairment, Financing receivable valuation allowance		26.6		26.6
Individually evaluated for impairment, Financing receivable		13.3		13.3
Collectively evaluated for impairment, Financing receivable		16,151.6		16,151.6
Financing receivables, Total amortized cost	17,389.7	16,164.9	$ 17,389.7	16,164.9	$ 16,513.9
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	37.7	24.7	27.3	24.3
Provision: Financing receivable valuation allowance	2.7	0.7	13.1	1.1
Ending balance, Financing receivable valuation allowance	40.4	25.4	40.4	25.4
Collectively evaluated for impairment, Financing receivable valuation allowance		25.4		25.4
Collectively evaluated for impairment, Financing receivable		14,830.6		14,830.6
Financing receivables, Total amortized cost	15,095.5	14,830.6	$ 15,095.5	14,830.6	15,017.2
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	6.1	2.9	3.3	3.1
Provision: Financing receivable valuation allowance	(1)	(0.8)	1.3	(1.6)
Charge-offs: Financing receivable valuation allowance	(0.1)	(0.3)	(0.2)	(0.4)
Recoveries: Financing receivable valuation allowance	0.6	0.9	1.2	1.6
Ending balance, Financing receivable valuation allowance	5.6	2.7	5.6	2.7
Individually evaluated for impairment, Financing receivable valuation allowance		1.5		1.5
Collectively evaluated for impairment, Financing receivable valuation allowance		1.2		1.2
Individually evaluated for impairment, Financing receivable		13.3		13.3
Collectively evaluated for impairment, Financing receivable		1,321		1,321
Financing receivables, Total amortized cost	1,647.1	$ 1,334.3	1,647.1	$ 1,334.3	$ 1,496.7
Direct financing leases
Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	0.2
Provision: Financing receivable valuation allowance			0.2
Ending balance, Financing receivable valuation allowance	0.2		0.2
Financing receivables, Total amortized cost	647.1		647.1
Reinsurance recoverables
Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	2.5		2.5
Ending balance, Financing receivable valuation allowance	$ 2.5		$ 2.5

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 17,389.7	$ 16,164.9	$ 17,389.7	$ 16,164.9	$ 16,513.9
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	73.5	103	86.3	115.9
Mortgage loans, sold			1.1	0.5
Mortgage loans, Total amortized cost	$ 15,095.5	14,830.6	$ 15,095.5	14,830.6	$ 15,017.2
Percent of mortgage loans (as a percent)	100.00%		100.00%		100.00%
Commercial mortgage loans | Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,689.9		$ 4,689.9		$ 4,887.1
Percent of mortgage loans (as a percent)	31.10%		31.10%		32.60%
Commercial mortgage loans | Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,921.3		$ 1,921.3		$ 2,052.6
Percent of mortgage loans (as a percent)	12.70%		12.70%		13.70%
Commercial mortgage loans | Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,310		$ 2,310		$ 2,268.5
Percent of mortgage loans (as a percent)	15.30%		15.30%		15.10%
Commercial mortgage loans | Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 5,616.7		$ 5,616.7		$ 5,246.9
Percent of mortgage loans (as a percent)	37.20%		37.20%		34.90%
Commercial mortgage loans | Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 89.9		$ 89.9		$ 90.8
Percent of mortgage loans (as a percent)	0.60%		0.60%		0.60%
Commercial mortgage loans | Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 467.7		$ 467.7		$ 471.3
Percent of mortgage loans (as a percent)	3.10%		3.10%		3.10%
Commercial mortgage loans | New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 668.4		$ 668.4		$ 613.9
Percent of mortgage loans (as a percent)	4.40%		4.40%		4.10%
Commercial mortgage loans | Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,137.7		$ 4,137.7		$ 4,139.7
Percent of mortgage loans (as a percent)	27.40%		27.40%		27.50%
Commercial mortgage loans | East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 611.8		$ 611.8		$ 624.5
Percent of mortgage loans (as a percent)	4.10%		4.10%		4.20%
Commercial mortgage loans | West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 236.7		$ 236.7		$ 237.2
Percent of mortgage loans (as a percent)	1.60%		1.60%		1.60%
Commercial mortgage loans | South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,286		$ 2,286		$ 2,318.4
Percent of mortgage loans (as a percent)	15.10%		15.10%		15.40%
Commercial mortgage loans | East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 340.7		$ 340.7		$ 438.5
Percent of mortgage loans (as a percent)	2.30%		2.30%		2.90%
Commercial mortgage loans | West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,404.1		$ 1,404.1		$ 1,450
Percent of mortgage loans (as a percent)	9.30%		9.30%		9.70%
Commercial mortgage loans | Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 972.3		$ 972.3		$ 931.8
Percent of mortgage loans (as a percent)	6.40%		6.40%		6.20%
Commercial mortgage loans | Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,121.2		$ 4,121.2		$ 3,963.7
Percent of mortgage loans (as a percent)	27.30%		27.30%		26.40%
Commercial mortgage loans | International
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 316.6		$ 316.6		$ 299.5
Percent of mortgage loans (as a percent)	2.10%		2.10%		2.00%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 267.7	66.2	$ 494.5	99.4
Mortgage loans, sold	48.5	21.2	73.4	32.1
Mortgage loans, Total amortized cost	1,647.1	$ 1,334.3	1,647.1	$ 1,334.3	$ 1,496.7
Direct financing leases
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 647.1		$ 647.1

Investments - Securities Posted

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 4,350.9	$ 4,062
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	3,005.9	2,749.4
Securities posted as collateral eligible to be sold or repledged	$ 260.3	$ 163.9

Investments - Balance Sheet Off

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 552.3	$ 312.3
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(100.3)	(88.4)
Collateral received, financial assets	(448)	(221.2)
Net amount of assets subject to netting agreements	4	2.7
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	530.6	288.7
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(100.3)	(88.4)
Collateral received, financial assets	(426.3)	(197.6)
Net amount of assets subject to netting agreements	4	2.7
Gross amount of assets not subject to netting agreements	0.8	6
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	21.7	23.6
Collateral received, financial assets	$ (21.7)	$ (23.6)

Investments - Balance Sheet O_2

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 192.8	$ 216
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(100.3)	(88.4)
Collateral pledged, financial liabilities	(77.5)	(118.3)
Net amount of liabilities subject to netting agreements	15	9.3
Gross amount of liabilities not subject to netting agreements	$ 576	$ 314.5

Derivative Financial Instrume_3

Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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	$ 282.9	$ 271.6
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	117	164.7
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	282.9	271.6
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	83.1
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	383.7	156.8
Notional amount	55,894.5	50,787.9
Gross credit exposure	541.3	301.6
Less: collateral received	446.5	208.3
Net credit exposure	94.8	93.3
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0
Principal payments made under contract	0
Notional amount	38,991.6	35,173.6
Gross credit exposure	351.7	181.9
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	1,886.9	1,416.9
Gross credit exposure	65.1	28.3
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	591.5	142.5
Swaptions
Derivative Financial Instruments, exposure
Notional amount	62	62
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	1,185.9	1,182.3
Gross credit exposure	10.9	4.9
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	986	1,027.2
Gross credit exposure	71.7	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	1,735.9	1,672.8
Gross credit exposure	39.3	30.5
Equity futures
Derivative Financial Instruments, exposure
Notional amount	379.9	149.5
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	310	165
Gross credit exposure	2.6	0.5
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 9,764.8	$ 9,742.3

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivatives, fair value disclosures
Derivative instruments, assets	$ 531.4	$ 294.7
Derivative instruments, liabilities	768.8	530.5
Fair value of embedded derivative liabilities reported with contractholder funds	576	214.2
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	61.3	30
Derivative instruments, liabilities	32	36.5
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	470.1	264.7
Derivative instruments, liabilities	736.8	494
Interest rate contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	31.2	21.3
Interest rate contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	408.3	204.2
Derivative instruments, liabilities	40.9	16.7
Foreign exchange contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	61.3	30
Derivative instruments, liabilities	0.8	15.2
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	20	29.5
Derivative instruments, liabilities	102.9	100.2
Equity contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	39.3	30.5
Derivative instruments, liabilities	14.7	63.1
Credit contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	2.5	0.5
Derivative instruments, liabilities	2.3	1.2
Other contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ 576	$ 312.8

Derivative Financial Instrume_5

Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 170	$ 90
Fair value	2.2	0.5
Maximum future payments	$ 170	$ 90
Weighted average expected life	4 years 3 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	$ 5
Fair value	0.4
Maximum future payments	$ 20	$ 5
Weighted average expected life	5 years	6 months
Single name credit default swaps | Corporate debt securities | BBB
Credit derivatives sold disclosures
Notional amount	$ 115	$ 70
Fair value	1.4	0.2
Maximum future payments	$ 115	$ 70
Weighted average expected life	4 years 4 months 24 days	2 years 7 months 6 days
Single name credit default swaps | Sovereign | A
Credit derivatives sold disclosures
Notional amount	$ 20
Fair value	0.3
Maximum future payments	$ 20
Weighted average expected life	5 years
Single name credit default swaps | Sovereign | BBB
Credit derivatives sold disclosures
Notional amount	$ 15	$ 15
Fair value	0.1	0.3
Maximum future payments	$ 15	$ 15
Weighted average expected life	1 year 6 months	2 years

Derivative Financial Instrume_6

Derivative Financial Instruments - Fair Value Hedges (Details) - Fixed maturities, available-for-sale - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value Hedges
Amortized cost of hedged item - Active hedging relationships	$ 152.8	$ 142
Amortized cost of hedged item - Discontinued hedging relationships	137.1	159.3
Amortized cost of hedged item - Active or discontinued hedging relationships	289.9	301.3
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	29.3	18.1
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	6.5	7.7
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	$ 35.8	$ 25.8

Derivative Financial Instrume_7

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ (26.2)	$ 4.3	$ 43.5	$ (8.5)
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months			24.8
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	(7.4)	0.9	(3)	(3.3)
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	$ (18.8)	$ 3.4	$ 46.5	$ (5.2)

Derivative Financial Instrume_8

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gains (losses) recognized for hedging relationships
Net investment income (loss)	$ 944.6	$ 1,037.1	$ 1,928.2	$ 1,998.1
Net realized capital gains (losses)	(27.4)	(4)	104	80.5
Benefits, claims and settlement expenses	1,601.3	2,446.1	4,460	4,641.2
Operating expenses	(983.3)	(1,046.3)	(2,318.8)	(2,039)
Fair Value Hedges | Interest rate contracts | Net investment income
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item	0.2	4.2	11.2	6.6
Gain (loss) recognized on derivatives	(0.2)	(4.3)	(11.5)	(6.8)
Amortization of hedged item basis adjustments	(0.6)	(1.2)	(1.3)	(2.5)
Amounts related to periodic settlements on derivatives	(1.2)	(0.7)	(2.3)	(1.5)
Total gain (loss) recognized for hedging relationships	(1.8)	(2)	(3.9)	(4.2)
Cash Flow Hedges | Net investment income
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships	6.8	6.6	13.6	13.3
Cash Flow Hedges | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships	7.9	9.6	8.8	9.6
Cash Flow Hedges | Operating expense
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		(2)		(4.8)
Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net investment income (loss)	4.7	4.9	9.4	10
Net realized capital gains (losses)	3.9		2.6
Operating expenses		(2)		(4.8)
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
Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net realized capital gains (losses)	4	9.5	6.2	9.5
Cash Flow Hedges | Foreign exchange contracts | Net investment income
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives	2.1	$ 1.7	4.2	$ 3.3
Net investment hedging relationships
Gains (losses) recognized for hedging relationships
Amount of gain (loss) recognized in accumulated OCI on derivatives	1.8		9.3
Net investment hedging relationships | Foreign exchange contracts
Gains (losses) recognized for hedging relationships
Amount of gain (loss) recognized in accumulated OCI on derivatives	$ 1.8		$ 9.3

Derivative Financial Instrume_9

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (187.7)	$ 2.8	$ 75.5	$ 5.7
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	(19.9)	94.1	480.5	161.4
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	24.3	5.4	(32.6)	10
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	(188.2)	(15.8)	(11.1)	(90.8)
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	(1.4)	(4.8)	1	(3.5)
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	$ (2.5)	$ (76.1)	$ (362.3)	$ (71.4)

Insurance Liabilities - Liabili

Insurance Liabilities - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 2,365.5	$ 2,252.7
Balance at beginning of period, reinsurance recoverables for unpaid claims	403.8	404.3
Net balance at beginning of period, unpaid claims	1,961.7	1,848.4
Incurred:
Incurred: Current year	609.5	653.6
Incurred: Prior years	34.7	29
Total incurred	644.2	682.6
Payments:
Payments: Current year	333.7	387.8
Payments: Prior years	257.6	238.1
Total payments	591.3	625.9
Net balance at end of period, unpaid claims	2,014.6	1,905.1
Balance at end of period, reinsurance recoverables for unpaid claims	418	403.7
Balance at end of period, unpaid claims	2,432.6	2,308.8
Amount not included in the rollforward above:
Claim adjustment expense liabilities	$ 56.9	$ 55.1

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 12, 2020	Dec. 31, 2019
Long-Term Debt
Long-term debt principal	$ 4,198.3		$ 3,763.2
Net unamortized discount, premium and debt issuance costs	(34.9)		(29.1)
Long-term debt carrying amount	$ 4,163.4		$ 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		$ 300
Net unamortized discount, premium and debt issuance costs	(0.9)		(1)
Long-term debt carrying amount	$ 299.1		$ 299
3.125% notes payable, due 2023
Long-Term Debt
Interest rate (as a percent)	3.125%		3.125%
Long-term debt principal	$ 300		$ 300
Net unamortized discount, premium and debt issuance costs	(0.8)		(1)
Long-term debt carrying amount	$ 299.2		$ 299
3.4% notes payable, due 2025
Long-Term Debt
Interest rate (as a percent)	3.40%		3.40%
Long-term debt principal	$ 400		$ 400
Net unamortized discount, premium and debt issuance costs	(2.4)		(2.6)
Long-term debt carrying amount	$ 397.6		$ 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		$ 350
Net unamortized discount, premium and debt issuance costs	(2.2)		(2.5)
Long-term debt carrying amount	$ 347.8		$ 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		$ 500
Net unamortized discount, premium and debt issuance costs	(5.8)		(6.1)
Long-term debt carrying amount	$ 494.2		$ 493.9
2.125% notes payable, due 2030
Long-Term Debt
Interest rate (as a percent)	2.125%
Long-term debt principal	$ 500
Net unamortized discount, premium and debt issuance costs	(6.9)
Long-term debt carrying amount	$ 493.1
2.125% notes payable, due 2030 | Senior notes
Long-Term Debt
Interest rate (as a percent)		2.125%
Long-term debt issued		$ 500
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		$ 300
Net unamortized discount, premium and debt issuance costs	(3.2)		(3.2)
Long-term debt carrying amount	$ 296.8		$ 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		$ 300
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		$ 300
Net unamortized discount, premium and debt issuance costs	(3.3)		(3.3)
Long-term debt carrying amount	$ 296.7		$ 296.7
4.7% notes payable, due 2055
Long-Term Debt
Interest rate (as a percent)	4.70%		4.70%
Long-term debt principal	$ 400		$ 400
Net unamortized discount, premium and debt issuance costs	(4.9)		(4.9)
Long-term debt carrying amount	395.1		395.1
Non-recourse mortgages and notes payable
Long-Term Debt
Long-term debt principal	42.7		107.6
Net unamortized discount, premium and debt issuance costs	1.1		1.2
Long-term debt carrying amount	$ 43.8		$ 108.8

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate from continuing operations
U.S. corporate income tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Dividends received deduction (as a percent)	(3.00%)	(4.00%)	(4.00%)	(5.00%)
Tax credits (as a percent)	(2.00%)	(3.00%)	(2.00%)	(2.00%)
Impact of equity method presentation (as a percent)	(1.00%)	(1.00%)	(1.00%)	(1.00%)
Interest exclusion from taxable income (as a percent)	(1.00%)	(1.00%)	(1.00%)	(1.00%)
State income taxes (as a percent)				1.00%
Other income tax rate impacts (as a percent)	3.00%	1.00%	2.00%	1.00%
Effective income tax rate (as a percent)	17.00%	13.00%	15.00%	14.00%

Employee and Agent Benefits - C

Employee and Agent Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	$ 18.2	$ 16.7	$ 36.3	$ 33.5
Interest cost	$ 29.4	$ 32.1	$ 58.7	$ 64.9
Interest cost, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Expected return on plan assets	$ (39.2)	$ (36.4)	$ (78.4)	$ (71.9)
Expected return on plan assets, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Amortization of prior service (benefit) cost	$ (4.2)	$ (2)	$ (8.4)	$ (2.9)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Recognized net actuarial (gain) loss	$ 18.9	$ 17.2	$ 37.7	$ 34.1
Recognized net actuarial (gain) loss, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Net periodic benefit cost (income)	$ 23.1	$ 27.6	$ 45.9	$ 57.7
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 0.7	$ 1	$ 1.4	$ 1.9
Interest cost, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Expected return on plan assets	$ (9)	$ (8.3)	$ (18)	$ (16.6)
Expected return on plan assets, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Amortization of prior service (benefit) cost	$ (0.3)	$ (0.3)	$ (0.5)	$ (0.6)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Recognized net actuarial (gain) loss, location on consolidated statements of operations	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization	pfg:OperatingExpensesIncludingDeferredAcquisitionCostsCapitalizationAndAmortization
Net periodic benefit cost (income)	$ (8.6)	$ (7.6)	$ (17.1)	$ (15.3)

Employee and Agent Benefits - P

Employee and Agent Benefits - Pension Plan Changes and Plan Gains/Losses (Details) - Pension benefits - USD ($) $ in Millions	May 31, 2019	Jun. 30, 2020	Jun. 30, 2020
Contributions
Contributions made by employer to fund qualified and nonqualified pension plans		$ 15.7	$ 21.4
Maximum
Contributions
Amount of possible contributions to be made during the current fiscal year to the qualified and nonqualified pension plans combined		$ 75	$ 75
Nonqualified benefit plans
Components of Net Periodic Benefit Cost (Income)
Actuarial gain (loss)	$ (59)
Total plan amendment gain	122.4
Increase in benefit obligation	237.6
Asset gain on plan assets	$ 178.6

Contingencies, Guarantees and_2

Contingencies, Guarantees and Indemnifications - Guarantees and Indemnifications (Details) $ in Millions	Jun. 30, 2020USD ($)
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 111
Guarantees related to P-Caps contingent funding agreements
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 750

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Dividends and Reconciliation of Outstanding Common Shares (Details) - Common stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 29, 2020	Nov. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Stock Dividends
Dividends declared per common share (in dollars per share)			$ 0.56	$ 0.54	$ 1.12	$ 1.08
Reconciliation of Outstanding Common Shares
Outstanding shares at beginning of period			273.4	278.2	276.6	279.5
Shares issued			0.6	0.4	1.8	2.2
Treasury stock acquired					(4.4)	(3.1)
Outstanding shares at end of period			274	278.6	274	278.6
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)	$ 900	$ 500

Stockholders' Equity - Other Co

Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ 2,602.6	$ 1,363.1	$ 581.5	$ 2,814.1
Other comprehensive income (loss), tax	(554.5)	(290.8)	(179.7)	(595.1)
Other comprehensive income (loss)	2,048.1	1,072.3	401.8	2,219
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	4,195.7	1,804	1,418	3,621
Adjustments for assumed changes in amortization patterns, pre-tax	(336.4)	(117.6)	(3.9)	(239.7)
Adjustments for assumed changes in policyholder liabilities, pre-tax	(1,232.5)	(462.3)	(570.3)	(762.6)
Other comprehensive income (loss), pre-tax	2,578.9	1,252	786.4	2,655.3
Other comprehensive income (loss) before reclassifications, tax	(900.4)	(394.9)	(300.1)	(787.4)
Reclassification from accumulated other comprehensive income, tax	11	(5.5)	13.6	(7.2)
Adjustments for assumed changes in amortization patterns, tax	70.6	24.7	0.8	50.4
Adjustments for assumed changes in policyholder liabilities, tax	277.6	108.6	125.4	178.1
Other comprehensive income (loss), tax	(541.2)	(267.1)	(160.3)	(566.1)
Other comprehensive income (loss) before reclassifications, after-tax	3,295.3	1,409.1	1,117.9	2,833.6
Reclassification from accumulated other comprehensive income, after-tax	(36.9)	22.4	(43.8)	29.4
Adjustments for assumed changes in amortization patterns, after-tax	(265.8)	(92.9)	(3.1)	(189.3)
Adjustments for assumed changes in policyholder liabilities, after-tax	(954.9)	(353.7)	(444.9)	(584.5)
Other comprehensive income (loss)	2,037.7	984.9	626.1	2,089.2
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	(47.9)	27.9	(57.4)	36.6
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		0.3		(2.5)
Adjustments for assumed changes in amortization patterns, pre-tax		(0.8)		(1.2)
Adjustments for assumed changes in policyholder liabilities, pre-tax		0.1		0.1
Other comprehensive income (loss), pre-tax		(0.4)		(3.6)
Other comprehensive income (loss) before reclassifications, tax				0.6
Adjustments for assumed changes in amortization patterns, tax		0.1		0.2
Other comprehensive income (loss), tax		0.1		0.8
Other comprehensive income (loss) before reclassifications, after-tax		0.3		(1.9)
Adjustments for assumed changes in amortization patterns, after-tax		(0.7)		(1)
Adjustments for assumed changes in policyholder liabilities, after-tax		0.1		0.1
Other comprehensive income (loss)		(0.3)		(2.8)
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(10.8)	12.8	55.4	4.3
Reclassification from accumulated other comprehensive income, pre-tax	(12.6)	(12.5)	(18.2)	(14.8)
Adjustments for assumed changes in amortization patterns, pre-tax	1	0.6	0.7	2.5
Adjustments for assumed changes in policyholder liabilities, pre-tax	1.7	1.2	2.9	4.8
Other comprehensive income (loss), pre-tax	(20.7)	2.1	40.8	(3.2)
Other comprehensive income (loss) before reclassifications, tax	3.1	(2.7)	(11.1)	(0.9)
Reclassification from accumulated other comprehensive income, tax	1.8	2.5	3.3	2.8
Adjustments for assumed changes in amortization patterns, tax	(0.2)	(0.1)	(0.2)	(0.5)
Adjustments for assumed changes in policyholder liabilities, tax	(0.4)	(0.2)	(0.6)	(1.1)
Other comprehensive income (loss), tax	4.3	(0.5)	(8.6)	0.3
Other comprehensive income (loss) before reclassifications, after-tax	(7.7)	10.1	44.3	3.4
Reclassification from accumulated other comprehensive income, after-tax	(10.8)	(10)	(14.9)	(12)
Adjustments for assumed changes in amortization patterns, after-tax	0.8	0.5	0.5	2
Adjustments for assumed changes in policyholder liabilities, after-tax	1.3	1	2.3	3.7
Other comprehensive income (loss)	(16.4)	1.6	32.2	(2.9)
Foreign currency translation adjustment including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	30	4.6	(306.6)	45.5
Reclassification from accumulated other comprehensive income, pre-tax		26.5	31.5	26.1
Other comprehensive income (loss), pre-tax	30	31.1	(275.1)	71.6
Other comprehensive income (loss) before reclassifications, tax	(13.6)	(2.2)	(2.8)	(4.8)
Other comprehensive income (loss), tax	(13.6)	(2.2)	(2.8)	(4.8)
Other comprehensive income (loss) before reclassifications, after-tax	16.4	2.4	(309.4)	40.7
Reclassification from accumulated other comprehensive income, after-tax		26.5	31.5	26.1
Other comprehensive income (loss)	16.4	28.9	(277.9)	66.8
Foreign currency translation adjustment relating to noncontrolling interest
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax		5.7		5.7
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax		63.4	0.6	63.4
Other comprehensive income (loss), pre-tax	14.4	78.3	29.4	94
Other comprehensive income (loss) before reclassifications, tax	(0.1)	(17.1)	(0.2)	(17.1)
Reclassification from accumulated other comprehensive income, tax	(3.9)	(4)	(7.8)	(8.2)
Other comprehensive income (loss), tax	(4)	(21.1)	(8)	(25.3)
Other comprehensive income (loss) before reclassifications, after-tax	(0.1)	46.3	0.4	46.3
Reclassification from accumulated other comprehensive income, after-tax	10.5	10.9	21	22.4
Other comprehensive income (loss)	10.4	57.2	21.4	68.7
Unrecognized postretirement benefit obligation including NCI | Operating expense
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ 14.4	$ 14.9	$ 28.8	$ 30.6

Stockholders' Equity - AOCI and

Stockholders' Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Change in accumulated other comprehensive income (loss) rollforward
Balances			$ 14,618
Balances	$ 15,243.1		15,243.1
Change in redeemable noncontrolling interest rollforward
Redeemable noncontrolling interest, balance at beginning of period	239.7	$ 537.7	264.9	$ 391.2
Net income (loss) attributable to redeemable noncontrolling interest	15.7	4	(8)	24.3
Redeemable noncontrolling interest of deconsolidated entities		(370)		(370)
Contributions from redeemable noncontrolling interest	40.4	154	74.6	297.7
Distributions to redeemable noncontrolling interest	(18.1)	(25.8)	(47.8)	(46.1)
Change in redemption value of redeemable noncontrolling interest	(2.5)	(1)	(1.9)	1.7
Stock-based compensation attributable to redeemable noncontrolling interest		0.1		0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	(2.5)	5.5	(9.1)	5.6
Redeemable noncontrolling interest, balance at end of period	272.7	304.5	272.7	304.5
ASU 2016-13 - CECL
Change in accumulated other comprehensive income (loss) rollforward
Effects of implementation of accounting change			(8.4)
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(599.2)	(418.9)	1,037.9	(1,565.1)
Other comprehensive income (loss) during the period, net of adjustments	2,087.1	1,022.5	419	2,152.6
Amounts reclassified from accumulated other comprehensive income (loss)	(37.2)	44.1	(6.2)	60.2
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	2,049.9	1,066.6	412.8	2,212.8
Balances	1,450.7	647.7	1,450.7	647.7
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Balances	1,350.6	1,294.3	2,806	190
Other comprehensive income (loss) during the period, net of adjustments	2,074.5	962.4	670.1	2,059.7
Amounts reclassified from accumulated other comprehensive income (loss)	(36.9)	22.4	(43.8)	29.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	2,037.6	984.8	626.3	2,089.1
Balances	3,388.2	2,279.1	3,388.2	2,279.1
Available-for-sale debt securities, allowance for credit losses	5.7		5.7
Net unrealized gains (losses) on available-for-sale securities | ASU 2016-13 - CECL
Change in accumulated other comprehensive income (loss) rollforward
Effects of implementation of accounting change			(44.1)
Noncredit component of impairment losses on fixed maturities available-for-sale
Change in accumulated other comprehensive income (loss) rollforward
Balances		(49.6)	(44.1)	(47.1)
Other comprehensive income (loss) during the period, net of adjustments		(0.3)		(2.8)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.		(0.3)		(2.8)
Balances		(49.9)		(49.9)
Noncredit component of impairment losses on fixed maturities available-for-sale | ASU 2016-13 - CECL
Change in accumulated other comprehensive income (loss) rollforward
Effects of implementation of accounting change			44.1
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Balances	102	59.9	53.4	64.4
Other comprehensive income (loss) during the period, net of adjustments	(5.6)	11.6	47.1	9.1
Amounts reclassified from accumulated other comprehensive income (loss)	(10.8)	(10)	(14.9)	(12)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(16.4)	1.6	32.2	(2.9)
Balances	85.6	61.5	85.6	61.5
Foreign currency translation adjustment
Change in accumulated other comprehensive income (loss) rollforward
Balances	(1,627.2)	(1,222.1)	(1,341.8)	(1,259.5)
Other comprehensive income (loss) during the period, net of adjustments	18.3	2.5	(298.6)	40.3
Amounts reclassified from accumulated other comprehensive income (loss)		20.8	31.5	20.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	18.3	23.3	(267.1)	60.7
Balances	(1,608.9)	(1,198.8)	(1,608.9)	(1,198.8)
Unrecognized postretirement benefit obligation
Change in accumulated other comprehensive income (loss) rollforward
Balances	(424.6)	(501.4)	(435.6)	(512.9)
Other comprehensive income (loss) during the period, net of adjustments	(0.1)	46.3	0.4	46.3
Amounts reclassified from accumulated other comprehensive income (loss)	10.5	10.9	21	22.4
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	10.4	57.2	21.4	68.7
Balances	$ (414.2)	$ (444.2)	$ (414.2)	$ (444.2)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	$ 74,269.2	$ 70,106.2
Fixed maturities, trading	583.8	675.9
Equity securities	1,778.5	1,879.4
Derivative instruments, assets	531.4	294.7
Separate account assets	155,936.3	165,468
Investment and universal life contracts	$ (576)	(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	$ 12.4	19.9
U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,875	1,724.2
Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,006.9	996.2
States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	8,713.6	7,490
Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	43,586.8	40,647.4
Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,323.6	2,982.4
Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,706.5	4,850.2
Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,506	3,215.3
Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,550.8	8,200.5
Recurring Fair Value Measurements
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	74,269.2	70,106.2
Fixed maturities, trading	583.8	675.9
Equity securities	1,778.5	1,879.4
Derivative instruments, assets	531.4	294.7
Other investments	769	796
Cash equivalents	2,041.7	1,299
Sub-total excluding separate account assets	79,973.6	75,051.2
Separate account assets	155,936.3	165,468
Total assets	235,909.9	240,519.2
Investment and universal life contracts	(576)	(214.2)
Derivative liabilities	(192.8)	(217.7)
Other liabilities	(0.1)	(98.9)
Total liabilities	(768.9)	(530.8)
Net assets (liabilities)	235,141	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	75.6	78.3
Sub-total excluding separate account assets	75.6	78.3
Separate account assets	135.4	129
Total assets	211	207.3
Net assets (liabilities)	211	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	1,461.2	1,339.9
Fixed maturities, trading	0.5	0.5
Equity securities	617.9	645.8
Other investments	255.6	335.2
Cash equivalents	69.8	40.9
Sub-total excluding separate account assets	2,405	2,362.3
Separate account assets	89,113.4	95,652.5
Total assets	91,518.4	98,014.8
Net assets (liabilities)	91,518.4	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	72,445.9	68,381.4
Fixed maturities, trading	583.3	675.1
Equity securities	1,160.6	1,233.6
Derivative instruments, assets	530.3	265.4
Other investments	399.1	343.5
Cash equivalents	1,971.9	1,258.1
Sub-total excluding separate account assets	77,091.1	72,157.1
Separate account assets	57,866.2	60,718.5
Total assets	134,957.3	132,875.6
Derivative liabilities	(177.5)	(201.4)
Other liabilities	(0.1)	(98.9)
Total liabilities	(177.6)	(300.3)
Net assets (liabilities)	134,779.7	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	362.1	384.9
Fixed maturities, trading		0.3
Derivative instruments, assets	1.1	29.3
Other investments	38.7	39
Sub-total excluding separate account assets	401.9	453.5
Separate account assets	8,821.3	8,968
Total assets	9,223.2	9,421.5
Investment and universal life contracts	(576)	(214.2)
Derivative liabilities	(15.3)	(16.3)
Total liabilities	(591.3)	(230.5)
Net assets (liabilities)	8,631.9	9,191
Recurring Fair Value Measurements | U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,875	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	1,460.2	1,320
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	414.8	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	1,006.9	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	1.4
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	1,005.9	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	8,713.6	7,490
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	8,713.6	7,490
Recurring Fair Value Measurements | Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	43,586.8	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	43,311.8	40,547.2
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	275	81.7
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,323.6	2,982.4
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,323.6	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	4,706.5	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	4,693.4	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	13.1	12.9
Recurring Fair Value Measurements | Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,506	3,215.3
Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,503.2	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	2.8	199
Recurring Fair Value Measurements | Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,550.8	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	7,479.6	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	$ 71.2	$ 91.3

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, net derivative assets	$ (15.6)	$ 3.4	$ 13	$ 3.1
Total realized/unrealized gains (losses) included in net income, net derivative assets	2.5	6.6	1.8	5
Net purchases, sales, issuances and settlements, net derivative assets	(1.1)	5.8	(2.5)	7.7
Transfers out of Level 3, net derivative assets			(26.5)
Ending balance, net derivative assets	(14.2)	15.8	(14.2)	15.8
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets	2.6	11.2	0.5	8.9
Gross purchases, sales, issuances and settlements
Sales, net derivative assets (liabilities)	(1.1)	5.8	(2.5)	7.7
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	(1.1)	5.8	(2.5)	7.7
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(555.4)	(40.5)	(214.2)	(45.2)
Total realized/unrealized gains (losses) included in net income, liabilities	(18.3)	(76.2)	(358.7)	(71.9)
Total realized/unrealized gains (losses) included in other comprehensive income, liabilities		(0.2)	(0.3)	(0.1)
Net purchases, sales, issuances and settlements, liabilities	(2.3)	(1.8)	(2.8)	(1.5)
Ending balance, liabilities	(576)	(118.7)	(576)	(118.7)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(1.4)	(75.5)	(368.3)	(70.3)
Changes in unrealized gains (losses) included in OCI relating to positions still held, liabilities			(0.3)
Gross purchases, sales, issuances and settlements
Issuances, liabilities	(5.5)	(3.5)	(12.2)	(4.8)
Settlements, liabilities	3.2	1.7	9.4	3.3
Net purchases, sales, issuances and settlements, liabilities	(2.3)	(1.8)	(2.8)	(1.5)
Fixed maturities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	460.9	124	384.9	138.8
Total realized/unrealized gains (losses) included in net income, assets	(1.8)	(3.2)	(1.9)	(5.7)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	6.5	3.9	(33.5)	5.5
Net purchases, sales, issuances and settlements, assets	(31.3)	0.3	150.1	12.4
Transfers into Level 3, assets	217.3	33.7	388.1	33.7
Transfers out of Level 3, assets	(289.5)	(2.3)	(525.6)	(28.3)
Ending balance, assets	362.1	156.4	362.1	156.4
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(1.8)	(2.1)	(1.9)	(4.6)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	4.8		(0.1)
Gross purchases, sales, issuances and settlements
Purchases, assets	7.4	22	191	34.9
Sales, assets	(0.5)	(0.2)	(1)	(0.4)
Settlements, assets	(38.2)	(21.5)	(39.9)	(22.1)
Net purchases, sales, issuances and settlements, assets	(31.3)	0.3	150.1	12.4
Fixed maturities | Trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	0.3		0.3
Net purchases, sales, issuances and settlements, assets		0.5		0.5
Transfers out of Level 3, assets	(0.3)		(0.3)
Ending balance, assets		0.5		0.5
Gross purchases, sales, issuances and settlements
Purchases, assets		0.5		0.5
Net purchases, sales, issuances and settlements, assets		0.5		0.5
Non-U.S. governments | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets		4.2		4.6
Net purchases, sales, issuances and settlements, assets		(0.3)		(0.7)
Ending balance, assets		3.9		3.9
Gross purchases, sales, issuances and settlements
Settlements, assets		(0.3)		(0.7)
Net purchases, sales, issuances and settlements, assets		(0.3)		(0.7)
Corporate debt securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	170.3	58.5	81.7	57.9
Total realized/unrealized gains (losses) included in other comprehensive income, assets	5.7		(10.6)	0.4
Net purchases, sales, issuances and settlements, assets	(15.7)	(13.8)	10.8	(13.6)
Transfers into Level 3, assets	217.3		342
Transfers out of Level 3, assets	(102.6)		(148.9)
Ending balance, assets	275	44.7	275	44.7
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	5.7		(0.3)
Gross purchases, sales, issuances and settlements
Purchases, assets	7.4	5.2	34.9	5.7
Sales, assets	(0.5)	(0.2)	(1)	(0.4)
Settlements, assets	(22.6)	(18.8)	(23.1)	(18.9)
Net purchases, sales, issuances and settlements, assets	(15.7)	(13.8)	10.8	(13.6)
Commercial mortgage-backed securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	14.4	12	12.9	9.5
Total realized/unrealized gains (losses) included in net income, assets	(0.9)	(3.2)	(0.9)	(3.2)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(0.4)	2.9	1.1	3.2
Net purchases, sales, issuances and settlements, assets				2.2
Transfers into Level 3, assets		3.7		3.7
Transfers out of Level 3, assets		(2.3)		(2.3)
Ending balance, assets	13.1	13.1	13.1	13.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(0.9)	(2.1)	(0.9)	(2.1)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(0.4)		1.1
Gross purchases, sales, issuances and settlements
Purchases, assets				2.4
Settlements, assets				(0.2)
Net purchases, sales, issuances and settlements, assets				2.2
Collateralized debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	171.3	5.9	199	8.3
Total realized/unrealized gains (losses) included in net income, assets	(0.9)		(1)	(2.5)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(0.5)	0.5	(22.6)	0.3
Net purchases, sales, issuances and settlements, assets	0.2	(1.6)	142	(1.3)
Transfers into Level 3, assets		30		30
Transfers out of Level 3, assets	(167.3)		(314.6)
Ending balance, assets	2.8	34.8	2.8	34.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(0.9)		(1)	(2.5)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(0.5)		(0.9)
Gross purchases, sales, issuances and settlements
Purchases, assets			141.8
Settlements, assets	0.2	(1.6)	0.2	(1.3)
Net purchases, sales, issuances and settlements, assets	0.2	(1.6)	142	(1.3)
Other debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	104.9	43.4	91.3	58.5
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.7	0.5	(1.4)	1.6
Net purchases, sales, issuances and settlements, assets	(15.8)	16	(2.7)	25.8
Transfers into Level 3, assets			46.1
Transfers out of Level 3, assets	(19.6)		(62.1)	(26)
Ending balance, assets	71.2	59.9	71.2	59.9
Gross purchases, sales, issuances and settlements
Purchases, assets		16.8	14.3	26.8
Settlements, assets	(15.8)	(0.8)	(17)	(1)
Net purchases, sales, issuances and settlements, assets	(15.8)	16	(2.7)	25.8
Equity securities
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets		0.4
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(0.4)
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	36	29.4	39	17.2
Total realized/unrealized gains (losses) included in net income, assets	2.4	0.1	2.3	2.3
Total realized/unrealized gains (losses) included in other comprehensive income, assets			(2.9)
Net purchases, sales, issuances and settlements, assets	0.3	(0.4)	0.3	(0.4)
Transfers into Level 3, assets				10
Ending balance, assets	38.7	29.1	38.7	29.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	2.4	0.1	2.3	2.3
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets			(2.9)
Gross purchases, sales, issuances and settlements
Purchases, assets	0.3	4.5	0.3	4.5
Sales, assets		(4.9)		(4.9)
Net purchases, sales, issuances and settlements, assets	0.3	(0.4)	0.3	(0.4)
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	8,866.7	8,718.7	8,968	8,615.5
Total realized/unrealized gains (losses) included in net income, assets	8.5	138.9	153.1	313.5
Total realized/unrealized gains (losses) included in other comprehensive income, assets		0.5		0.1
Net purchases, sales, issuances and settlements, assets	(53.9)	4.2	(299.8)	(66.1)
Transfers out of Level 3, assets		(172.5)		(173.2)
Ending balance, assets	8,821.3	8,689.8	8,821.3	8,689.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	12.5	126.4	138.9	327.2
Gross purchases, sales, issuances and settlements
Purchases, assets	0.4	41	68	120
Sales, assets	(1.5)	(112.8)	(185.6)	(214.5)
Issuances, assets	(52.6)	(156.5)	(226.8)	(203.8)
Settlements, assets	(0.2)	232.5	44.6	232.2
Net purchases, sales, issuances and settlements, assets	$ (53.9)	$ 4.2	$ (299.8)	$ (66.1)

Fair Value Measurements - Trans

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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
Separate account assets
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2		$ 172.5		173.2
Available-for-sale | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	$ 217.3	33.7	388.1	33.7
Transfers out of Level 3 into Level 2	289.5	2.3	525.6	28.3
Available-for-sale | Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	217.3		342
Transfers out of Level 3 into Level 2	102.6		148.9
Available-for-sale | Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		3.7		3.7
Transfers out of Level 3 into Level 2		2.3		2.3
Available-for-sale | Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		$ 30		30
Transfers out of Level 3 into Level 2	167.3		314.6
Available-for-sale | Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			46.1
Transfers out of Level 3 into Level 2	19.6		62.1	$ 26
Trading | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2	$ 0.3		$ 0.3

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item
Unobservable inputs
Assets measured at fair value | $	$ 235,909.9	$ 240,519.2
Liabilities measured at fair value | $	(768.9)	(530.8)
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value | $	9,223.2	9,421.5
Liabilities measured at fair value | $	(591.3)	(230.5)
Fair value hierarchy Level 3 | Investment and universal life contracts
Unobservable inputs
Liabilities measured at fair value | $	$ (576)	$ (214.2)
Embedded derivative, Valuation technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate
Unobservable inputs
Embedded derivative, Input	0.009
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum
Unobservable inputs
Embedded derivative, Input		0.020
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum
Unobservable inputs
Embedded derivative, Input		0.021
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.009
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum
Unobservable inputs
Embedded derivative, Input	0.169	0.150
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum
Unobservable inputs
Embedded derivative, Input	0.281	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	0.193
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum
Unobservable inputs
Embedded derivative, Input	0.005	0.002
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum
Unobservable inputs
Embedded derivative, Input	0.021	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	0.014
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Minimum
Unobservable inputs
Embedded derivative, Input	0	0
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Maximum
Unobservable inputs
Embedded derivative, Input	0.180	0.180
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.061
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 241.5	$ 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	0.006	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	0.080	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	0.057	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	0.0138	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	0.0036	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	0.0364
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	0.0141
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 1.4	$ 2.4
Fixed maturities, available-for-sale, Valuation technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Probability of default
Unobservable inputs
Fixed maturities, available-for-sale, Input	1	1
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	1
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	0.720	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	0.720	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	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.029
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	1
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	1
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	0.413	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	0.413	0.230
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 0.7	$ 1.2
Fixed maturities, available-for-sale, Valuation technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.050	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	0.050	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 | $	$ 37.3	$ 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
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Minimum
Unobservable inputs
Other investments, Input	0.8	0.8
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Maximum
Unobservable inputs
Other investments, Input	7	7
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Weighted average input
Unobservable inputs
Other investments, Input	3.8	4.1
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate
Unobservable inputs
Other investments, Input	0.073
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | Weighted average input
Unobservable inputs
Other investments, Input	0.073
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	0.023
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	0.023
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate
Unobservable inputs
Other investments, Input	0.029
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate | Weighted average input
Unobservable inputs
Other investments, Input	0.029
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value
Unobservable inputs
Other investments, Input	0.555
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | Weighted average input
Unobservable inputs
Other investments, Input	0.555
Fair value hierarchy Level 3 | Separate account assets
Unobservable inputs
Assets measured at fair value | $	$ 8,820.7	$ 8,966.2
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate
Unobservable inputs
Separate account assets, Input	0.017	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	0.017	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	0.0158	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	0.0158	0.0120
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum
Unobservable inputs
Separate account assets, Input	0.055	0.055
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum
Unobservable inputs
Separate account assets, Input	0.118	0.118
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.066	0.067
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum
Unobservable inputs
Separate account assets, Input	0.045	0.045
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum
Unobservable inputs
Separate account assets, Input	0.093	0.093
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.056	0.057
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Minimum
Unobservable inputs
Separate account assets, Input	0.015	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	0.046	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	0.028	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	0.090	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	0.806	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	0.470	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	0.028	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	0.053	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	0.036	0.036

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Option on Consolidated VIEs and Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Commercial Mortgage Loans of Consolidated VIEs
Fair Value Option, Quantitative Disclosures
Interest income		$ 0.1		$ 0.2
Real Estate Ventures
Fair Value Option, Quantitative Disclosures
Fair value of assets for which fair value option was elected	$ 25.4		$ 25.4		$ 22.8
Pre-tax gain (loss) due to change in fair value of assets and liabilities for which the fair value option was elected	$ 2.4	$ 0.1	$ 2.3	$ 2.3

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets (liabilities)
Mortgage loans	$ 16,696.6	$ 16,486.9
Policy loans	796.4	798
Short-term debt	(76.3)	(93.4)
Long-term debt	(4,163.4)	(3,734.1)
Carrying amount
Assets (liabilities)
Mortgage loans	16,696.6	16,486.9
Policy loans	796.4	798
Other investments	318.5	278.8
Cash and cash equivalents not required to be reported at fair value	1,108.7	1,216.9
Investment contracts	(34,476)	(33,922.2)
Short-term debt	(76.3)	(93.4)
Long-term debt	(4,163.4)	(3,734.1)
Separate account liabilities	(142,189.8)	(151,132.4)
Bank deposits	(449.8)	(469.6)
Cash collateral payable	(384)	(156.8)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	17,686.6	17,214.7
Policy loans	1,091.7	1,030.8
Other investments	311.6	273.1
Cash and cash equivalents not required to be reported at fair value	1,108.7	1,216.9
Investment contracts	(35,424.5)	(34,001.3)
Short-term debt	(76.3)	(93.4)
Long-term debt	(4,714)	(4,122.9)
Separate account liabilities	(141,064.7)	(149,955.6)
Bank deposits	(457.3)	(468.3)
Cash collateral payable	(384)	(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	1,087	1,193.3
Cash collateral payable	(384)	(156.8)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 2
Assets (liabilities)
Other investments	212.7	180.3
Cash and cash equivalents not required to be reported at fair value	21.7	23.6
Investment contracts	(3,885.8)	(4,304.5)
Short-term debt	(76.3)	(93.4)
Long-term debt	(4,672.8)	(4,015.3)
Bank deposits	(457.3)	(468.3)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	17,686.6	17,214.7
Policy loans	1,091.7	1,030.8
Other investments	98.9	92.8
Investment contracts	(31,538.7)	(29,696.8)
Long-term debt	(41.2)	(107.6)
Separate account liabilities	$ (141,064.7)	$ (149,955.6)

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Information: Assets
Total assets	$ 271,309.4	$ 276,087.8
Retirement and Income Solutions
Segment Information: Assets
Total assets	191,053.8	192,698.1
Principal Global Investors
Segment Information: Assets
Total assets	2,197.2	2,363.3
Principal International
Segment Information: Assets
Total assets	45,381.9	48,857.6
U.S. Insurance Solutions
Segment Information: Assets
Total assets	29,745.6	28,669.6
Corporate
Segment Information: Assets
Total assets	$ 2,930.9	$ 3,499.2

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	$ (56.2)	$ (13.2)	$ 73.8	$ 70.5
Total revenues	3,114.6	3,972.6	7,665.9	7,716.5
Pre-tax net realized capital gains (losses), as adjusted	18.4	(48.6)	(51)	17
Income (loss) before income taxes	498.6	450.3	826.8	976.3
Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	77.6	88.5	161.6	174.2
Principal Global Investors
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	62.4	66.2	135.1	127.7
Operating Segments
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	3,181.1	4,002.2	7,610.7	7,682.9
Pre-tax operating earnings (losses)	487.8	513.2	873.8	991.9
Operating Segments | Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,480	2,159.6	4,085.7	4,051.5
Pre-tax operating earnings (losses)	213.9	256.2	419	496.8
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	509.4	450.5	1,052.5	881.3
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	970.6	1,709.1	3,033.2	3,170.2
Operating Segments | Principal Global Investors
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	352.9	359.5	743.7	698.5
Pre-tax operating earnings (losses)	108.4	115.6	220.1	216.3
Operating Segments | Principal International
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	276.4	411.6	576.9	792.1
Pre-tax operating earnings (losses)	94.5	93.2	125.3	204.3
Operating Segments | U.S. Insurance Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,088.1	1,087.3	2,211.4	2,155.4
Pre-tax operating earnings (losses)	155	146.3	284.5	257
Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	627	625.8	1,266	1,227.6
Operating Segments | U.S. Insurance Solutions | Individual Life insurance
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	461.2	461.6	945.5	927.9
Operating Segments | U.S. Insurance Solutions | Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(0.1)	(0.1)	(0.1)	(0.1)
Operating Segments | Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(16.3)	(15.8)	(7)	(14.6)
Pre-tax operating earnings (losses)	(84)	(98.1)	(175.1)	(182.5)
Reconciling Items
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	(56.2)	(13.2)	73.8	70.5
Adjustments related to equity method investments	(10.3)	(16.4)	(18.6)	(36.9)
Pre-tax net realized capital gains (losses), as adjusted	18.4	(48.6)	(51)	17
Earnings adjustments related to equity method investments and noncontrolling interest	$ (7.6)	$ (14.3)	$ 4	$ (32.6)

Segment Information - Net Reali

Segment Information - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)	$ (27.4)	$ (4)	$ 104	$ 80.5
Derivative and hedging-related revenue adjustments	(35.1)	(21.4)	(48.7)	(32.9)
Adjustments related to equity method investments	2.3	1.2	(5.1)	0.8
Adjustments related to sponsored investment funds	3.5	6.8	7.4	14.8
Recognition of front-end fee revenue	0.5	4.2	16.2	7.3
Net realized capital gains (losses), net of related revenue adjustments	(56.2)	(13.2)	73.8	70.5
Amortization of deferred acquisition costs and other actuarial balances	89.6	(29.1)	(129.8)	(45.5)
Capital (gains) losses distributed	(15.4)	(15.2)	28	(23.9)
Market value adjustments of embedded derivatives	0.4	8.9	(23)	15.9
Pre-tax net realized capital gains (losses), as adjusted	$ 18.4	$ (48.6)	$ (51)	$ 17

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 1,044.3	$ 1,006.6	$ 2,189.6	$ 1,980.1
U.S. Insurance Solutions Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(0.1)	(0.1)	(0.1)	(0.1)
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	653.3	587.2	1,353.7	1,148.4
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	153.2	66.2	311.7	127.5
Operating Segments | Principal Global Investors
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	348.2	346.2	731.1	678.5
Fees and other revenues not within the scope of revenue recognition guidance	3.9	10.4	9.4	14.7
Total fees and other revenues per consolidated statements of operations	352.1	356.6	740.5	693.2
Operating Segments | Principal International
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	101.6	116.2	211.1	231.1
Fees and other revenues not within the scope of revenue recognition guidance	1.5	1.7	2.8	3.4
Total fees and other revenues per consolidated statements of operations	103.1	117.9	213.9	234.5
Operating Segments | U.S. Insurance Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	14.4	16.1	31	31.8
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	35.9	42.5	68.8	79.5
Fees and other revenues not within the scope of revenue recognition guidance	(69.2)	(77.9)	(145.3)	(148.5)
Total fees and other revenues per consolidated statements of operations	(33.3)	(35.4)	(76.5)	(69)
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	151.2	63.9	307.6	122.3
Fees and other revenues not within the scope of revenue recognition guidance	255.1	281.6	535.6	553.4
Total fees and other revenues per consolidated statements of operations	406.3	345.5	843.2	675.7
Operating Segments | Retirement and Income Solutions - Spread | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	2	2.3	4.1	5.2
Fees and other revenues not within the scope of revenue recognition guidance	2.8	4.2	5.9	9.1
Total fees and other revenues per consolidated statements of operations	4.8	6.5	10	14.3
Operating Segments | Specialty Benefits insurance | U.S. Insurance Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	3.5	3.6	7.3	7.3
Fees and other revenues not within the scope of revenue recognition guidance	4.6	4.9	9.5	9.8
Total fees and other revenues per consolidated statements of operations	8.1	8.5	16.8	17.1
Operating Segments | Individual Life insurance | U.S. Insurance Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	11	12.6	23.8	24.6
Fees and other revenues not within the scope of revenue recognition guidance	191.8	190.3	401.8	382.5
Total fees and other revenues per consolidated statements of operations	202.8	202.9	425.6	407.1
Reconciling Items
Revenues from Contracts with Customers - Disaggregation of Revenues
Fees and other revenues not within the scope of revenue recognition guidance	390.5	415.2	819.7	824.4
Pre-tax other adjustments	$ 0.5	$ 4.2	$ 16.2	$ 7.3

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 1,044.3	$ 1,006.6	$ 2,189.6	$ 1,980.1
Premiums and other considerations	1,153.1	1,932.9	3,444.1	3,657.8
Net investment income (loss)	944.6	1,037.1	1,928.2	1,998.1
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	653.3	587.2	1,353.7	1,148.4
Total operating revenues	3,181.1	4,002.2	7,610.7	7,682.9
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	153.2	66.2	311.7	127.5
Total operating revenues	1,480	2,159.6	4,085.7	4,051.5
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	151.2	63.9	307.6	122.3
Fees and other revenues not within the scope of revenue recognition guidance	255.1	281.6	535.6	553.4
Total fees and other revenues	406.3	345.5	843.2	675.7
Premiums and other considerations	0.9	0.6	2.7	1.7
Net investment income (loss)	102.2	104.4	206.6	203.9
Total operating revenues	509.4	450.5	1,052.5	881.3
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	150.7	63.3	306.9	121.5
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Fee | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	0.5	0.6	0.7	0.8
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	2	2.3	4.1	5.2
Fees and other revenues not within the scope of revenue recognition guidance	2.8	4.2	5.9	9.1
Total fees and other revenues	4.8	6.5	10	14.3
Premiums and other considerations	459.5	1,171.5	1,980.6	2,129
Net investment income (loss)	506.3	531.1	1,042.6	1,026.9
Total operating revenues	970.6	1,709.1	3,033.2	3,170.2
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions - Spread | Deposit account fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	2	2.3	4.1	5.2
Operating Segments | Principal Global Investors
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	348.2	346.2	731.1	678.5
Fees and other revenues not within the scope of revenue recognition guidance	3.9	10.4	9.4	14.7
Total fees and other revenues	352.1	356.6	740.5	693.2
Net investment income (loss)	0.8	2.9	3.2	5.3
Total operating revenues	352.9	359.5	743.7	698.5
Operating Segments | Principal Global Investors | Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	303.5	304.2	624.5	597
Operating Segments | Principal Global Investors | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	44.7	42	106.6	81.5
Operating Segments | Principal International
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	101.6	116.2	211.1	231.1
Fees and other revenues not within the scope of revenue recognition guidance	1.5	1.7	2.8	3.4
Total fees and other revenues	103.1	117.9	213.9	234.5
Premiums and other considerations	28.6	109.5	113.6	227
Net investment income (loss)	144.7	184.2	249.4	330.6
Total operating revenues	276.4	411.6	576.9	792.1
Operating Segments | Principal International | Latin America
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	74.3	88.6	155.8	176.7
Operating Segments | Principal International | Asia
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	27.3	27.6	55.3	54.6
Operating Segments | Principal International | Principal International Corporate / Regional Office
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	0.3	0.2	0.5	0.4
Operating Segments | Principal International | Geographical Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	(0.3)	(0.2)	(0.5)	(0.6)
Operating Segments | Principal International | Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	100.7	115.5	209.2	229.8
Operating Segments | Principal International | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	0.9	0.7	1.9	1.3
Operating Segments | U.S. Insurance Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	14.4	16.1	31	31.8
Total operating revenues	1,088.1	1,087.3	2,211.4	2,155.4
Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.5	3.6	7.3	7.3
Fees and other revenues not within the scope of revenue recognition guidance	4.6	4.9	9.5	9.8
Total fees and other revenues	8.1	8.5	16.8	17.1
Premiums and other considerations	582.5	571.6	1,170.9	1,127.5
Net investment income (loss)	36.4	45.7	78.3	83
Total operating revenues	627	625.8	1,266	1,227.6
Operating Segments | U.S. Insurance Solutions | Specialty Benefits insurance | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.5	3.6	7.3	7.3
Operating Segments | U.S. Insurance Solutions | Individual Life insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	11	12.6	23.8	24.6
Fees and other revenues not within the scope of revenue recognition guidance	191.8	190.3	401.8	382.5
Total fees and other revenues	202.8	202.9	425.6	407.1
Premiums and other considerations	81.6	79.7	176.3	172.6
Net investment income (loss)	176.8	179	343.6	348.2
Total operating revenues	461.2	461.6	945.5	927.9
Operating Segments | U.S. Insurance Solutions | Individual Life insurance | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	5	6.2	10.7	12.1
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	6	6.4	13.1	12.5
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	35.9	42.5	68.8	79.5
Fees and other revenues not within the scope of revenue recognition guidance	(69.2)	(77.9)	(145.3)	(148.5)
Total fees and other revenues	(33.3)	(35.4)	(76.5)	(69)
Net investment income (loss)	17	19.6	69.5	54.4
Total operating revenues	(16.3)	(15.8)	(7)	(14.6)
Operating Segments | Corporate | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	13.6	11.2	24.7	20
Operating Segments | Corporate | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	72.6	78.7	153	154.5
Operating Segments | Corporate | Revenue by type - Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ (50.3)	$ (47.4)	$ (108.9)	$ (95)

Revenues from Contracts with _5

Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Contract costs
Contract cost asset	$ 148.6		$ 148.6		$ 157
Practical expedient, incremental costs of obtaining a contract			true
Impairment loss for contract cost asset			$ 0	$ 0
Amortization expense of contract cost asset	$ 5.4	$ 6.2	$ 12	$ 11.8

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended		174 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	May 19, 2020	May 20, 2014
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 47.3	$ 44.4
Related income tax benefit	9.3	9.3
Capitalized as part of an asset	$ 0.8	$ 1
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
2014 Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted				0
Stock Incentive Plan and Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)			0
Awards or units granted (in shares)			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)	3.9		3.9

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Nonqualified Stock Options, Assumptions and Other Disclosures (Details) - Nonqualified Stock Options $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Stock-Based Compensation Plans - Disclosures
Options granted (in shares) | shares	1.4
Assumptions used to estimate fair value of stock options granted during period
Weighted-average expected volatility (as a percent)	25.70%
Weighted-average expected term	7 years
Weighted-average risk-free interest rate (as a percent)	1.30%
Weighted-average expected dividend yield (as a percent)	4.33%
Weighted-average estimated fair value of stock options granted (in dollars per share) | $ / shares	$ 9.64
Other nonqualified stock option disclosures
Unrecognized compensation costs | $	$ 8.3
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 3 months 18 days

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Performance Share Awards
Change in nonvested units outstanding
Awards or units granted (in shares) | shares	0.3
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | $ / shares	$ 51.73
Other award and unit disclosures
Lower limit multiple of initial target awards (as a percent)	0.00%
Upper limit multiple of initial target awards (as a percent)	150.00%
Unrecognized compensation costs | $	$ 8
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 4 months 24 days
Restricted Stock Units
Change in nonvested units outstanding
Awards or units granted (in shares) | shares	1.1
Awards or units granted, Weighted-average grant-date fair value (in dollars per share) | $ / shares	$ 50.53
Other award and unit disclosures
Unrecognized compensation costs | $	$ 68.4
Weighted-average service period over which unrecognized compensation costs will be recognized	2 years

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan shares in Millions	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Stock-Based Compensation Plans - Disclosures
Share purchases under employee stock purchase plan (in shares)	1
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share) | $ / shares	$ 11.63
Shares available to be issued under employee stock purchase plan (in shares)	0.4

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ 416.1	$ 392.1	$ 701.1	$ 844.2
Subtract:
Net income (loss) attributable to noncontrolling interest	17.8	5.8	13.9	28
Total	$ 398.3	$ 386.3	$ 687.2	$ 816.2
Weighted-average shares outstanding:
Basic	274.3	279	274.6	278.8
Dilutive effects:
Diluted	275.6	281.2	276.4	281.2
Net income (loss) per common share:
Basic	$ 1.45	$ 1.38	$ 2.50	$ 2.93
Diluted	$ 1.45	$ 1.37	$ 2.49	$ 2.90
Nonqualified Stock Options
Dilutive effects:
Stock-based compensation awards	0.1	0.9	0.3	0.9
Restricted Stock Units
Dilutive effects:
Stock-based compensation awards	1.1	1.2	1.4	1.3
Performance Share Awards
Dilutive effects:
Stock-based compensation awards	0.1	0.1	0.1	0.2

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Guarantor, Statements of Financial Position (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Fixed maturities, available-for-sale	$ 74,269.2		$ 70,106.2
Fixed maturities, trading	583.8		675.9
Equity securities	1,778.5		1,879.4
Mortgage loans	16,696.6		16,486.9
Real estate	1,699.7		1,714.8
Policy loans	796.4		798
Investment in unconsolidated entities	724.3		830.2
Other investments	4,010.1		3,860
Cash and cash equivalents	3,150.4		2,515.9
Accrued investment income	702.1		686.6
Premiums due and other receivables	1,760		1,740.3
Deferred acquisition costs	3,487.7		3,521.3
Property and equipment	993.1		967.7
Goodwill	1,630.9		1,693.8
Other intangibles	1,709.3		1,786.7
Separate account assets	155,936.3		165,468
Other assets	1,381		1,356.1
Total assets	271,309.4		276,087.8
Liabilities
Contractholder funds	42,308.4		41,367.5
Future policy benefits and claims	42,896.1		40,838.2
Other policyholder funds	987.4		959.4
Short-term debt	76.3		93.4
Long-term debt	4,163.4		3,734.1
Income taxes currently payable	16.3		16.2
Deferred income taxes	2,061.5		1,796.6
Separate account liabilities	155,936.3		165,468
Other liabilities	7,280		6,863.7
Total liabilities	255,725.7		261,137.1
Redeemable noncontrolling interest	272.7	$ 239.7	264.9	$ 304.5	$ 537.7	$ 391.2
Stockholders' equity
Common stock	4.8		4.8
Additional paid-in capital	10,259.6		10,182.6
Retained earnings	11,441.4		11,074.3
Accumulated other comprehensive income	1,450.7		1,037.9
Treasury stock, at cost	(7,913.4)		(7,681.6)
Total stockholders' equity attributable to Principal Financial Group, Inc.	15,243.1		14,618
Noncontrolling interest	67.9		67.8
Total stockholders' equity	15,311	$ 12,972.6	14,685.8	$ 14,102	$ 12,762.2	$ 11,456
Total liabilities and stockholders' equity	271,309.4		276,087.8
Principal Financial Group, Inc. parent only | Legal Entities
Assets
Fixed maturities, available-for-sale	712.1		265.8
Fixed maturities, trading	232.7		268.2
Investment in unconsolidated entities	18,185.5		17,539.6
Other investments	10.4		10.4
Cash and cash equivalents	454.6		394.9
Accrued investment income	2.3		1.6
Other assets	382.8		383.2
Total assets	19,980.4		18,863.7
Liabilities
Long-term debt	4,119.7		3,625.5
Income taxes currently payable	0.7
Other liabilities	616.9		620.2
Total liabilities	4,737.3		4,245.7
Stockholders' equity
Common stock	4.8		4.8
Additional paid-in capital	10,259.6		10,182.6
Retained earnings	11,441.4		11,074.3
Accumulated other comprehensive income	1,450.7		1,037.9
Treasury stock, at cost	(7,913.4)		(7,681.6)
Total stockholders' equity attributable to Principal Financial Group, Inc.	15,243.1		14,618
Total stockholders' equity	15,243.1		14,618
Total liabilities and stockholders' equity	19,980.4		18,863.7
Principal Life Insurance Company only | Legal Entities
Assets
Fixed maturities, available-for-sale	65,862.2		62,363.1
Fixed maturities, trading	233.2		237.5
Equity securities	65.2		69.9
Mortgage loans	15,434.1		15,388.5
Real estate	3.1		3.3
Policy loans	742.5		742.2
Investment in unconsolidated entities	2,657.1		5,036.2
Other investments	6,794.9		3,682.5
Cash and cash equivalents	1,669.6		1,178.1
Accrued investment income	618.2		608.5
Premiums due and other receivables	2,213.4		2,082.3
Deferred acquisition costs	3,477.4		3,509.7
Property and equipment	773.6		733.9
Goodwill	54.3		54.3
Other intangibles	16.9		17.7
Separate account assets	119,347.2		125,801.7
Other assets	1,135.3		1,118.6
Total assets	221,098.2		222,628
Liabilities
Contractholder funds	39,235		38,334.6
Future policy benefits and claims	37,625.7		35,476.6
Other policyholder funds	805.1		790.3
Deferred income taxes	1,203.4		325.8
Separate account liabilities	119,347.2		125,801.7
Other liabilities	10,684.7		10,533.5
Total liabilities	208,901.1		211,262.5
Stockholders' equity
Common stock	2.5		2.5
Additional paid-in capital	6,332		6,331.5
Retained earnings	2,590.9		2,410.8
Accumulated other comprehensive income	3,271.7		2,620.7
Total stockholders' equity attributable to Principal Financial Group, Inc.	12,197.1		11,365.5
Total stockholders' equity	12,197.1		11,365.5
Total liabilities and stockholders' equity	221,098.2		222,628
Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities
Assets
Fixed maturities, available-for-sale	8,056.6		7,833.1
Fixed maturities, trading	117.9		170.2
Equity securities	1,713.3		1,809.5
Mortgage loans	1,956.2		1,793.5
Real estate	1,696.6		1,711.5
Policy loans	53.9		55.8
Investment in unconsolidated entities	9,520.6		6,429.5
Other investments	1,983.3		2,859.6
Cash and cash equivalents	1,930		1,767.7
Accrued investment income	83.2		81.4
Premiums due and other receivables	4,767.2		4,525.8
Deferred acquisition costs	10.3		11.6
Property and equipment	219.5		233.8
Goodwill	1,576.6		1,639.5
Other intangibles	1,692.4		1,769
Separate account assets	36,589.1		39,666.3
Other assets	5,852		5,358.4
Total assets	77,818.7		77,716.2
Liabilities
Contractholder funds	3,435.1		3,388
Future policy benefits and claims	6,806.7		6,740.7
Other policyholder funds	185.5		171.9
Short-term debt	76.3		93.4
Long-term debt	695.5		763.1
Income taxes currently payable	84.2		81.7
Deferred income taxes	1,365.3		1,965.9
Separate account liabilities	36,589.1		39,666.3
Other liabilities	10,198.7		7,111.2
Total liabilities	59,436.4		59,982.2
Redeemable noncontrolling interest	272.7		264.9
Stockholders' equity
Additional paid-in capital	10,058.5		10,038.7
Retained earnings	6,633		6,414.3
Accumulated other comprehensive income	1,350.2		948.3
Total stockholders' equity attributable to Principal Financial Group, Inc.	18,041.7		17,401.3
Noncontrolling interest	67.9		67.8
Total stockholders' equity	18,109.6		17,469.1
Total liabilities and stockholders' equity	77,818.7		77,716.2
Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities | Nonqualified benefit plans
Stockholders' equity
Assets held in Rabbi trusts	741.1		731.9
Liabilities held in Rabbi trusts	597.5		593.7
Eliminations, Notes Guarantor | Eliminations
Assets
Fixed maturities, available-for-sale	(361.7)		(355.8)
Mortgage loans	(693.7)		(695.1)
Investment in unconsolidated entities	(29,638.9)		(28,175.1)
Other investments	(4,778.5)		(2,692.5)
Cash and cash equivalents	(903.8)		(824.8)
Accrued investment income	(1.6)		(4.9)
Premiums due and other receivables	(5,220.6)		(4,867.8)
Other assets	(5,989.1)		(5,504.1)
Total assets	(47,587.9)		(43,120.1)
Liabilities
Contractholder funds	(361.7)		(355.1)
Future policy benefits and claims	(1,536.3)		(1,379.1)
Other policyholder funds	(3.2)		(2.8)
Long-term debt	(651.8)		(654.5)
Income taxes currently payable	(68.6)		(65.5)
Deferred income taxes	(507.2)		(495.1)
Other liabilities	(14,220.3)		(11,401.2)
Total liabilities	(17,349.1)		(14,353.3)
Stockholders' equity
Common stock	(2.5)		(2.5)
Additional paid-in capital	(16,390.5)		(16,370.2)
Retained earnings	(9,223.9)		(8,825.1)
Accumulated other comprehensive income	(4,621.9)		(3,569)
Total stockholders' equity attributable to Principal Financial Group, Inc.	(30,238.8)		(28,766.8)
Total stockholders' equity	(30,238.8)		(28,766.8)
Total liabilities and stockholders' equity	$ (47,587.9)		$ (43,120.1)

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Guarantor, Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Premiums and other considerations	$ 1,153.1	$ 1,932.9	$ 3,444.1	$ 3,657.8
Fees and other revenues	1,044.3	1,006.6	2,189.6	1,980.1
Net investment income	944.6	1,037.1	1,928.2	1,998.1
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		13.3	104	104.6
Net other-than-temporary impairment losses on available-for-sale securities		(17)		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		(0.3)		2.5
Net impairment (losses) recoveries on available-for-sale securities		(17.3)		(24.1)
Net realized capital gains (losses)	(27.4)	(4)	104	80.5
Total revenues	3,114.6	3,972.6	7,665.9	7,716.5
Expenses
Benefits, claims and settlement expenses	1,601.3	2,446.1	4,460	4,641.2
Dividends to policyholders	31.4	29.9	60.3	60
Operating expenses	983.3	1,046.3	2,318.8	2,039
Total expenses	2,616	3,522.3	6,839.1	6,740.2
Income (loss) before income taxes	498.6	450.3	826.8	976.3
Income taxes (benefits)	82.5	58.2	125.7	132.1
Net income (loss)	416.1	392.1	701.1	844.2
Net income attributable to noncontrolling interest	17.8	5.8	13.9	28
Net income attributable to PFG	398.3	386.3	687.2	816.2
Net income (loss)	416.1	392.1	701.1	844.2
Other comprehensive income	2,048.1	1,072.3	401.8	2,219
Comprehensive income (loss)	$ 2,464.2	$ 1,464.4	1,102.9	3,063.2
Principal Financial Group, Inc. parent only | Legal Entities
Revenues
Net investment income			6.7	10.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			4.9	9.2
Net realized capital gains (losses)				9.2
Total revenues			11.6	20.1
Expenses
Operating expenses			98.4	110.1
Total expenses			98.4	110.1
Income (loss) before income taxes			(86.8)	(90)
Income taxes (benefits)			(21.6)	(22.3)
Equity in the net income (loss) of subsidiaries			752.4	883.9
Net income (loss)			687.2	816.2
Net income attributable to PFG			687.2	816.2
Net income (loss)			687.2	816.2
Other comprehensive income			351.8	2,201.1
Comprehensive income (loss)			1,039	3,017.3
Principal Life Insurance Company only | Legal Entities
Revenues
Premiums and other considerations			3,200.9	3,293.1
Fees and other revenues			1,113.9	1,102.5
Net investment income			1,408.8	1,419.2
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			3,444.7	411.8
Net other-than-temporary impairment losses on available-for-sale securities				(24.1)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income				2.6
Net impairment (losses) recoveries on available-for-sale securities				(21.5)
Net realized capital gains (losses)				390.3
Total revenues			9,168.3	6,205.1
Expenses
Benefits, claims and settlement expenses			4,081.5	4,116.2
Dividends to policyholders			60.3	60
Operating expenses			1,268.7	1,189.3
Total expenses			5,410.5	5,365.5
Income (loss) before income taxes			3,757.8	839.6
Income taxes (benefits)			742.7	110.7
Equity in the net income (loss) of subsidiaries			(2,420.4)	(131.6)
Net income (loss)			594.7	597.3
Net income attributable to PFG			594.7	597.3
Net income (loss)			594.7	597.3
Other comprehensive income			650	2,011.1
Comprehensive income (loss)			1,244.7	2,608.4
Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities
Revenues
Premiums and other considerations			243.2	364.7
Fees and other revenues			1,269.6	1,067.7
Net investment income			1,094	1,151
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			(3,348.3)	(316.4)
Net other-than-temporary impairment losses on available-for-sale securities				(2.5)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income				(0.1)
Net impairment (losses) recoveries on available-for-sale securities				(2.6)
Net realized capital gains (losses)				(319)
Total revenues			(741.5)	2,264.4
Expenses
Benefits, claims and settlement expenses			384	530.7
Operating expenses			1,135.5	917
Total expenses			1,519.5	1,447.7
Income (loss) before income taxes			(2,261)	816.7
Income taxes (benefits)			(595.1)	44.8
Equity in the net income (loss) of subsidiaries			2,426.8	134.5
Net income (loss)			760.9	906.4
Net income attributable to noncontrolling interest			13.9	25.6
Net income attributable to PFG			747	880.8
Net income (loss)			760.9	906.4
Other comprehensive income			374	2,227.8
Comprehensive income (loss)			1,134.9	3,134.2
Eliminations, Notes Guarantor | Eliminations
Revenues
Fees and other revenues			(193.9)	(190.1)
Net investment income			(581.3)	(583)
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			2.7
Total revenues			(772.5)	(773.1)
Expenses
Benefits, claims and settlement expenses			(5.5)	(5.7)
Operating expenses			(183.8)	(177.4)
Total expenses			(189.3)	(183.1)
Income (loss) before income taxes			(583.2)	(590)
Income taxes (benefits)			(0.3)	(1.1)
Equity in the net income (loss) of subsidiaries			(758.8)	(886.8)
Net income (loss)			(1,341.7)	(1,475.7)
Net income attributable to noncontrolling interest				2.4
Net income attributable to PFG			(1,341.7)	(1,478.1)
Net income (loss)			(1,341.7)	(1,475.7)
Other comprehensive income			(974)	(4,221)
Comprehensive income (loss)			$ (2,315.7)	$ (5,696.7)

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Guarantor, Statements of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net cash provided by operating activities	$ 2,046.1	$ 2,678.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(7,717.3)	(5,771.8)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	1,855	1,477.2
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	4,059.2	3,025.9
Mortgage loans acquired or originated	(1,460.9)	(2,008.5)
Mortgage loans sold or repaid	1,198.6	1,243.9
Real estate acquired	(98.2)	(48.5)
Real estate sold		57
Net (purchases) sales of property and equipment	(46.4)	(65.4)
Net change in other investments	(11.1)	(253.8)
Net cash provided by (used in) investing activities	(2,221.1)	(2,344)
Financing activities
Issuance of common stock	23.1	22.1
Acquisition of treasury stock	(231.8)	(153.7)
Payments for financing element derivatives	(14.7)	(13.1)
Purchase of subsidiary shares from noncontrolling interest	(0.9)
Dividends to common stockholders	(307.1)	(300.6)
Issuance of long-term debt	493.1	502.7
Principal repayments of long-term debt	(64.9)	(0.7)
Net proceeds from short-term borrowings	(9.3)	33.1
Investment contract deposits	5,398.7	3,627.4
Investment contract withdrawals	(4,801.5)	(3,800.8)
Net increase in banking operation deposits	324.7	82
Other	0.1	5.6
Net cash provided by (used in) financing activities	809.5	4
Net increase (decrease) in cash and cash equivalents	634.5	338.4
Cash and cash equivalents at beginning of period	2,515.9	2,977.5
Cash and cash equivalents at end of period	3,150.4	3,315.9
Principal Financial Group, Inc. parent only | Legal Entities
Operating activities
Net cash provided by operating activities	(10)	16.3
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(535.7)	(150.2)
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	94.3	158.1
Net (purchases) sales of property and equipment	(0.1)
Dividends and returns of capital received from unconsolidated entities	533.9	208.9
Net change in other investments		(13.6)
Net cash provided by (used in) investing activities	92.4	203.2
Financing activities
Issuance of common stock	23.1	22.1
Acquisition of treasury stock	(231.8)	(153.7)
Dividends to common stockholders	(307.1)	(300.6)
Issuance of long-term debt	493.1	493.6
Net cash provided by (used in) financing activities	(22.7)	61.4
Net increase (decrease) in cash and cash equivalents	59.7	280.9
Cash and cash equivalents at beginning of period	394.9	334.9
Cash and cash equivalents at end of period	454.6	615.8
Principal Life Insurance Company only | Legal Entities
Operating activities
Net cash provided by operating activities	4,293	2,742.1
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(5,666.7)	(4,703.3)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	998	1,065.7
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	3,495.1	2,581.4
Mortgage loans acquired or originated	(929.8)	(1,894.5)
Mortgage loans sold or repaid	866.9	1,088.5
Real estate acquired		(0.1)
Net (purchases) sales of property and equipment	(30.3)	(25.1)
Dividends and returns of capital received from unconsolidated entities	1.2	1.2
Net change in other investments	(2,506)	(317.3)
Net cash provided by (used in) investing activities	(3,771.6)	(2,203.5)
Financing activities
Payments for financing element derivatives	(14.7)	(13.1)
Dividends and capital paid to parent	(413.9)	(668.9)
Investment contract deposits	5,160	3,401.8
Investment contract withdrawals	(4,761.4)	(3,783.1)
Other	0.1	5.8
Net cash provided by (used in) financing activities	(29.9)	(1,057.5)
Net increase (decrease) in cash and cash equivalents	491.5	(518.9)
Cash and cash equivalents at beginning of period	1,178.1	1,323.9
Cash and cash equivalents at end of period	1,669.6	805
Principal Financial Services, Inc. and other subsidiaries combined | Legal Entities
Operating activities
Net cash provided by operating activities	(769.5)	803.9
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(1,521.5)	(922.7)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	857	411.5
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	469.8	286.4
Mortgage loans acquired or originated	(535.1)	(121.4)
Mortgage loans sold or repaid	334.3	162.9
Real estate acquired	(98.2)	(48.4)
Real estate sold		57
Net (purchases) sales of property and equipment	(16)	(40.3)
Dividends and returns of capital received from unconsolidated entities	413.9	668.9
Net change in other investments	1,117.1	(627.7)
Net cash provided by (used in) investing activities	1,021.3	(173.8)
Financing activities
Purchase of subsidiary shares from noncontrolling interest	(0.9)
Issuance of long-term debt		9.1
Principal repayments of long-term debt	(67.5)	(8.2)
Net proceeds from short-term borrowings	(9.3)	33.1
Dividends and capital paid to parent	(535.1)	(210.1)
Investment contract deposits	238.7	225.6
Investment contract withdrawals	(40.1)	(17.7)
Net increase in banking operation deposits	324.7	82
Other		(0.2)
Net cash provided by (used in) financing activities	(89.5)	113.6
Net increase (decrease) in cash and cash equivalents	162.3	743.7
Cash and cash equivalents at beginning of period	1,767.7	2,014.8
Cash and cash equivalents at end of period	1,930	2,758.5
Eliminations, Notes Guarantor | Eliminations
Operating activities
Net cash provided by operating activities	(1,467.4)	(883.9)
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	6.6	4.4
Mortgage loans acquired or originated	4	7.4
Mortgage loans sold or repaid	(2.6)	(7.5)
Dividends and returns of capital received from unconsolidated entities	(949)	(879)
Net change in other investments	1,377.8	704.8
Net cash provided by (used in) investing activities	436.8	(169.9)
Financing activities
Principal repayments of long-term debt	2.6	7.5
Dividends and capital paid to parent	949	879
Net cash provided by (used in) financing activities	951.6	886.5
Net increase (decrease) in cash and cash equivalents	(79)	(167.3)
Cash and cash equivalents at beginning of period	(824.8)	(696.1)
Cash and cash equivalents at end of period	$ (903.8)	$ (863.4)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Financial Position (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Fixed maturities, available-for-sale	$ 74,269.2		$ 70,106.2
Fixed maturities, trading	583.8		675.9
Equity securities	1,778.5		1,879.4
Mortgage loans	16,696.6		16,486.9
Real estate	1,699.7		1,714.8
Policy loans	796.4		798
Investment in unconsolidated entities	724.3		830.2
Other investments	4,010.1		3,860
Cash and cash equivalents	3,150.4		2,515.9
Accrued investment income	702.1		686.6
Premiums due and other receivables	1,760		1,740.3
Deferred acquisition costs	3,487.7		3,521.3
Property and equipment	993.1		967.7
Goodwill	1,630.9		1,693.8
Other intangibles	1,709.3		1,786.7
Separate account assets	155,936.3		165,468
Other assets	1,381		1,356.1
Total assets	271,309.4		276,087.8
Liabilities
Contractholder funds	42,308.4		41,367.5
Future policy benefits and claims	42,896.1		40,838.2
Other policyholder funds	987.4		959.4
Short-term debt	76.3		93.4
Long-term debt	4,163.4		3,734.1
Income taxes currently payable	16.3		16.2
Deferred income taxes	2,061.5		1,796.6
Separate account liabilities	155,936.3		165,468
Other liabilities	7,280		6,863.7
Total liabilities	255,725.7		261,137.1
Redeemable noncontrolling interest	272.7	$ 239.7	264.9	$ 304.5	$ 537.7	$ 391.2
Stockholders' equity
Common stock	4.8		4.8
Additional paid-in capital	10,259.6		10,182.6
Retained earnings	11,441.4		11,074.3
Accumulated other comprehensive income	1,450.7		1,037.9
Treasury stock, at cost	(7,913.4)		(7,681.6)
Total stockholders' equity attributable to Principal Financial Group, Inc.	15,243.1		14,618
Noncontrolling interest	67.9		67.8
Total stockholders' equity	15,311	$ 12,972.6	14,685.8	$ 14,102	$ 12,762.2	$ 11,456
Total liabilities and stockholders' equity	271,309.4		276,087.8
Principal Financial Group, Inc. parent only | Legal Entities
Assets
Fixed maturities, available-for-sale	712.1		265.8
Fixed maturities, trading	232.7		268.2
Investment in unconsolidated entities	18,185.5		17,539.6
Other investments	10.4		10.4
Cash and cash equivalents	454.6		394.9
Accrued investment income	2.3		1.6
Other assets	382.8		383.2
Total assets	19,980.4		18,863.7
Liabilities
Long-term debt	4,119.7		3,625.5
Income taxes currently payable	0.7
Other liabilities	616.9		620.2
Total liabilities	4,737.3		4,245.7
Stockholders' equity
Common stock	4.8		4.8
Additional paid-in capital	10,259.6		10,182.6
Retained earnings	11,441.4		11,074.3
Accumulated other comprehensive income	1,450.7		1,037.9
Treasury stock, at cost	(7,913.4)		(7,681.6)
Total stockholders' equity attributable to Principal Financial Group, Inc.	15,243.1		14,618
Total stockholders' equity	15,243.1		14,618
Total liabilities and stockholders' equity	19,980.4		18,863.7
Principal Financial Services, Inc. only | Legal Entities
Assets
Equity securities	37.3		41.4
Investment in unconsolidated entities	17,277.9		16,664.1
Other investments	166.7		251.9
Cash and cash equivalents	723.6		598.4
Accrued investment income	0.1		0.4
Premiums due and other receivables	103.2		100
Goodwill	618.5		618.5
Other intangibles	517.6		531.7
Other assets	28		35.2
Total assets	19,472.9		18,841.6
Liabilities
Long-term debt	297.8		320.7
Income taxes currently payable	3.3
Deferred income taxes	15.8		5.9
Other liabilities	1,113.9		1,113.6
Total liabilities	1,430.8		1,440.2
Stockholders' equity
Additional paid-in capital	9,697.2		9,658.3
Retained earnings	6,477.8		6,263.5
Accumulated other comprehensive income	1,867.1		1,479.6
Total stockholders' equity attributable to Principal Financial Group, Inc.	18,042.1		17,401.4
Total stockholders' equity	18,042.1		17,401.4
Total liabilities and stockholders' equity	19,472.9		18,841.6
Principal Life Insurance Company and other subsidiaries combined | Legal Entities
Assets
Fixed maturities, available-for-sale	73,557.1		69,840.4
Fixed maturities, trading	351.1		407.7
Equity securities	1,741.2		1,838
Mortgage loans	16,696.6		16,486.9
Real estate	1,699.7		1,714.8
Policy loans	796.4		798
Investment in unconsolidated entities	532.3		649.4
Other investments	3,833		3,597.7
Cash and cash equivalents	3,054.2		2,656.2
Accrued investment income	699.7		684.6
Premiums due and other receivables	1,954.9		1,961.1
Deferred acquisition costs	3,487.7		3,521.3
Property and equipment	993.1		967.7
Goodwill	1,012.4		1,075.3
Other intangibles	1,191.7		1,255
Separate account assets	155,936.3		165,468
Other assets	1,545		1,509.5
Total assets	269,082.4		274,431.6
Liabilities
Contractholder funds	42,308.4		41,367.5
Future policy benefits and claims	42,896.1		40,838.2
Other policyholder funds	987.4		959.4
Short-term debt	76.3		93.4
Long-term debt	43.7		108.7
Income taxes currently payable	60.4		66.4
Deferred income taxes	2,552.9		2,285.8
Separate account liabilities	155,936.3		165,468
Other liabilities	6,431.9		6,104.7
Total liabilities	251,293.4		257,292.1
Redeemable noncontrolling interest	272.7		264.9
Stockholders' equity
Common stock	11		11
Additional paid-in capital	12,341.1		12,157.9
Retained earnings	3,057.8		2,985.1
Accumulated other comprehensive income	2,040.5		1,654.8
Treasury stock, at cost	(2)		(2)
Total stockholders' equity attributable to Principal Financial Group, Inc.	17,448.4		16,806.8
Noncontrolling interest	67.9		67.8
Total stockholders' equity	17,516.3		16,874.6
Total liabilities and stockholders' equity	269,082.4		274,431.6
Principal Life Insurance Company and other subsidiaries combined | Legal Entities | Nonqualified benefit plans
Stockholders' equity
Assets held in Rabbi trusts	741.1		731.9
Liabilities held in Rabbi trusts	597.5		593.7
Eliminations, Shelf Registration Debt Guarantor | Eliminations
Assets
Investment in unconsolidated entities	(35,271.4)		(34,022.9)
Cash and cash equivalents	(1,082)		(1,133.6)
Premiums due and other receivables	(298.1)		(320.8)
Other assets	(574.8)		(571.8)
Total assets	(37,226.3)		(36,049.1)
Liabilities
Long-term debt	(297.8)		(320.8)
Income taxes currently payable	(48.1)		(50.2)
Deferred income taxes	(507.2)		(495.1)
Other liabilities	(882.7)		(974.8)
Total liabilities	(1,735.8)		(1,840.9)
Stockholders' equity
Common stock	(11)		(11)
Additional paid-in capital	(22,038.3)		(21,816.2)
Retained earnings	(9,535.6)		(9,248.6)
Accumulated other comprehensive income	(3,907.6)		(3,134.4)
Treasury stock, at cost	2		2
Total stockholders' equity attributable to Principal Financial Group, Inc.	(35,490.5)		(34,208.2)
Total stockholders' equity	(35,490.5)		(34,208.2)
Total liabilities and stockholders' equity	$ (37,226.3)		$ (36,049.1)

Condensed Consolidating Finan_7

Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Premiums and other considerations	$ 1,153.1	$ 1,932.9	$ 3,444.1	$ 3,657.8
Fees and other revenues	1,044.3	1,006.6	2,189.6	1,980.1
Net investment income (loss)	944.6	1,037.1	1,928.2	1,998.1
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		13.3	104	104.6
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		(17)		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		(0.3)		2.5
Net impairment (losses) recoveries on available-for-sale securities		(17.3)		(24.1)
Net realized capital gains (losses)	(27.4)	(4)	104	80.5
Total revenues	3,114.6	3,972.6	7,665.9	7,716.5
Expenses
Benefits, claims and settlement expenses	1,601.3	2,446.1	4,460	4,641.2
Dividends to policyholders	31.4	29.9	60.3	60
Operating expenses	983.3	1,046.3	2,318.8	2,039
Total expenses	2,616	3,522.3	6,839.1	6,740.2
Income (loss) before income taxes	498.6	450.3	826.8	976.3
Income taxes (benefits)	82.5	58.2	125.7	132.1
Net income (loss)	416.1	392.1	701.1	844.2
Net income attributable to noncontrolling interest	17.8	5.8	13.9	28
Net income attributable to PFG	398.3	386.3	687.2	816.2
Net income (loss)	416.1	392.1	701.1	844.2
Other comprehensive income	2,048.1	1,072.3	401.8	2,219
Comprehensive income (loss)	$ 2,464.2	$ 1,464.4	1,102.9	3,063.2
Principal Financial Group, Inc. parent only | Legal Entities
Revenues
Net investment income (loss)			6.7	10.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			4.9	9.2
Net realized capital gains (losses)				9.2
Total revenues			11.6	20.1
Expenses
Operating expenses			98.4	110.1
Total expenses			98.4	110.1
Income (loss) before income taxes			(86.8)	(90)
Income taxes (benefits)			(21.6)	(22.3)
Equity in the net income of subsidiaries			752.4	883.9
Net income (loss)			687.2	816.2
Net income attributable to PFG			687.2	816.2
Net income (loss)			687.2	816.2
Other comprehensive income			351.8	2,201.1
Comprehensive income (loss)			1,039	3,017.3
Principal Financial Services, Inc. only | Legal Entities
Revenues
Fees and other revenues			180.1	0.3
Net investment income (loss)			(1.3)	(4.1)
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			27.7	5.9
Net realized capital gains (losses)				5.9
Total revenues			206.5	2.1
Expenses
Operating expenses			260.8	60.1
Total expenses			260.8	60.1
Income (loss) before income taxes			(54.3)	(58)
Income taxes (benefits)			(18.3)	(11.8)
Equity in the net income of subsidiaries			783	927
Net income (loss)			747	880.8
Net income attributable to PFG			747	880.8
Net income (loss)			747	880.8
Other comprehensive income			326.5	2,127
Comprehensive income (loss)			1,073.5	3,007.8
Principal Life Insurance Company and other subsidiaries combined | Legal Entities
Revenues
Premiums and other considerations			3,444.1	3,657.8
Fees and other revenues			2,014.6	1,985.8
Net investment income (loss)			1,916.9	1,987.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			71.3	89.5
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities				(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income				2.5
Net impairment (losses) recoveries on available-for-sale securities				(24.1)
Net realized capital gains (losses)				65.4
Total revenues			7,446.9	7,696.3
Expenses
Benefits, claims and settlement expenses			4,460	4,641.2
Dividends to policyholders			60.3	60
Operating expenses			1,964.1	1,873.9
Total expenses			6,484.4	6,575.1
Income (loss) before income taxes			962.5	1,121.2
Income taxes (benefits)			165.6	166.2
Net income (loss)			796.9	955
Net income attributable to noncontrolling interest			13.9	28
Net income attributable to PFG			783	927
Net income (loss)			796.9	955
Other comprehensive income			374.8	2,149.5
Comprehensive income (loss)			1,171.7	3,104.5
Eliminations, Shelf Registration Debt Guarantor | Eliminations
Revenues
Fees and other revenues			(5.1)	(6)
Net investment income (loss)			5.9	4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities			0.1
Total revenues			0.9	(2)
Expenses
Operating expenses			(4.5)	(5.1)
Total expenses			(4.5)	(5.1)
Income (loss) before income taxes			5.4	3.1
Equity in the net income of subsidiaries			(1,535.4)	(1,810.9)
Net income (loss)			(1,530)	(1,807.8)
Net income attributable to PFG			(1,530)	(1,807.8)
Net income (loss)			(1,530)	(1,807.8)
Other comprehensive income			(651.3)	(4,258.6)
Comprehensive income (loss)			$ (2,181.3)	$ (6,066.4)

Condensed Consolidating Finan_8

Condensed Consolidating Financial Information - Shelf Registration Guarantor, Statements of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net cash provided by (used in) operating activities	$ 2,046.1	$ 2,678.4
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(7,717.3)	(5,771.8)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	1,855	1,477.2
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	4,059.2	3,025.9
Mortgage loans acquired or originated	(1,460.9)	(2,008.5)
Mortgage loans sold or repaid	1,198.6	1,243.9
Real estate acquired	(98.2)	(48.5)
Real estate sold		57
Net (purchases) sales of property and equipment	(46.4)	(65.4)
Net change in other investments	(11.1)	(253.8)
Net cash provided by (used in) investing activities	(2,221.1)	(2,344)
Financing activities
Issuance of common stock	23.1	22.1
Acquisition of treasury stock	(231.8)	(153.7)
Payments for financing element derivatives	(14.7)	(13.1)
Purchase of subsidiary shares from noncontrolling interest	(0.9)
Dividends to common stockholders	(307.1)	(300.6)
Issuance of long-term debt	493.1	502.7
Principal repayments of long-term debt	(64.9)	(0.7)
Net proceeds from short-term borrowings	(9.3)	33.1
Investment contract deposits	5,398.7	3,627.4
Investment contract withdrawals	(4,801.5)	(3,800.8)
Net increase (decrease) in banking operation deposits	324.7	82
Other	0.1	5.6
Net cash provided by (used in) financing activities	809.5	4
Net increase (decrease) in cash and cash equivalents	634.5	338.4
Cash and cash equivalents at beginning of period	2,515.9	2,977.5
Cash and cash equivalents at end of period	3,150.4	3,315.9
Principal Financial Group, Inc. parent only | Legal Entities
Operating activities
Net cash provided by (used in) operating activities	(10)	16.3
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(535.7)	(150.2)
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	94.3	158.1
Net (purchases) sales of property and equipment	(0.1)
Dividends and returns of capital received from unconsolidated entities	533.9	208.9
Net change in other investments		(13.6)
Net cash provided by (used in) investing activities	92.4	203.2
Financing activities
Issuance of common stock	23.1	22.1
Acquisition of treasury stock	(231.8)	(153.7)
Dividends to common stockholders	(307.1)	(300.6)
Issuance of long-term debt	493.1	493.6
Net cash provided by (used in) financing activities	(22.7)	61.4
Net increase (decrease) in cash and cash equivalents	59.7	280.9
Cash and cash equivalents at beginning of period	394.9	334.9
Cash and cash equivalents at end of period	454.6	615.8
Principal Financial Services, Inc. only | Legal Entities
Operating activities
Net cash provided by (used in) operating activities	597.7	(8)
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	(1.5)	(1)
Dividends and returns of capital received from unconsolidated entities	550.5	1,246.3
Net change in other investments	(464.6)	(51.5)
Net cash provided by (used in) investing activities	84.4	1,193.8
Financing activities
Issuance of long-term debt	4.4	5.1
Principal repayments of long-term debt	(27.4)	(28)
Dividends and capital received from (dividends and capital paid to) parent	(533.9)	(208.9)
Net cash provided by (used in) financing activities	(556.9)	(231.8)
Net increase (decrease) in cash and cash equivalents	125.2	954
Cash and cash equivalents at beginning of period	598.4	649
Cash and cash equivalents at end of period	723.6	1,603
Principal Life Insurance Company and other subsidiaries combined | Legal Entities
Operating activities
Net cash provided by (used in) operating activities	2,018.1	2,800.6
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases	(7,181.6)	(5,621.4)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales	1,855	1,477
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities	3,964.9	2,867.8
Mortgage loans acquired or originated	(1,460.9)	(2,008.5)
Mortgage loans sold or repaid	1,198.6	1,243.9
Real estate acquired	(98.2)	(48.5)
Real estate sold		57
Net (purchases) sales of property and equipment	(44.8)	(64.4)
Net change in other investments	(134.8)	(131.4)
Net cash provided by (used in) investing activities	(1,901.8)	(2,228.5)
Financing activities
Payments for financing element derivatives	(14.7)	(13.1)
Purchase of subsidiary shares from noncontrolling interest	(0.9)
Issuance of long-term debt		9.1
Principal repayments of long-term debt	(64.9)	(0.7)
Net proceeds from short-term borrowings	(9.3)	33.1
Dividends and capital received from (dividends and capital paid to) parent	(550.5)	(1,246.3)
Investment contract deposits	5,398.7	3,627.4
Investment contract withdrawals	(4,801.5)	(3,800.8)
Net increase (decrease) in banking operation deposits	324.7	82
Other	0.1	5.6
Net cash provided by (used in) financing activities	281.7	(1,303.7)
Net increase (decrease) in cash and cash equivalents	398	(731.6)
Cash and cash equivalents at beginning of period	2,656.2	3,096.8
Cash and cash equivalents at end of period	3,054.2	2,365.2
Eliminations, Shelf Registration Debt Guarantor | Eliminations
Operating activities
Net cash provided by (used in) operating activities	(559.7)	(130.5)
Investing activities
Dividends and returns of capital received from unconsolidated entities	(1,084.4)	(1,455.2)
Net change in other investments	588.3	(57.3)
Net cash provided by (used in) investing activities	(496.1)	(1,512.5)
Financing activities
Issuance of long-term debt	(4.4)	(5.1)
Principal repayments of long-term debt	27.4	28
Dividends and capital received from (dividends and capital paid to) parent	1,084.4	1,455.2
Net cash provided by (used in) financing activities	1,107.4	1,478.1
Net increase (decrease) in cash and cash equivalents	51.6	(164.9)
Cash and cash equivalents at beginning of period	(1,133.6)	(1,103.2)
Cash and cash equivalents at end of period	$ (1,082)	$ (1,268.1)